TCRAP_Public/160929.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

         Thursday, September 29, 2016, Vol. 19, No. 193

                            Headlines


A U S T R A L I A

BIOTEMPUS LIMITED: First Creditors' Meeting Set For Oct. 7
MASTER JEDI: First Creditors' Meeting Slated For Oct. 6
OZTOWN PTY: First Creditors' Meeting Slated For Oct. 5
TRANSTATE PROPERTY: First Creditors' Meeting Set For Oct. 5


I N D I A

70 MICRONS: CRISIL Assigns B+ Rating to INR72.5MM Term Loan
ALAND CERAMIC: CRISIL Suspends B+ Rating on INR60MM Term Loan
AMUL COTTON: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
BAFNA MOTORS: ICRA Reaffirms B- Rating on INR145cr Loan
BHOLA NATH: CRISIL Suspends B+ Rating on INR67.5MM Cash Loan

CHAMPION ROLLING: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
CHOKSHI TEXLEN: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
COCHIN FROZEN: CRISIL Reaffirms 'B' Rating on INR120MM Bill Loan
DURAIRAJ MILLS: ICRA Suspends 'D' Rating on INR37.77cr Loan
EHSAAS FROZEN: CRISIL Suspends B- Rating on INR67.5MM Term Loan

FINFOOT LIFESTYLE: CARE Ups Rating on INR12.01cr LT Loan to B-
GANAPATI INDIA: CRISIL Suspends 'B' Rating on INR400MM Term Loan
GOALTORE COLD: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
JAGANNATH PLASTIPACKS: CRISIL Rates INR50MM Cash Loan at 'B'
JAYALAKSHMI POLY: CRISIL Hikes Rating on INR26.1MM Loan to 'B'

K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR114.4MM Loan
KANTI FLOOR: ICRA Cuts Rating on INR1.10cr LT Loan to 'D'
KARAVALI FREEZERS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
KARAVALI OCEAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating
MANGLAM AGROTECH: CRISIL Suspends D Rating on INR60MM Cash Loan

MARUT NANDAN: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
MINOP INNOVATIVE: CRISIL Reaffirms B+ Rating on INR10MM Loan
MRJ INFRATECH: CRISIL Suspends 'B' Rating on INR110MM Disc. Loan
NAMISHREE INFRATECH: ICRA Assigns B+ Rating to INR28cr Loan
NAVEEN RICEMILL: CARE Reaffirms 'B' Rating on INR15cr LT Loan

NEERAKKAL GRANITES: CRISIL Suspends 'B' Rating on INR10MM Loan
NESTER CORN: CRISIL Suspends 'D' Rating on INR55MM LT Loan
NORTHERN POWER: CARE Assigns B+ Rating to INR14cr LT Bank Loan
NOVA AGRI: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
OM BESCO: CRISIL Puts 'C' Rating on 'Notice of Withdrawal'

P G MERCANTILE: CRISIL Lowers Rating on INR798.9MM Loan to 'D'
PARAG & COMPANY: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
RACY SANITARY: CRISIL Suspends B+ Rating on INR30MM Term Loan
RAJSHREE EDUCATIONAL: CRISIL Cuts Rating on INR980MM Loan to D
SADANAND LAXMANRAO: CRISIL Assigns 'B' Rating to INR100MM LT Loan

SAGAR COTTON: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
SHREE SHAKTI: CRISIL Reaffirms B Rating on INR65MM Cash Loan
SHRI RAM: CARE Assigns B+ Rating to INR15cr LT Bank Loan
SHRINE ENGINEERING: CARE Reaffirms 'B' Rating on INR2.0cr Loan
SRI LAKSHMI: CRISIL Suspends B+ Rating on INR77.5MM Cash Loan

SUDARSHAN ELECTRICAL: CRISIL Rates INR60MM Cash Loan at B+
SUDHIR FORGINGS: CRISIL Lowers Rating on INR74.4MM Loan to 'D'
SOPAN PAPER: CARE Assigns B+ Rating to INR6.97cr LT Bank Loan
SRUTI FILATEX: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR142.5M Loan

TOSIBA APPLIANCES: CRISIL Suspends B- Rating on INR30MM Loan
UNIQUE ENTERPRISE: ICRA Suspends 'B' Rating on INR5.0cr Cash Loan
UNITED GRANITES: CRISIL Reaffirms B+ Rating on INR42.8MM Loan
VIHAAN BOARDS: CRISIL Suspends 'D' Rating on INR132.5MM Loan
VIVA BOARDS: CRISIL Suspends 'D' Rating on INR117MM Term Loan

WATER VALLEY: CARE Assigns B+ Rating to INR11.75cr LT Bank Loan
WEB SPIDERS: ICRA Lowers Rating on INR15cr Term Loan to B+
WELLCOME HOSPITALS: CRISIL Assigns 'B' Rating to INR90MM Loan


J A P A N

TAKATA CORP: In Talks With Automakers to Pick Turnaround Partner
YUBARI: Bankrupt Town Takes Steps to Halt 'Ghost' Status


M A L A Y S I A

CLIQ ENERGY: Promoters Seek EGM to Stop Liquidation


M O N G O L I A

MONGOLIA: Moody's Releases Corrected Press Release


N E W  Z E A L A N D

KAWARAU FALLS: SG Investors Win Appeal in Property Dispute
TALOS ACCOUNTING: Director Goes Bankrupt Owing NZ$13 Million


S I N G A P O R E

OTTO MARINE: Seeks to Wind up Two Australian Units


S O U T H  K O R E A

HANJIN SHIPPING: S. Korean Court Mulls Sale of Shipping Firm
POSCO E&C: Builder Faces Restructuring Amid Low Oil Prices


                            - - - - -


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


BIOTEMPUS LIMITED: First Creditors' Meeting Set For Oct. 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Biotempus
Limited will be held at the offices of Worrells Solvency &
Forensic Accountants, Level 15, 114 William Street, in Melbourne,
Victoria, on Oct. 7, 2016, at 2:00 p.m.

Ivan Glavas and Paul Burness of Worrells Solvency & Forensic
Accountants were appointed as administrators of Biotempus Limited
on Sept. 26, 2016.


MASTER JEDI: First Creditors' Meeting Slated For Oct. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Master
Jedi Pty Ltd will be held at the offices of Ferrier Hodgson,
Level 28, 108 St Georges Terrace, in Perth, on Oct. 6, 2016, at
11:30 a.m.

Dermott McVeigh & Wayne Rushton of Ferrier Hodgson were appointed
as administrators of Master Jedi on Sept. 23, 2016.

OZTOWN PTY: First Creditors' Meeting Slated For Oct. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Oztown Pty
Ltd ATF The Barnett Family Trust, trading as My Place Bar, will
be held at the offices of Hall Chadwick, Level 4 Conference Room,
16 St Georges Terrace, in Perth, on Oct. 5, 2016, at 10:00 a.m.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of Oztown Pty on Sept. 22, 2016.


TRANSTATE PROPERTY: First Creditors' Meeting Set For Oct. 5
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Transtate
Property Group Pty Ltd ATF Transtate Property Group Unit Trust
will be held at the offices of Hall Chadwick, Conference Room,
Level 4, 16 St Georges Terrace, in Perth, on Oct. 5, 2016, at
11:00 a.m.

Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of Transtate Property on Sept. 22, 2016.



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


70 MICRONS: CRISIL Assigns B+ Rating to INR72.5MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of 70 Microns.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            47.5       CRISIL B+/Stable
   Term Loan              72.5       CRISIL B+/Stable

The rating reflects exposure to project implementation-related
risks and to timely stabilization and commensurate ramp-up in
sales during the initial phase of operations. The rating also
factors in expectation of an average financial risk profile
because of the debt-funded project. These rating weaknesses are
partly offset by the extensive experience of the partners in the
ceramic and related raw material manufacturing business, and
expectation of lower demand risk as major production will be
consumed by ceramic units belonging to the partners.

The rating also factors in expectation of an average financial
risk profile because of the debt-funded project. These rating
weaknesses are partly offset by the extensive experience of the
partners in the ceramic and related raw material manufacturing
business, and expectation of lower demand risk as major
production will be consumed by ceramic units belonging to the
partners.
Outlook: Stable

CRISIL believes 70 Microns will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if timely implementation and stabilization
of the project leads to revenue, profitability, and cash accrual
as anticipated during the initial phase of operations. The
outlook may be revised to 'Negative' in case of delay in the
implementation or stabilization of the project, leading to lower
revenue and cash accrual, or a stretched working capital cycle,
resulting in deterioration in the financial risk profile,
especially liquidity.

Established in 2016, 70 Microns is a partnership firm which is
setting up a greenfield project for manufacturing and purifying
of soda and potash feldspar, mainly used in the ceramic industry.
Its manufacturing unit will be located at Wankaner taluka in the
Morbi district of Gujarat.


ALAND CERAMIC: CRISIL Suspends B+ Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aland Ceramic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             22.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B+/Stable
   Term Loan               60        CRISIL B+/Stable

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

ACPL was incorporated in May 2014. The company is setting up a
facility to manufacture ceramic wall tiles. ACPL is promoted by
Mr. Vinodkumar Laxmanbhai Varevariya and others.


AMUL COTTON: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Amul Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.50      CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Amul Cotton
Industries continues to remain constrained on account of modest
scale of operation coupled with thin profit margins, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained due to susceptibility of
profit margins to cotton price fluctuations, seasonality
associated with the cotton industry and the firm's presence in
the highly fragmented cotton ginning and pressing industry with
limited value addition resulting into working-capital intensive
nature of operations coupled with limited financial flexibility
owing to partnership nature of constitution.

The rating, however, continues to draw strength from the wide
experience of the partners in the cotton ginning business
coupled with location advantage in terms of proximity to the
cotton growing regions in Gujarat.

ACI's ability to increase its scale of operations coupled with
improvement in profit margins while managing fluctuation in
profitability in light of the volatile raw material prices and
further improvement in the capital structure as well as liquidity
profile remain the key rating sensitivities.

Amreli-based (Gujarat) ACI is a partnership firm established in
2006. The firm is promoted by Mr.  Saukatali Gangani and Mr.
Najimali Gangani along with other family members with an unequal
profit and loss sharing agreement among them.

ACI is primarily engaged in cotton ginning & pressing activities
with an installed capacity of 200 cotton bales per day as on
March 31, 2016, and operates from its sole manufacturing facility
located at Babra Amreli (Gujarat). ACI deals in Shankar
6 cotton which is being sourced through local farmers from
Gujarat.

During FY16 (refers to the period April 1 to March 31), ACI
reported a PAT of INR0.06 crore on a total operating income
(TOI) of INR35.15 crore as against PAT of INR0.06 crore on TOI of
INR32.28 crore during FY15.


BAFNA MOTORS: ICRA Reaffirms B- Rating on INR145cr Loan
-------------------------------------------------------
ICRA has re-affirmed a long-term rating of [ICRA]B- for the
INR50.00 crore term loan facility (enhanced from INR9.60 crore)
and the INR145.00 crore (enhanced from INR86.00 crore) fund based
bank facility of Bafna Motors (Mumbai) Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               50.00       [ICRA]B- reaffirmed
   Fund Based Limits
   (inventory funding)    145.00       [ICRA]B- reaffirmed

The reaffirmation of the ratings continue to favorably factor in
the promoters' long experience in the vehicle dealership
business, its dominant market share in the Mumbai & suburban
region as a dealer of Tata Motors Limited's (TML) commercial
vehicles (CV) and the financial support from Tata Motors Limited
in form of performance incentives and loans from its affiliates.

The ratings, however, continue to remain constrained by the weak
financial position of the company, as reflected by weak operating
profit margins coupled with net losses over last two years due to
heavy sales discounts, highly leveraged capital structure and
muted coverage indicators. Other than slow recovery witnessed for
commercial vehicle segment witnessed in the recent past in the
operating region, which has impacted the financial profile ,
timely realization of loans and advances to its group concerns
(which are repayable on demand) also remains critical for its
cash flow profile, given debt repayments in the near to medium
term. ICRA notes that the competitive pressures in the CV
industry remain high limiting the pricing flexibility of the
company.

Bafna Motors (Mumbai) Private Limited is an authorized dealer of
Tata Motors Limited, dealing in Commercial Vehicles & Spare Parts
and Servicing of Commercial Vehicles. The company serves three
regions Mumbai, Thane and Raigad District. The company was
established on 5th November 2001. The registered office of the
company is located at World Trade Centre, Cuffe Parade, Mumbai.
The Bafna group was promoted by Mr. M.C.Bafna, with first
dealership in Nanded.

As per the provisional estimates, the company reported a net loss
of INR14.35 crore on an operating income of INR782.80 crore in FY
2016 as compared to a net loss of INR9.71 crore on an operating
income of INR723.34 crore in FY2015.


BHOLA NATH: CRISIL Suspends B+ Rating on INR67.5MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bhola
Nath Zaveri Jewellers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             67.5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      52.5      CRISIL B+/Stable

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

Bholanath Zaveri Jewellers Private Limited a private limited
company was incorporated in 2006. The Company had taken over all
the assets and liabilities of M/s Zaveri Jewellers a partnership
firm including the running trade name 'ZAVERI JEWELLERS' with
effect from 20.10.2011, which was started by Mr. Raj Kapoor and
Mr. Ashok Kapoor in the year 1989. The Kapoor family has been in
the jewellery business since the 1800s. Mr. Sushil Kapoor and his
two brothers; Mr. Raj Kapoor and Mr. Ashok Kapoor look after the
day-to-day operations of the Company. BZJPL deals with
manufacturing, wholesaling & retailing of customized diamond
jewellery through its single showroom located at Karol Bagh, New
Delhi.


CHAMPION ROLLING: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Champion Rolling
Mill Private Limited's (CRMPL) 'IND BB+' Long-Term Issuer Rating
to the suspended category. The Outlook was Stable. The rating
will now appear as 'IND BB+(suspended)' on the agency's website.

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

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

CRMPL's Ratings:

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

   -- INR49.95 million long-term loans: migrated to
      'IND BB+(suspended)' from 'IND BB+'

   -- INR200 million fund-based limits (cash credit): migrated
      to 'IND BB+(suspended)' from 'IND BB+'

   -- INR140 million non-fund-based limits: migrated to 'IND
      A4+(suspended)' from 'IND A4+'


CHOKSHI TEXLEN: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the INR7.00
crore1 cash credit facility and the INR1.17 crore term loan
facility of Chokshi Texlen Private Limited at [ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.00        [ICRA]B+; re-affirmed
   Term Loan               1.17        [ICRA]B+; re-affirmed

The re-affirmation of ratings takes into consideration CTPL's
weak financial profile as evident from its low profitability
margins, leveraged capital structure and moderate debt coverage
indicators. The company faces constraints in raising its
profitability levels owing to the low value additive nature of
its business, along with its presence in the highly competitive
textile industry. ICRA also notes the susceptibility of the
company's profitability from volatility in the raw material
prices of partially oriented yarn (POY), since it is linked with
crude oil prices. Moreover, CTPL also faces higher supplier
concentration risks that result in weak bargaining power.

The ratings, however, favourably consider the long track record
of the promoters in manufacturing and marketing of texturised
yarn. ICRA also considers CTPL's long association with its
customers, leading to low customer concentration risks.
Furthermore, the company also enjoys location advantages from its
proximity to raw material sources and customers.

Chokshi Texlen Private Limited was incorporated in 1997 by Mr.
Nikhil Agarwal and Mr. Piyush Agarwal to acquire an existing
texturising unit at Surat, Gujarat. Initially, it was engaged in
the production of crimp yarn; but with rising demand for Kota
yarn, CTPL began manufacturing the same from FY2012. The company
is equipped with 10 texturising machines for crimp yarn and Kota
yarn, with a production capacity of 550-600 kg per day with the
configuration of 30 deniers. The installed capacity varies as per
variations in the configuration of deniers and spindles.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR30.63 crore and profit before tax of
INR0.26 crore as per provisional financials.


COCHIN FROZEN: CRISIL Reaffirms 'B' Rating on INR120MM Bill Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cochin Frozen Food
Exports Private Limited continue to reflect the company's below-
average financial risk profile because of high gearing and weak
debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        120       CRISIL B/Stable (Reaffirmed)

   Packing Credit          120       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        2.3     CRISIL B/Stable (Reaffirmed)

The ratings also factor in its modest scale of operations in the
intensely competitive seafood processing and export industry, and
susceptibility of its revenue to volatility in raw materials
prices and foreign exchange rates. These weaknesses are partially
offset by its promoter's extensive industry experience and its
longstanding association with customers.
Outlook: Stable

CRISIL believes CFFEPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company scales up operations
substantially and generates large cash accrual, thus improving
its liquidity. The outlook may be revised to 'Negative' in case
of large, debt-funded capital expenditure, affecting its capital
structure, or a steep decline in revenue or profitability,
weakening the financial risk profile.

CFFEPL was set up by Mr. K Prabhakaran in 1992. It processes and
exports shrimp and fish.


DURAIRAJ MILLS: ICRA Suspends 'D' Rating on INR37.77cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR37.77 crore
term loan facilities, INR15.00 crore long-term fund based
facilities, INR5.0 crore short-term non-fund based facilities and
INR2.23 crore long-term/short -term proposed facilities of
Durairaj Mills 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.


EHSAAS FROZEN: CRISIL Suspends B- Rating on INR67.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ehsaas Frozen Foods Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            22.5       CRISIL B-/Stable
   Rupee Term Loan        67.5       CRISIL B-/Stable

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

EFPL, promoted by Mr. Shyam Sunder Ghai and Mr. Ramesh Chand
Arora was set up in 2014. The company processes and packages
fruits and vegetables, majorly frozen peas. Its processing plant
in Uttarakhand became operational in January 2014.


FINFOOT LIFESTYLE: CARE Ups Rating on INR12.01cr LT Loan to B-
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Finfoot Lifestyle Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.01      CARE B- Revised from
                                            CARE D
   Short term Bank Facilities     0.20      CARE A4 Revised from
                                            CARE D

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Finfoot Lifestyle Private Limited factors in the regular
servicing of its debt obligations since the last five months
ending August 2016 and commencement of commercial operations from
March, 2016.

However, the rating continues to remain constrained on account of
project stabilization risk and its presence in a highly
fragmented textile industry.

The above constraints outweigh the benefit derived from the
experienced and professional management team, location advantage
and favorable industry outlook.

The ability of the company to timely stabilize its operation in
light of the competitive nature of the industry and improve
liquidity position with better working capital management is the
key rating sensitivity.

Finfoot Lifestyle Private Limited, incorporated in 2011 was
promoted by Pathak family of Pune.

The company was promoted to set up a power loom weaving unit at
Village Yadrav, District Kolhapur.

The plant became operational in March, 2016. The unit was set up
at an aggregate cost of INR13.61 crore funded through term loan
of INR9.66 crore and balance from promoter's contribution.
The plant has 24 new modern shuttle-less airjet looms with an
installed capacity of manufacturing 10,000 meter of fabric per
day.

The company has taken a building/facility on lease for 99 years
starting from 2014 from Parvati Cooperative Industrial Estate
Limited with a total area of about 2,250 square meters (sq.mt.)
and which is used for weaving facility.


GANAPATI INDIA: CRISIL Suspends 'B' Rating on INR400MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ganapati
India International Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         400       CRISIL B/Stable

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

GIIPL, based in West Bengal was promoted by the Jha family in
2001. The company is undertaking construction and development of
commercial complex in Durgapur (West Bengal) and its operations
are expected to commence in 2016-17 (refers to financial year,
April 1 to March 31).


GOALTORE COLD: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Goaltore Cold
Storage Pvt Ltd continues to reflect GCSPL's weak financial risk
profile, with high gearing and below-average debt protection
metrics, and exposure to risks inherent in the highly regulated
and intensely competitive cold storage industry in West Bengal.
These rating weaknesses are partially offset by the extensive
experience of promoters.

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

   Proposed Cash
   Credit Limit          40       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan           10       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GCSPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' in case of a substantial increase in
revenue and operating margin. Conversely, the outlook may be
revised to 'Negative' if a decline in revenue or operating
margin, or deterioration in the financial risk profile, most
likely because of large, debt-funded capital expenditure or
stretch in working capital cycle.

GCSPL, based in West Bengal, was established as a partnership
firm in 1993 by Mr. Tapan Kumar and his family. The firm was
reconstituted as private limited company in 1997. The company
operates a cold storage unit for potato farmers.


JAGANNATH PLASTIPACKS: CRISIL Rates INR50MM Cash Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Jagannath Plastipacks Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B/Stable
   Factoring/Forfaiting     20       CRISIL A4

The ratings reflect JPL's below-average financial risk profile
because of modest networth, high gearing, and significant
advances to sister concerns. The ratings also factor in modest
scale of operations and exposure to intense competition. These
weaknesses are partially offset by its promoters' extensive
industry experience, established relationships with customers,
and largely stable operating margin.
Outlook: Stable

CRISIL believes JPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if there is significant and sustained increase in
revenue and accrual, or substantial capital infusion by
promoters, along with improvement in working capital management,
leading to a better financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' in case of
low operating income and accrual, or deterioration in financial
risk profile because of larger-than-expected debt-funded capital
expenditure, or stretch in working capital cycle, leading to
pressure on liquidity.

JPL, incorporated in 1984, manufactures polypropylene (PP) and
high-density polyethylene (HDPE) woven sacks and bags, primarily
for the cement and fertilizer industries. It is owned by Cuttack-
based Mr. M K Subudhi and his family members. Mr. Subudhi has
been in the business for three decades and has two other entities
in similar businesses. The company also trades in gypsum, though
on a small scale.


JAYALAKSHMI POLY: CRISIL Hikes Rating on INR26.1MM Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Jayalakshmi Poly Packs Private Limited to 'CRISIL B/Stable'
from 'CRISIL B-/Stable' while reaffirming the short term ratings
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         4.5        CRISIL A4 (Reaffirmed)

   Cash Credit           17.5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit      20.0        CRISIL A4 (Reaffirmed)

   Long Term Loan        26.1        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Cash         11.9        CRISIL B/Stable (Upgraded
   Credit Limit                      from 'CRISIL B-/Stable')

   Proposed Letter
   of Credit             20.0        CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in the business risk
profile of the company. The business risk profile of the company
improved to INR230 million in 2015-16. CRISIL believes that JPPL
will be able to maintain this growth on the back of increased
orders from its customers and improved facilities to cater to the
improved orders. The rating upgrade also reflects support from
the promoters in the form of unsecured loans. The unsecured loans
stand at around 20 million as on 31st March 2016.

The rating upgrade also reflects JPPL's extensive industry
experience of promoters and the company's established
relationship with its. These rating strengths are partially
offset by clients weak financial risk profile, modest scale of
operations and the susceptibility of its operating margins to
volatility in raw material prices.
Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's operating margin and/or capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of any major debt-funded capital expenditure, or further
deterioration in the capital structure, or an increase in working
capital requirements.

JPPL was originally established as a partnership firm in 1996;
the firm was reconstitute as a private limited company in 2010.
It is based in Bengaluru and promoted by Mr. Srinivas. The
company manufactures poly stretch film and poly air bubble
sheets.


K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR114.4MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of K. R. V. Spinning Mills
Private Limited continues to reflect KSPL's small scale of
operations, exposure to volatility in cotton prices and below-
average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by its promoters'
extensive experience in the cotton yarn industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            42.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        114.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company generates
better cash accruals along with efficient working capital
management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in its financial risk profile owing to low
cash accruals or large working capital requirements or debt-
funded capital expenditure.

KSPL, incorporated in 1990, manufactures cotton yarn. The
company's manufacturing unit is at Nangavalli in Salem (Tamil
Nadu).


KANTI FLOOR: ICRA Cuts Rating on INR1.10cr LT Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR1.10
crore fund based facilities of Kanti Floor Furnishers from
[ICRA]BB (stable) to [ICRA]D. ICRA has also revised the short
term rating assigned to the INR32.74 crore non-fund based
facilities of the company from [ICRA]A4+ to [ICRA]D.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       1.10       Revised from [ICRA]BB (stable)
   based limits                    to [ICRA]D

   Short Term-Fund     32.74       Revised from [ICRA]A4+ to
   based limits                    [ICRA]D

The revision in ratings takes into account the delays in meeting
debt obligations in a timely manner in the recent past and
decrease in profit margins primarily on account of decline in
price realizations. This decline was owing to intense competition
faced from other players in the market coupled with slowdown in
the UK market, which is the major export destination for the firm
contributing to ~39% of the total exports. The ratings are,
however, supported by the long standing experience of the
promoters in the business, the firm's established presence in
export of coir-based products and its reputed and established
clientele base ensuring regular order flow. The ratings also
takes note of the diversification benefits arising from
increasing export volume of non-traditional products like poly
propylene mats, rubbers mats, etc.

Established in the year 1930, Kanti Floor Furnishers is primarily
engaged in the manufacturing and export of door mats and rugs
made up of coir, rubber, jute, and poly propylene. Initially, the
firm was setup as a manufacturing feeder unit for its parent
organisation, M/s Commercial Emporium which dealt with exports of
mats and rugs. Since 1956, KFF started exporting coir mats under
its own name. KFF is also a certified ISO 9001:2000 unit and is
also awarded with BRC Global Standards certification.

The firm has four units, namely, Bala Shearing Factory, Vinod
Coir Works, MGM Exports and an EOU unit. All the manufacturing
facilities are situated in and around Allepey, Kerala, majorly
exporting to United Kingdom, United States and other European
countries.

Recent results
During 2015-16, as per provisional results, the firm reported a
net profit of INR0.06 crore on an operating income of INR76.66
crore, as against a net profit of INR0.30 crore on an operating
income of INR81.37 crore during 2014-15.


KARAVALI FREEZERS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Karavali
Freezers & Exporters' (KFE) 'IND BB-' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND BB-(suspended)' on the agency's website. The
agency has also migrated the ratings on KFE's INR50.5 million
fund-based limit to 'IND BB-(suspended)/IND A4+(suspended)' from
'IND BB-'/'IND A4+'.

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

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


KARAVALI OCEAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Karavali Ocean
Products Private Limited's (KOPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB(suspended)' on the agency's
website.

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

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

KOPL's ratings:

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

   -- INR40 million fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'

   -- INR20.87 million term loan: migrated to 'IND BB(suspended)'
      from 'IND BB'


MANGLAM AGROTECH: CRISIL Suspends D Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manglam Agrotech Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL D
   Cash Credit             60       CRISIL D
   Proposed Long Term
   Bank Loan Facility      24       CRISIL D
   Term Loan               34       CRISIL D

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

Incorporated in 2008, MAPL mills non-basmati parboiled rice. Its
manufacturing facility is located at Bhadrak (Odisha). The
company's day-to-day operations are looked after by its director
Mr. Alok Khemka. MAPL markets its product under the Mangalam
brand.


MARUT NANDAN: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Marut Nandan
Textiles Limited continues to reflect an average financial risk
profile because of a modest total outside liabilities to tangible
networth (TOLTNW) ratio and networth, and weak debt protection
metrics. The rating also factors in a small scale of operations,
and susceptibility to fluctuations in cotton prices. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the cotton ginning and oil extraction industry.

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

   Proposed Cash
   Credit Limit            13.7     CRISIL B+/Stable (Reaffirmed)

   Term Loan                6.3     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BGPF will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' if
significant ramp-up in scale of operations and profitability
leads to stronger cash accrual and liquidity. The outlook may be
revised to 'Negative' if the financial risk profile weakens
further, most likely because of substantial working capital
borrowing, or decline in revenue or profitability constraining
net cash accrual.

Update
Operating income was INR860 million in fiscal 2016, a growth of
16% over INR740 million in fiscal 2015. It is expected to grow by
5-10% per fiscal over the medium term as the extensive experience
of the promoter is likely to lead to repeat orders from existing
customers. Operating margin is estimated to have been low at
around 1.3% in fiscal 2016 owing to volatility in raw material
prices. The fragmented nature of the industry will restrict
bargaining power, resulting in a low margin of 1.0-1.5% over the
medium term.

The TOLTNW ratio is estimated at around 2.28 times as on March
31, 2016, and is expected to be in the range of 2.15-2.20 times
over the medium term, in the absence of any debt-funded capital
expenditure plans. Weak debt protection metrics are indicated by
estimated interest coverage and net cash accrual to adjusted debt
ratios of 1.48 times and 0.03 time, respectively, for fiscal
2016. The ratios are expected to remain at 1.4-1.5 times and
0.03-0.04 time, respectively, over the medium term.

Working capital requirement is efficiently managed as reflected
in estimated gross current assets (GCAs) of 62 days as on March
31, 2016; GCAs are expected to remain in a similar range over the
medium term. As a result, bank limit utilization remained
moderate at an average of 76% over the 10 months ended April 30,
2016. Net cash accrual is expected to be low at INR3.0-4.0
million against term debt obligation of INR3.1 million, in fiscal
2016. CRISIL believes net cash accrual will be adequate to meet
repayment obligation over the medium term.

MNTL, incorporated in 1993 as a closely held public limited
company, is promoted by Mr. Ashok Kumar, his family, and
affiliates. The company is based in Hisar, Haryana, and has
ginning and oil extraction units in Khairthal, Rajasthan. It gins
and presses raw cotton (kapas) to make cotton bales. It also
extracts oil and produces de-oiled cakes from mustard and cotton
seeds.


MINOP INNOVATIVE: CRISIL Reaffirms B+ Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities and fixed deposit
programme of Minop Innovative Technologies Pvt. Ltd. continues to
reflect MITPL's initial stage of operations and exposure to high
project concentration risks. The ratings also factor in the small
networth, constraining the financial risk profile. These
weaknesses are partially offset by the extensive experience of
the promoters in the mining segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          90       CRISIL A4 (Reaffirmed)

   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes MITPL will continue to benefit from the extensive
experience of its promoters and long-term contract with Bharat
Coking Coal Ltd, providing it with healthy revenue visibility.
The outlook may be revised to 'Positive' if increase in accrual,
driven by significant ramp-up in scale of operations and
improvement in operating profitability, leads to better
liquidity. The outlook may be revised to 'Negative' in case of a
slow ramp in scale of operations, low accrual, stretch in working
capital, and debt-funded capital expenditure.

MITPL, incorporated in December 2005, has undertaken a contract
for the development of the Muraidih underground mines (located in
Jharkhand) of BCCL and extraction of coal from Muraidih I and III
seam. The contract was awarded in 2011; the work includes
exploration and preparation of a mining plan, construction of
necessary infrastructure, supply of equipment, and operation and
maintenance of the mine. MITPL has obtained the contract under a
consortium with MITPL being the consortium leader.


MRJ INFRATECH: CRISIL Suspends 'B' Rating on INR110MM Disc. Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of MRJ
Infratech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Lease Rental
   Discounting Loan        110       CRISIL B/Stable

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

Incorporated in 2003, in New Delhi, MIPL develops and leases
industrial property. The company is promoted by Mr. Ravinder
Juneja.

Currently, MIPL has a 19 acre industrial plot located at
Dharuhera Industrial Estate in Rewari (Haryana). Around 7 acres
of the plot is developed and leased to Mark Exhaust Systems Ltd
that manufactures automobile components.


NAMISHREE INFRATECH: ICRA Assigns B+ Rating to INR28cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR28.00
crore (revised from INR10.00 crore) Term loan facilities of
Namishree Infratech.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               28.00        [ICRA]B+ assigned

The assigned rating is constrained by the project execution risk
with 60% of construction cost yet to be incurred of the total
cost of INR70.71 crore; significant market risk with only 30%
bookings (out of 33 flats of the firm's share) in residential and
zero bookings for the commercial space as on June 30, 2016; and
moderate funding risk with 30% of the project cost proposed to be
funded from customer advances, which in turn is dependent on
customer bookings and collections. The remaining cost of INR41.52
crore is funded by partners contribution of INR3.24 crore,
INR20.74 crore of customer advances and INR17.54 crore term loan
from the bank. The term loan has to be repaid in 3 equated
quarterly instalments after a moratorium period of 26 months and
the timely repayments will be contingent upon firm achieving
sufficient sales velocity. The rating also continues to be
constrained by NI's concentration in the Hyderabad residential
and commercial market and exposure to cyclicality inherent to the
real estate sector. The assigned rating however positively
factors in the attractive location of the project, 'T-19 towers',
owing to the proximity of the project in the heart of the city
and long standing experience of more than 15 years of NI's
promoters in the real estate industry.

Going forward, timely execution of the project without cost and
time overruns and the ability of the firm to achieve sufficient
sales and collections for the term loan repayments will remain
the key rating sensitivities from credit perspective.

Namishree Infratech is a partnership firm founded on June, 2013
and is engaged in the business of construction both commercial
and residential with its head office located in Hyderabad. The
firm is developing T-19 towers in Ranigunj Hyderabad on a land
area of 8686.05 Sq Yards; 40% of the project work was completed
as on 30th June, 2016 and the construction of the project is
expected to be completed by December, 2017.


NAVEEN RICEMILL: CARE Reaffirms 'B' Rating on INR15cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Naveen
Ricemill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Naveen Rice Mill
(NRM) continues to remain constrained by small scale of
operations with low net worth base, working capital intensive
nature of operations and weak financial risk profile marked
by low profitability margins, leveraged capital structure & weak
coverage indicators. The rating is further constrained by
partnership nature of constitution, presence in the highly
fragmented and competitive industry with regulatory policy risk
and dependence on the vagaries of nature.

The rating continues to draw comfort from experienced partner
with long track record of operations and favorable manufacturing
location.

Going forward, the ability of NRM to increase its scale of
operations, improvement in profitability margins and capital
structure along with effective working capital management shall
be the key rating sensitivities.

Haryana-based NRM was established in 1986 as a partnership firm
and the current partners in the firm are Mr. Charanji Lal, Mr.
Deep Chand, Mr. Manoj Kumar and Mrs Shanti Devi. NRM is engaged
in milling, processing and trading of Basmati and Non- Basmati
rice with an installed capacity of processing 3 tonnes/per day of
paddy at its manufacturing facility located at Karnal, Haryana.
The raw material, ie, paddy is procured from local grain markets
and commission agents. It sells both Basmati and Non-Basmati rice
through brokers and agents domestically.

NRM achieved a total operating income (TOI) of INR26.11 crore
with profit after tax (PAT) of INR0.05 crore, respectively, in
FY16 (refers to the period April 1 to March 31), as against TOI
of INR19.65 crore with profit after tax (PAT) of INR0.05 crore,
respectively, in FY15. During 4MFY17, the firm has achieved a
total operating income of INR12 crore.


NEERAKKAL GRANITES: CRISIL Suspends 'B' Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Neerakkal
Granites.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B/Stable

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

Established in 2008, NG manufactures M-Sand. The day-to-day
operations of the firm are managed by Mr. N K Jain and Mr. Tino
Jain.


NESTER CORN: CRISIL Suspends 'D' Rating on INR55MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nester Corn Products Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             55       CRISIL D
   Letter of Credit        20       CRISIL D
   Long Term Loan          55       CRISIL D
   Proposed Short Term
   Bank Loan Facility      22       CRISIL D

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

NCPPL was set up in 2010 by Mr. Bhavesh Vedant, his family
members, and his friends. The company manufactures corn products.
It is based in Nizamabad district Telangana.


NORTHERN POWER: CARE Assigns B+ Rating to INR14cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings assigned to bank
facilities of Northern Power Erectors Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       14       CARE B+ Assigned
   Short term Bank Facilities       4       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Northern Power
Erectors Limited are primarily constrained by modest scale of
operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure, weak
coverage indicators, working capital intensive nature of
operations and low order book position. The ratings are further
constrained by its presence in the highly competitive industry
and raw material price volatility.

The ratings, however, take comfort from the experienced
management and growing scale of operations.

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

New Delhi-based, NPEL is a closely held public limited company
originally incorporated in 1986 as Northern Power Erectors
Private Limited. The name was and constitution was revised to
present one in May, 1993. The company is currently being managed
by Mr. V S Mittal and Mr. N S Mittal. The company is engaged in
manufacturing of hydro turbine and generator parts like S.S.
rings, turbine runners, guidevane housing, etc. The company is
also engaged in servicing and maintenance of hydro power
stations. The process of the company is ISO 9001:2008 certified.
The raw material required for manufacturing products include
electrodes, wires, screws, bearings, studs, etc. which are
procured from traders and manufacturers located in Delhi, Meerut,
Gujarat, Mumbai, Ghaziabad, etc.

In FY15 (refers to the period April 1 to March 31), the company
achieved a total operating income (TOI) of INR81.55 crore with
net loss of INR0.06 crore. Furthermore, in FY16, the company
achieved total operating income of INR85 crore (based on
provisional results).


NOVA AGRI: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of NOVA
Agri Sciences (P) Limited.

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

   Proposed Long Term
   Bank Loan Facility       50       CRISIL B/Stable

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

Incorporated in the year 2010, NASPL is engaged in the business
of manufacturing of pesticides both liquids and wettable powders.
Promoted by Mr. Mohammed Ali and Mr. Yeluri Sambasiva Rao, the
company is setting up the unit at Singannaguda, Medak district
(Telangana).


OM BESCO: CRISIL Puts 'C' Rating on 'Notice of Withdrawal'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of OM Besco Rail Products Ltd to 'CRISIL C' from 'CRISIL
BB/Negative', and placed the rating on a 'Notice of Withdrawal'
for 180 days at the company's request. The rating will be
withdrawn at the end of the notice period, in line with CRISIL's
policy on withdrawal of ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL C (Downgraded from
                                     'CRISIL BB/Negative';
                                     Placed on 'Notice of
                                     Withdrawal')

The downgrade reflects delays in servicing of debt obligations
(not rated by CRISIL) because of weak liquidity.

OBRPL is exposed to volatility in input prices and to regulations
related to supplying engineering products to the Railways.
However, the company benefits from the extensive industry
experience of the promoters in the railway products manufacturing
industry.

Incorporated in 2008 and promoted by the Kolkata-based O P Tantia
group, OBRPL manufactures alloy steel casting products (bogies,
couplers, draft gear, and CMC crossings) that are used to make
freight wagons. Plant in Mugma, Jharkhand, has an installed
capacity of 16,100 tonne per annum.


P G MERCANTILE: CRISIL Lowers Rating on INR798.9MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
P G Mercantile Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

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

   Foreign Exchange         30       CRISIL D (Downgraded from
   Forward                           'CRISIL A4+')

   Letter of Credit        600       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      798.9     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Stable')

   Term Loan               236.1     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects delays of over 30 consecutive days in
servicing letter of credit obligation due to weakening liquidity
following sudden stretch in receivables.

The rating reflects PGMPL's exposure to risks related to the
intensely competitive and fragmented trading segment, below-
average financial risk profile and working capital-intensive
operations. However, PGMPL benefits from the extensive experience
of its promoter in the ferrous and non-ferrous trading segment.

Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL
primarily trades in ferrous and non-ferrous metals. The company
also has two windmills (one each in Maharashtra and Tamil Nadu)
with total capacity of 3.7 megawatt. Mr. Gupta is also the vice-
chairman of Ushdev International Ltd, which is in the same
business.


PARAG & COMPANY: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility Parag & Company.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable

The ratings reflect PC's modest scale of operations in the
fragmented yarn trading business, and weak financial risk profile
marked by modest networth, high total outside liabilities to
tangible networth ratio (TOL/TNW). These weaknesses are partially
by its proprietors' extensive industry experience.
Outlook: Stable

CRISIL believes that PC will benefit over the medium term from
the experience of its promoters in cotton trading industry and
it's established relationships with its suppliers and promoters.
The outlook may be revised to 'Positive', if PC increases its
scale of operations and operating profitability significantly
over the medium term in a sustainable fashion there by leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if the company's revenues
and operating profitability decline or if its working capital
cycle elongates leading to deterioration in its financial
profile.

PC established in the year 1977 by Mr. Amichand Madhani is
engaged in trading of yarn. Currently the firm is managed by his
son, Mr. Parag Madhani.


RACY SANITARY: CRISIL Suspends B+ Rating on INR30MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Racy Sanitary Wares.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          8        CRISIL A4
   Cash Credit            20        CRISIL B+/Stable
   Term Loan              30        CRISIL B+/Stable

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

Racy, incorporated in 2014, is a Morbi (Gujarat)-based
partnership firm promoted by Mr. Kuldip Kaila. The firm
manufactures sanitary wares; it commenced commercial operations
in January 2015.


RAJSHREE EDUCATIONAL: CRISIL Cuts Rating on INR980MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Rajshree Educational Trust to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               980       CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The rating downgrade reflects stretched liquidity profile, marked
by delay in repayment obligations. The trust delayed its
installment repayment for the month of April' 2016, which was
cleared in the month of June'2016. Currently, the trust has
delayed its interest payment for last two months ended August'
2016. The delay in repayment is due to delay in fee receipt.
CRISIL believes that liquidity profile will remain stretched over
the medium term due to mismatch in cash flows and timely receipt
of fee will remain key rating sensitive factor over the medium
term.

The rating continues to reflect high competition and low
occupancy level. These rating weaknesses are partially offset by
trustee's extensive experience in the education sector.

RET was set up in September 2008, as a public charitable trust
led by Smt. Krishna Kumari, and Mr. Rakesh Kumar Agarwal. RET
offers All India Council for Technical Education (AICTE) approved
engineering, management and polytechnic courses. In the
engineering department RET offers Computer Science and
Engineering, Information Technology, Electronics and
Communication Engineering, Electrical & Electronics Engineering,
Civil Engineering and Mechanical Engineering. RET has its
educational institute located in Bareilly (Uttar Pradesh). RET is
affiliated to Gautam Buddha Technical University, Lucknow, and
has been approved by AICTE, New Delhi, Ministry of HRD and the
Government of India. RET also offers National Council for Teacher
Education Delhi approved Bachelor of Teaching Course (BTC)
courses.

In 2013-14, RET started Rajshree Medical College and hospital,
which has been approved by Medical Council of India (MCI).


SADANAND LAXMANRAO: CRISIL Assigns 'B' Rating to INR100MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sadanand Laxmanrao Patil (SLP; part of the
Apratim group).

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

The rating reflects the group's exposure to risks related to
implementation and saleability of its ongoing project accentuated
by initial stage of project implementation resulting in low
booking and susceptibility to cyclicality inherent in the Indian
real estate industry. These weaknesses are partially offset by
the extensive experience of promoter and their funding support.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Sadanand and Gajanan Uttamrao Mante
(GUM). This is because the two firms, together referred to as the
Apratim group, have a common management and are executing a
single real estate project.
Outlook: Stable

CRISIL believes the Apratim group will benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' if healthy sales of units and timely
receipt of customer advances and implementation of project lead
to healthy cash inflow. Conversely, the outlook may be revised to
'Negative' if time and cost overruns, lower-than-expected sales,
or delays in receipt of customer advances lead to low cash
inflow, thus impacting liquidity.

SLP and GUM were established in 2007 by Pune (Maharashtra)-based
entrepreneurs Mr. Sadanand Laxmanrao Patil and Mr. Gajanan
Uttamrao Mante, who have been in the real estate business for
about 10 years.


SAGAR COTTON: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sagar Cotton
Industries continues to reflect a modest scale of operations in
the highly competitive cotton industry, large working capital
requirement, and below-average financial risk profile because of
high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the industry extensive
experience of the promoters, benefits expected from the proximity
of the cotton ginning unit to the cotton-growing belt in Gujarat,
and the absence of any long-term debt.

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

Outlook: Stable

CRISIL believes SCI will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
revenue growth, along with improvement in profitability and
capital structure. The outlook may be revised to 'Negative' if
there is a considerable decline in revenue and profitability,
deterioration in working capital management and liquidity, or any
large, debt-funded capital expenditure, weakening the financial
risk profile.

Update
Sales were INR249 million in fiscal 2016 while operating
profitability margin is estimated at 3.9% for the fiscal. Sales
declined by around 30% as compared with the previous fiscal on
account of lower availability of raw material in fiscal 2016 and
intense industry competition.  With better expected arrival of
cotton in the current fiscal, revenue is expected to increase to
over INR300 million. The margin is likely to be sustained at
around 4%.

Financial risk profile remains average because of gearing of 3.5
times and a modest networth of around INR24.6 million as on
March 31, 2016, on a provisional basis. Unsecured loans of INR5.6
million have been maintained in the business to support
operations and liquidity. The capital structure is expected to
remain below-average on account of lowaccretion to reserves and
large working capital requirement, over the medium term.

Set up in 1998, SCI is a partnership firm promoted by the Gangani
family.  The firm undertakes cotton ginning and pressing
operations at its facility at Babra in Amreli, Gujarat.


SHREE SHAKTI: CRISIL Reaffirms B Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Shakti
Enterprises Private Limited continue to reflect SSPL's large
working capital requirements and weak financial risk profile,
marked by high gearing and average debt protection metrics. These
rating weaknesses are mitigated by the promoters' extensive
experience in stainless steel manufacturing industry leading to
established relationship with customers and suppliers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        35        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is substantial growth in sales and
profitability along with significant improvement in working
capital management, resulting in high cash accruals and
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company increases its
reliance on debt to fund its incremental working capital
requirements, thereby weakening its capital structure and debt
protection metrics or if its liquidity weakens because of a
stretch in its working capital cycle.


SSPL, incorporated in 1997, is a private limited company that
manufactures stainless steel and aluminium utensils and cutlery.
The company is based in Delhi, with its manufacturing unit
located in Sonipat (NCR, Haryana).


SHRI RAM: CARE Assigns B+ Rating to INR15cr LT Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri Ram
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Ram Industries
is primarily constrained by small scale of operations with low
partners' capital base and weak financial risk profile as marked
by low profitability margins, leveraged capital structure and
weak coverage indicators. The rating is further constrained by
constitution of the entity being a partnership concern coupled
with the highly fragmented industry leading to intense
competition. The rating, however; draw comfort from experienced
partners in trading and processing of agro products and moderate
operating cycle.

Going forward; the ability of the firm to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivity.

Shri Ram Industries was established as a partnership firm in
2002. The firm is currently being managed by the partners; Mr.
Suresh Chand Singhal and Mr. Amit Singhal sharing profit and loss
equally. SRI is engaged in trading and processing (milling) of
agriculture products such as paddy (rice), wheat, rice bran etc.
The manufacturing unit is located at Shahjahanpur, Uttar Pradesh
with a total installed capacity of 3 lakh quintals as on
March 31, 2016. SRI procures raw material and traded goods such
as wheat, rice, paddy etc. from local farmers and registered
dealers located in U.P. and near regions. SRI sells its products
in the states of Punjab and Haryana through a network of
commission agents and brokers. The firm also exports to Middle
East countries through export brokers.

M.C. Roller Flour Mills Private Limited is an associate concern
of SRI engaged in processing and trading of agro products. During
FY16 (refers to the period April 1 to March 31; based on
unaudited results), SRI has achieved a total operating income
(TOI) of INR42.19 crore and PAT of INR0.18 crore as against total
operating income (TOI) of INR58.37 crore and PAT of INR0.10 crore
in FY15. Furthermore, in FY17, the firm has achieved total sales
of INR4.27 crore till June 30, 2016.


SHRINE ENGINEERING: CARE Reaffirms 'B' Rating on INR2.0cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shrine Engineering Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2         CARE B Reaffirmed
   Short term Bank Facilities     3.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shrine Engineering
Private Limited continue to remain constrained on account of its
modest and declining scale of operations, reduction in the level
of cash accruals in FY16 (Provisional; refers to the period
April 1 to March 31) and modest order book position in the highly
competitive and fragmented construction industry.

The ratings, however, continue to derive strength from the vast
experience of the promoters and its association with reputed
clientele. The ratings also take into consideration the
improvement in the capital structure and debt coverage
indicators as on March 31, 2016 (Provisional).

The ability of SEPL to increase its scale of operations,
strengthen the order book position with timely execution of the
same and improve its liquidity position via efficient working
capital management will remain the key rating sensitivities.

SEPL was initially established as a partnership firm in 2006
under the name Shrine Enterprise promoted by Mr. Piyush Modhwadia
and Ms. Priyanka Modhwadia. Subsequently, in 2007, it was
converted into a private limited company. SEPL is engaged into
the civil construction, earth work and drainage construction.
SEPL also provided logistics services. SEPL was earlier also
engaged in transportation business with a fleet of 90 cars.
However, during FY13 and FY14, SEPL has sold all its cars. SEPL
is registered as a class 'AA' contractor with Road & Building
Department of Gujarat (on the scale of AA to E-2, AA being
highest) and secures all the contracts through open bidding.

During FY16 (Provisional), SEPL reported a total operating income
(TOI) of INR25.45 crore with a PAT of INR1.12 crore as against
TOI of INR27.95 crore with a PAT of INR0.84 crore in FY15.


SRI LAKSHMI: CRISIL Suspends B+ Rating on INR77.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Lakshmi Venkateswara Raw and Boiled Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             77.5      CRISIL B+/Stable
   Long Term Loan          12        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       8.2      CRISIL B+/Stable
   SME Credit               2.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SLVRBRM with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, SLVRBRM
is yet to provide adequate information to enable CRISIL to assess
SLVRBRM'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 1991 as a partnership firm, SLVRBRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. Srinivasulu Naidu and his family.


SUDARSHAN ELECTRICAL: CRISIL Rates INR60MM Cash Loan at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sudarshan Electrical Engg. Works.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         140        CRISIL A4
   Cash Credit             60        CRISIL B+/Stable

The rating reflects its modest scale of operations in highly
competitive industry, large working capital requirements and
geographically concentrated order book. These rating weaknesses
are partially offset by extensive industry experience of the
proprietor and established customer relationship, along with
moderate financial risk profile marked by healthy gearing and
robust debt protection metrics.
Outlook: Stable

CRISIL believes that the SEEW will continue to benefit over the
medium term from its proprietors' extensive industry experience.
The outlook may be revised to 'Positive' if there is a
significant improvement and diversification of order book;
leading to overall improvement in business risk profile and
sustained financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SEEW registers significantly lower-than-
expected revenues or profitability margins or if its working
capital cycle lengthens further, resulting in deterioration in
its liquidity profile.

Started in 1988, by Mr. Ram. S. Patil, SEEW is a proprietorship
firm. SEEW undertakes tenders for laying electrical cable and
electrification, instrumentation projects, and electrical
contracting job. The firm is currently executing order book of
INR1.2 billion Maharashtra State Electricity Distribution Co. Ltd
(MSEDCL).

For fiscal 2016, profit after tax (PAT) was INR12.7 million on
operating income of INR278.5 million vis-a-vis PAT of INR7.09
million on operating income of INR116.2 million in fiscal 2015.


SUDHIR FORGINGS: CRISIL Lowers Rating on INR74.4MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facility
of Sudhir Forgings Private Limited to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            74.4       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating reflects delay in servicing of interest on term-debt,
over the 12 months through August 2016.

The rating also factors in the modest scale of operations and
large working capital requirement. These rating weaknesses are
partially offset by extensive experience of promoters.

SFPL was established in 1989, by Mr. Dhruv Garg and his family,
based in Ludhiana. The company manufactures forged components,
mainly used in oil and gas transportation and automobile (auto)
components. It caters to domestic and overseas markets, and
exports flanges, mainly to customers, based in the US, apart from
Germany, Argentina, and Canada. Domestic clients include tier-I
suppliers of auto original equipment manufacturers (OEMs).


SOPAN PAPER: CARE Assigns B+ Rating to INR6.97cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sopan Paper Mill Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.97      CARE B+ Assigned

   Long-term/ Short-term Bank     6.00      CARE B+/CARE A4
   Facilities                               Assigned

   Long-term Bank Facilities      0.76      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sopan Paper Mill
Private Limited is constrained primarily on account of its short
track record of operations along with loss during first year of
operations, highly leveraged capital structure and weak debt
coverage indicators. The ratings are also constrained by SPMPL's
presence in the highly fragmented paper industry and
susceptibility of operating margins to volatility in prices of
waste paper.

The ratings, however, derive comfort from the promoters'
experience and locational advantage in terms of ease in selling
goods at an effective cost due to its proximity to the market
place.

The ability of SPMPL to increase its scale of operations, improve
profitability in light of volatile input costs along with
improvement in capital structure and debt coverage indicators
would be the key rating sensitivities.

Morbi-based (Gujarat) SPMPL was incorporated during May 2014
under the name of Raison Ceramic Private Limited (RCPL) as a
private limited company. However, the name of the company changed
from Raison Ceramic Private Limited to SPMPL during December 2014
because of change in their business objective to start a business
of Kraft paper manufacturing instead of ceramics. It commenced
its operations from August 2015 onwards with an installed
capacity of 24,000 MTPA of Kraft papers. SPMPL purchases waste
paper from both  international & domestic markets and
manufactures different varieties of Kraft paper which is used to
make corrugated paper boxes for packaging in various industries
such as tiles, food processing, beverages, etc.

During FY16 (Audited) (refers to the period April 1 toMarch 31),
SPMPL reported a net loss of INR0.57 crore on a TOI of INR22.13
crore. During 3MFY17 (Provisional), SPMPL achieved a TOI of
INR13.22 crore.


SRUTI FILATEX: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR10.00-crore cash credit facility and INR5.94-crore term loan
facility of Sruti Filatex Private Limited at [ICRA]B+. ICRA has
also reaffirmed the short-term rating assigned to the INR1.50-
crore non-fund based letter of credit at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             10.00       [ICRA]B+; reaffirmed
   Term Loan                5.94       [ICRA]B+; reaffirmed
   Letter of Credit         1.50       [ICRA]A4; reaffirmed

The rating reaffirmation takes into consideration SFPL's weak
financial profile as is evident from its modest profit margins;
leveraged capital structure due to increase in unsecured loans
and working capital; along with weak debt coverage indicators.
The company faces constraints in raising its profit levels due to
low-value addition of its business and its presence in the highly
competitive textile industry. ICRA also notes the susceptibility
of company's profitability to volatility in raw materials prices
i.e. partially oriented yarn (POY) as they are linked with crude
oil prices.

The ratings, however, favorably considers promoters' established
track record in manufacturing and marketing of various types of
texturised yarns. ICRA also considers SFPL's long standing
relationship with its diversified customer base and wide customer
network leading to low customer concentration risk. Further, the
company also enjoys location advantages by virtue of its
proximity to raw material sources and customers.

Sruti Filatex Private Limited was incorporated in 1997 and
commenced operations in 2003. It produces Draw Texturised Yarn
(DTY), viz. Crimp Yarn and Kota Yarn. Further, the company also
commenced production of Air Texturised Yarn (ATY) in FY2015. SFPL
is equipped with 10 texturising machines for production of crimp
yarn and kota yarn with a capacity to produce 550-600 kgs of yarn
per day with the configuration of 30 deniers. Also it has
installed 4 air texturised machines each having capacity to
produce 1200 kgs of yarn per day with the configuration of 110
deniers at its facility located at Pipodara, near Surat
(Gujarat).

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR63.10 crore and profit before tax of
INR0.90 crore as per provisional financials.


TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR142.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tarapur Transformers
Limited continue to reflect delays by Tarapur in meeting its debt
obligations. The ratings are based only on publicly available
information as Tarapur has not cooperated with CRISIL in its
surveillance process.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          130       CRISIL D (Reaffirmed)

   Cash Credit             120       CRISIL D (Reaffirmed)

   Letter of Credit         50       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      142.5     CRISIL D (Reaffirmed)

   Rupee Term Loan          50       CRISIL D (Reaffirmed)

Tarapur, incorporated in 1988, repairs and manufactures power and
distribution transformers. The company was a loss-making entity
when Bilpower Ltd (rated 'CRISIL D/CRISIL D') acquired 70 per
cent of its equity shares in 2006, after which it started making
profits. Tarapur made its initial public offering in April 2010,
following which, Bilpower Ltd's equity stake in it reduced, and
currently holds 43.16 per cent (as of June 31, 2016). Tarapur's
unit in Boisar (Maharashtra) undertakes repairs, while its second
unit in Wada (Maharashtra), which commenced operations in 2008-
09, manufactures transformers. The company has developed
facilities (at an outlay of INR430 million) to manufacture
transformers ranging from 1 kilovolt ampere (kVA) to 5000 kVA.

Tarapur reported, on a provisional basis, a net loss of INR10.5
million on net sales of INR220.0 million for 2015-16; it reported
a net loss of INR33.3 million on net sales of INR373.4 million
for 2014-15.


TOSIBA APPLIANCES: CRISIL Suspends B- Rating on INR30MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Tosiba
Appliances Co Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B-/Stable
   Working Capital
   Term Loan               25       CRISIL B-/Stable

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

TACPL was set up in 1974 by Mr. Narinder Kumar Suri. The company
trades in home appliances. Most of the products are manufactured
in-house under another group entity, Nutech Appliances.
Currently, TACPL deals in 27 products, such as ovens, irons,
water immersion heaters, extension cords, juicer mixer grinders,
and ceiling fans. The company supplies its products only to Army
canteen and central police canteen.


UNIQUE ENTERPRISE: ICRA Suspends 'B' Rating on INR5.0cr Cash Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR1.53 crore term loan and INR5.00 crore cash credit
facility of Unique Enterprise. ICRA has also suspended the short
term rating of [ICRA]A4 assigned to the INR0.30 crore bank
guarantee facility of UE.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               1.53       [ICRA]B suspended
   Cash Credit             5.00       [ICRA]B suspended
   Bank Guarantee          0.30       [ICRA]A4 suspended

Unique Enterprise is a partnership firm promoted to establish
retail stores for apparel, hosiery, shoes, sports ware and
related accessories by franchise agreements with established
brands like Adidas, Reebok, Killer Jeans and SMART. The firm was
established in August 2009. The firm has four partners. Mr.
Yasinbhai Banglawala is the key person and Mr.Agrawal actively
supports the activities of the firm. UE took over the business of
group concern Srushti Enterprise which owns 5 franchised outlets
of Reebok in FY 2015.


UNITED GRANITES: CRISIL Reaffirms B+ Rating on INR42.8MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on bank facilities of United
Granites and Metals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         41.8      CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     42.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations,
working capital intensity, and susceptibility to intense
competition and regulatory changes in the fragmented industrial
sands market. These rating weaknesses are partially offset by
extensive experience of the proprietor in the construction
materials business.
Outlook: Stable

CRISIL believes that UGM will continue to benefit from extensive
experience of the proprietor. The outlook may be revised to
'Positive' if there is sustained growth in scale of operations
and profitability, or if significant capital infusion by the
proprietor, strengthens the financial risk profile. The outlook
may be revised to 'Negative' in case of a drop in cash accrual,
or if any major debt-funded capital expenditure or increase in
funding support to group entities, weakens the capital structure.

UGM was set up by second generation entrepreneur, Mr. George
Kochuparambil. The firm manufactures blue metals and M-sand and
has its quarries and a processing facility at Idukki (Kerala).


VIHAAN BOARDS: CRISIL Suspends 'D' Rating on INR132.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vihaan
Boards Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            50.1       CRISIL D
   Proposed Long Term
   Bank Loan Facility      7.4       CRISIL D
   Term Loan             132.5       CRISIL D

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

VBPL, incorporated in 2011, is promoted by Mr. Bharat Surana, Mr.
Chattar Surana, and Mr. Gaurav Dewan. The company has set up a
facility in Moradabad (Uttar Pradesh) in May 2013 to manufacture
particle boards, which are used in furniture and in the
construction industry.


VIVA BOARDS: CRISIL Suspends 'D' Rating on INR117MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Viva
Boards Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL D
   Proposed Short Term
   Bank Loan Facility      10       CRISIL D
   Term Loan              117       CRISIL D

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

VBPL was established by Mr. Rudravaram Mahesh in 2011. The
company manufactures duplex paper and has set up a duplex paper
manufacturing unit in Nizamabad (Andhra Pradesh).


WATER VALLEY: CARE Assigns B+ Rating to INR11.75cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Water
Valley Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.75      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Water Valley
Resorts Private Limited is primarily constrained on account of
the financial risk profile marked by small scale of operations,
low profitability, moderately leveraged capital structure, debt
coverage indicators and moderate liquidity position. Furthermore,
the rating is also constrained on account of implementation and
stabilization risk associated with ongoing debt funded capex,
seasonality of revenues and capital intensive nature of
operations.

The rating, however, derives comfort from the experienced
promoters, location advantage with proximity to Saurashtra
Region, different type of water rides and other amenities for
different age-groups and fiscal benefits from the government.

WVRPL's ability to complete the project within specified timeline
and cost parameters and increase its scale of operations coupled
with improvement in the profit margins would be key rating
sensitivity.

Rajkot-based (Gujarat) WVRPL was incorporated in 1995 by Mr. Hari
Kansagara along with the Mr. Suresh Kansagara. Later on Mr.
Sanjay Kangasara joined in 2005 and afterwards Mr. Jay Kangasara
has joined the family business. WVRPL owns a water park known as
'Krishna Water park' (KWP). KWP is located on the Rajkot-
Ahmedabad highway which comprised different water rides and
resort having cottages and other amenities. WVRPL is undertaking
a project to expand the water rides along with the addition of
new amenities in the resort. The total cost of the expansion
project is INR15.90 crore which will be funded through a term
loan of INR11.75 crore, equity share capital of INR1.40 crore and
remaining from unsecured loan. There are also other two group
entities which are belonging to the Krishna Group, 'Hotel Krishan
Park Nursery' which is into the hospitality business since 1989
and 'Krishna Amusement Park & Nursery Pvt. Ltd.' (located at
Diu) which is into Hospitality business since 1996.

As per the provisional results for FY16 (refers to the period
April 1 to March 31), WVRPL reported a TOI of INR1.89 crore with
a PAT of INR0.03 crore as compared with TOI of INR1.19 crore and
loss in FY15. During the Q1FY17, WVRPL has achieved a turnover of
INR0.77 crore.


WEB SPIDERS: ICRA Lowers Rating on INR15cr Term Loan to B+
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR15 crore term loan facility of Web Spiders (India) Private
Limited from [ICRA]BB to [ICRA]B+. WSIPL's term loan facility
includes a sublimit of INR8 crore towards non-fund based
facility, for which ICRA has reaffirmed the short term rating of
[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Term Loan                 15       [ICRA]B+ downgraded

   Non-Fund Based
   Limit-Letter of
   Credit (ILC/FLC)          (8)      [ICRA]A4 reaffirmed

The downward revision of long term rating and reaffirmation of
short term rating primarily take into account commencement of
debt repayment from February 2016 along with the continuous delay
in execution of the ongoing expansion project that has led to
limited cash accruals from the business relative to its debt
repayment obligations, thereby exerting strain on liquidity.
However, ICRA also notes that, debt repayment has been supported
by introduction of unsecured loan.

The ratings are also constrained by the company's exposure to
foreign exchange rate fluctuation risks, as its revenues
primarily come from exports though ICRA notes that the foreign
currency debt provides natural hedge to a certain extent.

The ratings also factor in the company's susceptibility to
employee utilization and attrition risks. While an increase in
employee cost led to deterioration in WSIPL's operating margin
during FY2016, the employee attrition rate also remained high in
recent years.

The ratings factor in the promoters' experience and the company's
established track record in software development business and
WSIPL's operational integration with its wholly-owned overseas
subsidiaries, which fetch regular export orders and help in
servicing overseas clients in an efficient manner. The ratings
also reflect the company's financial profile, characterised by a
conservative capital structure. However, ICRA notes that the
company's gearing and coverage indicators are likely to be
negatively impacted going forward because of the ongoing capex,
partly funded through debt. Nonetheless, the company's capital
structure is likely to remain comfortable. ICRA notes that
WSIPL's profitability is likely to improve over the near term due
to saving of fixed cost from consolidation of operations in the
new unit. The transfer of operations to a centralised-owned
premise would lead to savings in rental and operational expenses
of the existing premises, which is expected to result in
improvement in profitability. The ratings also take into
consideration the reputed client base which mitigates
counterparty credit risk to a large extent, and the moderate
order book position providing revenue visibility over the near
term.

In ICRA's opinion, WSIPL's ability to conclude the project in a
timely manner and ramping up of operation post project completion
would remain a credit challenge. Moreover, growth in scale of
operations while improving profitability and generating adequate
cash accruals would remain critical.

Incorporated in 2000, Web Spiders (India) Private Limited is
primarily involved in software development and maintenance,
website designing etc. The softwares developed by WSIPL mainly
find applications in customised enterprise content management
systems and enterprise mobile enablement. It also offers
productised mCommerce solutions, mobile applications and mobile
websites. Though the company primarily operates from India, it
also has three wholly-owned subsidiaries located in the United
Kingdom, the United States and Singapore, which generate orders
from overseas markets.


WELLCOME HOSPITALS: CRISIL Assigns 'B' Rating to INR90MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Wellcome Hospitals Private Limited. The rating
reflects exposure to project implementation and funding risk, and
a below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the healthcare industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Term Loan               90        CRISIL B/Stable

Outlook: Stable

CRISIL believes WHPL will commence operations at its hospital
without any time or cost overrun. The outlook may be revised to
'Positive' in case of substantial revenue and profitability along
with efficient working capital management, resulting in healthy
cash accrual. The outlook may be revised to 'Negative' if the
project faces significant time or cost overrun leading to delay
in commencement of operations, and hence to low cash accrual.

Incorporated in 2013, WHPL is setting up a 50-bed multi-
speciality hospital in Visakhapatnam, Andhra Pradesh.



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


TAKATA CORP: In Talks With Automakers to Pick Turnaround Partner
----------------------------------------------------------------
Nikkei Asian Review reports that Takata Corp. is discussing bids
from potential financial backers with its automaker customers,
aiming to choose a partner by year's end as the cost of an air-
bag recall swells.

Nikkei relates that the company explained the proposals on
Sept. 27 to Japanese, U.S. and European automakers including
Toyota Motor, Honda Motor and General Motors. Similar briefings
will be held through Sept. 29.

The cost of recalling air bags containing faulty Takata inflators
has topped JPY1 trillion ($9.95 billion), the report discloses.
The company enlisted U.S. investment bank Lazard to advise on a
cost-sharing deal and the choice of a suitable turnaround
sponsor, Nikkei notes.

According to Nikkei, five groups stepped forward by the time
bidding closed in late September. Japanese inflator maker Daicel
and U.S. private equity firm Bain Capital teamed on a bid.
Kohlberg Kravis Roberts of the U.S. and Swedish air bag maker
Autoliv are on the list as well, alongside American autoparts
suppliers Key Safety Systems and Flex-N-Gate, Nikkei states.

At least one of the proposals is apparently predicated on a
court-led restructuring, says Nikkei. Takata and Lazard favor
cutting deals privately with creditors to keep supply fulfillment
steady.

Nikkei notes that Takata's choice of sponsor will need approval
by the automakers shouldering the bulk of the company's recall
costs.

"We will take a close look at the five candidates' proposals and
hear from other automakers before making a judgment," Nikkei
quotes an official at a Japanese car company as saying. Quality
control and supply capacity are important considerations, in
addition to the division of recall costs, the official said.

Nikkei says Takata aims to narrow the field in October and select
a partner by the end of the year. Noncore operations are to be
sold off in the meantime. American subsidiary Irvin Automotive
Products, which makes car interior components, will be sold to
Piston Group of the U.S. for around JPY17 billion, says Nikkei.
Proceeds will go toward paying the recall costs, Nikkei says.

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


YUBARI: Bankrupt Town Takes Steps to Halt 'Ghost' Status
--------------------------------------------------------
Bloomberg News reports that a sleepy, former coal-mining town in
northern Japan is taking unprecedented measures to combat its
biggest challenge: a devastating shrinking of its population. Its
success could decide the future for hundreds of other local
governments waging the same battle for survival.

Bloomberg relates that since its peak in the post-war economic
boom of the 1960s, the population of Yubari, a little more than
an hour's drive east of Sapporo on Japan's northern island of
Hokkaido, has declined by more than 905 to just 9,000 as older
residents died and young people moved away to bigger cities. Ten
years ago, it became Japan's first municipality to declare
bankruptcy, says Bloomberg.

To keep from becoming a so-called ghost town -- when a city
ceases to function due to a precipitous decline in population and
is ultimately abandoned -- Yubari embarked on a drastic
experiment, says Bloomberg.  According to the report, city
officials began merging schools, slashing government jobs and
salaries, halting funds for public swimming pools, toilets and
parks, curtailing services such as bus routes and snow removal,
and downgrading the local hospital to a clinic.  Bloomberg notes
that the most drastic measure has been the forced relocation of
hundreds of residents from public housing on the city's outskirts
to blocks of new, low-rise apartments closer to the city center.

"Yubari can potentially lead the example of a real-time compact
city," said Yoshio Kurihara, senior researcher at Mitsui Global
Strategic Studies Institute in Tokyo, who called Yubari's
experiment an "extremely important" model for Japan, Bloomberg
relays. "Successful results from the city's trial can be applied
on a nationwide scale."

By 2040, about half of Japan's municipalities, or 896 towns and
cities, will be on a course to future extinction as their numbers
of women of reproductive age drop below levels needed to sustain
them, Bloomberg reports citing Japan Policy Council projections.
More than 20% of residential areas in Japan will become ghost
towns by 2050, Japan's land ministry forecasts. And data from the
National Institute of Population and Social Security Research
show a 16% population decline country-wide within 25 years, with
20% of municipalities experiencing a drop below 5,000 people. The
"compact city" solution is being considered as a model for
survival by these areas facing depopulation, according to
Bloomberg.

Some small towns and cities in rural prefectures have been
experimenting with merging to reduce public administration costs.
That has led to a small local government looking after a large
area, making it difficult to provide services to remote
residents, Bloomberg notes.



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


CLIQ ENERGY: Promoters Seek EGM to Stop Liquidation
---------------------------------------------------
The Star reports that CLIQ Energy Bhd's promoters have moved to
apply for an extraordinary general meeting to stop the
liquidation of the company's assets and to extend the time period
for completing a qualifying acquisition (QA).

In an exchange filing, the board of directors of CLIQ disclosed
that it had received a requisition letter signed by Best Oracle
Sdn Bhd (BOSB), Kandiah Subramaniam and Mohd Adam Mohd Said,
according to The Star.

The report relates BOSB represents the interests of the group's
management team which includes Kandiah and Mohd Said.  It has a
20% stake in the special purpose acquisition company.

The letter calls for a general meeting to be convened pursuant to
Section 144 of the Companies Act 1965 to consider two
resolutions, the report notes, the report notes.

The first is for CLIQ directors to use all endeavours to seek an
extension of time from the Securities Commission (SC) to complete
a QA, the report discloses.

The second resolution is for the company to not be dissolved,
wound up, or liquidated pending the completion of the QA, the
report says.

Pursuant to the letter, the group's board will deliberate on the
matter while an updated announcement will be made in due course,
CLIQ said in the filing.

In January this year, a planned acquisition of oil and gas assets
in Kazakhstan failed to materialise after the SC deemed it to be
incomplete, the report recalls.

NewsMax reported that having failed to complete a QA within three
years of listing as stipulated by the SC's guidelines, CLIQ is
currently expected to undertake a winding up process which will
see the redistribution of some RM356mil in cash back to its
shareholders, the report relays.

On Sept 14, the Court of Appeal turned down BOSB's application
for a stay of the winding up proceedings by CLIQ, the report
notes.

Separately, the court had adjourned the hearing of appeal to Nov
8 as the grounds of judgment by the High Court had yet to be
obtained by BOSB's shareholders, the report adds.



===============
M O N G O L I A
===============


MONGOLIA: Moody's Releases Corrected Press Release
--------------------------------------------------
Moody's Investors Service has corrected its Aug. 26, 2016, press
release entitled "Moody's downgrades Mongolia's sovereign rating
to B3, places it on review for further downgrade", and added this
paragraph:

The long-term local currency country risk ceiling remains
unchanged at Ba3.  The long-term foreign currency deposit ceiling
is revised to Caa1 from B3, while the foreign currency bond
ceiling is unchanged at B1.  All short-term ceilings remain at
Not Prime.  These ceilings act as a cap on ratings that can be
assigned to the foreign- and local-currency obligations of
entities domiciled in the country.



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


KAWARAU FALLS: SG Investors Win Appeal in Property Dispute
----------------------------------------------------------
Rennie Whang at The Strait Times reports that losing money in a
foreign real estate investment gone bad is every property
investor's nightmare.  But for dozens of Singapore and Malaysian
investors who faced large losses and a legal quagmire after
investing in a planned mega project in New Zealand, there is
light at the end of the tunnel.

According to The Strait Times, the Court of Appeal of New Zealand
ruled earlier this month that the investors are entitled to the
return of their NZ$10 million (SGD9.9 million) in deposits, and
do not have to fork out the NZ$36 million in damages sought as
part of a counterclaim.

This overturns an earlier decision by the High Court of
New Zealand, the report relates.

"Finally, we won the case . . . We really learnt from this
experience," the report quotes Mr. Tok, an investor who paid
about 15% of a NZ$1.085 million townhouse, as saying. "I was so
trusting with the marketing agent and didn't read in detail when
it came to the sale and purchase agreement. But in reality, there
can be many loopholes in legal interpretation, and similarity in
legal system does not guarantee that everything operates as it
does in Singapore."

The Strait Times relates that the 109 investors had bought into
the failed NZ$2 billion Kawarau Falls development -- planned as
an integrated world-class village resort with three five-star
hotels, a four-plus-star hotel, and three serviced apartment
buildings. It was a three-stage development on the shores of Lake
Wakatipu near Queenstown. From 2006 to 2009, the investors agreed
to buy off-plan units in two buildings in Stage 1.

But the global financial crisis hit and the developer was placed
into receivership. Stage 1 was later completed by the receivers
but progress on Stages 2 and 3 were stalled, the report says.

In 2011, the investors were served settlement notices for their
purchases by a company which had been assigned the vendor's
rights, the report recalls. But none settled, alleging breach of
contract.

The Strait Times says the company then cancelled all the sale and
purchase agreements. When the investors sought a court order for
the return of their deposits, the company counterclaimed for
damages for loss of bargain.

In the end, the Court of Appeal ruled that the vendors'
obligation to complete Stages 2 and 3 should be treated as an
essential term of the sale and purchase agreements, according to
The Strait Times.

"We consider it unlikely a purchaser would have proceeded to
purchase a unit in a stand-alone building in the absence of an
obligation to complete the overall development," the court, as
cited by The Strait Times, said.  The vendors' breach of this
essential term amounted to a repudiation which the investors
"were entitled to accept . . . and cancel the sale and purchase
agreements as they did."

The investors were also awarded 75% of their legal costs. The sum
is still being worked out, adds The Strait Times.

Only 71 of the original 109 investors saw the case to the end. A
number had previously settled to pay a portion of damages, the
report notes.


TALOS ACCOUNTING: Director Goes Bankrupt Owing NZ$13 Million
------------------------------------------------------------
The New Zealand Herald reports that the director of a group of
companies that former Blue Chip boss Mark Bryers helped run in
Australia has been declared bankrupt owing AUD12.8 million
(NZ$13.2 million).

The Herald relates that Stephen Peter Lacy filed a debtor's
petition earlier this month with the Australian Financial
Security Authority. Four banks were the biggest of 24 creditors
listed.

Mr. Lacy was listed as the sole director and shareholder of a
range of companies in the Talos Accounting Group, an organisation
that the Herald revealed Mr. Bryers was helping manage using the
name Mark Ryan.

According to the report, Mr. Lacy had signed personal guarantees
for millions of dollars of loans associated with the Talos
business, an aggregated accounting and financial services
operation with some hallmarks of the disastrous Blue Chip
companies in New Zealand.

A dozen accounting firms that Talos bought, but did not pay the
full amount for, are among creditors listed in Lacy's statement
of affairs, the report relates.

Lacy did not return the Herald's call.

Talos went into liquidation last year, the report discloses.

A liquidator's report lodged in August estimated the company owed
one secured and 17 unsecured creditors a total of AUD5.2 million
(NZ$5.36 million), adds the Herald.



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


OTTO MARINE: Seeks to Wind up Two Australian Units
--------------------------------------------------
Otto Marine Limited said that GO Marine Group Pty Ltd has filed
three applications with the Supreme Court of Western Australian
to wind up two of its subsidiaries, Go Inshore Pty Ltd and Go
Marine Group Pty Ltd.

The Court has directed that the applications be heard on Nov. 8,
2016.

Otto Marine said the total sum claimed against the Subsidiaries
pursuant to the Applications is in the approximate quantum of
AUD787,204.

"The management of GMG is presently seeking legal advice and have
plans to dispute the Debts," Otto Marine said.  "The Company has
taken all reasonable care to ensure that the facts stated in this
announcement are fair and accurate in all material aspects as at
the date hereof and that no material facts have been omitted from
this announcement."

Headquartered in Singapore Otto Marine Limited --
http://www.ottomarine.com/--through its
subsidiaries, engages in the shipyard, shipping and chartering,
ship leasing, and subsea activities. The company was founded in
1979.



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


HANJIN SHIPPING: S. Korean Court Mulls Sale of Shipping Firm
------------------------------------------------------------
Kyunghee Park at Bloomberg News reports that the South Korean
court overseeing Hanjin Shipping Co.'s receivership is
considering a sale process for the entire container line, a month
after the debt-laden company's filing roiled supply chains
worldwide.

The Seoul Central District Court has called for a meeting of
officials who are evaluating the container line, Choi Ung-young,
a judge and a spokesman for the court, said in an interview on
Sept. 28, according to Bloomberg. The court thinks it's important
to start the process sooner rather than later, but the sale plan
will depend on market conditions, he said.

Bloomberg relates that the proposed sale of the entire company
comes after an analyst said A.P. Moeller-Maersk A/S's container
line could be interested in buying Hanjin Shipping and smaller
rival Hyundai Merchant Marine Co., which is under creditor-led
restructuring.  Bloomberg says the Seoul court had established a
committee to evaluate Hanjin Shipping and the outcome is due in
November, while the container company needs to submit its
proposal for revival by Dec. 23.

Choi said the court would prefer to have companies in the
shipping industry take over Hanjin Shipping, rather than
investment funds, to obtain the expertise necessary to help the
troubled container line survive, Bloomberg relays.

Hanjin Shipping rose 10% to close at 1,250 in Seoul trading,
giving it a market value of about KRW307 billion ($280 million),
Bloomberg discloses. The company was valued at about $1.2 billion
a year earlier.

                      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.


POSCO E&C: Builder Faces Restructuring Amid Low Oil Prices
----------------------------------------------------------
Yonhap News Agency reports that stung by persistently low oil
prices that prompted foreign orders to dry up, South Korean
construction firms have been preparing for restructuring plans,
according to company officials on Sept. 27.

POSCO E&C, a construction arm of steelmaker POSCO, plans to cut
500 jobs by the end of this year via a voluntary retirement
program, Yonhap says.

In the first half of the year, POSCO E&C reported a loss of
KRW177.1 billion ($161.6 million).

Yonhap notes that POSCO E&C saw sales fall by more than KRW1
trillion in the first six months of the year, compared with the
same period last year.

"The voluntary retirement program is part of a groupwide
restructuring plan and aimed at pre-emptively dealing with a
slump in the construction business," Yonhap quotes a POSCO E&C
official as saying.

According to the report, POSCO is said to have considered merging
POSCO E&C with another construction affiliate, POSCO Engineering,
to boost efficiency. If the planned merger goes ahead, POSCO
Engineering would cut about 600 jobs.

Yonhap meanwhile says Daewoo Engineering & Construction Co.,
another major construction firm, plans to announce restructuring
measures, including a voluntary retirement program, in November.

With the order book for offshore plants becoming empty, Daewoo
Engineering is expected to scale back its business division for
overseas plants.

"A merger of sluggish business divisions, such as foreign power
plants, is expected to take place," the report quotes a Daewoo
Engineering official as saying.

Yonhap adds that Samsung C&T Corp., a unit of the country's top
conglomerate Samsung, has already conducted a voluntary
retirement program, cutting its total workforce to 7,084 people
in June from 7,952 people at the end of last year.

Overseas construction orders had once accounted for as much as
70% of total annual sales of a major construction firm in South
Korea.  But the plunging price of oil has taken its toll, Yonhap
notes.

Yonhap, citing industry data, discloses that the value of foreign
construction orders won by South Korean firms stood at $18.4
billion so far this year.

If the trend continues, South Korean firms may win about $30
billion worth of foreign construction orders this year, which
would be the smallest amount since 2006, adds Yonhap.

POSCO Engineering & Construction Co., Ltd. is one of the major
construction companies in Korea. It is 52%-owned by POSCO, a
leading steelmaker in Korea.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2016, Moody's Investors Service downgraded POSCO
Engineering & Construction Co., Ltd.'s Baa3 issuer rating to a
Ba1 corporate family rating, and has therefore withdrawn the
issuer rating.  The rating outlook is stable.



                             *********

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 ***