TCRAP_Public/160926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 26, 2016, Vol. 19, No. 190

                            Headlines


A U S T R A L I A

ALUMINA LTD: S&P Lowers CCR to 'BB'; Outlook Stable
BBY LTD: Ex-Chair denies 'deflecting blame' for Collapse to CEO
CITATION RESOURCES: First Creditors' Meeting Set For Sept. 30
JAGUAR SECURITIES: First Creditors' Meeting Set For Oct. 3
TIRUMALA GROUP: First Creditors' Meeting Slated For Oct. 4


C H I N A

CHINA XD: Fitch Affirms 'B+' IDR; Outlook Stable
MULLAN AGRITECH: Work Capital Deficit Raises Going Concern Doubt


I N D I A

AKASH AGRO: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
ALFA MOULDING: CARE Assigns B+ Rating to INR5.50cr LT Loan
DEVKIRAN PAPER: CRISIL Upgrades Rating on INR120MM Loan to B+
ERNAD ENGINEERING: CRISIL Reaffirms B+ Rating on INR200MM Loan
FORTUNE SPIRIT: CRISIL Suspends B+ Rating on INR150MM Cash Loan

HEMANG RESOURCES: ICRA Reaffirms 'B' Rating on INR12cr LT Loan
J. K. INFCON: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
JAMMU PIGMENTS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
JEYA ENGINEERING: CRISIL Assigns 'B' Rating to INR25MM Loan
KAYPEE TRADERS: CRISIL Suspends B+ Rating on INR48MM Cash Loan

KINGFISHER AIRLINES: Ex-CFO Gets 18-Mo Jail in Check Bounce Cases
LEKH RAJ: CRISIL Reaffirms 'B-' Rating on INR90MM Cash Loan
M.P.S. STEEL: CRISIL Reaffirms 'D' Rating on INR470.1MM LT Loan
MATHEW ASSOCIATES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
MITTAL PIGMENTS: CRISIL Reaffirms B+ Rating on INR100MM Loan

MOHANDAS MOTORS: CRISIL Suspends B- Rating on INR100MM Loan
MUSKAN MEDICAL: CRISIL Suspends 'B' Rating on INR110MM Term Loan
NARAYAN COTTON: CRISIL Reaffirms 'B' Rating on INR160MM Loan
NAVPAD STEEL: CRISIL Assigns B+ Rating to INR40MM Cash Loan
NEEL KANTH: CRISIL Assigns B+ Rating to INR60MM Cash Loan

OHM PIPES: CRISIL Assigns 'B' Rating to INR52.6MM Fund Based Loan
P. M. INDUSTRIES: CRISIL Suspends B- Rating on INR50MM Loan
PAC BIO: ICRA Suspends 'D' Rating on INR5.68cr LT Loan
PANNA TEXTILE: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
PARAS GOTTAM: CARE Assigns B+/A4 Rating to INR10cr LT/ST Loan

PM CARS: ICRA Reaffirms B+ Rating on INR11.05cr Cash Loan
RABI ENGINEERING: CRISIL Assigns B+ Rating to INR20MM Cash Loan
REFRATHERM INTERNATIONAL: ICRA Suspends B+ Rating on INR30cr Loan
RITU CARGO: CARE Reaffirms B+ Rating on INR12.59cr LT Bank Loan
RITU LOGISTIC: CARE Reaffirms B+ Rating on INR9.0cr LT Bank Loan

RLJ INFRACEMENT: CRISIL Suspends 'B' Rating on INR98.8MM Loan
S. S. DIAMONDS: CRISIL Assigns B+ Rating to INR65MM Cash Loan
SAHARA GROUP: SC Revokes Parole, Sends Chief Back to Jail
SARASWATI INDUSTRIES: CRISIL Reaffirms B Rating on INR67MM Loan
SIMRAN MOTORS: CRISIL Suspends 'B' Rating on INR193MM Cash Loan

SOHAM WORLD: CARE Assigns B+ Rating to INR2.0cr LT Bank Loan
SUPERMINT EXPORTS: CARE Ups Rating on INR20.50cr Loan to BB-
TULIP COTSPIN: CARE Assigns B+ Rating to INR39.25cr LT Loan
UNITED COMPOSHEETS: ICRA Reaffirms 'B' Rating on INR6cr Loan
UNITED ELECTRICALS: CRISIL Assigns B+ Rating to INR60MM Loan

VADANTA FOUNDATION: CRISIL Assigns B+ Rating to INR98MM Loan
VADIM INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR40MM Loan
VENKATESWARA RICE: ICRA Reaffirms B+ Rating on INR8.25cr Loan
ZEBA AGRO: ICRA Suspends 'D' Rating on INR13.50cr Bank Loan
ZURI HOSPITALITY: ICRA Suspends 'D' Rating on INR46.73cr Loan


I N D O N E S I A

SRI REJEKI: S&P Puts 'BB-' CCR on CreditWatch Negative


S I N G A P O R E

ADCOM (S): Singapore Press Seeks to Wind Up Ad Agency


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Drops Deal to Sell Headquarters Building
HANJIN SHIPPING: Korea Air Board Approves KRW60 Billion Loan
HANJIN SHIPPING: Vessels Allowed to Unload in Germany


S R I  L A N K A

ALLIANCE FINANCE: Fitch Affirms BB+(lka) National LT Rating


T A I W A N

TAICHUNG COMMERCIAL: Fitch Affirms Short-Term IDR at 'B'


                            - - - - -


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A U S T R A L I A
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ALUMINA LTD: S&P Lowers CCR to 'BB'; Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it had lowered its corporate credit
rating and issue ratings on Alumina Ltd. and its related debt to
'BB' from 'BBB-'.  The outlook is stable.  At the same time, S&P
assigned a recovery rating of '3' to the company's medium-term
notes due in 2019 and syndicated bank loans.

"We have lowered the rating on Alumina because we consider the
company's new joint-venture partner Alcoa Upstream Corp.'s (Alcoa
Corp., BB-/Stable/--) credit quality is materially weaker than
the previous 'BBB-' rating on Alumina," said S&P Global Ratings
credit analyst Sam Heffernan.

Alcoa Corp. will be the operator and majority owner of the assets
and, in S&P's view, still represents key counterparty risk for
Alumina.  In addition, the lower-rated joint-venture partner has,
in S&P's opinion, increased the probability for debt funding to
transition from the joint-venture partner to Alcoa World Alumina
and Chemicals (AWAC).  As such, Alumina's leverage, including a
pro rata consolidation of AWAC, could be higher than its current
level.

Although initially S&P believes the amount of debt raised will
likely be modest, over time S&P believes the partnership has a
greater incentive to borrow at the currently unleveraged AWAC
operating asset level, due to the likely lower cost of funding.
S&P notes that the joint venture's financial policy allows
leverage at the operating asset of up to 30% of total capital.

Nevertheless, a provision under the joint-venture agreement could
mitigate the risk of any potential disruption of distributions
from AWAC in the event of insolvency of the joint-venture
partner. The provision requires a super-majority vote for any
AWAC asset to file for insolvency.

S&P evaluates Alumina's credit quality based on S&P's view of
AWAC's business risk profile and on a 40% pro rata consolidation
for Alumina's financial position.  S&P also incorporates in its
rating analysis the counterparty risk of Alcoa Corp. as the
operator and majority owner.  In addition, S&P considers the
partnership has an increased incentive to issue debt at the
operating level.

Alumina's business risk profile reflects S&P's view that AWAC's
solid business position as the world's largest alumina and
bauxite producer provides AWAC with the size and scope to adjust
its operations to respond to market conditions.  Alumina is a
minority (40%) stakeholder in AWAC.  Although AWAC has a track
record of maintaining a high dividend payout, low alumina and
aluminum prices could strain AWAC's ability to distribute a
dividend to Alumina that would support Alumina's financial
metrics being consistent with S&P's expectations for the 'BB'
rating.

Mr. Heffernan added: "The stable outlook reflects our view that
Alumina could withstand at the current rating level any negative
impact of increasing debt at the AWAC asset level.  The stable
outlook also reflects the outlook on Alcoa Corp., the operating
partner and majority owner of the AWAC assets."

Any deterioration in the outlook or rating on Alcoa Corp. would
likely result in a similar action on Alumina Ltd.

S&P could lower the rating on Alumina if AWAC raises material
amounts of debt, approaching the financial policy level of 30% of
total capital.  Although less likely over the next 12 months,
lower ratings could occur if S&P forecasts Alumina's financial
profile would weaken significantly because of persistently
depressed alumina prices.  A debt-to-EBITDA ratio remaining above
3x or free operating cash flow (FOCF) to debt at less than 15%
would indicate downward rating pressure.

In addition, any deterioration in Alumina's joint-venture partner
Alcoa Corp. could also place downward rating pressure because of
counterparty risk.

Upward rating momentum is limited over the foreseeable future
because of Alcoa Corp.'s materially weaker credit quality.  In
addition, S&P considers the presence of a less creditworthy
counterparty raises the incentive to increase debt funding at the
operating asset level.  This would materially weaken the
distributions available to Alumina due to the structural
subordination of cash flows from AWAC.

Nevertheless, upward rating momentum could occur if Alcoa Corp.'s
credit quality improved, or the joint-venture partnership
demonstrated a more-conservative financial policy at the AWAC
operating level.  Furthermore, a higher rating could occur if
Alumina were to maintain the buffer in its key credit metrics,
such that its adjusted debt-to-EBITDA ratio is less than 2x and
FOCF to debt greater than 25%.


BBY LTD: Ex-Chair denies 'deflecting blame' for Collapse to CEO
---------------------------------------------------------------
Michaela Whitbourn at The Sydney Morning Herald reports that when
he left the witness box on Sept. 23, former BBY chairman Glenn
Rosewall had drained a jug of water and been grilled for hours
about his reliance on advice from a Sydney psychic.

He had also been asked if he was trying to pin responsibility for
the spectacular collapse of the stockbroking firm on his former
chief executive, Arun Maharaj, SMH relaates.

According to SMH, the NSW Supreme Court examination into the
demise of the Sydney-based BBY, which folded in May last year
owing an estimated AUD61 million to creditors, made headlines
owing to its high-profile directors and colourful evidence.

It concluded on Sept. 23 after two weeks of hearings -- but not
before Mr. Rosewall could be asked, for a second day, about a
psychic who advised on the business, the report says.

SMH relates that Mr.  Rosewall, son of former tennis champ Ken,
has come under sustained pressure over the circumstances in which
BBY sought advice from Nevine Rottinger, who described herself in
the witness box as a "professional intuitive and energy healer".

The court heard Mr. Rosewall sought Ms. Rottinger's advice on a
range of business matters including budget projections and share
prices, says SMH.

But Mr. Rosewall has sought to distance himself from
Ms. Rottinger, saying the initial introduction came via
Mr. Maharaj, the report states.

Asked why he gave Ms. Rottinger access to confidential
information about the company, Mr. Rosewall said on September 23
"she was trustworthy, she cared".

"Were you seeking some kind of astrological guidance and
assistance?" asked David Pritchard, SC, acting for BBY's
liquidator KPMG, SMH relays.

"I don't believe so. I think it was just an information point,"
the report quotes Mr. Rosewall as saying.

According to SMH, Mr. Rosewall, who referred repeatedly to Mr.
Maharaj in his evidence, denied he was trying to "deflect any
personal responsibility for the financial collapse of the
company" to its former CEO, who quit the firm months before its
demise.

His father Ken, who joined the BBY board in 2008 at his son's
invitation, admitted he "didn't do the right thing" and adopted a
"wait and see" approach when the firm appeared in dire financial
straits, SMH relates.

His son denied on September 23. The former tennis great lacked
business experience.

SMH adds that Mr. Rosewall jnr also denied suggestions BBY failed
to appoint an independent director because he "didn't want any
independent director coming in and seeing what was actually
happening in this company."

KPMG has alleged BBY was insolvent as early as 2011 and dipped
into clients' trust accounts to pay expenses.

The report relates that Mr. Rosewall jnr denied he instructed a
staff member to pull together funds "from any source" to stop the
Australian Securities Exchange finding out millions of dollars
had been drained from a client account in 2014.

He also denied any recollection of tipping in AUD1.86 million of
his own money from his superannuation to meet the shortfall, the
report states.

KPMG is seeking to recover funds for former BBY clients but it
has warned they are unlikely to see any money before late 2017,
adds SMH.

                        About BBY Ltd

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the directors of BBY Limited have appointed KPMG as
Voluntary Administrators.  The appointment comes after a number
of run-ins with regulators over its capital requirements and
failing to repay an intraday loan to St George Bank, according to
The Sydney Morning Herald.

KPMG found that clients faced a combined shortfall in their
accounts of AUD16 million, SMH disclosed.


CITATION RESOURCES: First Creditors' Meeting Set For Sept. 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Citation
Resources Ltd will be held at the offices of KordaMentha, Level
10, 40 St Georges Terrace, in Perth, on Sept. 30, 2016, at
10:00 a.m.

Richard Tucker & Scott Langdon of KordaMentha were appointed as
administrators of Citation Resources on Sept. 20, 2016.


JAGUAR SECURITIES: First Creditors' Meeting Set For Oct. 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Jaguar
Securities Pty Ltd will be held at the offices of WA Insolvency
Solutions, a division of Jirsch Sutherland, Level 10, 111 St
George's Terrace, in Perth, on Oct. 3, 2016, at 2:30 p.m.

Kimberley Andrew Strickland and Jimmy Trpcevski of WA Insolvency
were appointed as administrators of Jaguar Securities on Sept.
21, 2016.


TIRUMALA GROUP: First Creditors' Meeting Slated For Oct. 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Tirumala
Group Pty Ltd, trading as Yummy India, will be held at the
offices of Hall Chadwick, Level 10, 575 Bourke Street, in
Melbourne, Oct. 4, 2016, at 10:30 a.m.

David Ross and Gaurav Mishra of Hall Chadwick were appointed as
administrators of Tirumala Group on Sept. 21, 2016.



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CHINA XD: Fitch Affirms 'B+' IDR; Outlook Stable
------------------------------------------------
Fitch Ratings has affirmed China XD Plastics Co Ltd's Long-Term
Foreign-Currency Issuer Default Rating at 'B+', reflecting the
company's trend towards improved leverage, which peaked in 2016,
and limited refinancing risk.  The Outlook is Stable.

Fitch has also upgraded the senior unsecured rating to 'B+' from
'B' and Recovery Rating to 'RR4' from 'RR5'.  At the same time,
Fitch has withdrawn the rating for XD Plastics' US dollar
offshore bond due February 2019 of 'B', issued by its wholly
owned subsidiary, Favor Sea Limited, as the company called the
entire outstanding bond on Aug. 29, 2016.

                        KEY RATING DRIVERS

Margin Continues to Erode: XD Plastics' operating EBITDA margin
remains on a downward trend.  Its operating EBITDA margin edged
down to 17.5% yoy in 1H16, from 18.1% in 1H15, primarily due to
ongoing falling average selling prices.  However, the price fall
was at a slower pace in 1H16, dropping 6% yoy compared with an 8%
decline yoy in 2015.  Fitch expects XD Plastics' profitability to
continue eroding yoy in 2016 and 2017 due to weak terminal demand
amid rising raw material costs.

Rising Inventory Days: XD Plastics' cash conversion cycle has
been extending since 2014, primarily driven by lengthening
inventory days.  Average inventory days rose to 165 days in 1H16,
from 132 days at end-2015.  The company says this is part of its
strategy to purchase more raw materials while prices are low and
support the operations of its new Sichuan plant.  However, the
company was able to cut account receivable days, which partially
offset the inventory day hike.  Average account receivable days
decreased to 81 days in 1H16, from 86 days at end-2015.

Liquidity to Improve in 2017: Fitch expects XD Plastics'
liquidity to tighten slightly in 2016 due to the large increase
in its inventory and USD150 mil. payment to call its entire
offshore US dollar bond.  However, Fitch expects the company's
liquidity position to strengthen from 2017, as its access to
refinancing appears to have improved.  This was demonstrated by
XD Plastics' successful raising of a USD180 mil. syndicate loan
in August 2016 to fund the offshore bond call.  In addition,
Fitch expects the company's Sichuan project to considerably
enhance its cash generation, with a large cut in capex.

Deleveraging Expected in 2017: Fitch expects XD Plastics to see
its FFO-adjusted net leverage to drop to 2.3x in 2017, from 3.6x
in 2016, mainly due the significant operating EBITDA contribution
from the Sichuan plant and capex cuts from 2017.  The company's
capex dropped 68% yoy to USD40 mil. in 1H16.  Fitch believes the
Sichuan plan's operation, which started on July 7, 2016, are on
track and expect the company's operating EBITDA to rise 36.6% yoy
to USD239 mil. in 2017, from USD175 mil. in 2016.  The net
leverage hike in 2016 is primarily due to weaker top line growth,
longer inventory days and heavy capex.

KEY ASSUMPTIONS

   -- Sichuan projects on track
   -- Unlimited access to refinancing
   -- Considerable capex cut from 2017

RATING SENSITIVITIES

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

   -- FFO-adjusted net leverage sustained above 3x
   -- operating EBITDA margin sustained below 12%
   -- significantly worsening liquidity position.

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

   -- operating EBITDA margin stability and sustained above 20%
   -- FFO-adjusted net leverage sustained below 2x
   -- improved customer and geographic diversification


MULLAN AGRITECH: Work Capital Deficit Raises Going Concern Doubt
----------------------------------------------------------------
Mullan Agritech, Inc., filed its quarterly report on Form 10-Q,
disclosing a net income of $1.22 million on $463,980 of revenues
for the three months ended June 30, 2016, compared with a net
loss of $766,224 on $146,505 of revenues for the same period in
the prior year.

For the six months ended June 30, 2016, the Company listed a net
income of $970,312 on $527,181 of revenues, compared to a net
loss of $1.58 million on $248,146 of revenues for the same period
in the prior year.

The Company's balance sheet at June 30, 2016, showed $19.20
million in total assets, $15.23 million in total liabilities, and
a stockholders' equity of $3.97 million.

The Company's ability to continue as a going concern depends upon
the liquidation of current assets.  For the six months ended June
30, 2016, and 2015, the Company reported net income of $970,312
and net loss of $1,577,597, respectively. The Company had working
capital deficit of approximately $4.77 million and $4.99 million
as of June 30, 2016 and December 31, 2015.  In addition, the
Company had net cash inflows of $2,499,550 and net outflow
$3,469,281 from its operating activities during the six months
ended June 30, 2016 and 2015.  The Company have improved its
operating result, but the Company still incurred a loss from
operation of $702,924 for the six months ended June 30, 2016,
because the other income was as large as $1,700,463 for the six
months ended June 30, 2016.  These conditions still raise a
substantial doubt as to whether the Company may continue as a
going concern.

In an effort to improve its financial position, the Company is
working to obtain new loans from banks and related parties, renew
its current loans, and to improve its operations upon its new
fertilizer factories start to operate.  In 2015, the Company
obtained capital contribution of approximately $16 million from
its shareholders which successfully improved the Company's
financial position as of June 30, 2016.  Additionally, one of the
new fertilizer factories was completed and put in operations in
August 2015 and another factory was expected to put in operation
in June 2016.

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

                       http://bit.ly/2cX7yAw

                     About Mullan Agritech, Inc.

Mullan Agritech, Inc., was incorporated under the laws of the
State
of Nevada on November 5, 2014.  Mullan Agritech's core business
activities of developing, manufacturing, and selling organic
fertilizers and bio-organic fertilizers for use in agricultural
industry are conducted through several indirectly owned
subsidiaries in China.



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AKASH AGRO: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
-------------------------------------------------------------
CRISIL rating to the long-term bank facility of Akash Agro
Industries continues to reflect AAI's improving yet modest scale
of operations, below-average financial risk profile because of
weak capital structure and subdued debt protection metrics, and
vulnerability of its operating margin to fluctuations in raw
material prices. These weaknesses are partially offset by
promoters' extensive industry experience, location advantage,
with proximity to raw material sources and healthy demand
prospects for AAI's product.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            52.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              10.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AAI's business risk profile will continue to
benefit from the healthy demand prospects of pysllium husk, its
diverse customer base and location advantage. The outlook could
be revised to 'Positive' if AAI reports significant improvement
in its scale of operations, along with improved profitability,
leading to higher-than-expected cash accrual. Conversely, the
outlook may be revised to 'Negative' if AAI reports low accruals,
larger than expected working capital requirements or undertakes
unanticipated, large debt-funded capital expenditure, weakening
its financial risk profile.

Sales increased to INR497 million for Fiscal 2016 from INR403.3
million the previous year, in line with the expectation. The
operating margin was estimated to have declined to 1.8% in Fiscal
2016 from over 2.5%the previous year, the sustenance of margin
remains a key monitorable. Debt-funded capex and large working
capital requirement led to continued weak capital structure as
reflected in estimated total outside liabilities to tangible net
worth (TOLTNW) ratio of over 4.4 times and a small net worth of
about INR25 million as on March 31, 2016. Debt protection metrics
were also estimated to remain subdued, with interest coverage and
net cash accrual to total debt ratios of 1.5 times and 0.06 time,
respectively, for Fiscal 2016.

AAI was established in 2006 as a partnership firm by Mr. Jayesh
Patel and his family. The firm processes and sells pysllium husk
from its seeds, popularly known as Isabgol in India. AAI's
manufacturing unit is located in Sidhpur (Gujarat). AAI installed
capacity of 75 tonnes per day for crushing seeds and is currently
operating at 80 to 90% utilization.


ALFA MOULDING: CARE Assigns B+ Rating to INR5.50cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Alfa
Moulding Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Alfa Moulding
Industries Private Limited (AMI) is primarily constrained by
modest scale of operations with low networth base along with
declining profitability margins. The rating is further
constrained by seasonal nature of operations coupled with the
highly competitive industry & low entry barrier. The rating;
however, draws comfort from experienced management and AMI's
comfortable capital structure and operating cycle.

Going forward, ability of the company to increase its scale of
operations while improving its profitability margin and
maintaining its capital structure shall be the key rating
sensitivity.

Alfa Moulding Industries Private Limited (AMI) was incorporated
in 1987 and currently being managed by Mr. Ashwini Goyal and Mr.
Omesh Kumar Goyal. The company is engaged in trading and
processing of milk products such as ghee and skimmed milk powder.
The company procures the raw material/traded goods from Haryana
Milk Foods Limited and local vendors. AMI sells its products
under the brand name "Madhu" in Haryana and near regions through
commission agents.

During FY15 ( refers to the period April 1 to March 31), AMI has
achieved a total operating income (TOI) of INR101.12 crore and
PAT of INR1.58 crore as against total operating income (TOI) of
INR79.14 crore and PAT of INR1.47 crore in FY14. Furthermore, the
Company has achieved total operating income of around INR30 crore
till 11MFY16 (refers to the period April 1 to February 29).


DEVKIRAN PAPER: CRISIL Upgrades Rating on INR120MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded the rating on the long term bank facilities
of Devkiran Paper Mills Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term ratings at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4 (Reaffirmed)

   Cash Credit           120         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       20         CRISIL A4 (Reaffirmed)

   Proposed Long Term     35.1       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan             112.4       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital        30.0       CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

The rating upgrade reflects DPMPL's improvement in business risk
profile marked by improvement in its revenues and operating
margins. The business risk profile of the company improved to
around INR540 million as compared to INR495.4 million in 2014-15.
The improvement in the revenues in the past 2 years was on
account of increasing of the production capacities by the
company. The operating margins of the company improved to around
16 per cent in 2015-16 on account of focus of the company in
manufacturing of high quality Kraft papers. The upgrade also
reflects improvement in the financial risk profile of the
company. The net worth of the company improved to around INR94
million aided by steady accretion to reserves. Also, the debt
protection metrics of the company are above average marked by
interest coverage and NCATD is moderate at 1.69 and 23 percent in
2015-16.

The rating upgrade also reflects the company's established market
position in the local Kraft paper industry. These rating
strengths are partially offset by DPMPL's modest financial risk
profile marked by high gearing, and its susceptibility to intense
competition in the kraft paper industry and to volatility in raw
material prices.
Outlook: Stable

CRISIL believes that DPMPL will continue to benefit over the
medium term from its established market position in the local
kraft paper industry. The outlook may be revised to 'Positive' if
the company reports significant and sustained improvement in its
cash accruals and capital structure aided by significant
improvement in its business risk profile. Conversely the outlook
may be revised to 'Negative' if DPMPL undertakes a large debt-
funded capital expenditure programme, or if its margins decline
significantly, weakening its financial risk profile.

Established in April 1985 in Bengaluru (Karnataka), DPMPL
manufactures kraft paper. Its products are used for manufacturing
corrugated boxes.


ERNAD ENGINEERING: CRISIL Reaffirms B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ernad Engineering
Enterprises continue to reflect EEE's modest scale of operations
in the highly fragmented civil construction industry, and
geographic concentration in its revenue profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         300       CRISIL A4 (Reaffirmed)
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's large working capital
requirements. These rating weaknesses are partially offset by
EEE's above-average financial risk profile, marked by healthy
gearing and debt protection metrics, and its promoters' extensive
experience in the road construction segment.
Outlook: Stable

CRISIL believes that EEE will continue to benefit over the medium
term from the extensive experience of its promoters in the road
construction segment. The outlook may be revised to 'Positive' if
EEE records more-than-expected revenues and profitability,
leading to better-than-anticipated accruals, or if its working
capital management improves, or in case of significant equity
infusion, leading to improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of any delays in
completion of projects or receipt of payments from customers,
leading to weakening of EEE's liquidity, or if the firm
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme, resulting in deterioration in its financial
risk profile.

Established in 1974 as a partnership firm, EEE is engaged in
construction of roads and bridges in Kerala. The firm's day-to-
day operations are managed by the promoter, Mr. Abu Haji,
supported by his three sons' Mr. Hashim, Mr. Kunju Mohammad, and
Mr. Yunus.


FORTUNE SPIRIT: CRISIL Suspends B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Fortune
Spirit Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       80       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by FSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FSL is yet to
provide adequate information to enable CRISIL to assess FSL'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.

FSL was incorporated in 2007 by Mr. Rajesh Kumar Sahu, his
brother Mr. Deepak Sahu and Mr. Ayush Sahu (son of Mr. Deepak
Sahu). FSL processes and bottles Indian made foreign Liquor
(IMFL) for Jagatjit Industries Ltd and Mohan Meakin Ltd. The
company's registered office is in Bhubaneshwar and manufacturing
facilities in Ganjam district in Orissa.


HEMANG RESOURCES: ICRA Reaffirms 'B' Rating on INR12cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating for INR18.28 crore fund-
based and non fund-based bank facilities of Hemang Resources
Limited at [ICRA]B. It has also reaffirmed the short term rating
for INR181.72 crore non fund-based bank facilities and proposed
limits of HRL at [ICRA]A4.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long term fund-based        12.00       [ICRA]B (Reaffirmed)
   Long term non fund-based     6.28       [ICRA]B (Reaffirmed)
   Short term non fund-based   77.00       [ICRA]A4 (Reaffirmed)
   Short term-proposed        104.72       [ICRA]A4 (Reaffirmed)

The ratings continue to remain constrained due to the weak and
volatile performance of HRL besides the concerns arising from
parentage of the Bhatia Group, wherein multiple entities are in
severe financial stress and have turned non-performing assets
(NPAs) with banks. While ICRA is aware that management has cut
down operational linkages with group entities, however, given the
common promoters, the risk of future operational and financial
transactions cannot be negated. Also, ICRA notes a contingent
liability of INR181 crore on account of corporate guarantee
extended for credit facilities availed by Bhatia Global Trading
Limited (rated [ICRA]D).

Amidst the financial stress in the Bhatia Group, the scale of
trading operations undertaken by HRL continues to remain volatile
as reflected by de-growth in trading volumes for the third time
in the last six years. While the trading volumes were ~20% lower
in FY2016 vis-a-vis FY2015, the decline in coal prices further
accentuated the de-growth in turnover to ~INR435 crore in FY2016
from INR627 crore in FY2015. Besides the fluctuating scale of
operations, the profitability margins have also remained weak and
volatile with an OPBDITA margin of 2.1% achieved in FY2016,
compared to OPBDITA margin of 2.2% in FY2015 and 3.1% in FY2014.
Correspondingly, the profits and cash accruals achieved in FY2016
were weak and considerably lower in FY2016 compared to FY2015.
Given the weak profitability and inadequate internal capital
generation, the financial profile of HRL continues to be
characterized by leveraged capital structure and weak debt
coverage indicators as reflected by TOL/TNW of 5.7x and
PBDITA/Interest of 1.2x for FY2016. Moreover, absence of long-
term sale and purchase contracts exposes the company to risks
arising out of volatility in commodity prices and foreign
currency fluctuations, which are inherent in the imported coal-
trading business.

Going forward, given the financial stress in group entities, any
inter-group transactions resulting in funding support to group
entities, will be negative for the credit profile of the company.
Further, HRL's credit profile will remain sensitive to its
ability to report adequate coal trading quantity by optimally
utilising its working capital limits, and deliver healthy
profitability margins through prudent management of risks arising
out of volatility in commodity prices and foreign exchange rates.

Hemang Resources Limited (erstwhile Bhatia Industries and
Infrastructure Limited) is promoted by the Bhatia Group of
Indore, and is into coal trading, wherein coal is imported from
coalfields in Indonesia and South Africa, and is sold to domestic
companies.

HRL was initially incorporated as BCC Finance Limited and was
into the asset financing business. Subsequently in the year
FY2007, it surrendered its NBFC certificate and changed the name
to Bhatia Industries and Infrastructure Limited before being
renamed HRL from March 2015 onwards. Since then, the company has
been trading in coal as the main commodity, apart from
commodities such as sand and soybean (which is now discontinued).
Within the Bhatia Group, HRL is vested with the 'stock and sale'
business with focus on catering to small corporates and dealers.


J. K. INFCON: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of J. K. Infcon Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4
   Cash Credit             65        CRISIL B/Stable

The ratings reflect JIPL's highly working capital-intensive
operations leading to high bank limit utilization and
susceptibility of its revenue to risks related to the tender-
based nature of its business operations. These weaknesses are
partially offset by the proprietor's extensive experience in the
construction industry and liquidity support from the promoters in
form of unsecured loans.
Outlook: Stable

CRISIL believes JIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in cash accrual and improvement in working capital
management, leading to a better financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' in case of delays in project execution, resulting in
stretch
in working capital cycle, or lower-than-expected cash accrual,
weakening financial risk profile.

J. K. Infcon Private Limited was incorporated in 2006 by Mr.
Jiwan Kumar, Mrs Avneet Kaur and Mr. Rakesh Gupta. JIPL is
engaged in civil contractor work like infrastructure development,
roads and bridges construction near Mohali and Ludhiana (Punjab).
The company generates around ~50 per cent revenue through
construction work for Municipal Corporation Mohali and Municipal
Corporation Ludhiana. In FY 2014-15, JIPL also started
undertaking construction projects for Larsen and Toubro Limited
(CRISIL AAA/FAAA/Stable/CRISIL A1+).


JAMMU PIGMENTS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jammu Pigments Private
Limited continue to reflect the group's large working capital
requirements, below-average financial risk profile, and
vulnerability to volatile raw material prices. These weaknesses
are mitigated by the extensive experience of the group's
promoters and its established clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit       80      CRISIL A4 (Reaffirmed)
   Cash Credit             120      CRISIL B+/Stable (Reaffirmed)
   Standby Letter of
   Credit                   20      CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JPPL, and Mittal Pigments Pvt Ltd
(MPPL). This is because the two companies, together referred to
as the Mittal group, are in the same line of business, and have a
common management and fungible funds. CRISIL had earlier combined
the business and financial risk profiles of R G Pigments Pvt Ltd
(RPPL) too. However, as the client is non-cooperative in sharing
the information of the same, CRISIL has not combined RPPL's
business and financial risk profiles for this rating exercise.
Outlook: Stable

CRISIL believes the Mittal group will continue to benefit over
the medium term from the promoters' extensive industry experience
and from the job-work agreement contracted with one of its
leading suppliers. The outlook may be revised to 'Positive' if
significant and sustainable improvement in revenue and
profitability strengthen financial risk profile, especially
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of substantial decline in revenue and/or profitability,
stretch in working capital cycle, or any substantial, debt-funded
capital expenditure.

Update
Operating income dipped to an estimated INR3.4 billion in fiscal
2016 from INR3.53 billion the previous fiscal. Improvement in
metal prices in fiscal 2017 should drive growth of around 10% in
operating income over the medium term. Operating margin was
stable around 3.3% in the two years through fiscal 2016, and
should remain so over the medium term.

Financial risk profile is below average, with high total outside
liabilities to tangible networth (TOLTNW) ratio of around 3.09
times as on March 31, 2016. Debt protection metrics are weak:
interest coverage ratio and net cash accruals to total debt were
at 1.8 times and 0.04 time, respectively, for fiscal 2016. The
financial metrics may remain constrained by large working capital
debt and low profitability.

Liquidity remains weak on account of by working capital intensity
in operations: gross current assets and inventory were sizeable
at 314 and 182 days, respectively, as on March 31, 2016. Bank
limit utilisation was, therefore, high, around 97% in the 12
months through July 2016. Liquidity is supported by cushion
between net cash accrual of INR35.80 million and maturing debt of
INR6.00 million during fiscal 2017. Unsecured loans of INR695.20
million from the promoters also underpin liquidity. Operations
will likely remain working capital intensive over the medium term
as well.

The Mittal group was established by Mr. Ramesh Kumar Agarwal and
his wife. The promoters have been in the same line of business
for over 20 years through other group entities. MPPL,
incorporated in 1991, manufactures refined lead ingots, alloys,
and oxides; and zinc oxides and alloys. The company's
manufacturing facility is in Kota (Rajasthan). JPPL, incorporated
in 2003, also manufactures lead and zinc products. Its
manufacturing facility is in Kathua (Jammu and Kashmir), which is
an excise-free zone.


JEYA ENGINEERING: CRISIL Assigns 'B' Rating to INR25MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Jeya Engineering And Infrastructures
Private Limited. The ratings reflect a below-average financial
risk profile because of high gearing, customer concentration in
its revenue profile and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of the promoter in the engineering industry and established
relationship with key clients.

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

   Proposed Cash Credit
   Limit                   20        CRISIL B/Stable

   Long Term Loan          25        CRISIL B/Stable

   Bank Guarantee          20        CRISIL A4

   Cash Credit             25        CRISIL B/Stable

Outlook: Stable

CRISIL believes JEIPL will continue to benefit from its
established relationship with key clients and extensive industry
experience of its promoter. The outlook may be revised to
'Positive' in case of improvement in working capital management,
along with improvement in scale of operations and profitability
leading to better financial risk profile. The outlook may be
revised to 'Negative' in case of any large, debt-funded capital
expenditure, a stretched working capital cycle, or decline in
profitability, leading to deterioration in the financial risk,
particularly liquidity.

JEIPL was incorporated in 2010. Its managing director, Mr.
Antony Britto Anand, manages operations. The company manufactures
food-processing equipment, and fabricates and erects structures
for large corporates in Tamil Nadu.


KAYPEE TRADERS: CRISIL Suspends B+ Rating on INR48MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaypee
Traders.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             48        CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee           6        CRISIL A4
   Proposed Working
   Capital Facility        16        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KT is yet to
provide adequate information to enable CRISIL to assess KT'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.

KT, set up in 1983, at Kollam (Kerala), is a partnership concern
owned by Mr. KP Ramachandran Nair (managing director) and his
brothers, Mr. KP Unnikrishnan Nair and Mr.KP Sreekumar. The firm
trades in steel products and tiles.


KINGFISHER AIRLINES: Ex-CFO Gets 18-Mo Jail in Check Bounce Cases
-----------------------------------------------------------------
The Times of India reports that former Chief Financial Officer
(CFO) of the grounded carrier Kingfisher Airlines Ltd, A
Raghunathan, was on September 22 sentenced to 18-month
imprisonment by a court in India in connection with two cheque
bounce cases filed against him and businessman Vijay Mallya by
GMR Hyderabad International Airport Ltd.

TOI relates that third Special Court Magistrate M Krishna Rao
also imposed INR20,000 fine in each case on Raghunathan after the
latter appeared before the court.

Earlier, on several occasions, the order on quantum of punishment
had got adjourned as the warrant issued against Raghunathan was
still pending, the report says.

The court had on April 20 convicted Kingfisher Airlines, Mallya
and Raghunathan, in connection with two cheque bounce cases
involving INR50 lakh each, under relevant sections of the
Negotiable Instruments Act, TOI relates.

According to TOI, the matter relates to cheques issued by
Kingfisher Airlines Ltd to GMR Hyderabad International Airport
Ltd (GHIAL), which operates Rajiv Gandhi International Airport,
towards charges for using the facilities at the airport for
Kingfisher Airlines flights.

During arguments on September 22, GHIAL counsel G Ashok Reddy
submitted that it was after five months that Raghunathan had
finally appeared before this court, TOI says.

He further informed that Vijay Mallya is absconding and is out of
the country, and sought a court direction to proceed with
sentence order against Raghunathan, according to TOI.

TOI relates that the magistrate told Raghunathan that he has been
found guilty under relevant sections of Negotiable Instruments
Act.

According to the report, Raghunathan submitted before the court
"I was only an employee of United Spirits Limited. I was on rolls
of United Spirits. My services seconded to Kingfisher Airlines
Limited. I was always an employee of United Spirits and retired
in July 2013."

The magistrate, in his order, sentenced Raghunathan to undergo
one year and six months imprisonment and also imposed a fine of
INR20,000 in each case, TOI reports.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has
grounded planes since October 2012.  The airline lost its
operating license in January 2013 after failing to convince
authorities it has enough funds to restart flights.

As reported in the TCR-AP on Aug. 26, 2016, CRISIL has revised
its ratings on the bank facilities of Kingfisher Airlines Ltd to
(NM) Not Meaningful from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8940      NM (Revised from 'CRISIL D')

   Funded Interest
   Term Loan               2260      NM (Revised from 'CRISIL D')

   Long Term Loan          5970      NM (Revised from 'CRISIL D')

   Rupee Term Loan        35270      NM (Revised from 'CRISIL D')

   Short Term Loan          390      NM (Revised from 'CRISIL D')

   Working Capital
   Term Loan               2990      NM (Revised from 'CRISIL D')

The rating revision is because KFAL's creditors (including
bankers) have filed winding up petitions against the company;
furthermore, it remains in deep financial distress following the
cessation of operations in fiscal 2013 and complete erosion of
networth.

In accordance with CRISIL's criteria, since the rated entity's
lenders have requested for liquidation of its secured
assets/securities, the outstanding ratings are rendered
meaningless.


LEKH RAJ: CRISIL Reaffirms 'B-' Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lekh Raj
Autoplaza Private Limited continues to reflect the company's
below-average financial risk profile, a small scale of
operations, and exposure to intense competition in the automotive
dealership business. These weaknesses are partially offset by its
strong track record in the dealership of vehicles of Mahindra &
Mahindra Ltd (M&M; 'CRISIL AAA/Stable/CRISIL A1+').

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

   Proposed Long Term
   Bank Loan Facility    20       CRISIL B-/Stable (Reaffirmed)

   Term Loan             40       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LRPL will continue to benefit from its
association with M&M and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
substantial cash accrual and improvement in capital structure,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' if working capital management deteriorates,
or if the company undertakes large, debt-funded capital
expenditure, adversely impacting its financial risk profile.

LRPL, promoted by Mr. Varun Miglani and his family members, was
incorporated in 2012, and started commercial operations in 2013.
The company is based in Jind and is an authorised dealer for M&M
in Jind. It recently obtained dealership of Hyundai Motors India
Limited (HMIL) in Kaithal and Jind.


M.P.S. STEEL: CRISIL Reaffirms 'D' Rating on INR470.1MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.P.S. Steel Castings
Private Limited continue to reflect instances of delay by MPS in
servicing its term debt; the delays were due to the company's
weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            230        CRISIL D (Reaffirmed)

   Letter of Credit        80        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     470.1      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              250.0      CRISIL D (Reaffirmed)

MPS also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. Moreover, the company
is exposed to risks related to volatility in raw material prices
and to cyclical demand in the steel industry. However, MPSSCPL
benefits from its established position in the central Kerala
market and its partially integrated operations.

MPS was set up in in 1996 to manufacture sponge iron and mild-
steel ingots. Currently there are no commercial operations in
MPS.


MATHEW ASSOCIATES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mathew Associates Hook - Up & Weld
Services.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          105       CRISIL A4
   Cash Credit              45       CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations in the
fabrication business, the customer concentration in its revenue,
and its subdued financial risk profile because of small networth
and high total outside liabilities to tangible networth ratio.
These weaknesses are partially offset by its promoter's extensive
experience in the fabrication business.
Outlook: Stable

CRISIL believes MAHWS will continue to benefit from its
promoter's industry experience. The outlook may be revised to
'Positive' if operating revenue and profitability increase
significantly, or if the firm diversifies its clientele. The
outlook may be revised to 'Negative' if its capital structure
deteriorates on account of stretch in working capital cycle or
large, debt funded capital expenditure, or if its revenue or
profitability is lower than expected.

MAHWS, formed in 1992, is engaged in engineering, fabrication,
and installation of oil rigs for oil and gas companies. It was
formed as a proprietorship firm by Mr. Mathew who has extensive
experience in project management, manufacturing, fabrication,
supply and commissioning of equipment and chemical plants. MAHWS
has ISO 9001:2008 (for quality management) and OHSAS 18001:2007
(for occupational health and safety management system)
certifications from DNV GL.


MITTAL PIGMENTS: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mittal Pigments
Private Limited continue to reflect the group's large working
capital requirements, below-average financial risk profile, and
vulnerability to volatile raw material prices. These weaknesses
are mitigated by the extensive experience of the group's
promoters and its established clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit     200       CRISIL A4 (Reaffirmed)
   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)
   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JPPL, and Mittal Pigments Pvt Ltd
(MPPL). This is because the two companies, together referred to
as the Mittal group, are in the same line of business, and have a
common management and fungible funds. CRISIL had earlier combined
the business and financial risk profiles of R G Pigments Pvt Ltd
(RPPL) too. However, as the client is non-cooperative in sharing
the information of the same, CRISIL has not combined RPPL's
business and financial risk profiles for this rating exercise.
Outlook: Stable

CRISIL believes the Mittal group will continue to benefit over
the medium term from the promoters' extensive industry experience
and from the job-work agreement contracted with one of its
leading suppliers. The outlook may be revised to 'Positive' if
significant and sustainable improvement in revenue and
profitability strengthen financial risk profile, especially
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of substantial decline in revenue and/or profitability,
stretch in working capital cycle, or any substantial, debt-funded
capital expenditure.

Update
Operating income dipped to an estimated INR3.4 billion in fiscal
2016 from INR3.53 billion the previous fiscal. Improvement in
metal prices in fiscal 2017 should drive growth of around 10% in
operating income over the medium term. Operating margin was
stable around 3.3% in the two years through fiscal 2016, and
should remain so over the medium term.

Financial risk profile is below average, with high total outside
liabilities to tangible networth (TOLTNW) ratio of around 3.09
times as on March 31, 2016. Debt protection metrics are weak:
interest coverage ratio and net cash accruals to total debt were
at 1.8 times and 0.04 time, respectively, for fiscal 2016. The
financial metrics may remain constrained by large working capital
debt and low profitability.

Liquidity remains weak on account of by working capital intensity
in operations: gross current assets and inventory were sizeable
at 314 and 182 days, respectively, as on March 31, 2016. Bank
limit utilisation was, therefore, high, around 97% in the 12
months through July 2016. Liquidity is supported by cushion
between net cash accrual of INR35.80 million and maturing debt of
INR6.00 million during fiscal 2017. Unsecured loans of INR695.20
million from the promoters also underpin liquidity. Operations
will likely remain working capital intensive over the medium term
as well.

The Mittal group was established by Mr. Ramesh Kumar Agarwal and
his wife. The promoters have been in the same line of business
for over 20 years through other group entities. MPPL,
incorporated in 1991, manufactures refined lead ingots, alloys,
and oxides; and zinc oxides and alloys. The company's
manufacturing facility is in Kota (Rajasthan). JPPL, incorporated
in 2003, also manufactures lead and zinc products. Its
manufacturing facility is in Kathua (Jammu and Kashmir), which is
an excise-free zone.


MOHANDAS MOTORS: CRISIL Suspends B- Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mohandas Motors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding
   Facility                100       CRISIL B-/Stable

   Long Term Loan           20       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       30       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
MMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMPL is yet to
provide adequate information to enable CRISIL to assess MMPL'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.

Set up in 2009, MMPL is a dealer of Tata Motors Ltd's passenger
cars and utility vehicles in Thiruvananthapuram (Kerala). The
company is promoted by Mr. Mohandas and his family.


MUSKAN MEDICAL: CRISIL Suspends 'B' Rating on INR110MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Muskan
Medical Centre Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             105       CRISIL B/Stable
   Rupee Term Loan         110       CRISIL B/Stable
   Term Loan                15       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
MMCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMCPL is yet to
provide adequate information to enable CRISIL to assess MMCPL'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.

MMCPL, incorporated in 2012 by Dr. Rakesh Malhotra, Dr. Sandeep
Gulati, Dr. Rajeev Motiani, and Dr. Gulab Gupta, has set up a
120-bed super speciality hospital in Noida (Uttar Pradesh). Dr.
Malhotra also operates a nursing home, Muskan Medical Centre,
whereas the other promoters are well reputed medical
practitioners in the Noida region. The registered office of the
company is in Noida.


NARAYAN COTTON: CRISIL Reaffirms 'B' Rating on INR160MM Loan
------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Narayan Cotton
Industries continues to reflect NCI's early stage and modest
scale of operations in the intensely competitive cotton industry,
large working capital requirements, and average financial risk
profile, marked by high gearing and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            160       CRISIL B/Stable (Reaffirmed)
   Term Loan               22       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters, and the benefits expected from
proximity of the firm's unit to the cotton-growing belt in
Gujarat.

Outlook: Stable

CRISIL believes NCI will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if higher-than-expected cash accrual through increased
topline or operating profitability strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
low operating margin, substantial debt-funded expansion, or weak
working capital management weaken the financial metrics.

Set up in 2009, NCI is a partnership firm promoted by Mr. Paresh
Patel and others. NCI undertakes cotton ginning and pressing
operations at its production facility in Kadi (Gujarat).


NAVPAD STEEL: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Navpad Steel Centre.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            40        CRISIL B+/Stable
   Cash Credit             40        CRISIL B+/Stable
   Letter of Credit        80        CRISIL A4

The ratings reflect the firm's below-average financial risk
profile, with small networth, high total outside liabilities to
tangible networth ratio, and below average interest coverage. The
ratings also factor in exposure to intense competition, and
changes in demand from end-user industries. These rating weakness
are partially offset by the extensive experience of the
promoters.
Outlook: Stable

CRISIL believes NSC will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significantly higher cash accrual and
profitability, and improvement in capital structure strengthen
key credit metrics. Conversely, the outlook may be revised to
'Negative' if low cash accrual, sizeable working capital
requirement, or any large debt-funded capital expenditure weakens
financial risk profile.

NSC, set up in 2004, as a proprietary firm by Mr. Haresh Jain,
was reconstituted as a partnership firm in April 2015. The firm
imports and exports, stocks, and supplies stainless steel
products such as sheets, plates, coils, tubes, pipes, and rods.
It is also authorised dealer for Jindal Stainless Ltd. NSC's main
office is located in Mumbai. Operations are managed by Mr. Hemant
Jain and Mr. Haresh Jain.


NEEL KANTH: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Neel Kanth Herbs.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      3.9       CRISIL B+/Stable

   Cash Credit            60.0       CRISIL B+/Stable

   Letter of Credit       50.0       CRISIL A4

The ratings reflect an average financial risk profile marked by
modest networth and weak capital structure, increasing yet modest
scale of operations and exposure to volatility in almond prices
amid intense competition. These weaknesses are partially offset
by the extensive experience of the partners and their funding
support in the form of unsecured loans.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR17.9 million extended to the firm as neither debt nor
equity as they bear a nominal interest rate and are expected to
remain in the business over the medium term.
Outlook: Stable

CRISIL believes NKH will benefit over the medium term from
extensive experience of its partners. The outlook may be revised
to 'Positive' if increase in revenue coupled with stable and
improved profitability leads to high cash accrual or a sizable
capital infusion strengthens the capital structure. The outlook
may be revised to 'Negative' if decline in profitability lowers
cash accrual or stretch in working capital cycle weakens the
financial risk profile, especially liquidity.

Established in 2012, NKH is a partnership firm of Mr. Kanhaiya
Goenka and Mrs Rita Goenka. The firm is engaged in the sorting,
grading and trading of imported almonds and other dry fruits. Its
unit is located in Jaipur, Rajasthan.


OHM PIPES: CRISIL Assigns 'B' Rating to INR52.6MM Fund Based Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the long-term bank facilities of OHM Pipes Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits            52.6       CRISIL B/Stable
   Long Term Loan         35.0       CRISIL B/Stable
   Cash Credit            35.0       CRISIL B/Stable
   Letter of Credit       20.0       CRISIL A4

The rating reflect a modest scale of operations, a weak financial
risk profile because of below-average capital structure and debt
protection metrics, and susceptibility of margins to volatility
in raw material prices. These rating strengths are partially
offset by the extensive experience of the promoters in the
polyvinyl chloride (PVC) industry and their funding support.
Outlook: Stable

CRISIL believes OHM will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-expected cash accrual, a
better working capital cycle, or substantial infusion of capital,
resulting in improved liquidity and capital structure.  The
outlook may be revised to 'Negative' if low cash accrual, or any
larger-than-expected capital expenditure weaken the financial
risk profile, particularly liquidity.

OHM, incorporated in July 2009, is based in Balasore, Odisha. The
company manufactures PVC and high-density polyethylene pipes.


P. M. INDUSTRIES: CRISIL Suspends B- Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P. M. Industries - Jalalabad.

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

   Proposed Long Term
   Bank Loan Facility      4.3       CRISIL B-/Stable

   Term Loan              15.7       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by PMI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PMI is yet to
provide adequate information to enable CRISIL to assess PMI'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.

PMI is a proprietorship firm and was established in 2007 by Mr.
Mukesh Dommara. The firm is engaged in the processing and
domestic sales of basmati rice. Its plant is located in Jalalabad
(Punjab).


PAC BIO: ICRA Suspends 'D' Rating on INR5.68cr LT Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR13.36
crore bank limits of PAC Bio Fungbact Private Limited1. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term fund based
   Limit-Cash Credit          5.00       [ICRA]D Suspended

   Long term fund based
   Limit-Term Loans           5.68       [ICRA]D Suspended

   Unallocated Limit          2.68       [ICRA]D Suspended

PAC Bio Fungbact Private Limited was established as a private
limited company in 2010 and is engaged in the manufacture and
sale of bio-pesticides viz., bio-fungicides and bio-nematicides
under the brand name 'FUNGBACT'. Apart from this PBFPL is also
engaged in the production of chemical micronutrients. The company
has its head office and manufacturing facility in Surat
(Gujarat).


PANNA TEXTILE: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Panna Textile
Industries Private Limited continue to reflect its small scale of
operations in the intensely competitive textile industry,
moderate operating margin, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the promoters, and moderate financial
risk profile, marked by low gearing, and adequate debt protection
metrics, despite modest net worth.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Bill Purchase
   Discounting              35      CRISIL A4 (Reaffirmed)

   Letter of Credit         15      CRISIL A4 (Reaffirmed)

   Packing Credit           30      CRISIL A4 (Reaffirmed)

   Proposed Long Term Bank
   Loan Facility            50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PTIPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' in case revenue or profitability increases
sustainably, enhancing cash accrual, or if significant fund
infusion by promoters shores up liquidity. Conversely, the
outlook may be revised to 'Negative' if working capital cycle
deteriorates, or any large capital expenditure weakens financial
risk profile.

PTIPL, incorporated in 1982 in Kolkata, is promoted by Mr.
Rajkumar Poddar, Mr. Dharampal Poddar and Mr. Anilkumar Poddar.
The company manufactures and trades in fabric and garments, and
also processes grey fabric into finished fabric.

Profit after tax and net sales were INR10.1 million and INR229.6
million, respectively, in fiscal 2016 (Rs 2.5 million and
INR273.4 million for fiscal 2015).


PARAS GOTTAM: CARE Assigns B+/A4 Rating to INR10cr LT/ST Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Paras Gottam and Company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term /Short-term
   Bank Facilities             10       CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Paras Gottam and
Company (PGC) are primarily constrained on account of its modest
scale of operations in a highly competitive and fragmented
Industry, weak debt coverage indicators and stressed liquidity
position. The ratings are, further, constrained on account of
vulnerability of margins to fluctuations in the raw material
prices, its constitution as a proprietorship concern and customer
concentration risk.

The ratings, however, favorably take into account experienced
management with established track record of operations, moderate
profitability margins and comfortable capital structure.

The ability of the firm to increase its scale of operations while
maintaining profitability margin and improvement in debt coverage
indicators with better management of working capital is key the
rating sensitivities of the firm.

Jaipur-based (Rajasthan) PGC was established in 1969 as a
proprietorship concern by Mr. Paras Mal Jain. PGC is engaged in
the business of processing of precious gem stones which includes
cutting and finishing. The firm deals mainly in Emerald stones
and also does processing as per requirement for other stones like
Ruby, Sapphire, Diamond and etc. It procures rough gem stones
mainly from Belgium, Zambia and Hong Kong and sells its product
mainly in exports market like Belgium, New York, Hong Kong,
Japan, etc. Export Sales has constituted around 99% of the total
operating income (TOI) in FY16 (refers to the period April 1 to
March 31).

During FY16 (Provisional), PGC has reported a total operating
income (TOI) of INR24.83 crore as against INR23.53 crore during
FY15 (A) and PAT of INR21.80 crore during FY16 as against
INR26.87 crore during FY15 (A).


PM CARS: ICRA Reaffirms B+ Rating on INR11.05cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating for INR11.05 crore
(revised from INR8.05 crore) cash credit limits and INR3.25 crore
(revised from INR2.95 crore) term loan of PM Cars Private Limited
at [ICRA]B+. ICRA has also assigned the long-term rating of
[ICRA]B+ to INR1.70 crore unallocated limits of PMCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan                3.25      [ICRA]B+; Re-affirmed
   Cash Credit             11.05      [ICRA]B+; Re-affirmed
   Unallocated Limits       1.70      [ICRA]B+ assigned

The rating reaffirmation factors in the weak financial profile of
the company, characterized by low operating margins which
declined further from 3.56% in FY2015 to 0.71% in FY2016 owing to
higher selling expenses and reduced average realization; high
gearing which increased significantly to 4.31x times as on 31st
March, 2016 from 1.47x times as on 31st March, 2015 and weak
coverage indicators with interest coverage ratio at 1.73x times
as on March 31, 2016. The operating income of the company
witnessed a healthy growth of ~81% in FY2016 on the back of
higher volumes, however, the scale of operations remain small
limiting its financial flexibility. ICRA also takes note of the
requirements of the auto dealership business in India, which is
characterized by thin margins, a weak bargaining position and
high working capital requirements. ICRA also notes company's
exposure to the inherent cyclicality of the Indian auto industry.

The ratings, however, draw comfort from the long standing
experience of PMCPL's partners in the auto dealership business,
as well as the company's association with Honda Cars India
Private Limited.

Going forward, the company's ability to increase its scale of
operations and maintain profitability, while optimally managing
its working capital cycle, will remain the key rating
sensitivities.

Incorporated in October 2013, PM Cars Private Limited (PMCPL) is
the sole authorized dealer for passenger vehicles of Honda Cars
India Private Limited for the regions Anantapur, Kurnool and
Kadapa. The company operates 3 showrooms including service
centers across Anantapur, Kurnool and Kadapa enabling PMCPL to
sell about 300 passenger vehicles annually.

Recent Result
According to audited FY2015 results, the firm recorded an
operating income of INR23.36 crore with a net loss of INR0.09
crore. As per provisional FY2016 numbers, the firm estimates an
operating income of INR42.39 crore with a net profit of INR0.01
crore.


RABI ENGINEERING: CRISIL Assigns B+ Rating to INR20MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings, and assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings, to the bank facilities
of Rabi Engineering Works Pvt Ltd. CRISIL had, earlier (refer to
rating rationale dated July 26, 2016), suspended the ratings,
since REWPL had not provided necessary information required for a
rating review. REWPL has, however, now shared the requisite
information enabling CRISIL to assign the ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           70       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit              20       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect REWPL's modest scale and working capital
intensity in operations. The ratings also factor in exposure to
intense competition and cyclicality in demand from end-user
segment. These rating strengths are partially offset by the
extensive industry experience of the promoters, and moderate
order book position providing revenue visibility for the medium
term.
Outlook: Stable

CRISIL believes REWPL will maintain a stable business risk
profile over the medium term, backed by its promoter's extensive
experience. The outlook may be revised to 'Positive' if there is
a substantial and sustained increase in operating income and
accrual, along with improved working capital management, while
maintaining stable capital structure. Conversely, the outlook
maybe revised to 'Negative' if operating margin or topline
declines, or financial risk profile weakens because of large
debt-funded capital expenditure (capex), or if stretch in working
capital cycle leads to pressure on liquidity.

Set up as a proprietorship firm in 1994 and converted into a
private limited company in fiscal 2012, REWPL manufactures cable
trays, sub-station structures, and transmission line towers for
power generation and distribution companies, and other power
equipment companies. Mr. Tapan Kumar Sen (who also manages
operations) and his wife are the directors of the company.


REFRATHERM INTERNATIONAL: ICRA Suspends B+ Rating on INR30cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR30.00
crore long term bank facilities of Refratherm International
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


RITU CARGO: CARE Reaffirms B+ Rating on INR12.59cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ritu Cargo Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.59      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ritu Cargo Private
Limited continues to remain constrained on account of its
financial risk profile marked by low PAT margin, leveraged
capital structure and moderate liquidity position. The rating
further continues to remain constrained on account of competitive
nature of the transportation and logistics business with customer
concentration risk.

The rating, however, continued to derive strength from the
experienced promoters with established presence of Ritu Group in
the transportation business and its reputed clientele base. The
ability of the company to increase its scale of operations with
stable profitability margins and improvement in solvency position
are the key rating sensitivity.

Jodhpur-based (Rajasthan) RCPL was incorporated as a private
limited company by Ritu Group in July, 2013. Ritu group is
engaged in the transportation services since 1991 and has about
447 carriers/tankers as on March 31, 2016 running in the
transportation of oil, lubricants, bitumen, emulsion and
commercial vehicles. RCPL was promoted with an objective to
transport goods from port to various plants and vice versa and
have fleet size of 118 vehicles as on March 31, 2016. RCPL
has an arrangement with Bharat Petroleum Corporation Limited
(BPCL) and Indian Oil Corporation Limited (IOCL) in 2014 for
transportation of its petroleum products in state of Maharashtra,
Gujarat, Madhya Pradesh, Chhattisgarh and Goa, further both the
contracts are valid till October, 2017.

During FY16 provisional results (refers to the period April 1 to
March 31), RCPL has reported a total operating income of INR48.35
crore against INR32.52 crore during FY15 and PAT of INR0.15 crore
during FY16 against INR0.06 crore during FY15.


RITU LOGISTIC: CARE Reaffirms B+ Rating on INR9.0cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the lt rating and assigns the ST rating to the
bank facilities of Ritu Logistic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     2.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ritu Logistics
continue to remain constrained on account of its financial
risk profile marked by low PAT margin, leveraged capital
structure and moderate liquidity position. The ratings, further,
continue to remain constrained on account of competitive nature
of the transportation and logistics business with customer
concentration risk and the entity's partnership constitution.

The ratings, however, continue to derive strength from the
experienced partners with established presence of the Ritu
Group in the transportation business and its reputed clientele
base.

The ability of the firm to increase its scale of operations with
stable profitability margins and improvement in solvency position
are the key rating sensitivity.

Jodhpur-based (Rajasthan) RLT was formed as a partnership concern
by Ritu Group in June 2012. Ritu group is engaged in the
transportation services since 1991 and has about 447
carriers/tankers as on July 31, 2016, running in the
transportation of oil, lubricants, bitumen & emulsion and
commercial vehicles. RLT was promoted with an objective to
provide logistic services to commercial vehicle manufacturers,
ie, Truck on Truck (TOT) services and have fleets of 184
vehicles/carriers as on March 31, 2016, as against 161 in FY15
(refers to the period April 1 to March 31). In August 2012,
RLT has signed a two years agreement with Ashok Leyland Limited
(ALL, rated 'CARE AA-/CARE A1+', engaged in the manufacturing of
commercial vehicles) for transportation of vehicles manufactured
by ALL from its manufacturing unit to various depots and
distributors located in all over India. The agreement has been
renewed in December 2014 and continues to renew after every two
years. RLT has presence in all over India through its branch
offices at Jaipur, Delhi, Mumbai, Pune, Mangalore, Pantnagar,
Hazira, Jamnagar, Kandla, Rajkot, Baroda, Nagpur, Ajmer and
Beawar.

As per the provisional result of FY16, RLT has reported a total
operating income of INR41.67 crore against INR45.39 crore
during FY15 and PAT of INR0.08 crore during FY16 against INR0.12
crore during FY15.


RLJ INFRACEMENT: CRISIL Suspends 'B' Rating on INR98.8MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of RLJ
Infracement Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            48.0       CRISIL B/Stable
   Term Loan              98.8       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
RLJIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RLJIPL is yet
to provide adequate information to enable CRISIL to assess
RLJIPL'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.

RLJIPL is promoted by Mr. Sneh Jain, Mr. Rameshwar Singh, and Mr.
Manmohan Agrawal. The company manufactures cement at its facility
in Chunar, Mirzapur (Uttar Pradesh).


S. S. DIAMONDS: CRISIL Assigns B+ Rating to INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of S. S. Diamonds.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
competitive diamond industry, its exposure to inventory and
foreign exchange (forex) risks, susceptibility to volatility in
diamond prices, and modest net worth. These weaknesses are
partially offset by its partners' extensive industry experience
and their established relationships with customers and suppliers,
and the firm's robust debt protection metrics.

Outlook: Stable

CRISIL believes SS will continue to benefit from the extensive
industry experience of its partners, and their strong
relationships with suppliers and customers in the diamond
polishing and trading business. The outlook may be revised to
'Positive' if the firm's scale of operations increases
significantly or if its working capital cycle reduces. The
outlook may be revised to 'Negative' in case of significant dip
in cash accrual, or stretch in working capital cycle, or large
capital expenditure, weakening liquidity.

SS is a partnership firm set up in 2004 by Mr. Daljibhai Patel
and Mr. Bhikhabhai Patel. The firm manufactures polished diamonds
from rough diamonds, and sells to overseas (85%) and domestic
(15%) customers. Its manufacturing unit is in Sidhpur, Gujarat,
and has sales offices in Gujarat and Mumbai.


SAHARA GROUP: SC Revokes Parole, Sends Chief Back to Jail
---------------------------------------------------------
The Times of India reports that the Supreme Court on September 23
sent back Sahara chief Subrata Roy to Tihar Jail, miffed over
wrong statements on property status given by the group.

TOI relates that the top court also sent two other Sahara
directors to jail.

According to the report, SC was livid when SEBI informed the top
court that most of the property in the list meant for auction has
already been attached by the Income tax department.

SEBI said as properties are attached it cannot sell them, the
report relays.

According to the report, SC said "you have given list of property
which are already attached and you are not cooperating. Better
you go back to jail."

When Supreme Court asked Sahara to deposit INR300 crore more for
extension of interim bail, Counsel Rajeev Dhawan said it cannot
be done and requested for hearing on September 30, adds TOI.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter,
Subrata Roy.  The move comes following the group's failure to
refund INR24,000 crore to investors as directed by the Supreme
Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SARASWATI INDUSTRIES: CRISIL Reaffirms B Rating on INR67MM Loan
---------------------------------------------------------------
CRISIL ratings continue to reflect Saraswati Industries weak
financial risk profile, marked by a leveraged capital structure,
small networth, and weak debt protection metrics. The ratings
also factor in the firm's low bargaining power with principals
and exposure to intense competition in the automotive dealership
market. These weaknesses are partially offset by the extensive
experience of partners and the diversified supplier base.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit            67        CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility               10        CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           36        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SI will continue to benefit from its established
relationships with principals and the extensive experience of its
partners. The outlook may be revised to 'Positive' if improvement
in profitability and capital infusion results in a better capital
structure. The outlook may be revised to 'Negative' if fall in
revenue or operating margin weakens the debt protection metrics.

Update
Revenues declined 8.5% in fiscal 2016, due to the fall in tractor
demand owing to unfavorable agricultural scenario along with
intense competition from other auto dealers, and stood at
INR508.5 million. Growth is expected to be moderate at 5-10% over
the medium term due to the substitution of dealership of
Chevrolet with Maruti Suzuki India Limited and improving demand
for tractors in India. Net profitability 'low at around 0.1% in
fiscal 2016 due to the trading nature of business along with low
bargaining power with the principal - are expected to be 0.2-0.3%
over the medium term.

Working capital requirement remained moderate with gross current
assets of 72 days driven by inventory and receivables of 45 and
20 days, respectively.

Liquidity remains weak with bank limit utilization of 96% for the
12 months ended March 2016. It will however be supported by
promoter contribution in the form of unsecured loans and cash
accrual of INR1.5-2.0 million expected over the medium term,
against no term debt obligations.

The financial risk profile - marked by high total outside
liabilities to tangible networth of 5.80 times and below average
debt protection metrics with an interest coverage ratio of 1.1
times for fiscal 2016 - is expected to remain weak on account of
high dependence on working capital debt and modest accretion to
reserves.

SI is a partnership firm set-up in July 2009 by Mr. Satyam
Agarwal and Ms Shyama Agarwal. The firm, based in Mirzapur (Uttar
Pradesh), distributes tractors manufactured by Mahindra &
Mahindra and New Holland and passenger cars of General Motors
India Pvt Ltd.


SIMRAN MOTORS: CRISIL Suspends 'B' Rating on INR193MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Simran
Motors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4
   Cash Credit           193         CRISIL B/Stable
   Inventory Funding
   Facility              130         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     10         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMPL is yet to
provide adequate information to enable CRISIL to assess SMPL'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.

SMPL was incorporated in 2007, promoted by Mr. Swarnapal Singh
Kohli and Mrs. Arvinder Kaul Kohli. The company is an authorised
dealer of MSIL's vehicles in Maharashtra. SMPL has five
showrooms-cum-workshops at Panvel, Alibagh, Mahad, Wadhakal and
Karjat. It also has one body shop in Vora.


SOHAM WORLD: CARE Assigns B+ Rating to INR2.0cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Soham World Trade Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.00       CARE B+ Assigned
   Short term Bank Facilities    5.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Soham World Trade
Private Limited are constrained by small scale of operations,
fluctuating total operating income, volatility in prices of the
polymer products and thin profit margins due to trading nature of
operations. However, the ratings derive strength from reasonable
track record of the company, experience of the promoter for more
than a decade in trading of polymers, comfortable capital
structure and operating cycle along with moderate debt coverage
indicators.

The ability of the company to increase its scale of operations
and improve profitability margins in competitive environment are
the key rating sensitivities.

Soham World Trade Private Limited was incorporated in 2009,
promoted by Mr. Rochak Bansal. The company has its registered
office located at New Delhi and is engaged in trading of polymer
products like (PVC Resin, EVA, LDPE) from past 7 years. The
company purchases trading materials from the suppliers based at
international market and sells the products to domestic
customers.


SUPERMINT EXPORTS: CARE Ups Rating on INR20.50cr Loan to BB-
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Supermint Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     20.50      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Supermint Exports Private Limited factors in the significant
growth in the total operating income in FY16 (based on audited
results; refers to the period April 1 to March 31). The rating
continues to draw comfort from the experienced promoters,
favorable location of the manufacturing facility and strong
demand for mentha oil-based and allied products.

The rating, however, continues to remain constrained on account
of low profitability margins, leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations, presence of the company in a highly competitive
industry along with susceptibility to volatility in prices of raw
material and threat of substitution from synthetic menthol.

Going forward, the company's ability to increase the scale of
operations with improvement in its profitability margins and
capital structure while managing its working capital requirements
shall be the key rating sensitivities.

Bareilly-based (Uttar Pradesh), SEPL was incorporated in January
2008 by Mr. Sanjay Gupta, Mrs Preeti Gupta and Mrs Pushpa Gupta.
SEPL is engaged in the manufacturing of turpentine oil and mentha
oil-based various oils and chemicals like terpineol, pine oil,
dipentene, peppermint oil, menthol powder, etc. SEPL has an
installed capacity of 6,840 tons per annum (TPA) as onMarch 31,
2016, of menthe oils and chemicals at itsmanufacturing facilities
located at Rampur, Uttar Pradesh. These products find its
application in the paint industry, pharmaceutical industry, home
care products industry, perfumery industry, soap manufacturing
etc. The main raw materials for the company are Mentha oil and
Turpentine oil which are procured from local farmers and also
imports from China (around 15%). SEPL sells its products all over
India and also exports the same to China, France, Spain and
Australia. The company has USFDA certification and Reach
Compliance certification for exports of its product to US and
European nations and the processes of the company are ISO
9001:2008 certified.

SEPL achieved a total operating income (TOI) of INR80.31 crore
with profit after tax (PAT) of INR0.35 crore, respectively, in
FY16 (refers to the period April 01 toMarch 31), as against TOI
of INR45.02 crore with profit after tax PAT of INR0.16 crore in
FY15. During 4MFY17 (refer to the period April 01 to July 31),
the company has achieved a total operating income of INR24.34
crore.


TULIP COTSPIN: CARE Assigns B+ Rating to INR39.25cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings assigned to the bank
facilities of Tulip Cotspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     39.25      CARE B+ Assigned
   Short-term Bank Facilities     3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tulip Cotspin
Prviate Limited are primarily constrained on account of
implementation and stabilization risk associated with its on-
going project along with susceptibility of profit margins to
volatility in raw material prices and presence in highly
fragmented and competitive cotton yarn industry.

The above constraints far offset the benefits derived from the
experienced promoters in the cotton yarn industry along with
strategic location in cotton-producing region, various fiscal
benefits to be received from government and advanced stage of
project implementation.

The ability of TCPL to successfully complete the project without
any delay and stabilize its business operations by achieving
envisaged capacity utilization and scale of operations would
remain the key rating sensitivities.

Amreli-based (Gujarat) TCPL is a private limited company
incorporated on July 20, 2015 by Mr. Maganbhai Parvadiya, Mr
Chandubhai Parvadiya, Mr. Kamleshbhai Bokarvadiya, Mr. Kantilal
Bokarvadiya, Mr. Jagdishbhai Finava, Mr. Pravinbhai Finava and
Mrs Gitaben Finava. At present, TCPL is implementing a Greenfield
project to set up a spinning unit at Amreli (Gujarat) with a
proposed installed capacity of 4,889 MTPA of cotton yarn with 30s
count. The company has envisaged a total cost of project of
INR59.16 crore which is proposed to be funded through term loan
of INR34.25 crore, equity share capital of INR20 crore and
unsecured loans from promoters and relatives of INR4.91 crore.
Products manufactured by TCPL will be used in the textile
industry. TCPL has envisaged commencing commercial production
from April 2017.  The promoters of TCPL are also
directors/promoters in their group entities, namely, Gujarat
Ginning & Oil Industries, Gujarat, Hy-Spin Private Limited (rated
'CARE BB-/ CARE A4'), Shree Umiya Cotton Ginning & Pressing
Private Limited, Vinayak Cottex, Everest Cotton, Avani
Enterprise, Red Corner, Shree Umiya Trading Co, Bajrang Cotton,
Anjani Industries and Ramdoot Industries.


UNITED COMPOSHEETS: ICRA Reaffirms 'B' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR6.00 crore fund-based bank facilities of United Composheets
Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term fund-based
   bank facilities           6.00       [ICRA]B; reaffirmed

ICRA's rating on UCPL continues to remain constrained by the
company's modest scale of operations and low profitability on
account of the company being a tier-2/tier-3 supplier to original
equipment manufacturers (OEMs), as well as significant client
concentration to which it is exposed, as its top three clients
contributed to about 60% of its operating income in 2015-16. The
rating also takes into account the limited financial flexibility
of the company owing to its low net-worth and limited accruals.
The rating however, favorably factors in the promoter's
experience of more than a decade in sheet metal components
manufacturing business and the company's long and stable
relationships with clients like Denso India, Trelleborg
Automotive India, Minda Industries, etc. Further, it is expected
that the synergies derived from the new unit located at Ghaziabad
which started operations recently where fabrication will be done
in house, will also favorably impact profitability margins in the
long run.

Going forward the ability of the company to improve its
profitability and utilize the additional capacities adequately
while managing its working capital requirements efficiently, will
be the key rating sensitivities.

Incorporated in 1998, UCPL is promoted by two brothers, Mr.
Jinesh Kumar Tyagi and Mr. Naresh Kumar Tyagi. The company is
engaged in manufacturing sheet metal components for electrical,
electronic and automotive applications. The company currently has
two manufacturing units in Ghaziabad, while the company's unit in
Pune, Maharashtra was closed in 2013-14.

Recent Results
The company on a provisional basis reported a net profit of
INR0.53 crore on an Operating Income (OI) of INR26.88 crore
2013-14, as compared to a net profit of INR0.46 crore on an OI of
INR26.04 crore in the previous year.


UNITED ELECTRICALS: CRISIL Assigns B+ Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of United Electricals and Transformers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable
   Bank Guarantee          30        CRISIL A4
   Cash Credit             60        CRISIL B+/Stable

The ratings reflect a modest scale of operations in the highly
competitive transformer manufacturing industry, and large working
capital requirement. These rating weaknesses are partially offset
by the extensive industry experience of the partners.
Outlook: Stable

CRISIL believes UET will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations with sustained moderate profitability, leading to
substantial cash accrual, along with efficient working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-expected offtake or profitability, leading to
weakening of the financial risk profile.

UET, set up in 1984, is owned and managed by the Mittal family,
based in Haridwar, Uttarakhand. The firm manufactures power and
distribution transformers at its unit at Roorkee in Haridwar.


VADANTA FOUNDATION: CRISIL Assigns B+ Rating to INR98MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vadanta Foundation Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B+/Stable
   Term Loan               98        CRISIL B+/Stable

The rating reflects a modest, through improving, scale of
operations, and exposure to intense competition. The rating also
factors in expected below-average net cash flow due to large
ongoing capital expenditure. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the education sector.

Outlook: Stable

CRISIL believes VFS will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' in case of a significant increase the
student base along with substantial surplus, leading to sharp
improvement in cash accrual. The outlook may be revised to
'Negative' in case of lower-than-expected operating income or
cash accrual, or larger-than-expected debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.

VFS, was set up in 2011 by the Yadav family of Jaipur. The
society runs two schools in this city under the name Vadanta
International School.


VADIM INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vadim Infrastructure
Private Limited continue to reflect a modest scale, and working
capital-intensive nature, of operations in the intensely
competitive engineering, procurement, and construction (EPC)
business. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and
established association with customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Bill Discounting        20       CRISIL B+/Stable (Reaffirmed)
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      33       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes VIPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of an increase in scale of
operations and profitability while working capital management
improves, leading to a better financial risk profile. The outlook
may be revised to 'Negative' in case of a decline in cash
accrual, weakening of working capital management leading to
stretched liquidity, or large, debt-funded capital expenditure,
weakening the financial risk profile.

VIPL was established in 2007 by Mr. R. Rajamanickam and Mr. M.
Umapathi. The Chennai-based company is an EPC contractor,
undertaking design, engineering, procurement, and execution of
turnkey projects for process industries. It also provides
industrial automation, operation, and maintenance services.

Profit after tax (PAT) was INR8.67 million on total revenue of
INR262.6 million in fiscal 2016, as against PAT of INR0.61
million on total revenue of INR166.07 million in fiscal 2015.


VENKATESWARA RICE: ICRA Reaffirms B+ Rating on INR8.25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ long-term rating assigned to the
INR8.25 crore cash credit, INR0.47 crore (revised from INR0.74
crore) term loan and INR0.28 crore (revised from INR0.01 crore)
unallocated limits of Sri Venkateswara Rice Mill.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based-Cash
   Credit                  8.25         [ICRA]B+ reaffirmed

   Fund-Based-Term
   Loan                    0.47         [ICRA]B+ reaffirmed

   Unallocated limits      0.28         [ICRA]B+ reaffirmed

The re-affirmation of the rating factors in the modest financial
risk profile of the firm characterized by operating profitability
of 4.80%, high gearing of 1.95 times as on March 31, 2016 and
high working capital intensity of the business (owing to high
inventory requirements due to seasonal availability of paddy and
procurement of paddy under the Custom Milling Requirement (CMR)
mode). The operating income of the company witnessed xx% decline
in FY2016 owing to decrease in FCI sales and sales in domestic
market due to abolition of levy, which also led to higher
competition in the domestic market. The rating is also
constrained by volatility of prices in the export market, high
competition in the boiled rice market of Kerala post reduction of
levy percentage from 25% to 0% in October 2015, risks related to
policy decisions of the Government in terms of Minimum Support
Price (MSP) for paddy, export quota etc. and risks arising from
the partnership nature of the firm.

The rating, however, favourably factors in the extensive
experience of the promoters in the rice industry and presence of
the rice mill in East Godavari district, which is a major paddy
growing region in Andhra Pradesh, providing SVRM with easy access
to paddy.

Going forward, the ability of the firm to increase its revenues
and operating margins, while effectively managing its working
capital requirements, would be the key rating sensitivities.

Sri Venkateswara Rice Mill is a partnership firm established in
1999 and is involved in the milling of paddy for production of
non-basmati rice products (raw rice and boiled rice). The milling
unit is located in East Godavari district, Andhra Pradesh with an
installed capacity of 8TPH.

Recent Results
According to provisional FY2016 results, the firm reported a net
profit of INR0.17 crore on a turnover of INR30.30 crore against a
net profit of INR0.25 crore on a turnover of INR45.17 crore
during FY2015.


ZEBA AGRO: ICRA Suspends 'D' Rating on INR13.50cr Bank Loan
-----------------------------------------------------------
ICRA has suspended rating of [ICRA]D assigned to the INR13.50
crore bank facilities of Zeba Agro Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

ZAPL was incorporated in February 2011 and manufactures Tallow
and Meat and Bone meal (MBM) from animal waste such as in bones,
fat and offals. The manufacturing unit is located in Ghaziabad,
Uttar Pradesh and commenced operations in June 2013. Tallow is an
industrial product that finds usage in lubricant and soap
manufacturing whereas MBM is used in poultry feed. The company is
promoted by Ms Zeba Urfi and Mrs Zaibun-Nisa. Although the
promoters were previously engaged in providing software and
hardware solutions through various group companies, the
promoter's family has been engaged in trading of meat products in
the unorganized sector for the past several years.


ZURI HOSPITALITY: ICRA Suspends 'D' Rating on INR46.73cr Loan
--------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR46.73
crore long term fund based facilities. ICRA has also suspended
the short term rating of [ICRA]D assigned to the INR4.00 crore
short-term fund based facilities and INR0.75 crore short-term
non-fund based facilities of Zuri Hospitality 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.



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


SRI REJEKI: S&P Puts 'BB-' CCR on CreditWatch Negative
------------------------------------------------------
S&P Global Ratings said that it had placed its 'BB-' long-term
corporate credit rating on Indonesian-based textile producer PT
Sri Rejeki Isman Tbk. on CreditWatch with negative implications.
At the same time, S&P also placed its 'axBB' long-term ASEAN
regional scale rating on Sritex and S&P's 'BB-' long-term issue
ratings on the company's guaranteed senior unsecured notes on
CreditWatch with negative implications.

"We placed the ratings on CreditWatch negative as we assess the
credit implications for Sritex of the completion of a rayon plant
by a related company," said S&P Global Ratings credit analyst
Eric Nietsch.

PT Rayon Utama Makmur (RUM) is completing construction of an
80,000 ton rayon plant in Indonesia.  S&P estimates that the
plant costs US$250 million and S&P understands that the majority
of that cost is being funded with debt.  The plant is likely to
be completed by the end of 2016, and S&P assumes debt will likely
be fully drawn down for the project over the coming weeks.  At
the same time, operation of the plant has yet to start.  While
S&P understands that Sritex will be an off-taker of the plant
when it starts operations, S&P is yet to obtain visibility on any
additional customers, production ramp-up, and ultimately the
economic viability and profitability of the venture.

In S&P's view, the combination of substantial debt at RUM and
likely operational linkage should the plant become a strategic
supplier of raw material to Sritex, could translate into rising
event risk at Sritex.  Given both companies have a common
ultimate majority ownership, S&P also believes Sritex may have an
incentive to support RUM, within the bounds of its debt
covenants.  In addition, it remains unclear at this stage how the
financial standing of RUM could indirectly influence market
confidence in Sritex and its access to capital.

S&P will seek to receive additional information to better assess
the interdependence between RUM and Sritex.  S&P will also review
the level of information transparency regarding Sritex and RUM
business dealings.

S&P expects to resolve the CreditWatch by the end of the year
pending further discussions with Sritex's management and
additional operational and financial information regarding RUM.

An assessment of heighted operational and financial
interdependence between Sritex and RUM, or a lack of transparency
regarding Sritex and RUM business dealings could lead S&P to
lower the rating by one or two notches.

S&P could affirm the rating with a stable outlook if it obtains
further comfort about RUM's operations and finances.  This would
require S&P to be confident that RUM's operations and finances
are self-sustaining and insulated such that they are unlikely to
impact directly or indirectly Sritex's margins, cash flows,
leverage, or liquidity.  An affirmation of the rating with a
stable outlook would also be contingent upon sustained
performance at Sritex and a continuation of its progress toward
improving its working capital management.



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


ADCOM (S): Singapore Press Seeks to Wind Up Ad Agency
-----------------------------------------------------
Selina Lum at The Strait Times reports that Singapore Press
Holdings (SPH), which publishes The Straits Times, has applied to
wind up an advertising agency, Adcom, following the latter's
failure to pay a SGD1 million judgment ordered by the High Court
two months ago.

The Strait Times relates that the move by SPH came after Adcom,
which had been given 21 days to pay the judgment debt, failed to
do so by the August 29 deadline. SPH sued Adcom in March this
year after the agency failed to pay about SGD1 million in
advertising fees.

In its claim, the publisher contended that the agency had
breached an agreement signed by both parties in January 1999, in
which SPH agreed to publish advertisements on behalf of Adcom,
according to the report.

The Strait Times notes that under the written agreement, Adcom,
as the advertiser, must make payment no later than 45 days after
the date of SPH's invoice for the advertising services.

If any sum remains unpaid after the expiry of the 45 days, all
sums owed to SPH become immediately due and payable by Adcom, the
agreement stated.

According to The Strait Times, the agreement also stated that
Adcom has to fully indemnify SPH for any liabilities, losses and
expenses incurred as a result of any breach of contract by the
agency.

The winding up application is scheduled to be heard on October 7,
the report discloses.

Adcom (S) Pte Ltd, set up in 1974, is owned by well-known
entrepreneur Adam Khoo and his father Vince Khoo.



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


DAEWOO SHIPBUILDING: Drops Deal to Sell Headquarters Building
-------------------------------------------------------------
The Korea Herald reports that troubled shipbuilder Daewoo
Shipbuilding & Marine Engineering Co. has terminated its
negotiation to sell off its headquarters building in downtown
Seoul due to drawn-out procedures, industry sources said on
September 23.

In May, the shipbuilder picked a local property developer as the
preferred bidder to sell its building, a deal estimated at some
KRW180 billion ($163 million), the report says.

According to The Korea Herald, the shipyard is currently in talks
with other potential investors to complete the asset sale, which
is part of its self-rescue package.

Earlier, loss-making Daewoo Shipbuilding mapped out self-rescue
measures worth over KRW4 trillion in total that include an
employee wage cut and asset sales.

Last year, the shipyard also drew up a KRW1.85 trillion self-
rehabilitation plan in return for KRW4 trillion in financial aid,
The Korea Herald recalls.  The measures include a cut of up to
20% in wages to its employees and a further reduction in the
number of executives.

The Korea Herald relates that the shipyard has been also seeking
to sell off more affiliates. Previously, Daewoo Shipbuilding
planned to put non-core assets up for sale. Among others, its
defense-related unit will be spun off, it said earlier.

So far, Daewoo Shipbuilding has raised KRW440 billion by selling
assets, the report adds.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


HANJIN SHIPPING: Korea Air Board Approves KRW60 Billion Loan
------------------------------------------------------------
Kim Jaewon at Nikkei Asian Review reports that Korean Air Lines
said September 22 that it would lend KRW60 billion ($53.8
million) to its troubled affiliate Hanjin Shipping to cover
unpaid fees after it filed for bankruptcy protection in a Seoul
district court last month.

According to Nikkei, KAL, which owns 33.23% of Hanjin Shipping,
said that its board of directors agreed to the loan
collateralized by the company's accounts receivables. The board
had initially opposed any aid on worries over a breach of trust,
but changed its stance after Hanjin Shipping posted the
collateral, the report says.

Nonetheless, the agreement was not easily reached, Nikkei relates
citing a source familiar with the situation. The 10 members of
the board were in a heated debate and only came to a consensus
after religiously auditing the collateral late into Wednesday
night, according to the source.

Nikkei says the board is made up of four company directors,
including Chairman Cho Yangho, and six unrelated members, such as
former Hana Financial Group Chairman Kim Seung-yu and lawyers and
professors.

"The money will be given in a few days, after some processes,"
the report quotes a KAL spokesman as saying.

Under pressure by the government to take responsibility for the
collapse of South Korea's largest shipping company, Cho, who is
also chairman of Hanjin Group, said he would set aside KRW40
billion from his private assets to help the shipper, according to
Nikkei. Hanjin Group is one of the largest transportation
conglomerates in the world and controls both Hanjin Shipping and
KAL.

Nikkei says Hanjin Shipping's main creditor Korea Development
Bank also said that it would extend a 50 billion won credit line
to the shipping company to ensure that outstanding fees and costs
were paid to port authorities worldwide. As of September 20, 32
container ships were still stuck at sea, blocked from unloading
by port authorities, adds Nikkei.

                        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: Vessels Allowed to Unload in Germany
-----------------------------------------------------
Yonhap News Agency reports that Hanjin Shipping Co. said on
September 23 that a German court has accepted its stay of
proceedings, paving the way for its ships to unload or take on
containers at ports in the European country.

Yonhap says vessels operated by Hanjin Shipping, South Korea's
No. 1 shipper, have been stranded at sea out of fears that they
would be seized by creditors or port workers. Also, service firms
have refused to work for the world's seventh-largest shipping
line.

Hanjin Shipping sought bankruptcy protection in the U.S. and
South Korea earlier this month, the report notes.

According to Yonhap, Hanjin said so far it has won stay orders in
the U.S., Britain and Japan, and awaits final decisions on
filings in Singapore and Belgium. It will seek similar action in
Spain, Italy, Mexico and other nations.

As of September 22, 35 out of its 97 container ships have
completed unloading cargo, says Yonhap.

Yonhap says the state-run Korea Development Bank, the main
creditor of Hanjin Shipping decided to provide KRW50 billion
(US$45.2 million) in cash to help the ailing shipper proceed with
cargo offloading.

Also, Cho Yang-ho, chairman of Hanjin Group, the parent company
for Hanjin Shipping, offered KRW40 billion in personal assets.
Korean Air Lines Co., the largest shareholder of Hanjin Shipping,
also decided to provide KRW60 billion in loans to the embattled
shipper, 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.



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


ALLIANCE FINANCE: Fitch Affirms BB+(lka) National LT Rating
-----------------------------------------------------------
Fitch Ratings Lanka has affirmed Alliance Finance Company PLC's
(AFC) National Long-Term Rating at 'BB+(lka)' with a Stable
Outlook.

At the same time Fitch affirmed AFC's outstanding senior
unsecured debentures at 'BB+(lka)' and outstanding subordinated
debentures at 'BB(lka)'.

                        KEY RATING DRIVERS

NATIONAL RATING AND SENIOR DEBT

AFC's rating reflects its established but modest franchise and
weaker capitalisation given its growth track record.  This is
balanced against recent improvements in risk controls.  Execution
of management's strategic plan to expand its loan book and
adherence to sustainable growth targets underpin the Stable
Outlook, and meaningful deviation from the plan may place
downward pressure on AFC's ratings.

Fitch expects AFC to expand at a pace commensurate with its
current capitalisation levels over the medium term, led by growth
in vehicle financing and other term loans.  Consequently, Fitch
expects AFC's capital ratios to remain at current levels, with
capital being supported by gains from planned asset disposals and
a planned LKR72 million rights issue.

AFC's loan book expanded by 28% in the financial year ended
March 31, 2016, (FY16), in line with the industry.  However,
aggressive loan growth, beyond management's current growth
targets, will exert pressure on AFC's financial profile as it
could further weaken capitalisation and asset quality as well as
erode its liquidity and funding position.

AFC's internal capital generation has been constrained by low
profitability and continued dividend payouts.  The Fitch Core
Capital ratio, which includes the revaluation reserve (17% of
equity), declined to 12% at FYE16 (FYE15: 14%).

AFC's reported gross non-performing loan (NPL) ratio for loans in
arrears for at least six months reduced significantly to 2.5% at
FYE16 from 8.3% at FYE15 primarily due to the sale of repossessed
vehicles and gold articles from its matured pawning book.  Fitch
believes that rapid loan growth in a challenging operating
environment would still exert pressure on asset quality, despite
strengthened credit risk management.

AFC's ROA improved to 1.9% in 1QFY17 (FY16: 1.8%, FY15: 1.1%)
largely due to better revenue generation and relatively lower
credit costs, but remains low compared to higher-rated peers.
Rapid branch expansion during the last three years and increased
investment in staff have led to a high cost-to-income ratio
relative to peers.  Fitch believes that an increase in credit
costs could hamper operating profits and internal capital
generation in the medium term.

Fitch expects projected balance-sheet expansion to also put
pressure on AFC's funding as it is likely to outstrip deposit
growth and push AFC to rely more on wholesale funding.  Liquidity
remains stretched as high loan growth resulted in its loan-to-
deposit ratio increasing to 192% in 1QFY17 (FY16: 188%).

AFC's outstanding senior debentures are rated at the same level
as AFC's National Long-Term Rating as they rank equally with the
claims of the company's other senior unsecured creditors.

                          SUBORDINATED DEBT

The outstanding subordinated debentures are rated one notch below
AFC's National Long-Term Rating to reflect their subordination to
the claims of senior unsecured creditors.

                        RATING SENSITIVITIES

NATIONAL RATING

An increase in risk appetite, which will be evident from
aggressive loan book growth above management forecasts, could
lead to a downgrade of AFC's rating if capitalisation continues
to weaken, asset quality deteriorates significantly and funding
and liquidity are eroded.

Conversely, an upgrade of AFC's rating is contingent upon the
company achieving a sustained improvement in its capitalisation
commensurate with its loan growth, and a moderation of its risk
appetite through better underwriting standards and risk controls
to help sustain improvements in asset quality.

                    SENIOR AND SUBORDINATED DEBT

The debt ratings will move in tandem with changes in the AFC's
National Long-Term Rating.

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



===========
T A I W A N
===========


TAICHUNG COMMERCIAL: Fitch Affirms Short-Term IDR at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of EnTie Commercial Bank,
Far Eastern International Bank (FEIB), King's Town Bank (KTB),
Shanghai Commercial and Savings Bank (SCSB), Taichung Commercial
Bank, and Taipei Star Bank (TSB).  The Rating Outlooks are
Stable.

                        KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND VIABILITY RATINGS

The ratings of the aforementioned are driven by their intrinsic
credit profiles.

The affirmation of the banks' ratings and the Stable Outlooks
reflect Fitch's expectation that their enhanced risk buffers will
help them to withstand rising pressures on earnings and asset
quality emanating from the economic slowdown in Taiwan and China
and softening property market in Taiwan.  Like most other banks,
these six banks' interest margins narrowed or fee income growth
slowed in 2015 or 1H16, following four rate cuts by Taiwan's
central bank since September 2015 and reduced customers' appetite
for loans and wealth management services.  The six banks'
impaired loans or charge-offs increased modestly in 1H16.  Fitch
believes their manageable exposures to the property sector and
offshore market, and the low interest rates will help contain
risks of rising credit losses.

SCSB and KTB are rated relatively higher at 'A-/AA(twn)' and
'BBB/A+(twn)', based on their above-average balance sheet
strength and financial performance.  SCSB has sound risk buffers
and satisfactory earnings, backed by its long-established SME
clients and Greater China franchise through its subsidiary in
Hong Kong, Shanghai Commercial Bank, and major partner in China,
Bank of Shanghai.  KTB maintains superior capital generation and
a stable risk profile through its consistent strategy to reduce
concentration by diversifying into overseas bonds and to pursue
cautious lending by developing niche markets.

Fitch considers the remaining four banks' capitalisation to be
more vulnerable to cyclical downturns, largely due to their
modest internal capital generation.  They have higher credit
concentration, in terms of single borrower lending (EnTie),
mortgages (TSB and FEIB) or property-related sectors (Taichung).

Taichung and TSB are rated lower.  Taichung has higher risk
appetite in property exposures and weaker asset quality than
peers with an impaired loan ratio of 2.6% at end-1H16 (Fitch-
rated banks' average: 1.2%).  TSB's risk profile is stable and
its balance sheet strength adequate, despite being small in size.
TSB's business scope constrains profitability, which is
structurally weaker than that of its peers.

               SUPPORT RATINGS AND SUPPORT RATING FLOORS

Support Ratings (SRs) and Support Rating Floors (SRFs) are driven
by the respective banks' systemic importance.  SCSB, FEIB, KTB
and Taichung have SRs of 4 or 5, reflecting their modest systemic
importance.

             SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

EnTie, FEIB, and Taichung's Basel II-compliant subordinated debts
are rated one notch below their National Long-Term Ratings to
reflect their subordinated status and the absence of any going-
concern loss-absorption mechanism.

FEIB and Taichung's Basel III-compliant subordinated debts are
rated two notches below the banks' National Long-Term Ratings
(which are anchored by their respective VRs) to reflect the
bonds' limited recovery prospects.  The bondholders would risk
significant loss at the point of non-viability, when common
equity capital would be very low, resulting in a very thin loss-
absorption buffer.  At the point of non-viability, which is
reached upon government receivership, regulatory order for
resolution or liquidation, the bonds would be ranked equally with
common shares.

                      RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND VIABILITY RATINGS

Fitch believes that these six banks' ratings will be most
sensitive to any significant increase in risk appetite in pursuit
of yield, which would compromise credit standards, and material
deterioration in asset quality arising from a sharp correction in
housing price.  Any excessive risk-taking in emerging markets in
Asia could also lead to negative rating action on SCSB and FEIB.
Meanwhile, failure to execute its current strategy or a change in
senior management could also have downward rating pressure on
KTB.

Rating upside prospects for all six banks are muted given the
likely prolonged economic slowdown, which would put pressure on
profitability and asset quality.

             SUPPORT RATINGS AND SUPPORT RATING FLOORS

The SRs and SRFs are potentially sensitive to any change in
assumptions around the propensity of the Taiwan government to
provide timely support to these banks.  An upgrade of Taiwan's
sovereign rating (A+/Positive) is less likely to affect the SRs
or SRFs due to their modest systemic importance.

           SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt ratings of EnTie, FEIB, and Taichung are
broadly sensitive to the same considerations that might affect
their VR.

The rating actions are:

EnTie:

  National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F1(twn)
  Subordinated debt affirmed at 'A-(twn)'

FEIB:

  Long-Term IDR affirmed at 'BBB-'; Outlook Stable
  Short-Term IDR affirmed at 'F3'
  National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F1(twn)'
  Viability Rating affirmed at 'bbb-'
  Support Rating affirmed at '4'
  Support Rating Floor affirmed at 'B+'
  Subordinated debt affirmed at 'A-(twn)'
  Subordinated debt (Basel III-compliant) affirmed at 'BBB+(twn)'
  Convertible bond affirmed at Long-Term Rating of 'BBB-' and
  National Long-Term Rating of 'A(twn)'.

KTB:

  Long-Term IDR affirmed at 'BBB'; Outlook Stable
  Short-Term IDR affirmed at 'F3'
  National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F1(twn)'
  Viability Rating affirmed at 'bbb'
  Support Rating affirmed at '5'
  Support Rating Floor affirmed at 'No Floor'

SCSB:

  Long-Term IDR affirmed at 'A-'; Stable Outlook
  Short-Term IDR affirmed at 'F1'
  National Long-Term Rating affirmed at 'AA(twn)'; Stable Outlook
  National Short-Term Rating affirmed at 'F1+(twn)'
  Viability Rating affirmed at 'a-'
  Support Rating affirmed at '4'
  Support Rating Floor affirmed at 'B+'

Taichung:

  Long-Term IDR affirmed at 'BB+'; Outlook Stable
  Short-Term IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F2(twn)'
  Viability Rating affirmed at 'bb+'
  Support Rating affirmed at '5'
  Support Rating Floor affirmed at 'No Floor'
  Subordinated debt affirmed at 'BBB+(twn)'
  Subordinated debt (Basel III-compliant) affirmed at 'BBB(twn)'

TSB:

  National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F1(twn)'.



                             *********

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 ***