TCRAP_Public/160930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 30, 2016, Vol. 19, No. 194

                            Headlines


A U S T R A L I A

3R- SYSTEMS: First Creditors' Meeting Set for Oct. 10
F.A.B CLEANING: First Creditors' Meeting Set for Oct. 6
IXOM PTY: S&P Withdraws 'B+' Corporate Credit Rating
SUNCOAST CIVIL: First Creditors' Meeting Set for Oct. 7


C H I N A

FANTASIA HOLDINGS: Moody's Assigns B3 Rating on Sr. Unsec. Debt
FANTASIA HOLDINGS: S&P Assigns 'B' Rating on Proposed US$ Notes
HUA HAN: S&P Lowers CCR to 'B+' & Keeps on CreditWatch Negative
SINOSTEEL CORP: Regulators Push Through Debt Restructuring Plan
WINSWAY ENTERPRISES: Final Distribution Date Set for Oct. 7


I N D I A

ABS WHEELS: CRISIL Lowers Rating on INR42.5MM Term Loan to 'D'
AGRI TILL: CRISIL Lowers Rating on INR58MM Term Loan to 'B'
ALLIAANCE BIOTECH: CRISIL Lowers Rating on INR80MM Loan to B+
ANDHRA PRADESH: ICRA Reaffirms 'D' Rating on INR1,951.6cr Loan
AXLE PAPER: CRISIL Assigns B+ Rating to INR77MM LT Loan

B S ENTERPRISE: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
B S TRANSPORT: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
BEST INDIA: ICRA Withdraws 'B' Rating on INR6.50cr Cash Loan
BHOLARAM EDUCATION: CRISIL Suspends 'D' Rating on INR180MM Loan
BHUMI COTTEX: CRISIL Suspends 'B' Rating on INR140MM Term Loan

BLG ELECTRONICS: CRISIL Suspends B+ Rating on INR75MM Cash Loan
COROMANDEL ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90M Loan
DELTRONIX INDIA: Ind-Ra Withdraws 'IND D' Long-term Issuer Rating
DHANA IMPEX: CRISIL Assigns B+ Rating to INR24MM Cash Loan
DHARTI COTSPIN: CRISIL Suspends B+ Rating on INR406.5MM Loan

DHIWISHA REALTY: CRISIL Suspends 'B' Rating on INR750MM Loan
ESSAR FERRO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
EXOTIC GRANITE: ICRA Reaffirms 'B' Rating on INR6.0cr Term Loan
HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR45MM Loan
GANPATI AGRI: Ind-Ra Hikes LT Issuer Rating to 'IND BB'

GOPINATH ENTERPRISE: ICRA Suspends B+ Rating on INR5.0cr Loan
JOY GURU: CRISIL Assigns 'B' Rating to INR40MM Term Loan
K-PACK SYSTEMS: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
KNR CONTRACTORS: ICRA Suspends 'B' Rating on INR8.0cr Loan
LAL BABA: Ind-Ra Assigns 'IND BB' Long-term Issuer Rating

M. D. ESTHAPPAN: CRISIL Assigns B Rating to INR100MM Cash Loan
MANAS FLOUR: Ind-Ra Suspends 'IND BB' Long-term Issuer Rating
MARKS ENTERPRISES: CRISIL Cuts Rating on INR77.5MM Loan to 'D'
MASCOT ENGITECH: CRISIL Suspends B+ Rating on INR70MM Cash Loan
MODERN OVERSEAS: CRISIL Lowers Rating on INR125MM Loan to 'D'

MRO-TEK REALTY: ICRA Reaffirms B+ Rating on INR20cr LT Loan
NASHIK INSTITUTE: CRISIL Suspends D Rating on INR70MM Term Loan
NAVA HEALTHCARE: CRISIL Assigns B+ Rating to INR180MM Cash Loan
NIMCO RATA: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
NIRMALA INFRA: Ind-Ra Suspends 'IND D' Long-term Issuer Rating

NITIN SAI: CRISIL Suspends B+ Rating on INR27.5MM LT Loan
OM BIOMEDIC: Ind-ra Withdraws 'IND D' Long-term Issuer Rating
PERFECT ENGINEERING: ICRA Ups Rating on INR10cr Loan to B-
POONAM ENTERPRISE: ICRA Suspends B- Rating on INR12.65cr Loan
R K ROADLINES: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating

RAHUL FERROMET: ICRA Suspends 'D' Rating on INR19.33cr Loan
RAINBOW PAPERS: CRISIL Puts 'D' Ratings on Notice of Withdrawal
ROBBINS TUNNELING: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
SAI CONSTRUCTION: Ind-Ra Withdraws 'IND B' LT Issuer Rating
SATYA SURYA: ICRA Suspends 'B' Rating on INR4.07cr Loan

SE COMPOSITES: ICRA Suspends D Rating on INR470cr LT Loan
SE ELECTRICALS: ICRA Suspends 'D' Rating on INR255cr LT Loan
SHANTAI EXIM: ICRA Reaffirms B- Rating on INR7.0cr LT Loan
SINGER IMPEX: CRISIL Suspends B+ Rating on INR55MM Cash Loan
SRI JYOTHI: CRISIL Suspends B+ Rating on INR40MM Cash Loan

SRI VENKATESWARA: ICRA Suspends 'B' Rating on INR8.0cr Loan
SUMER SONS: CRISIL Reaffirms B- Rating on INR165MM Cash Loan
SUNWATT INTERNATIONAL: ICRA Cuts Rating on INR.5cr Loan to B+
SUZLON GUJARAT: ICRA Suspends 'D' Rating on INR317cr LT Loan
SUZLON POWER: ICRA Suspends 'D' Rating on INR162cr LT Loan

SUZLON STRUCTURE: ICRA Suspends 'D' Rating on INR217cr LT Loan
SWASTIK CEMENT: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
T K ROADLINES: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
T K ROADWAYS: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
TATA MOTORS: Moody's Raises CFR to Ba1; Outlook Stable

TEJINDER KAUR: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
VEL STEELS: CRISIL Assigns B+ Rating to INR35MM Cash Loan


I N D O N E S I A

BUMI SERPONG: Moody's Rates Proposed 2023 Sr. Unsec. Notes Ba3
TRIKOMSEL OKE: Indonesian Court Reviews Debt Workout Plan
VALE INDONESIA: S&P Affirms 'BB' CCR; Outlook Stable


J A P A N

ARCH FINANCE 2007-1: Moody's Reviews Ba2 Rating for Downgrade
KANEMATSU-NNK CORP: To Halt Production After 77 Years
KOBE STEEL: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
TAKATA CORP: Flex-N-Gate One of Five Potential Buyers
TAKATA CORP: In Talks to Resolve Alleged Criminal Wrongdoing


S O U T H  K O R E A

HANJIN SHIPPING: Court Undecided Whether Sale is Needed
LEO MOTORS: Registers 43 Million Shares for Resale
LOTTE GROUP: Chairman Avoids Arrest Over Corruption Allegations


                            - - - - -


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


3R- SYSTEMS: First Creditors' Meeting Set for Oct. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of 3R-
Systems Pty Ltd will be held at the offices of DV Recovery
Management, Level 1, 76 Market Street, in Wollongong, on Oct. 10,
2016, at 10:00 a.m.

Danny Tony Vrkic of DV Recovery Management was appointed as
administrator of 3R- Systems on Sept. 28, 2016.


F.A.B CLEANING: First Creditors' Meeting Set for Oct. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of F.A.B
Cleaning Services Australia Pty Ltd will be held at the Ground
Floor, 81 Flinders Street, in Adelaide, on Oct. 6, 2016, at
11:00 a.m.

Paul Victor Jorgensen of PKF Kennedy was appointed as
administrator of F.A.B Cleaning Services Australia Pty Ltd on
Sept. 19, 2016.


IXOM PTY: S&P Withdraws 'B+' Corporate Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew all outstanding ratings on Ixom Pty
Ltd., at the company's request.  At the time of withdrawal, the
long-term corporate credit rating on IXOM was 'B+' and the issue
rating on the company's senior secured US$402 million term loan B
and its AUD65 million revolving credit facility was 'BB-'.  The
outlook was stable.  The company has fully repaid the term loan B
facility and refinanced the revolving credit facility.


SUNCOAST CIVIL: First Creditors' Meeting Set for Oct. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Suncoast
Civil Holdings Pty Ltd will be held at Unit 1, 78 Logan Road, in
Woolloongabba, Queensland, on Oct. 7, 2016, at 10:00 a.m.

Bill Cotter and W. Roland Robson of Robson Cotter Insolvency
Group were appointed as administrators of Suncoast Civil on
Sept. 27, 2016.



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


FANTASIA HOLDINGS: Moody's Assigns B3 Rating on Sr. Unsec. Debt
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured debt
rating to Fantasia Holdings Group Co., Limited's proposed senior
unsecured USD notes.

Fantasia plans to use the proceeds from the proposed notes mainly
to refinance existing indebtedness.

                         RATINGS RATIONALE

"If the proposed notes are issued, Fantasia's debt maturity
profile will improve," says Stephanie Lau, a Moody's Assistant
Vice President and Analyst.

Moody's expects the company will use the proceeds to repay its
existing outstanding USD notes.

"We also do not expect the proposed notes to have any material
impact on Fantasia's credit metrics," says Lau, who is also the
Lead Analyst for Fantasia.

Fantasia has expanded its asset-light businesses through
acquisitions, including Wanda Property Management, while it
continues with a cautious strategy on land acquisition and
development.

After accounting for the Wanda acquisition announced in August
2016 and notes issuance, Moody's expects that EBIT/interest will
stay at around 1.8x-2.0x over the next 12-18 months, and
revenue/debt should register around 50%-52%.

Such levels remain similar to those in FY2015 and are appropriate
for the company's corporate family rating of B2.

The company's liquidity position is sufficient.  Cash/short term
debt - excluding the cash on hand of its listed subsidiary,
Colour Life Services Group, Co. Ltd (unrated) - increased to 397%
at end-1H 2016 from 133% in 2015.

Fantasia's B2 corporate family rating reflects its long track
record in Chengdu and Shenzhen, its diversified development
product line in commercial complexes and high-end residential
properties, and its adequate liquidity.

But the rating is constrained by execution risks in its new
markets, the short track record of its asset-light model, and its
weak credit metrics.

The B3 senior unsecured rating of the proposed notes is one notch
below Fantasia's B2 corporate family rating, reflecting
structural and legal subordination.

Its secured and subsidiary debt/total assets was around 18% at
end-June 2016.  However, Moody's expects the ratio to stay above
15% in the coming 12-18 months, because the company will continue
to draw on onshore and/or secured bank loans to fund its
construction and expansion.

Upward pressure on its ratings could emerge if: (1) Fantasia's
EBIT/interest coverage improves to 2.5x-3.0x on a sustained
basis; (2) its revenue/adjusted debt stays above 75%-80%; and (3)
it records contracted sales and revenue consistently above RMB10
billion, with a reasonable gross margin of at least 35%-37%.

On the other hand, the ratings undergo a downgrade if its: (1)
sales fall short of Moody's expectations; (2) liquidity position
deteriorates, due to aggressive land acquisitions, weak sales, or
large debt maturities without committed refinancing arrangements;
and (3) cash/short-term debt falls below 1.0x.

EBIT/interest coverage below 1.5x on a sustained basis would also
indicate a potential downgrade.

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

Fantasia Holdings Group Co., Limited, is a property developer in
China (Aa3 negative).  Established in 1996, it listed on the Hong
Kong Stock Exchange in November 2009.  At end-June 2016, its land
bank totaled 16.8 million square meters in planned gross floor
area - including lots under framework agreements - mainly in the
Chengdu-Chongqing Economic Zone and the Pearl River Delta.


FANTASIA HOLDINGS: S&P Assigns 'B' Rating on Proposed US$ Notes
---------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
issue rating to a proposed issue of U.S.-dollar-denominated
senior unsecured notes by Fantasia Holdings Group Co. Ltd.
(B+/Stable/--; cnBB/--).  S&P also assigned its 'cnBB-' long-term
Greater China regional scale rating to the notes.  The ratings
are subject to S&P's review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Fantasia to reflect the structural subordination
risk.  Fantasia intends to use the net proceeds to refinance its
existing debt.

Fantasia's operating performance is in line with S&P's
expectation so far this year.  During the first eight months
ended Aug. 31, 2016, Fantasia's contracted sales were Chinese
renminbi (RMB)8.55 billion, accounting for about 70% of S&P's
full-year projection.  The company remains cautious in acquiring
land, given that management indicated that it would spend RMB1.5
billion - RMB2.0 billion for land reserves in 2016 and 2017.  S&P
expects Fantasia's leverage in 2016 will be close to S&P's
forecast of a debt-to-EBITDA ratio of 5x-6x.

S&P anticipates Fantasia will continue to expand its asset-light
businesses, in line with the company's strategic transition,
while maintaining stable growth in property development.  In
August 2016, its subsidiary and a partnership it set up in early
July 2016 acquired Wanda Property Management Co. Ltd.'s
residential and commercial property management.  In S&P's view,
Fantasia will continue to acquire property management and
community services businesses for the next two years.

Fantasia's operating scale and high leverage constrain the
rating. The rating also reflects rising execution risk from
Fantasia's rapid expansion in asset-light segments.  However, the
company's growing stable income from property management
business, sizable land reserves, and long operating record in the
property industry temper these weaknesses, in S&P's view.


HUA HAN: S&P Lowers CCR to 'B+' & Keeps on CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Hua Han Health Industry Holdings Ltd.
to 'B+' from 'BB-'.  S&P also lowered its long-term issue rating
on the company's senior unsecured notes to 'B+' from 'BB-'.  At
the same time, S&P lowered its Greater China regional scale
ratings on Hua Han and the outstanding notes to 'cnBB' from
'cnBB+'.  S&P kept all the ratings on CreditWatch, where they
were placed with negative implications on Aug. 17, 2016.  Hua Han
is a China-based pharmaceutical and hospital services provider.

"We downgraded Hua Han because we believe the company's risk
management has weakened and we see higher risk in its internal
control," said S&P Global Ratings credit analyst Sophie Lin.

On Sept. 27, 2016, Hua Han suspended trading in its shares and
debt securities pending an announcement of the audit progress of
its annual results for the fiscal year ended June 30, 2016.

S&P believes Hua Han could delay filing its annual results due to
the expanded audit scope on financial reporting and internal
control.  Moreover, the company's response to allegations of
accounting irregularity is slower than S&P expected and
management's communication with us has not been timely and
transparent.  This indicates Hua Han's deficiencies in managing
the potential negative implications of the allegations and
increasing risk of information quality.  As a result, S&P has
revised its assessment of the company's management and governance
to weak from fair.

S&P is unclear when Hua Han will resume share trading.
Suspension of trading in shares for several consecutive trading
days could trigger an event-of-default clause under the company's
convertible bonds covenant, which may lead to accelerated
repayment of debt. S&P understands the company is seeking wavier
from bondholders.

Based on its cash position as of Dec. 31, 2015, Hua Han should
have sufficient resources to meet the potential early redemption
of its Hong Kong dollar (HK$) 620 million convertible bonds and
its US$150 million senior unsecured notes.  However, this
information may be dated, given the company's high capital
spending for its hospital business. S&P also needs to assess
management's willingness and ability to timely repay its debt
maturities in case of an accelerated repayment.

Hua Han has about HK$4.0 billion of cash and cash equivalent as
of Dec. 31, 2015, partly from its HK$3.1 billion share offering
in June 2015.

"The validity of the allegations is still unclear to us and the
delay in filing the annual report could reduce the timeliness and
transparency of the company's financial reporting and position.
We see uncertainties on how Hua Han's creditors, the auditor, and
the regulators will respond to the allegations and the delay in
the filing of annual results.  The securities regulations
required the company to file its preliminary annual financial
results within three months of its fiscal year end.  Any negative
response or investigation could weaken the company's liquidity,
the confidence of its counterparties, and weigh on its
operational and financial performance.  As a result, we kept our
ratings on Hua Han and its notes on CreditWatch with negative
implications.  The company's compliance with relevant accounting
standards and the severity of its internal control deficiencies
will continue to underpin our assessment," S&P said.

S&P aims to resolve the CreditWatch within the next three months
when it has more information to assess the validity of the
allegation of accounting irregularities and the impact of the
negative report on Hua Han's credit profile.

S&P could lower its rating on Hua Han by one or more notches if:
(1) any of the allegations prove to be true; (2) the company's
liquidity deteriorates substantially due to a failure to obtain
waiver from bondholders, materially reduced access to capital
markets, or deterioration in operating performance; or (3) there
is an extended delay in the filing of the annual report.

S&P could affirm the rating if Hua Han proves its appropriate
application of the accounting standards, resumes trading in its
shares and debt securities, and files its annual report with
unqualified auditor's opinion on time, while maintaining an
adequate liquidity position.


SINOSTEEL CORP: Regulators Push Through Debt Restructuring Plan
---------------------------------------------------------------
Bloomberg News reports that Chinese regulators have pushed
through the debt restructuring plan of a state-owned steel trader
as the government gets set for a new round of debt cleanups, a
subsidiary said.

Sinosteel Engineering & Technology Co. on Sept. 27 received a
notice from its controlling holder Sinosteel Corp. that its
parent's plan had been approved with guidance from government
agencies, according to a statement from the unit to the Shenzhen
stock exchange cited by Bloomberg. Beijing-based Sinosteel Corp.
will accelerate supply-side reforms and take the restructuring as
an opportunity to become an international company, the statement
said, without giving details of the plan, Bloomberg notes.

Bloomberg says the move comes as Premier Li Keqiang seeks to
carry out his plan to cut corporate debt, which more than doubled
in the past five years to CNY111.7 trillion ($16.7 trillion) as
of the end of 2015. In the last major debt cleanup in 1999, about
30 percent of bad loans were swapped into equity as directed by
the government.

A plan that may convert about half of Sinosteel Corp.'s
CNY60 billion in debt owed to financial institutions to equity
has been approved, Caixin reported on Sept. 20, citing
unidentified people. The debt may be changed into six-year
convertible bonds, Caixin said, Bloomberg relays.

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.


WINSWAY ENTERPRISES: Final Distribution Date Set for Oct. 7
-----------------------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance set Oct. 7, 2016, as Final Distribution
Date for Scheme Creditors of Winsway Enterprises Holdings
Limited.

Winsway Enterprises Holdings Limited (now known as E-Commodities
Holdings Limited), together with its subsidiaries, processes and
trades in coking coal and other products in the People's Republic
of China and internationally. The company manages and operates
coal processing plants.  It also provides logistics services.
The company was formerly known as Winsway Coking Coal Holdings
Limited and changed its name to Winsway Enterprises Holdings
Limited in June 2014.  Winsway Enterprises Holdings Limited was
incorporated in 2007 and is headquartered in Beijing, the
People's Republic of China

Winsway Enterprises Holdings Limited has initiated a case under
Chapter 15 of the Bankruptcy Code, seeking recognition in the
United States of a proceeding currently pending in Hong Kong.
The petition was filed by Cao Xinyi as Winsway's foreign
representative, with authorization from the Board of Directors.

The Chapter 15 case, filed in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 16-10833)
on April 6, 2016, is assigned to Judge Martin Glenn.



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


ABS WHEELS: CRISIL Lowers Rating on INR42.5MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
ABS Wheels Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          22.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              7.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      27.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               42.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing term loan instalments
and overutilisation of cash credit account for more than 30
consecutive days. Both the defaults were because of weakening
liquidity following debt-funded capital expenditure and working
capital-intensive operations.

ABS also has a below-average financial risk profile because of
leveraged capital structure and weak debt protection metrics, and
modest scale of operations due to start-up phase. However, the
company benefits from the extensive entrepreneurial experience of
its promoters and their funding support.

Incorporated in July 2013 and promoted by Mr. Arshad Shaikh and
his family members, ABS has a Volkswagen passenger car dealership
and operates a 3S (sales-service-spares) showroom in Solapur,
Maharashtra. The company is the sole authorized Volkswagen dealer
for Solapur, Osmanabad, and Latur; Maharashtra. Commercial
operations began from March 2014.


AGRI TILL: CRISIL Lowers Rating on INR58MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Agri Till India to 'CRISIL B/Stable' from 'CRISIL B+/Stable',
and reaffirmed the firm's short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         10       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit              30       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Export Packing Credit    50       CRISIL A4 (Reaffirmed)

   Letter of Credit         20       CRISIL A4 (Reaffirmed)

   Term Loan                58       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects significant deterioration in the firm's
financial risk profile on account of weakening of its capital
structure due to large, debt-funded capital expenditure (capex)
to set up a plant in Haryana. ATI invested INR37.5 million over
the two years through fiscal 2016 in the new plant, and is likely
to invest INR30 million to complete the capex in fiscal 2017. The
firm has been sanctioned a term loan of INR60 million (Rs 25.5
million drawn till March 31, 2016) for the capex. As a resulted,
its total outside liabilities to tangible net worth (TOLTNW)
ratio weakened to 3.4 times as on March 31, 2016, from 1.9 times
a year earlier, and is expected to remain over 4 times over the
medium term as the firm avails the entire term loan to complete
the capex.

The firm has debt obligation of INR8 million in fiscal 2017 and
INR9.6 million in fiscal 2018. Its expected net cash accrual of
INR8-9 million will just cover the debt obligation.

The ratings reflect the firm's modest operating profitability,
and weak financial risk profile because of high leverage. These
weaknesses are partially offset by its partners' extensive
experience in the agricultural implements industry.
Outlook: Stable

CRISIL believes ATI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if a more-than-expected increase in revenue and
profitability or equity infusion leads to a better financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' in case of a decline in profitability, resulting in
low accrual; or a stretch in working capital cycle; or larger
than anticipated debt-funded capex.

ATI was set up by Mr. Rohit Rajpal and Mr. Rahul Rajpal in 2011
as a partnership firm. It manufactures tractor and farm
equipment, primarily comprising rotavator blades and disc
equipment in carbon and boron steel. Its manufacturing facility
is in Karnal, Haryana.


ALLIAANCE BIOTECH: CRISIL Lowers Rating on INR80MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Alliaance Biotech to 'CRISIL B+/Stable/CRISIL A4 ' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Import Letter of          7.5     CRISIL A4 (Downgraded from
   Credit Limit                      'CRISIL A4+')

   Standby Letter            5.0     CRISIL B+/Stable (Downgraded
   of Credit                          from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in the firm's
financial risk profile, especially liquidity; this is because of
intense competition in the pharmaceutical industry which led to a
stretched working capital cycle. Gross current assets (GCAs)
remained significantly high, estimated at above 280 days as on
March 31, 2016, primarily due to rise in receivables to above 150
days.

This, coupled with subdued operating levels and limited funding
support from promoters, has led to increased dependence on bank
limit, which were fully utilized. CRISIL believes significant and
sustained decline in GCA days will be critical for improvement in
liquidity.

The ratings reflect weak debt protection metrics with interest
coverage ratio estimated at 1.8 times for fiscal 2016. The
ratings also factor in large working capital requirement, low net
profitability, and muted growth in turnover or modest scale of
operations owing to intense competition. These rating weaknesses
are partially offset by the industry experience of the firm's
partners.
Outlook: Stable

CRISIL believes AB will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of larger-than-
expected cash accrual while working capital management improves,
leading to a better financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if the
financial risk profile weakens on account of low cash accrual,
stretched working capital cycle, withdrawal of capital by
partners, or large, debt-funded capital expenditure.

Set up as a partnership firm by Mr. Nitin Singla, Mr. Shishir
Gupta and Mr. Navneet Dhawan, AB manufactures tablets, capsules,
injections and liquid orals at its manufacturing plant at Baddi
(Himachal Pradesh). Mr. Navneet Dhawan left the firm in April
2014.

In fiscal 2016, on provisional basis, net profit was INR4.2
million on net sales of INR341.6 million, against Net profit of
INR3.9 million on net sales of INR314.7 million in fiscal 2015.


ANDHRA PRADESH: ICRA Reaffirms 'D' Rating on INR1,951.6cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the ratings outstanding on the INR4,053.3
crore long term bond programmes of Andhra Pradesh Power Finance
Corporation Limited at [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Bond
   Programme              1,951.6      [ICRA]D; reaffirmed

   Long-term Bond
   Programme                314.1      [ICRA]D; reaffirmed

   Long-term Bond
   Programme              1,787.6      [ICRA]D; reaffirmed

The rating reaffirmation takes into account the continued delay
and shortfall in interest servicing of the rated bonds by APPFC,
because of the ongoing dispute between Telangana State Power
Finance Corporation and APPFC on the distribution of assets and
liabilities following the bifurcation of the erstwhile state of
Andhra Pradesh in June 2014. ICRA notes that while the shortfall
in interest for FY2016 was cleared in July 2016 by APPFC,
interest payments for the rated instruments that fell due on
April 1, 2016, July 01, 2016 and September 01, 2016, have not
been serviced in full yet. ICRA also notes that despite the event
of an interest shortfall, the Trustee to the bondholders has not
invoked the guarantee extended by the Government of Andhra
Pradesh (GoAP) towards the rated debt as per the terms of the
structured payment mechanism.

Going forward, resolution of the terms of bifurcation of asset
and liabilities between the two entities would remain critical
for timely and full servicing of the rated debt instruments.

APPFC was incorporated in July 2000 by the GoAP with the main
objective of providing debt and equity funding to enterprises
engaged in the power sector. APPFC is registered as a non-banking
finance company with the Reserve Bank of India.In the past, APPFC
had borrowed on behalf of the government of the undivided state,
which had fully guaranteed the entity's borrowings.

On June 2, 2014, the state of Andhra Pradesh was bifurcated into
the successor states of Telangana and residuary Andhra Pradesh
(AP). As per section 53 of the AP Reorganisation Act 2014, a
separate Telangana Power Finance Corporation Limited was created
for Telangana and the existing APPFC continued for the residuary
AP. The outstanding bonds of APPFC were allocated between
Telangana and residuary AP in the ratio of 59.54% and 40.46%
respectively, vide a Government Order dated May 30, 2014, issued
prior to bifurcation by the GoAP. However, the higher share of
liabilities is being contested by Telangana resulting in TSPFC
not paying its full share of interest dues to APPFC, leading to a
shortfall in interest servicing by APPFC to its bondholders.


AXLE PAPER: CRISIL Assigns B+ Rating to INR77MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Axle Paper Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      77        CRISIL B+/Stable

   Proposed Bank
   Guarantee                8        CRISIL B+/Stable

   Proposed Cash
   Credit Limit            45        CRISIL B+/Stable

The ratings reflect the company's initial phase of operations in
the highly fragmented and competitive paper industry, and its
susceptibility to fluctuations in waste paper prices. These
weaknesses are partially offset by the advantageous location of
its plant because of proximity to the packaging industry, and its
promoters' experience in the packaging industry.
Outlook: Stable

CRISIL believes AXPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilization of
operations at its upcoming plant, and higher-than-expected
revenue and profitability, leading to substantial cash accrual.
The outlook may be revised to 'Negative' if there are delays in
commencement of operations, or if cash accrual is lower than
expected during the initial phase, resulting in pressure on
liquidity.

AXPL, established in 2016, is promoted by Mr. Sagar Charola,
Mr. Sanjay Kakasania, and Mr Vipulkumar Kaila. The company is
setting up a plant at Morbi, Gujarat for manufacturing fluid
media quality kraft paper, mainly used in product packaging and
corrugated boxes. Commercial production is expected to start in
January 2017.


B S ENTERPRISE: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B S Enterprise a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BSE's small scale of operations and moderate
credit profile. According to the FY16 provisional financial
statement, revenue was INR87 million (FY15: INR60 million),
EBITDA margins were 36.9% (36.9%), gross interest coverage
(EBITDA/interest) was 3.4x (2.8x) and net leverage (net
debt/EBITDA) was 2.7x (2.8x). |

The ratings also reflect BSE's moderate liquidity, as is evident
from its 82.86% average utilisation of the working capital
facilities over the 12 months ended August 2016.

The ratings, however, are supported by the two-decade-long
experience of the company's partners in providing logistics
services.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
maintenance of the credit metrics will be positive for the
ratings.

Negative: A decline in the scale of operations leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

BSE was incorporated in 2011 and is engaged in providing LPG
transportation facilities in the eastern part of India.

BSE's ratings:

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

   -- INR45.29 million term loan: assigned 'IND BB-'/Stable

   -- INR19.4 million fund-based limits: assigned
      'IND BB-'/Stable

   -- INR1.13 million non-fund-based limit: assigned 'IND A4+'


B S TRANSPORT: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B S Transport
Company (BSTC) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BSTC's small scale of operations and moderate
credit profile. According to the FY16 provisional financial
statement, the revenue was INR73 million (FY15: INR53 million),
EBITDA margins were 39.2% (36.7%), gross interest coverage
(EBITDA/interest) was 3.4x (2.9x) and net leverage (net
debt/EBITDA) was 3x (3.1x).

The ratings also reflect BSTC's moderate liquidity, as is evident
from its 76.57% average utilisation of the working capital
facilities over the 12 months ended August 2016.

The ratings, however, are supported by the two-decade-long
experience of the company's partners in providing logistic
services.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
maintenance of the credit metrics will be positive for the
ratings.

Negative: A decline in the scale of operations leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

BSTC was incorporated in 2011 and is engaged in providing LPG
transportation facilities in the eastern part of India.

BSTC's ratings:

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

   -- INR37.74 million term loan: assigned 'IND BB-'/Stable

   -- INR17 million fund-based limits: assigned 'IND BB-'/Stable

   -- INR1 million non-fund-based limit: assigned 'IND A4+'


BEST INDIA: ICRA Withdraws 'B' Rating on INR6.50cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B for the
INR6.50 crore cash credit facilities and the short term rating of
[ICRA]A4 for the INR0.90 crore non fund based facilities of
Best India Tobacco Suppliers Private Limited which were on notice
of withdrawal for 1 month as the company has closed the bank
facilities. There is no amount outstanding against the rated
instruments.

Best India Tobacco Suppliers Private Limited was incorporated in
1981-82 in Guntur, Andhra Pradesh. The Company is primarily into
exporting of processed tobacco to countries like Tunisia, Algeria
and Egypt. The Company largely caters to the Flue Cured Virginia
(FCV) variety which contributes to around 60% of the revenues,
with the rest generated from Burley and Rustica varieties of
tobacco. BITL exports mainly to two Companies in Tunisia - Regie
Nationale Des Tabacs Et Des Allumettes (RTNA) and Manufacture Des
Tabacs De Kairouan (MTK), which are owned by the Tunisian
Government. BITL is a registered supplier with these entities and
has been exporting to these customers since 1999.


BHOLARAM EDUCATION: CRISIL Suspends 'D' Rating on INR180MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bholaram Education Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL D
   Term Loan              180        CRISIL D

The suspension of ratings is on account of non-cooperation by BES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BES is yet to
provide adequate information to enable CRISIL to assess BES'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 2002, BES is promoted by Mr. Apoorva Goenka and his
family. The society runs DPS in Gandhinagar, GRIDS, and the 100-
bed multi-speciality Goenka Hospital in Piplaj (Gujarat).


BHUMI COTTEX: CRISIL Suspends 'B' Rating on INR140MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhumi Cottex Industry Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit            100        CRISIL B/Stable
   Term Loan              140        CRISIL B/Stable

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

Bhumi Cottex, established in April 2011 in Jalna (Maharashtra),
operates a solvent extraction plant. It extracts edible oil and
de-oiled cake from cotton seeds. The company is promoted by the
Runwal, Bhakkad, and Petty families; however, the Petty family
exited from Bhumi Cottex in 2013-14 (refers to financial year,
April 1 to March 31).


BLG ELECTRONICS: CRISIL Suspends B+ Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
BLG Electronics Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable
   Term Loan               58.5      CRISIL B+/Stable

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

BLG Electronics Limited, incorporated in 1988, is engaged in
manufacturing of printed circuit boards which are used in
manufacturing of electronics items such as television,
refrigerators and other home appliances. The company is also
engaged in manufacturing of LED lights. The company was taken
over by Mr. Rohit Raisurana in 1990 and is currently managed by
him and his family members. BLG has its manufacturing facility
located in Gandhinagar, Gujarat.


COROMANDEL ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Coromandel
Enterprises continues to reflect a below-average financial risk
profile because of a modest networth, high total outside
liabilities to tangible networth ratio, and low debt protection
metrics.

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

The rating also factors in exposure to intense competition in the
steel trading industry resulting in low profitability margins.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters.
Outlook: Stable

CRISIL believes CE will continue to benefit over the medium term
from the extensive industry experience of its promoters and
established relationship with customers. The outlook may be
revised to 'Positive' in case of a substantial and sustained
increase in profitability margins, or substantial improvement in
the capital structure supported by sizeable equity infusion. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability margins, or significant deterioration in the
capital structure caused most likely by a stretched working
capital cycle.

CE, set up in 2009, is promoted by Mr Desu Venkata Seshagiri. The
firm trades in steel products such as thermo-mechanically treated
bars and coils. It is based in Ongole, Andhra Pradesh.


DELTRONIX INDIA: Ind-Ra Withdraws 'IND D' Long-term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Deltronix India
Limited's (DIL) 'IND D(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for DIL.

Ind-Ra suspended DIL's ratings on 26 February 2016.

DIL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn

   -- INR439.4 million long-term loan: Long-term
      'IND D(suspended)'; rating withdrawn

   -- INR246 million fund-based limits: Long-term and Short-term
      'IND D(suspended)'; ratings withdrawn

   -- INR100 million non-fund-based limits: Long-term and Short-
      term 'IND D(suspended)'; ratings withdrawn


DHANA IMPEX: CRISIL Assigns B+ Rating to INR24MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dhana Impex.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B+/Stable

   Cash Credit             24        CRISIL B+/Stable

   Letter of Credit        25        CRISIL A4

The ratings reflect the firm's modest scale of operations, large
working capital requirement, and below-average financial risk
profile marked by modest net worth and average capital structure.
These rating weaknesses are partially offset by the extensive
experience of the proprietor in trading of adhesives, foils and
films.
Outlook: Stable

CRISIL believes DI will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' if significant improvement in revenue,
while maintaining stable operating profitability and capital
structure, strengthens credit metrics. Conversely, the outlook
may be revised to 'Negative' if considerable decline in revenue
or margins, or stretch in working capital cycle weakens financial
risk profile, especially liquidity.

Set up in 1995, DI is a proprietorship firm trading in stamping
foils, specialty films and engineering adhesives. The firm is
based in Chennai and operations are managed by proprietor Mr
Kamalakannan T.


DHARTI COTSPIN: CRISIL Suspends B+ Rating on INR406.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dharti
Cotspin Private Limited.

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

   Proposed Long Term
   Bank Loan Facility      12.3      CRISIL B+/Stable

   Term Loan              406.5      CRISIL B+/Stable

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

DCPL is a Rajkot (Gujarat)-based company incorporated in 2014. It
manufactures cotton yarn, largely in of count of 30s. DCPL
started commercial production in April 2015.


DHIWISHA REALTY: CRISIL Suspends 'B' Rating on INR750MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Dhiwisha
Realty.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      750       CRISIL B/Stable

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

DR was set up in 2011 by Mr. Bhanji Patel, Mr. Pradeep Patel, and
Mr. Kamlesh Arathia. The firm is undertaking a residential
project, Classic Tower, in Taloja (Maharashtra) and plans a
residential cum commercial project, Amrut Sagar, in Dronagiri
(Maharashtra). The firm is based in Navi Mumbai.


ESSAR FERRO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Essar Ferro Alloys Company.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Cash Credit            70         CRISIL B+/Stable

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

EFAC, a partnership firm, was started in 1995 by Mr. Gordhan Das
Aggarwal and his wife Mrs. Sushila Devi Aggarwal. After closure
of its mild-steel ingots business in December 2008, the firm's
management focused on manufacturing enamelled copper wires
(winding wires) and power cables. However, post May 2012, the
firm has discontinued production of winding wires on account of
the product being unviable and has started manufacturing small
cables from 2014-15.


EXOTIC GRANITE: ICRA Reaffirms 'B' Rating on INR6.0cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR4.00
crore1 cash credit facility and INR6.00 crore term loan facility
of Exotic Granite LLP. ICRA has also reaffirmed the [ICRA]A4
rating assigned to the INR7.00 crore short-term non-fund based
facility of EGL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit facility     4.00      [ICRA]B reaffirmed
   Term Loan facility       6.00      [ICRA]B reaffirmed
   Line of Credit           7.00      [ICRA]A4 reaffirmed

Rating Rationale

The ratings reaffirmation continue to factor in EGL's high
working capital intensity on account of long production cycle and
stretched receivable as well as leveraged capital structure due
to the debt funded nature of capex. The ratings also factor in
the modest scale of operations on account of the initial phase of
the business and the highly competitive granite cutting and
polishing industry consisting of a large number of players that
export polished granite thereby limiting pricing flexibility.

The ratings, however, continue to favorably take into account the
experience of the promoters in the granite and marble industry,
logistical advantages accruing to the firm by way of the project
site being located close to Mundra and Kandla ports and strategic
partnership with Crystal Granite & Marble Private Limited
provides ease for expanding clientele base.

Established in December 2012, M/S. Exotic Granite LLP set up a
granite cutting and polishing unit in Mundra, Gujarat in April
2014, with a production capacity of cutting and polishing
15,00,000 square feet of granite slabs per annum. The firm is
currently managed by Mr. Rajesh Mandhana, Mr Pradeep Mandhana.
Additionally, Crystal Granite and Marble Private Limited, an
entity that was incorporated in 1988 and involved in processing
of granite rough blocks into slabs and marketing primarily in USA
and Europe among other countries is also partnered with EGL.


HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Himachal Aluminium and
Conductors continue to reflect its modest scale of operations and
customer concentration risks in revenue.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)

   Cash Credit             45       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in susceptibility of profitability to
tender driven nature of operations. These rating weaknesses are
partially offset by the extensive experience of the partners in
the electrical component and equipment industry, and the firm's
comfortable capital structure.
Outlook: Stable

CRISIL believes Himachal Aluminium and Conductors will continue
to benefit over the medium term from its partners' extensive
experience. The outlook may be revised to 'Positive' if
significant ramp-up in scale of operations, stable profitability,
and prudent management of working capital considerably enhances
cash accrual, and strengthens financial risk profile. Conversely,
the outlook may be revised to 'Negative' if any large capex, or
deterioration in operating margin or working capital management,
weakens financial risk profile, particularly liquidity.


HAC was set up in 2009 as a partnership firm by Mr. Kunal Gupta
and Mr. Vinod Mahajan. It manufactures aluminium conductors and
polyvinyl chloride cables at its plants at Mohtli (Himachal
Pradesh).


GANPATI AGRI: Ind-Ra Hikes LT Issuer Rating to 'IND BB'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ganpati Agri
Business Pvt Ltd's (GABPL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects Ind-Ra's expectation of an improvement in
GABPL's credit profile by FYE17 on account of scheduled
repayments of debt along with further increase in revenue
supported by the enhancement in the company's fund-based working
capital limits. In FY16 the company's revenue was INR849 million
(FY15:INR801 million), EBITDA interest coverage (operating
EBITDA/interest) improved to 1.9x (1.8x) on the back of lower
interest expense and net leverage (net debt/EBITDA) deteriorated
to 5.1x (4.1x) on account of an increase in the total debt size
owing to enhancement in the fund-based working capital limits.
The EBITDA margins declined marginally to 4.3% (FY15: 4.9%) on
account of an increase in the overhead expenses.

The ratings continue to be supported by the comfortable liquidity
position of the company with around 80% utilisation of the fund-
based facilities on average over the 12 months ended July 2016.
The ratings are further supported by close to two decades of
experience of GABPL's promoters in the poultry and cattle feed
industry.

The ratings, however, continue to remain constrained on account
of low operational track record of the company with FY15 being
the first full year of commercial operations. The ratings factor
in the raw material price fluctuation risks associated with the
business since soya and mustard seeds, being the primary raw
material, are seasonal in nature.

RATING SENSITIVITIES

Positive: A positive rating action could result from improvement
in the profitability leading to improvement in the overall credit
metrics of the company.

Negative: A negative rating action could result from decline in
the profitability leading to deterioration in the overall credit
metrics of the company.

COMPANY PROFILE

GABPL was incorporated in 2011 by its two directors Mr Atul Kumar
Singh and his wife Mrs Shavi Singh. The company manufactures
poultry feed and cattle feed comprising mustard cake, de-oiled
mustard cake, rice bran and de-oiled rice bran. These products
are specially processed where the oils are extracted from the raw
materials such as rice bran, soyabean and mustard cake and the
by-products left are the de-oiled cakes used as cattle and
poultry feed.

BPPL's ratings:

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

   -- INR120 million fund-based working capital limits (increased
      from INR77.5 million): upgraded to 'IND BB'/Stable from
      'IND BB-'/Stable

   -- INR65.68 million long-term loans: upgraded to
      'IND BB'/Stable from 'IND BB-'/Stable


GOPINATH ENTERPRISE: ICRA Suspends B+ Rating on INR5.0cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR5.00 crore cash credit facility of Gopinath Enterprise Private
Limited. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR3.32 crore short-term non-fund based
facilities of GEPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Gopinath Enterprise Private Limited is engaged in the business of
manufacturing HDPE based tarpaulin, fabric and woven sacks under
its own brand name as well as contract manufacturing for other
entities. GEPL is promoted by Mr Bharat and Mr Manish Agrawal who
set up the entity in 2008. GEPL operates from its plant located
near Santej, Gandhinagar with a total installed capacity 3600
Metric Tonnes Per Annum (MTPA).


JOY GURU: CRISIL Assigns 'B' Rating to INR40MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Joy Guru Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Term Loan               40        CRISIL B/Stable

The rating reflects the firm's exposure to stabilisation risks,
regulatory changes, volatility in raw material prices, and to
uneven monsoon. These weaknesses are partially offset by
established relationship of promoters with clients and stable
demand of rice.
Outlook: Stable

CRISIL believes JGRM will benefit over the medium term from the
healthy prospects for the rice processing industry and
established ties with customers. The outlook may be revised to
'Positive' if timely stabilization of operations and better-than-
expected revenue improve liquidity. The outlook may be revised to
'Negative' if substantially low capacity utilization or a
significant stretch in working capital requirement further
weakens financial risk profile, particularly liquidity.

Set up as a partnership firm on January 2, 2015, by Mr. Santanu
Saha, Mr. Krishna Saha, Mr. Bidyut Kr. Saha, Ms. Lakshmibala
Saha, Ms. Mitali Sabui, and Mr. Dipak Saha, JGRM operates a rice
mill with an installed capacity of 31,360 tonne per annum in
Hooghly, West Bengal. Operations are managed by Mr. Santanu Saha
and Mr. Dipak Saha.


K-PACK SYSTEMS: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
------------------------------------------------------------
ICRA has revoked the suspension and reaffirmed the [ICRA]B+
rating assigned to the INR1.00 crore fund based cash credit
facility of K-Pack Systems Pvt Ltd. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 assigned to the INR4.0 crore short
term non-fund based facilities of KSPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund
   based limits              1.0      [ICRA]B+ reaffirmed

   Short-term non-
   fund based limits         4.0      [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in the
modest scale of operations coupled with thin profitability
levels, which remain susceptible to movements in raw material
prices. The margins also remain exposed to currency fluctuations
for export sales, which is mitigated to an extent through raw
material imports providing natural hedge to a certain extent and
other hedging mechanisms undertaken by the company. The ratings
further reflect the stretched cash conversion cycle due to
procedural delays in clearance and realization of payments,
attributable to the nature of project execution business,
resulting in high receivable days and also late realization of
dues from customer may result in stretched liquidity. The
ratings, however, positively factor in the long track record of
the company in project implementation, design and manufacturing
of waste water treatment systems, established brand with reputed
customers, and healthy demand prospects as reflected by moderate
order-book position of INR9.19 crore (1.36x OI of FY2016), to be
executed within FY2017. The ratings also take comfort from the
moderate capital structure with a gearing of 0.39 times as on
March 31, 2016, and moderate coverage indicators.

Going forward, timely execution of the current order-book,
efficient management of working capital requirements, and
realization of payments in a timely manner will be key rating
sensitivities.

K-Pack System Private Limited was incorporated as a private
limited company in 1992 with Mr. Ritwik Shah and Ms. Pratima
Chipalkatt as the Managing Director and the Director of the
company respectively. The company has three offices in Bangalore,
Baroda and Mumbai. The Bangalore, Karnataka office has both
factory and administrative office in area of 20, 000 sq. ft. The
company manufactures water treatment plants and equipment. The
Company has been in the field of Oil Water Separation and Waste
Water Treatment with Dutch technology since the last ~17 years.
The company is ISO 9001-2008 certified by TöV Rhineland India
Private Limited. The company manufactures generalized plants for
water treatment projects; however the company manufactures tailor
made machines as well for specific projects.

Recent Results
KSPL reported a profit after tax (PAT) of INR0.11 crore on an
operating income (OI) of INR6.78 crore in FY2015-16 as compared
to a PAT of INR0.23 crore on an operating income (OI) of INR8.55
crore in FY2014-15.


KNR CONTRACTORS: ICRA Suspends 'B' Rating on INR8.0cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR4.00 crore fund based limits and INR8.00 crore non-fund based
limits of KNR Contractors Private Limited. ICRA has also
suspended long term rating of [ICRA]B assigned to INR0.50 crore
unallocated limits of the company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

KNR Contractors Private Limited, incorporated in 2009,
specializes in the road over bridges, high level bridges and
river water intake well systems. Based out of Hyderabad, the
company has executed projects for various government bodies in
Andhra Pradesh, Karnataka and Tamil Nadu and also sub-contracts
from various National Highway Authorities of India
concessionaires and EPC contractors for thermal plants. The
company has been promoted by Mr. K. Narasimha Reddy who has over
30 years of experience in the construction of roads and
buildings.


LAL BABA: Ind-Ra Assigns 'IND BB' Long-term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lal Baba
Industrial Corporation Private Limited a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect LBIPL's moderate scale of operations and
credit metrics. According to FY16 provisional financials revenue
stood at INR557 million (FY15: INR495 million), gross interest
coverage (operating EBITDAR/gross interest expense + rents) at
1.4x (1.3x) and net financial leverage (total adjusted net
debt/operating EBITDAR) at 3.7x (4.7x). The ratings factor in the
company's volatile EBITDA margin ranging from 5.6% to 6.1% over
FY14 to FY16 on account of fluctuation in raw material prices.

The ratings, however, derive benefit from the expansion capex
incurred by the company during FY16 which will help to improve
its scale of operations in coming years. The ratings are
supported by LBIPL's promoters' experience of five decades in the
casting and forging business.

RATING SENSITIVITIES

Positive: A substantial improvement in the profitability leading
to overall improvement in the credit metrics could be positive
for the ratings.

Negative: Any deterioration in the scale of operations or
profitability could be negative for the ratings.

COMPANY PROFILE

LBIPL was established by Mr. Babu Lal Dhanuka and Mr. Murari Lal
Dhanuka as a partnership entity in 1961. Later in 2010, the firm
was converted into a private limited company under its current
name. The company is engaged in manufacturing of wagon and bogies
components. It has three production units in Howrah. During FY16,
the company had acquired a new production unit in Belur.

LBIPL ratings:

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

   -- INR114 million fund-based limits: assigned 'IND BB'/Stable

   -- INR30 million non-fund-based limits: assigned 'IND A4+'


M. D. ESTHAPPAN: CRISIL Assigns B Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B/Stable/CRISIL A4' to
the bank facilities of M. D. Esthappan Infrastructures Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      10        CRISIL A4
   Bank Guarantee          50        CRISIL A4
   Cash Credit            100        CRISIL B/Stable

The ratings factor in MDEPL's small scale of operations, large
working capital requirement, and below-average financial risk
profile, marked by modest networth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the civil
construction industry.
Outlook: Stable

CRISIL believes MDEPL will benefit over the medium term from its
healthy order book and the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
sufficient accrual while maintaining growth momentum and
sustained profitability. Conversely, the outlook may be revised
to 'Negative' in case of delays in execution of projects, or
delays in collecting payment from customers, leading to weak
liquidity.

Incorporated in 2008, MDEPL undertakes civil construction
contracts in Kochi. The company is owned and managed by Mr MD
Esthappan and his sons, Biji Stephen and Josy Stephen.


MANAS FLOUR: Ind-Ra Suspends 'IND BB' Long-term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Manas Flour
Mills Limited's (MFML) '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 MFML.

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.

MFML's Ratings:

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

   -- INR5m fund-based limits: migrated to 'IND BB(suspended)'
      from 'IND BB'

   -- INR187.6 million term loan: migrated to 'IND BB(suspended)'
      from 'IND BB'

   -- INR10 million non-fund-based limits: migrated to 'IND
      A4+(suspended)' from 'IND A4+'


MARKS ENTERPRISES: CRISIL Cuts Rating on INR77.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Marks Enterprises Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

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

   Letter of Credit        77.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects significant delays in servicing debt; the
delays have been caused by weak liquidity driven by working
capital-intensive operations.

The company also has a marginal scale of operations in the highly
fragmented trading industry. However, it benefits from the
extensive industry experience of its promoter.

MEPL, incorporated in 2011 and promoted by Mr Somnath Harjai,
trades in yarn and metal (such as aluminium scrap, ingots, and
billets).


MASCOT ENGITECH: CRISIL Suspends B+ Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Mascot
Engitech Private Limited (MEPL).

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

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

Mascot Engitech Pvt Ltd, is a Bhavnagar (Gujarat) based company.
The company is owned and managed by Mr. Mehul Patel and his
family members. The company is engaged into providing fabrication
services on job work basis to ship building companies as well as
the industrial segment.


MODERN OVERSEAS: CRISIL Lowers Rating on INR125MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Modern Overseas Private Limited to 'CRISIL D' from 'CRISIL
BB/Stable'. The rating downgrade reflects overdrawal'for more
than 30 days'in cash credit limit. The account was declared a
non-performing asset by Bank of Baroda on July 31, 2016.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

The rating reflects low operating profitability and weak
financial risk profile, especially debt protection metrics. These
rating weaknesses are partially offset by the promoters'
extensive experience in the buffalo-trading industry.

MOPL trades in buffaloes, and is promoted by the Qureshi family,
which has over three decades' experience in the industry.
Operations are managed by Mr. Naeem Qureshi and Mr. Saleem
Qureshi.


MRO-TEK REALTY: ICRA Reaffirms B+ Rating on INR20cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR20.0
crore fund based limits of MRO-TEK Realty Limited (erstwhile MRO-
TEK Limited) at [ICRA]B+. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 to the INR10.0 crore long term/short term
unallocated limits of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Fund Based     20.00      [ICRA]B+; reaffirmed

   Long Term/Short Term     10.00      [ICRA]B+/[ICRA]A4;
   Unallocated                         reaffirmed

The ratings reaffirmation continues to factor in MRO-TEK's weak
financial profile owing to successive years of cash losses which
has resulted in the erosion of the company's net worth. During
FY2015-16, the company reported extraordinary losses of INR12.89
crore pertaining to impairment of corporate office building,
retrenchment compensation to employees, impairment of assets
related to SBEP (solar based equipments and projects) division
and inventory write off due to obsolescence, driving the net loss
to INR28.60 crore. The ratings also factor in the continuous
obsolescence of the company's technological products which
increases non moving inventory thus impacting its liquidity. The
ratings also remain constrained by high competition in access and
networking equipments industry, and high revenue concentration on
telecom majors with whom the company has limited bargaining power
keeping the profitability under pressure.

The ratings, however, continue to derive comfort from MRO-TEK's
long track record in the access and networking equipment business
and its long-term relationship with reputed clients like Vodafone
India Ltd., Bharti Airtel Ltd. and Tata Communications. The
ratings favorably factor in the company's foray into real estate
business and inclusion of new directors with rich experience in
this sector. The company has entered into a joint development
agreement with Umiya Builders and Developers for real estate
development of its land situated at Hebbal and the company has
received a non refundable deposit of INR9.00 crore towards this
which is expected to support its working capital requirements.
The ratings also benefit from the discontinuation of the loss
making SBEP division which is expected to improve the company's
liquidity position going forward. Further, the reduction in the
manpower and hiring of employees on contractual basis is expected
to improve the margins going forward.

Going forward, the company's ability to scale up its operations
while optimizing its expenses, so as to turn cash positive will
be the key rating sensitivities.

MRO-TEK Realty Limited (erstwhile MRO-TEK Limited) founded in
1984 is primarily engaged in the manufacturing of access and
networking products like modems, converters, switches and
multiplexers. The name of the company was changed from "MRO-TEK
Limited" to "MRO-TEK Realty Limited" with effect from 11th May
2016 with 'Real Estate Development' being included as an
additional line of business. The existing solar-based equipments
and integration services business was discontinued in January
2016 owing to sustained cash losses incurred in the business. In
May 2016, Mr. Aniruddha Mehta, Mrs. Gauri Aniruddha Mehta and
Umiya Holdings Private Limited entered into a share purchase
agreement with the promoters of the company to acquire a stake of
39.66%. Subsequently, in 8 August 2016, Mr. Aniruddha Mehta was
appointed as the Chairman and Managing Director after resignation
of Mr. S Narayanan and Mr. H. Nandi (Erstwhile promoters).

Recent Results
For FY2015-16, the company reported a net loss of INR28.69 crore
on an operating income


NASHIK INSTITUTE: CRISIL Suspends D Rating on INR70MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Nashik
Institute of Technology.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                70       CRISIL D

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

NIT, an educational trust, was set up in 2009-10 (refers to
financial year, April 1 to March 31). It is registered under the
Bombay Public Trust Act. The trust runs a polytechnic college in
Nashik (Maharashtra). Mr. Suresh Patil is the key founder and
trustee of NIT. The courses offered by the trust have been
approved by regulatory bodies such as All India Council for
Technical Education and Directorate of Technical Education.


NAVA HEALTHCARE: CRISIL Assigns B+ Rating to INR180MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Nava Healthcare Private Limited (NHPL) and has
assigned its 'CRISIL B+/Stable' rating to the company's bank
facilities. CRISIL had, on December 27, 2015, suspended the
rating as NHPL had not provided the necessary information
required for a rating review. The company has now shared the
requisite information, enabling CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       20       CRISIL B+/Stable

The rating reflects low operating margin and large working
capital requirement, and weak liquidity and debt protection
metrics. These rating weaknesses are partially offset by
diversified customer and product profile, established
distribution network, and moderate capital structure backed by
the funding support of promoters.
Outlook: Stable

CRISIL believes NHPL will continue to benefit from the extensive
experience of its promoters and their established distribution
network. The outlook may be revised to 'Positive' if substantial
improvement in cash accrual and reduction in term debt repayment
obligations leads to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens
significantly on account of decline in operating margin, stretch
in working capital requirement, or any large debt-funded capital
expenditure.

Incorporated in 2006, and promoted and managed by the Delhi-based
Mr Hemant Suri, NHPL manufactures and distributes pharmaceutical
and neutraceutical products.


NIMCO RATA: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nimco Rata Iron Ore and Minerals Exports Private Limited (NRIM; a
part of the Nimco group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        45        CRISIL A4
   Cash Credit             55        CRISIL B/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NRIM and Sujata Resources Pvt Ltd
(SRPL). This is because the companies together referred to as the
Nimco group, operate in a common business, have a common
management team, and fungible funds.

NRIM was incorporated in Mumbai in January 2008 as a business
venture between the Harshadray and Srivastava groups. The NRIM
began commercial operations in 2010-11. NRIM trades in iron ore
fines, which are exported to China. Mr. B J Sheth, the managing
director, oversees NRIM's daily operations.


NIRMALA INFRA: Ind-Ra Suspends 'IND D' Long-term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nirmala Infra
Projects India Private Limited's (NIPPL) 'IND D' Long-Term Issuer
Rating to the suspended category. The rating will now appear as
'IND D(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 NIPPL.

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.

NIPPL's Ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'

   -- INR35 million fund-based limits: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'

   -- INR12 million term loan: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'

   -- INR83 million non-fund-based limits: migrated to Short-term
      'IND D(suspended)' from Short-term 'IND D'


NITIN SAI: CRISIL Suspends B+ Rating on INR27.5MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nitin Sai Constructions Pvt Ltd.

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

   Overdraft Facility     12.5       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     27.5       CRISIL B+/Stable

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

NCPL was set up in 2010 by Mr. Y Krishna Murali and his family
members. The company is engaged in civil construction and
undertakes irrigation works and construction of roads and railway
bridges. NCPL is based in Hyderabad.


OM BIOMEDIC: Ind-ra Withdraws 'IND D' Long-term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Om Biomedic
Pvt. Ltd.'s (Om Biomedic) 'IND D(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Om Biomedic.

Ind-Ra suspended Om Biomedic's ratings on 26 February 2016.

Om Biomedic's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn

   -- INR36 million long-term loan: Long-term 'IND D(suspended)';
      rating withdrawn

   -- INR150 million fund-based working capital limits: Long-term
      'IND D(suspended)'; ratings withdrawn

   -- INR75 million non-fund-based working capital limits: Short-
      term 'IND D(suspended)'; ratings withdrawn


PERFECT ENGINEERING: ICRA Ups Rating on INR10cr Loan to B-
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR17.00
crore (reduced from INR17.50 crore) long term fund based and non
fund based bank limits of Perfect Engineering Associates Private
Limited to [ICRA]B- from [ICRA]C. Further, ICRA has reaffirmed
the short term rating of [ICRA]A4 assigned to the INR3.00 crore
(enhanced from INR1.50 crore) short term non fund based limits of
PEAPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term-Overdraft      7.00       [ICRA]B-; upgraded from
                                       [ICRA]C

   Long term-Bank          10.00       [ICRA]B-; upgraded from
   Guarantee                           [ICRA]C

   Short term-Letter
   of credit                3.00        [ICRA]A4 reaffirmed

Rating Rationale
The revision in the long-term rating factors in the improvement
in gearing level because of repayment of outstanding term loans
and reduction in receivable position of the company as of
March 31, 2016, leading to improvement in its liquidity profile.
The rating also take into account the long standing experience of
the management in municipal water works and established relations
of the company with various government departments.

The ratings, however, continue to remain constrained by PEAL's
modest financial profile characterized by its small scale of
operations, weak debt coverage indicators, high working capital
intensity of operations, and its modest current unexecuted order
book position of INR34.08 crore as on June 30,2016 (1.11 times
FY2016 operating income). The ratings also take into account of
the company's exposure to customer as well as geographical
concentration risks as majority of its projects are executed for
MCGM and are located in Mumbai region.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd. is
based out of Mumbai, Maharashtra and is involved in repair and
construction of water pipe lines and construction of water
reservoirs for various municipal corporations. The company
specializes in work involving cement mortar lining of various
diameter pipes, new pipe laying and construction of water storage
tank for urban water distribution.

Recent Results
For the financial year ended March 31, 2016, the company reported
an operating income of INR30.72 crore and profit after tax of
INR0.80 crore as against an operating income of INR37.30 crore
and profit after tax of INR1.04 crore for the financial year
2014-15.


POONAM ENTERPRISE: ICRA Suspends B- Rating on INR12.65cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR12.65 Crore
fund based limits of Poonam Enterprise. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


R K ROADLINES: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R K Roadlines
(RKR) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The rating reflects RKR's small scale of operations and moderate
financial profile. Provisional (P) FY16 financials provided by
the company indicate revenue of INR82 million (FY15: INR56
million) and an EBITDA margin of 34.8% (FY15: 40.7%).  Its credit
metrics were moderate, with gross interest coverage
(EBITDA/interest) of 3.4x in FY16 (P) (FY15: 2.9x) and net
leverage (net debt/EBITDA) of 2.6x (2.9x).

RKR's liquidity was also moderate, as evident from the 92.88%
average utilisation of its working capital facilities over the 12
months ended August 2016.

However, the ratings benefit from the more than two-decade-long
experience of its partners in the logistics industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
the maintenance of its credit metrics at current levels, will be
positive for the ratings.

Negative: A decline in the scale of operations, leading to
deterioration in credit metrics, will be negative for the
ratings.

COMPANY PROFILE

RKR was incorporated in 2011 and provides transportation
facilities for liquefied petroleum gas in the eastern part of
India.

RKR's ratings:

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

   -- INR45.66 million term loan: assigned 'IND BB-'/Stable

   -- INR15.70 million fund-based limits: assigned
      'IND BB-'/Stable

   -- INR1 million non-fund-based limit: assigned 'IND A4+'


RAHUL FERROMET: ICRA Suspends 'D' Rating on INR19.33cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D and the short
term rating of [ICRA]D assigned to the INR19.33 crore limits of
Rahul Ferromet & Engg. Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance due to non
cooperation from the company.

Incorporated in 2003, Rahul Ferromet & Engg Pvt. Ltd. is managed
by Mr. Babulal T Shah, Mr. Vimal B Shah and Mr. Abhishek Shah.
Till 2013, RFEPL was engaged in the trading of stainless steel
pipes, tubes and coils for industrial applications in industries
like pharmaceuticals, chemicals, fertilizers, cement, paper &
pulp, water purifiers, heat exchangers, condensers, sugar,
petrochemicals & oil and gas refineries. During FY 2014, the
company set up a greenfield project in Ankleshwar (Gujarat) to
carry out electro-polishing and electro-plating of seamless and
welded pipes and tubes used in Chemical, Pharmaceutical and Oil &
Gas industries. The plant became operational in December 2013 and
has an installed capacity of 660 MTPA (metric tons per annum).


RAINBOW PAPERS: CRISIL Puts 'D' Ratings on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the INR2500-million bank loan
facilities of Rainbow Papers Ltd (RPL; part of the RPL group) on
completion of the notice period, and has revised its rating on
the company's INR7910-million bank facilities to (NM) Not
Meaningful from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          71        CRISIL D (Notice of
                                     Withdrawal)

   Cash Credit           1300        CRISIL D (Notice of
                                     Withdrawal)

   Letter of Credit      1129        CRISIL D (Notice of
                                     Withdrawal)

   Proposed Long Term
   Bank Loan Facility    2276        NM

   Proposed Term Loan    1000        NM

   Term Loan             4634        NM

The revision to 'NM' category is because the company has been
referred to Board of Industrial and Financial Reconstruction
(BIFR) under the Sick Industrial Companies (Special Provisions)
Act 1985 on account of erosion of networth. As per CRISIL
criteria, if a rated entity is referred to BIFR or declared sick,
the outstanding ratings are rendered meaningless.

CRISIL had placed the ratings on the INR2500-million bank
facilities on 'Notice of Withdrawal' for 180 days on October 23,
2015, at the company's request. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loan
facilities.

RPL was established by Mr. Radheshyam Goenka as a private limited
company in 1986, and was reconstituted as a public limited
company in 1991. RPL manufactures newsprint, writing and printing
paper, duplex boards, poster paper, and other paper products such
as crepe paper and coated paper. It has completed installation of
a folding duplex board plant, resulting in enhancement in
production capacity to 466,700 tonne per annum in fiscal 2015.
RPJ trades in paper and waste paper.

The group is managed by the second generation of the Goenka
family, headed by Mr. Ajay Goenka.

The RPL group reported operating loss of INR3.0 billion on sales
of INR4.36 billion for fiscal 2016, against an operating profit
of INR1.46 billion on sales of INR11.33 billion for fiscal 2015.


ROBBINS TUNNELING: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Robbins
Tunneling and Trenchless Technology (India) Private Limited
(RTTTIPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect RTTTIPL's small scale of operations, moderate
credit metrics and moderate EBITDA margins. The company's revenue
was INR874.74 million in FY16 (FY15: INR617.44m). Net leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) was 0.66x in
FY16 (FY15: 1.02x), interest cover (operating EBITDA/gross
interest expense) was 4.10x (2.96x) and EBITDA margins were
13.82% (8.50%). EBITDA margins improved yoy between 8.29% to
13.82 during FY14-FY16 on account of decrease in personnel and
administrative expenses of the company.

The ratings, however, are supported by over 10 years of operating
experience of RTTTIPL's promoters in the tunneling business. The
ratings are further supported by the company's strong
relationships with customers and suppliers.

The ratings factor in RTTTIPL's comfortable liquidity position
with 22.35% average utilisation of its working capital facilities
during the three months ended September 2016.

RATING SENSITIVITIES

Negative: A decline in the operating margins leading to
deterioration in the overall credit metrics could be negative for
the ratings.

Positive: A significant improvement in revenue while maintaining
or improving its credit profile from the current levels could be
positive for the ratings.

COMPANY PROFILE

Established in 2005, RTTTIPL is a 100% subsidiary of Robbins USA
specialising in manufacturing of tunneling boring machines.
RTTTIPL is engaged in providing various tunneling projects in
India for hydro-power, irrigation and underground rail transport
system.

RTTTIPL's ratings:

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

   -- INR30 million fund-based limits: assigned
      'IND BB+'/Stable/'IND A4+'

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


SAI CONSTRUCTION: Ind-Ra Withdraws 'IND B' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sai
Construction & Builders' (SCB) 'IND B(suspended)' Long-Term
Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SCB.

Ind-Ra suspended SCB's ratings on 25 February 2016.

SCB's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn

   -- INR100 million fund-based OD limits:
      'IND B(suspended)'/'IND A4(suspended)'; ratings withdrawn

   -- INR95 million fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


SATYA SURYA: ICRA Suspends 'B' Rating on INR4.07cr Loan
-------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B to INR4.07 crore
fund based facilities and long term, short term rating of
[ICRA]B/[ICRA]A4 to INR0.53 crore unallocated limits of Satya
Surya Towers Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Satya Surya Towers Private Limited was incorporated in the year
2011 to take up the project for processing of cashew nuts with a
total capacity of 2400MT per annum. The unit has obtained
registration certificate from the District Industries Centre
(DIC), Vizianagram. The total project cost is expected to be
INR4.80 crore which is to be funded by INR1.53 crore of equity,
INR0.75 crore of unsecured loans and INR2.02 crore of debt. The
company has already incurred INR2.28 crore of the project fully
funded through the equity and unsecured loans.


SE COMPOSITES: ICRA Suspends D Rating on INR470cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR470 crore,
long term loans & working capital facilities & [ICRA]D rating to
the INR375 crore, short term, non fund based letter of credit and
bank guarantee facilities of SE Composites Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SE ELECTRICALS: ICRA Suspends 'D' Rating on INR255cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR255
crore, long term and short term bank facilities of SE Electricals
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHANTAI EXIM: ICRA Reaffirms B- Rating on INR7.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR7.00 crore fund based bank limit and the short-term rating
of [ICRA]A4 assigned to the INR23.00 crore non-fund based bank
limits of Shantai Exim Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund
   based limit              7.00       [ICRA]B- Reaffirmed

   Short-term non-
   fund based limits       23.00       [ICRA]A4 Reaffirmed

The re-affirmation of the ratings continues to be constrained by
the stretched liquidity position of the company which
necessitated incremental working capital requirements, which due
to low levels of internal accruals has led to incremental
borrowings and stretched creditors resulting in a weak TOL/TNW3
ratio of 9.72 times as on March 31, 2016. The high financial
leverage coupled with modest profitability levels due to limited
value addition continue to result in weak debt coverage
indicators. The profitability is exposed to the cyclicality of
the textile industry and also to foreign exchange fluctuations
risk due to the company's exposure to international markets; the
profitability and cash accruals are also dependent on the export
incentives provided by the Government of India. The ratings are
also inhibited by the company's presence in a fragmented industry
which will keep exerting competitive pressure and limit the
bargaining power with its customers.

However, the ratings favorably factor in the long experience of
the promoters in the textile industry and the location advantages
arising from its presence in the textile hub of Surat, thus
giving the company access to a large base of raw material sources
and processing houses.

Going forward, SEL's ability to sustain its revenue growth
through the cyclicality of the textile industry while improving
its profitability margins and capital structure and effectively
manage its working capital requirements will be some of the key
rating sensitivities.

Incorporated in 2004, Shantai Exim Limited (SEL) manufactures and
exports children's wear and women's wear like sarees and dress
materials. The company procures greige fabric from Surat and gets
the fabric processed by third parties on job work basis. The
activities outsourced on job work include dyeing, printing,
embroidery, pleating, crushing, stamping, foiling, coding, taping
and flocking. Stitching, garmenting, hand-work and final
packaging of the products are done at the company's facility in
Surat. At times, SEL also buys finished fabrics and gets them
processed further. The company has its registered office and
manufacturing facility in Surat(Gujarat).

Recent results
SEL recorded a profit after tax (PAT) of INR1.62 crore on an
operating income of INR255.86 crore for the year ending March 31,
2016 (unaudited numbers).


SINGER IMPEX: CRISIL Suspends B+ Rating on INR55MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Singer
Impex.

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

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

SI, set up in 2010, is promoted by Surat (Gujarat)-based Mr.
Ankur Narang. The firm trades various types of embroidery needles
and embroidery spare parts used in garment industry. SI is the
authorised Indian distributor/supplier of products of TOYO brand
from China.


SRI JYOTHI: CRISIL Suspends B+ Rating on INR40MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Jyothi Cotton Ginners.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL B+/Stable

   Letter of Credit         20       CRISIL A4

   Long Term Loan           20       CRISIL B+/Stable

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

The suspension of ratings is on account of non-cooperation by SJC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SJC is yet to
provide adequate information to enable CRISIL to assess SJC'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 2011, Sri Jyothi Cotton Ginners (SJC) is engaged
in ginning and pressing of raw cotton and sells cotton seeds. The
company was promoted by Mr.K.Gopal who is currently managing the
day-to-day operations of the firm. It's ginning unit in located
in Raichur, Karnataka.


SRI VENKATESWARA: ICRA Suspends 'B' Rating on INR8.0cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR8.00 crore fund based limits and INR2.16 crore non fund based
limits of Sri Venkateswara Constructions Private Limited. The
suspension follows ICRA's inability to carry out surveillance in
the absence of the requisite information from the company.

Sri Venkateswara Constructions, a partnership firm set up in 2006
and promoted by Mr. S. Srinivasa Reddy and Mr. Ramakrishna Reddy
was converted into a private limited company, Sri Venkateswara
Constructions Private Limited in January 2012. SVCPL undertakes
civil contracts involving building, earthworks, irrigation, water
supply and road works for Transmission Corporation of Andhra
Pradesh Limited, Andhra Pradesh Irrigation and Command Area
Department, Andhra Pradesh Education Welfare and Infrastructure
Development Corporation, Andhra Pradesh State housing
Corporation, Andhra Pradesh medical services and Infrastructure
Development Corporation, Bharat Dynamics Limited and Andhra
Pradesh rural water supply and Sanitation engineering department.


SUMER SONS: CRISIL Reaffirms B- Rating on INR165MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sumer Sons Pvt Ltd
(SSPL) continue to reflect the company's modest financial risk
profile because of small networth, weak debt protection metrics,
and high leverage. The ratings also factor in the low value
addition in its operations, and the susceptibility of its
operating income and profitability to volatility in steel prices.
These weaknesses are partially offset by its established customer
relationships, and diversified clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          60       CRISIL A4 (Reaffirmed)

   Cash Credit            165       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSPL will continue to benefit from its
diversified product offering and established relationships with
suppliers and customers, but its financial risk profile will
remain weak because of large working capital debt, over the
medium term. The outlook may be revised to 'Positive' in case of
significant increase in networth because of equity infusion, or
significant increase in revenue and improvement in profitability
leading to larger-than-expected cash accrual and healthy
liquidity. The outlook may be revised to 'Negative' if
profitability or working capital management deteriorate
significantly, impacting liquidity, or if the company undertakes
large, debt-funded capital expenditure.

SSPL was set up in fiscal 1996 as a partnership firm by Mr.
Rajeev Jain and his family, and was reconstituted as a private
limited company in 2002. SSPL mainly trades in a wide range of
steel long products, such as thermo-mechanically treated bars and
round bars, and structural steel items such as angles, beams, and
channels, used in the construction and infrastructure sectors.
The company procures these products from Rashtriya Ispat Nigam
Ltd. It also trades in sponge iron and pig iron, and acts as a
consignment agent for Electrosteel Castings Ltd and Monnet Ispat
and Energy Ltd.


SUNWATT INTERNATIONAL: ICRA Cuts Rating on INR.5cr Loan to B+
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR0.50 crore
(revised from INR1.25 crore) fund based limits of Sunwatt
International Private Limitedto [ICRA]B+ from [ICRA]BB-. ICRA has
reaffirmed the short term rating assigned to INR6.50 crore
(revised from INR4.00 crore) non fund based limits at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits        0.50       [ICRA]B+ revised from
                                       [ICRA]BB-(Stable)

   Non Fund Based Limits    6.50       [ICRA]A4 reaffirmed

The revision in ratings takes into account significant dip in
operating margins in FY2016 to 1.98% from 5.65% in FY2015 owing
to thin margins in trading of bio products and moderate order
book position of INR1.07 crore as 31st August 2016 in solar
segment resulting in limited revenue visibility in near term. The
ratings are also constrained by high working capital intensity at
30% for FY2016 resulting from high receivables; high TOL/TNW of
2.75 times as on March 31, 2016 due to high creditors and
moderate net worth levels and competition from large number of
unorganized players pressurizing the operating margins. The
ratings however positively factor in experienced management team
in the field of solar EPC; Business association (MOU) with
Government Organizations such as PEC Limited and healthy capital
structure with low gearing and comfortable coverage indicators.

Going forward, the company's ability to improve the scale of
operations, increase order book and manage working capital
requirements will remain key rating sensitivities from credit
perspective.

Sunwatt International Private Limited (SIPL) was established in
the year 2004 by Mr. Anil Nair and SIPL is a system integrator
for solar PV based power plants. The company was earlier engaged
in manufacturing of solar photovoltaic modules, with a 3 MW
manufacturing facility at Kushaiguda in Hyderabad. The company
has discontinued the manufacturing operations (in 2006) and from
2011 onwards is only engaged in providing EPC (engineering,
procurement and construction) solutions to solar power plants.
From April 2015 onwards, the company have also started trading of
bio products mainly organic fertilizers and pesticides which are
used in organic farming.

Recent Results
In FY2016 (provisional and unaudited), SIPL has reported an
operating income of INR15.27 crore with Profit after tax (PAT) of
INR0.20 crore as against an operating income of INR13.84 crore
with PAT of INR0.47 crore in FY2015.


SUZLON GUJARAT: ICRA Suspends 'D' Rating on INR317cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR317
crore, long term and short term bank facilities of Suzlon Gujarat
Wind Park Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SUZLON POWER: ICRA Suspends 'D' Rating on INR162cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR162
crore, long term and short term bank facilities of Suzlon Power
Infrastructure Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


SUZLON STRUCTURE: ICRA Suspends 'D' Rating on INR217cr LT Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR217
crore, long term and short term bank facilities of Suzlon
Structure Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SWASTIK CEMENT: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Swastik Cement
Products Private Limited's 'IND BB-(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND BB-
(suspended)'/'IND A4+(suspended)' ratings on the company's
INR54.5 million fund-based limits.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Swastik Cement Products Private Limited.

Ind-Ra had suspended Swastik Cement Products Private Limited's
ratings on Feb. 29, 2016.


T K ROADLINES: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned T K Roadlines
(TKR) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The rating reflects TKR's small scale of operations and moderate
financial profile. According to provisional (P) FY16 financials
provided by the company, its revenue was INR56 million (FY15:
INR37 million) and EBITDA margin was 42.3% (FY15: 36.8%), Its
credit metrics were moderate, with gross interest coverage
(EBITDA/interest) of 3.3x in FY16 (P) (FY15: 2.5x) and net
leverage (net debt/EBITDA) of 3.8x (3.2x).

TKR's liquidity was also moderate, as evident from the 88.38%
average utilisation of its working capital facilities over the 12
months ended August 2016.

However, the ratings benefit from the more than two-decade-long
experience of TKR's partners in the logistics industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
the maintenance of its credit metrics at current levels, will be
positive for the ratings.

Negative: A decline in the scale of operations, leading to
deterioration in credit metrics, will be negative for the
ratings.

COMPANY PROFILE

TKR was incorporated in 2011 and provides transportation
facilities for liquefied petroleum gas in the eastern part of
India.

TKR's ratings:

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

   -- INR35.32 million term loan: assigned 'IND BB-'/Stable

   -- INR12.30 million fund-based limits: assigned
      'IND BB-'/Stable

   -- INR1 million non-fund-based limits: assigned 'IND A4+'


T K ROADWAYS: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned T K Roadways
(TKRW) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The rating reflects TKRW's small scale of operations and moderate
financial profile. Provisional (P) FY16 financials provided by
the company indicate revenue of INR71 million in FY16 (FY15:
INR53 million) and an EBITDA margin of 42.4% (40.4%). Its credit
metrics were moderate in FY16, with gross interest coverage
(EBITDA/interest) of 3.1x (2.8x) and net leverage (net
debt/EBITDA) of 3x (3.2x).

TKRW's liquidity was moderate, as evident from the 93.71% average
utilisation of its working capital facilities over the 12 months
ended August 2016.

However, the ratings benefit from the more than two-decade-long
experience of its partners in the logistics industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
the maintenance of its credit metrics at current levels, will be
positive for the ratings.

Negative: A decline in the scale of operations, leading to
deterioration in credit metrics, will be negative for the
ratings.

COMPANY PROFILE

TKRW was incorporated in 2011 and provides transportation
facilities for liquefied petroleum gas in the eastern part of
India.

TKRW's ratings:

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

   -- INR45.65 million term loan: assigned 'IND BB-'/Stable

   -- INR16.50 million fund-based limits: assigned
      'IND BB-'/Stable

   -- INR1 million non-fund-based limit: assigned 'IND A4+'


TATA MOTORS: Moody's Raises CFR to Ba1; Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 its
corporate family rating for Tata Motors Limited.

Concurrently, Moody's has upgraded the company's senior unsecured
instrument ratings to Ba1 from Ba2.

The rating outlook is stable.

                        RATINGS RATIONALE

"The upgrade of TML's ratings reflects our expectation of its
continued strong performance, in particular, led by its wholly
owned subsidiary, Jaguar Land Rover Automotive Plc's (JLR, Ba1,
positive) successful track record of solid operations, and the
improvement in TML's Indian business, mirroring in turn the
recovery in the commercial vehicle cycle," says Kaustubh Chaubal,
a Moody's Vice President and Senior Analyst.

Although JLR accounted for around one half of TML's group volumes
in FY2016, it generated more than 82% of group revenues and over
86% of group EBITDA.

Looking ahead, Moody's expects JLR to continue to dominate the
group's revenue and EBITDA, with its broadening product range --
especially in the Jaguar range of cars -- its strengthening
geographic diversity (with volumes in China picking up), and the
expected diversification in its manufacturing footprint outside
of the UK.

The diversification of manufacturing outside UK will enhance
JLR's competitiveness, especially in the event of potentially new
trade tariffs resulting from Brexit.

Given JLR's presence in the premium segment, the JLR business
will continue to drive TML's consolidated operating and credit
metrics.

While EBITA margins of 4.1% in FY2016 were lower than our upward
rating trigger, we expect modest recovery over the next 12-18
months.  More importantly, we expect consolidated leverage to
further improve towards 2.0x by March 2018 from 2.5x at end-March
2016 which is well positioned for the rating level.  At the same
time, in Moody's view, capex and new product development
expenditure will likely keep free cash flows negative.

More importantly, the improvement in TML's Indian operations is
reducing the divergence in the credit profiles of TML's ex-JLR
businesses and that of JLR.

TML's Indian business continues to perform robustly with the
revival in the business cycle and steady launches in passenger
vehicles.

With commercial vehicles in India, where the company commands
more than 50% of the market, we expect demand prospects to remain
strong for the next 12 -- 18 months.  Replacement of ageing fleet
in preparation for India's new Bharat Stage IV emission standards
that will roll out in April 2017 will support such sales.

Moody's also expects higher infrastructure spending and a pick-up
in the consumption-led sectors of the economy -- on the back of
estimated GDP growth of 7.4% in 2016 and 2017 -- to support
increasing commercial vehicle volumes for the industry.  In this
context, TML, as a market leader, will be a major beneficiary.

Notably, TML's passenger vehicles business in India is still a
drag on its Indian operations, although it accounts for only
around 12% of the group's global volumes.

Nevertheless, passenger vehicles are a strategic business for
Tata, and we expect that the roll-out of its growth strategy --
which includes two planned launches each year and new product
investments -- will help the company gain some of its lost market
share in a segment that is crowded with domestic and large
multinational competitors.

TML's CFR continues to benefit from one-notch of formal uplift
from its parent, Tata Sons (unrated), reflecting our expectation
of parental and systemic support in case of need, which has been
exhibited both in the form of extraordinary financial support
from Tata Sons, and ongoing support through their close
association with the Tata brand.  Tata Sons' commitment to the
unsubscribed portion of TML's 2008 rights issuance and
participation in its $1.2 billion rights issue in 2015
demonstrate this support.

The stable outlook reflects JLR's relative strength and our
expectation that although capex and product development
requirements are high over the next two years, its sizeable cash
balances, strong operating cash flows, and long-dated debt
maturity profile will allow it time for free cash flows to return
to positive.

Moody's stable outlook also reflects TML's leadership position in
commercial vehicles in India, which underpins in turn strong
growth prospects for its ex-JLR businesses.

               WHAT COULD CHANGE THE RATING -- UP/DOWN

A solid sustained performance by JLR's new product launches --
which positively contributes to TML's consolidated credit metrics
-- will be key for a higher rating.

More importantly, for TML's rating to migrate into investment
grade, Moody's will need to see its ex-JLR business growing with
improving profitability.  Such a result will be evidenced by the
maintenance of its market share in commercial vehicles in India,
even as the company grows its share in the competitive passenger
vehicles segment in India, while maintaining positive free cash
flow.

Specific metrics that Moody's would look out for a higher rating
include adjusted debt/EBITDA below 3.0x, adjusted EBITA margins
in the 5% - 6% area.  Consistent positive free cash flow
generation will also be key for Moody's to consider a higher CFR.

Asset or investment sales or any equity-related fund raising to
lower debt levels or fund the group's capex needs could also
accelerate the transition towards a higher rating.

Downward pressure on the rating could emerge if TML is unable to
sustain its performance due to weak market conditions, input cost
pressures, disappointing new products, or a significant ceding of
market share, all potentially resulting in lower revenues and
declines in earnings and cash flow.

This development could be reflected in adjusted debt/EBITDA above
4.0x and EBITA margins below 4%

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Automobile Manufacturer Industry published in June 2011.

Tata Motors Ltd (TML), incorporated in 1945, is the largest
manufacturer of commercial vehicles and one of the leading
manufacturers of passenger vehicles in India.  Its products
include light, medium, and heavy-duty commercial vehicles such as
trucks, pick-ups, and buses, utility vehicles and passenger cars.
Globally, the company is a leading truck and bus manufacturer.

TML's acquisition of JLR in June 2008 has raised the group's
global profile through JLR's presence in key markets such as the
UK, Europe, the US, China, Russia, and Brazil, and a diversified
product range that now includes the addition of JLR's luxury cars
and 4x4 vehicles.

While the Indian business - TML India - is the group's largest by
number of vehicles sold (accounting for 48% of total volume in
the fiscal year ending March 2016), JLR's higher average selling
price per vehicle translates into a higher contribution to the
group's revenues, accounting for around 82% of net sales,
compared with 15% for the Indian business.  TML's other
subsidiaries account for the balance of 3%.

TML is listed on the Bombay Stock Exchange, the National Stock
Exchange of India, and the New York Stock Exchange.  It was
33.01% owned by Tata group entities as of June 30, 2016.


TEJINDER KAUR: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tejinder Kaur a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Tejinder Kaur's moderate financial profile
and liquidity. According to the FY16 provisional statement,
revenue was INR62 million (FY15: INR53 million), EBITDA margins
were 38.5% (29.1%), gross interest coverage (EBITDA/interest) was
3.4x (2.6x) and net leverage (net debt/EBITDA) was 3.1x (3.2x).
Tejinder Kaur's use of the working capital facilities was 87% on
average over the 12 months ended August 2016.

The ratings, however, are supported by over two decades of
experience of Tejinder Kaur's partners in the transportation
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations with
maintenance of the credit metrics would lead to a positive rating
action.

Negative: A decline in the scale of operations leading to
deterioration in the credit metrics would lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2011, Tejinder Kaur is a partnership firm. It
provides LPG transportation services to major oil companies such
as Bharat Petroleum Corporation Limited, Indian oil corporation
Limited and Hindustan Petroleum Corporation Limited. The firm
provides its transportation services in the eastern region of
India and has its head office situated in Haldia.

The firm is managed by its two partners namely Mrs. Tejinder Kaur
and Mr. Bhupinder Singh Gujral. The profit sharing ratio of the
two partners is 50% each.

SSPL's ratings:

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

   -- INR40.38 long-term loan: assigned 'IND BB-'/Stable

   -- INR13.9 million fund-based facilities: assigned
      'IND BB-'/Stable

   -- INR1.0 million non-fund-based facilities: assigned
      'IND A4+'


VEL STEELS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vel Steels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Bank
   Guarantee                6        CRISIL A4

   Cash Credit             35        CRISIL B+/Stable

   Letter of Credit        15        CRISIL A4

The ratings reflect the firm's modest scale and working capital-
intensive, operations and below-average financial risk profile
marked by low net-worth and average debt protection matrices.
These weaknesses are partially offset by the extensive experience
of its promoters in the metal scrap trading industry.
Outlook: Stable

CRISIL believes VS will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if better-than-expected revenue and
profitability improves financial risk profile. The outlook may be
revised to 'Negative' if a stretch in working capital cycle or
sizeable, debt-funded capital expenditure further weakens
financial risk profile.

Established in 2010 in Tuticorin, Tamil Nadu, as a partnership
firm by Mr. Thirumoorthy and his wife, VS trades in imported
metal scrap.



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


BUMI SERPONG: Moody's Rates Proposed 2023 Sr. Unsec. Notes Ba3
--------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of Ba3 to the proposed 2023 senior unsecured notes to be
issued by Global Prime Capital Pte. Ltd. -- a wholly owned
subsidiary of Bumi Serpong Damai TBK (P.T.) (BSD, Ba3 stable) --
and guaranteed by BSD and some of its subsidiaries.

BSD will use up to USD75 million of the bond issuance proceeds
for capex, working capital and other general corporate purposes.

Meanwhile, it will also use the remainder -- through a tender
offer -- to repurchase any and all of the USD225 million 2020
senior unsecured notes issued by Global Prime Capital Pte. Ltd.

                         RATINGS RATIONALE

"This additional debt of up to USD75 million will weaken BSD's
financial metrics over the next 12-18 months, but we expect the
company to remain adequately positioned within its Ba3 rating
parameters," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

"The successful completion of BSD's tender offer will also extend
its debt maturity profile to 2023 from 2020, and bolster its
strong liquidity position," adds Poh, who is also the Lead
Analyst for BSD.

Furthermore, Moody's expects BSD to benefit from improvements in
its recurring income.

"Over the next 12-18 months, we expect BSD's recurring revenue to
grow at least 30% as a number of its investment properties, such
as Aeon Mall, two Courts Megastore, Q-Big Mall and Green Office
Park 9, start operation following completion of construction" Poh
says, adding "At the same time we expect development revenue to
remain at near current level".

As such, Moody's expects BSD's adjusted debt/homebuilding EBITDA
to measure around 2.5x and adjusted homebuilding EBIT/interest
coverage to stand at around 4.5x.

For the 12 months to June 30, 2016, the company had an adjusted
debt/homebuilding EBITDA of around 3.0x and adjusted homebuilding
EBIT/interest coverage of around 4.0x.

Moody's points out that while BSD's total marketing sales to end-
August 2016 (IDR3.6 trillion) represented only 50% of its target
for 2016 (IDR6.9 trillion), it remains broadly in line with our
expectations and better than that for most rated Indonesian
property developers.

BSD's Ba3 ratings continue to reflect its established position as
one of the largest property developers in Indonesia, with
diversification across multiple projects and property segments -
residential, office, retail, industrial and hospitality.

The company's focus on the sale of land lots and low-rise
commercial and residential properties entails lower development
risks and provides it with the flexibility to scale operations in
line with demand.  However, its joint-venture development of a
toll road increases execution risk.

BSD's ratings are constrained by its small scale relative to
global peers, complex corporate structure and concentration in
the Greater Jakarta region.  The company is also exposed to the
volatile property sector and evolving nature of the regulatory
environment of Indonesia.

The stable rating outlook reflects our expectation that BSD will
achieve its sales target and maintain financial discipline as it
pursues growth.

BSD's ratings are unlikely to be upgraded over the near to medium
term, but upward rating trend could emerge if the company is able
to execute its business plans and grow revenue to above IDR10
trillion, and keep its healthy financial and liquidity profile.

Credit metrics that will support an upgrade include adjusted
debt/homebuilding EBITDA below 2.5x and adjusted homebuilding
EBIT/interest coverage above 6.0x on a sustained basis.

On the other hand, BSD's ratings could face downward pressure if:

  (1) the company fails to implement its business plan;
  (2) there is a deterioration in the property market, leading to
      protracted weakness in its operations and credit profile;
      and/or
  (3) evidence emerges of cash leaking from BSD to fund
      affiliated companies, for example, through inter-company
      loans, aggressive cash dividends, or investments in
      affiliates.

Moody's considers adjusted debt/homebuilding EBITDA over 3.0x and
adjusted homebuilding EBIT/interest coverage below 4.0x on a
sustained basis as indications of a possible downgrade.

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

Established in 1984, Bumi Serpong Damai (BSD) is the largest
listed developer on the Indonesia Stock Exchange by market
capitalization.  The company and its subsidiaries are engaged in
the development, management and operation of residential
townships, condominium towers, office buildings, retail malls and
hotel properties.  It is sponsored by Sinarmas Land Limited
(unrated) with a shareholding of approximately 63% in BSD as at
June 30, 2015.


TRIKOMSEL OKE: Indonesian Court Reviews Debt Workout Plan
---------------------------------------------------------
David Yong at Bloomberg News reports that PT Trikomsel Oke, an
Indonesian mobile-phone retailer that defaulted on bonds last
year, said that a court hearing on the company's debt workout
plan was held on Sept. 28.

Bloomberg relates that a Jakarta commercial court had decided on
Sept. 26 to postpone a deliberation meeting, the firm said in a
filing to the Singapore stock exchange. According to Bloomberg,
the company said it obtained approval from creditors based on the
majority of votes cast at a meeting held on Sept. 22.

Applications by trustees for note holders to vote in the meeting
were rejected because there was no documentation, agreement or
authority, Trikomsel said in a separate statement to the Jakarta
stock exchange on Sept. 27.

Bloomberg says Trikomsel defaulted on SGD215 million ($158
million) of notes from November last year as consumer demand for
mobile-phone accessories waned amid an economic slowdown. Stress
in the Singapore dollar bond market has since widened after
Swiber Holdings Ltd. defaulted and shipping companies including
Rickmers Maritime, AusGroup Ltd. and Marco Polo Marine Ltd. asked
for more time to repay creditors, Bloomberg notes.

PT Trikomsel Oke Tbk operates in the retail telecommunication
business. The Company operates retail stores in cities throughout
Indonesia that offer a wide range of branded cellular phones.


VALE INDONESIA: S&P Affirms 'BB' CCR; Outlook Stable
----------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB' corporate
credit rating on PT Vale Indonesia Tbk (PTVI).  The outlook on
the corporate rating is stable.  S&P also affirmed its 'BBB-'
issue-level rating on PTVI because it reflects the unconditional
guarantee by the company's controlling shareholder, Vale S.A.
(BBB-/Stable/--).

The ratings on PTVI reflect S&P's view that it will continue to
post strong financial metrics and sound liquidity over the next
several years.  The slightly weaker credit metrics in recent
quarters mainly resulted from low nickel prices, which have
recovered over the past few months, and S&P expects them to
strengthen further in the next 12 months.  This, combined with
lower capital expenditures (capex) in 2016 and dividend
flexibility, will result in strong financial metrics for the
year, despite sluggish figures in the first half of 2016.  Over
the coming years, S&P expects the higher nickel prices help
improve financial metrics.

PTVI continues to ramp-up operations of its coal conversion
project, which S&P expects to be operating close to full capacity
for one kiln by 2017, reducing the company's fuel purchases.
This will lower cash costs, which S&P expects to reach $5,800 per
ton in 2016 (about 5% lower than in 2015), improving slightly
toward 2017 and beyond.  Nonetheless, S&P expects nickel prices
to remain volatile through 2016 and 2017, which will continue to
hinder the company's profitability, although S&P still expects
PTVI to generate cash in that period.  Furthermore, S&P expects
the company to remain conservative in its growth strategy, likely
increasing production capacity by 25% in the short to medium term
with balanced capex requirements.  S&P expects PTVI to continue
operating close to full capacity, producing about 80,000 tons per
year of matte nickel.

Volatility in nickel prices at the end of 2015 and first half of
2016, together with a maintenance stop in early 2016, have hurt
performance and credit metrics in the 12 months ended June 30,
2016.  S&P expects figures for the remainder of 2016 to improve
considerably because of higher prices and the company's low cost
production.  S&P' base-case scenario assumes that the company
will maintain a prudent financial strategy, with a conservative
investment plan and dividend distribution policy.  In that sense,
S&P expects PTVI to meet its financial obligations and capex
needs over the next few years mainly with its cash position and
cash generation, without additional external funding needs,
resulting in debt to EBITDA of about 1.6x in 2016 and FFO to debt
of about 60%.  S&P's base-case scenario also includes these
assumptions:

   -- Inflation in Indonesia at 4.4% and 5.0% for 2016 and 2017,
      respectively;

   -- Average nickel prices at $10,000 per ton for the rest of
      2016, $10,500 in 2017, and $12,000 in 2018;

   -- Brent oil prices of $40 for the remainder of 2016, $45 in
      2017, and $50 in 2018;

   -- Coal prices at $88 per ton in 2016, $115 in 2017, and
      $110 in 2018;

   -- Nickel production of about 80,000 tons in 2016 and 2017;

   -- Capex of about $70 million in 2016 and $100 million per
      year afterwards; and

   -- No dividend distribution in 2016 and 50% of free operating
      cash flow (FOCF) starting in 2017.

As a result of these assumptions, S&P reaches these financial
metrics:

   -- Revenue of about $580 million in 2016 and $650 million in
      2017;
   -- EBITDA of $89 million in 2016 and $120 million in 2017;
   -- Funds from operations (FFO) of $83 million in 2016 and
      $120 million in 2017;
   -- Debt to EBITDA of 1.6x in 2016 and 0.8x in 2017; and
   -- FFO to debt of 60% in 2016 and 120% in 2017.

S&P also continues to view PTVI's exposure to the volatile
regulatory conditions in Indonesia, asset concentration, and
fairly small scale of operations as rating constraints.  The
combination of these factors could heighten volatility in cash
flows and financial metrics than S&P would consider as
appropriate for similarly rated entities.

"Although we continue to consider PTVI as an important asset for
Vale, we don't add notches of support to the ratings.  We believe
that the regulatory requirements for Vale to divest a portion of
PTVI to reduce incentives to financially assist PTVI in case of
need.  Therefore, we don't expect further financial support,
apart from the existing guarantees on PTVI's bank loan," S&P
said.

The stable outlook on PTVI reflects S&P's expectations that
despite lower nickel prices at the beginning of 2016, S&P expects
them to recover, allowing the company to meet its short-term debt
amortization and capex needs with internal cash generation and
without the need for new debt.  As a result, S&P expects the
company to continue posting strong financial metrics, such as
debt to EBITDA of about 1.6x and FFO to debt of 60%.

S&P could downgrade PTVI if nickel prices drop further or adverse
regulation pressures the company's cash generation and ability to
fund its cash flow needs with internal resources in the next 12
months, resulting in debt to EBITDA persistently above 2.0x and
FFO to debt below 45%.

An upgrade is unlikely in the short term because the company's
limited scale and diversification, as well as its exposure to the
regulatory framework in Indonesia, constrain its business risk
profile and the potential for a higher rating.



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


ARCH FINANCE 2007-1: Moody's Reviews Ba2 Rating for Downgrade
-------------------------------------------------------------
Moody's Japan K.K. has placed on review for downgrade the rating
on Arch Finance Limited's repackaged deal.

The affected rating is:

Deal Name: Arch Finance Limited Series 2007-1 Reverse Dual
Currency Loan

  JPY12,363,538,000 Series 2007-1 Reverse Dual Currency Loan,
   Ba2 (sf) Placed Under Review for Downgrade; previously on
   April 5, 2016, confirmed at Ba2 (sf)

                         RATINGS RATIONALE

The rating action follows Moody's rating action on the collateral
asset on Sept. 22, 2016.  The rating on the collateral asset has
been placed on review for downgrade.

The rating of the transaction mainly reflects the credit quality
of the collateral asset, the credit quality of the swap
counterparty, and the strength of the transaction structure.

If the ratings on the collateral asset and swap counterparty
change, the rating on the loan may also change.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" (Japanese) published in
June 2015.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that could lead to a ratings downgrade or upgrade are a
deterioration or improvement in the credit quality of the
collateral asset and the swap counterparty.

Loss and Cash Flow Analysis:

Moody's quantitative analysis focuses on the risks relating to
the credit quality of the assets backing the repack and of the
counterparties.  Moody's generally determines the expected loss
posed to securities holders by adding together the severities for
loss scenarios arising from either collateral asset default, and
if applicable, swap counterparty risk, each weighted according to
its respective probability.  Moody's then translates the expected
loss to a rating using our idealized loss rates.


KANEMATSU-NNK CORP: To Halt Production After 77 Years
-----------------------------------------------------
The Japan Times reports that it's the end of the household match
for Kanematsu-NNK Corp., which will cease production at the end
of this fiscal year.

According to The Japan Times, the nation's leading maker of
household matches said Sept. 27 that its sole remaining
manufacturing line at a plant in Awaji, Hyogo Prefecture, is now
aging and difficult to maintain.

Kanematsu-NNK began making matches in 1939. It says it currently
supplies 40 percent of the country's household match market.

Its matchboxes are recognizable for designs that use peaches and
elephants.

The company's match sales fell to JPY185 million last fiscal year
from some JPY1.5 billion at their peak in fiscal 1973.

Nittosha Co., based in Himeji in the same prefecture, will take
over Kanematsu-NNK's matchbox design trademarks and will sell
match products under them.

Kanematsu-NNK used to produce matches in more than 10 factories
nationwide, but it has been squeezing its production as
disposable lighters have increasingly replaced matches in kitchen
drawers.


KOBE STEEL: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
--------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 14, 2016, lowered the senior
unsecured ratings on debt issued by Kobe Steel Ltd. to BB+ from
BBB-.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.


TAKATA CORP: Flex-N-Gate One of Five Potential Buyers
-----------------------------------------------------
PR Sanjai, Jie Ma and John Lippert at Bloomberg News report that
the emergence of Shahid Khan, the NFL team owner who made his
fortune selling car bumpers, in the race to rescue Takata Corp.
pits the billionaire against more established parts suppliers and
some of the world's biggest buyout firms.

According to Bloomberg, Pakistan-born Khan, 66, migrated as a
teenager to the U.S., where he started washing dishes for $1.20
an hour. He later built Urbana, Illinois-based Flex-N-Gate Corp.
into an auto-parts supplier that ranks him among the richest
Americans, with an estimated net worth of about $5 billion. Along
the way, he bought the Jacksonville Jaguars in Florida and the
London-based Fulham Football Club, and landed on a cover of
Forbes magazine in 2012 as the "Face of the American Dream."

Now, Khan's bumper-and-headlight maker is one of five suitors for
Tokyo-based Takata, which is looking for a buyer after some of
its devices ruptured and killed at least 16 people, prompting
repairs that could exceed 100 million devices worldwide,
according to a person familiar with the matter, Bloomberg relays.

Bloomberg says Flex-N-Gate, which doesn't make air bags, will go
up against established suppliers such as Stockholm-based Autoliv
Inc., Chinese-owned Key Safety Systems Inc. and Japan's Daicel
Corp. Private equity firms KKR & Co. and Bain Capital, partnering
with Daicel, are also said to have submitted bids.

Automakers "may prefer an established company as a buyer compared
with Flex-N-Gate," Bloomberg quotes Kavan Mukhtyar, a management
consultant at PricewaterhouseCoopers in Mumbai who has advised on
strategy and operations in the automotive industry, as saying.
"But considering its global aspirations, Flex-N-Gate can offer
better valuations. And in a deal, valuation plays a critical
role."

Proposals from Takata buyers are being discussed at meetings
scheduled in Japan this week between the supplier and automakers
including Honda Motor Co., according to Bloomberg.  The central
issue for the air-bag maker's customers is how those takeover
bids divide up the responsibility for billions of dollars in
recall costs and liabilities, the report 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.


TAKATA CORP: In Talks to Resolve Alleged Criminal Wrongdoing
------------------------------------------------------------
Mike Spector and Aruna Viswanatha at The Wall Street Journal
report that Takata Corp. is negotiating to resolve allegations of
criminal wrongdoing after federal prosecutors found evidence of
unlawful conduct in the Japanese automotive supplier's handling
of rupture-prone air bags linked to numerous deaths and injuries,
said people familiar with the matter.

U.S. Justice Department investigators have held preliminary
discussions with Takata that picked up steam in August, the
people said, the Journal relates. Prosecutors are currently
awaiting a proposal from the company on how to resolve an
anticipated criminal case, the people said. The discussions are
continuing without a firm timetable for reaching a settlement,
they said.

According to the Journal, the people said prosecutors are
weighing charging Takata with criminal wire fraud after
determining the company likely made misleading statements and
concealed information about air bags that can explode and spray
shrapnel in vehicle cabins. The safety crisis is linked to more
than a dozen deaths and more than 100 injuries globally.
Prosecutors haven't discussed a specific charge with Takata and
could pursue other kinds of criminal violations in the case, the
people, as cited by the Journal, said.

Auto makers are recalling nearly 70 million Takata air bags in
the U.S. alone, the largest ever such automotive safety campaign,
the Journal says. The Japanese supplier has acknowledged
providing misleading testing reports on air bags to customers
including Honda Motor Co., while adding the discrepancies weren't
tied to safety devices that later exploded. The misleading
reports are a significant focus of the criminal investigation,
some of the people said, the Journal relates.

Takata also last November admitted it failed to alert regulators
to defective air bags in a timely manner as required under
federal law, and agreed to a $70 million fine from the National
Highway Traffic Safety Administration, according the Journal.

According to the Journal, prosecutors from the U.S. attorney's
office in Detroit and the Justice Department's fraud section in
Washington are also considering pursuing criminal charges against
Takata employees, the people familiar with the matter said,
though details on those possible cases remained unclear.

Deputy U.S. Attorney General Sally Yates last year urged
prosecutors to pursue individuals in corporate investigations
amid criticism the Justice Department penalized companies without
pursuing employees involved in alleged misconduct, the Journal
reca. A Volkswagen AG engineer earlier this year pleaded guilty
to federal charges stemming from diesel-emissions cheating the
German auto giant admitted to in 2015.

The Journal adds that the people said Takata is expected to face
a financial penalty as part of any settlement, though the size
isn't yet determined and prosecutors are mindful the company
faces significant financial pressures from an onslaught of
recalls. Regulators spread the November fine against Takata over
five years, the Journal notes.

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.



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


HANJIN SHIPPING: Court Undecided Whether Sale is Needed
-------------------------------------------------------
Reuters reports that the South Korean court overseeing Hanjin
Shipping's receivership process said that a sale of the world's
seventh-largest container carrier, which collapsed late last
month, is one of many options it is considering if the court
concludes the company is to be rehabilitated.

Judge Choi Ung-young, who serves as a court spokesman for media
inquiries on the case, said a sale is possible in principle if
it's deemed the best way to rehabilitate the company, but the
court has yet to reach a decision, according to Reuters.

The report notes that spokesman's comment came after Bloomberg
reported earlier that the court has decided a sale of Hanjin
Shipping is needed.

Hanjin, which filed for court receivership on Aug. 31, must
submit a rehabilitation plan to the court in December, the report
recalls.

                      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.


LEO MOTORS: Registers 43 Million Shares for Resale
--------------------------------------------------
Leo Motors, Inc. filed a Form S-1 registration statement with the
Securities and Exchange Commission relating to the sale by BOU
Trust, RDW Capital LLC, Darrin M. Ocasio of up to 43,000,000
shares of common stock of the Company.

BOU Trust is deemed to be an "underwriter" within the meaning of
the Securities Act of 1933, as amended, in connection with the
resale of the 35,045,784 shares that it is offering in this
prospectus, although it may not sell those shares pursuant to
Rule 144 of the Securities Act.  The prices at which the selling
stockholders may sell shares will be determined by the prevailing
market price for the shares or in privately negotiated
transactions.  The Company will not receive any proceeds from the
sale of these shares by the selling stockholders.  All expenses
of registration incurred in connection with this offering are
being borne by the Company, but all selling and other expenses
incurred by the selling stockholders will be borne by the selling
stockholders.

The Company's common stock is quoted on the OTCQB and trades
under the symbol "LEOM."  On Sept. 21, 2016, the last reported
sale price of the Company's common stock as reported on the OTCQB
was $0.14 per share.

A full-text copy of the registration statement is available for
free at https://is.gd/MidyC7

                      About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of US$4.49 million on US$4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of US$4.48 million on US$693,000 of revenues for the
year ended Dec. 31, 2014.

As of June 30, 2016, Leo Motors had US$7.42 million in total
assets, US$6.1 million in total liabilities and US$1.30 million
in total equity.


LOTTE GROUP: Chairman Avoids Arrest Over Corruption Allegations
---------------------------------------------------------------
Yonhap News Agency reports that the chief of the embattled South
Korean retail giant Lotte avoided arrest on Sept. 29 as a Seoul
court rejected a prosecutors' request for a warrant to formally
arrest him over embezzlement and breach of trust charges.

Yonhap says the Seoul Central District Court turned down the
request, saying it's difficult to recognize the need for
arresting the 61-year-old chairman, Shin Dong-bin.

"I think our group has a lot of shortcomings," Shin told
reporters, leaving the Seoul Central District Prosecutors'
Office. "I will take responsibility for overcoming them," Yonhap
relays.

According to Yonhap, Lotte Group said it respects the court's
decision, adding it will put every effort to normalize the
group's management and minimize the potential damage to its
employees and subcontractors.

Yonhap relates that prosecutors have accused Shin of
orchestrating a series of shady deals at the group's affiliates,
as well as giving large stipends to the owner's family for just
being listed as board members of the conglomerate's Korean and
Japanese branches.

Authorities suspect the amount of money transacted illegally
under Shin's direction to hover around some KRW170 billion
(US$154 million), Yonhap discloses.

"It is a pity that the court rejected the warrant just based on
the suspect's excuses when the amount of money embezzled or
misappropriated by breach of trust hovers around KRW170 billion,
and the total amount siphoned off by the owner family nears
KRW128 billion," the prosecution said in a press release, Yonhap
reports.


                             *********

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

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

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


                            *********


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

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

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

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

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



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