TCRAP_Public/161005.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

           Wednesday, October 5, 2016, Vol. 19, No. 197

                            Headlines


A U S T R A L I A

EMECO HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
GROWTH PLUS: ASIC Files Civil Lawsuit vs. Firm, Ben Jayaweera
LOTUS SECURITIES: ASIC Cancels License for Late Filing of Reports
MAX MOBILE: First Creditors' Meeting Set For Oct. 12
QUICKFLIX LTD: Karma Media Set to Buy Firm for AUD1.3MM


C H I N A

AGFEED USA: Court Narrows Claims in Suit vs. Former Director
CHINA AOYUAN: Moody's Affirms B2 CFR; Changes Outlook to Positive
CHINA BAK: Dismisses Crowe Horwath as Accountants
COUNTRY GARDEN: Fitch Assigns BB+ Rating to USD650MM Senior Notes


I N D I A

A.S. TRADERS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
AAVISHKAAR SEP: Ind-Ra Assigns 'IND BB' Rating to INR21MM SLCF
ABHIJIT REALTORS: CRISIL Suspends D Rating on INR350MM Cash Loan
AGASTHYA COPPER: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
AISHWARYA COTTONS: ICRA Suspends B+ Rating on INR12cr Loan

ALLIANCE INDUSTRIAL: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
ANANTA MEDICARE: CRISIL Assigns B+ Rating to INR100MM Term Loan
ARCHANA MOTORS: CRISIL Assigns B- Rating to INR115MM Loan
ARSHIT GEMS: ICRA Reaffirms 'D' Rating on INR28cr Loan
ATOM CERAMIC: ICRA Revises Rating on INR4.0cr Cash Loan to B

BRAHMAPUTRA BIOCHEM: CRISIL Assigns D Rating to INR582MM Loan
BRIJ SUGAR: CRISIL Suspends 'D' Rating on INR100MM Term Loan
BRISK INFRASTRUCTURE: CRISIL Suspends D Rating on INR450MM Loan
CIEMME JEWELS: ICRA Reaffirms 'D' Rating on INR20cr LT Loan
COUNTRY CLUB: ICRA Assigns 'D' Rating to INR281.45cr Loan

DEEPAK COTTON: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
E.S. KNIT: CRISIL Assigns B+ Rating to INR12.5MM Loan
GREENKO ENERGY: Unaffected by SunEdison Asset Buy, Says Fitch
HOTEL JAYAPUSHPAM: Ind-Ra Affirms IND BB Long-Term Issuer Rating
ITALVA WOODS: CRISIL Assigns 'B' Rating to INR122.5MM Term Loan

JALARAM FLEXO: CRISIL Suspends 'D' Rating on INR60.3MM Term Loan
JASAMRAT COTGIN: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
JAYCO SYNTHETICS: ICRA Ups Rating on INR6.25cr Cash Loan to B
JCL INFRA: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
K.C. EDIBLE: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating

K.C. ROLLER: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
K.S.M. BASHIR: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
MANDALIA OVERSEAS: ICRA Lowers Rating on INR8cr ST Loan to D
MARUTI COTTON: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
NEAT WIND: CRISIL Suspends B+ Rating on INR36.1MM Term Loan

NICE MARINE: CRISIL Assigns B+ Rating to INR50MM Cash Loan
OLIVE TEX: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
PNR INFRA: CRISIL Assigns B+ Rating to INR100MM LT Loan
PREMIER METCAST: Ind-Ra Withdraws IND BB Long-Term Issuer Rating
RATAN SEEDS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating

RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR4.7cr Loan
SAHAYOG CLEAN: CRISIL Suspends 'B' Rating on INR65MM Term Loan
SAI KRUPA: CRISIL Suspends B+ Rating on INR170MM Cash Loan
SAMANVAYA HEALTH: CRISIL Assigns B+ Rating to INR32MM LT Loan
SARASWATI GUM: CRISIL Assigns B+ Rating to INR60MM Cash Loan

SDU BEVERAGES: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
SHIV SHAKTI: ICRA Assigns 'B+' Rating to INR20cr Cash Loan
SHRI GANGA: CRISIL Assigns B+ Rating to INR79.5MM Cash Loan
SIDDHARTH DEVELOPERS: ICRA Suspends B+ Rating on INR28cr Loan
SONPAL EXPORTS: CRISIL Suspends B+ Rating on INR320MM Loan

SREE MANJUNATHA: ICRA Suspends 'B' Rating on INR6cr Loan
SRI BALAGANAPATHY: ICRA Suspends B/A4 Rating on INR12.82cr Loan
ST. JOHNS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
SWAMI HITECH: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
TATA STEEL: Fitch Keeps 'BB' LT IDR on Rating Watch Evolving

TIGER CAMP: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
TOUCH TONE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
V. R. GHUGE: CRISIL Assigns B+ Rating to INR100MM Overdraft Loan
VEDANGA SOLAR: CRISIL Assigns B+ Rating to INR144.5MM LT Loan
VIRTUE INDUSTRIES: CRISIL Assigns B+ Rating to INR44.5MM Loan


I N D O N E S I A

GAJAH TUNGGAL: Moody's Puts B2 CFR on Review for Downgrade
KAWASAN INDUSTRI: Fitch Rates USD186MM Sr. Unsecured Notes 'B+'


J A P A N

L-STARS ONE: Moody's Raises Rating on Class E Notes to Ba1


M A L A Y S I A

PRIME GLOBAL: Terminates Crowe Horwath as Accountants


N E W  Z E A L A N D

SOLID ENERGY: Asset Sales Process Proceeding on Schedule


S I N G A P O R E

RICKMERS MARITIME: Admits It Is Technically Insolvent


S O U T H  K O R E A

HANJIN SHIPPING: Maersk Unlikely to Buy Container Ship Operators
STX OFFSHORE: May Be Sold as Part of a Package Deal


                            - - - - -


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


EMECO HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded Australia-based mining services
provider Emeco Holdings Limited's (Emeco) Long-Term Issuer
Default Rating to 'C' from 'CC'. Simultaneously the agency has
affirmed the 'C' long-term rating on Emeco's USD282.7 mil. 9.875%
senior secured notes due in 2019 with Recovery Rating of 'RR5'.
The secured notes are issued by Emeco's wholly owned subsidiary
Emeco Pty Ltd, and guaranteed by Emeco.

The downgrade reflects the announcement of a prospective debt
exchange that Fitch views as a distressed debt exchange (DDE)
event, based on the agency's DDE criteria. Fitch expects part of
the senior unsecured debt to be converted into subordinated
instruments. If the debt exchange goes ahead, Fitch is likely to
downgrade Emeco's rating to Restricted Default ('RD').

KEY RATING DRIVERS

Debt Restructuring Plan Announced: The proposed restructuring is
intended to provide Emeco with a sustainable capital structure by
converting part of the senior secured debt into subordinated
equity. The restructure agreement also establishes a framework
for Emeco to merge with two other entities - Orionstone Pty Ltd
(Orionstone, unrated) and Andy's Earthmovers Pty Ltd (Andy's,
unrated) - and a recapitalisation of Emeco. The creditors of
Orionstone and Andy's will also participate in the debt-for-
equity swap.

Under the swap, holders of Emeco's USD282.7m 9.875% 144A notes,
as well the creditors of Orionstone and Andy's will give up their
claims in exchange for 54% of the ordinary shares of the combined
group, and a new issue of AUD473m senior secured notes with a
five-year maturity and a cash interest rate of 9.25%. The new
debt issue will postpone the current maturity of Emeco's notes by
two years, and pay its holders a lower cash coupon.

Emeco's noteholders accounting for a face value of 45% are party
to the restructure agreement. The company requires noteholders of
at least 50% by number and 75% by face value to agree to the
restructuring plan. As part of the restructuring agreement, Emeco
will also seek to refinance its committed asset-backed loan of
AUD75m, which expires in December 2017. The company expects the
restructuring process to be finalised in December 2016.

Liquidity Stress Impacts Operations: Emeco's committed undrawn
credit line expires in December 2017, and unless the company is
able to negotiate an extension, then liquidity becomes a real
concern. At the end of the fiscal year to 30 June 2016 (FYE16),
the company had cash of AUD24.8m and up to AUD26m of committed
unutilised credit lines that can be drawn without activating
maintenance covenants. These sources appear sufficient to cover
our estimate of Emeco's FY17 interest cost of AUD37m, and the
AUD4m of finance leases maturing over the same period. As part of
the restructuring agreement Emeco has also committed to closing
out its remaining foreign-currency hedge, potentially releasing a
further USD12m in available funds.

RATING SENSITIVITIES

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

   -- If the company has experienced an uncured payment default

   -- Completion of the restructuring

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

   -- The company requires capital to improve its liquidity, but
      Fitch believes that access to capital will not be
      available.  Therefore, Fitch does not expect the ratings to
      be upgraded.


GROWTH PLUS: ASIC Files Civil Lawsuit vs. Firm, Ben Jayaweera
-------------------------------------------------------------
The Australian Securities and Investments Commission has
commenced civil proceedings in the Supreme Court of Queensland
against Ben Jayaweera and Growth Plus Financial Group Pty Ltd.

On March 11, 2016, the Australian Taxation Office wound up Growth
Plus in relation to unpaid debts. Andrew Fielding and Matthew
Joiner of BDO were appointed the liquidators of Growth Plus.

ASIC is seeking declarations that Growth Plus is the trustee of
the Australian Diversified Sector Income Fund (ADSIF) and that
prior to being wound up, Growth Plus had contravened the
Corporations Act by issuing units in the ADSIF contrary to the
authorisation of its Australian Financial Services license. ASIC
also alleges that Mr. Jayaweera was knowingly concerned in Growth
Plus's contravention.

ASIC is also seeking a number of injunctions in relation to
Mr. Jayaweera's continuing involvement in ADSIF, and on Sept. 26
obtained interim injunctions whereby the Court ordered that
Mr. Jayaweera:

   * be restrained from carrying on a financial services
     business in this jurisdiction without an AFS licence;

   * be restrained from managing, directing, controlling or
     otherwise operating the ADSIF;

   * be restrained from selling or otherwise disposing of the
     property of ADSIF or the ADSIF companies;

   * be restrained from receiving any benefit or other payment
     from or by any person in relation to any activities of the
     ADSIF Companies, other than reasonable travel and
     accommodation expenses, by providing Growth Plus and ASIC
     with seven days' notice of the expenditure, with supporting
     documentation evidencing the cost of the expenditure; and

   * be restrained from obtaining funds by any means from
     individuals (including their superannuation funds) other
     than professional investors as defined in section 9 of the
     Act, for the purpose of applying those funds to or for the
     use of ADSIF or the ADSIF Companies, or any other company
     that provides funds to Ocean Abalone Australia.

The Court also ordered that certain books and records obtained by
ASIC that relate to Growth Plus can be provided to Growth Plus at
the Liquidators' request.

The matter has been adjourned until 10:00 a.m. on Oct. 17, 2016.

Australian Diversified Sector Income Fund was an unregistered
managed investment scheme operated by Growth Plus until its
liquidation in March 2016. The underlying asset of ADSIF is an
abalone farm located in South Australia.

The ADSIF Companies are: ADSIF, Growth Plus, Eyre Peninsula
Aquaculture Pty Ltd, Laura Cove Australia Pty Ltd, GP NO 3 Pty
Ltd, GP NO 4 Pty Ltd, GP NO 5 Pty Ltd, Ocean Abalone Australia No
1 Pty Ltd, Ocean Abalone Australia No 2 Pty Ltd, Ocean Abalone
Australia No 3 Pty Ltd, Ocean Australia Food Pty Ltd and ADSIF
Pty Ltd).


LOTUS SECURITIES: ASIC Cancels License for Late Filing of Reports
-----------------------------------------------------------------
Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of Lotus
Securities Ltd (AFS licence 306812) for failing to comply with a
number of its key obligations as a financial services licensee,
including:

   * lodging its financial reports within the required timeframe;
   * lodging compliance plan audits and financial reports for the
     managed investment schemes it operates within the required
     timeframe;
   * complying with its financial resource requirements;
   * complying with a Notice issued by ASIC;
   * maintaining membership with an external dispute resolution
     scheme approved by ASIC; and
   * notifying ASIC of significant breaches within 10 days.

ASIC Commissioner Greg Tanzer said, 'A responsible entity has an
important gatekeeper role to ensure a managed investment scheme
is operated in accordance with the Corporations Act. This is
another example that demonstrates we will take action when there
is a failure of a responsible entity to perform this gatekeeper
role and non-compliance with these key obligations.'

Lotus Securities has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.
Background

Lotus Securities AFS licence was cancelled with effect from
Sept. 26, 2016.


MAX MOBILE: First Creditors' Meeting Set For Oct. 12
----------------------------------------------------
A first meeting of the creditors of Max Mobile Mechanics Pty
Limited will be held at the offices of BPS Recovery, Level 18,
201 Kent Street, in Sydney, on Oct. 12, 2016, at 10:00 a.m.

David Sampson and Mitchell Ball of BPS Recovery were appointed as
administrators of Max Mobile on Sept. 29, 2016.



QUICKFLIX LTD: Karma Media Set to Buy Firm for AUD1.3MM
-------------------------------------------------------
The Australian reports that Quickflix Ltd has found a new buyer,
with US-based Karma Media Holdings set to take full control of
the business that went into administration in April for
AUD1.3 million.

According to The Australian, the sale comes after Quickflix's
creditors approved a deed of company arrangement (DOCA) proposed
by Karma Media. The arrangement will see Karma Media take control
of the Quickflix business and its assets in exchange for payment
of AUD1.3 million into a deed fund.

The Australian relates that Deloitte's Jason Tracy, who was
appointed joint voluntary administrator in May, said the
agreement offers the best outcome for Quickflix's creditors, its
staff and customers.

Karma Media will hold on to the majority of Quickflix's
employees, with those let go set to get outstanding entitlements
in full, The Australian says.

The Australian says unsecured creditors will receive as much as
21.5 cent in the dollar, with services set to continue as normal
for Quickflix's customers.

"Quickflix has encountered corporate challenges and impediments
in a highly competitive environment. As administrators we have
been able to continue trading the business since our appointment,
reduce costs, retain value, keep employing the majority of staff,
and conduct a global sale process," the report quotes Joint
Voluntary Administrator, Jason Tracy as saying.

"Under new control, the Quickflix business will continue to
trade, 24 employees will be retained, departing or already
departed employees will receive all relevant entitlements,
creditors will get a return and suppliers will have the option of
trading with the continuing business.

"The result is a good outcome for stakeholders."

The DOCA provisions are scheduled to be completed by early
February 2017, adds The Australian.

Quickflix Limited is an ASX listed company, headquartered in
Perth, Western Australia. The Company's principal activities
involve the provision of an online movie subscription service and
a DVD & Blu-ray delivery service.

Dermott McVeigh, Wayne Rushton and Morgan Kelly of Ferrier
Hodgson were appointed joint and several Voluntary Administrators
of Quickflix Limited on April 26, 2016.



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


AGFEED USA: Court Narrows Claims in Suit vs. Former Director
------------------------------------------------------------
Judge Brendan Linehan Shannon of the United States Bankruptcy
Court for the District of Delaware granted in part and denied in
part the motion filed by K. Ivan F. Gothner to dismiss the
adversary proceeding captioned JLL CONSULTANTS, INC., AS TRUSTEE
OF THE AGFEED LIQUIDATING TRUST Plaintiff, v. K. IVAN F. GOTHNER,
Defendant, Adv. No. 15-50210 (BLS) (Bankr. D. Del.).

JLL initiated the adversary proceeding against Gothner for acts
committed during his time as a director, Chair of the Audit
Committee, Vice-Chairman and Chairman of the Board of AgFeed
Industries, Inc.  The second amended complaint alleged the
following 10 counts against Gothner: (I) Breach of Fiduciary Duty
(Duty of Care); (II) Breach of Fiduciary Duty (Duty of Loyalty);
(III)-(V) Fraudulent Transfers; (VI) Recovery of Avoidable
Transfers; (VII) Disallowance of Claims; (VIII) Recoupment; (IX)
Setoff; and (X) Intentional Misrepresentation.

Count I of the alleged that Gothner breached his fiduciary duty
of care by causing AFI to fail to fully disclose accurate
information related to the accounting fraud in China before
September 2011, and by "failing to properly supervise and monitor
the adequacy of AgFeed's internal controls..."

Judge Shannon explained that a director may be liable for breach
of fiduciary duty if he "knowingly" or "deliberately"
disseminates false information.  However, the judge found that
the Trustee failed to allege that Gothner had actual knowledge of
the falsity of the Company's statements, and that he allegedly
made and acted with scienter in making the statements.

Count II alleged that Gothner breached his fiduciary duty of
loyalty in three ways: (a) by receiving and retaining
compensation under the Employment Agreement; and by causing
AgFeed to enter into transactions with (b) Minds Islands and (c)
Walston DuPont.

Judge Shannon found that the amended complaint failed to allege
who approved the Employment Agreement and as such, the Trustee
cannot rebut the business judgment rule.  Additionally, the judge
also found that the complaint did not allege that Gothner stood
on both sides of the Employment Agreement's approval, therefore
it provides no basis for a breach of loyalty claim.

Judge Shannon also found that the amended complaint failed to
allege whether Gothner had any role in the transactions with
Minds Islands and Walston DuPont, or that Gothner stood on both
sides of the transaction.  As a result, Judge Shannon concluded
that the amended complaint failed to allege sufficient facts
regarding the Minds Islands and Walston DuPont transactions to
support a cause of action for breach of the duty of loyalty.

Count III alleged that Gothner received a total of $772,000 in
salary and additional health benefits under the Employment
Agreement between January 1, 2012, and July 15, 2013, that the
transfers were made without fair consideration and that the
Debtor was functionally insolvent at the time of each transfer.

Judge Shannon, however, found that the complaint did not allege
that Gothner received any compensation that he was not owed under
the Employment Agreement, and that the Trustee in conclusory
fashion merely argued that simply because Gothner made twice as
much as the previous CEO, the payments must be excessive.  Judge
Shannon held that the amended complaint's conclusory allegations
are insufficient to survive a motion to dismiss.

Judge Shannon also dismissed the actual fraud claim in Count IV
of the amended complaint because it alleged no additional facts
to cure the defects of the original complaint.  The court had
previously dismissed the original complaint's claims that the
Minds Island Payments constituted actually fraudulent transfers
for two reasons because the original complaint did not identify
who made the alleged transfers, nor the facts and circumstances
of the alleged fraud.

However, Judge Shannon denied Gothner's motion to dismiss the
constructive fraud claim under Count IV of the amended complaint.
The judge's denial was for the same reasons as stated by the
court when it previously denied Gothner's motion to dismiss with
regard to this claim.

Count V of the amended complaint alleged that numerous transfers
are constructively fraudulent transfers under applicable state
law.

Gothner's motion to dismiss with regard to this claim in the
original complaint was previously denied by the court.  Judge
Shannon again denied the motion with respect to the amended
complaint for the same reasons stated in the court's prior
ruling.

Because Counts IV and V are not being dismissed in their
entirety, Judge Shannon held that Counts VI and VII do not fail
to state a claim upon which relief may be granted.

Count VIII of the amended complaint alleged that the Trustee is
able to "recoup the damages awarded to the Trustee under Counts I
through VI against any amounts owed to Gothner under his
Employment Agreement."  However, Judge Shannon explained that
recoupment is a defense, not a cause of action.  Thus, the judge
held that it is improper for the Trustee to allege recoupment as
a cause of action.

Count IX of the amended complaint alleged that the "[u]nder both
Nevada and Massachusetts state law, the Trustee may setoff any
amounts owed to Gothner under his Employment Agreement against
the damages awarded to the Trustee on Counts I through V." Judge
Shannon held that because setoff is a defense available to the
debtor - rather than a cause of action - it is improper for
the Trustee to allege setoff in the amended complaint.

Count X of the amended complaint alleged that Gothner engaged in
intentional misrepresentation by nondisclosure.  The Trustee
brought Count X under the theory of common law fraud.  However,
Judge Shannon held that fraud claims are personal claims that
belong to affected stockholders, not the Company and thus, Count
X must be dismissed.

In summary, Judge Shannon granted Gothner's motion to dismiss
with respect to Counts I, II, III, VIII, IX and X in their
entirety, and granted the motion with respect to Count IV's
claims for actual fraud.  Judge Shannon denied the motion with
regards to the remainder of Count IV, and the entirety of Counts
V, VI, and VII.

The bankruptcy case is In re: AgFeed USA, LLC, et al, Chapter 11,
Debtors, Case No. 13-11761 (BLS) Jointly Administered (Bankr. D.
Del.).

A full-text copy of Judge Shannon's September 13, 2016 opinion is
available at https://is.gd/jIn70q from Leagle.com.

JLL Consultants, Inc., Not Individually but Solely as Trustee of
the AgFeed Liquidating Trust is represented by:

          Shelley A. Kinsella, Esq.
          Jonathan M. Stemerman, Esq.
          Eric Michael Sutty, Esq.
          ELLIOTT GREENLEAF
          1105 Market Street, Suite 1700
          Wilmington, DE 19801
          Tel: (302)384-9400
          Fax: (302)384-9399
          Email: sak@elliottgreenleaf.com
                 jms@elliottgreenleaf.com
                 ems@elliottgreenleaf.com

K. Ivan F. Gothner is represented by:

          William Pierce Bowden, Esq.
          Frederick T. Mickler, IV, Esq.
          Stacy L. Newman, Esq.
          ASHBY & GEDDES
          500 Delaware Avenue
          Wilmington, DE 19899
          Tel: (302)654-1888
          Fax: (302)654-2067
          Email: wbowden@ashby-geddes.com
                 snewman@ashby-geddes.com

                    About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in
China producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to
The Maschhoffs, LLC, for cash proceeds of $79 million, absent
higher and better offers. The Debtors estimated assets of at
least $100 million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee
of unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel
and Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves
as the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.

AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.


CHINA AOYUAN: Moody's Affirms B2 CFR; Changes Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
rating outlook of China Aoyuan Property Group Limited.

At the same time, Moody's has affirmed China Aoyuan's B2
corporate family rating and B3 senior unsecured debt ratings.

                         RATINGS RATIONALE

"The change in outlook reflects the improving trend in China
Aoyuan's credit profile, stemming in turn from its strengthened
level of sales execution, lower borrowing costs, and disciplined
approach in land acquisitions," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

China Aoyuan has exhibited robust sales execution, as reflected
in contracted sales of RMB13.2 billion in the first eight months
of 2016 -- on track to achieving its RMB18 billion target for the
year -- and up 55% year on year.

This growth is also higher than the national average of 40% year
on year for China's residential sales for the same period.

Moody's expects the company to maintain this improving trend
because it has been strengthening its brand in its core market in
Guangdong Province, especially in Guangzhou city, where demand
for its properties has been favorable.

China Aoyuan will likely maintain growth in contracted sales of
around 10%-15% per annum in the next 12-18 months, supporting the
positive ratings outlook.

At the same time, the company has demonstrated discipline in land
acquisitions and business expansion.

China Aoyuan has kept the proportion of its annual land
acquisitions at levels equivalent to 30%-40% of contracted sales
in the past 2-3 years.  Moody's expects the company will maintain
such a disciplined approach in its acquisitions.

Additionally, the company has benefited from its access to the
domestic bond market and the lower cost funding environment
existent in China.

Moody's estimates that the average borrowing costs will fall to
around 8% in the next 6-12 months from around 8.4% in 1H 2016 and
9.5% in 2015 as its high cost offshore bonds and trust loans are
refinanced.

Moody's expects that China Aoyuan will sustain these improvements
and show credit metrics better than those of its B2 peers.
Revenue/adjusted debt will likely to improve to above 70% in 2017
from 61.6% in the 12 months to June 2016, while EBIT/interest
coverage will rise to about 2.5x in 2017 from about 2.25x.

China Aoyuan's B2 corporate family rating continues to reflect
its track record in property development in economically strong
Guangdong Province, a record that has helped the company secure
projects in prime locations within and outside the province.

On the other hand, the B2 corporate family rating is constrained
by the firm's small scale and fairly high geographic
concentration in Guangdong.

China Aoyuan's liquidity position is sufficient.  Its cash and
deposit balances totaled RMB10.2 billion at end-June 2016 which
are enough to cover its short-term debt of around RMB4.1 billion
and unpaid committed land premium of around RMB1 billion.

The company's bond rating is notched down to B3, reflecting
structural and legal subordination.  Secured and subsidiary
debt/total assets was estimated at around 22% as of June 2016.
This ratio will likely stay above 15% over the next 12-18 months,
as the company will continue to draw on onshore and/or secured
bank loans to fund construction and expansion.

Upward rating pressure could emerge in the medium term if the
company demonstrates: (1) a track record of strong contracted
sales and revenue recognition; (2) a consistently prudent pace of
land acquisitions and improved cash flow planning; (3)
improvements in credit metrics, such that EBIT/interest exceeds
2.5x-3.0x and revenue/adjusted debt exceeds 70%-75%; and (4) good
liquidity, such that cash consistently covers short-term debt.

On the other hand, the rating could return to stable if the
company shows slower growth in contracted and its credit metrics
are unlikely to reach upgrade levels over the medium term.  In
such a situation, EBIT/interest will fall below 2.0x-2.5x and/or
revenue/adjusted debt will fall below 65%-70%.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen.  At end-2015, the company had 57 projects in nine provinces
in China, including Guangdong Province and Chongqing city, as
well as in Sydney, Australia.  It has a total land bank of 13.33
million square meters in gross floor area.


CHINA BAK: Dismisses Crowe Horwath as Accountants
-------------------------------------------------
China BAK Battery, Inc., was advised that the Company's
independent registered public accounting firm, Crowe Horwath (HK)
CPA Limited, will no longer provide audit and assurances services
to public companies subject to the statutes and regulations of
the United States effective as of Oct. 1, 2016.  Accordingly, the
Company, with the approval of its audit committee of Board of
Directors, dismissed CHHK as its independent registered public
accounting firm, effective Sept. 29, 2016.

CHHK's reports on the financial statements of the Company for the
fiscal years ended Sept. 30, 2015, and 2014 did not contain any
adverse opinion or disclaimer of opinion, nor were they qualified
or modified as to uncertainty, audit scope or accounting
principles, except that its report for each of the fiscal years
ended Sept. 30, 2015 and 2014 contained an emphasis of matter
paragraph regarding the Company's ability to continue as a going
concern.

During the Company's fiscal years ended Sept. 30, 2015, and 2014
and through Sept. 29, 2016, there were no disagreements with CHHK
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure which
disagreements, if not resolved to CHHK's satisfaction, would have
caused them to make reference to the subject matter in connection
with their report on the Company's consolidated financial
statements for those periods.  Furthermore, no reportable events
as described in paragraphs (a)(1)(v)(A)-(D) of Item 304 of
Regulation S-K occurred within the periods covered by CHHK's
reports on the Company's consolidated financial statements, or
subsequently up to the date of CHHK's dismissal.

On Sept. 29, 2016, concurrent with the dismissal of CHHK, the
Company, upon the approval of the Audit Committee, engaged DCAW
(CPA) Limited as the Company's independent registered public
accounting firm, effective immediately.

The director formerly responsible for the Company's account at
CHHK will join DCAW, and will be the director responsible for the
Company's account at that firm.

During the Company's two most recent fiscal years ended Sept. 30,
2015, and 2014 and through Sept. 29, 2016, neither the Company
nor anyone on its behalf consulted DCAW.

                        About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters.  The BAK International business was foreclosed on
June 30, 2014.  Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries
primarily for electric vehicles when its Dalian, China
manufacturing facilities start to operate in the first quarter of
2015.

China BAK reported net profit of US$15.9 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.8 million
for the year ended Sept. 30, 2014.

As of June 30, 2016, the Company had US$82.5 million in total
assets, US$67.4 million in total liabilities and US$15.1 million
in total shareholders' equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.


COUNTRY GARDEN: Fitch Assigns BB+ Rating to USD650MM Senior Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.'s
(BB+/Stable) USD650 million 4.75% senior notes due 2023 a final
rating 'BB+'.

The notes are rated at the same level as Country Garden's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received and the final rating is in line with the
expected rating assigned on Sept. 19, 2016.

Country Garden's ratings are supported by cash inflow from annual
contracted sales of over CNY100bn, strong financial flexibility
with low interest cost, and a track record of strong execution.
Moving into the higher-tier cities is a positive development in
Country Garden's progression towards becoming a nationwide
homebuilder. However, this process may take another one to two
years to reach fruition if the company continues on its current
trajectory.

KEY RATING DRIVERS

Ongoing Land Bank Adjustment: Fitch believes Country Garden will
continue to reposition its land bank in the next 12 to 24 months.
The repositioning in 2015 was to boost the contribution from
products targeted at Tier 1 and 2 cities; 52% of the CNY140bn
contracted sales came from products targeting these cities. Out
of the CNY56bn of land acquired in 2015, 67% is in Tier 1 and 2
cities and 75% is aimed at residents of these cities.

Aggressive Expansion Pressures Leverage: Fitch expects net debt
to rise to CNY70bn-95bn in 2016 with the expansion of the land
bank. The total land premium of CNY56bn (CNY43bn on an
attributable basis) was far beyond its budget of CNY20bn at the
start of 2015. This resulted in leverage (as measured by net
debt/adjusted inventory) rising to 40% from 36% in 2014. Higher
end-2015 gross debt has also lowered its churn - as measured by
contracted sales to total debt - to 1.1x from 2.0x in 2014. This
is less of an issue, since the higher available cash of CNY36.2bn
at end-2015 (from CNY18.7bn at end-2014) will reduce pressure
from higher debt.

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

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

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

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

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case include:

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

   -- Maintaining the ratio of net debt to adjusted inventory
      above 45% on a sustained basis

   -- Maintaining the ratio of contracted sales to gross debt
      below 1.2x on a sustained basis



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


A.S. TRADERS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A.S. Traders.

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

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

AST, is a partnership firm incorporated in June 21, 2013 and a
distributor for the UB group's Kingfisher Beer for the Punjab
region. The firm was also awarded with Heineken beer agency
during November 2014. The firm is promoted by the Grover family
which has been in the liquor business for over three decades.


AAVISHKAAR SEP: Ind-Ra Assigns 'IND BB' Rating to INR21MM SLCF
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aavishkaar Sep
2016 Trust (an ABS transaction) provisional ratings as follows:

   -- INR350.1 million Series A1 pass through certificates
      (PTCs): 'Provisional IND A-(SO)'; Outlook Stable

   -- INR21.0 million second loss credit facility (SLCF):
      'Provisional IND BB(SO)'; Outlook Stable

The final rating is contingent upon the receipt of final
documents conforming to the information already received.

The micro finance loan pool to be assigned to the trust has been
originated by Arohan Financial Services Pvt Ltd. (AFSPL).

KEY RATING DRIVERS

The provisional ratings are based on Arohan Financial Services'
origination, servicing, collection and recovery expertise, the
legal and financial structure of the transaction and the credit
enhancement (CE) provided in the transaction. The provisional
rating of Series A PTCs addresses the timely payment of interest
and principal on monthly payment dates by the final maturity date
of June 2018 in accordance with the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread. The total excess cash flow or the
internal CE available to Series A PTCs is 8.41% of the initial
pool principal outstanding (POS). The transaction also benefits
from the external CE of 11.0% of the initial POS. The total
available CE consists of a first loss credit facility of 5.00%
and an SLCF of 6.00%. The first loss credit facility is likely to
be provided in the form of fixed deposits in the name of the
originator with a lien marked in favour of the trustee.
Furthermore, the SLCF is likely to be either in the form of fixed
deposits with a bank or in the form of an unconditional and
irrevocable bank guarantee. The collateral pool to be assigned to
the trust at par had the initial POS of INR350.1m, as of the pool
cut-off date of Aug. 31, 2016.

RATING SENSITIVITIES

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

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating will be
downgraded by three notches.


ABHIJIT REALTORS: CRISIL Suspends D Rating on INR350MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Abhijit Realtors and Infraventures Pvt Ltd (ARIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             350       CRISIL D
   Proposed Long Term
   Bank Loan Facility       70       CRISIL D

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

ARIPL, incorporated in 2007, is a real estate developer based in
Nagpur (Maharashtra) and is promoted by Mr. Abhijit Majumdar. The
promoter has been in the real estate business since 1997 and has
completed about 30 projects till date.


AGASTHYA COPPER: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Agasthya Copper Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL D
   Proposed Long Term
   Bank Loan Facility      40        CRISIL D

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

ACPL is promoted by Mr. Sidharth Shah and his wife, Ms. Hetal
Shah. It was initially established in 2005 as a proprietorship
firm, Agasthya Enterprises, by Mr. Sidharth Shah; and was
reconstituted as a private limited company under the current name
in 2010. ACPL manufactures (through its associate company, Arje
Copper Pvt Ltd) and trades in copper alloy products such as
copper tubes, terminals, pipes, strips, sections, and bus bars.


AISHWARYA COTTONS: ICRA Suspends B+ Rating on INR12cr Loan
-----------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B+ to INR12.00 crore
fund based facilities of Aishwarya Cottons. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Aishwarya Cotton is engaged in cotton trading, ginning &
pressing. The firm's major products include cotton seed and
cotton lint. It was established in 2012 and commenced operations
in April 2013. The firm was promoted by Mr. B. Muddubasavan Gowd
and his family; the promoters of the firm have longstanding
experience in the business through their other group entities.


ALLIANCE INDUSTRIAL: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Alliance
Industrial Marketing's (AIM) 'IND BB(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND
BB(suspended)'/'IND A4+(suspended)' ratings on the company's
INR108m fund-based working capital limits.

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

Ind-Ra had suspended AIM's ratings on March 4, 2016.


ANANTA MEDICARE: CRISIL Assigns B+ Rating to INR100MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ananta Medicare Limited (AML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable
   Term Loan              100        CRISIL B+/Stable

The ratings reflect the initial stage and small scale of
operations, working capital intensity and customer concentration
in revenue profile along with its exposure to ongoing project
implementation risk. These rating weaknesses are partially offset
by extensive experience of promoters, funding support received
from them and moderate networth.
Outlook: Stable

CRISIL believes Ananta Medicare Ltd will benefit from extensive
experience of promoters and funding support received from them,
over the medium term. The outlook may be revised to 'Positive' if
the company reports substantial improvement in scale of
operations and stable profitability leading to higher-than-
expected cash accrual. The outlook may be revised to 'Negative',
if lower-than-expected revenue and profitability, larger than
expected, debt-funded capital expenditure, or stretch in the
working capital cycle, weakens the financial risk profile,
especially liquidity.

AML was incorporated in 2008, by promoters, Mr. Pradeep Jain, Mr.
Rajesh Jain, Mr. Sanjay Jain and Mr. Sanjeev Kumar. The company
manufactures and exports herbal pharmaceutical products to
Ukraine, Moldova and Azerbaijan etc. The company has its
manufacturing facility at Ganganagar, Rajasthan. It is also
setting up a new capacity for allopathic drugs.


ARCHANA MOTORS: CRISIL Assigns B- Rating to INR115MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on bank
facilities of Archana Motors Private Limited.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                 5        CRISIL B-/Stable
   Electronic Dealer
   Financing Scheme(e-DFS)   115        CRISIL B-/Stable

The rating reflects the weak financial risk profile, marked by
small networth, high total outside liabilities to tangible
networth ratio, and sub-par debt protection metrics. These rating
weaknesses are offset by extensive experience of promoters,
healthy relationship with principal, Tata Motors Ltd (TML), and
low debtor and inventory risk.
Outlook: Stable

CRISIL believes AMPL will continue to benefit from its
established relationship with TML and extensive experience of
promoters. The outlook may be revised to 'Positive' if
improvement in scale of operations and profitability leads to
sizeable cash accrual and stronger debt protection metrics. The
outlook may be revised to 'Negative' if large debt contracted to
fund working capital or capital expenditure, weakens the
financial risk profile, especially liquidity.

AMPL was established in 2011 by promoter, Mr. Shibu Job C. The
company is an authorised dealer of commercial vehicles of TML, in
Thrissur and Palakkad, and has 11 showrooms and 6 service
centres.


ARSHIT GEMS: ICRA Reaffirms 'D' Rating on INR28cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR28
crore fund based bank limits of Arshit Gems at [ICRA]D. ICRA has
also reaffirmed the short term rating assigned to the
abovementioned bank limits of the company at [ICRA]D. The
reaffirmation of ratings reflects current delays in debt
servicing by the company. The company has been classified as a
non performing asset by its bankers.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Long term/Short term
   fund based limits          28       [ICRA]D/[ICRA]D reaffirmed

Arshit Gems was incorporated in 1988 as a partnership firm by
five partners (all family members).The firm is engaged in
importing rough diamonds, cutting, polishing and marketing them
in India as well as to various destinations globally. The firm
has manufacturing units situated at Surat (2 units), Bhavnagar (3
units) and Rajkot (1 unit).


ATOM CERAMIC: ICRA Revises Rating on INR4.0cr Cash Loan to B
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+
for the INR4.00-crore fund-based cash credit facility and
INR2.11-crore term loan of Atom Ceramic. ICRA has also reaffirmed
the short-term rating to INR1.80-crore non-fund based bank
guarantee facility of AC. ICRA has further assigned an
[ICRA]B/[ICRA]A4 rating to the INR1.23-crore unallocated limits
of AC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limit-
   Cash Credit              4.00       Revised to [ICRA]B from
                                       [ICRA]B+

   Fund-based Limit-
   Term Loan                2.11       Revised to [ICRA]B from
                                       [ICRA]B+

   Non-fund Based Limit
   Bank Guarantee           1.80       [ICRA]A4; re-affirmed

   Unallocated Limits       1.23       [ICRA]B/[ICRA]A4; assigned


The rating revision takes into account the decline in revenue
from INR15.2 crore during FY2015 to INR8.1 crore during FY2016
registering 46.7% de-growth. Dip in revenue is on account of a
shutdown of manufacturing activity for ~4-5 months on account of
improper functioning of newly installed customised kiln. ICRA
also takes note of weak profitability at the net level along with
low return indicators, low coverage indicators and stretched
capital structure, resulting in high gearing. During March 2016,
nine partners retired from the firm and their share of capital
was transferred to the unsecured loan resulting in an increase in
debt levels and a simultaneous decline in net worth. This
transaction has resulted in a high gearing level of 5.8 times as
on March 31, 2016 as against 1.4 times as on March 31, 2015. The
ratings are further constrained by the high working capital
intensity at 75% as on March 31, 2016 resulting from elongated
receivables from debtors and high inventory holding. The ratings
also take note of the highly competitive nature of the ceramic
tile industry.

The ratings, however, positively consider the promoters'
extensive experience in the ceramic industry and favorable
location of the plant with its proximity to the raw material
sources. ICRA further notes that the declining gas prices and the
installation of a coal-based gasifier, results in considerable
savings in fuel cost and helps alleviate cost pressures to some
extent.

ICRA thinks AC's profitability is vulnerable to the volatility in
raw material and fuel prices along with the cyclicality of demand
from its end-user industry i.e. construction. However, improving
profitability with increased scale of operations, strengthening
capital structure by way of infusion of capital and its ability
to manage working capital requirement will be the key rating
sensitivities.

Atom Ceramic was incorporated in July 2009. The company is into
manufacturing of digitally printed ceramic wall tiles. It
commenced its commercial operations from May 2010. It was dealing
in two sizes of tiles i.e. 12" X 18" and 8" X 18". During March
2016, the firm started manufacturing larger sized tiles i.e.
12"X24".

The manufacturing facility is located in Morbi, Gujarat with an
installed capacity of 15000 Metric Tonnes Per Annum (MTPA). The
company markets its tiles under the brand name of 'Atom Ceramic'.
During March 2016, with the reconstitution of the partnership
firm by way of admission of six new partners and retirement of
nine old partners - at present it has eight partners.

Recent Results

During the financial year FY2016, the company registered a net
profit of INR0.01 crore on an operating income of INR8.1 crore.


BRAHMAPUTRA BIOCHEM: CRISIL Assigns D Rating to INR582MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to bank facilities of
Brahmaputra Biochem Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               582        CRISIL D
   Proposed Term Loan      200        CRISIL D
   Cash Credit             179.1      CRISIL D
   Proposed Long Term
   Bank Loan Facility       39.0      CRISIL D

The rating reflects instances of delay in servicing interest
obligations on account of weak liquidity. The rating also
reflects the nascent stage of operations and the exposure to
commensurate ramp-up in scale, below-average financial risk
profile due to large debt-funded capital expenditure, and
sizeable working capital requirement. These ratings weaknesses
are partly mitigated by entrepreneurial experience of promoters
and their funding support, and moderate operating efficiency
expected, due to higher regional demand and fiscal benefits
available.

Incorporated in August 2010 by Mr. Jagmohan Singh Arora, Mr.
Kuljeet Singh Arora, Mr. Hari Singh Arora, Mr. Avinash Deewan and
Mr. Mrigaraj Das, BBPL manufactures grain-based extra neutral
alcohol (ENA). The company has set up a plant in Guwahati, with a
capacity to manufacture 60,000 litres of ENA per day. It also has
a 2 MW cogeneration power plant and a CO2 recovery plant, with
capacity of 40 MT per day. The project was commissioned and
commercial operations started in the first quarter of fiscal
2017.

Apart from BBPL, promoters have business interests in
hospitality, dairy, and granite mining industries.


BRIJ SUGAR: CRISIL Suspends 'D' Rating on INR100MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Brij
Sugar Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              30       CRISIL D
   Proposed Long Term
   Bank Loan Facility       40       CRISIL D
   Term Loan               100       CRISIL D

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

BSIPL was incorporated in 2010, promoted by Mr. Mahindra Goel is
a sugar manufacturing unit at Jyotiba Phule Nagar (Uttar
Pradesh).


BRISK INFRASTRUCTURE: CRISIL Suspends D Rating on INR450MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Brisk Infrastructure and Developers Private Limited (Brisk).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      45        CRISIL D
   Term Loan              450        CRISIL D

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

Incorporated in 1996, Brisk undertakes real estate construction.
The company is promoted and managed by Mr. Harish Gehlot and his
brother, Mr. Kailash Gehlot. It is implementing a group housing
project, Lumbini Terrace Homes, in Gurgaon (Haryana).


CIEMME JEWELS: ICRA Reaffirms 'D' Rating on INR20cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR37.9 crore fund based and INR0.4 crore non fund based bank
limits of Ciemme Jewels Limited.  The rating reaffirmation
reflects current delays in debt servicing by the company. The
company has been classified as a non performing asset by its
bankers.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, fund
   based limits (CC)       20.0         [ICRA]D reaffirmed

   Long term, fund
   based limits             4.0         [ICRA]D reaffirmed

   Long term, fund
   based limits (WCTL)     13.9         [ICRA]D reaffirmed

   Long term, non fund
   based limits             0.4         [ICRA]D reaffirmed

Ciemme Jewels Limited is a wholly owned subsidiary of C Mahendra
International Limited. CMIL is in turn a wholly owned subsidiary
of C Mahendra Exports Limited which is the flagship company of
the C Mahendra Group. CMIL is the holding company for all other C
Mahendra group companies. CJL was incorporated on April 03, 2003
as C.M. Jewels Private Limited to buy, sell, export, import,
deal, market and manufacture diamonds, precious stones, semi-
precious stones and jewellery. The name of the company was
changed to Ciemme Jewels Private Limited on June 06, 2003. The
company was converted into a public limited company and name was
further changed to Ciemme Jewels Limited with effect from
June 28, 2007. The company is engaged in the manufacturing and
marketing of Diamond studded jewellery. It also engages in
trading of diamonds.


COUNTRY CLUB: ICRA Assigns 'D' Rating to INR281.45cr Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the
INR281.45-crore fund-based limits and the INR18.55-crore
unallocated limits of Country Club Hospitality & Holidays
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based limits       281.45      [ICRA]D; assigned
   Unallocated Limits       18.55      [ICRA]D; assigned

The assigned rating reflects the delays in debt-servicing by the
company owing to its stretched liquidity position. Given the high
operating leverage, the slowdown in new membership addition and
decline in average membership fee during the last two years has
resulted in net losses. Although the company has reported cash
profits during this period, the debt repayment obligation was
higher than the net cash accruals. Further, the company has been
able to get its entire debt restructured by June 2016. Post
restructuring, the principal repayment obligation over next two
years stands at INR30.57 crore as against INR72.51 crore earlier
thereby easing the burden on CCHHL's cash flows.

ICRA notes that CCHHL is the largest chain of family clubs in
India through a network of 223 clubs of which 49 are owned and
with a membership base of 436,933 as on March 31, 2016.
Notwithstanding the healthy growth in the annual subscription fee
at a CAGR of 26% during FY2012-FY2016 to INR45.51 crore,
indicating annual renewals of ~ 35% against ~21% in FY2012, the
dependence on new membership addition continues to remain high,
which contributes ~72% to its operating income.

Going forward, CCHHL's ability to service its debt obligations in
a timely manner will be the key rating sensitivity.

Incorporated in 1989, CCHHL is in the holiday and leisure
services business providing family clubbing facilities and
timeshare vacations to its members spread across 51 properties
(33 owned, 16 associated properties and 2 leased) reinforced by
220-plus India and global affiliations (via Country Vacations)
and 3900 resorts (via RCI affiliation). It has 436,933 individual
members and 600 corporate members comprising brands like
Microsoft, Tech Mahindra, CMC Limited (now merged with TCS
Limited) and Dr. Reddy's Labs, among others. CCHHL started its
operations under the banner Amrutha Estates in 1981 as a real
estate development company in South India. In 1989, the company
entered the clubbing business with the objective to make clubbing
accessible and affordable to the upwardly population in India.

Recent Results
As per audited financials on a standalone basis, the company
reported a net loss of INR10.65 crore on an operating income of
INR281.06 crore during FY2016 as against a net loss of INR11.29
crore on an operating income of INR271.21 crore during FY2015.


DEEPAK COTTON: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Deepak Cotton
Factory's (DCF) 'IND B(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND B(suspended)'/IND
A4(suspended)' ratings on the company's INR100 million fund-based
working capital limits.

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

Ind-Ra had suspended DCF's ratings on 02 March 2016.


E.S. KNIT: CRISIL Assigns B+ Rating to INR12.5MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of E.S. Knit Wear. The ratings reflect ESK's
modest scale of operations in a highly fragmented industry and
working capital intensive operations. These rating weaknesses are
partially offset by the promoter's extensive experience in the
textile industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Facility                 11       CRISIL B+/Stable
   Term Loan                 4       CRISIL B+/Stable
   Foreign Bill
   Discounting              12.5     CRISIL B+/Stable
   Packing Credit           32.5     CRISIL A4

Outlook: Stable

CRISIL believes that ESK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves a
substantial increase in its revenues resulting in higher than
expected accruals, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if ESK's
revenue or profitability decline or if the firm undertakes a
larger than expected debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

ESK was set up in 1985 as a proprietorship firm by Mr. Easwaran.
The firm is engaged in manufacturing of readymade garments.

ESK, on a provisional basis, reported profit after tax (PAT) of
INR2.6 million on net sales of INR72.5 million for 2015-16
(refers to financial year, April 1 to March 31), against PAT of
INR4.44 million on net sales of INR131.4 million for 2014-15


GREENKO ENERGY: Unaffected by SunEdison Asset Buy, Says Fitch
-------------------------------------------------------------
Greenko Energy Holdings' credit profile is not affected by its
acquisition of SunEdison's India portfolio, Fitch Ratings says.
The agency expects GEH's leverage to increase temporarily at the
end of the financial year to March 2017 (FY17), before improving
from FY18 as the acquired assets chalk up a full year of
operations.

GEH announced on 30 September 2016 that it will acquire about
390MW of SunEdison's solar and wind power generation assets in
India that are operational or close to coming on line. The
acquisition has an enterprise value of USD392m, which GEH will
meet by making a cash payment of USD42m and assuming project-
level debt of USD350m (at an 11.3% of average interest cost). As
a part of the transaction agreement, GEH will take over
SunEdison's pipeline of solar generation projects in India at no
additional cost. These projects in the pipeline have total
capacity of 653MW. About 83% of the total capacity that GEH will
acquire is in its current regions of operations - Andhra Pradesh,
Telangana and Karnataka - while the rest is mainly in Tamil Nadu.
This may provide certain operational synergies if this solar
capacity is combined with its largely wind-based generation
portfolio in these regions.

The assets that are operational or close-to-operational include
343MW of solar power generation assets - marking GEH's entry into
India's solar market. About 249MW of this solar power capacity
started operations in FY16 and another 52MW (48MW wind and 4MW
solar) started over May-July 2016. GEH expects the balance 90MW
of solar power plants to start operations over October-November
2016. Most of these projects benefit from power purchase
agreements with 20-25 year terms and tariffs ranging from
INR5.10/kWh to INR7.01/kWh for the solar projects, which Fitch
views as attractive, relative to tariffs for projects that have
been offered recently in India.

GEH may eventually allocate the acquired assets to its two
restricted groups that were created to raise US dollar debt in
the capital markets - Greenko Dutch BV (USD550m 8% senior notes
due 2019 rated 'B+'; capacity of 623MW) and Greenko Investment
Company (USD500m 4.875% senior notes due 2023 rated 'B+';
capacity of 403MW). However, this will be subject to terms and
conditions in the bond indentures, including debt to EBITDA
incurrence tests. GEH may be able to reduce the interest costs of
the debt assumed via a future refinancing exercise. Nevertheless,
Fitch expects the newly acquired assets to be able to service
their debt obligations with their own cash generation, so they
will not put pressure on the GEH group's liquidity.

Fitch expects GEH's financial performance to benefit from
improved operating conditions as the effect of El Nino on wind
patterns and monsoon subsides, the full-year contribution from
existing assets and from commencement of operations of assets
currently under construction.

The new 390MW generation portfolio is forecast to generate a
steady state EBITDA of about USD75m a year from FY18 (FY17:
USD37m), according to the management, placing the debt/EBITDA of
the transaction slightly under 5x. Fitch expects GEH's
consolidated financial leverage, as measured by debt to EBITDA,
to remain around 5x in the medium term. Fitch said, "We expect
GEH to take a conservative approach in relation to the
development of the 653MW of pipeline projects, only pursuing
projects that are economically sound. Fitch had included in its
assumptions about 900MW of capacity additions by GEH through
FY22; the acquired pipeline can support part of this growth
target, in our view. We also believe GEH will seek to raise funds
via equity issues if it seeks a higher growth target after this
transaction."


HOTEL JAYAPUSHPAM: Ind-Ra Affirms IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hotel
Jayapushpam Private Limited's (Hotel JP) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable. The agency has also affirmed
Hotel JP's INR84.6 million (reduced from INR120.9 million) long-
term loan at 'IND BB' with a Stable Outlook.

Ind-Ra suspended Hotel JP's ratings on July 25, 2016.

KEY RATING DRIVERS

The affirmation reflects Hotel JP's marginal growth in revenue
while maintaining the credit metrics at similar levels. In FY16
the company's revenue was INR160 million (FY15: INR150 million;
FY14: INR146 million). Interest coverage (operating EBITDA/gross
interest expense) was 3.0x in FY16 (FY15: 2.3x, FY14:2.5x) and
net financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was 3.6x (3.3x, 2.5x). Hotel JP's ratings are
constrained by continued deterioration in its EBITDA margin over
FY14-FY16 (FY16:22%, FY15:23% and FY14:33%) due to increase in
the administrative and maintenance cost.

The management expects the credit metrics to improve further on
scheduled repayment of term loan. Net leverage is expected to
reach less than 2.5x by end of FY17 with improved profitability
on reduction in wastage of food (reduced items on the menu size
to avoid wastage).

The ratings continue to be constrained by the company's small
size and its single-property dependent operations.

RATING SENSITIVITIES

Positive: A significant increase in revenue and profitability
leading to sustained improvement in the credit metrics could be
positive for the ratings.

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

COMPANY PROFILE

Hotel JP, founded by J.Ashok, is a three-star hotel with 94 rooms
in Chennai. As of March 2016, 90 of its rooms were operational.
The hotel has a restaurant, a lounge bar, two pubs, a roof top
restaurant and seven banquets halls.


ITALVA WOODS: CRISIL Assigns 'B' Rating to INR122.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Italva Woods Industries.
                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Working
   Capital Facility         30        CRISIL B/Stable
   Proposed Bank
   Guarantee                 5        CRISIL A4
   Proposed Term Loan      122.5      CRISIL B/Stable

The rating reflects the risks associated with the implementation
of the project, subsequent ramp up and stabilisation of
operations. The rating also factors in Italva's presence in the
intensely competitive particle board segment, and its high
reliance on debt. These weaknesses are partially offset by the
extensive experience of the partners and their funding support.
Outlook: Stable

CRISIL believes Italva will benefit over the medium term from the
extensive experience and funding support of its partners. The
outlook may be revised to 'Positive' in case of timely project
completion and higher-than-expected accrual. The outlook may be
revised to 'Negative' if any time or cost overrun, or low accrual
weaken the financial risk profile.

Italva Woods Industries (Italva) is a partnership concern
established as M/s Italva Wood Industries on April 24, 2016 and
reconstituted on April 27, 2016. Mr. Sharang D Patel, Mr.
Kirtikumar J Ughreja, Mrs Kanchanben A Ughreja, Mr. Amrutlal H
Menpara, Mrs Hansaben A Menpara, Mr. Jaydeepbhai L Moradiya, Mr.
Khimjibhai G Sadatiya, Mr. Jayantilal M Ughreja, Mrs Manekben J
Ughreja and Mr. Sanjaykumar C Patel are the partners. The firm is
setting up a wood particle board manufacturing unit with a
capacity 562,500 particle boards of 8'x6' size & 17 mm thickness
at Maliya, dist: Morbi. Gujarat.


JALARAM FLEXO: CRISIL Suspends 'D' Rating on INR60.3MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jalaram
Flexo Laminates Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL D
   Proposed Long Term
   Bank Loan Facility      24.7      CRISIL D
   Term Loan               60.3      CRISIL D

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

JFL was incorporated in 1992 by Mr. Vasant Kumar Khakkhar and his
wife, Mrs. Renuka Khakkhar. The company manufactures plastic and
paper flexible packaging for a wide range of industries. Its
manufacturing facilities are in Nagpur (Maharashtra).


JASAMRAT COTGIN: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jasamrat Cotgin Private Limited (JCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable
   Term Loan               34.5      CRISIL B/Stable

The rating reflects the company's exposure to risks related to
implementation of its project and stabilisation of its
operations, and to intense competition in the cotton ginning
industry. These weaknesses are partially offset by its promoters'
extensive experience in the cotton industry.
Outlook: Stable

CRISIL believes JCPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of successful commissioning of
the company's project, and strong revenue and profitability. The
outlook may be revised to 'Negative' in case of lower-than-
expected revenue or profitability.

JCPL was set up in June 2016 by Mr. Jaideep Singh Rajpal and his
brother, Mr. Paramjeet Singh Rajpal. It is setting up a cotton
ginning and oil extraction unit in Sendhwa, Madhya Pradesh, and
will commence operations in December 2016. Its unit will have
capacity to process 30,000 cotton bales per year.


JAYCO SYNTHETICS: ICRA Ups Rating on INR6.25cr Cash Loan to B
-------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B from [ICRA]B-
and has re-affirmed the short-term rating at [ICRA]A4 for the
INR13.70 crore (enhanced from INR8.89 crore) line of credit of
Jayco Synthetics.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Bank of Baroda-
   Term Loan I             3.64         [ICRA]B upgraded from
                                        ICRA]B-

   Bank of Baroda-
   Term Loan II            3.81         [ICRA]B upgraded from
                                        ICRA]B-

   Bank of Baroda-
   Cash Credit             6.25         [ICRA]B upgraded from
                                        ICRA]B-

   Non-Fund Based-One-
   time Letter of credit  (4.82)        [ICRA]A4 re-affirmed

The long-term rating upgrade of JS takes into account the
successful project commissioning, which has aided the transition
of the firm from core trading/processing entity to a
manufacturing unit and the consequent improvement in the
operating scale witnessed in FY2016. The ratings continue to
favourably factor in the experience of promoters/partners in the
textile industry, while the presence of group companies in the
same industry provides operational comfort. The ratings also take
into account the easy accessibility to key raw materials along
with proximity to downstream processing units from its presence
in Surat, Gujarat.

The ratings, however, are constrained by the leveraged capital
structure due to debt funded capex and the modest net-worth base,
which is vulnerable to capital withdrawal risks associated with
the partnership constitution. Nevertheless, some comfort can be
drawn from ~32% of the debt being constituted by unsecured loans
from the promoters' family. The net profitability continues to
remain weak and may remain under pressure due to depreciation and
interest costs on account of implementation of the recent debt
funded capital expenditure. Moreover, there are pricing pressures
from an intensely competitive business environment and fragmented
industry structure, characterised by unorganised players. ICRA
also notes JS's exposure to adverse movements in yarn prices.
Since prices of polyester yarn are directly linked to the prices
of Monoethylene Glycol (MEG) and Pure Terepthalic Acid (PTA),
which are crude oil derivatives, the firm's profitability is
vulnerable to any adverse fluctuation in the same. Furthermore,
the business operations are susceptible to cyclicality inherent
in textile industry.

The sanction of application of TUFS for interest and capital
subsidy will be critical to lower the interest burden to an
extent, and improve the net profits from current levels, going
forward. On the back of stabilisation of capex undertaken, ICRA
expects moderate revenue growth over the next three years from
anticipated improvement in the capacity utilisation levels by
employing the second leg of capex, which has been operational
from FY2017. The stretched capital structure of the firm is
projected to moderate to an extent over the next three years
owing to the repayments pertaining to the term loans sought
subject to an improving net-worth base. However, given the
partnership constitution, risk of capital withdrawals is
inherent.

Established in June 2006 and promoted by the Sachdev family,
Jayco Synthetics (JS or the firm) is a family managed partnership
firm engaged in manufacturing art silk (artificial silk or rayon)
greige cloth. JS was a core trading/processing company employing
its group companies -- BK Tex, Hari Synth (currently defunct),
Kiah Silk, Perint Industries and R.K. Text -- for processing job-
works. Recently, in Q1 FY2016, to move up the value chain, the
firm integrated backward by setting up its own manufacturing unit
and forayed into manufacturing (weaving). In addition to
employing its own capacities, the firm continues to employ the
capacities of its group companies for yarn processing, such as
twisting, warping as well as weaving. Based out of the Sachin
district of Surat, Gujarat, JS operates a manufacturing facility
in the Gujarat Industrial Development Corporation (GIDC) area
with an installed manufacturing capacity of 1,12,75,200
(1,04,97,600 own capacity and 7,77,600 acquired from Hari Synth)
metres of greige cloth per annum.

The key partners of JS are Mr. Bharatkumar Sachdev, Mrs.
Kokilaben Bharatkumar Sachdev and Mr. Rahul Bharatkumar Sachdev,
who collectively look after the business. Mr. Bharatkumar Sachdev
has an experience of more than 40 years, while his son, Mr. Rahul
Bharatkumar Sachdev, has an experience of over eight years
in the textile industry.

Recent results
JS recorded a net profit of INR0.09 crore on an operating income
of INR34.33 crore for the year ending March 31, 2016.


JCL INFRA: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn JCL Infra
Limited's '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 JCL.

Ind-Ra suspended JCL's ratings on 02 March 2016.

JCL's ratings:

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

   -- INR65 million fund-based working capital limits: Long-term
      'IND B+(suspended)'and Short-term 'IND A4(suspended)';
      ratings withdrawn

   -- INR240 million non-fund-based bank guarantee: Short-term
      'IND A4(suspended)'; ratings withdrawn


K.C. EDIBLE: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn K.C. Edible
Oils Pvt Ltd's (KCOP) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended KCOP's ratings on 02 March 2016.

KCOP's ratings:

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

   -- INR90 million fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn

   -- Proposed INR35 million fund-based limits: 'Provisional
      IND B+(suspended)'/'Provisional IND A4(suspended)'; ratings
      withdrawn


K.C. ROLLER: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn K.C. Roller
Flour Mills (P) Ltd's (KCRO) '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 KCRO.

Ind-Ra suspended KCRO's ratings on 2 March 2016.

KCRO's ratings:

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

   -- INR90 million fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn

   -- Proposed INR9 million fund-based limits: 'Provisional IND
      B+(suspended)'/'Provisional IND A4(suspended)'; ratings
      Withdrawn


K.S.M. BASHIR: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn K.S.M. Bashir
Mohammad & Sons' (KSM) 'IND BB-(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 KSM.

Ind-Ra suspended KSM's ratings on 1 March 2016.

KSM's ratings:

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

   -- INR77 million fund-based limits: 'IND BB-(suspended)'/'IND
      A4+(suspended)'; ratings withdrawn

   -- INR11 million term loan: 'IND BB-(suspended)'; rating
      withdrawn


MANDALIA OVERSEAS: ICRA Lowers Rating on INR8cr ST Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B to [ICRA]B for
the INR1.05-crore fund-based bank facilities of Mandalia Overseas
Corporation. ICRA has also revised the short-term rating from
[ICRA]A4 to [ICRA]D  for the INR8.00-crore fund-based facilities
of the company. ICRA has also revised the [ICRA]B/[ICRA]A4
ratings to [ICRA]D, assigned to the unallocated amount of INR0.95
crore.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund          1.05         [ICRA]D; downgraded
   Based-Overdraft                      from [ICRA]B
   facility

   Short-term Fund         (4.00)       [ICRA]D; downgraded
   Based-Packing Credit                 from [ICRA]A4

   Short-term Fund          8.00        [ICRA]D; downgraded
   Based-FBP/UFBP                        from [ICRA]A4

   Unallocated amount       0.95        [ICRA]D; downgraded
                                        from [ICRA]B/[ICRA]A4

The downward revision of ratings primarily incorporates the
recent delays in debt servicing, reflecting highly stressed
liquidity position due to delays in realising receivables. The
ratings also factor in the small scale of operations amid a
highly fragmented industry structure, thereby increasing
vulnerability to demand fluctuations. The company has a weak
financial profile, reflected by thin profitability, high working
capital intensity and highly leveraged capital structure, coupled
with weak coverage indicators. ICRA also takes note of the
vulnerability of earnings to any change in regulatory policies in
India and importing countries and exposure to price fluctuation
and foreign exchange fluctuation risks.

Established in 1971 as a partnership firm, Mandalia Overseas
Corporation is engaged in exports various agro products as well
as packed foods. The firm has its registered office located at
Masjid, Mumbai and has two rented warehouses in Navi Mumbai. The
firm is registered with various government organisations like
National Agricultural Cooperative Marketing Federation (NAFED),
Agricultural and Processed Food Products Export Development
Authority (APEDA) and is also a export house recognised by the
Government of India.


MARUTI COTTON: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Maruti
Cotton Ind - Kadi.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            50         CRISIL B/Stable
   Long Term Loan         19.5       CRISIL B/Stable

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

Incorporated in 2013, MCI is promoted by Kadi (Gujarat)-based
Bhavsar and Prajapati family. The firm is engaged in cotton
ginning and pressing. Commercial operations for the firm have
started from the year 2014-15.


NEAT WIND: CRISIL Suspends B+ Rating on INR36.1MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Neat Wind Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             20        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      23.9      CRISIL B+/Stable
   Term Loan               36.1      CRISIL B+/Stable

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

NWI was established in 1996 by Mr. G M Balkrishna, Mrs. Sunita
Bopardikar, and Mrs. Kanchan Mulay. The firm manufactures
industrial ovens, electrical panels, furnaces, material handling
equipment, and cable convey systems. It also processes sheet
metal. The firm's manufacturing facilities are in Ahmednagar
(Maharashtra). Its day-to-day operations are managed by Mr.
Avinash Bopardikar (husband of Mrs. Sunita Bopardikar) and Mr.
Suhas Mulay (husband of Mrs. Kanchan Mulay).


NICE MARINE: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nice Marine Exports (India) Private
Limited. The ratings reflect the firm's modest scale of
operations and low operating margins. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the fish industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          30        CRISIL A4
   Bill Discounting        20        CRISIL B+/Stable
   Cash Credit             50        CRISIL B+/Stable

Outlook: Stable

CRISIL believes NMEPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if higher-than-expected revenue and
profitability leads to improvement in cash accruals. The outlook
may be revised to 'Negative' if low cash accrual due to fall in
revenue, or stretch in working capital cycle weakens liquidity.

Incorporated in April 2012, NMEPL is based in Hyderabad, and
trades in shrimp and other fishes.


OLIVE TEX: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Olive Tex Silk
Mills Private Limited's Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects OTSMPL's continued moderate scale of
operations and moderate credit metrics. Provisional FY16
financials indicate a slight year-on-year revenue growth to
INR1,381 million (FY15: INR1,307 million). Its Net leverage
(total adjusted net debt/operating EBITDAR) was 4.9x at FYE16
(FYE15: 4.4x) and interest coverage (operating EBITDA/gross
interest expense) was 1.9x (2.0x). The company is likely to
report revenue of around INR610 million in 1HFY17.

The ratings also factor in the fall in OTSMPL's EBITDA margins to
6.9% in FY16 (FY15: 8%) on account of fluctuation in raw
materials prices.

The company's liquidity has remained tight, with 93.7% average
utilisation of its fund-based facilities over the 12 months ended
August 2016.

OTSMPL is a commodity-based (polyester and cotton) manufacturing
business and is exposed to raw material price volatility, which
is the primary rating constraint.

However, the ratings are supported by the company's promoters'
operating experience of more than a decade in the garment
manufacturing industry.

RATING SENSITIVITIES

Positive: Substantial growth in revenue and profitability,
resulting in improved credit metrics, could result in a positive
rating action.

Negative: A decline in profitability, resulting in deterioration
in credit metrics, could result in a negative rating action.

COMPANY PROFILE

Incorporated in 2007, Mumbai-based OTSMPL is engaged in the
manufacture of garments. The company has two manufacturing units
at Vapi (Daman and Diu district) and two parcels of land at
Tarapur (Mumbai) for fabric weaving.

OTSMPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook
      Stable

   -- INR12.8 million (reduced from INR27.5m) long-term loans:
      affirmed at 'IND BB'/Stable

   -- INR343.4 million fund based facilities (increased from
      INR270 million): affirmed at 'IND BB'/Stable/'IND A4+'

   -- INR22.5 million non-fund-based facilities: affirmed at
      'IND A4+'


PNR INFRA: CRISIL Assigns B+ Rating to INR100MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of PNR Infra India Private Limited (PNR).

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

The ratings reflect PNR's modest scale of operations and exposure
to intense competition in the real estate segment. The rating
weaknesses are partially offset by the moderate bookings and cash
flows from its ongoing projects, and the extensive experience of
its promoter in the real estate segment.
Outlook: Stable

CRISIL believes PNR will benefit from its promoters' extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if PNR undertakes projects of larger size,
generates larger cash flows, aided by sooner-than-expected
completion of its ongoing projects, improving the company's
business and financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of time and cost overruns in its
projects, or lower-than-expected bookings resulting in
deterioration of financial risk profile.

PNR, was initially incorporated in the name of Nagarjuna Homes
Pvt. Ltd. in 1993 and subsequently changed its name to PNR Infra
India Private Limited in 2006. The company is promoted by
Mr.P.Naga Raju and is based in Hyderabad.


PREMIER METCAST: Ind-Ra Withdraws IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Premier Metcast
Private Limited's (PMPL) 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended PMPL's ratings on 02 March 2016.

PMPL's ratings:

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

   -- INR110 million fund-based limits: 'IND BB(suspended)'/'IND
      A4+(suspended)'; ratings withdrawn

   -- INR15 million non-fund-based limits: 'IND A4+(suspended)';
      ratings withdrawn

   -- Proposed INR65 million fund-based limits: 'Provisional IND
      BB(suspended)'/'Provisional IND A4+(suspended)'; ratings
      withdrawn

   -- Proposed INR10 million non-fund-based limits: 'Provisional
      IND A4+(suspended)'; ratings withdrawn


RATAN SEEDS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ratan Seeds
Private Limited's 'IND B(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND B(suspended)'/'IND
A4(suspended)' ratings on the company's INR50m fund-based working
capital limits.

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

Ind-Ra suspended RASPL's ratings on March 4, 2016.


RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR4.7cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR4.70 crore e-DFS (reduced from INR8.50 crore earlier) and
INR1.50 crore cash credit facilities (reduced from INR2.00 crore
earlier) of Reliance Industrial Consortium Limited. ICRA has also
assigned a long-term rating of [ICRA]B- to the INR4.30 crore
unallocated limits of RICL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   e- DFS                   4.70       [ICRA]B-/Reaffirmed
   Cash Credit              1.50       [ICRA]B-/Reaffirmed
   Unallocated Limits       4.30       [ICRA]B-/Assigned

The reaffirmation of the rating takes into account the relatively
small scale of RICL's operations and inherently low margins of
the company on account of industry dynamics and commission
structure decided by the principal. Its weak financial profile is
reflected by an aggressive capital structure and subdued level of
coverage indicators. The rating also considers RICL's exposure to
the cyclical nature of the Indian passenger vehicle industry and
the competition faced from other automobile (passenger car
segment) dealers in the region. RICL faces high geographical
concentration risk as its presence is limited to the state of
West Bengal. The liquidity position of the company has remained
stretched in view of high utilization of working capital limits.

The rating, however, derives comfort from the extensive
experience of the promoters in the automobile dealership business
and RICL's established market position as the company is one of
the two authorised dealers of Tata Motors Limited (TML) in
Siliguri and Behrampore and sole dealer in Malda, West Bengal.
Besides, the company has a diversified revenue stream through the
sale of new vehicles and spare parts/ accessories and service
income.

In ICRA's opinion, the ability of the company to improve its
capital structure and profitability besides managing its working
capital requirement efficiently would remain key rating
sensitivities, going forward.

Incorporated in 1985, Reliance Industrial Consortium Limited is
an authorised dealer of Tata Motors Limited. The company sells
and services vehicles along with spare parts and accessories.
RICL has three 3-S facilities (sales-services-spares), located in
Malda, Siliguri and Behrampore in West Bengal. The company is
promoted by the Kolkata-based Himatsingka family.

Recent Results
During FY2016 (provisional), RICL reported a net profit of
INR0.12 crore on an operating income (OI) of INR25.38 crore, as
against a net profit of INR0.11 crore and OI of INR23.50 crore
during FY2015.


SAHAYOG CLEAN: CRISIL Suspends 'B' Rating on INR65MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sahayog
Clean Milk Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         65        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SCMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCMPL is yet to
provide adequate information to enable CRISIL to assess SCMPL'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 2009 under the name of Induja Energy Pvt Ltd by
the Patidar family, it was renamed as Harvest Green Fuels Pvt Ltd
in 2011. In 2013, the company was again renamed as SCMPL. SCMPL
commenced operations in September 2013 and is engaged in
processing of milk. Its operations are managed by Mr. Anand
Patidar.


SAI KRUPA: CRISIL Suspends B+ Rating on INR170MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sai
Krupa Construction.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          150       CRISIL A4
   Cash Credit             170       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       19       CRISIL B+/Stable
   Term Loan                11       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SKC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKC is yet to
provide adequate information to enable CRISIL to assess SKC'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 1996 as a proprietary concern, Sai undertakes
infrastructure projects as a government-approved civil
contractor. It specialises in sewage lines, drainage systems,
canals, and pipe lines. Based in Vadodara (Gujarat), it is
empanelled as a Class AA government contractor and is owned and
managed by Mr. Jawahar Parekh.


SAMANVAYA HEALTH: CRISIL Assigns B+ Rating to INR32MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Samanvaya Health Care Private Limited
(SHCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             13        CRISIL B+/Stable
   Long Term Loan          32        CRISIL B+/Stable

The rating reflects the company's modest scale of operations, the
geographic concentration in its revenue, and moderate financial
risk profile. These weaknesses are partially offset by its
promoters' extensive experience in the healthcare industry.
Outlook: Stable

CRISIL believes SHCPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company scales up operations significantly while maintaining
profitability, resulting in substantial cash accrual. The outlook
may be revised to 'Negative' in case of a decline in cash
accrual, or large, debt-funded capital expenditure, weakening the
financial risk profile.

SHCPL was incorporated by Dr Prakash Dharana and Dr Vijay
Neelgund in 2013. It manages a 100-bed multi-specialty hospital
in Gadag, Karnataka, named Mahatma Gandhi Multispecialty Hospital
and Research Centre.

On a provisional basis, SHCPL's profit after tax (PAT) was
INR11.4 million on revenue of INR65.0 million for fiscal 2016,
against a PAT of INR4.2 million on revenue of INR57.8 million for
fiscal 2015.


SARASWATI GUM: CRISIL Assigns B+ Rating to INR60MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Saraswati Gum and Chemicals and has assigned its
'CRISIL B+/Stable' rating to the long-term bank facilities of
Saraswati Gum & Chemicals. CRISIL had suspended the ratings on
August 22, 2016, as SGC had not provided information required for
a rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       40       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects SGC's thin profitability, susceptibility of
profitability to sharp fluctuations in raw material prices and to
regulatory changes. These rating weaknesses are partially offset
by moderate financial risk profile, and extensive experience of
SGC's promoters in the guar gum industry.
Outlook: Stable

CRISIL believes SGC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of improvement in the scale of operations and
operating profitability while the capital structure is
maintained. The outlook may be revised to 'Negative' if there is
significant deterioration in the financial risk profile due to
large, debt-funded working capital requirement or pressure on
profitability or revenue.

SGC, established in 1998, is a partnership firm based in Bhiwani
(Haryana). The firm is managed by Mr. Gobind Ram Bansal and his
family. The firm manufactures refined guar gum splits, guar
korma, and guar churi. The manufacturing unit is located at
Bhiwani (Haryana).

SGC reported a profit after tax (PAT) of INR0.1 million on net
sales of INR0.43 billion for fiscal 2016, against a PAT of INR0.5
million on net sales of INR0.97 billion for fiscal 2015.


SDU BEVERAGES: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SDU Beverages
Private Limited a Long-Term Issuer Rating of 'IND D'. The agency
has also assigned SDU's INR210 million long-term loans a long-
term 'IND D' rating.

KEY RATING DRIVERS

The ratings reflect delays by SDU in the repayment of interest on
the term loan over the 12 months ended August 2016. The delays
were due to tight liquidity position of the company.

RATING SENSITIVITIES

Positive: Timely payment of interest consecutively for three
months could result in a positive rating action.

COMPANY PROFILE

SDU manufactures packaged fruit juices of four flavours - mango,
apple, orange and mixed fruit.


SHIV SHAKTI: ICRA Assigns 'B+' Rating to INR20cr Cash Loan
----------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR20.00 crore cash
credit and INR3.75 crore term loan facility of Shiv Shakti
Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             20.00       [ICRA]B+; assigned
   Term Loan                3.75       [ICRA]B+; assigned

However, the ratings are constrained by the company's
susceptibility towards price fluctuation risk, witnessed in the
recent past as cotton prices were highly volatile and SSI could
not fully pass on the increased price burden to customers due to
intense competition and fragmented nature of the industry. ICRA
also notes the vulnerability of the company's growth towards
cyclicality prevailing in the textile industry, which is likely
to lead to fluctuations in demand. Moreover, as the company
derives a significant part of its revenue through exports; it is
also vulnerable to foreign exchange fluctuation risks despite it
mitigating the risk through partial hedging.

The ratings, however, favorably takes into account the location
of the firm, giving it access to high quality raw cotton. The
rating also considers the forward integration in crushing
facilities providing diversification in terms of revenue.

Established in 2013, Shiv Shakti Industries has set up a cotton
ginning and pressing facility at Kadi in Gujarat. The plant is
equipped with 24 ginning machines and a pressing machine with the
manufacturing capacity of 250 bales per day. The firm is also
equipped with 10 expellers with the capacity to produce 10,500 kg
of cottonseed oil per day.

Recent Results
For the year ended March 31, 2015, Shiv Shakti Industries
reported an operating income of INR35.79 crore and profit after
tax of INR0.04 crore.


SHRI GANGA: CRISIL Assigns B+ Rating to INR79.5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Shri Ganga Vehicles Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             79.5      CRISIL B+/Stable

The rating reflects SGVPL's average scale of operations, coupled
with weak financial risk profile, marked by large debt and low
networth. These weaknesses are partially offset by the promoters'
extensive experience, and the company's established position as a
dealer for Hyundai Motor India Ltd (Hyundai, rated 'CRISIL A1+')
and Suzuki Motorcycles Private Ltd (Suzuki's) motorcycles.
Outlook: Stable

CRISIL believes SGVPL will maintain a stable business risk
profile backed by its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability results in stronger credit metrics.
Conversely, the outlook may be revised to 'Negative' if slowdown
in revenue, or any large debt-funded capital expenditure, weakens
financial risk profile.

Incorporated in 1984, SGVPL is an authorised dealer for Suzuki's
motorcycles (with one showroom) and the passenger cars of Hyundai
(2 showrooms) in Sikar and Nangod District of Rajasthan. It is
promoted by Mr. Sukhbir Singh (Sikar showroom) and Mr. Ratan Lal
Burdak (Nangod showroom).


SIDDHARTH DEVELOPERS: ICRA Suspends B+ Rating on INR28cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR28.00 crore bank limits of Siddharth Developers. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2006, Siddharth Developers (SD) is a Mumbai based
developer currently undertaking the construction of a residential
redevelopment project at Lower Parel, Mumbai. The project name is
"Siddharth Enclave" and consists of 68 saleable units with a
total saleable area of 47,760 sq. ft. Further, about 44,400 sqft
of carpet area will be provided to the existing tenants. The
promoters of SD have an established track record of executing
residential projects in the past, mainly in the Thane region.
Some of the projects completed by the promoters are Sita Complex,
Sita-Smruti, Sita-Park, Sita-Swapna, Chandresh-Mahel, Chandresh-
Tower, Palash Tower, River-Wood Park (Phase I), Chandresh-Chaya
(1, 2), Kanchan-Jangha, Chandresh-Niketan, Chandresh-Mandir,
Chandresh-Abhishek and Chandresh-Abhinandan. The same ensures
adequate planning and execution capability of the partners in
completing the present project as well. Apart from "Siddharth
Enclave", the group is also executing other projects like River-
Wood Park (Phase II), Siddharth Plaza, Siddharth Grandeur and
Siddharth Green Acres in Mumbai.


SONPAL EXPORTS: CRISIL Suspends B+ Rating on INR320MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sonpal Exports Private Limited (SEPL; part of the Sonpal group).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               40       CRISIL B+/Stable
   Export Packing Credit    320       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       290       CRISIL B+/Stable
   Standby Line of Credit    20       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SEPL is yet to
provide adequate information to enable CRISIL to assess SEPL'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 Shiv Shankar Oil Industries Pvt Ltd
(SSOIPL), SEPL, and Hanuman Industries (HI). This is because all
these entities, together referred to as the Sonpal group, are
engaged in similar lines of business and have a common promoter
and fungible cash flows.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm trades in sesame seeds and other agricultural
products in the export market. SSOIPL was incorporated in 2011
and is in the same line of business. The group is promoted by Mr.
Manojkumar Sonpal.


SREE MANJUNATHA: ICRA Suspends 'B' Rating on INR6cr Loan
--------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B to INR6.00 crore
fund based facilities of Sree Manjunatha Cotton Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Sree Manjunatha Cotton Mills is a partnership firm that was
formed in 2007; based in Adoni, Andhra Pradesh the firm is
engaged in cotton ginning and trading. The firm purchases kappas
from local market/farmers and processes them in its ginning unit
by separating cotton seeds and waste from the cotton. The
finished products are the cotton bales which are sold in the
local markets of AP & Tamilnadu. The firm was promoted by Mr. B.
Muddubasavan Gowd and his family; the partners of the firm have
longstanding experience in the business through their other group
entities


SRI BALAGANAPATHY: ICRA Suspends B/A4 Rating on INR12.82cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 outstanding on the INR12.82 crore bank
facilities of Sri Balaganapathy Spinning Mills. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


ST. JOHNS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of St. Johns Cashew Company.

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

The rating reflects a small scale and working capital-intensive
operations, and exposure to intense competition in the cashew
industry. These strengths are partially offset by the extensive
experience of promoter in the cashew industry.
Outlook: Stable

CRISIL believes SJCC will continue to benefit from the promoter's
extensive experience. The outlook may be revised to 'Positive',
if scaling up of revenue and profitability result in better-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual or larger-than-
expected, debt-funded capital expenditure or a stretch in working
capital cycle weakens liquidity.

Set up as a proprietorship firm in 2001, SJCC processes raw
cashew nuts and sells cashew kernels. The firm, based in Kollam,
Kerala, is promoted by Mr. Sajan P Y.


SWAMI HITECH: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Swami Hitech
Projects Limited continues to reflect SHTPL's continuous losses
in the past, low operating profitability owing to trading nature
of business, weak financial risk profile marked by below-average
debt protection metrics and high gearing, and constrained
liquidity owing to high dependence on external funding to meet
working capital requirements. These rating weaknesses are
partially offset by SHTPL's established relationships with its
customers and suppliers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B/Stable

Outlook: Stable

CRISIL believes that SHTPL will continue to benefit over the
medium term from its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if
significant improvement in profitability and capital structure
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in
profitability, capital structure, or debt protection metrics.

Incorporated in 1997 as Swami Infratrade Ltd, SHTPL got its
present name in 2008. It is a closely held public limited
company, trading in building materials such as thermo-
mechanically treated (TMT) bars and other steel products, and
cement. Small proportion revenue also comes from civil
construction. Currently, operations are managed by Mr. Anil
Mittal. The company began operations by trading in shares, which
it continued till fiscal 2008. In fiscal 2011, it discontinued
securities trading and commenced trading in building material.


TATA STEEL: Fitch Keeps 'BB' LT IDR on Rating Watch Evolving
------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Evolving on the
'BB' Long-Term Issuer Default Rating (IDR) of Tata Steel Limited
(TSL) and 'B' Long-Term IDR of Tata Steel UK Holdings Limited
(TSUKH).

The steel producers' ratings were placed on Rating Watch Evolving
on 1 April 2016 after TSL's announced on 29 March 2016 that it is
exploring options for portfolio restructuring in Europe,
including the potential divestment of its UK operations. TSL
managed to sell a key loss-making asset in May 2016, but the
final structure of the group and its debt remains unclear and
will affect TSL's ratings.

KEY RATING DRIVERS

Uncertainty for European Operations: TSL announced the completion
of the sale of its unprofitable Long Products Europe business
centred in Scunthorpe, UK, on 31 May 2016. However, uncertainty
remains around the company's plans to restructure its remaining
key assets in Port Talbot, UK, and IJmuiden, Netherlands, with
issues, including UK pension liabilities, remaining unresolved.
TSL is in discussions with strategic players, including
thyssenkrupp AG (BB+/Stable), to explore the feasibility of a
joint venture for its remaining European business. Fitch said,
"We assume the status quo remains, and hence, a further
restructuring of assets presents a risk to our estimates."

Indian Operations Remain Under Pressure: The profitability of
TSL's Indian operations declined by around 35% yoy to INR7,560
per tonne (t) in the financial year ending-March 2016 (FY16), due
to weak steel prices and competition from imports. TSL's 1QFY17
EBITDA/t remains significantly less than the FY15 average,
although profitability has improved following an upswing in
realisations after the government imposed protectionist minimum
import prices in February 2016. Domestic demand growth has been
anaemic so far in FY17, with consumption over April to August
2016 increasing at just 1.3% (FY16: 5.9%). Meanwhile, producers,
including TSL, are looking to increase sales volume following
recent capacity expansion.

TSL's profitability could also come under pressure from the sharp
increase in international coking coal prices since August 2016.
There is also uncertainty on how long regulatory protection from
imports will be sustained. The government lowered the number of
products under MIP from 173 to 66 in August 2016 and extended the
duration until 4 October 2016. Anti-dumping duties have been
imposed on the remaining products; however, the duration is six
months.

High Leverage: TSL's FFO-adjusted net leverage jumped to 10.9x in
FY16, from 6.2x in FY15, due to poor profitability. Fitch said,
"We estimate leverage will decline over FY17-FY18, but remain
relatively high at above 5x. Our forecast factors in improved
realisations and better profitability at TSL's overseas
operations post-sale of its Long Products Europe business.
However, a decline in steel prices and a large rise in input
costs are risks to our estimates."

Greenfield Plant Starts Operations: TSL has started commercial
operations for the first phase of its greenfield plant at
Kalinganagar in Odisha, India, with a capacity of 3 million
tonnes per annum (mtpa). TSL expects to ramp up output gradually
and is targeting volume of 1 mtpa in FY17. Apart from higher
sales, the new plant will improve TSL's product-mix, as it
specialises in producing high-grade flat products. It is also one
of India's leanest steel plants. Capex is likely to moderate from
FY17 with the plant's commencement.

TSL Support for TSUKH: TSUKH has high debt and modest
profitability, leading to a weak standalone credit profile. The
business also faces weak local demand and high costs. However,
TSUKH benefits from strategic ties with its parent, TSL. This
provides its IDR with a two-notch uplift in line with Fitch's
Parent and Subsidiary Linkage methodology.

Tata Group Support for TSL: TSL's ratings benefit from a one-
notch uplift due to potential support from the Tata Group based
on TSL's strategic importance to the group.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Sales volume to decline 10% in FY17 due to lower steel
      production in the UK. Thereafter, volume to grow by around
      6% annually as a result of higher production in India.

   -- Average sales realisation to improve 5% in FY17 and by 3%
      each year thereafter.

   -- Consolidated operating EBITDA margin to improve to 10% in
      FY17 then to 14% in FY18 (FY16: 6%).

   -- Average annual capex of around INR70bn from FY17.

RATING SENSITIVITIES

TSL

The Rating Watch Evolving will be resolved following a review of
TSL's credit profile once Fitch has more clarity around the
portfolio restructuring exercise in Europe. An upgrade is
probable if the proceeds of potential asset sales are used to
repay debt, reducing leverage.

However, if leverage increases due to significant closure costs
for the UK operations, Fitch will downgrade the rating.

TSUKH

The Rating Watch Evolving will be resolved following a review of
TSUKH's credit profile as well as the linkages between TSUKH and
TSL once Fitch has more clarity around the portfolio
restructuring exercise in Europe. An upgrade is probable if Fitch
concludes that linkage is enhanced or if TSUKH's standalone
profile improves. A downgrade is probable if Fitch deems that
linkage has weakened.


FULL LIST OF RATING ACTIONS

Fitch has maintained the Rating Watch Evolving for the following
ratings:

   TSL

   -- Long-Term Foreign-Currency IDR is 'BB'

   -- Senior unsecured rating is 'BB'

   -- USD500 million 4.85% senior unsecured guaranteed notes due
      2020 and USD1 billion 5.95% senior

   -- unsecured guaranteed notes due 2024 issued by ABJA
      Investments Co Pte Ltd, a wholly owned subsidiary of TSL,
      is 'BB'

   TSUKH:

   -- Long-Term Foreign-Currency IDR is 'B'


TIGER CAMP: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn The Tiger
Camp's 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended The Tiger Camp's ratings on 02 March 2016.

The Tiger Camp's ratings:

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

   -- INR2.50 million fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn

   -- INR67.5 million term loans: 'IND B+(suspended)'; rating
      withdrawn


TOUCH TONE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Touch Tone
Teleservices' (TTS) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects TTS' improved profitability and moderate
credit metrics. According to FY16 provisional financials the
company's revenue was INR290 million (FY15: INR280 million). TTS
has a current order book of INR335.3m (1.15x of FY16 provisional
revenue) as on 31 August 2016. Net leverage (total adjusted net
debt/operating EBITDAR ) in FY16 was 2.6x (FY15:2.6x) and
interest coverage (operating EBITDA/Gross interest expense) was
3.3x (2.3x). The firm's credit metrics improved due to
improvement in profitability. EBITDA margins improved to 12.2% in
FY16 (FY15: 10%) on account of improved orders.

The ratings derive support from the founder's experience of more
than a decade in the telecom business. The ratings benefit from
TTS' strong customer profile with Power Grid Corporation of India
Limited and Bharat Sanchar Nigam Limited contributing more than
75% to its FY16 revenue (INR290m).

The ratings, however, factor in the firm's tight liquidity
position with the fund-based facilities being utilised at an
average of 98% during the 12 months ended July 2016.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and profitability
improvement leading to a sustained improvement in the credit
metrics could be positive rating action

Negative: A substantial decline in the top-line and profitability
resulting in sustained deterioration in the credit metrics could
lead to a negative rating action

COMPANY PROFILE

Set up in 2002, TTS is engaged in the laying and maintenance of
telecommunication lines. TTS also undertakes civil construction
work in relation to the telecom lines that it lays down.

TTS's ratings:

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

   -- INR60 million fund-based working capital facilities
      (increased from INR50 million): upgraded to 'IND BB-
      '/Stable from 'IND B+'/Stable

   -- INR60 million non-fund-based facilities: upgraded to
      'IND A4+' from 'IND A4'


V. R. GHUGE: CRISIL Assigns B+ Rating to INR100MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to bank
facilities of V. R. Ghuge - Aurangabad.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               9.5       CRISIL B+/Stable
   Overdraft Facility    100.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL B+/Stable

The rating reflects the small scale of operations in the highly
competitive civil construction industry and below-average
financial risk profile, which is constrained by modest networth
and average capital structure. These ratings weakness are
partially offset by extensive experience of the proprietor and
the moderate order book position.
Outlook: Stable

CRISIL believes that VRG will continue to benefit from extensive
experience of the proprietor. The outlook may be revised to
'Positive' if substantial growth in scale of operations and
stable profitability lead to higher-than-expected cash accrual.
The outlook may be revised to 'Negative' in case of decline in
revenue and cash accrual, or if weak profitability, stretch in
the working capital cycle or large, debt-funded capex, weakens
the financial risk profile, especially liquidity.

VRG was established in 1979 as a proprietorship concern by Mr. VR
Ghuge. The firm is registered as a Class I contractor and
undertakes irrigation projects for the government of Maharashtra.
These projects include construction of earthen dams, and
irrigation sluices and canals.


VEDANGA SOLAR: CRISIL Assigns B+ Rating to INR144.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facility of Vedanga Solar Energy Private Limited (VSPL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Foreign Exchange Forward     0.5       CRISIL A4
   Long Term Loan             144.5       CRISIL B+/Stable

The rating reflects VSPL's exposure to risks related to
implementation and stabilization of its ongoing project, which
involves setting up of 3 Mega Watts (MW) Solar power plant in
Dhavangere District, Karnataka. These rating weakness are
partially offset by its stable business risk profile, driven by
its 25-year power purchase agreement (PPA) with its customers,
and its low demand and technology risks.
Outlook: Stable

CRISIL believes that VSPL's credit risk profile will benefit from
its power purchase agreement with Mangalore Electricity Supply
Company Limited (MESCOM).The outlook may be revised to 'Positive'
if the project is completed and stabilized in a timely fashion
and within budgeted cost, leading to improvement in VSPL's
business risk profile. Conversely, the outlook may be revised to
'Negative' if there are delays in execution of project or if
there are lower-than-expected cash accruals leading to stretched
liquidity position.

VSPL, set up in 2015, will operate a 3 (MW) Solar power plant in
Dhavangere District, Karnataka. VSPL is promoted by Datta Venkata
Kiran Yeluri and Baladatta Kumar Yeluri.


VIRTUE INDUSTRIES: CRISIL Assigns B+ Rating to INR44.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Virtue Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            20         CRISIL B+/Stable
   Long Term Loan         44.5       CRISIL B+/Stable

The rating reflects the firm's small scale of operations in the
highly competitive and fragmented stone crushing industry, its
exposure to risks related to its ongoing project, and its
expected below-average financial risk profile in the initial
phase of operations. These weaknesses are partially offset by its
promoters' extensive industry experience and its established
customer relationships.
Outlook: Stable

CRISIL believes VI will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if the firm completes its project on
time and ramps up operations earlier than expected. The outlook
may be revised to 'Negative' in case of a cost or time overrun in
the project, or slower-than-expected ramp-up in operations.

VI, established in 2016 as a partnership firm, is setting up a
stone crushing facility in Paritala near Vijayawada, Andhra
Pradesh. It is likely to commence operations in January 2017. The
firm is promoted by Mr. Sivarama Krishnan and his family.



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


GAJAH TUNGGAL: Moody's Puts B2 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B2 corporate family rating of Gajah Tunggal Tbk (P.T.) and the B2
rating on its $500 million senior secured notes due 2018.

                        RATING RATIONALE

"The ratings review reflects the likelihood of a downgrade if the
company fails to make substantial progress over the next three
months in refinancing its $500 million senior secured notes
coming due in February 2018," says Brian Grieser, a Moody's Vice
President and Senior Analyst.

GT is exploring various funding options to address this maturity,
as well as to diversify its debt structure away from the single
currency, bullet maturity profile of its existing notes.
However, the company has yet to publicly announce a formal plan.

GT had IDR758 million in cash on hand at June 30, and is
projected to generate modest free cash flow in 2016 and 2017.  As
such, GT is entirely reliant on its ability to refinance its
debt.  The $500 million bond represents the majority of GT's
capital structure.

"We could maintain GT's rating at the current level if it is
successful in raising funds that are earmarked for the
refinancing of its 2018 notes, or if it can provide clear and
achievable plans to raise the funds necessary to fully repay the
notes by the end of 2016," says Grieser.

Despite the increasing refinancing risk, GT's credit metrics have
seen marked improvement in recent quarters on the back of strong
revenue and margin performance.  Debt/EBITDA improved to 3.3x for
the 12 months ended June 2016 from 4.35x at December 2015, while
EBIT-to-interest strengthened to 2.1x from 1.6x.

"We expect underlying market conditions, particularly growth in
US and Indonesian replacement tire demand, to support continued
improvement in its credit metrics, such that debt/EBITDA will
approach 3.0x in 2017," says Grieser.

The ratings are unlikely to be upgraded or the outlook stabilized
prior to the completion of its refinancing of the 2018 notes.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Indonesia-based Gajah Tunggal (GT) is Southeast Asia's largest
integrated tire manufacturer with capacity to produce 55,000
tires/day of radial, 14,500 tires/day of bias, 95,000 tires/day
of motorcycle tires and 600 tires/day of truck and bus radial
tires (TBR).

GT's key shareholders include Denham Pte Ltd (49.5%), a
subsidiary of Chinese Tire Manufacturer Giti Tire (unrated) and
Compagnie Financiere Michelin (10%, A3 stable).  The remaining
shares are publicly traded on the Indonesian Stock Exchange.


KAWASAN INDUSTRI: Fitch Rates USD186MM Sr. Unsecured Notes 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Kawasan Industri
Jababeka Tbk's (Jababeka, B+/A(idn)/Stable) USD186m 6.5% senior
unsecured notes due in 2023 a final rating of 'B+' with a
Recovery Rating of 'RR4'. The notes are issued by Jababeka's
wholly owned subsidiary, Jababeka International B.V., and
guaranteed by Jababeka and certain subsidiaries.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on 13 September 2016.

The new 2023 notes will primarily be used to exchange Jababeka's
existing USD260m 7.5% notes maturing in 2019 to extend the
maturity profile of the company's debt and the new money from the
exchange offer is intended for general corporate purposes.
Jababeka sought consent of the 2019 note holders who participated
in the exchange for the removal of substantially all the
restrictive covenants, all reporting requirements and certain
events of default in the residual 2019 notes. Fitch believes the
exchange and removal of restrictive covenants will not affect
surviving 2019 bondholders and the 2023 notes include all the
restrictive covenants Jababeka sought to remove from the 2019
notes. The surviving 2019 bondholders will also continue to
benefit from the cross-acceleration clause in the 2019 notes.

Fitch deems Jababeka's financial profile as unchanged and
consistent with its ratings, as the new notes allow more
flexibility to cash flow management. The notes are rated at the
same level as Jababeka's senior unsecured debt rating, as they
represent the company's unconditional, unsecured and
unsubordinated obligations.

KEY RATING DRIVERS

Weak Start; Presales Improving: Jababeka reported a slight 1%
decline in its presales in 2015, to IDR1trn, due to weaker sales
in its industrial segment. Demand remained weak in 1Q16, but
improved significantly in 2Q16, with presales increasing by 88%
yoy. Fitch expects the recovery to be sustained and forecasts
Jababeka to book presales of IDR1.2trn in 2016 and IDR1.5trn in
2017.

Solid Recurring Coverage: Jababeka's rating reflects strong
recurring interest coverage from its 130 megawatt power plant
(PP1), which is operated under a 20-year power purchase agreement
with the state electricity company, PT Perusahaan Listrik Negara
(Persero) (BBB-/Stable). This business provides earnings
visibility and a natural hedge for Jababeka's US dollar-
denominated borrowings, as it operates under a cost pass-through
mechanism and revenues are pegged to US dollars.

Fitch expects Jababeka's recurring interest cover to temporarily
decline in 2016 because of leakage in PP1. The company says
permanent repairs have been completed and all machinery is
operating at the same capacity and efficiency as before the
leakage. Fitch expects Jababeka's recurring interest cover to be
0.8x in 2016 and 1.3x in 2017.

Flexible Capex: Jababeka's capex for the next few years will be
limited to developing its infrastructure facilities and
increasing the efficiency of PP1. This, coupled with the
discretionary nature of land acquisitions, allows Jababeka to
accumulate cash buffers and strengthen its liquidity profile.
However, this could change markedly should the company decide to
proceed with investment in a second power plant.

Growing Residential, Commercial Property Segment: Jababeka's
residential and commercial property business accounted for 55% of
total marketing sales in 2015, compared with 14% in 2011. There
is increasing demand in this segment and Fitch expects it to
remain robust, due to the strategic location of the company's
Cikarang estate in West Java and rising need for homes for the
additional industrial workers in the area.

Long-Term Diversification Benefits: Jababeka, together with
Singapore's Sembcorp, is developing a new industrial complex in
Kendal, Central Java, which is modelled after Cikarang.
Relocating labour-intensive production out from Cikarang makes
sense in the long-run due to the lower minimum wage in Central
Java. Kendal will provide Jababeka with diversification benefits
and traction for future growth upon successful execution.

Project Concentration and Forex Risks: Jababeka's rating is
primarily constrained by the high concentration of its business
in Cikarang, which Fitch expects to account for 70%-80% of
presales in the next two to three years. Fitch believes
concentration risk will gradually decrease as contribution from
the Kendal estate grows.

Jababeka hedged USD200m out of its USD260m bonds at various upper
strike prices as at June 2016, the highest of which is at
IDR15,000 to USD1. Fitch said, "We believe risk is manageable,
even though the company is still exposed to currency
fluctuations, as there are no immediate liquidity concerns since
the notes are due only in 2019 and its interest expenses are
sufficiently covered by its recurring income stream."

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Jababeka
include:

   -- presales of IDR1.2trn in 2016 and IDR1.5trn in 2017

   -- land acquisition capex of IDR400bn-500bn in 2016-2017

   -- construction capex of IDR400bn-500bn in 2016-2017

RATING SENSITIVITIES

Positive rating action is not expected due to the company's
limited project scale and exposure to the highly cyclical
industrial development business.

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

   -- recurring-EBITDA/interest-expense at less than 1x for the
      IDR, or less than 1.2x for the National Long-Term Rating,
      on a sustained basis (2016F: 0.8x)

   -- presales/gross-debt at less than 40% on a sustained basis
      (2016F: 35%)

   -- net-debt/net-inventory at more than 60% on a sustained
      basis (2016F: 48%)



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


L-STARS ONE: Moody's Raises Rating on Class E Notes to Ba1
----------------------------------------------------------
Moody's Japan K.K. has upgraded the rating of Class E Notes
issued by L-STaRS One Funding Limited.

The affected rating is:

  Class E, Upgraded to Ba1 (sf); previously on Aug. 22, 2011,
   Downgraded to Ba3 (sf)
  Deal Name: L-STaRS One Funding Limited
  Class: Class E
  Issue Amount: JPY100 million
  Coupon: None
  Issue Date: November 29, 2006
  Final Maturity Date: October 27, 2043
  Underlying Assets: Investment-purpose condominium loans and
   residential mortgages
  Originators (Sellers): Libertus Jutaku Loan K.K. and New
Century
   Finance Co., Ltd.
  Servicer/Special Servicer: Capital servicing Co., Ltd.
  Note/Bond Trustee: Deutsche Trustee Company Limited
  Arranger: Lehman Brothers Japan Inc. (as of the Issue Date)

                        RATINGS RATIONALE

The rating upgrade reflects the increased credit enhancement to
the Class E Notes from the redemption of the classes senior to
Class E.  The increase was prompted by the recent high prepayment
rate and by the use of excess spread to redeem the Class A to
Class C Notes.

The Class A to Class C Notes are redeemed until each class'
credit enhancement reaches its target level.  Any collection
amount left over after these target levels are reached will be
used to redeem the notes in reverse sequential manner (from Class
C to Class A), while maintaining the target levels (target
subordination payment).

Class E will not be redeemed until Class A to Class C are fully
redeemed.  Class F will not be redeemed until Class E is fully
redeemed.  Currently, Class D and N are already fully redeemed.

The loans have been performing within our revised gross loss
expectation set out in August 2011, when Moody's increased the
assumption.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" (Japanese)
published in September 2016.

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

Factors that could lead to an upgrade or downgrade of the ratings
include an improvement or deterioration in the credit quality of
the collateral pool, and the amount of credit enhancement
available for each tranche.



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


PRIME GLOBAL: Terminates Crowe Horwath as Accountants
-----------------------------------------------------
Prime Global Capital Group Incorporated was advised that the
Company's independent registered public accounting firm, Crowe
Horwath (HK) CPA Limited, will no longer provide audit and
assurance services to public companies subject to the statutes
and regulations of the United States effective as of Oct. 1,
2016.  Accordingly, the Company, with the approval of its audit
committee and board of directors, terminated the services of CHHK
effective Sept. 30, 2016.

CHHK's reports on the financial statements of the Company for the
fiscal year ended Oct. 31, 2015, did not contain any adverse
opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles,
except that its report for the fiscal year ended Oct. 31, 2015,
contained an emphasis of matter paragraph regarding the Company's
ability to continue as a going concern.  During the Company's
fiscal year ended Oct. 31, 2015, and through Sept. 30, 2016,
there were no disagreements with CHHK on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure which disagreements, if not resolved
to CHHK's satisfaction, would have caused them to make reference
to the subject matter in connection with their report on the
Company's consolidated financial statements for those periods.

                     About Prime Global

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

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

As of July 31, 2016, the Company had US$48.2 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.

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



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


SOLID ENERGY: Asset Sales Process Proceeding on Schedule
--------------------------------------------------------
A milestone step in the sale of Solid Energy's assets has been
reached with the receipt of bids, beginning the final stage of
the sale process as scheduled.

Solid Energy has been operating under a Deed of Company
Arrangement since September 2015 and is working through an
orderly sale of its assets. All land, mines and other assets have
been offered for sale. This is seen as offering the best outcome
for creditors, staff and the regional communities in which the
company operates.

Announcing the close of bids, Solid Energy Chairman Andy Coupe
said that, as previously signaled, the company expects to be in a
position to make a statement about the successful bidder or
bidders from late October.

"This first phase has run to schedule and has delivered an
encouraging level of interest in the company's assets," said Mr.
Coupe. "There is now a complex bid evaluation process to work
through, to assess the most favourable option. Because assets
have been offered for sale as a whole or in parts various sale
configurations are possible, each with different outcomes. We
will be making a further statement, including the next steps for
the company wind down, once that evaluation process has
concluded."

Mr. Coupe noted that the recent rise in coal prices has been
helpful for the sales process. "However the fact remains that
there are a significant number of coal mining assets for sale
around the globe, coal prices remain highly volatile and the
market fundamentals have not changed. Against this backdrop we
have worked very hard to put the company in the best possible
financial and operational position for sale, building on the
efficiencies gained through successive restructures."

Mr. Coupe acknowledged the support of a number of stakeholders.
The Government agreeing to make Solid Energy's environmental
indemnity funding available to new owners, and also the local
authorities' co-operation in relation to the environmental
indemnity negotiation, were both critical. The co-operation of
the participant creditors during what has been an extremely
complex process has also been extremely important.

He also acknowledged the long period of uncertainty under which
staff have operated, and that the company is endeavouring to
ensure that as many jobs as possible are retained under new
ownership. He added that the effect of future employment
uncertainty could very easily have seen a deterioration in
production efficiency and health and safety observance.

Concurrent with the conclusion of the bid process, Chief
Executive Dan Clifford has announced his resignation effective
mid-November. Current COO Tony King will step into the Chief
Executive role, providing continuity through the sales process
and the eventual wind up of the company, which is likely to take
many months.

Mr. Coupe noted the Board's appreciation that Mr. Clifford has
led the company through to this significant milestone before
tendering his resignation.

"Dan was appointed in 2014 at a time when the company was
confronting significant financial pressures and continued
deterioration in its trading environment. He inherited immense
challenges, including the assessment of safe re-entry into, and
imminent sealing of, the Pike River Mine (which the company had
purchased following the fatal 2010 mine explosion). In the face
of these very complex challenges he has made an outstanding
contribution to the company, achieving both improved health and
safety performance and increased operational efficiency. He will
be returning to Australia with his young family, and will leave
with the very best wishes of the Board.

"Tony King has a long history with Solid Energy. He has been
closely involved in the asset sales process, and is widely
respected in the coal mining industry. The Board is very pleased
that it can turn to someone of Tony's calibre to take up the
Chief Executive role in mid-November." A comprehensive
announcement regarding the company's asset sales progress is
expected to be made in mid to late October.

                 Background - Asset Sales Process

Solid Energy entered Voluntary Administration in August 2015
after the directors concluded that the company had no realistic
prospect of refinancing significant debt.

Under the Deed of Company Arrangement agreed with creditors in
September 2015 the directors are responsible for running an
orderly sell down process to sell the assets of the company. All
land, mines and other assets have been offered for sale either as
a whole or in parts, presenting an opportunity for those assets
that are economically viable to continue trading under new
ownership; delivering the best outcome for creditors and staff.
The company has focused on ensuring its assets are in the
strongest possible financial position for sale.

The Crown has supported the sales process by agreeing that the
environmental indemnity funding currently available to Solid
Energy would also be available to any new owner. This provides
certainty for affected local authorities, who have also supported
the sales process by agreeing to cap any environmental claims at
the indemnity level.

       Background - Circumstances leading to the Voluntary
          Administration of Solid Energy in August 2012

Solid Energy announced a NZ$200 million decline in revenue on the
back of significant deterioration in market conditions. A sharp
and sustained drop in the international coal price, coupled with
softened domestic demand and the strengthening of the NZ dollar
against the US dollar saw a FY 2012 loss of NZ$40M - down 146%
from the previous year.

By June 2013 Solid Energy was carrying debt of NZ$395m which it
had taken on to support investment in new energy projects.

In response to the market downturn the company announced a review
of all aspects of its business. The Board and senior management
also underwent substantial change.The new Board drove a strategy
to focus on areas of core mining capability, closure of
unprofitable operations and sale of non-core assets.

Prior investments in lignite conversion, coal seam gas,
underground coal gasification and renewable energy were stopped
and assets in these non-core businesses sold.

The strategy offset declines in revenue in the depressed market;
but despite stabilisation of the domestic market, global trading
conditions remained challenging and the company's financial
position continued to deteriorate.

In October 2013, Solid Energy agreed a financial restructuring
package with the Crown and commercial lenders designed to give
the company a chance to trade its way back to a viable and
financially stable position over the following three years. At
that time, then-Chairman Mark Ford noted that success would
"depend on a gradual improvement in market demand for steel-
making coal."

Through the FY 2014 the company continued to pursue its strategy
of divesting in non-core assets, and repositioning the business
as a competitive conventional coal company. Over this period the
company continued to contend with challenging market conditions:
low prices, low demand and a high NZ dollar. The continuing weak
forecast markets required further write downs in the carrying
value of its assets.

A further decline in coking coal prices (representing a 54% fall
from peak prices in 2011) resulted in the need for further cost
reductions throughout the company in order to preserve cash and
for the company to seek shareholder and bank support for funding.
The Board secured an agreement with the Government to cover Solid
Energy's land remediation obligations to prevent the company from
falling into negative equity.

Despite improved operational performance as a result of a
concerted strategy to refocus the business on core mining
activities and reduce and contain costs across the organisation,
the decline in the carrying value of assets outpaced the improved
operational performance, and international market conditions
continued to decline. By mid FY16 coking coal prices had dropped
by 74% from the 2011 highs.

Through continued restructure, mine rationalisation and
stabilisation the company's domestic operations have maintained
profitability however fundamentally the company had previously
taken on too much debt through the top of the commodity price
cycle and had insufficient equity to continue trading viably
through the bottom of the cycle.

In August 2015 the company entered Voluntary Administration,
concluding a period of intense negotiations with lenders and its
shareholder the Crown. In September the creditors voted
overwhelmingly in favour of the Deed of Company Arrangement.

             Background - Solid Energy and Pike River

Solid Energy bought the assets of Pike River Coal Ltd (in
receivership) in July 2012, following the fatal mine explosion
that occurred in November 2010 under the previous mine ownership.

Following extensive investigation of the feasibility of
conducting a safe re- entry project, in November 2014, Solid
Energy announced that it would not continue with the project to
re-enter the drift (main access tunnel) in the Grey District
because the company considered that the risks to life remained
too high.

The mine is currently in the process of being sealed. The sales
process has no impact on future plans for Pike River mine, which
are funded by the Crown.



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


RICKMERS MARITIME: Admits It Is Technically Insolvent
-----------------------------------------------------
GlobalTrade reports that Hanjin Shipping isn't the only player in
the ocean shipping world that has become insolvent.

According to GlobalTrade, Rickmers Maritime Trust (RMT), a
Singapore-listed owner of containerships has become the latest
casualty in a growing list of containership owners with toxic
vessel assets that are unable to generate sufficient funds to pay
their outstanding debt obligations.

GlobalTrade relates that while a number of privately-owned
shipowning concerns have filed for bankruptcy in the last three
years due to the collapse in containership charter rates and
asset values, RMT is the first publicly listed owner to admit
that it is technically insolvent and that its assets are
currently only worth their scrap values.

According to the report, RMT sadi its fleet of 16 panamax
containerships of 3,400 TEU to 5,000 TEU, with an average age of
only nine years, would be worth a maximum of $140 million in a
distressed sale, against a book value of $640 million.

GlobalTrade, citing a recent report from Alphaliner, discloses
that secured lenders will likely recover only 50% to 65% of the
debt owed, while bondholders and shareholders will suffer total
losses if the assets are liquidated.

In an attempt to buy time, RMT has proposed that its bondholders
exchange $100 million of notes due in May 2017 to $28 million
with no maturity date that are convertible to 20 percent of the
shares of the company, says GlobalTrade. If the bondholders don't
accept the proposal, according to the Alphaliner report, RMT says
it will not be able to obtain the secured lenders' agreement to
refinance the rest of its outstanding senior debt of $281
million, $180 million of which is due in March of next year,
GlobalTrade relates.

"The proposal will likely be resisted by the bondholders as it
favors the equity owners, who will still retain 80 percent of the
company shares," Alphaliner, as cited by GlobalTrade, concluded.
Trying to buy additional time in the hope that the panamax
containership market will enjoy an "improbable recovery," the
report suggested, is a lost cause, reports GlobalTrade.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


HANJIN SHIPPING: Maersk Unlikely to Buy Container Ship Operators
----------------------------------------------------------------
Costas Paris at The Wall Street Journal reports that Danish
conglomerate A.P. Moller-Maersk A/S isn't likely to move to buy
either Hyundai Merchant Marine Co. or Hanjin Shipping Co.
contrary to industry speculation that it would take over either
one or both of the troubled Korean cargo ship operators,
according to people familiar with the matter.

Instead, the company is likely to wait for other distressed
operators to seek buyout deals as they try to avoid bankruptcy,
the people said, the Journal says.

The Journal notes that shares of both Korean carriers have swung
widely since Hanjin filed for bankruptcy protection at the end of
August on investor expectations that Maersk would come to their
rescue.

Maersk is the world's biggest container operator in terms of
capacity, the Journal says.

According to the Journal, the speculation of Maersk takeover
activity has intensified since Maersk announced late last month
that it plans to break up the group into transportation and
energy units.

An executive of Maersk Line, the group's container operator, has
said it is on the lookout for acquisitions, the report relates.

The Journal says Hanjin's shares rose more than 40% in the week
after the executive said on Sept. 22 that acquisitions would be
Maersk Line's preferred growth option.

"Buying Hanjin or HMM are rumors invented out of thin air," the
report quotes one of the people involved in the matter as saying.
"Maersk isn't really interested in the Korean operators."

According to the report, Hyundai Merchant Marine is seeking to
acquire at least five of Hanjin's biggest container ships out of
a fleet of 37 and the Korean government has said it would back
Hyundai to buy Hanjin assets.

But Hyundai is also in the midst of a creditor-led restructuring
program and must get approval of its creditors to make the
purchase. It also is a takeover target.

"The Korea government will fight tooth and nail to keep at least
one national carrier," said a second person with knowledge of the
matter, the report relays. "It's a matter of principle to have a
flag carrier moving Korean exports around the world."

If Hanjin is able to avoid liquidation, it is expected to emerge
from bankruptcy protection as a much smaller regional Asian ship
operator, the Journal notes.

                      About Hanjin Shipping

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

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

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

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

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

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


STX OFFSHORE: May Be Sold as Part of a Package Deal
---------------------------------------------------
In-Soo Nam at The Wall Street Journal reports that the South
Korean bankruptcy court handling the insolvency proceedings of
STX Offshore & Shipbuilding Co. said on Oct. 4 it may sell the
troubled shipyard together with its French unit that makes
profitable cruise ships.

"A foreign company has shown interest in buying three STX
companies together. We're looking into such a possibility," the
Journal quotes Choi Ung-young, a judge and a spokesman for the
Seoul Central District Court, as saying.

Mr. Choi declined to identify the foreign company, the Journal
says.

A final decision will come after the creditors and bondholders of
STX Offshore decide on a rehabilitation plan to be presented by
the company later next week, the judge said, the Journal relates.
If rejected, STX could face liquidation.

The Journal notes that STX, which filed for receivership in May,
is Korea's fourth-largest shipyard and a unit of conglomerate STX
Corp. STX is active in shipping, construction and energy around
the world.

As part of a restructuring plan, the company has been looking to
sell STX France, which specializes in building cruise ships and
is the only profitable unit of the parent, with a full order book
for the next seven years, the Journal says.

Italian shipbuilding giant Fincantieri SpA and Dutch counterpart
Damen Shipyards Group are in the running to buy STX France, a
person with direct knowledge of the matter told The Wall Street
Journal last month.

The Journal relates that the Seoul court judge said a package
deal, if implemented, would include the sale of STX Offshore, its
French unit and Goseong Offshore & Shipbuilding Co., a Korea-
based unit that manufactures container ships and ship components.

"It's too early to say we'll proceed with a package sale because
many firms initially express their interests in companies under
court receivership, but never bid when it's up for sale," the
report quotes Mr. Choi as saying.

The Journal says Korean shipyards, including the world's three
largest -- Hyundai Heavy Industries Co., Daewoo Shipbuilding &
Marine Engineering Co. and Samsung Heavy Industries Co. -- are
restructuring, led by creditor banks that have struggled to
rehabilitate the embattled shipbuilders through the sale of
noncore assets.

Profits at Korean shipbuilders began sliding when the 2008 global
economic crisis damped orders from shipping companies, and lower-
cost Chinese rivals made market inroads, according to the
Journal.

STX Offshore creditors have injected billions of dollars to bail
it out, but it still ran a KRW314 billion ($284.4 million)
operating loss last year, following a KRW1.5 trillion loss in
2014. The company owes financial institutions nearly KRW6
trillion, the Journal discloses.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business. The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very
large ore carriers (VLOCs), bulk carriers as well as pure cars
and truck carriers. The cruise segment provides cruise ships. The
OSV segment engages in the manufacture of offshore patrol
vessels, corvettes and others. The vessel apparatus segment
produces vessel engines, deck houses and others. The other
segment mainly engages in the plant construction business, rental
business, crane business and others.



                             *********

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
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