TCRAP_Public/161006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, October 6, 2016, Vol. 19, No. 198

                            Headlines


A U S T R A L I A

EPSILON KNOWLEDGE: First Creditors' Meeting Set For Oct. 13
FRANKSTON FOOTBALL: ALF Victoria Terminates 2017 Playing License
GLEN DIX: First Creditors' Meeting Slated For Oct. 13
MAYASTOR PTY: First Creditors' Meeting Set For Oct. 13
WENWOOD PROJECT: First Creditors' Meeting Set For Oct. 13


C H I N A

AOXING PHARMACEUTICAL: Delays Filing of Fiscal 2016 Form 10-K
CHINA GINSENG: Delays Filing of Fiscal 2016 Form 10-K
RESORT SAVERS: Needs More Capital to Continue as a Going Concern
SPI ENERGY: Has Private Placement of $100M Ordinary Shares


H O N G  K O N G

CHINA FISHERY: Seeks $1.9M Private Sale of Golf Club Membership
HUA HAN: Moody's Lowers CFR to Caa1 & Changes Outlook to Negative


I N D I A

AJANTA OFFSET: CRISIL Suspends 'D' Rating on INR278.9MM Loan
ALLKOSHYS ALLSPICES: CRISIL Suspends B+ Rating on INR10MM Loan
ANANT RICE: ICRA Reaffirms B+ Rating on INR3.5cr Cash Loan
APPLE CHEMIE: CRISIL Suspends B+ Rating on INR25MM Cash Loan
ASHISH ENTERPRISES: CRISIL Reaffirms B+ Rating on INR30MM Loan

BHOPAL SWITCHGEARS: Ind-Ra Affirms 'IND B+' LT Issuer Rating
BHUPINDER SINGH: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
BR.SHESHRAO: Ind-Ra Suspends 'IND B+' Bank Loans Rating
CACHAR ALLOYS: Ind-Ra Suspends 'IND B' Long Term Issuer Rating
CANAAN ENGINEERING: CRISIL Suspends D Rating on INR71.7MM Loan

CHETAN INDUSTRIES: Ind-Ra Withdraws IND BB LT Issuer Rating
CIRCLE INFOTECH: CRISIL Suspends B Rating on INR40MM Cash Loan
CMAX METALS: CRISIL Assigns B+ Rating to INR35MM LT Loan
DEIVEEGAM TRADE: CRISIL Suspends 'B' Rating on INR50MM Loan
DELITE CABLES: ICRA Lowers Rating on INR4.50cr Bank Loan to D

DRN HOSPITALITIES: CRISIL Ups Rating on INR92.2MM LT Loan to BB-
EVER SHINE: CRISIL Suspends 'B' Rating on INR8MM Cash Loan
FLORIDA ELECTRICAL: ICRA Hikes Rating on INR7.50cr Loan to BB-
GANGA DAIRY: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
GAV AGRO: ICRA Assigns 'B' Rating to INR10.15cr Term Loan

GEM BATTERIES: ICRA Assigns B- Rating to INR18cr Cash Loan
GMR POWER: ICRA Suspends 'D' Rating on INR328.75cr Loan
GOLHAR GINNING: CRISIL Suspends 'B' Rating on INR47.5MM Loan
J. M. D. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR80MM Loan
JAI HARI: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating

JATIN & COMPANY: CRISIL Suspends B- Rating on INR1.6MM Loan
JINDAL RICE: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
JUMBO BAG: ICRA Suspends B- Rating on INR38.30cr Loan
K.K. LEISURES: ICRA Assigns B- Rating to INR14.27cr LT Loan
KAILASH MOTORS: ICRA Reaffirms 'B' Rating on INR25.55cr Loan

KBR AGRO: ICRA Reaffirms 'B' Rating on INR8.0cr Cash Credit
KITCHEN FOODS: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
KOTHARI JEWELLERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
LEITWIND SHRIRAM: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
MILLENNIUM AUTOMATION: CRISIL Cuts Rating on INR20MM Loan to B+

MODERN AGRO: ICRA Reaffirms B+ Rating on INR9.0cr LT Loan
NAJEEM CASHEW: CRISIL Suspends B- Rating on INR10MM Cash Loan
NAVIN COLD: ICRA Assigns C+ Rating to INR5.5cr Capital Loan
NEXUS ELECTRO: CRISIL Reaffirms B- Rating on INR250MM Cash Loan
PARINAY JEWELLERY: CRISIL Suspends B- Rating on INR100MM Loan

PRIMESEAL WOODPLAST: ICRA Suspends B-/A4 Rating on INR6.75cr Loan
PRIYANSHI TEXTILES: ICRA Suspends 'D' Rating on INR5.18cr Loan
PROVET PHARMA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
RADIANT BIZCOM: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
RAFIQ NAIK: CRISIL Suspends B+ Rating on INR151.9MM Term Loan

RAMCO EXTRUSION: ICRA Reaffirms B+ Rating on INR11cr LT Loan
RATAN METALS: CRISIL Suspends 'B' Rating on INR47.5MM LT Loan
RATTAN KAUR: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
S R TOWNCON: CRISIL Suspends 'D' Rating on INR250MM Cash Loan
SADAF STEEL: CRISIL Suspends B+ Rating on INR53.5MM Cash Loan

SHEEL IMPEX: CRISIL Suspends B+ Rating on INR7.5MM LT Loan
SHREE GANESH: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
SHREEJI COTFAB: ICRA Suspends B+ Rating on INR15cr Loan
SIMOCO TELECOMMUNICATIONS: ICRA Suspends D Cash Credit Rating
SREENIDHI INFRA: CRISIL Suspends 'B' Rating on INR70MM Loan

SRI TEXTILE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
SUPER SEAL: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
T.C. SPINNERS: ICRA Suspends B+/A4 Rating on INR103.75cr Loan
THOMAS HOTELS: ICRA Suspends B Rating on INR15.65cr Term Loan
TIRUPATHI CONSTRUCTION: CRISIL Ups Rating on INR50MM Loan to B

TRIVENI CONSTRUCTION: CRISIL Puts B+ Rating on INR13.5MM Loan
TUFANGANJ AGRO: ICRA Suspends B/A4 Rating on INR5.07cr Term Loan
TURTLE ON THE BEACH: ICRA Suspends B Rating on INR8.0cr Loan
UMBERTO CERAMICS: CRISIL Lowers Rating on INR745MM Loan to 'D'
VAISHNOVI INFRATECH: CRISIL Lowers Rating on INR550MM Loan to D

VATIKA AGRITECH: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
VEGA INFRASTRUCTURE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
VENKATA NAGA: ICRA Reaffirms B+ Rating on INR9cr Cash Loan
VIKAS UDYOG: CRISIL Suspends 'B' Rating on INR47MM Cash Loan
VIN AUTO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan

VITAGREEN PRODUCTS: CRISIL Suspends B- Rating on INR28MM Loan
VRINDAVAN ENGINEERS: CRISIL Suspends B+ Rating on INR25MM Loan
YATHARTH HOSPITALS: ICRA Suspends B+ Rating on INR41.2cr Loan


M A L A Y S I A

PERISAI PETROLEUM: Defaults on $125MM Notes Due October 3
PERISAI PETROLEUM: Gets Financing Offer for Joint Venture


S I N G A P O R E

SWISSCO HOLDINGS: Seeks to Restructure SGD100MM Worth of Bonds


S O U T H  K O R E A

HANJIN SHIPPING: Lost 'Game Of Chicken' Among Global Shippers


                            - - - - -


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A U S T R A L I A
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EPSILON KNOWLEDGE: First Creditors' Meeting Set For Oct. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Epsilon
Knowledge Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, Level 6, 55 Clarence Street, in Sydney, on
Oct. 13, 2016, at 11:00 a.m.

Ozem Kassem & Jason Tang of Cor Cordis were appointed as
administrators of Epsilon Knowledge on Sept. 30, 2016.


FRANKSTON FOOTBALL: ALF Victoria Terminates 2017 Playing License
----------------------------------------------------------------
Stephen Taylor at The Morning Peninsula News reports that the
door to Frankston Football Club's long-term future may be ajar --
but the club formed in 1887 will not be permitted to field a team
next season.

MP News relates that ALF Victoria said on Sept. 30 it had
formally terminated the Dolphins' playing licence for 2017, and
had already told the club's administrators.

However, AFL Victoria CEO Steven Reaper said that if the club's
ongoing viability could be proved over the next few months he was
hopeful that a "solution that is both sustainable and viable can
be considered going forward for a VFL presence, potentially from
2018," according to MP News.

This made a meeting on October 3 between creditors and the
administrators Paul Burness and Con Kokkinos of Worrells Solvency
and Forensic Accountants so crucial.

According to the report, Mr. Burness said the Dolphins four-man
board had proposed an offer or deed of company arrangement for
creditors to consider.

He said its acceptance would allow the club to continue trading
and that staff, coaches and players would be paid in full.
However, ordinary unsecured creditors would receive only a
partial return on their debts over four years, MP News relays.

"The creditors will effectively have two real options: vote to
accept the proposal put forward by the board, or they can vote to
place the club into liquidation," the report quotes Mr. Burness
as saying.  But he said "liquidation is unlikely to yield
sufficient recoveries to allow the payment of any portion of the
ordinary unsecured creditors' claims".

MP News relates that Mr. Burness said he believed the club could
be saved. "I have put together a financial analysis that seeks
more fundraising and key sponsorships and I believe the club has
good prospects," he said.  "The reality is that if the club loses
its licence it will be hard to complete a successful
restructure."

According to MP News, the Dolphins owe AUD1.5 million -- mostly
to the state government and Tabcorp over pokies' licences --
which the AFL said was "far in excess of our previous
understanding".

MP News says Dunkley MP Chris Crewther spoke with officials at
AFL House, Docklands, on Sept. 30.  "They [know] that Frankston
is an important region for them and they do want a VFL presence
here," he said.

The report relates that Mr. Crewther said the club had been told
that its VFL licence had been breached and it can't currently
meet its conditions, but that it can "come back and show cause
why [it] is not in breach".

"If the creditors keep the club afloat past next Monday and the
club can prove their long-term financial viability and put better
governance structures in place, AFL Victoria is willing to
reconsider re-granting the VFL licence," Mr. Crewther, as cited
by MP News, said.

Frankston Football Club, called The Dolphins, is an Australian
rules football club based in Frankston, Victoria.


GLEN DIX: First Creditors' Meeting Slated For Oct. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Glen Dix
Electrical Pty Ltd will be held at the Hotel Grand Chancellor,
29 Cameron Street, Launceston, in Tasmania, on Oct. 13, 2016,
9:00 a.m.

Michael Edward Slaven, Lachlan Charles and MacArthur Abbott of
Ernst & Young were appointed as administrators of Glen Dix on
Oct. 4, 2016.


MAYASTOR PTY: First Creditors' Meeting Set For Oct. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mayastor
Pty Ltd, trading as Mayfield Chocolates, will be held at the
Boardroom of Servcorp, Level 27, Santos Place, 32 Turbot Street,
in Brisbane, Queensland, on Oct. 13, 2016, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Mayastor Pty on Sept. 30, 2016.


WENWOOD PROJECT: First Creditors' Meeting Set For Oct. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Wenwood
Project Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Oct. 13, 2016, at 10:30 a.m.

Glenn J Spooner & Sam Kaso of Cor Cordis Chartered were appointed
as administrators of Wenwood Project on Oct. 3, 2016.



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C H I N A
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AOXING PHARMACEUTICAL: Delays Filing of Fiscal 2016 Form 10-K
-------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., disclosed in a regulatory
filing with the Securities and Exchange Commission that its
annual report on Form 10-K could not be filed within the required
time because there was a delay in completing the procedures
necessary to close the books for the year ended June 30, 2016.

                          About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products.  In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics.  The Company owns
95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of March 31, 2016, Aoxing had $58.92 million in total assets,
$38.37 million in total liabilities and $20.55 million in total
equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.


CHINA GINSENG: Delays Filing of Fiscal 2016 Form 10-K
-----------------------------------------------------
China Ginseng Holdings Inc. was unable, without unreasonable
effort or expense, to file its annual report on Form 10-K for the
fiscal year ended June 30, 2016, by the filing date of Sept. 28,
2016, due to a delay experienced by the Company in completing its
financial statements and other disclosures in the Annual Report.

As a result, the Company is still in the process of compiling the
required information to complete the Annual Report and its
independent registered public accounting firm requires additional
time to complete its audit of the financial statements for the
fiscal year ended June 30, 2016, to be incorporated in the Annual
Report.  The Company anticipates that it will file the Annual
Report no later than the fifteen calendar days following the
prescribed filing date.

It is expected that for the fiscal year ended June 30, 2016, the
Company will report a net loss of approximately $9 million
compared to net loss of $3.90 million for the fiscal year ended
June 30, 2015.

                     About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China.  The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards.  However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

As of March 31, 2016, China Ginseng had $8.66 million in total
assets, $21.40 million in total liabilities and a total
stockholders' deficit of $12.73 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


RESORT SAVERS: Needs More Capital to Continue as a Going Concern
----------------------------------------------------------------
Resort Savers, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $2.01 million on $25.11 million of
revenue for the three month period ended July 31, 2016, compared
to a net loss of $27,743 on $nil of revenue for the same period
in 2015.

The Company's balance sheet at July 31, 2016, showed $36.09
million in total assets, $29.64 million in total liabilities, and
a stockholders' equity of $6.45 million.

The Company has not yet had sufficient revenues to cover its
operating cost, and requires additional capital to commence its
operating plan.  The ability of the Company to continue as a
going concern is dependent on the Company obtaining adequate
capital to fund operating losses until it becomes profitable.  If
the Company is unable to obtain adequate capital, it could be
forced to cease operations.  These factors raise substantial
doubt about its ability to continue as a going concern.

In order to continue as a going concern, the Company will need,
among other things, additional capital resources.  Management's
plan to obtain such resources for the Company include: sales of
equity instruments; traditional financing, such as loans; and
obtaining capital from management and significant stockholders
sufficient to meet its minimal operating expenses. However,
management cannot provide any assurance that the Company will be
successful in accomplishing any of its plans.

There is no assurance that the Company will be able to obtain
sufficient additional funds when needed or that such funds, if
available, will be obtainable on terms satisfactory to the
Company.

In addition, profitability will ultimately depend upon the level
of revenues received from business operations.  However, there is
no assurance that the Company will attain profitability.  The
accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a
going concern.

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

                       https://is.gd/eAd3dd

                     About Resort Savers, Inc.

Shenzhen, China-based Resort Savers, Inc., makes investments and
acquisitions into markets and industries throughout the world.
The Company operates through two segments: health beverage, and
oil and gas.  The Company has invested in a company principally
engaged in the development and production of beverages,
investment in agricultural business, and import and export of
products in the food and beverage industry.  It has also invested
in a company principally engaged in the trading of oil, gas and
lubricant.  The Company's subsidiaries include Xing Rui
International Investment Holding Group Co., Ltd. (Xing Rui), Xing
Rui International Investment Group Ltd. (Xin Rui HK), Huaxin
Changrong (Shenzhen) Technology Service Co., Ltd. (Huaxin),
Shenzhen Amuli Industrial Development Company Limited (Amuli) and
Beijing Yandong Tieshan Oil Products Co., Ltd. (Tieshan Oil).


SPI ENERGY: Has Private Placement of $100M Ordinary Shares
----------------------------------------------------------
SPI Energy Co., Ltd., announced the entry into purchase
agreements with certain existing shareholders (including certain
key management personnel of the Company) and other investors to
issue and sell ordinary shares of the Company to the Purchasers
at a price of US$0.259 per Share (US$2.59 per ADS), for a total
consideration of approximately US$100 million.  In addition, the
Purchasers are subjected to a 180 days lock-up period after the
closing of the Private Placement.

Net proceeds from the Private Placement are intended to be used
for expansion of SPI Energy's global PV project activities and
general corporate purposes.

The Private Placement is subject to the satisfaction of customary
closing conditions.  The Purchasers have the right to terminate
the Agreements if the share issuances contemplated under the
respective Agreements have not been completed by Dec. 22, 2016.

The Company will grant to those investors options to purchase
ordinary shares at the same price within two years.

The Shares are being offered and sold solely to non-U.S. persons,
on a private placement basis in reliance upon Regulation S
promulgated under the U.S. Securities Act of 1933, as amended.

                   About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/, a B2B e-commerce platform offering a
range of PV products for both upstream and downstream suppliers
and customers.  The Company has its operating headquarters in
Shanghai and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.  As of Dec. 31, 2015, SPI Energy had $710
million in total assets, $493 million in total liabilities and
$216.55 million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd. and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  These factors raise
substantial doubt about the Group's ability to continue as a
going concern.



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H O N G  K O N G
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CHINA FISHERY: Seeks $1.9M Private Sale of Golf Club Membership
---------------------------------------------------------------
China Fishery Group Ltd. (Cayman) and affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
authorize the private sale of The Hong Kong Golf Club membership
memorialized by Certificate No. 0936 ("Golf Club Membership") to
Biel Crystal Manufactory Ltd. ("Purchaser") for HK$15,100,000 (or
approximately USD$1,947,445).

A hearing on the Motion is set for Oct. 25, 2016 at 2:00 p.m. (NY
Time).  The objection deadline is Oct 18, 2016 at 4:00 p.m. (NY
Time).

The Debtors, along with certain non-Debtor affiliated entities,
are part of a corporate family known as the Pacific Andes Group,
which is one of the world's foremost vertically integrated
seafood companies.  The Pacific Andes Group provides seafood
products to leading global wholesalers, processors and food
service companies and has operations across the seafood value
chain.

Pacific Andes International Holdings Ltd. (Bermuda) ("PAIH"), a
debtor, owns memberships to Golf Club. One of those memberships
is the Golf Club membership which has a monthly subscription fee
of HK$2,840 (or approximately US$366).

Prior to the Petition Date, PAIH entered into an agreement, dated
April 26, 2016 ("April 2016 Agreement"), with potential
purchaser, the Biel Crystal (HK) Manufactory Ltd. ("Initial
Purchaser") to sell the Golf Club Membership for HK$15,000,000
(or approximately USD$1,934,548), inclusive of a transfer fee
payable to the Golf Club of HK$3,200,000 (or approximately
USD$412,704).  Accordingly, the net sum to be received by PAIH
upon the sale closing was HK$11,800,000 (or approximately
USD$1,521,844).

The April 2016 Agreement states that the Golf Club Membership was
to be purchased free and clear of all charges, mortgages, liens,
encumbrances, equities and claims of any kind.  There are no
liens, claims or encumbrances on the Golf Club Membership.

The sale was brokered by Everfine Membership Services Ltd., which
is a Hong Kong-based regional operation specializing in providing
brokerage services for the sale, rental and purchase of golf and
country club, social club, marina and yacht club memberships,
including memberships in the Golf Club.

The Confirmation Agreement required the transfer of the Golf Club
Membership to be completed within 3 months of the date of the
Confirmation Agreement and was subject to approval by the Golf
Club.  A 1% service fee (or HK$150,000 which is approximately
US$19,345) was to be paid by PAIH to Everfine upon completion of
the transfer of the Golf Club Membership.  The 1% service fee is
Everfine's usual and customary fee for providing brokerage
services.  Accordingly, after closing of the sale and payment of
the 1% service fee, the net payment to PAIH would be
HK$11,650,000 (or approximately US$1,502,499).

Prior to PAIH entering into the Confirmation Agreement and the
April 2016 Agreement, PAIH contacted several other brokers to
sell the Golf Club Membership.  In addition to Everfine, PAIH
contacted Sakura Membership Services Ltd. and Noblesse Membership
Service Ltd. and obtained 3 proposed sale confirmation agreements
for a corporate membership with the Golf Club.

Sakura proposed a sale of a golf club membership for
HK$14,000,000 (or approximately US$1,805,578), inclusive of a
transfer fee payable to the Golf Club of HK$3,200,000 (or
approximately US$412,704) and a 1% service fee of the total
consideration with 10% discount which was HK$126,000 (or
approximately US$16,250).  A sale of the Golf Club Membership
through Sakura would result in net payment to PAIH of
HK$10,674,000 (or approximately US$1,276,624).

The first proposed sale confirmation offered by Noblesse, dated
March 11, 2016, was for HK$14,700,000 (or approximately
US$1,895,857), including a transfer fee payable to the Golf Club
of HK$3,200,000 (or approximately US$412,704) and 1% commission
to Noblesse of HK$147,000 (or approximately US $18,959).  Based
on the offer, a sale of the Golf Club Membership through Noblesse
would result in net payment to PAIH of HK$11,353,000 (or
approximately US$1,464,195).

The second proposed sale confirmation offered by Noblesse, dated
April 1, 2016, was for HK$14,300,000 (or approximately
US$1,844,269), including a transfer fee payable to the Golf Club
of HK$3,200,000 (or approximately US$412,704) and 1% commission
to Noblesse of HK$143,000 (or approximately US $18,443).  Based
on the offer, a sale of the Golf Club Membership through Noblesse
would result in net payment to PAIH of HK$10,957,000 (or
approximately US$1,413,123).

Based on information obtained from Everfine, a second-hand
membership in a golf club, such as the Golf Club Membership,
costs HK$15,000,000 (or approximately USD$1,934,548).

In light of the offers for the Golf Club Membership, PAIH decided
to enter into the Confirmation Agreement with Everfine and the
April 2016 Agreement with the Initial Purchaser as the best and
highest offer for the Golf Club Membership.

As required by the April 2016 Agreement, the Initial Purchaser
and PAIH informed the Golf Club of the proposed transfer of the
Golf Club Membership and sought the Golf Club's approval for the
transfer. By letter dated July 7, 2016, the Golf Club requested
that the Initial Purchaser submit another application using a
financial entity that is registered in Hong Kong with more
significant assets and/or trading history together with the
requisite financial information.

Accordingly, on or about July 12, 2016, the parties re-executed a
sale and purchase agreement for the Golf Club Membership ("July
2016 Agreement") on the same terms and conditions as the April
2016 Agreement with the Purchaser, a company related to the
Initial Purchaser.  The parties then entered into an amendment to
the July 2016 Agreement dated Aug. 18, 2016 ("Amendment").

A copy of the April 2016 Agreement attached to the Motion is
available for free at:

         http://bankrupt.com/misc/China_Fishery_160_Sales.pdf

Pursuant to the Amendment, the consideration was increased to
HK$15,100,000 (or approximately USD$1,947,445) which included a
transfer fee payable to Golf Club of HK$3,300,000 (or
approximately USD$425,601).  The net sum to be received by PAIH
upon the transfer remained, as under the April 2016 Agreement,
HK$11,800,000 (or approximately USD$1,521,844).  Notwithstanding
the increase in purchase price, the service fee due to Everfine
remained at HK$150,000 (or approximately US$19,346).

By letter dated Aug. 19, 2016, the Golf Club notified the
Purchaser of the approval of the transfer of the Golf Club
Membership upon terms and conditions agreed to by the parties.

By check dated Aug. 25, 2016, the Purchaser paid HK$15,100,000
(or approximately USD$1,947,445) to the Golf Club and, in turn,
the Golf Club issued a check to PAIH in the amount of
HK$11,800,000 (or approximately USD$1,521,844) dated Sept. 3,
2016.  The monies received by the Debtors from the sale of the
Golf Club Membership are currently being held by the Debtors
pending outcome of the Motion.  The proposed sale was disclosed
to bankruptcy counsel in connection with preparation for the 11
U.S.C. Section 341 meeting and the proposed sale was disclosed
during that meeting on Sept. 21, 2016.

Prior to the transaction, the Debtors had no relationship with
the Initial Purchaser nor the eventual Purchaser, nor had the
Debtors previously conducted business with either the Initial
Purchaser or the eventual Purchaser.  PAIH was, at all times,
seeking to maximize the return on the Golf Club Membership and
engaged in good-faith, arm's-length negotiations with the
brokers, including Everfine, the Initial Purchaser and the
eventual Purchaser. Likewise, the Debtors believe that the
brokers, including Everfine, the Initial Purchaser and the
eventual Purchaser engaged with PAIH in good-faith and at arm's
length.

Accordingly, the Debtors request the Court to approve the private
sale of the Golf Club Membership nunc pro tunc to the Purchaser,
the terms of the sale, authorize the employment, retention of and
payment to Everfine, as broker, nunc pro tunc to June 30, 2016,
and grant related relief.

The Purchaser can be reached at:

          BIEL CRYSTAL (HK) MANUFACTORY LTD.
          BR No. 61066817 of Room A5
          Block A, 10/F., Mei Hing Industrial Building
          16-18 Hing Yip Street
          Kwun Tong, Hong Kong

                 About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
As legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.


HUA HAN: Moody's Lowers CFR to Caa1 & Changes Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Hua Han Health Industry
Holdings Limited's corporate family and senior unsecured bond
ratings to Caa1 from B1.

The ratings outlook has been changed to negative from review for
downgrade.

The downgrade follows the company's announcement on 30 September
that (1) its auditors have suspended their 2015/2016 audit work
and requested additional documents as well as additional audit
procedures; (2) its board of directors will appoint an
independent consultant to address the inconsistencies and/or
irregularities noted by the auditors; (3) it will delay the
publication of its annual results for the fiscal year ended June
2016 (FY2016); and (4) trading in its shares and debt securities
will remain suspended until further notice.

                        RATINGS RATIONALE

"The downgrade reflects the high uncertainty over Hua Han's
financial position and potentially serious corporate governance
issues, given the suspension of the audit work," says Gloria
Tsuen, a Moody's Vice President and Senior Analyst.

The delay in the announcement of its FY2016 audited results and
the ongoing trading suspension may also trigger an event of
default for its HKD620 million convertible bonds, and,
consequently, its USD150 million senior notes.  In addition, the
company had RMB144 million in short- and long-term bank debt as
of end-2015.

Hua Han's current available liquidity is unclear and Moody's is
unable to verify whether the company would be able to withstand
an accelerated repayment of its debt obligations.

The downgrade also reflects the heightened corporate governance
risk.  The company's auditors have noted unresolved
inconsistencies/irregularities with regard to, inter alia, some
sales receipts, purchase and tax payments, as well as bank
statements.  In addition, certain audit procedures are yet to be
completed, pending assistance from the company.

Without the completion and filing of its audited results, and
resolution of the irregularities in its financial reporting and
transactions, the company is unlikely to have access to the
external capital markets.  This situation, in turn, could impact
its normal business operations.

Trading in Hua Han's shares and debt securities on the Hong Kong
Stock Exchange has been suspended since Sept. 27, 2016.

Moody's will continue to monitor (1) the audit progress of the
company's annual results; (2) when the company can resume trading
of its shares; and (3) the operational and financial impacts of
these events.

The negative outlook reflects the repayment risk for the
company's creditors, due to its uncertain financial position,
impaired sources of funding, and high corporate governance risk.

Given the negative outlook, there is a low probability of an
upgrade in the near term.  Nevertheless, completion of the
audited FY2016 results with no material qualifications would be
positive for the ratings.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 2012.

Listed on the Hong Kong Stock Exchange in 2002, Hua Han Health
Industry Holdings Limited manufactures and distributes
traditional Chinese medicines and bio-pharmaceutical medicines,
and provides hospital services in China.  Its revenue in 2015
totaled HKD1.8 billion.



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


AJANTA OFFSET: CRISIL Suspends 'D' Rating on INR278.9MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ajanta
Offset and Packagings Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        50        CRISIL D
   Cash Credit            230        CRISIL D
   Letter of Credit        70        CRISIL D
   Proposed Long Term
   Bank Loan Facility     278.9      CRISIL D
   Term Loan              192.3      CRISIL D
   Working Capital
   Term Loan              218.8      CRISIL D

The suspension of ratings is on account of non-cooperation by
AOPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AOPL is yet to
provide adequate information to enable CRISIL to assess AOPL'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 1969 and promoted by Mr. G P Todi, AOPL offers
comprehensive print management solutions, including pre-press,
press, and post-press services, and is listed on the Delhi Stock
Exchange. The company has three units at Faridabad (Haryana) and
a unit in New Delhi.


ALLKOSHYS ALLSPICES: CRISIL Suspends B+ Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Allkoshys Allspices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B+/Stable
   Foreign Bill
   Discounting              35       CRISIL A4
   Packing Credit           45       CRISIL A4

The suspension of ratings is on account of non-cooperation by AA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AA is yet to
provide adequate information to enable CRISIL to assess AA'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 1997, AA processes and exports green pepper. The firm
has its manufacturing facility in Kottayam, Kerala and its day-
to-day operations are managed by its managing partner, Mr. Selwyn
Koshy.


ANANT RICE: ICRA Reaffirms B+ Rating on INR3.5cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR0.80 crore term loans (revised from INR0.76 crore
earlier), INR3.50 crore cash credit and INR2.20 crore untied
limits (revised from INR2.24 crore earlier) of Anant Rice
Industries. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR2.50 crore non-fund based bank limit
of ARI.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loans              0.80         [ICRA]B+ reaffirmed

   Fund Based Limit-
   Cash Credit             3.50         [ICRA]B+ reaffirmed

   Non Fund Based
   Limit-Bank Guarantee    2.50         [ICRA]A4 reaffirmed

   Untied Limit            2.20         [ICRA]B+ reaffirmed

The reaffirmation of the ratings takes into consideration ARI's
small scale of current operations and weak financial profile
characterised by low profits as well as cash accruals, a
leveraged capital structure and weak coverage indicators.
Further, the low entry barrier and intense competition in a
highly-fragmented rice milling industry restricts pricing
flexibility. The ratings also take into consideration ARI's
exposure to agro-climatic risks as paddy is an agriculture
commodity and the company's vulnerability to adverse changes in
Government policies towards agro-based commodities like rice. The
ratings further take into account ARI's exposure to risks
associated with its status as a partnership firm, including the
risks of withdrawal of capital by the partners. The ratings also
take cognizance of ARI's exposure to project execution and
funding risk, given that the project is still in nascent stage
and financial closure for the project is yet to be done.

The ratings, however, derive comfort from the experience of the
partners in the rice milling industry and ARI's presence in a
major paddy growing area, resulting in easy availability as well
as low landed cost of input materials (paddy). The ratings also
factor in the favorable demand prospects of the industry, with
rice being a staple food in India.

In ICRA's opinion, the company's ability to successfully
diversify its product profile and improve its profitability while
managing working capital requirement efficiently would be the key
rating sensitivities, going forward.

Founded in 1987 as a partnership firm, Anant Rice Industries is
involved in milling of paddy to produce non-basmati raw and
parboiled rice with an installed capacity of 9,600 metric tonnes
(single shift) per annum (MTPA). Besides, the firm has two sortex
machines to produce silky sortex rice with an installed capacity
of 4 tonnes per hour (TPH). The milling unit of the firm is
located in Arang, Chhattisgarh. ARI has embarked upon a project
for setting up an ancillary unit to produce steamed rice with an
installed capacity of 3,000 MTPA (single shift).

Recent Results
ARI reported a net profit after tax of INR0.31 crore in FY2016 on
an operating income of INR19.04 crore, as compared to a PAT of
INR0.31 crore on an operating income of INR21.29 crore during
FY2015.


APPLE CHEMIE: CRISIL Suspends B+ Rating on INR25MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Apple Chemie India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable
   Letter of Credit        10        CRISIL A4
   Standby Line of Credit   3.5      CRISIL B+/Stable
   Term Loan               19.9      CRISIL B+/Stable

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

ACIPL was incorporated as Black Cat Enterprises Pvt Ltd by Mr.
Vivek Govind Naik and his wife Mrs. Kanchan Vivek Naik in 1992;
the company got its present name in 2012. ACIPL manufactures
construction chemicals such as admixtures, water proofers, and
grouts, and repair and polymer products that are mainly used in
the construction and infrastructure industries. The company also
manufactures PCE, which is used as a raw material for admixtures.


ASHISH ENTERPRISES: CRISIL Reaffirms B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Ashish Enterprises
continues to reflect AE's modest scale of operations in the
highly fragmented and competitive civil construction industry,
and the firm's large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoters, its moderate order book, and
its adequate financial risk profile, marked by moderate gearing
and comfortable debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reassigned)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations along with
sustenance of its operating profitability and its working capital
management. Conversely, the outlook may be revised to 'Negative',
if the firm's accruals are low, or if it undertakes any large
additional debt-funded capital expenditure programme, or its
working capital cycle is stretched, leading to deterioration in
its financial risk profile, particularly its liquidity.

Set up in 2006, AE is a partnership firm set up by Mr. Ashish
Kumar Singh, Mr. Pramod Singh, Mr. Rajeev Singh and Mr.
Ramashankar Singh in Parichha, Jhansi district (Uttar Pradesh).
The firm constructs ash dykes, roads, and buildings primarily in
Uttar Pradesh.


BHOPAL SWITCHGEARS: Ind-Ra Affirms 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhopal
Switchgears Pvt Ltd's Long-Term Issuer Rating at 'IND B+' with a
Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects BSPL's continued small scale of
operations and moderate credit profile. FY16 provisional numbers
shared by management indicate revenue of INR227 million (FY15:
INR191 million), net leverage (det debt/operating EBITDA) of 4.2x
(FY15: 4.9x), EBITDA interest coverage (operating EBITDA/interest
of 1.5x (1.4x) and EBITDA margins of 11.0% (11.9%). The decline
in the margins was on account of increase in overhead expenses.

The ratings continue to remain constrained on account of the
tight liquidity position of the company with instances of
overutilisation in the 12 months ended August 2016.

The ratings, however, continue to benefit from its founders'
experience of more than three decades in the electricals
industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from improvement
in the liquidity position of the company.

Negative: A negative rating action could result from further
deterioration in the liquidity along with deterioration in the
credit metrics of the company.

COMPANY PROFILE

BSPL was incorporated in March 1992 and is engaged in the design,
manufacture, supply, installation and commissioning of electrical
switchgears and control equipment. The company has its
manufacturing facility in the industrial area of Govindpura in
Bhopal.

BSPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable

   -- INR67.5 million fund-based working capital limits
      (increased from INR65 million): affirmed at 'IND B+'/Stable

   -- INR2.23 million long-term loans (decreased from INR3.50
      million): affirmed at 'IND B+'/ Stable

   -- INR22.50 million non-fund-based working capital limits:
      affirmed at 'IND A4'


BHUPINDER SINGH: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhupinder Singh
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Bhupinder Singh's moderate financial profile
and liquidity. According to the FY16 provisional statement,
revenue was INR278 million in FY16 (FY15: INR89 million), EBITDA
margins were 20.5% (29.5%), gross interest coverage
(EBITDA/interest) was 4.3x (3.8x) and net leverage (net
debt/EBITDA) was 2.5x (2.0x). Bhupinder Singh's use of the
working capital facilities was 50% on average over the 12 months
ended August 2016.

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

RATING SENSITIVITIES

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

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

COMPANY PROFILE

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

The firm is managed by its two partners namely Mr. Bhupinder
Singh Gujral and Mrs. Tejinder Kaur, which have a profit sharing
ratio of 60% and 40%, respectively.

Bhupinder Singh's ratings:

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

   -- INR44.31 million long-term loan: assigned 'IND BB-'/Stable

   -- INR64 million fund-based facilities: assigned
      'IND BB-'/Stable

   -- INR2.14 million non-fund-based facilities: assigned
      'IND A4+'


BR.SHESHRAO: Ind-Ra Suspends 'IND B+' Bank Loans Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND B+'
rating on Br.Sheshrao Wankhede Shetkari Sahakari Soot Girni
Limited's INR67.90 million bank loans and INR200 million fund-
based limits to the suspended category. The Outlook was Stable.
The rating will now appear as 'IND B+(suspended)' on the
company's website.

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

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


CACHAR ALLOYS: Ind-Ra Suspends 'IND B' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Cachar Alloys'
'IND B' Long-Term Issuer Rating to the suspended category. The
Outlook was Stable. The rating will now appear as 'IND
B(suspended)' on the agency's website.

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

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

CA's ratings:

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

   -- INR59 million long-term loans: migrated to
      'IND B(suspended)' from 'IND B'/Stable

   -- INR37.50 million fund-based working capital limits to 'IND
      B(suspended)' from 'IND B'/Stable


CANAAN ENGINEERING: CRISIL Suspends D Rating on INR71.7MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Canaan
Engineering Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          55        CRISIL D
   Cash Credit             50        CRISIL D
   Funded Interest
   Term Loan               14.8      CRISIL D
   Inland/Import Letter
   of Credit               25        CRISIL D
   Proposed Long Term
   Bank Loan Facility      23.5      CRISIL D
   Term Loan               71.7      CRISIL D
   Working Capital
   Term Loan               60        CRISIL D

The suspension of ratings is on account of non-cooperation by
CEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CEPL is yet to
provide adequate information to enable CRISIL to assess CEPL'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 2005 by Mr. Victor Baby, CEPL fabricates medium-
to heavy-sized equipments, such as heat exchangers, pressure
vessels and columns, for the petrochemical and fertiliser
industries.


CHETAN INDUSTRIES: Ind-Ra Withdraws IND BB LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chetan
Industries Limited's '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 CIL.

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

CIL's ratings:

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

   -- INR28.5 million term loan: 'IND BB(suspended)'; rating
      withdrawn

   -- INR250 million fund-based working capital limits: 'IND
      BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn


CIRCLE INFOTECH: CRISIL Suspends B Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Circle Infotech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Letter of Credit        45        CRISIL A4

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

CIPL, set up in 2008, is promoted by Mr. Sanjeev Kumar Prasad and
his wife Mrs. Sneha Kumar. The company has outsourced the
manufacturing of computer peripherals such as mouse, key boards,
and printers to manufacturers in China. These products are sold
by CIPL in the domestic market. Mr. Prasad looks after the day-
to-day operations of the company. The head office of the company
is in Mumbai.


CMAX METALS: CRISIL Assigns B+ Rating to INR35MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of CMAX Metals India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             15       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       35       CRISIL B+/Stable

The rating reflects the CMAX's weak business risk profile driven
by lack of pricing power and modest scale of operations in an
intensely competitive industry and initial stage of business..
These weaknesses are partially offset by extensive experience of
promoters in the precision sheet metal components industry and
their funding support and moderate financial risk profile on
account of absence of any significant debt and debt funded capex
plans over the medium term.
Outlook: Stable

CRISIL believes that CMAX will benefit from the extensive
experience of its promoters' in the supply of sheet metal
components industry. The outlook may be revised to 'Positive' if
there is substantial improvement in the company's scale of
operations and cash accruals. Conversely, the outlook may be
revised to 'Negative' if there is deterioration in its financial
risk profile either on account of lower than expected
profitability, larger than expected working capital requirements
or a large debt funded capex.

Incorporated in 2011, CMAX Metals India Private Limited (CMAX) is
engaged in the business of manufacturing precision sheet metal
components applicable for telecommunication, electrical controls,
computer peripherals, electrical, electronics and medical
equipment. The company has its manufacturing facility in
Bangalore.


DEIVEEGAM TRADE: CRISIL Suspends 'B' Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deiveegam Trade Links.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        70        CRISIL A4
   Cash Credit             50        CRISIL B/Stable

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

DTL, a proprietorship concern, was set up in January 2015 and
trades in cotton bales. Dr. K Kandaswamy (HUF) is the firm's
proprietor. Dr. K Kandaswamy's son, Dr. K Velkrishna, manages the
firm's operations. DTL's office is in Salem (Tamil Nadu). The
firm commenced commercial operations in February 2015.


DELITE CABLES: ICRA Lowers Rating on INR4.50cr Bank Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]C to
the INR4.00 crore cash credit facility of Delite Cables Private
Limited. The short-term rating has also been revised to [ICRA]D
from [ICRA]A4  to the INR4.50 crore non-fund based bank guarantee
facility of DCPL. Also, the long-term/short-term ratings have
been revised to [ICRA]D/[ICRA]D from [ICRA]C/ [ICRA]A4 to the
INR3.50 crore unallocated limits of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              4.00      Revised to [ICRA]D
                                      from [ICRA]C

   Bank Guarantee           4.50      Revised to [ICRA]D
                                      from [ICRA]A4

   Long term/short          3.50      Revised to [ICRA]D/[ICRA]D
   term unallocated                   from [ICRA]C/[ICRA]A4

The ratings revision reflects delays in interest servicing on its
borrowings due to stretched liquidity position of the company as
resulting from prolonged work schedule of the ongoing project.

Delite Cables Private Limited was incorporated in 2004 and is
engaged in manufacturing low tension power and control cables and
aerial bundled cables at its facility located at Vadodara in
Gujarat. Besides this, DCPL is also an EPC (Erection, procurement
and commissioning) contractor and has completed projects in Sasan
Gir, Junagadh and Rajkot regions of Gujarat. Presently, the
company is undertaking a turnkey project for Paschim Gujarat Vij
Company Limited which involves supply, laying and commissioning
of cross-linked polyethylene (XLPE) submarine cables for
electrification of Shiyal Bet island near Pipavav Port in
Gujarat. The company is managed by Mr. Pankaj Panchal and Mr.
Mitul Panchal who have past experience of about a decade in the
cable industry.


DRN HOSPITALITIES: CRISIL Ups Rating on INR92.2MM LT Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of DRN Hospitalities Private Limited (DRN) to 'CRISIL BB-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan          92.2      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      27.8      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The upgrade reflects the sustained improvement in DRN's business
risk profile backed by increase in occupancy at its hotel to 60%
in fiscal 2016 from less than 50% earlier. Its revenue was INR141
million in fiscal 2016, up 28% over the previous fiscal.
Moreover, its operating margin improved to 22% from 15%.
Continued increasing cash accruals as expected in fiscal 2017
will further shore up the company's liquidity. With addition of
customers and steady room rate, CRISIL believes DRN will sustain
its improved business risk profile over the medium term,
resulting in increased cash accrual that will sufficiently cover
its fixed debt obligation.

The rating reflects DRN's established regional market position
and its promoters' entrepreneurial experience. These strengths
are partially offset by its below-average financial risk profile
because of small networth and high gearing, and its exposure to
intense competition in the hotel segment.
Outlook: Stable

CRISIL believes DRN will continue to benefit from its promoters'
entrepreneurial experience. The outlook may be revised to
'Positive' if the company achieves sustained revenue growth with
healthy occupancy rate (OR) and average room rent (ARR), leading
to a considerable increase in its cash accrual, and hence, to a
better financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if the revenue is
significantly lower than expected on account of a decline in OR
or ARR, or if the operating margin declines, adversely impacting
cash accrual.

DRN was set up by Mr. Dinesh R Nayak and Ms Deepa D Nayak as a
partnership firm, Nayak Hospitalities, in 2008, and was
reconstituted as a private limited company with the current name
in 2011. DRN owns and operates a 3-star hotel at Hubli in
Karnataka.


EVER SHINE: CRISIL Suspends 'B' Rating on INR8MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ever Shine Traders.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        60        CRISIL A4
   Cash Credit              8        CRISIL B/Stable

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

EST was established in 1990 as a partnership firm by Mr. Prem
Kumar Minocha and his son, Mr. Rajan Minocha. The firm trades in
waste paper. Mr. Rajan Minocha manages its day-to-day operations.


FLORIDA ELECTRICAL: ICRA Hikes Rating on INR7.50cr Loan to BB-
--------------------------------------------------------------
ICRA has revised its rating on the INR8.00 crore-fund based and
unallocated bank facilities of Florida Electrical Industries
Limited to [ICRA]BB- from [ICRA]B+. The outlook on the rating is
'Stable'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit         7.50      [ICRA]BB- (Stable);revised
                                      from [ICRA]B+

   Unallocated (Proposed
   Limits)                  0.50      [ICRA]BB- (Stable);revised
                                       from [ICRA]B+

The revision in the rating is driven by the healthy ramp-up in
revenues posted by FEIL in FY2016, aided by execution of tenders
on behalf of Energy Efficiency Services Limited. This has also
been accompanied by growth in cash accruals. The rating action
also factors in equity infusion in FY2016 which led to reduction
in the company's gearing levels. ICRA notes that the company's
foray into LED products is expected to support its business
prospects. The rating also derives comfort from the experience of
the company's promoters in manufacturing of Compact Fluorescent
Lamps (CFLs), Fluorescent Tubular Lamps (FTLs) and ballasts, and
its status as an Original Equipment Manufacturer (OEM) for
established players like Havells India Limited and Osram India
Limited. The company's outstanding order book on account of
orders received from EESL helps provide revenue visibility over
the medium term.

The rating is, however, constrained by the high competitive
intensity in the electrical products industry which leads to
pricing pressure for all the industry players, including FEIL.
Besides, continuous technological advancement results in the risk
of technological obsolescence. The ratings also factor in FEIL's
low bargaining power with established principals.

Going forward, the ability of the company to increase its scale
of operations in a profitable manner while maintaining a prudent
capital structure and optimising the working capital intensity
will be the key rating sensitivities.

FEIL was incorporated in 1994 by Mr. Anil Arora. The company is
involved in the manufacturing of electrical products like CFLs,
FTLs, ballasts, and drivers, and assembles LED lights at its unit
at Bhiwadi, Haryana and Mayapuri, Delhi. The company operates as
an OEM of established players like Havells India Limited and
Osram India Limited. The company has also started getting orders
from EESL for installation and maintenance of street lights in
various states.

Recent Results
The company reported a net profit of INR0.28 crore on an
operating income of INR44.30 crore in FY2016 compared to a net
profit of INR0.05 crore on an operating income of INR17.24 crore
in the previous year.


GANGA DAIRY: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ganga Dairy's
(GANGA) 'IND BB-(suspended)' Long-Term Issuer Rating. The agency
has also withdrawn the 'IND BB-(suspended)'/'IND A4+(suspended)'
ratings on the company's INR120 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 GANGA.

Ind-Ra had suspended GANGA's ratings on March 2, 2016.


GAV AGRO: ICRA Assigns 'B' Rating to INR10.15cr Term Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B on the INR14.15
crore bank facilities of GAV Agro Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loans              10.15       [ICRA]B; assigned
   Cash Credit Limit        4.00       [ICRA]B; assigned

The rating assigned is constrained by GAPL's presence in a highly
competitive rice milling industry, its small scale of operations,
weak profitability metrics, high gearing level and consequently
weak debt protection indicators. Besides, the rating also takes
into account the firm's stretched liquidity position, as
reflected by consistently high working capital limits utilisation
arising out of a high inventory holding period. However, the
rating favorably factors in GAPL's experienced promoters with a
long track record in the rice-milling industry and proximity to a
major rice growing area.

Established in June 2013, GAPL commenced commercial milling in
February 2016. The manufacturing unit of the company is located
at Lucknow-Sultanpur road with a capacity of milling 8 tons of
paddy per day(TPH). The active promoters in GAPL are Mr. Pradeep
Kumar, Mr. Ajai Kumar Gupta and Mr. Om Prakash who have vast
experience in rice milling business.

Recent Results
As per the audited financials of 2M 2015-16 (February-March
2016), GAPL reported a net loss of INR0.27 crore on an operating
income (OI) of INR3.52 crore.


GEM BATTERIES: ICRA Assigns B- Rating to INR18cr Cash Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- on the
INR18.00-crore long-term fund-based bank facilities of Gem
Batteries Private Limited.

                              Amount
   Facilities              (INR crore)      Ratings
   ----------              -----------      -------
   Cash Credit Facilities       18.00       [ICRA]B-; assigned

ICRA's rating is constrained by the modest scale of operations of
the company; the highly fragmented and competitive nature of the
industry with the presence of large scale established brands as
well as cheaper imports from China; the company's limited
geographic presence (predominantly in North India) and
vulnerability of its profitability to fluctuations in raw
material prices. ICRA also takes note of the decline in demand of
the company's products over the years in the replacement market,
which accounted for a majority of the company's revenue in the
past, particularly due to better infrastructure facilities being
developed by the Government as well as the other industries,
resulting in losses at the net level over the last two years. The
rating also factors in the company's high working capital
intensity, in line with the decreased demand and elongated
working capital cycles which results in stretched liquidity
position of the company. The rating, however, favorably factors
in the decade-long extensive experience of the promoters in the
auto ancillary business and ongoing efforts to diversify product
offerings and customer base.

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

Incorporated on August 13, 2003, Gem Batteries Private Limited
(GBPL) manufactures lead batteries mainly for the automotive and
industrial segment. The company's manufacturing plant is located
at Baddi, Himachal Pradesh and the current manufacturing capacity
is around 20,000 batteries per month. It is primarily a family
run concern with Mr. N.M. Gupta (his wife Mrs. Bimal Gupta) and
his son and daughter-in-law being the directors. Prior to
entering the battery manufacturing business, the promoters were
involved in business if trading in batteries. The company sells
its products in the replacement market through a distributor
network.

Recent Results
During FY2016, GBPL, on a provisional basis, reported an
operating income (OI) of INR50.22 crore and a net loss of INR0.95
crore as against an OI of INR58.02 crore and a net loss of
INR4.51 crore for FY2015.


GMR POWER: ICRA Suspends 'D' Rating on INR328.75cr Loan
-------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR73
crore fund based limits and the INR250 crore term loan programme
of GMR Power Corporation Limited. ICRA has also suspended the
[ICRA]D rating assigned to the INR328.75 crore non fund based
limits of GMR Power.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits         73.00     [ICRA]D Rating Suspended
   Term Loans               250.00     [ICRA]D Rating Suspended
   Non Fund Based Limits    328.75     [ICRA]D Rating Suspended


The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


GOLHAR GINNING: CRISIL Suspends 'B' Rating on INR47.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Golhar
Ginning & Oils Private Limited (GGOPL; part of the Golhar group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            47.5       CRISIL B/Stable
   Term Loan              41.0       CRISIL B/Stable

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

GGOPL was incorporated in November 2012, by Mr. Dhanraj Golhar
and his brother Mr. Damodar Golhar. The company is engaged in
ginning of raw cotton (kapas) and began commercial operations in
November 2014. Its manufacturing unit is in Hinganghat
(Maharashtra).


J. M. D. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of J. M. D. Industries
reflects JMD's nascent stage of operations coupled with
significant off-take risks faced by the firm and exposure to
intense competition in the packaging industry. These rating
weaknesses are partially offset by entrepreneurial experience of
promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      15        CRISIL B/Stable (Reaffirmed)
   Term Loan               80        CRISIL B/Stable (Reaffirmed)
   Working Capital
   Facility                20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JMD's revenue is expected benefit from the
experience of the promoters. The outlook may be revised to
'Positive' in case of a higher than expected ramp up of revenue
and operating margin. Conversely, the outlook may be revised to
'Negative' in case of lower than expected revenues or
profitability, leading to significant impact on its debt
servicing ability.

J.M.D. Industries, setup in April 2013, by Mr.  Manoj Agrawal,
Mr. Abhishek Gurjar & Mrs Seema Gurjar. The firm  is operating a
manufacturing unit for HDPE/PP woven sacks at Harda (MP) , with
annual installed capacity of 1 million kgs of bags.


JAI HARI: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Hari
Industries Private Limited's 'IND B' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND B(suspended)' on the agency's website.

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

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

JHIPL's ratings:

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

   -- INR27.50 million long-term loans: migrated to 'IND
       B(suspended)' from 'IND B/Stable'

   -- INR20 million fund-based working capital limit: migrated to
      'IND B(suspended)' from 'IND B/Stable'

   -- INR20 million non-fund-based working capital limit:
      migrated to 'IND A4(suspended)' from 'IND A4'


JATIN & COMPANY: CRISIL Suspends B- Rating on INR1.6MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jatin
& Company.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4
   Letter of Credit      60.0        CRISIL A4
   Packing Credit        30.0        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     1.6        CRISIL B-/Stable

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

JAC was established in 1979 as a partnership concern by brothers
Mr. Jatin J Bhuta and Mr. Tushar J Bhuta. The firm exports
agricultural commodities such as basmati rice, black pepper,
cardamom, and cumin seeds


JINDAL RICE: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jindal Rice &
Gen. Mills a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect JRGM's small scale of operations and moderate
credit metrics. In FY16 the company's revenue was INR642.51
million (FY15: INR614.26 million), EBITDA margins were 6.3%
(4.7%), interest coverage (operating EBITDA/gross interest
expense) was 1.36x (1.42x) and net leverage (adjusted net
debt/operating EBITDA) was 8.96x (12.91x).

The ratings further reflect JRGM's tight liquidity profile as
indicated by its over-utilisation (average utilisation around
101%) of the fund-based working capital limit during the 12
months ended August 2016.

The ratings, however, derive strength from around two decades of
experience of JRGM's promoters in the basmati rice industry. The
ratings are supported by the company's two decades of operational
history.

RATING SENSITIVITIES

Negative: Further stretch on the liquidity profile could be
negative for the ratings.

Positive: A significant improvement in the top line while
maintaining/improving current credit profile could be positive
for the ratings.

COMPANY PROFILE

JRGM was established in 1996 as a partnership firm with Mrs.
Anita Rani, Mrs. Poonam Devi, Mr. Mukesh Kumar, Mr. Sat Narain
and Mr. Sushil Kumar as partners. The firm undertakes processing
and trading of Basmati as well as non-Basmati rice in the
domestic market. It also performs custom milling operations for
the state government of Haryana. The manufacturing unit of the
firm is located at Gullarpur Road, Nissing, Haryana with a
milling capacity of 300 tons/day of paddy.

JRGM's ratings:

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

   -- INR210 million fund-based working capital facilities:
      assigned 'IND B'/Stable/'IND A4'

   -- INR36.55 million fund-based term loan facilities: assigned
      'IND B'/Stable


JUMBO BAG: ICRA Suspends B- Rating on INR38.30cr Loan
-----------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- outstanding
on the INR1.89 crore term-loans, the INR38.30 crore fund based
limits and on the INR0.91 crore proposed facilities of Jumbo Bag
Limited. ICRA has also suspended the short-term rating of
[ICRA]A4  outstanding on the INR2.00 crore fund-based limits and
on the INR11.90 crore non-fund based limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise


K.K. LEISURES: ICRA Assigns B- Rating to INR14.27cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR2.27
crore enhanced long term-term loans of K.K. Leisures & Tourism
International Private Limited. ICRA has also assigned long term
rating of [ICRA]B- to the INR0.73 crore long term - proposed
facilities of KKLT.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, Term
   Loans                   14.27       [ICRA]B- Assigned
                                       /Outstanding

   Long Term, Unallocated   0.73       [ICRA]B- Assigned

ICRA also has the long-term rating of [ICRA]B- outstanding on the
INR12.00 crore term loans of KKLT.

The assigned ratings take into account the improvement in KKLT's
credit culture demonstrated by the curing of past delays in debt
servicing. The rating also considers the brand equity enjoyed by
the 'Broad Bean' chain of hotels, being in operation for over a
decade; and the longstanding experience of the promoter group in
the Hotels business.

The rating is, however, constrained by KKLT's small scale of
operations, which has resulted in poor absorption of over heads
and interest expenses, leading to sustained net losses over the
past fiscals. Accordingly, this has resulted in considerable net
worth erosion, which, accompanied with high debt levels, has
resulted in a stretched capital structure. KKLT's interest
coverage and other debt protection metrics have also remained
weak owing to high interest expenses and principal repayment
commitments following the debt funded acquisition of hotel at
Cochin and new resort started at Munnar. The company has been
meeting its repayment commitments and working capital requirement
through unsecured loans from promoters. The rating also takes
into account KKLT's heavy dependence on IMFL sales, which has
adversely impacted its revenues in FY 2016 owing to ban of IMFL
license to below 5 star graded hotel properties following the
revision in liquor policy by the Kerala Government.

Going forward, KKLT's ability to increase scale of operations and
improve its margins remain the key rating sensitivities.

K.K. Leisures & Tourism International Private Limited,
incorporated in 2007, owns and operates hotels across Kerala. The
Company has three hotels under the name - Broad Bean; of which
two hotels are located in Kannur district and a resort in Munnar
district. During September 2013, the promoters of the company
acquired a 3 star property in Kochi - Broad Bean, Vytilla
(erstwhile Nyle Plaza), which was later upgraded to a 4 star
hotel and operates as a subsidiary of KKLT. The group enjoys
moderate brand equity due to its operational history of over a
decade of the 'Broad Bean' chain.

As per provisional results of FY 2015-16, the company reported a
net loss of INR2.8 crore on an operating income of INR2.4 crore
as against a net loss of INR1.6 crore on an operating income of
INR4.7 crore in FY 2014-15. The company has achieved an operating
income of INR2.0 crore, according to provisional result of FY
2017 (3M).


KAILASH MOTORS: ICRA Reaffirms 'B' Rating on INR25.55cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short-
term rating of [ICRA]A4  on the INR40.0-crore bank facilities of
Kailash Motors.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             25.55       [ICRA]B; reaffirmed
   Term loan                0.60       [ICRA]B; assigned
   Overdraft               13.85       [ICRA]B/[ICRA]A4;
                                       Reaffirmed

ICRA's rating action factors in the growth in scale of operations
in the past two years; however, the same was accompanied by
reduced net profits and increased gearing levels.

ICRA's ratings continue to take into account the cyclicality
inherent to the Commercial Vehicles (CV) industry as the business
prospects of Kailash Motors are closely linked to the demand for
CVs. The CV industry has undergone an upturn in the past 2-3
years, the effects of which has reflected in the performance of
the industry participants, including Kailash Motors, resulting in
increased sales turnover from new vehicles. However,
profitability and coverage indicators remained weak due to high
competition. The firm faces competition from other Tata Motors
Limited (TML) dealers and other OEM1 dealerships in the vicinity.

ICRA ratings continue to positively factor in the strength the
firm derives from its dealership of TML, which is the market
leader in the CV industry in India. ICRA also favourably factors
in the firm's wide network comprising of one 3S (Sales, Service
and Spares) facility and five sales outlets in Uttar Pradesh
(UP). Further, the extensive experience of the promoters in the
automobile dealership business continues to provide comfort to
the rating.

The firm's ability to increase its scale of business in a
profitable manner while maintaining an optimal working capital
intensity and attain a sustained improvement in its coverage
indicators will be the key rating sensitivities.

Kailash Motors started as a partnership firm in 1958 as a
dealership of Tata Engineering & Locomotive Company Ltd (now
known as Tata Motors Ltd). At present, it deals with TML's entire
range of heavy commercial vehicles, in addition to some of its
MUVs and spare parts. Kailash Motors currently has dealerships in
six districts of Uttar Pradesh with coverage in eight districts,
namely Kanpur, Kanpur Dehat, Fatehpur, Banda, Farrukhabad,
Lalitpur, Mahoba, and Kannauj. The business is managed by two
partners, Dr. Ishwar Chandra and Mr. Vineet Chandra.

Recent Results
Kailash Motors reported a Profit after Tax (PAT) of INR0.28 crore
on an Operating Income (OI) of INR138.83 crore in FY2016, as
against a PAT of INR1.05-crore on an OI of INR111.57-crore in the
previous year.


KBR AGRO: ICRA Reaffirms 'B' Rating on INR8.0cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR10 crore bank
facilities of KBR Agro Industries at [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit               8.00     [ICRA]B; reaffirmed
   Fund Based Limits-
   Term Loan                 2.00     [ICRA]B; reaffirmed

The ratings reaffirmation takes into account the increase in the
operating income of the firm at a 46% yoy growth and stood at
INR50.83 crore in FY2016 crore vis a vis INR34.90 crore in
FY2015. The reaffirmation also factors in the increase in the
total debt of the firm leading to increase in the gearing (4.47
times as on March 31, 2015 and increased to 5.71 times as on
March 31, 2016).

ICRA's rating continues to be constrained by the highly
competitive and low value additive nature of the rice milling
industry, which coupled with the firm's limited pricing power and
small scale of operations, has resulted in relatively weak
profitability indicators. The firm's high working capital
intensity due to high inventory levels has resulted in stretched
liquidity. This has translated into a weak financial profile as
characterized by weak capital structure and thin profitability
leading to weak debt coverage indicators. ICRA also factors in
the vulnerability of the firm's operations to agro climatic
risks, which can affect the pricing and availability of paddy.
However, the rating positively factors in the extensive
experience of the partners, having more than 15 years of
experience in the rice processing and trading industry. The
rating also takes into account the stable demand outlook for rice
and the favourable location of the milling unit as it falls
within one of the major paddy cultivating regions of the country
thereby facilitating ease of sourcing. Going forward the ability
of the firm to register a sustained improvement in its
profitability and liquidity, will be the key rating
sensitivities.

Established in October 2013, KBR Agro Industries is a partnership
firm with Mr. Bhagwan Dass Singla, Mr. Krishan Murari and Mrs
Adesh Singla as the partners. The firm is engaged in milling,
processing and trading of basmati and non basmati rice. The
firm's plant is located at Jundla near Karnal (Haryana) and has a
milling capacity of 5 Tonnes Per Hour (TPH) and a sorting
capacity of 5 TPH.

Recent Results
As per its provisional financials for 2015-16, the firm reported
a net profit of INR0.07 crore on an operating income of INR50.83
crore, as against a net profit of INR0.06 crore on an operating
income of INR34.90 crore in the previous year.


KITCHEN FOODS: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kitchen Foods
continue to reflect the firm's weak financial risk profile
because of the early stages of its operations, its modest scale
of operations, and large working capital requirements. These
rating weaknesses are partially offset by the benefits derived
from the extensive experience of KF's promoters in the
agricultural commodities industry and their continued funding
support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             90       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan         30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KF will, over the medium term, benefit from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm significantly increases its
scale of operations and registers improved cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in KF's overall financial risk profile and
liquidity mostly likely because of low cash accruals or sizable
working capital requirements.

Update
KF recorded revenues of around INR500 million in 2015-16. The
healthy sales growth was on account of higher job work contracts
received by the firm from various FMCG companies. Going forward,
CRISIL believes that the revenues of the firm are expected to
grow at a modest pace over the medium term on the back of orders
from new customers and stable orders from existing customers. In
2015-16, the operating margins are expected to be moderate at
around 3-4 per cent because of volatile raw materials prices. KF
working capital requirements continue to be sizeable driven by
the high inventory debtor levels marked by gross current asset
days of 90 days as on March 31, 2016. KF's liquidity remains
stretched marked by fully utilized bank lines on the back of its
sizable working capital requirements. The liquidity profile of
the firm is marked by expected net cash accrual generation of
INR7.5 million to 9 million over the medium term to meet its
annual term debt obligations of INR4.5 million over the medium
term. KF's revenue and operating margin will remain key rating
sensitivity factors affecting the accretion to reserves and thus
the liquidity and financial profiles.

The firm's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
The firms gearing is high at 2.7 times as on March 31, 2016 and
is expected to remain at similar over the medium term on account
of low accretion to reserves and reliance of the firm on external
debt to meet its working capital requirements. The firm' working
capital management, along with capital expenditure plans and
their funding thereof will remain key rating sensitivity factors
affecting the financial profile over the medium term.

KF, set up in 2013, processes wheat into products such as refined
flour (maida), semolina (suji), and whole wheat flour (atta). It
sells its products under the Kitchen Foods brand. The firm has a
flour mill at Khargone (Madhya Pradesh), with a milling capacity
of 200 tonnes per day. It commenced commercial operations in
November 2013.


KOTHARI JEWELLERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL rating on the long-term bank facility of Kothari Jewellers
continue to reflect KJ's weak financial risk profile, with small
net worth and weak capital structure. The rating also factors in
the small scale of and working-capital-intensive operations with
vulnerability to gold price fluctuations. These weaknesses are
partially offset by the benefits derived from the promoters'
extensive experience in the gold jewellery industry and their
funding support.

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

Outlook: Stable

CRISIL believes that KJ will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if KJ
reports large cash accruals and/or improved working capital
cycle, thus improving the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if KJ reports declining
revenue or profitability margins, or stretched working capital
cycle, weakening the liquidity.

Update
KJ recorded revenues of around INR300 million in 2015-16. The
revenues of the firm improved from INR260 million in 2014-15 on
account of expansion of its showroom resulting in higher sales
during the year. Going forward, the revenues of the firm are
expected to improve at a moderate rate over the medium term. KJ's
profitability has been stable in the range of 7-8 per cent in
2015-16. Going forward, CRISIL expects the profitability to
remain in the similar range over the medium term. KJ's working
capital requirements continue to be moderately intensive marked
by gross current asset days of around 260 days as on 31st March
2016 driven by the inventory levels at around 220 days as on
March 31, 2016, given the nature of operations. KJ's liquidity
remains adequate marked by full utilization of bank lines given
the intensive nature of the firm's operations. Also the firm
generates modest net cash accruals against no term debt
obligations. KJ's revenue and operating margin will remain key
rating sensitivity factors affecting the accretion to reserves
and thus the liquidity and financial profiles.

KJ's financial profile continues to be healthy marked by a weak
capital structure and average debt protection metrics. KJ's
gearing stood at 4.35 times as on March 31, 2016. The debt
protection measures are average marked by interest coverage of
1.22 times in 2015-16. CRISIL believes that the financial risk
profile of the firm will remain modest over the medium term on
account of its modest cash accruals generation. KJ's working
capital management, along with capital expenditure plans and
their funding thereof will remain key rating sensitivity factors
affecting the financial profile over the medium term,

KJ, established in 2001, is a partnership firm of Mr. Prakash
Kothari, Mr. Vardhman Kothari and Kothari Jewellers Pvt Ltd. KJ
retails gold, silver, diamond and platinum jewellery through its
sole showroom in Sadar Bazar (Madhya Pradesh).


LEITWIND SHRIRAM: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Leitwind Shriram
Manufacturing Limited's additional INR826.7 million term loans a
Long-term 'IND D' rating.

Leitwind's outstanding ratings (including the above) are as
follows:

   -- Long-Term Issuer Rating: 'IND D'

   -- INR1,900 million fund-based working capital facilities:
      Long-term and Short-term 'IND D'

   -- INR1,620.1 million non-fund-based working capital
      facilities: Long-term and Short-term 'IND D'

   -- INR2,465.9 term loans: Long-term 'IND D'


MILLENNIUM AUTOMATION: CRISIL Cuts Rating on INR20MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded the rating of Millennium Automation and
Systems Limited to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           60       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              20       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Foreign Exchange          6       CRISIL A4 (Downgraded from
   Forward                           'CRISIL A4+')

   Letter of Credit        120       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      444       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that business risk
profile of MASL has deteriorated due to lower topline. The
topline has declined in fiscal 2016 to INR275.0 million from
INR1182.5 million in fiscal 2015 due to high focus on its own
brand and lower job work for big IT firms. CRISIL believes that
business risk profile will remain constrained over the medium
term due to lower topline and increased revenue from its own
brand will remain key rating sensitive factor.

The rating reflect the extensive industry experience of MASL's
promoters in the information technology (IT) hardware trading and
system integration and moderate financial risk profile marked by
low total outside liability to tangible networth (TOLTNW). These
rating strengths are partially offset by MASL's low
profitability, small scale of operations in the system
integration business, and highly working-capital-intensive
operations.
Outlook: Stable

CRISIL believes that MASL will benefit from the extensive
experience of its promoters and their established relationship
with customers and suppliers, over the medium term. The outlook
may be revised to 'Positive' if the company's scale of operations
from its core business activity increases significantly and its
profitability improves along with improvement in working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
there is slowdown in the company's revenue or if its financial
risk profile, particularly liquidity, deteriorates on account of
larger-than-expected working capital requirements.

MASL, a closely held public limited company, provides IT
solutions, mainly in system integration services, and trades in
IT hardware. The company, incorporated in 1997, is promoted by
Mr. Varinder Singh Jawanda, a Delhi-based entrepreneur, and his
family members. Under system integration, MASL predominantly
caters to government departments, defence services, and public
sector undertakings.


MODERN AGRO: ICRA Reaffirms B+ Rating on INR9.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.00 crore long term fund based limits of Modern Agro Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits             9.00       [ICRA]B+; (reaffirmed)

ICRA's ratings favorably take into account the long standing
experience of MAM's promoters, with strong relationships with
various customers and suppliers, coupled with stable demand
outlook given that India is a major consumer (rice being an
important staple of the Indian diet) and exporter of rice.
However, the ratings continue to be constrained by MAM's
declining operating profitability with operating profit margin of
3.90% in FY2016 as against 5.22% in FY2015 on account of decline
in realization. The ratings are further constrained by the firm's
leveraged capital structure as indicated by gearing level of 3.13
times as on March 31, 2016 due to the firm's large working
capital requirements, which have been primarily funded by working
capital borrowings and unsecured loans. The low margins coupled
with high gearing have resulted in weak coverage indicators as
reflected in interest coverage of 1.38 times during FY2016. The
ratings are also constrained by the high intensity of competition
in the rice milling industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
ICRA's ratings also factors in the partnership constitution of
the firm which exposes it to risks related to capital withdrawal,
dissolution etc.

Going forward, the ability of the firm to attain a sustained
improvement in scale and profitability, and optimally manage its
working capital cycle will be the key rating sensitivities.

Modern Agro Mills was established in 2008 as a partnership firm
by Mr. Nishant Malik and his family members. The firm is engaged
in trading and milling of basmati rice. The firm's milling unit
is located in Karnal, Haryana and has an installed capacity of 8
tonnes per hour.

Recent Results
Modern Agro Mills reported a net profit of INR0.07 crore on an
operating income of INR32.16 crore in FY2016, as compared to a
net profit of INR0.06 crore on an operating income of INR29.42
crore in the previous year.


NAJEEM CASHEW: CRISIL Suspends B- Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Najeem Cashew Industries.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B-/Stable
   Foreign Bill Purchase    20        CRISIL A4
   Packing Credit           90        CRISIL A4

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

NCI was established in 1991 as a proprietary concern by Mr. S.
Najeemudeen Musaliar. The firm imports, processes, and exports
cashew kernels.


NAVIN COLD: ICRA Assigns C+ Rating to INR5.5cr Capital Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C+ to the INR1.81-
crore term loan, INR1.17-crore cash-credit facility, INR5.50-
crore fund-based working-capital facility and INR0.52-crore
unallocated limits of Navin Cold Storage Pvt. Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limit-
   Term Loan                1.81        [ICRA]C+ assigned

   Fund-based Limit-
   Cash Credit              1.17        [ICRA]C+ assigned

   Fund-based Limit-
   Working Capital Loan     5.50        [ICRA]C+ assigned

   Unallocated Limit        0.52        [ICRA]C+ assigned

Rationale
The assigned rating takes into account NCSPL's small scale of
current operations and its weak financial risk profile as
reflected by low cash accruals, high gearing and depressed level
of coverage indicators. The rating also takes into consideration
NCSPL's significant debt repayment obligations relative to its
cash accruals in the near future. NCSPL's working capital
intensity of operations also remains stretched owing to upfront
advances extended to the farmers at the time of loading of
potatoes, which exerts pressure on the company's liquidity
position as reflected by high utilisation of the working capital
facilities sanctioned to the company. The rating is further
constrained by the regulated nature of the industry, making it
difficult to pass on any increase in operating costs, putting
pressure on the profitability. NCSPL is also exposed to agro-
climatic risks as its business performance depends entirely upon
a single agro commodity, i.e. potato.

The ratings, however, derive comfort from the extensive
experience of the promoters in the industry and locational
advantage of NCSPL, as its cold storage unit is in West
Medinipur, a district where a large volume of potato is produced.

In ICRA's opinion, the ability of the company to improve its
profits as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

NCSPL had set up its cold storage unit in West Medinipur, West
Bengal in 1990 to carry out the business of storage and
preservation of potatoes. The current capacity of the cold
storage unit is 23,557 metric tonnes (MT).

Recent Results
During FY2016, NCSPL reported a net loss of INR0.03 crore
(provisional) on an operating income of INR3.06 crore
(provisional) against a net profit of INR0.05 crore on an
operating income of INR2.88 crore in FY2015.


NEXUS ELECTRO: CRISIL Reaffirms B- Rating on INR250MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nexus Electro Steel
Limited continue to reflect the company's weak financial risk
profile because of high gearing and below-average debt protection
metrics, and its large working capital requirement. These
weaknesses are partially offset by moderate business risk
profile, supported by its promoter's experience in the electrical
lamination industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)
   Bill Discounting        20       CRISIL A4 (Reaffirmed)
   Cash Credit            250       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       100       CRISIL A4 (Reaffirmed)
   Letter of Credit       230       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     160       CRISIL B-/Stable (Reaffirmed)
   Working Capital
   Term Loan              225       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NESL will continue to benefit from its promoter's
industry experience. The outlook may be revised to 'Positive' if
the company improves its financial risk profile, because of
larger-than-expected net cash accrual driven by higher-than-
expected profitability and better working capital management. The
outlook may be revised to 'Negative' if liquidity deteriorates
due to lower-than-expected cash accrual or larger-than-expected
working capital requirement.

NESL, incorporated in 1998, manufactures cut, winding, core and
coil assembly laminations used in distribution and power
transformers, and generators. Its facilities are in Puducherry
and Mumbai.


PARINAY JEWELLERY: CRISIL Suspends B- Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Parinay
Jewellery Private Limited.

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

The suspension of ratings is on account of non-cooperation by
PJPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PJPL is yet to
provide adequate information to enable CRISIL to assess PJPL'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 2013, PJPL is a retailer of gold and diamond
jewellery. The company, based in Thiruvananthapuram (Kerala), is
being managed by Mr. Avinash Praveen.


PRIMESEAL WOODPLAST: ICRA Suspends B-/A4 Rating on INR6.75cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B-/A4 rating assigned to the INR6.75
crore bank facilities of Primeseal Woodplast Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy; ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

Incorporated in March 2014, Primeseal Woodplast Private Limited
is engaged in the business of manufacturing wood-plastic
composite sheets. The promoters have past experience in
manufacturing and trading of plastic straps and other allied
businesses. The manufacturing facility of the company is located
in Rajkot district of Gujarat and has an installed capacity of
manufacturing ~60 lakh sq feet sheets per annum.


PRIYANSHI TEXTILES: ICRA Suspends 'D' Rating on INR5.18cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR2.75 crore cash credit facility and INR5.18 crore term
loan facility of Priyanshi Textiles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Incorporated in 2010, Priyanshi Textiles Private Limited is
primarily engaged in manufacturing and trading of gray fabric
used for making Saris, dress materials and suiting - shirting.
PTPL's manufacturing unit is located at Sayan in Surat district
of Gujarat.


PROVET PHARMA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Provet Pharma
Private Limited continue to reflect a modest scale of operations
in the intensely competitive poultry feed industry, and a below-
average financial risk profile because of average gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the poultry feed industry.

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

Outlook: Stable

CRISIL believes PPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and improvement in profitability,
while working capital requirement is maintained. Substantial
equity infusion, leading to improvement in the financial risk
profile, may also result in a 'Positive' outlook. The outlook may
be revised to 'Negative' in case of large, debt-funded capital
expenditure or a decline in profitability, leading to
deterioration in the financial risk profile. The outlook may also
be revised to 'Negative' if working capital management
deteriorates, resulting in weakening of liquidity.

Update
Revenue increased by 51% fiscal-on-fiscal to INR407 million in
fiscal 2016, higher than CRISIL's expectation. The increase was
on account of starting of two new divisions. Operating margin
improved to 5.6% from 5.4% in fiscal 2015 and is expected to
remain at around this level over the medium term.

Working capital is being funded by stretching creditors and gross
current assets are at 192 days as on March 31, 2016, against
earlier expectation of 196 days. Inventory is estimated at 43
days and receivables at 146 days as on this date.

The financial risk profile remained below average because of
average gearing and weak debt protection metrics. In fiscal 2016,
net cash accrual to total debt and interest coverage ratios were
at 14% and 2.07 times, respectively, while gearing was at 1.16
times as on March 31, 2016.

Liquidity is likely to remain adequate over the medium term,
driven by adequate, though low, cash accrual to meet long-term
debt obligation. The bank line was fully utilised during the 12
months through June 2016. Company has been resorting to adhoc
limits and enhancement is expected for the CC limits.

PPPL, established in 2009, manufactures and trades in animal feed
supplements and pharmaceutical formulations for animals. Its
operations are managed by its sales director, Dr Senthil
Suthanthirakumar and its marketing director, Dr V Muthuselvan.


RADIANT BIZCOM: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Radiant Bizcom
Private Limited (RBPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The agency has also assigned the company's
INR250 million fund-based facilities a Long-term 'IND BB-' rating
with a Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect RBPL's nascent stage of operations and weak
credit metrics as FY15 was the first year of operations (activity
started in August 2014). FY16 was the first full year of
operations. RBPL recorded revenue of INR630 million in FY16
(FY15: INR265 million) with an EBITDA of INR9 million (INR2
million). The company's EBITDA margins remained weak at around
1.4% in FY16 (FY15:0.8%) on account of trading activity. Net
leverage (total adjusted net debt/operating EBITDAR) was 27.3x in
FY16 (FY15: negative 0.1) and EBITDA interest coverage (operating
EBITDA/gross interest expense) was 2.2x. Liquidity position
remained tight with the fund based facilities being fully
utilised during the four months ended May 2016. FY16 numbers are
provisional in nature.

The ratings, however, factor in Ind-Ra's expectation of
improvement in the company's profitability and credit metrics
during FY17 as the company has purchased rights for 670 episodes
and it owns a library which will lead to substantial improvement
in the profitability. The ratings are supported by more than a
decade of experience of the promoters in the trading of
television and digital content.

RATING SENSITIVITIES

Positive: Substantial growth in revenue with improvement in the
profitability resulting in a sustained improvement in the credit
profile could be positive for the ratings.

Negative: Substantial decline in revenue or profitability leading
to deterioration in the credit profile could be negative for the
ratings.

COMPANY PROFILE

Incorporated in August 2014, RBPL is engaged in the business of
television and digital content, including digi beta tapes, video
tapes and cassettes. It has its own library and owns the rights
to 670 episodes across various genres such as drama, comedy,
thriller and action in regional Indian languages.


RAFIQ NAIK: CRISIL Suspends B+ Rating on INR151.9MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rafiq Naik Exports Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Discounting
   Bill Purchase            60       CRISIL A4
   Packing Credit           40       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        2       CRISIL B+/Stable
   Term Loan               151.9     CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
RNEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RNEPL is yet to
provide adequate information to enable CRISIL to assess RNEPL'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 July 2014, RNEPL is setting up a seafood-
processing unit. Based out of Ratnagiri (Maharashtra), the
company is promoted by Mr. Rafiq Mahmood Naik and Mrs. Zarina
Saifan Shaikh. The company started export of marine products in
September 2014 and processing from its own plant is expected to
commence from September 2015.


RAMCO EXTRUSION: ICRA Reaffirms B+ Rating on INR11cr LT Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR11.00 crore (enhanced from INR8.00 Cr) cash credit limit and
INR2.00 cr term loan bank facilities of Ramco Extrusion Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund
   Based-Term Loans        2.00         [ICRA]B+(re-affirmed)

   Long-Term Fund
   Based-Cash Credit      11.00         [ICRA]B+(re-affirmed)

The reaffirmation of rating continues to be constrained by Ramco
Extrusion Private Limited's highly capital intensive nature of
operations of the company, following high inventory holding which
increases its exposure to price risks and also adversely affects
its liquidity. The capital structure of the company stood
stretched as on 31st March 2016, due to increased working capital
borrowings owing to stretched liquidity. The rating also continue
to incorporate its exposure to the cyclicality inherent in the
metals and mining industry as well as the stiff competition from
a large number of organized and unorganized players exerting
pricing pressures.

The assigned rating, however, favourably factor in the
established experience of the promoters of REPL in the
manufacture of aluminium extrusion products as well as sustained
growth in the company's operating profitability over the period
under study supported by better efficiencies obtained from new
machinery installed. The increase in profitability also led to
improvement in coverage indicators of the company in FY 2016.

Over the medium term, the ratings will be dependent on the firm's
ability to maintain healthy revenues and a stable financial risk
profile amidst the cyclicality in the key target industry. REPL's
ability to maintain healthy profitability, especially during
periods of cyclical downturn will remain critical. Its ability to
generate sufficient cash accruals through its operations will be
critical in improving its liquidity position.

Ramco Extrusion Pvt. Ltd. was established as a limited company in
2004 by Mr. Suresh M. Jain. Mr. Suresh Jain currently oversees
the entire operations of the company. The company has its
registered office at Mumbra, Panvel and factory at Murbad,
Kalyan. The factory is spread across 6300 square metres area.
REPL is engaged in the manufacture of architectural utilities
like aluminum sliding & ladder sections, heat sinks,
round/square/rectangle tubes, miscellaneous sections etc. The
products of REPL mostly find use in construction, electronics,
automotives, medical, transportation etc.

Recent Results
REPL recorded a profit after tax of INR0.79 crore on an operating
income of INR39.10 crore for the year ending March 31, 2016.


RATAN METALS: CRISIL Suspends 'B' Rating on INR47.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ratan
Metals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25.0      CRISIL B/Stable
   Letter of Credit        27.5      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      47.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RM is yet to
provide adequate information to enable CRISIL to assess RM'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 1996, RM is a Mumbai-based proprietorship firm
owned by Mr. Ramesh Jain. It tardes in aluminium foils.


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

KEY RATING DRIVERS

The ratings reflect Rattan Kaur's moderate financial profile and
liquidity. According to the FY16 provisional statement, revenue
was INR66 million in FY16 (FY15: INR52 million), EBITDA margins
were 39% (34.1%), gross interest coverage (EBITDA/interest) was
3.0x (2.6x) and net leverage (net debt/EBITDA) was 3.2x (3.3x).
Rattan Kaur's use of the working capital facilities was 93% on
average over the 12 months ended August 2016.

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

RATING SENSITIVITIES

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

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

COMPANY PROFILE

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

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

Rattan Kaur's ratings:

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

   -- INR49.76 million long-term loan: assigned 'IND BB-'/Stable

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

   -- INR1.12 million non-fund-based facilities: assigned 'IND
      A4+'


S R TOWNCON: CRISIL Suspends 'D' Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of S R
Towncon Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              250      CRISIL D

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

SRTPL was founded by Mr. Prakash Deole and the Lalchandani family
in 2012. The company is a real estate developer, and is currently
implementing a residential project named Sai Sapna Town with 102
flats and one service apartment in Pune.


SADAF STEEL: CRISIL Suspends B+ Rating on INR53.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Sadaf Steel India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            53.5       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SSIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSIPL is yet to
provide adequate information to enable CRISIL to assess SSIPL'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 2007, SSIPL is promoted by Mr. Sadik Allana and
his family members; it is headquartered in Bhavnagar (Gujarat).
The company trades in ferrous and non-ferrous scrap, with the
latter contributing most of its revenue.


SHEEL IMPEX: CRISIL Suspends B+ Rating on INR7.5MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sheel
Impex.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit         42.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      7.5       CRISIL B+/Stable

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

Established in 2000, SI is a Mumbai-based proprietorship firm of
Mr. Chitwan Doshi. The firm is engaged in trading and export of
fabrics.


SHREE GANESH: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Ganesh
Feed Industries' '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 SGFI.

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

SGFI's ratings:

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

   -- INR2.11 million term loan: 'IND BB(suspended)'; rating
      withdrawn

   -- INR177 million fund-based limits: 'IND BB(suspended)'/'IND
      A4+(suspended)'; ratings withdrawn


SHREEJI COTFAB: ICRA Suspends B+ Rating on INR15cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+ ratings for the INR15.00 crore
bank facilities of Shreeji Cotfab Limited'. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SIMOCO TELECOMMUNICATIONS: ICRA Suspends D Cash Credit Rating
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR38.00 crore
cash credit facility, INR7.03 crore term loan and INR2.57 crore
non-fund based facilities of Simoco Telecommunications (South
Asia) Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity.


SREENIDHI INFRA: CRISIL Suspends 'B' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sreenidhi
Infra Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft
   Facility                 70       CRISIL B/Stable

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

Sreenidhi was set up in 2007 by Mr. K.U.V S.S. Srihari and Mr. B
Dharma Teja. The company undertakes civil construction for real
estate developers. The company also undertakes real estate
development, and is developing six real estate projects in
Hyderabad.


SRI TEXTILE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sri Textile
Erode Private Limited's (STEPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects sustained improvement in STEPL's credit
profile on account of diversification in the business profile.
According to FY16 provisional financials, net leverage (total
adjusted net debt/operating EBITDAR) was 3.8x (FY15: 3.5x) and
interest coverage (operating EBITDA/gross interest expense) was
1.6x (1.6x). STEPL diversified its business into the manufacture
of garments during FY14, which led to a substantial increase in
its top line as well as profitability during FY16.

The company's revenue was INR1,200 million in FY16 (FY15: INR958
million) and EBITDA margins improved to 7.3% (5.6%) on account of
a change in the business model from job work to the manufacture
of readymade garments.

The ratings factor in STEPL's promoters' experience of over two
decades in the garment manufacturing segment.

However, the company's liquidity position remains tight, with 96%
average utilisation of its limits over the 12 months ended August
2016.

RATING SENSITIVITIES

Positive: Substantial growth in the company's top line and
profitability, leading to a sustained improvement in the credit
metrics, could lead to a positive rating action.

Negative: Any decline in profitability resulting in a sustained
deterioration in the credit profile, could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 1990, STEPL is engaged in the manufacture of
fabric and garments. The company's manufacturing facilities are
located in Erode (Tamil Nadu) and Hosur (Karnataka). STEPL earns
revenue both from exports (around 30% of the revenue) and
domestic sales (around 70% of the revenue).

STEPL's ratings:

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

   -- INR350 million) fund-based facilities (increased from
      INR200 million):  upgraded to 'IND BB' from 'IND BB-';
      Outlook Stable

   -- INR81 million term loans (increased from INR77.2 million):
      upgraded to 'IND BB' from 'IND BB-'; Outlook Stable

   -- INR50 million non-fund-based facilities (increased
      from INR30 million): affirmed at 'IND A4+'


SUPER SEAL: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Seal Flexible
Hose Limited continue to reflect the company's modest scale of
operations in the intensely competitive hose manufacturing
industry, and its large working capital requirement. These
weaknesses are partially offset by its promoters' extensive
industry experience and their financial support.

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

   Inland/Import
   Letter of Credit       10        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SSFHL will continue to benefit from its
promoters' extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
in case of higher-than-expected cash accrual and improvement in
working capital cycle, along with stable operating profitability.
The outlook may be revised to 'Negative' if there is a
significant decline in revenue or operating profitability, or
stretch in working capital cycle, leading to pressure on the
company's liquidity.

Update
In fiscal 2016, SSFHL enhanced its manufacturing capacity to 4.8
million meter per annum, and utilised around 75% of its capacity.
The company's operating income is estimated at INR320 million in
fiscal 2016, in line with CRISIL's expectation, and is expected
to improve over the medium term. Its operating margin was 10.5%
in fiscal 2016, and was better than CRISIL's expectation on
account of increased scale and capacity utilization. SSFHL's
working capital requirement remained high, indicated by gross
current assets of 137 days as on March 31, 2016.

The company has a healthy capital structure, reflected in
estimated low gearing of 0.57 time as on March 31, 2016, albeit
slightly higher than CRISIL's expectation. Its networth is
estimated at INR146.1 million as on March 31, 2016. The financial
risk profile remains comfortable because of healthy interest
coverage and net cash accrual to total debt ratios of 2.53 times
and 0.24 time, respectively, in fiscal 2016. The company's
liquidity remained adequate with sufficient cash accrual to meet
debt obligation, and moderate bank limit utilisation of 85% over
the 12 months through March 2016.

SSFHL, established in 1960 and based in Noida, Uttar Pradesh,
manufactures hydraulic and industrial hoses, and assembles hoses
on job-work basis. Its operations are managed by Mr. Sanjay Kumar
Das and his family members.


T.C. SPINNERS: ICRA Suspends B+/A4 Rating on INR103.75cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings for the
INR103.75 crore bank facilities of T.C. Spinners Private
Limited'. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


THOMAS HOTELS: ICRA Suspends B Rating on INR15.65cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR15.65 crore term loan facilities of Thomas Hotels &
Resorts Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

Incorporated in 2004 by Mr. Shaji K Thomas, Thomas Hotels and
Resorts India Private Limited operated four properties (both
owned and leased) in three different locations - Poovar, Kovalam,
and Thiruvananthapuram. Estuary Island, located at Poovar, is the
flagship brand of the company contributing for majority of the
revenues (~55% in 2013-14). THRIPL has management agreement with
JHM Interstate India Private Limited for duration of 15 years
(till year 2027) during which all the properties of the company
will be managed by JHM Interstate India under the existing brands
(of the company).

THRIPL has a subsidiary - Sukhshanthi Ayurveda Resorts Private
Limited (SARPL), which owns the land / properties and receives
rental income from Thomas Hotels and Resorts India Private
Limited. The company is part of Thomas Group which also operates
a 44 room 5-start hotel - Turtle on the beach, located in
Kovalam, Kerala.


TIRUPATHI CONSTRUCTION: CRISIL Ups Rating on INR50MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Tirupathi Construction Corporation to 'CRISIL B/Stable' from
'CRISIL B-/Stable', and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL A4 (Reaffirmed)

   Proposed Bank            50       CRISIL B/Stable (Upgraded
   Guarantee                         from 'CRISIL B-/Stable')

The upgrade reflects improvement in scale of operations coupled
with improvement in financial risk profile supported by
improvement in working capital management. Revenue increased 149%
to INR160 million in fiscal 2016 from INR64 million in the
previous year, backed by improved order execution. Furthermore,
the firm has an order book of INR380 million, to be executed over
the next 5-6 months, which provides comfortable revenue
visibility. The financial risk profile also improved resulting
from lower reliance on debt leading to improvement in gearing to
0.9 times as on March, 2016 from 2.7 times as on March, 2015.
Also, the debt protection metrics improved as seen from interest
coverage ratio of 2.6 times in 2015-16 as against 1.6 times in
2014-15.

The ratings continue to reflect TCC's modest scale of operations
with geographic concentration risks in its revenue profile, low
net worth and exposure to risks related to tender-based nature of
operations in an intensely competitive civil construction
segment. These rating weaknesses are partially offset by the
extensive experience of TCC's promoters in the civil construction
industry and average financial risk profile marked by low gearing
and healthy debt protection metrics.
Outlook: Stable

CRISIL believes that TCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations and profitability
while efficiently managing its working capital cycle, leading to
improvement in its cash accruals and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
firm's working capital management weakens or it undertakes a
large debt-funded capital expenditure programme, resulting in
weakening of its capital structure and liquidity.

TCC was established in 1997 as a partnership firm by Mr. Paresh K
Madhani and Mr. Karuna B Jain. The firm is engaged in civil
construction works in Maharashtra. It is primarily a contractor
for the Government of Maharashtra's Public Works Department
(PWD), and is engaged in laying of roads, construction of
bridges, and repairs of municipal schools for the Maharashtra
PWD.


TRIVENI CONSTRUCTION: CRISIL Puts B+ Rating on INR13.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of Triveni Construction Co.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-
   Based Bank Limits      11.3       CRISIL B+/Stable
   Bank Guarantee         25.2       CRISIL A4
   Cash Credit            13.5       CRISIL B+/Stable

The ratings reflect the modest scale of operations and working
capital intensity, along with high geographical concentration in
revenue profile and moderate networth. These weaknesses are
mitigated by extensive experience of partners in the civil
construction business and the moderate order book position. The
rating is also supported by a comfortable capital structure and
debt protection metrics.
Outlook: Stable

CRISIL believes TCC will continue to benefit from extensive
experience of promoters in the civil construction industry and
the moderate order book position, which offers revenue
visibility. The outlook may be revised to 'Positive' if growth in
revenue, profitability and cash accrual exceeds expectations. The
outlook may be revised to 'Negative' if delay in execution of the
order book leads to lower-than-expected offtake, or if a stretch
in the working capital cycle weakens liquidity.

TCC, was incorporated as a partnership firm in 1994 by Mr. KS
Pokhriyal ,Mr. Hemant Pokhriyal and Mr. Keshav Pokhriyal.The
Dehradun-based firm undertakes construction of bridges and roads
for the government, Public Works Department, Border Roads
Organization (BRO), Modern Building Contracting Company (MBCC),
irrigation department and TSBC Engineering. 80% of revenue comes
from construction of bridges (80%), while the balance is
contributed by road projects.

The firm reported net profit of INR3.1 million on net sales of
INR64.2 million in fiscal 2015, against net profit of INR1.00
million on net sales of INR21.6 million in fiscal 2014. Net sales
reported for fiscal 2016 is estimated at INR71.0 million.


TUFANGANJ AGRO: ICRA Suspends B/A4 Rating on INR5.07cr Term Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to
INR5.07 crore term loan, INR3.75 crore cash credit facility,
INR0.30 crore bank guarantee facility and INR0.88 crore
unallocated limits of Tufanganj Agro Industries Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity


TURTLE ON THE BEACH: ICRA Suspends B Rating on INR8.0cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR8.00 crore term loan facilities of Turtle on the Beach.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

Turtle on the Beach is a partnership firm established in the year
2009 by Mr. Shaji Thomas and his wife in Thiruvananthapuram,
Kerala. The hotel is situated in the tourist destination of
Kovalam, Kerala. The Firm is part of the Thomas group which has
seven properties (both owned and leased) in three different
locations namely, Poovar, Koavalam, and Thiruvananthapuram. The
5-star hotel opened in December 2009 is a 44 room boutique
property with two restaurants, one banquet hall, one board room,
and ayurvedic spa facilities.


UMBERTO CERAMICS: CRISIL Lowers Rating on INR745MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Umberto
Ceramics International Private limited to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          57.5      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit            200.0      CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Inland/Import           50.0      CRISIL D (Downgraded
   Letter of Credit                  from 'CRISIL A4')

   Proposed Long Term       2.4      CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Rupee Term Loan         25.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan              745.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating reflects instances of delay in term loan repayments by
UCIPL in servicing its debt due to low accruals and liquidity
mismatch. There have also been instances of company's cash credit
limits remaining consistently overdrawn for over 30 days.

The company also has modest scale of operations, aggressive
capital structure and working-capital-intensive operations.
However it also has the extensive experience of the company's
promoters in the ceramic industry and the strong funding support
it receives from them.

Incorporated in 2011, UCIPL is promoted by Dr. Khater Massaad,
Mr. Jainendra Malesha, and Mr. Kapoorchand Malesha. The company,
based in Gujarat, is engaged in manufacturing of porcelain-based
tableware products in various shapes and sizes. Umberto markets
its products under the brand name Ariane. The company commenced
commercial operations from June 2014.

UCIPL reported a net loss of INR82.8 million on net sales of
INR599.8 million for 2015-16 (refers to financial year, April 1
to March 31), against a net loss of INR23.7 million on net sales
of INR169.8 million in 2014-15.


VAISHNOVI INFRATECH: CRISIL Lowers Rating on INR550MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Vaishnovi Infratech Limited (formerly known as TNR Infra Projects
Ltd) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          550       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             250       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects instances of delay by VIL in servicing its
debt because of its weak liquidity on account of its stretched
receivables.

VIL has modest scale of operations and a geographically
concentrated order book, and faces intense competition. However,
it benefits from its promoters' extensive experience in the
construction industry, and its healthy order book, which provides
medium-term revenue visibility.

VIL, set up in 2006 by Mr. T Ganagadhar Rao and his family
members, undertakes civil construction, and irrigation and road
works. It is based in Hyderabad.


VATIKA AGRITECH: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vatika Agritech
Pvt Ltd'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 VAPL.

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

VAPL's ratings:

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

   -- INR39.04 million term loans: 'IND B+(suspended)'; rating
      withdrawn

   -- INR30 million fund-based cash credit limits: 'IND
      B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


VEGA INFRASTRUCTURE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vega
Infrastructure (Vega) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned Vega's INR147.5m
fund-based working capital limits a Long-term 'IND B+' rating
with a Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect Vega's small scale of operations, moderate
credit metrics and satisfactory profitability. Provisional FY16
financials indicate revenue of INR30.85 million (FY15: INR6.69
million), net adjusted financial leverage (total adjusted net
debt/operating EBITDAR) of 8.68x (22.57x), gross interest cover
(operating EBITDA/gross interest expense) of 1.93x (0.92x) and
EBITDA margins of 68.90% (89.84%).

Ind-Ra expects the revenue to improve according to FY17 estimates
on the back of increase in the occupancy rate of shops. Ind-Ra
also expects the credit metrics to remain around the FY16 levels
as gross interest coverage and financial leverage are expected to
be around 1.75x and 7.60x, respectively.

The ratings, however, factor in Vega's comfortable liquidity with
91.87% average utilisation of its working capital facilities
during the eight months ended August 2016. The ratings derive
strength from over 15 years of experience of Vega's promoters in
the real estate business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
or improving the profitability and improvement in the overall
credit metrics could be positive for the ratings.

Negative: A sustained deterioration in the overall credit metrics
could be negative for the ratings.

COMPANY PROFILE

Vega was established in 2014 as a proprietorship concern and has
a shopping mall under the name City Centre Mall in Pathankot and
is engaged in providing rental space for showroom, retail shops
and offices.


VENKATA NAGA: ICRA Reaffirms B+ Rating on INR9cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR10.71 crore fund based limits of Venkata Naga Lakshmi
Paper Mills Private Limited. ICRA has also reaffirmed the ratings
of [ICRA]B+/[ICRA]A4 assigned to the INR14.29 crore unallocated
limits of VNLPMPL.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term Loan Limits       1.71      [ICRA]B+ Reaffirmed
   Cash Credit Limits     9.00      [ICRA]B+ Reaffirmed
   Unallocated Limits     14.29     [ICRA]B+/[ICRA]A4 Reaffirmed

The reaffirmation of ratings continues to be constrained by
stretched liquidity profile of the company as reflected by full
utilisation of working capital limits for the last 15 months
owing to high debtor days; and weak financial risk profile of the
company as characterized by high gearing of 1.93 times as at
March 31, 2016 and moderate coverage indicators with interest
coverage ratio at 1.80 times, NCA/debt at 7% and TD/OPBDITA at
5.81 times as at FY2016. The ratings are further constrained by
moderate scale of operations in the kraft paper industry; highly
fragmented nature of industry as characterized by competition
from a large number of players which restricts the ability to
pass on any rise in input costs and vulnerability of profits to
fluctuations in waste paper prices. The ratings, however,
favorably factor in the longstanding presence of the promoters in
the paper and packaging industry and well-established client
network of the company in Andhra Pradesh and Telangana.

Going forward, the ability of the company to increase its scale
of operations and strengthen its financial profile, while
efficiently managing its working capital requirements remains the
key rating sensitivity from credit perspective.

Venkata Naga Lakshmi Paper Mills Private Limited is a
manufacturer of kraft paper, incorporated in 2003 by Mr. V.
Mangapathi Raju. The promoter has more than 2 decades of
experience in the paper industry. The company's manufacturing
facility is situated in Unguturu, West Godavari District, Andhra
Pradesh. It currently has an installed capacity of 70 metric tons
per day (MTPD).

Recent Results
As per unaudited and provisional results for FY 2016, the company
has reported a profit after tax of INR0.52 crore on an operating
income of INR38.22 crore, as against a profit after tax of
INR0.47 crore on an operating income of INR38.01 crore in FY 2015
(audited).


VIKAS UDYOG: CRISIL Suspends 'B' Rating on INR47MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vikas
Udyog.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             47        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      21.3      CRISIL B/Stable
   Term Loan                2.2      CRISIL B/Stable


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

VU was set up as a partnership firm in 2007 by Mr. VikasAgrawal
and his family. The firm is engaged in the ginning and pressing
of cotton and crude cotton oil extraction. It is based in
Jintur(Maharashtra).


VIN AUTO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vin Auto
continues to reflect VA's modest scale of operations, and its
exposure to intense competition and demand cycles in the
automobile dealership industry.

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

   Channel Financing       50        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23.5      CRISIL B/Stable (Reaffirmed)

   Term Loan               26.5      CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial
risk profile, marked by high gearing and modest debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and its
established relationship with its principal, Tata Motors Ltd
(TML; rated 'CRISIL AA/Positive/CRISIL A1+').
Outlook: Stable

CRISIL believes that VA will continue to benefit over the medium
term from its established position in the operating region and
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if VA's revenue and operating margin
improve substantially, leading to a sustainable increase in its
cash accruals and improvement in its debt protection metrics.
Significant equity infusion by the partners, resulting in an
improvement in the firm's capital structure, may also result in a
'Positive' outlook. Conversely, the outlook may be revised to
'Negative' if the firm's market share declines, thereby
significantly impacting its revenue, profitability, and cash
accruals, or if it undertakes any large debt-funded capital
expenditure programme, thereby further weakening its capital
structure, or in case of large withdrawals by its partners.

Update
VA's achieved revenues of around INR369.5 million in 2015-16 as
compared to INR293.5 million in 2014-15. The improvement in the
revenues was on account of some new variants of cars which the
principal had launched. The operating profitability of the firm
has been in the range of 5-7 per cent and CRISIL expects it to
remain at similar levels over the medium term. Going forward the
growth in the scale of operations and sustenance of operating
profitability will remain a key rating sensitivity factor for the
firm over the medium term.

The working capital cycle of the firm is moderate marked by Gross
Current Assets of around 111 days as on 31st March 2016 mainly on
account of inventory levels of around 85 days. The liquidity
profile of the firm is marked by almost full utilization of bank
lines over the past 12 months ended March 2016. These are mainly
towards funding the inventory. The firm is expected to generate
net cash accruals of around INR7-8 million over the medium term
annually against no term loan repayments.

The financial risk profile of the firm is modest marked by weak
capital structure and below average debt protection metrics. .
The firm had a small net worth of about INR28.6 million as on
March 31, 2016. The firm has a high TOLTNW ratio because of its
low net worth and high borrowings to meet its large working
capital requirements. Going forward the working capital
management and capital expenditure undertaken by the firm and its
funding pattern thereof will remain a key rating sensitivity
factor over the medium term.

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).


VITAGREEN PRODUCTS: CRISIL Suspends B- Rating on INR28MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vitagreen Products Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             28        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      22        CRISIL B-/Stable

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

VPPL, incorporated in 2009, is promoted by the Gujarat-based
Makadia and Kadwani families. Currently, the company is being run
by the Makadia family, which has a diversified business portfolio
under the Radhe group. VPPL manufactures and processes various
spices such as chilly, turmeric, coriander, cumin seed powder,
masala, and instant-mix food products such as dhokla, khaman, and
gulab jamun. It sells under its own brand, 77 green.


VRINDAVAN ENGINEERS: CRISIL Suspends B+ Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vrindavan Engineers And Contractors (India) Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           30       CRISIL A4
   Overdraft Facility       25       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by VEC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VEC is yet to
provide adequate information to enable CRISIL to assess VEC'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 October 2004, VEC is promoted by Mr. Shridharan
Nayar and his family members. The company undertakes road
construction contracts in Goa and Kerala. It is registered as
Class 1A contractor with public works departments of Goa and
Kerala.


YATHARTH HOSPITALS: ICRA Suspends B+ Rating on INR41.2cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ ratings for the INR41.20 crore
bank facilities of Yatharth Hospitals & Trauma Care Services Pvt.
Ltd.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.



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


PERISAI PETROLEUM: Defaults on $125MM Notes Due October 3
---------------------------------------------------------
Marissa Lee at The Strait Times reports that Perisai Petroleum
Teknologi failed to repay holders of $125 million of its notes
due Oct. 3, marking the fourth corporate bond default in
Singapore in 12 months.

The Strait Times says there had been no bond default in Singapore
since 2009 until the dominos started falling last November, when
telecom firm Trikomsel missed payments. Fishing group Pacific
Andes Resources Development followed in January, and Swiber
collapsed in July.

The Strait Times relates that Perisai, an upstream oil and gas
services provider listed in Malaysia, had tried to persuade note
holders to grant it a debt extension, but that proposal was shot
down on Oct. 3 when investors refused to agree to the much looser
bond covenants that came with the offer.

Only 28 per cent of a total of $107 million worth of votes cast
favored Perisai's offer at a note holder meeting at China Square
Central, according to the report.

According to The Strait Times, Perisai's head of corporate
planning, Mr. Lai Swee Sim, who chaired the meeting, said the
results of the vote would be published in the next 14 days.

The Strait Times says the fate of Perisai and its note holders -
almost all of them retail investors - now lies in the hands of
the secured creditors, who will decide if the firm can continue
as a going concern.

OCBC is said to be owed about US$280 million ($382 million) in
secured debt, although the bank declined to confirm its exposure,
citing the Banking Secrecy Act, relates The Strait Times.

About 40 people, including dismayed note holders, were at the
meeting, says The Strait Times. A DBS private bank client who had
bought $500,000 of the unrated high-yield notes after qualifying
as an accredited investor because of her property's value, said:
"They sold us the product but when there was trouble and I asked
my relationship manager for help, she didn't know what was
happening."

The Strait Times notes that DBS was the arranger for Perisai's
$102 million junk note issue in 2014, after Perisai raised only
$23 million in 2013 despite the backing of four other banks,
including Credit Suisse and OCBC, and a yield of 6.875 per cent.

The Strait Times relates that a DBS spokesman said it would try
to find a resolution for clients: "This may include appointing
professional advisers to help our clients understand the
intricacies of any revised restructuring proposal which may be
put forward by the company so that they can make an informed
decision."

Liquidity for the Perisai notes has dried up, with no dealers
pricing them as of last night, The Strait Times adds citing
Bloomberg.

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.


PERISAI PETROLEUM: Gets Financing Offer for Joint Venture
---------------------------------------------------------
EMAS Offshore Limited refers to the announcement made by Perisai
Petroleum Teknologi Berhad on Oct. 3, 2016.

EOL owns 11.8% of the shares in Perisai. In addition, EOL owns
49% of the shares in SJR Marine (L) Limited, a joint venture
company between EOL and Perisai. Perisai owns the remaining 51%
shares in SJR Marine. SJR Marine owns the pipelaying barge, the
Enterprise 3. Under the initial acquisition by the Company of the
49% shares in SJR Marine from Perisai, there is a put option
arrangement in place in respect of the 51% shares in SJR Marine
held by Perisai. Pursuant to the Put Option, Perisai has the
right to sell its 51% shares in SJR Marine to the Company, and
upon the exercise of the Put Option, the Company has to acquire
such shares from Perisai. The value of the Put Option is US$43
million.

As announced by Perisai, Perisai and the Company has on
Sept. 30, 2016, received an indicative offer of financing from a
financial institution to SJR Marine.

EOL and Perisai are currently in discussion with the financial
institution to procure a binding offer from the financial
institution.

As part of the indicative financing package as mentioned above,
EOL and Perisai are in discussion and working towards resolving
various issues amongst themselves, including in respect of the
Put Option.

Further details will be provided in due course.

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.



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


SWISSCO HOLDINGS: Seeks to Restructure SGD100MM Worth of Bonds
--------------------------------------------------------------
Marissa Lee at The Strait Times reports that the oil price
rebound has come too late with another firm in the offshore
sector joining the debt restructuring frenzy amid the most brutal
industry downturn in 30 years.

The Strait Times relates that Singapore-listed rig and vessel
chartering group Swissco Holdings said that it is seeking to
restructure SGD100 million worth of bonds, including a SGD2.85
million coupon payment due on Oct 16.

It has appointed Ernst & Young to advise on the refinancing, and
is in discussions with bank lenders as well as funds and
individuals who hold redeemable exchangeable preference shares in
two Swissco subsidiaries, according to the report.

A meeting with bond holders will be held on Oct. 10.  The 5.7%
bonds only mature in 2018 and Swissco has not said that it cannot
pay its next coupon.

But KGI Fraser Securities analyst Joel Ng noted that Swissco had
only US$9.6 million (SGD13.2 million) in cash on its balance
sheet as at the end of June: "Some of that may be needed for
working capital, so it may be a bit tight for them to pay up the
coupon. Cash flow has been quite weak for the last two years,"
The Strait Times relays.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.



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


HANJIN SHIPPING: Lost 'Game Of Chicken' Among Global Shippers
-------------------------------------------------------------
Joyce Lee at Reuters reports that the collapsed Hanjin Shipping
Co Ltd could not compete against global rivals that were
supported by their governments, the chairman of its parent firm
told a South Korean parliamentary hearing on Oct. 4.

The world's seventh-largest container shipper sought court
receivership in late August after its creditors led by a state
bank halted further support, stranding $14 billion in cargo and
sending waves through global trade networks.

"Hanjin Shipping lost the game of chicken played among large
shippers," the report quotes Hanjin Group chairman Cho Yang-ho as
saying at the hearing.  "As a private company, we felt the limit
of participating in a dumping war and asked for support, but I
failed to convince," Cho told lawmakers.

The South Korean government has shown no inclination to mount a
rescue plan for the carrier, Reuters says.

According to Reuters, Hanjin Shipping is due to submit a
rehabilitation plan to a Seoul court in December, although many
in the industry expect it to be liquidated in the largest-ever
bankruptcy in an industry battered in recent years by
overcapacity and sluggish trade.

Reuters relates that Cho said that after Korean Air Lines Co Ltd
acquired a controlling stake in Hanjin Shipping in 2014, the
group injected about KRW2 trillion ($1.81 billion) and cut its
debt-to-equity ratio to 800% from about 1,400%.

"But as foreign shippers that are supported by their governments
by trillions and tens of trillions of won, flooded the market
with low prices, we felt our limit," Cho, as cited by Reuters,
said.

Cho, 67, did not name any rival shippers. However, carriers from
China and Japan, to France and Germany, have received various
forms of state support in recent years, says Reuters.
According to Reuters, Hanjin's smaller South Korean rival,
Hyundai Merchant Marine, is undergoing debt restructuring by its
creditor group led by state-run Korea Development Bank (KDB), the
same lender that halted support for Hanjin.

Reuters notes that Hanjin's collapse led ports around the world
to deny service to its ships as vendors refused to unload cargo
for fear they would not be paid, while some ships were seized by
creditors, forcing the group to inject extra money to pay for
unloading, still underway.

"What pains me the most is that, due to the court receivership,
many ship crews are in the middle of international waters like
orphans, and I am very sorry and pained to have created a
logistics crisis, but we did everything we could," Reuters quotes
Cho as saying.

Hanjin Group had tried to turn the carrier around after its
condition deteriorated under its previous management, he added.

Choi Eun-young became the head of Hanjin Shipping in 2007 after
her husband, then-chairman Cho Soo-ho, the brother of the Hanjin
Group chairman, died in 2006, Reuters discloses.

Choi, who sold control of Hanjin Shipping to Korean Air in 2014,
tearfully told lawmakers last month that she had "lacked
expertise" in management as she had "only stayed at home" before
her husband's death, adds Reuters.

                      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.



                             *********

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.

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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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                 *** End of Transmission ***