TCRAP_Public/161007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 7, 2016, Vol. 19, No. 199

                            Headlines


A U S T R A L I A

EMECO HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
ENTWISTLES SUPERMARKETS: First Creditors' Meeting Set for Oct. 13
FRANK HABERMANN: First Creditors' Meeting Set for Oct. 13
HIGHLANDS TRANSPORT: First Creditors' Meeting Set for Oct. 13
PERMANENT CUSTODIANS: Moody's Assigns B2 Rating to Cl. F Notes

ROCHDALE INSTITUTE: First Creditors' Meeting Set for Oct. 17


C H I N A

SINO-FOREST CORP: Settlement Reached in Canadian Class Suit
SPI ENERGY: LDK New Owns 21.7% Ordinary Shares as of Sept. 27
YABANG INVESTMENT: Missed Notes Payment Due September 29


I N D I A

AJAI BUILDERS: CARE Reaffirms B+ Rating on INR3.41cr LT Loan
ALAMELU BALAJI: CRISIL Lowers Rating on INR124.5MM Loan to 'D'
AMMEN MILLS: ICRA Suspends B/A4 Rating on INR9cr LT Loan
BEST TANNING: CRISIL Reaffirms 'D' Rating on INR50MM Cash Loan
BLUESTAR COTTSPIN: CARE Reaffirms 'B' Rating on INR15.89cr Loan

CALCUTTA ELECTRODES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
COMPUTER ENGINEERS: CRISIL Suspends B+ Rating on INR50MM Loan
D THAKKAR: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
DHARMDEEP COMMODITIES: ICRA Assigns B+ Rating to INR3cr Loan
ELDECO HOUSING: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating

GREENKO ENERGY: Fitch Says Unaffected by SunEdison Asset Buy
H.M.V. ASSOCIATES: CRISIL Suspends 'B' Rating on INR50MM Loan
HAPPY ACOUSTICS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
HARITHA FERTILISERS: ICRA Assigns 'B' Rating to INR31cr Loan
INDFAB PROJECTS: ICRA Suspends C+ Rating on INR4.28cr Loan

J.M.D. CORPORATION: CRISIL Cuts Rating on INR185MM Loan to 'D'
J.M.D. LAXMI: CRISIL Lowers Rating on INR100MM Loan to 'D'
JAIPRAKASH ASSOCIATES: Wave of Debt Restructuring Looms
JUBILEE INFRATECH: CRISIL Suspends 'B' Rating on INR60MM Loan
K. M. FISHERIES: ICRA Raises Rating on INR13.5cr LT Loan to B+

K.K. BUILDERS: ICRA Assigns 'B+' Rating to INR23cr LT Loan
K.P. PACKAGING: Ind-Ra Suspends 'IND D' Long Term Issuer Rating
KANAK AUTOMOBILES: CRISIL Reaffirms B- Rating on INR70.2MM Loan
KANNAPPAN TEXTILE: Ind-Ra Hikes LT Issuer Rating to 'IND BB'
KANPUR PACKAGERS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating

KINGFISHER AIRLINES: Mallya Blames High Fuel Prices, Tax
KBN GOLD: Ind-Ra Withdraws 'IND B-' Long Term Issuer Rating
LIBERTY MARKETING: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
M. P. AGRAWAL: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
MAKHWAN METAL: CRISIL Lowers Rating on INR200MM Cash Loan to D

MEDICS INTERNATIONAL: Ind-Ra Withdraws 'IND B' LT Issuer Rating
MILLS LIMITED: ICRA Suspends B+ Rating on INR6.0cr LT Loan
MURALIDHAR AGRO: CARE Assigns B+ Rating to INR7cr Long Term Loan
MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR100MM Loan
ORNATE BUILDCON: CARE Assigns 'B' Rating to INR7.50cr LT Loan

P.K. JEWELLERY: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
PATNA HIGHWAY: CARE Lowers Rating on INR846cr LT Loan to 'D'
PAWAR ELECTRO: CARE Lowers Rating on INR55.5cr ST Loan to 'D'
PILANIA STEELS: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
PEPSU ROAD: ICRA Reaffirms B+ Rating on INR25cr Cash Credit

PERTINENT INFRA: ICRA Reaffirms B+ Rating on INR11.90cr Loan
POWER TECH: ICRA Suspends 'D' Rating on INR6.5cr Loan
PRAKASH JHA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
PRAVARA RENEWABLE: CARE Lowers Rating on INR186.08cr Loan to 'D'
RAVIRAJ GINNING: CARE Assigns 'B+' Rating to INR15cr LT Loan

REGENCY GANGANI: ICRA Reaffirms 'B' Rating on INR57.24cr Loan
RK Enterprise: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
S.P.P FOOD: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
SE COMPOSITES: ICRA Suspends 'D' Rating on INR562cr Loan
SE ELECTRICALS: ICRA Suspends 'D' Rating on INR255cr Loan

SHAKTI INDIA: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
SHIVAM COTTON: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
SHREE ASHTVINAYAK: Ind-Ra Assigns 'IND D' Long Term Issuer Rating
SHREE SAI: CRISIL Upgrades Rating on INR118.2MM Loan to BB-
SHREE SIDDHESHWARI: ICRA Reaffirms B+ Rating on INR16cr Loan

SINTEX INDUSTRIES: Moody's Withdraws Ba2 Corporate Family Rating
SREE JEYASOUNDHARAM: ICRA Reaffirms C Rating on INR17cr LT Loan
SRI LAKSHMI: CRISIL Assigns B- Rating to INR52.5MM Cash Loan
SRI RAJU: ICRA Suspends B+/A4 Rating on INR5.0cr LT Loan
SRI VEER: CARE Assigns B+ Rating to INR7cr Long Term Loan

SUJALA PIPES: CARE Upgrades Rating on INR31.80cr LT Loan to B+
SUZLON ENERGY: ICRA Suspends 'D' Rating on INR8,018cr Loan
SUZLON ENGITECH: ICRA Suspends D Rating on INR5cr LT Loan
SUZLON GENERATOR: ICRA Suspends 'D' Rating on INR79cr Loan
SUZLON GUJARAT: ICRA Suspends 'D' Rating on INR317cr Loan

SUZLON POWER: ICRA Suspends 'D' Rating on INR162cr Loan
SUZLON STRUCTURE: ICRA Suspends 'D' Rating on INR217cr Loan
SUZLON WIND: ICRA Suspends D Rating on INR1,027cr LT Loan
T.M.M.R. RATHINASAMY: CRISIL Suspends B Rating on INR50MM Loan
TAURUS COMMERCIALS: CARE Assigns B+ Rating to INR2.96cr LT Loan

TAURUS POWERTRONICS: ICRA Assigns B+ Rating to INR2.0cr Loan
WARANA DAIRY: Ind-Ra Suspends 'IND BB' Bank Loans Rating


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: Moody's Withdraws Ba1 CFR


J A P A N

TOKUYAMA CORP: To Sell Malaysian Unit to South Korean Firm


M A L A Y S I A

1MDB: Swiss Suspect Ponzi Scheme Used to Conceal 1MDB Losses


P H I L I P P I N E S

PHILWEB CORP: Araneta Buys Ongpin Stake for PHP2 Billion


                            - - - - -


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A U S T R A L I A
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EMECO HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded Australia-based mining services
provider Emeco Holdings Limited's (Emeco) Long-Term Issuer
Default Rating to 'C' from 'CC'. Simultaneously the agency has
affirmed the 'C' long-term rating on Emeco's USD282.7 million
9.875% senior secured notes due in 2019 with Recovery Rating of
'RR5'. The secured notes are issued by Emeco's wholly owned
subsidiary Emeco Pty Ltd, and guaranteed by Emeco.

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

KEY RATING DRIVERS

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

Under the swap, holders of Emeco's USD282.7 million 9.875% 144A
notes, as well the creditors of Orionstone and Andy's will give
up their claims in exchange for 54% of the ordinary shares of the
combined group, and a new issue of AUD473 million senior secured
notes with a five-year maturity and a cash interest rate of
9.25%. The new debt issue will postpone the current maturity of
Emeco's notes by two years, and pay its holders a lower cash
coupon.

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

Liquidity Stress Impacts Operations: Emeco's committed undrawn
credit line expires in December 2017, and unless the company is
able to negotiate an extension, then liquidity becomes a real
concern. At the end of the fiscal year to 30 June 2016 (FYE16),
the company had cash of AUD24.8 million and up to AUD26 million
of committed unutilised credit lines that can be drawn without
activating maintenance covenants. These sources appear sufficient
to cover our estimate of Emeco's FY17 interest cost of AUD37
million, and the AUD4 million of finance leases maturing over the
same period. As part of the restructuring agreement Emeco has
also committed to closing out its remaining foreign-currency
hedge, potentially releasing a further USD12m in available funds.

RATING SENSITIVITIES

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

   -- If the company has experienced an uncured payment default

   -- Completion of the restructuring

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

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


ENTWISTLES SUPERMARKETS: First Creditors' Meeting Set for Oct. 13
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Entwistles
Supermarkets Mackay Pty Ltd, trading as IGA Bucasia, will be held
at the offices of Quest Mackay, 38 Macalister Street, in Mackay,
Queensland, on Oct. 13, 2016, at 12:00 p.m.

Dennis Offermans and Michael Brennan of Offermans Partners were
appointed as administrators of Entwistles Supermarkets on Sept.
30, 2016.


FRANK HABERMANN: First Creditors' Meeting Set for Oct. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Frank
Habermann Pty Limited, trading as Swansea Channel Practice, will
be held at the offices of Level 5, 55-57 Hunter Street, in
Newcastle, on Oct. 13, 2016, at 11:00 a.m.

Mitchell Richmond Griffiths of Rapsey Griffiths Insolvency +
Advisory were appointed as administrator on Oct. 4, 2016.


HIGHLANDS TRANSPORT: First Creditors' Meeting Set for Oct. 13
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Highlands
Transport & Construction Supplies Pty Ltd will be held at the
offices of Veritas Advisory, Level 12, 88 Pitt Street, in Sydney,
on Oct. 13, 2016, at 11:00 a.m.

David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of Highlands Transport on Sept. 30,
2016.


PERMANENT CUSTODIANS: Moody's Assigns B2 Rating to Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to notes to be issued by Permanent Custodians Limited as trustee
of Pepper Residential Securities Trust No.17.

Issuer: Pepper Residential Securities Trust No.17
  USD125.00 million Class A1-ua Notes, Assigned (P) Aaa (sf)
  USD30.5 million Class A1-ub Notes, Assigned (P) Aaa (sf)
  AUD52.7 million Class A1-af Notes, Assigned (P) Aaa (sf)
  AUD160.0 million Class A1-a Notes, Assigned (P) Aaa (sf)
  AUD76.2 million Class A2 Notes, Assigned (P) Aaa (sf)
  AUD57.0 million Class B Notes, Assigned (P) Aa2 (sf)
  AUD11.4 million Class C Notes, Assigned (P) A2 (sf)
  AUD10.8 million Class D Notes, Assigned (P) Baa2 (sf)
  AUD7.2 million Class E Notes, Assigned (P) Ba2 (sf)
  AUD7.8 million Class F Notes, Assigned (P) B2 (sf)

The AUD3.0 million Class G1 and AUD6.6 million Class G2 Notes are
not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

                        RATINGS RATIONALE

The transaction is an Australian non-conforming and near prime
RMBS secured by a portfolio of residential mortgage loans.  A
substantial portion of the portfolio consists of loans extended
to borrowers with impaired credit histories (42.3%) or made on an
alternative documentation basis (37.7%).

This transaction features five classes of A Notes (Class A1-ua,
Class A1-ub, Class A1-af, Class A1-a, and Class A2), Class B
Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes
and Class G Notes (split into Class G1 and Class G2).  The Class
A1-ua Notes and Class A1-ub Notes are USD-denominated, while
Class A1-af Notes are fixed rate notes denominated in AUD.

This transaction has three classes of scheduled amortisation
notes: Class A1-ua, Class A1-ub (together Class A1-u Notes) and
Class A1-af.  Deviation from the amortisation schedule will not
cause an event of default and following the Call Option Date, if
any Class A1-u Notes that remain outstanding will convert to
pass-through securities.  In order to ensure timely repayment of
the A1-u and A1-af Notes a Scheduled Amortisation Facility will
be provided by National Australia Bank Limited (NAB, Aa1(cr)/P-
1(cr)).  Drawn amounts under the Scheduled Amortisation Facility
will be repaid from monthly Class A1-u and Class A1-af Note
principal allocations and may be redrawn to meet the Class A1-u
and Class A1-af Amortisation Amount.  However, a deviation from
the amortisation schedule will not cause an event of default.

The provisional ratings take account of, among other factors:

  -- Class A1-ua Notes, Class A1-ub Notes, Class A1-af Notes and
     Class A1-a Notes benefit from 30.00% credit enhancement (CE)
     and Class A2 Notes benefit from 17.30% CE, while our MILAN
     CE assumption, the loss Moody's expects the portfolio to
     suffer in the event of a severe recession scenario, is
     substantially lower at 16.50%.  Moody's expected loss for
     this transaction is 1.60%.  The subordination strengthens
     ratings stability, should the pool experience losses above
     expectations.

  -- A liquidity facility equal to the lesser of : (1) 2.5% of
     the aggregate invested amount of the notes (net of the
     amounts drawn from the Scheduled Amortisation Facility or
     deposited in the Scheduled Amortisation Fund), subject to a
     floor of AUD 1,500,000; (2) The amount agreed from time to
     time in writing by the liquidity facility provider and the
     Trustee provided that the Trust Manager has notified the
     rating agency and determined that the change will not result
     in any downgrade, qualification or withdrawal of the rating
     of the notes; and (3) The aggregate outstanding principal
     amount of all mortgage loans not in arrears by more than 90
     days, as at that payment date.

  -- The experience of Pepper Group Limited (Pepper, unrated) in
     servicing residential mortgage portfolios.  This is Pepper's
     17th non-conforming securitisation, which highlights the
     lender's experience as a manager and servicer of securitised
     transactions.

A currency swap will mitigate the cross-currency risk associated
with the USD-denominated Class A1-ua Notes and Class A1-ub Notes.
An interest rate swap will mitigate the interest rate risk
associated with the fixed rate coupon paid by the Class A1-af
Notes.  According to the current form of the swap documentation,
swap linkage has no present rating impact on the Class A1-u or
Class A1-af Notes.  This is because the linkage between the note
ratings and the rating of the provider of any of the swaps is
mitigated by an obligation to post cash collateral and novate the
swap upon downgrade below A3(cr).

Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans.  To mitigate the basis risk, the Trust Manager will
calculate the threshold rate for the variable rate loans to
ensure that the weighted average interest on all loans is at
least the rate required to meet the Trust's obligations (up to
Class F interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are:

  -- The notes will initially be repaid on a sequential basis
     until (although pro-rata between Class A Notes), among
     others, the following stepdown conditions are met: (1) there
     are no charge-offs on any of the notes, (2) the cumulative
     losses are less than 0.50% and 0.85% before the third and
     fourth anniversary, respectively and less than 1.10% after
     the fourth anniversary since closing; (3) the Class A
     subordination is at least 30.0%.  After that point, the
     Class A1-u, A1-af, A1-a, A2, B, C, D, E, F and G Notes will
     receive a pro-rata share of principal payments (subject to
     additional conditions).  The Class G principal payments will
     be applied as an allocation to the turbo principal
     allocation.  The turbo principal allocation is applied in
     reverse sequential order, from Class F Notes up the capital
     structure.  The principal pay-down switches back to
     sequential pay on the call option date, once the aggregate
     note balance falls below 15% of the aggregate note balance
     at closing or the payment date falls on or after the fifth
     anniversary since closing.

  -- The yield enhancement reserve account is available to meet
     losses and charge-offs whilst any Class A Notes are
     outstanding.  The reserve account is funded by trapping
     excess spread at, initially, an annual rate of 0.30% of the
     outstanding principal balance of the portfolio up to a
     maximum amount of AUD 2,500,000.

  -- The portfolio is geographically well diversified due to
     Pepper's wide distribution network.

  -- The portfolio contains 42.3% exposure with respect to
     borrowers with prior credit impairment (default, judgement
     or bankruptcy).  Moody's assesses these borrowers as having
     a significantly higher default probability.

  -- 37.7% of the portfolio consists of loans granted based on an
     alternative documentation (alt doc) basis.  For 0.24% of the
     portfolio, Pepper only performed minimal verification.
     These loans have been classified as low doc loans.  The alt
     doc loans have been subject to additional verification
     checks over and above the typical checks for a traditional
     low documentation product.  These checks include a call from
     a Pepper credit assessor, a declaration of financial
     position and either six months of bank statements, six
     months of Business Activity Statements or an accountant's
     letter in a format specified by Pepper.

  -- 43.4% of the loans in the portfolio were extended to self-
     employed borrowers.  Moody's analysis of historical
     delinquency and default data has indicated that loans
     granted to self-employed borrowers have a greater propensity
     to default compared to loans granted to employed PAYG
     borrowers.

  -- Almost the complete portfolio (97.5%) has been originated in
     the second half of 2015 and first half 2016, when the
     interest rates are low and the house prices are growing
     rapidly.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans.  The Australian job market and the housing
market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance.  Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed.  The analysis assumes that the
deal has not aged.  Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE Assumption was
24.75%, versus the 16.50% and the Moody's mean expected loss was
2.40% as opposed to 1.60%, the model-implied ratings of the notes
would drop between one and four notches from the currently
assigned levels.  Class A2 Notes will be sensitive to one notch
rating migration.  Class F will be sensitive to a two notch
rating migration.  Class B, Class D and Class E will be sensitive
to a three notch rating migration.  Class C will be sensitive to
a four notch rating migration.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction.  Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating to the transaction.  A definitive rating may differ from a
provisional rating.


ROCHDALE INSTITUTE: First Creditors' Meeting Set for Oct. 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Rochdale
Institute Pty. Ltd. will be held at the offices of G S Andrews
Advisory, 22 Drummond Street, in Carlton, Victoria, on Oct. 17,
2016, at 12:00 p.m.

Andrew Juzva of G S Andrews Advisory was appointed as
administrator of Rochdale Institute Pty. Ltd. on Oct. 6, 2016.



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SINO-FOREST CORP: Settlement Reached in Canadian Class Suit
-----------------------------------------------------------
Koskie Minsky LLP, Siskinds LLP, Siskinds Desmeules sencrl and
Cohen Milstein ("class counsel") seeks approval from the Ontario
Superior Court of Justice of:

     1) settlement agreements with BDO Limited and W. Judson
        Martin, Edmund Mak, Simon Murray and Peter Wang;

     2) the expansion of the settlement with William Ardell,
        James Bowland, James Hyde and Garry West to include class
        members on behalf of whom claims are asserted in the
        Quebec and US Actions;

     3) payment of class counsel fees in the amount of
        $1,666,761;

     4) the discontinuance of the Quebec Sino-Forest Corporation
        class action against the directors and the dismissal of
        the U.S. ino-Forest Corporation class action against W.
        Judson Martin, Edmund Mak, and others;

     5) the expansion of the Ontario class action to include
        Quebec residents for the BDO settlement and expansion of
        the Ontario class action to include Quebec residents and
        U.S. class members for the settlement with W. Judson
        Martin, Edmund Mak, Simon Murray and Peter Wang;

     6) the opportunity for the U.S. class members to exclude
        themselves from this class action;

     7) proposed plans of allocation to distribute the settlement
        funds obtained pursuant to settlement agreements with
        David Horsley, BDO Limited, William E. Ardell, James P.
        Bowland, James M.E. Hyde, Garry J. West, W. Judson
        Martin, Edmund Mak, Simon Murray, and Peter Wang.

Objections to the settlement, if any, are due Nov. 9, 2016.

For more information, visit http://www.sinosettlement.comor call
1.866.474.1739

W. Judson Martin, Edmund Mak, Simon Murray, and Peter Wang
retained as counsel:

   Bennett Jones LLP
   4500 Bankers Hall East
   855 2nd Street SW
   Calgary, Alberta
   T2P 4K7 Canada
   Tel: 403.298.3100
   Fax: 403.265.7219

William Ardell, James Bowland, James Hyde and Garry West

   Osler, Hoskin & Harcourt LLP
   Reception Located on the 63rd Floor
   100 King Street West
   1 First Canadian Place
   Suite 6200, P.O. Box 50
   Toronto ON  M5X 1B8
   Tel: 416.362.2111
   Fax: 416.862.6666

                    About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

FTI Consulting commenced a Chapter 15 case for Sino-Forest in New
York (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effect
of Sino-Forest's plan of compromise and reorganization that has
been sanctioned by creditors and an Ontario court.  The Chapter
15 petition claimed assets and debt both exceed $1 billion.
Jeremy C. Hollembeak, Esq., at Milbank, Tweed, Hadley & McCloy,
LLP, serves as counsel in the U.S. case.


SPI ENERGY: LDK New Owns 21.7% Ordinary Shares as of Sept. 27
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, LDK New Energy Holding Limited reported that as of
Sept. 27, 2016, it beneficially owns 174,370,000 ordinary shares
of SPI Energy Co. Ltd., representing 21.7 percent of the shares
outstanding.

Xiaofeng Peng and Tracy Shan Zhou beneficially own 264,070,000
ordinary shares of SPI Energy representing 32.8 percent of the
shares outstanding.  Mr. Peng and Ms. Zhou are the directors of
LDK and each owns 50% of the total outstanding shares of LDK as
of Oct. 3, 2016.

On Sept. 27, 2016, LDK entered into a purchase agreement with SPI
Energy, pursuant to which LDK agrees to purchase from the Company
162,170,000 Shares for an aggregate consideration of
US$42,002,030.

Shares acquired by LDK under this agreement will be subject to a
180-day lock-up period from the date of their issuance.

A full-text copy of the regulatory filing is available at:

                        goo.gl/TuDba9

                 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.


YABANG INVESTMENT: Missed Notes Payment Due September 29
--------------------------------------------------------
Bloomberg News reports that defaults in China's local corporate
bond market ticked up last week as dye-and-paint maker Yabang
Investment Holding Group Co. missed payment on notes due
Sept. 29.

The firm, based in the eastern province of Jiangsu, owed
CNY211.6 million ($31.7 million) on the 5.78% debentures it had
issued last September, according to the statement, which didn't
give further details. It brings the total number of onshore note
failures this quarter to at least three, after Dongbei Special
Steel Group Co. missed payment on securities due Sept. 24.

The uptick in defaults comes after a lull amid speculation
authorities had been helping to stave off failures, following 10
nonpayments in the second quarter and 7 in the first three months
of the year. Chinese firms must repay about CNY1.53 trillion of
onshore notes in the fourth quarter, the most on record, compared
with CNY1.48 trillion in the previous three months, according to
data compiled by Bloomberg.

Yabang Investment defaulted on separate securities in February,
before making the full payment in March. The firm missed the
payment due to a cash shortage, and plans to actively raise funds
through financing and disposal of non-core business assets,
according to the Sept. 29 statement cited by Bloomberg.

Based in Changzhou, China, Yabang Investment Holding Group
CO.,LTD is an industrial conglomerate which operates in chemical,
pharmaceutical, real estate, finance, energy and logistics
sector. It manufactures pigments, paints, coatings, unsaturated
polyester resin, and other chemicals in chemical sector. It also
offers veterinary drugs, pharmaceutical preparations, and
traditional Chinese medicine in pharmaceutical sector. It
provides products such as solar cells, modules, photovoltaic
power generation systems, and electric vehicles in energy sector.
Additionally it provides financial, real estate, and logistics
services.



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


AJAI BUILDERS: CARE Reaffirms B+ Rating on INR3.41cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ajai Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.41       CARE B+ Reaffirmed
   Short-term Bank Facilities    6.50       CARE A4 Reaffirmed
   Long-term/Short-term Bank     1.27       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Ajai Builders
continues to be constrained by small scale of operations with low
net-worth base, partnership nature of business and tender-driven
nature of operations which exposes the firm to intense
competition. The ratings are further continues to be constrained
on account of geographic and customer concentration risk.

The ratings, however, draw support from the experience of the
promoters, satisfactory order book position. The ratings also
takes cognizance of significant growth in Total operating income
during FY16 (Provisional; FY refers to April 1, 2015 to March 31,
2016).

ABS's ability to increase its scale of operations while
maintaining its profitability, execute projects in time and
management of working capital requirements are the key rating
sensitivities.

Lucknow (Uttar Pradesh) based ABS was established as a
partnership firm in June 2001, by Mr. Ajay Singh along with his
wife Mrs. Sonia Singh, for carrying out different types of civil
construction projects ABS is registered as a Class A contractor
with PWD and has tendered various contracts involving
construction of roads, bridges, government buildings, etc. since
inception.

Modest financial risk profile

The total operating income of the company has grown significantly
to INR23.16 crore in FY16 (Provisional) from INR2.04 crore in
FY15. The growth was mainly attributed to higher number of orders
executed by the firm. Despite growth in TOI, the PBIDLT margin
has declined from 17.81% in FY15 to 7.15% in FY16 as the firm
executed lower margin contracts in order to increase the scale of
operations. PAT margin stood moderate at 3.03% in FY16. The
capital structure continues to remain at a moderate level as
marked by gearing of 0.48x as on March 31, 2016.

During FY16 {provisional} (refers to the period April 1 to
March 31), ABS has achieved a TOI of INR23.16 crore with PBILDT
and PAT of INR1.66 crore and INR0.70 crore, respectively, as
against TOI of INR2.04 crore with PBILDT and PAT of INR0.36
crore and INR0.03 crore, respectively, for FY15. Furthermore, the
company has achieved TOI of INR7.60 crore in 5MFY16 (as per
management).


ALAMELU BALAJI: CRISIL Lowers Rating on INR124.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Alamelu Balaji Spg Mills Private Limited to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            124.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Long Term Loan          66.8      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects delays in servicing the term loan.
The delay was due to stretched liquidity, because of weakening of
operating performance and working capital- intensive operations.

The company also has a weak capital structure and is exposed to
intense competition. However, it benefits from the extensive
experience of its promoters in the textile industry.

ABSMPL was set up in 1993; its operations are managed by Mr. K
Venkataswamy. The company derives its revenue from manufacture of
cotton yarn. It also operates a ginning unit, which caters to
most of its ginning requirement.


AMMEN MILLS: ICRA Suspends B/A4 Rating on INR9cr LT Loan
--------------------------------------------------------
ICRA has suspended rating of [ICRA]B/[ICRA]A4 assigned to the
INR9.0 crore long-term fund based facilities and the INR3.50
crore short-term non fund based facilities of Ammen Mills.

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.


BEST TANNING: CRISIL Reaffirms 'D' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the Bank facilities of Best Tanning Industries
Private Limited continues to reflect weak liquidity profile
marked by delay in debt servicing for the last two month ended
August 2016.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D (Reaffirmed)
   Letter of Credit        10        CRISIL D (Reaffirmed)
   Packing Credit          35        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       5        CRISIL D (Reaffirmed)

The weak liquidity is attributable to elongated working capital
cycle driven by delay in payments from its export customers.
CRISIL believes that liquidity will remain stretched over the
medium term and timely servicing of debt will remain key rating
sensitive factor over the medium term.

The rating also reflects BTIPL's small scale of operations, weak
financial risk profile due to high gearing, and its
susceptibility to intense competition in the leather industry.
These rating weaknesses are partially offset by extensive
experience of promoters in leather industry.

BTIPL was incorporated in 1993, promoted by Mr. Mohsin Sharif and
his family. The capacity at its manufacturing facility in Kanpur,
Uttar Pradesh, is utilised at around 80%. It manufactures chrome
and vegetable-tanned leather, and uppers, among other types of
leather.


BLUESTAR COTTSPIN: CARE Reaffirms 'B' Rating on INR15.89cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Bluestar Cottspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.89      CARE B Reaffirmed
   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Bluestar Cottspin
Private Limited continue to remain constrained on account of
relatively limited experience of management into cotton yarn
business coupled with susceptibility of profit margins to
volatility in cotton prices along with inherent cyclicality and
high competitive intensity associated with the cotton yarn
industry. The ratings also take into consideration leveraged
capital structure, weak debt coverage indicators and moderate
liquidity position.

The ratings, however, continue to derive strength from strategic
location in the cotton-producing region of Gujarat with easy
availability of raw material, power and fuel along with fiscal
benefits from the government.

The ability of BCPL to increase its scale of operations and
improvement in profitability coupled with improvement in solvency
position and better working capital management are the key rating
sensitivities.

Rajkot- based (Gujarat) BCPL was incorporated during February 17,
2014 Mr. Piyush Dadhaniya, Mr. Jamnadas Padalia, Mr. Ankit
Butani, Mr. Anki Dadhaniya, Mr. Suketu Sagaparia, Ms Ilaben
Padalia and Mr. Ravi Dadhaniya.

BCPL has set up a manufacturing facility of cotton spinning with
1380 rotors with an installed production capacity of 3481.85 MTPA
for counts ranging from 12s to 16s. Commercial production of the
plant commenced from December 2015.


CALCUTTA ELECTRODES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Calcutta
Electrodes Private Limited a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable. The agency has also assigned CEPL's
INR60 million fund-based working capital limit a Long term 'IND
BB-' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect CEPL's small scale of operations and moderate
credit profile. According to the FY16 provisional statement,
revenue was INR322 million (FY15: INR311 million), EBITDA
interest coverage (operating EBITDA/interest) was 1.6x (1.5x),
net financial leverage (net debt/operating EBITDA) was 5.1x
(4.1x) and EBITDA margins were 4.8% (5.9%).

The ratings are constrained by CEPL's presence in the highly
competitive steel industry, which is vulnerable to fluctuations
in the price of raw materials.

The ratings however benefit from the promoters' more than a
decade experience in the welding electrode manufacturing
business. Also, liquidity has been comfortable with the average
of maximum utilisation of fund-based limits being 86% for the 12
months ended July 2016.

RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
improvement in the scale of operations and credit metrics.

Negative: A negative rating action may result from a decline in
the scale of operations and deterioration in the credit metrics.

COMPANY PROFILE

Incorporated in September 1992, CEPL manufactures arc welding
electrodes and CO2 MIG welding wires at its 7,400 metric tonnes
per annum unit in Bhanpuri, Raipur. The operations of the company
are managed by Mr. Praveen Kumar Agarwal, Mr. Ashok Kumar
Agarwal, Ms. Anupama Agarwal and Ms. Babita Agarwal.

The company sells its products under the brand names Shiva,
Superweld and Ferrocord.


COMPUTER ENGINEERS: CRISIL Suspends B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Computer Engineers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             50        CRISIL B+/Stable

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

CE was established in 1990 as a proprietorship firm by Mr. Chetan
Mehta. The firm undertakes civil construction contracts for the
Brihan Mumbai Corporation and Maharashtra Housing and Area
Development Authority in and around Mumbai.


D THAKKAR: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded D Thakkar
Constructions Private Limited's Long-Term Issuer Rating to 'IND
BB' from 'IND BBB-'. The Outlook is Stable. The agency has
simultaneously withdrawn the ratings.

KEY RATING DRIVERS

The downgrade reflects the deterioration in DTCPL's credit
profile as well as its stretched working capital cycle, which led
to full utilisation of its working capital limits. Its stretched
working capital cycle was led by delayed revenue receipts from
the Maharashtra state government against executed work orders.

DTCPL has not shared its recent financials with Ind-Ra.

The bank loan rating has been withdrawn following the receipt of
a no objection certificates from the company's banker.
Consequently, Ind-Ra has withdrawn DTCPL's Long-Term Issuer
Rating.

COMPANY PROFILE

Incorporated in July 2004 and promoted by Mr. Pravin N. Thakkar,
Maharashtra-based DTCPL is engaged in the construction of civil
works for irrigation, water supply schemes, hydro-electric and
tunnels, river barrage and dams and erection and fabrication
works on an engineering procurement construction basis. The
company also constructs bridges, roads and metro railway
infrastructure. DTCPL is registered as Class 1(A) civil
contractor in the Public Works Department of the government of
Maharashtra.

DTCPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB' from 'IND
      BBB-'; Outlook Stable; rating withdrawn

   -- INR750 million fund-based working capital limits:
      downgraded to 'IND BB'/Stable from 'IND BBB-'/Stable and
      to 'IND A4+' from 'IND A3'; rating withdrawn

   -- INR1,750 million non-fund-based limits: downgraded to
      'IND A4+' from 'IND A3'; rating withdrawn

   -- Proposed INR400 million non-fund-based limits: downgraded
      to 'Provisional IND A4+' from 'Provisional IND A3'; rating
      Withdrawn


DHARMDEEP COMMODITIES: ICRA Assigns B+ Rating to INR3cr Loan
------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating assigned to the INR3.00
crore overdraft facility of Dharmdeep Commodities Private
Limited. ICRA has also assigned the [ICRA]A4 rating assigned to
the INR10.00 crore short-term non-fund based facility of DCPL.
Moreover, ICRA has also assigned the ratings of [ICRA]B+ and
[ICRA]A4 to INR80.00 crore of fund based facilities of export
packing credit and line of credit bill discounting of DCPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-
   Overdraft                3.00        [ICRA]B+ assigned

   Fund based limits-
   EPC & LCBD              80.00        [ICRA]B+/A4 assigned

   Non-Fund Based-
   VaR Limit               10.00        [ICRA] A4 assigned

Rating Rationale
The assigned ratings take into account DCPL's weak financial
profile characterized by thin profitability margin on account of
low value additive nature of trading business, small net worth
base and weak debt coverage indicators. The ratings are also
constrained by the high competitive intensity of the business
owing to low entry barriers exert pressure on margins and the
vulnerability of operations to price volatility (governed by
international factors) as well as domestic agro climatic
conditions. The ratings are further constrained by the
vulnerability of the company's profitability to changes in export
incentives provided by the government.

The ratings, however, positively consider the vast experience of
the promoters in agro commodity trading business and operational
support from group concerns in form of established sales network.

Dharmdeep Commodities Private Limited is engaged into trading of
cotton bales and yarns in domestic as well as in the
international market. The company has been accorded status of
"Two Star Export House" by Directorate General of Foreign Trade,
Government of India. DCPL was incorporated by Mr. Pukhraj Jain &
family, having more than two decades of experience in cotton
trading business. The company operates from Ahmedabad in Gujarat.


ELDECO HOUSING: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Eldeco Housing
and Industries Limited's 'IND B+(suspended)' Long-Term Issuer
Rating.

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

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

EHIL's ratings:

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

   -- INR100 million bank guarantee: 'IND A4(suspended)'; rating
      withdrawn

   -- INR29 million fund-based working capital limits: 'IND
      B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


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

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

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

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

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

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


H.M.V. ASSOCIATES: CRISIL Suspends 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of H.M.V.
Associates.

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

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

HMVA was established in 1990 as proprietorship firm by Mr. Paras
Mehta. The firm undertakes civil construction contracts for the
Brihan Mumbai Corporation and Maharashtra Housing and Area
Development Authority in and around Mumbai.


HAPPY ACOUSTICS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Happy Acoustics
Pvt. Ltd.'s 'IND BB-(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND BB-(suspended)'/'IND
A4+(suspended)'ratings on the company's INR250 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 HAPL. Ind-Ra had suspended
HAPL's ratings on 2 March 2016.


HARITHA FERTILISERS: ICRA Assigns 'B' Rating to INR31cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR31.00
crore1 (enhanced from INR0.00 crore) fund based facilities of
Haritha Fertilisers Limited. ICRA also has also reaffirmed the
ratings of [ICRA]B/[ICRA]A4 outstanding on INR4.00 crore (revised
from INR10.00 crore) unallocated facilities of HFL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       31.00       [ICRA]B assigned
   Unallocated limits       4.00       [ICRA]B/[ICRA]A4
                                       Outstanding

The assigned ratings are constrained by decline in revenues over
the past two years from INR75.44 crore in FY2014 to INR16.47
crore in FY2016 on account of adverse monsoon in the state of
Telangana coupled with limited geographical presence with 100% of
sales confined to state of Telangana; and weak financial profile
as characterized by high gearing of 2.13 times and moderate
coverage indicators as indicated by interest coverage ratio of
1.39 times and NCA/total debt of 6% for FY2016. The assigned
ratings are further constrained by tight liquidity position of
the company as evident from high utilization of its working
capital limits on account high inventory levels; and
vulnerability of profitability to inventory price risks as its
purchases are not order backed and agro climatic conditions. The
ratings, however, positively takes into account more than two
decades long experience of promoters in fertilizer industry;
established sales and distribution network with presence of over
500 dealers in Telangana and strong relationships with customers
resulting in repeat orders.
Going forward, ability of the company to increase its scale of
operations while managing its working capital requirements will
be key rating sensitivities from credit perspective.

Incorporated in 2006, Haritha Fertilisers Limited is involved in
the manufacturing of nitrogen-phosphorous-potassium (NPK)
fertilizers. The company has two manufacturing facilities with
installed capacity of 1.50 lac metric ton per annum each. The
unit-I is located at Ankireddypalli village of Ranga Reddy
District, unit-II is located at Damaracherla village of Nalgonda
District of Telangana. The company is selling its product under
brand its own brand name "Nandi" in Telangana.

Recent Results
HFL has reported an operating income and net profit of INR30.40
crore and 0.80 crore respectively in FY2015 as against operating
income and net profit of INR16.47 crore and 0.33 crore in FY2016
(provisional and unaudited).


INDFAB PROJECTS: ICRA Suspends C+ Rating on INR4.28cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]C+ assigned to
the INR2-crore cash credit and INR4.28-crore unallocated limit of
Indfab Projects Private Limited. ICRA has also suspended the
long-term rating of [ICRA]C+ and the short-term rating of
[ICRA]A4  assigned to the company's non fund-based bank facility
of INR20 crore. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


J.M.D. CORPORATION: CRISIL Cuts Rating on INR185MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of J.M.D. Corporation of India Limited to 'CRISIL D' from 'CRISIL
B/Stable'. The downgrade reflects overutilization of cash credit
account for over 30 days owing to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             185       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      115       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The rating continues to reflect small scale of operations in the
competitive and fragmented steel trading industry. The rating
also factors in average financial risk profile because of
stretched liquidity and low profitability. These weaknesses are
mitigated by the extensive experience of the proprietor through
his other group entities.

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams,
steel plates, thermo-mechanically treated bars, ingots, and
billets. With over a decade's experience, Mr. Agarwal oversees
the firm's operations.


J.M.D. LAXMI: CRISIL Lowers Rating on INR100MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of J.M.D. Laxmi Enterprises to 'CRISIL D' from 'CRISIL B-
/Stable'. The downgrade reflects overutilization of cash credit
account for over 30 days owing to weak liquidity.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             100      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term       50      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The rating also reflects modest scale and working capital-
intensive operations. However, the company benefits from the
extensive experience of promoters in the steel trading business.

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams,
steel plates, thermo-mechanically treated bars, ingots, and
billets. With over a decade's experience, Mr. Agarwal oversees
JMD's operations.


JAIPRAKASH ASSOCIATES: Wave of Debt Restructuring Looms
-------------------------------------------------------
Denise Wee at Bloomberg News reports that investors who bought
Indian dollar-denominated convertible bonds are saddled with
losses that may deepen as legal advisers brace for a wave of debt
restructuring.

Jaiprakash Associates Ltd., which missed an interest payment on
its 5.75 percent U.S. currency notes exchangeable into shares on
March 7, has slumped 42 percent this year to 41.7 cents on the
dollar on Sept. 30, Bloomberg relates. Eleven out of 19 such
bonds in the nation that are showing prices have fallen below
80 cents, according to Bloomberg-compiled data.

Bloomberg says sales of all types of U.S. currency bonds by
Indian companies surged about sevenfold this quarter and global
funds still want more. While most of those sales have been by
higher-rated issuers, the convertible market flags the pitfalls
of investing in weaker companies. Software maker Rolta India Ltd.
earlier this year became the first Indian issuer to default on
its regular dollar notes in the past decade, Bloomberg notes.

"The wave of convertible bond restructuring is a symptom of the
excess leverage taken on by such companies in earlier years,"
Bloomberg quotes Mehul Sukkawala, analytical manager for South
and Southeast Asia corporates at S&P Global Ratings in Singapore,
as saying.

A total of $1.6 billion of U.S. dollar convertible bonds, or
51.4 percent of the total amount outstanding, are due to mature
by the end of 2019, according to data compiled by Bloomberg.
Bloomberg relates that Latham & Watkins LLP said that because a
lot of the notes are linked to shares trading below their
conversion prices, investors haven't been able to exchange them
to equity.

Shares in Jaiprakash, a construction conglomerate which built
India's Formula One race track, have fallen 12 percent this year
to 10.5 rupees and are trading below the conversion price on its
notes of 77.5 rupees, Bloomberg discloses.

"With rising maturities over the next few years, we expect
another wave of convertible bond restructuring coming up," the
report quotes Josef Athanas, partner at Latham & Watkins in
Hong Kong as saying. "We do see an uptick in restructurings and
are focused on India."

Bloomberg relates that Prime Minister Narendra Modi needs to
revive the banking system burdened by about $120 billion of
stressed assets to spur credit growth and support expansion in
the economy. He is also seeking to build investor trust by
overhauling bankruptcy laws.

According to Bloomberg, local companies defaulted on $80 million
of convertible notes in 2015, down from the peak of non-payments
in 2012, when issuers defaulted on more than $600 million of
notes. That included Suzlon Energy Ltd.'s record $209 million
delinquency.

"Some of the convertible bonds are totally out of the money and
face severe impairment," Bloomberg quotes Nikhil Shah, managing
director at Alvarez & Marsal India Ltd., which specializes in
turnarounds in Mumbai, as saying. "In general, it's been a rough
ride for bondholders."

Bloomberg notes that bank lenders have the upper hand in
negotiations, leaving convertible noteholders with poor recovery
prospects.

"The only option convertible bondholders have is to restructure
because they are unsecured creditors and won't get much through a
winding up process," Bloomberg quotes Gunjan Shah, a partner at
Shardul Amarchand Mangaldas & Co. in Mumbai, as saying.

According to Bloomberg, Latham & Watkins said that there is
reason for optimism with the nation's new bankruptcy law but it
is as yet untested.

"A lot depends on how the new bankruptcy law is enforced," the
report quotes Athanas as saying. "But if you're in a situation
where there is a lot of bank debt and very little convertible
bonds, the bank lenders will have more clout."

JAL is the flagship company of the Jaypee group and is engaged in
engineering and construction, cement, real estate and hospitality
businesses. JAL is a dominant player in the construction business
in the specialized field of civil engineering, design and
construction of hydro-power, river valley projects.


JUBILEE INFRATECH: CRISIL Suspends 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jubilee
Infratech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                60       CRISIL B/Stable

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

JIPL was set up in 2007 by Mr. Srinivas and Mr. Shyam Kiran. The
company is into residential real estate development in Hyderabad,
Telangana. The company is currently undertaking three residential
development projects.


K. M. FISHERIES: ICRA Raises Rating on INR13.5cr LT Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating for the INR1.30 crore term
loans, the INR13.50 crore long-term fund based limits and the
INR0.55 crore proposed long-term facilities of K. M. Fisheries
from [ICRA]B to [ICRA]B+. ICRA has reaffirmed the short-term
rating for the INR0.15 crore short-term non-fund based facilities
of KMF at [ICRA]A4.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term, Term Loans     1.30       [ICRA]B+ Upgraded
                                        from [ICRA]B

   Long-term, Fund Based     13.50      [ICRA]B+ Upgraded
                                        from [ICRA]B

   Long-term, Unallocated     0.55      [ICRA]B+ Upgraded
                                        from [ICRA]B

   Short-term, Non-fund
   Based                      0.15      [ICRA]A4 Reaffirmed

The upgrade of rating takes into account the improved financial
flexibility following the strengthening of the capital structure
aided by consistent debt repayment and regular equity infusion by
KMF's partners over the last two years. ICRA also takes
cognisance of improved working capital cycle supported by faster
inventory turn around and extended credit period from its
suppliers. The ratings continue to derive comfort from the
established track record of the promoters of over four decades in
marine products export business and their established
relationships with suppliers, selling agents and geographically
diversified clientele in the European countries, UAE, Vietnam,
etc.

The ratings are however constrained by KMF's small scale of
operations and vulnerability of profit margins to fluctuations in
input prices. With the firm deriving its entire revenues from
exports, the revenues and margins are also exposed to foreign
currency movements, in the absence of any hedging strategy. The
ratings are also constrained by the inherent risks associated
with the seafood industry such as volatility in export demand,
seasonality in sale and raw material availability, and
susceptibility to disease outbreaks, fishing bans and adverse
climatic conditions. The firm operates in a highly fragmented and
competitive industry with the presence of large number of
organized and unorganized players, which limits the company's
pricing flexibility. The ratings also factor in the inherent
risks associated with partnership firm, including the risk of
capital withdrawal.

M/s K. M. Fisheries was started in 2012 as a proprietorship
concern by Mr. K. A. Kochumohammed and is engaged in the
processing and export of frozen marine products, particularly
Cuttle fish, Squid, Octopus, Sardines and Mackerels, to European
and Asian countries. Later in April 2013, the firm was
reconstituted as a partnership firm with Mr. K. A. Kochumohammed,
his brother K. A. Abdul Latheef and their respective children as
the partners. The firm currently has installed two freezers at
Arur and Azhikode with a combined capacity of 2050 Tons for
storing and processing marine products.

Recent Results
KMF reported a PAT of INR0.49 crore on net sales of INR36.42
crore as per the provisional financials of FY2016, as against a
PAT of INR0.51 crore on net sales of INR33.55 crore in FY2015.


K.K. BUILDERS: ICRA Assigns 'B+' Rating to INR23cr LT Loan
----------------------------------------------------------
ICRA has assigned a short term rating of [ICRA]A4 to the INR20.35
crore enhanced short term - non fund based facility of K.K.
Builders. ICRA has also assigned ratings of [ICRA]B+ and [ICRA]A4
to the INR0.65 crore long term/short term - proposed facilities
of KKB.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term, Term Loans      7.35      [ICRA]B+/Outstanding

   Long Term, Fund Based
   Facilities                23.00      [ICRA]B+/Outstanding

   Short Term, Non Fund      35.00      [ICRA]A4/Assigned/
   Based Facility                       Outstanding

   Long Term/Short Term,      0.65      [ICRA]B+/[ICRA]A4/
   Unallocated                           Assigned

ICRA also has the long-term rating of [ICRA]B+ outstanding on the
INR23.00 crore fund based facilities and INR7.35 crore term loans
of KKB. ICRA also has the short-term rating of [ICRA]A4
outstanding on the INR14.65 crore non fund based facility of the
firm.

The assigned ratings take into account the improvement in the
credit culture of the firm demonstrated by the curing of past
delays in debt servicing. The ratings also consider the steady
revenue growth in contract division over the past three years as
well as the order book position, which provides moderate revenue
visibility over near to medium term. The ratings are further
supported by the firm's stable revenues from Central Bus Stand
Complex (BOT) project and textile business, which has turned
profitable; and KKB's financial risk profile characterised by low
gearing and adequate coverage indicators. The ratings continue to
draw comfort from the longstanding experience of the partners
spanning more than two decades in the construction business and
15 years in Hotels business.

The ratings are, however, constrained by the firm's moderate
scale of operations, and the significant competitive pressures in
the construction and hotel industry, with pricing pressures,
exposing KKB's margins to adverse variation in the raw material,
labour, and other input costs. The ratings also factor in KKB's
sectoral concentration in its contracting segment with major
share of revenues and order book from Government
sector/Government funded projects, which, although carry low
counter party risk, exposes the firm to potential delays in
receivables. ICRA also takes into account of the project
execution risks; while the timely completion of projects and cost
overruns will be critical. The ratings also consider KKB's heavy
dependence on IMFL sales in hotel division which has adversely
impacted the KKB's 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. ICRA also
notes the risks of capital continuity associated with being a
partnership firm.

Going forward, the firm's ability to increase scale of operations
in hotel division and securing fresh orders in contract division
while improving its margins remain the key rating sensitivities.

K.K. Builders, a partnership firm formed in 1994, is a Kerala
based civil construction contractor. The firm is involved in the
execution of road, bridge and building construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department (PWD). The firm has obtained ISO
9001:2008 and ISO 14001:2004 certifications and has the requisite
management, manpower and equipment resources to execute road and
bridge projects.

The firm also operates four hotels, namely KK Residency, Hotel
Broad Bean, KK Tourist Home (Kannur) and KK Tourist Home (Iritty)
in Kannur district. The hotels have quality rooms, restaurants
and beer & wine bar which serve the local population, whereas KK
Tourist Home (Kannur) only has lodging facility. Apart from the
contracting and hotels division, the firm is also involved in a
Kannur bus stand BOT project, operates two stone crusher units
and owns KK Fashion Retail which is involved in garments and
textile retailing.

The businesses were set up by Mr. K.K. Kunhiraman, and are
currently managed by his four sons and a son-in-law. The Partners
of the firm are Mr. K.K Mohandas, Mr. K.K. Radhakrishnan, Mr.
K.K. Rajan, Mr. K.K. Premkumar and Mr. M.C. Shanmugan.

As per provisional results of FY 2015-16, the firm reported a
profit after tax of INR5.8 crore on an operating income of
INR98.5 crore as against a net profit of INR7.0 crore on an
operating income of INR112.1 crore in FY 2014-15. The firm has
achieved an operating income of INR14.5 crore, according to
provisional result of FY 2016-17 (3M).


K.P. PACKAGING: Ind-Ra Suspends 'IND D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.P. Packaging
Limited's 'IND D' Long-Term Issuer Rating to the suspended
category. The rating will now appear as 'IND D (suspended)' on
the agency's website.

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

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

KPPL's ratings:

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

   -- INR40 million fund-based working capital limits: migrated
      to Long-term 'IND D(suspended)' from Long-term 'IND D'.

   -- INR50 million non-fund-based working capital limits:
      migrated to Short-term 'IND D(suspended)' from Short-term
      'IND D'


KANAK AUTOMOBILES: CRISIL Reaffirms B- Rating on INR70.2MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kanak
Automobiles Private Limited continues to reflect exposure to
risks related to its modest scale of operations and to intense
competition.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            30.6      CRISIL B-/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                70.0      CRISIL B-/Stable (Reaffirmed)

   Term Loan              70.2      CRISIL B-/Stable (Reaffirmed)

The rating also factors in a below-average financial risk
profile, with high total outside liability to tangible networth
ratio. These weaknesses are partially offset by the benefit that
the company derives from its dealership for Hyundai Motors India
Ltd (HMIL; rated 'CRISIL A1+').
Outlook: Stable

CRISIL believes KAPL will benefit over the medium term from its
association with HMIL. The outlook may be revised to 'Positive'
if a substantial increase in revenue and cash accrual strengthens
the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if low accrual, large working capital
requirement, or any debt-funded capital expenditure leads to
deterioration in liquidity.

Incorporated in 2014, KAPL is the authorised dealer of HMIL for
sales and services of Hyundai cars. The company has its showroom
in Patna, Bihar. The operations are managed by Mr. Vinit Kumar
and Mr. Abhijit Kumar.


KANNAPPAN TEXTILE: Ind-Ra Hikes LT Issuer Rating to 'IND BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kannappan
Textile Mill Pvt. Ltd.'s Long-Term Issuer Rating to 'IND BB' from
'IND BB-(suspended)'.  The Outlook is Stable.

KEY RATING DRIVERS

The rating upgrade reflects KTMPL's strong interest coverage
(operating EBITDA/gross interest expense) of above 2x over the
past four financial years (FY13: 2.29x, FY14: 2.57x, FY15: 2.35x
and FY16: 2.03x). FY16 numbers are provisional in nature. Net
financial leverage (total adjusted net debt/operating EBITDAR)
also remained low at 2.17x in FY16 (FY13: 2.02x). The entity was
last rated in March 2014 and was suspended on Feb. 22, 2016, due
to non-availability of financial information.

The upgrade also factors in the expected improvement in the scale
of operations in FY17 as the provisional results for 5MFY17
indicate revenue of INR110 million. The company's revenue has
also increased since FY13 with the exception of a dip in FY16
because of an exceptional loss due to a fire at the company's
plant (FY16P: INR147 million, FY15: INR190 million, FY14: INR159
million, FY13: INR153 million).

The ratings continue to be supported by the over three decades of
operating experience of KTMPL's founders in the textile
manufacturing business.

The ratings remain constrained due to the company's tight
liquidity profile as reflected by its average maximum working
capital limit utilization of 98% during the last twelve months
ended August 2016.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations
while maintaining the present credit profile will be positive for
the ratings.

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

COMPANY PROFILE

KTMPL was formerly registered as Sumangala Spinning Mills Pvt
Ltd, however its name was changed in 2007. It manufactures
polyester cotton yarn in Madurai (Tamil Nadu). KTMPL is managed
by four directors - T.S.P.Kannappan, K.P.Thirumalai Raja,
K.Pushpavalli and K.Kalaiselvi.

KTMPL's ratings:

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

   -- INR35 million fund-based working capital limit: upgraded
      to 'IND BB'/Stable from 'IND BB-(suspended)'

   -- INR18.87 million (reduced from INR53.5 million) term loans:
      upgraded to 'IND BB'/Stable from 'IND BB-(suspended)'

   -- INR16.2 million non-fund-based working capital limits:
      affirmed at 'IND A4+' from 'IND A4+(suspended)'


KANPUR PACKAGERS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kanpur
Packagers Private 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 KPPL.

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

KPPL's ratings:

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

   -- INR29.4 million fund-based working capital limits: 'IND
      BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn

   -- INR80 million bank loan: 'IND BB(suspended)'; rating
      withdrawn


KINGFISHER AIRLINES: Mallya Blames High Fuel Prices, Tax
--------------------------------------------------------
The Times of India reports that beleaguered liquor baron Vijay
Mallya on Sept. 29 said Kingfisher Airlines has turned out to be
a 'nightmare' and blamed government's adverse taxation policies
and higher fuel prices for the business failure.

"The business (of Kingfisher Airlines) failed due to high fuel
prices, due to adverse government policies by taxation and of
course the failure of aviation engines," he said in a video
message to shareholders here at the 100th Annual General Meeting
of United Breweries Holding Limited (UBHL), TOI relays.  "What
started as the genuine business failure of Kingfisher Airlines,
which was once known as the queen of the skies with the best-ever
service and connectivity that India has seen, has now turned out
to be a nightmare."

He also said, "I have been accused of stealing and siphoning off
INR6,000 crore out of the Kingfisher Airlines without any legal
basis, whatsoever," notes the report.

TOI relates that Mallya told shareholders that he would challenge
all the charges leveled on him in courts.

"As its part of concerted efforts to make a poster boy of bad
loans and financial crime, the government continues to attach
properties and threaten other forms of action, all of which, I
assure you, my dear friends, will be contested in the courts of
law," TOI quotes Mallya as saying.

The embattled business tycoon also said he can show the company
can account for every single paisa of Kingfisher and expenditure
incurred by it through the government retention account of the
firm that was managed by leader of the consortium of banks -
State Bank of India, which filed criminal charges against him and
his company, TOI reports.

                    About Kingfisher Airlines

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

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

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

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

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

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

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

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

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

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

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


KBN GOLD: Ind-Ra Withdraws 'IND B-' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KBN Gold &
Diamond Jewellery's) 'IND B-(suspended)' Long-Term Issuer Rating.

The agency has also withdrawn the 'IND B-(suspended)'/'IND
A4(suspended)' ratings on the company's INR98 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 KBNGDJ. Ind-Ra had suspended
KBNGDJ's ratings on 25 February 2016.


LIBERTY MARKETING: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Liberty
Marketing Company'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 LMC.

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

LMC's ratings:

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

   -- INR40 million fund-based limits: Long-term 'IND
      B+(suspended)'and Short-term 'IND A4(suspended)'; ratings
      withdrawn

   -- INR30 million non-fund-based limits: Short-term 'IND
      A4(suspended)'; rating withdrawn


M. P. AGRAWAL: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M. P. Agrawal &
Company Private Limited's 'IND B+(suspended)' Long-Term Issuer
Rating.

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

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

MPACPL's ratings:

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

   -- INR24.7 million term loans: 'IND B+(suspended)'; rating
      withdrawn

   -- INR40 million fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


MAKHWAN METAL: CRISIL Lowers Rating on INR200MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Makhwan Metal Trading Company Private Limited to 'CRISIL D'
from 'CRISIL B-/Stable'. The downgrade reflects overutilisation
of its cash credit account for more than 30 days on account of
weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

MMTCPL has a below-average financial risk profile, with a small
networth and weak capital structure, and has a small scale and
low profitability in the competitive and fragmented steel trading
business. However, the company benefits from the extensive
experience of promoters in the steel trading business.

MMTCPL was incorporated in Thane, Maharashtra, in 2012 for
trading in steel products such as steel scraps, thermo-
mechanically treated bars, hot-rolled and cold-rolled coils,
steel sheets, steel beams, and steel plates. The promoters are
Mr. Nipun Agarwal and Mr. Punit Agarwal.


MEDICS INTERNATIONAL: Ind-Ra Withdraws 'IND B' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Medics
International Lifesciences Limited's 'IND B(suspended)' Long-Term
Issuer Rating. The agency has also withdrawn the 'IND
B(suspended)' rating on the company's INR1,068.4 million term
loans.

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

Ind-Ra had suspended Medics International Lifesciences's ratings
on March 31, 2016.


MILLS LIMITED: ICRA Suspends B+ Rating on INR6.0cr LT Loan
----------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR6.0
crore long-term fund based facilities and the INR4.0 crore long
term proposed facilities of Pioneer spinning and weaving Mills
Limited.

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.


MURALIDHAR AGRO: CARE Assigns B+ Rating to INR7cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Muralidhar Agro Food Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Muralidhar Agro
Food Private Limited are constrained on account of its small
scale of operations and profitability, modest liquidity position
with elongated operating cycle, leveraged capital structure and
weak debt coverage indicators during FY16 (refers to the period
April 1 to March 31). The ratings are further constrained on
account of risk associated with raw material price volatility and
its presence in the highly fragmented and competitive industry
with low entry barriers.

The ratings, however, derive benefits from experienced promoters
with established track record of operation, location benefit
coupled with established selling and distribution network.

The ability of MAFPL to increase its scale of operations along
with improving its profit margins, capital structure, debt
coverage indicators and liquidity position and better working
capital management are the key rating sensitivities.

Areri-based, Kheda (Gujarat) Muralidhar Agro Food Pvt Ltd.
(MAFPL) was established as a private limited company in 2005.
MAFPL is engaged in the manufacturing of grain mill products i.e.
Rice. The company sells its Basmati rice under the brand name of
'Rat Rani' and 'Pilar'. The company sells its entire production
in the domestic market. Mr. Hiteshbhai B Patel, director, aged 51
years who has an experience of thirty one years, manages the
overall operations of the company.

He is assisted by Mr.  Kamleshbhai Patel, aged 36 years, who is
also director of MAFPL, who has an experience of 15 years manages
overall operations of the company. Its plant, located at Areri is
spread across 87120 Sq. feet area. The products manufactured by
MAFPL are used by entities dealing into the trading of food
products.

During FY16 (Provisional), MAFPL reported a Profit after Tax
(PAT) of INR0.17 crore on a Total Operating Income (TOI) of INR27
crore as against net profit of INR0.23 crore on a TOI of INR32.28
crore during FY15 (Audited).


MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Muthoot Automotive
India Private Limited continues to reflect the promoters'
extensive experience in the automotive dealership industry, and
need based financial support expected from the Muthoot Pappachan
group. These rating strengths are partially offset by the
company's weak capital structure and geographical concentration
of revenues.

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

Outlook: Stable

CRISIL believes MAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
increase in revenue and cash accrual, leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if cash accrual is significantly below expectation, or
in case of large debt-funded capital expenditure, resulting in
weakening of financial risk profile.

MAPL, incorporated in 2010, deals in Honda Cars (India) Ltd's
passenger cars. Operations are managed by Mrs. Remy Thomas
Muthoot. The company is a part of the Muthoot Pappachan group,
which has interests in diverse fields such as non-banking
financial services, power generation, automobile dealership, and
real estate and infrastructure development.


ORNATE BUILDCON: CARE Assigns 'B' Rating to INR7.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Ornate
Buildcon Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ornate Buildcon
Developers is constrained primarily on account of its Moderate
dependence on external financing for project implementation,
project implementation risk in light of nascent stage of project,
its presence in the real estate industry which is highly
fragmented industry, sensitiveness to interest rates and cyclical
in nature.

The rating, however, derive comfort from the experience of its
qualified promoters and key management personnel having vast
experience in the real estate industry and locational advantage
of its project and established track record of the Ornate Group.

The ability of OBD to successfully complete its on-going project
within envisaged cost and time frame and timely receipt of the
sale proceed at envisaged price would be the key rating
sensitivities.

Ornate Buildcon Developers was established in 2015 for developing
Residential Flats at Kalyan-Bhiwandi Road, Temghar, Tal.
Bhiwandi, Dist. Thane this project is named 'Ornate Kallisto'.
Ornate Kallisto is a residential real estate redevelopment
project to develop 1.75 lakh sq.ft. of 1BKH and 2BHK residential
flats with sellable area of 1.05 lakh sq.ft. It will comprises of
two towers of 10 floors each with amenities which includes
Landscape Garden, Kids play area, Senior citizen corner, Yoga &
meditation corner, Gazebo, Jogging track, Rock garden, Herb
garden, Ample parking, CCTV Camera for 24x7 Security, Intercom
Facility, Fire Fighting System, Branded Automatic lifts, etc.


P.K. JEWELLERY: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn P.K. Jewellery
House's 'IND B(suspended)' Long-Term Issuer Rating. The agency
has also withdrawn the 'IND B(suspended)'/'IND A4(suspended)'
ratings on the company's INR100m 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 PKJH. Ind-Ra had suspended PKJH's ratings on
Feb. 25, 2016.


PATNA HIGHWAY: CARE Lowers Rating on INR846cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Patna
Highway Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long-term Bank Facilities     846.00      CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Patna Highway Projects Limited is on account of the delays in
the servicing of debt obligations owing to delay in receipt of
provisional commercial certificate. The provisional commercial
operations certificate is received by the company on September 1,
2016.

Incorporated as a special purpose vehicle (SPV) on December 22,
2009, Patna Highway Projects Limited is promoted by Gammon
Infrastructure Projects Limited ,for the upgradation of Hajipur-
Muzaffarpur section of the existing NH-77 to four lane dual
carriageway, starting from Ramashish Chowk (0.00 km) to 46.30 km
and construction of 16.87 km new by-pass starting at 46.30 km and
connecting NH-28 of east-west corridor on the Patna Muzaffarpur
section of NH-77 in Bihar on build-operate transfer (BOT) -
National Highways Authority of India (NHAI, rated 'CARE AAA' for
instruments) annuity basis under NHDP - phase III. PHPL would
receive a fixed annuity payment of INR94.60 crore to be paid
semiannually by NHAI during the entire concession period.

The project was originally estimated to be completed by
February 2013, but was delayed on account of delays in receipt of
right of way (RoW) and construction of railway over bridges
(ROBs).

The original total cost of the project is INR940.05 crore funded
in debt:equity ratio of 9:0 times; now being revised to
INR1,478.68 crore funded in debt:equity ratio of 2.77:1 times
(debt of INR1,086 crore, equity of INR155 crore and bunched
up annuities of INR238 crore). The additional loan of INR240
crore was sanctioned by all the lenders in the consortium in
April 2015. The company received provisional Commercial
Operations certificate on September 1, 2016.


PAWAR ELECTRO: CARE Lowers Rating on INR55.5cr ST Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Pawar Electro Systems Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     49.89      CARE D Revised from
                                            CARE BBB+

   Short-term Bank Facilities    55.50      CARE D Revised from
                                            CARE A3+

Rating Rationale
The revision in the ratings of Pawar Electro Systems Private
Limited takes in to account the ongoing delays in debt servicing
owing to strained liquidity position.

Established as proprietary concern in 1988, PESPL is engaged in
the manufacturing and assembly of blood bank equipments and cold
storage medical equipments. PESPL is an ISO 9001:2003 certified
company and its products comply with medical devices standards of
ISO 13485:2003. PESPL has a network of around 35 dealers across
India. During FY15 (refers to the period April 1 to March 31),
PESPL posted total income INR250.94 (vis-a-vis INR170.64 crore in
FY14) and PAT of INR12.78 crore (vis-a-vis INR8.47 crore in
FY14).


PILANIA STEELS: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Pilania
Steels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B/Stable

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

PSPL was incorporated on August 28, 1995, in Bhilai
(Chhattisgarh). The company undertakes wire drawing; it is
promoted by Mr. Kailash Agarwal and Mr. Ram Bhagat Agarwal.


PEPSU ROAD: ICRA Reaffirms B+ Rating on INR25cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR40.00
crore1 fund-based bank facilities of Pepsu Road Transport
Corporation.  The rating suspension in July 2016 stands revoked.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits        25.00     [ICRA]B+; reaffirmed,
   (Cash Credit)                      suspension revoked

   Long-term Unallocated    15.00     [ICRA]B+; reaffirmed,
                                      suspension revoked

Rationale
The rating continues to take into consideration PRTC's strategic
importance to the Government of Punjab (GoP) as a provider of
passenger transport services in the southern region of the State
of Punjab and fare revisions at regular intervals by PRTC in the
past, however the same requires the approval of the State
Government, which could lead to delays. Also, the extent of fare
hike in recent years has not kept pace with the rise in operating
costs as reflected by the losses reported by PRTC. The rating is,
however, constrained by PRTC's weak financial profile as
reflected by its losses, despite a reduction in fuel prices in
the recent years, deterioration in its operational performance
during FY2015 and FY2016, leading to higher operational cost, and
large payables by PRTC to the retired employees which, if funded
by fresh debt, would impacts its capital structure and liquidity
position adversely. The rating is also impacted by PRTC's
negative networth, which deteriorated further on account of the
losses suffered during FY2016 and depressed debt coverage
indicators. The rating also factor in PRTC's large receivables
for the concessional travel provided by it, impacting its
liquidity position adversely.

Pepsu Road Transport Corporation, Patiala was set-up in October,
1956 under the provision of the Road Transport Corporations (RTC)
Act, 1950 with a view to provide efficient, adequate, economic
and properly co-ordinated operation system of Road Transport
Services in the southern region (erstwhile PEPSU - Patiala and
East Punjab States Union) of Punjab. PRTC operates over 990 buses
daily through 10 depots.

Recent Results
As per the provisional financial statements, PRTC reported an
operating income of INR395.44 crore and a net loss of INR13.75
crore in FY2015 as compared to an operating income of INR359.91
crore and a net loss of INR14.09 crore in FY2015.


PERTINENT INFRA: ICRA Reaffirms B+ Rating on INR11.90cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.0 crore long
term fund based facilities of Pertinent Infra & Energy Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term, fund
   Based-Term Loan         11.90      [ICRA]B+ Reaffirmed

   Long term,
   Unallocated/Proposed     3.10      [ICRA]B+ Reaffirmed

The rating reaffirmation takes into consideration the long
standing experience of the promoters in the wind energy sector
and financial flexibility provided by the other group businesses.
The rating however is constrained by stretched debtor cycle,
small scale of operations, weak capital structure with high
gearing & weak debt coverage indicators and exposure to plant
utilization and counter party risks. ICRA also take note of
possible cash flow mismatches in near to medium term given thin
accruals and sizeable repayment obligations, and expect timely
financial support from group entities.

PIEL, a part of the Kolhapur based Sanghvi Group is engaged in
wind energy power generation business. The Company operates two
windmills with total capacity of 3.0 MW in Maharashtra.


POWER TECH: ICRA Suspends 'D' Rating on INR6.5cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR6.50 crore fund based limits of Power Tech. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

PT was initially setup as a proprietorship firm in the year 1999
by Mrs. L Suryakantham. The proprietorship was reconstituted as a
partnership firm in 2010 with the admission of Mr. Srinivasa Rao
as a partner. Since its inception, PT has been executing rate
contracts for piping works for the Ministry of Defence,
Government of India. Power Tech is a sister concern of the
"Ultra" group of companies which have interests in supply of
valves and execution of civil and electrical works for the Indian
Navy under Ultra Dimensions Private Limited (rated [ICRA]B). The
group also undertakes pipe fabrication works, annual contracts
for ship maintenance for the Navy etc.


PRAKASH JHA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Prakash Jha
Productions continues to reflect the PJP's exposure to risks
relating to volatile scale of operations and susceptibility to
inherent risks in the movie production business, and large
working capital requirements. These weaknesses are mitigated by
the proprietor's established position in the Hindi movie industry
and his funding support.

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

Outlook: Stable

CRISIL believes PJP will maintain a moderate business risk
profile over the medium term owing to its established position in
the Hindi movie industry. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if unexpected losses in the production business, or
any major debt-funded capital expenditure or allied investment
weakens financial risk profile.

PJP is a proprietorship firm set up by Mr. Prakash Jha, a
director and producer of Hindi movies. The firm, engaged in
production of Hindi movies, undertakes all pre- and post-
production activities in-house.


PRAVARA RENEWABLE: CARE Lowers Rating on INR186.08cr Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pravara Renewable Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     186.08     CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pravara Renewable Energy Limited is on account of the delays in
the servicing of debt obligations.

PREL is a special purpose vehicle, incorporated as a wholly-owned
subsidiary of Gammon Infrastructure Projects Limited, to
implement the 30-MW bagasse-based co-generation power project
adjacent to the Karkhana at Pravaranagar, District Ahmednagar,
Maharashtra, on Build Own Operate and Transfer basis (BOOT). The
total project cost (including cost of modernization of the sugar
plant) is INR250.78 crore (revised from INR239.59 crore),
financed through debt of INR191.67 crore and equity of INR59.11
crore (i.e. debt to equity ratio of 3.24x). The scheduled
commercial operations date of the project was October 1, 2013;
however, due to heavy and elongated rainy season, change in
location of reservoir and realignment of pipeline and conveyer
belt, the company started the commercial production of
electricity and export of power to state grid only on November 6,
2015.


RAVIRAJ GINNING: CARE Assigns 'B+' Rating to INR15cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Raviraj
Ginning Pressing & Oil Industries.

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

Rating Rationale

The rating assigned to the bank facilities of Raviraj Ginning
Pressing & Oil Industries is primarily constrained on account of
its low profitability, leveraged capital structure, weak debt
coverage indicators and working capital intensive operations. The
rating is also constrained due to susceptibility of RGP's profit
margins to fluctuation in the cotton prices, its presence in the
highly fragmented industry coupled with RGP's constitution as
partnership firm.

The rating, however, derives benefits from experience of the
partners, RGP's established scale of operations and proximity of
its plant to cotton-growing area of Gujarat.

RGP's ability to increase its scale of operations with
improvement in profitability and capital structure as well as
efficient working capital management is the key rating
sensitivity.

Morbi-based (Gujarat) RGP, a partnership firm, was constituted in
October 2005. The key partners of the firm are Mr.  Mahendra
Jhalariya and Mr. Kalyanji Jhalariya. The firm is engaged in the
cotton ginning, pressing and oil extraction business with an
installed capacity of 32 metric tonnes per day (MTPD) of the
cotton bales as on March 31, 2016.

During FY16 (refers to the period April 1 to March 31), RGP
reported a PAT of INR0.03 crore on a TOI of INR78.48 crore as
against PAT of INR0.03 crore on a TOI of INR82.80 crore during
FY15. During 5MFY17 (Prov.), RGP reported TOI of INR21.72
crore.


REGENCY GANGANI: ICRA Reaffirms 'B' Rating on INR57.24cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR57.24 crore
(reduced from INR73 crore) fund based bank facilities and 0.16
crore proposed limits of Regency Gangani Energy Private Limited
at [ICRA]B.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities     57.24      [ICRA]B; reaffirmed
   Unallocated (Proposed      0.16      [ICRA]B; assigned/
   Limits)                              outstanding

ICRA's rating reaffirmation draws comfort from the limited demand
risks for the energy generated by its 9.5 MW hydroelectric plant
at Uttarkashi, Uttarakhand given the significant energy deficit
in the state, affordable tariff of the plant and presence of
long-term PPA with Uttarakhand Power Corporation Limited. Further
the company was able to get the balance amount of MNRE (Ministry
of New and Renewable Energy) subsidy and Insurance claim which
helped RGEPL in further providing cushion to cash flows.

The rating continues to factor in company's qualified and
experienced promoters who have successfully executed and operate
four Small hydro power projects (SHPs) in Uttarakhand and
Himachal Pradesh. ICRA further draws comfort from the Trust and
Retention Account (TRA) mechanism, which is in place for debt
servicing.

The rating however continues to be constrained by high capital
cost of the project (INR116 crore as against originally expected
cost of INR70 crore) on account of cost over runs due to cloud
bursts that have occurred twice in the past few years (Initially
in August 2012 and subsequently in June 2013) causing extensive
damage to the project site. The rating also factors in the
hydrological risks due to shortage of water or loss of generation
due to silting. Given that the revenues of the company are linked
to actual unit sales, this exposes the company to the risk of
cash flow mismatches.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters thereby
ensure timely repayment of its debt obligations would thus remain
key rating drivers.

RGEPL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 9.5 MW small hydro
power (SHP) project in Uttarkashi District of Uttarakhand.
The Regency group, which is based in Paonta Sahib, Himachal
Pradesh, commenced operations by setting up a calcium carbide
manufacturing unit in a company called Regency Carbide Limited.
Subsequently, the company diversified into power generation
mainly for meeting the captive power requirement of RCL.
Thereafter, the group has commissioned a number of other units as
well, with a total commissioned capacity of 27.50MW.

Recent Results
In FY2015-16, the company reported on a provisional basis profit
after tax (PAT) of INR1.70 crore on an operating income of
INR17.07 crore as against a PAT of INR0.51 crore on an operating
income of INR14.53 crore in the previous year.


RK Enterprise: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has assigned R K Enterprise a Long-
Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RKE's small scale of operations and moderate
credit profile. According to RKE's provisional financial for
FY16, its revenue was INR44 million (FY15: INR38 million), net
financial leverage (net debt/EBITDA) was 3.8x (3.4x) and gross
interest coverage (EBITDA/gross interest) was 3.2x (1.0x). The
company's EBITDA margin improved to 51.0% (FY15: 35.9%) due to a
decline in repair and maintenance cost.

The ratings are constrained by RKE's partnership nature of
business.

The ratings, however, are supported by over two decades of
experience of RKE's promoters in the transportation service. The
ratings are further supported by the firm's strong relationships
with its customers and suppliers. Moreover, RKE's liquidity is
comfortable as evident from its 65% average working capital
utilisation for the 12 months ended July 2016.

RATING SENSITIVITIES

Positive: A substantial improvement in revenue and the operating
profit could be positive for the ratings.

Negative: A decline in the operating profitability, resulting in
deterioration in the interest coverage, could be negative for the
ratings.

COMPANY PROFILE

RKE, incorporated in 2011, is a subsidiary of Gujral Group of
companies which is engaged in transportation and hotel business
governed by the Board of Directors Mr. Bhupinder Singh Gujral,
Mrs. Tejinder Kaur Gujral , Mr. Gaganjeet Singh Gujral, Mr.
Sudipta Bhattacharya and Mr. Debdulal Talukdar.

RKE started its commercial operations in 2012. The firm is
primarily involved in transportation business. The firm mainly
transports LPG gases for Indian Oil Corporation (IND AAA/Stable),
Bharat Petroleum Corporation Limited and Hindustan Petroleum
Corporation Limited (IND AAA/Stable) in the eastern region of
India.

RKE's ratings:

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

   -- INR10.5 million fund-based working capital: assigned
      'IND BB-'/Stable

   -- INR56.26 million Long-term loan: assigned 'IND BB-'

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


S.P.P FOOD: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S.P.P Food
Products Private Limited's 'IND B+(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of information. Ind-
Ra will no provide ratings or analytical coverage for S.P.P Food
Products.

Ind-Ra suspended S.P.P Food Products' ratings on 29 February
2016.

S.P.P Food Products' ratings:

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

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

   -- INR35 million non-fund-based limits: 'IND BB+
      (suspended)'/'IND A4+(suspended)'; ratings withdrawn

   -- INR46.6 million long-term loan: 'IND BB+(suspended)';
      rating Withdrawn


SE COMPOSITES: ICRA Suspends 'D' Rating on INR562cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR562
crore, long term and short term bank facilities of SE Composites
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


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


SHAKTI INDIA: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shakti India's
(Shakti) '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 Shakti.

Ind-Ra suspended Shakti's ratings on 8 March 2016.

Shakti's ratings:

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

   -- INR8.54 million term loans: 'IND B+(suspended)'; rating
      withdrawn

   -- INR40 million fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


SHIVAM COTTON: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shivam
Cotton Industries (Junagadh).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable
   Term Loan               49        CRISIL B/Stable

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

Incorporated in 2013, SCI is a partnership firm located in
Junagadh (Gujarat).It is engaged in cotton ginning and pressing.
The firm is promoted by the Ribidiya family. The firm commenced
commercial operations in April 2014.


SHREE ASHTVINAYAK: Ind-Ra Assigns 'IND D' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree
Ashtvinayak Roller Flour Mills Private Limited a Long-Term Issuer
Rating of 'IND D'.

KEY RATING DRIVERS

The ratings reflect delays by SARFM in its term loan repayments
during the three months ended August 2016, due to its stressed
liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

SARFM was incorporated as a private limited company in December,
2012 and began commercial operations in 2015. It manufactures and
processes products such as flour (white and wheat) and semolina.

SARFM's ratings:

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

   -- INR50 million fund-based limits: assigned Long-term 'IND D'

   -- INR28.5 million term loan: assigned Long-term 'IND D'


SHREE SAI: CRISIL Upgrades Rating on INR118.2MM Loan to BB-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shree
Sai Calnates India Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit            118.2      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The ratings upgrade reflects improvement in SSCIPL's credit risk
profile driven by improved increase in revenue and profitability.
Revenue was INR425.1 million with an operating margin of about 10
percent in fiscal 2016 vis-a-vis INR392.1 million and 6.9
percent, respectively, in fiscal 2015. Lower natural gas prices
led to better margins and consequent sizeable profits; net cash
accrual was also higher than expected.

In fiscal 2016, unsecured loans of INR78.2 million from promoters
were converted into equity, thereby increasing networth to
INR216.9 million from INR140 million in the previous year.
Resultantly, gearing dropped to below 0.8 time as on March 31,
2016 from 1.72 times in the previous year. Debt protection
metrics continue to remain average, reflected in interest
coverage and net cash accrual to total debt ratios of 1.7 times
and 0.06 time, respectively, in fiscal 2016. Prepayment of term
loans and moderate bank limit utilization of about 80 percent
also cushion liquidity.

The ratings continue to reflect an established market position in
the calcium carbonate industry, strong clientele, and moderate
capital structure. These strengths are mitigated by large working
capital requirement and susceptibility to intense industry
competition.
Outlook: Stable

CRISIL believes SSCIPL will continue to benefit from its
established industry presence. The outlook may be revised to
'Positive' if scale of operations improves substantially and
sustainably while achieving anticipated profitability, leading to
higher cash accrual, and maintaining capital structure.
Conversely, the outlook may be revised to 'Negative' if
significantly low cash accrual, stretched working capital cycle,
or any large debt-funded capital expenditure weakens financial
risk profile, particularly liquidity.

SSCIPL, incorporated in 1997 and promoted by Mr. Subhas Tibrewal
and Mr. Shankarlal Agarwal, manufactures precipitated calcium
carbonate and activated calcium carbonate. It caters to companies
in the pipes, plastics, paints, and fast-moving consumer goods
segments.


SHREE SIDDHESHWARI: ICRA Reaffirms B+ Rating on INR16cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR16.00 crore cash credit facility and INR3.75 crore term
loans facility of Shree Siddheshwari Oil Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             16.00      [ICRA]B+ reaffirmed
   Term Loans               3.75      [ICRA]B+ reaffirmed

The rating reaffirmation continues to be constrained by the
firm's weak financial risk profile characterized by limited
profitability, highly leveraged capital structure and weak
coverage indicators. The rating also takes into account the
limited profit margins in the business owing to low value
addition and high competitive intensity and fragmented industry
structure. The rating is also constrained by the vulnerability of
the firm's profitability to raw material prices which are subject
to seasonality and crop harvest as well as exposure to the
regulatory risks with regards to MSP fixed by Government of India
(GOI). ICRA also notes that SSOI is a partnership firm and any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The rating, however, favorably factors in the past track record
of the promoters in the edible oil and cotton ginning industry;
the location advantage by virtue of its location in Gujarat,
providing it easy access to quality raw material and product
diversification into castor seed oil and cake.

Established in November 2007 as a partnership firm by the Mehta
family, Shree Siddheshwari Oil Industries (SSOI) is involved in
crushing of cotton seeds, mustard seeds and castor seeds to
extract the cotton seed oil & cake, mustard seed oil & cake and
castor oil & cake respectively. The plant is located at Harij,
Gujarat.

Recent Results
During the FY2016 (provisional unaudited financials), SSOI has
reported an operating Income of INR61.07 crore and net profit of
INR0.15 crore as against an operating Income of INR59.45 crore
and net profit of INR0.13 crore during FY2015.


SINTEX INDUSTRIES: Moody's Withdraws Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Sintex Industries Ltd's
Ba2 corporate family rating with a stable outlook.

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Incorporated as Bharat Vijay Mills Ltd (BVML) in 1931, Sintex
Industries Ltd is an Indian-based manufacturer of textile yarn
and fabric and a producer of plastic mouldings and structures,
with operations in nine countries.  Sintex reported net sales of
INR48.3 billion in the fiscal year ending March 2016.  Listed in
2000 on the National Stock Exchange (NSE), it is 32.5%-owned by
the Patel-family promoter group as of June 30.


SREE JEYASOUNDHARAM: ICRA Reaffirms C Rating on INR17cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR6.07 crore (revised from INR6.20 crore) term loan facilities,
the INR17.00 crore fund based facilities, the INR1.00 crore fund
based limits (sub limit) and the INR1.33 crore (revised from
INR1.20 crore) proposed facilities of Sree Jeyasoundharam Textile
Mills Private Limited at [ICRA]C. ICRA has also reaffirmed the
short term rating outstanding on the INR3.25 crore short term non
fund based facilities of the Company at [ICRA]A4 .

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term-Term loans       6.07      [ICRA]C/reaffirmed

   Long term-Fund based
   Facilities                17.00      [ICRA]C/reaffirmed

   Long term-Fund based
   facilities (Sub limit)    (1.00)     [ICRA]C/reaffirmed

   Long term-Proposed
   facilities                 1.33      [ICRA]C/reaffirmed

   Short term-Non Fund
   based facilities           3.25      [ICRA]A4/reaffirmed

Rationale
The rating reaffirmation factors in the weak financial profile of
the company characterized by low operating profit margin of 3.8%,
continuing cash losses, high working capital intensity of ~52%,
negative net worth, stretched capital structure and inadequate
debt protection metrics during 2015-16. With significant amount
of low cost inventory held as on March 2016 and the subsequent
increase in cotton prices during the first two quarters of 2016-
17, ICRA believes the company's operating margin to improve
during the current fiscal which could lead to an improvement in
the coverage indicators; though the same will continue to remain
weak. Nonetheless, the ratings continue to factor in the
significant experience of the promoters of five decades in the
textile industry and continued support from its group companies,
both financial and operational. The ratings remain constrained by
the company's presence in a highly fragmented industry
characterized by intense competition which restricts its pricing
flexibility, thereby exposing the margins to volatility in cotton
and yarn prices.

Sree Jeyasoundharam Textile Mills Private Limited, was
incorporated as a private limited company in September 1989 with
an object of establishing a cotton spinning mill in Sivagangai,
Tamil Nadu. The company is a part of Ramalinga Group,
Aruppukottai, Tamil Nadu (which forms part of broader Jayavilas
Group). The major companies in the Ramalinga group include (a)
Shri Ramalinga Mills Limited (SRML), rated [ICRA]BB (stable)/
[ICRA]A4+, (ii) Aruppukottai Shri Ramalinga Spinners Private
Limited (wholly owned subsidiary of SRML) rated [ICRA]B/
[ICRA]A4, and (iii) Tamil Nadu Jai Bharath Mills Limited. Over
the years, the Company has increased the spindle capacity to its
current level of 41,760 spindles and 672 rotors.

Recent Results
The Company reported a net loss of INR3.8 crore on an operating
income of INR47.9 crore during 2015-16 as against a net loss of
INR12.1 crore on an operating income of INR30.1 crore during
2014-15.


SRI LAKSHMI: CRISIL Assigns B- Rating to INR52.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the bank
facilities of Sri lakshmi Mounica Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      7.5       CRISIL B-/Stable
   Cash Credit            52.5       CRISIL B-/Stable
   Long Term Loan         40.0       CRISIL B-/Stable

The ratings reflect SLMRI's modest scale of operations in
intensely competitive rice milling industry, susceptibility of
its profitability margins to volatility in paddy prices and
unfavorable regulatory changes. The ratings also factor in the
firm's below-average financial risk profile, with modest net
worth, high gearing and weak debt protection metrics. These
weaknesses are partially offset by extensive industry experience
of the proprietor and it established supplier and customer
relationships.
Outlook: Stable

CRISIL believes SLMRI will continue to benefit over the medium
term from the proprietors' extensive experience. The outlook may
be revised to 'Positive' if substantial and sustainable
improvement in revenue and profitability, or a sizeable equity
infusion strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if a steep decline in
profitability, or stretch in working capital cycle weakens key
credit metrics.

Based in Nellore (Andhra Pradesh) and established in 2007 by Mr.
Balamurali Reddy, SLMRI is a proprietorship firm which process
paddy into rice; it also generates by-products such as broken
rice, bran, and husk.


SRI RAJU: ICRA Suspends B+/A4 Rating on INR5.0cr LT Loan
--------------------------------------------------------
ICRA has suspended rating of [ICRA]B+/[ICRA]A4 assigned to the
INR5.0 crore long-term fund based facilities and the INR1.0 crore
short-term non fund based facilities of Sri Raju Cotton Mills.
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.


SRI VEER: CARE Assigns B+ Rating to INR7cr Long Term Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Veer
Anjanaya Agro Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Veer Anjanaya
Agro Foods is constrained by short track record of operations,
the highly fragmented industry and regulated by government,
profitability margins is susceptible to fluctuation in raw
material prices, seasonal nature of availability of paddy
resulting in working capital intensive nature of operations and
constitution of the entity as partnership firm. However, the
rating is underpinned by the experience of the partners for two
decades in rice mill and food grains dealing, location advantage
and stable demand outlook for rice and rice products.

The ability of the firm to stabilize the operations and generate
the revenue and profit levels as envisaged.

SVAAF was established as a partnership firm on January 01, 2015,
and the commercial operations started in December 2015. Mr. M R
Vasanth, Mr. M R Prathik, Ms M R Sunitha and Ms M R Sowmya
are the partners of the firm. All the partners are family members
and hail from business community having experience of around 15
to 20 years in rice mill industry. The firm is engaged in the
business of rice milling (processing of paddy into rice). The
firm is purchasing raw paddy from farmers based at Raichur
district in the state of Karnataka. The total cost incurred by
the firm for setting of rice milling unit was INR5.63 crore
funded by long-term debt of INR2.50 crore and partners' capital
of INR3.13 crore.


SUJALA PIPES: CARE Upgrades Rating on INR31.80cr LT Loan to B+
--------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to bank facilities of Sujala Pipes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     31.80      CARE B+ Revised from
                                            CARE C
   Short-term Bank Facilities    15.07      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Sujala Pipes Private Limited takes into account the
improvement in the liquidity position and financial risk profile
of the company. The ratings continue to factor in the experienced
promoter group and moderate industry growth prospects. The
ratings are, however, constrained by the relatively small scale
of operation along with reduced sales in FY16 (refers to the
period April 1 to March 31), high exposure to group companies,
volatility in input prices and working capital intensive nature
of operation. The ability of the company to increase its scale of
operation & improve profitability and liquidity are the key
rating sensitivities.

SPPL, belonging to the Nandi group of Kurnool, Andhra Pradesh
(A.P.), was incorporated in 1982 as a partnership concern and was
reconstituted as a Private Limited Company in February 1988. SPPL
is engaged in the manufacturing of polyvinyl chloride (PVC) pipes
& fittings used in irrigation projects, water management,
sewerage, & drainage industry, etc.

Nandi group, promoted by Mr. S.P.Y Reddy, is a South India-based
industrial house having diversified business interest.

Apart from manufacturing of PVC pipes, the group has presence in
cement, steel, dairy and construction segment.

During FY16, the company reported PBILDT of INR9.21 crore
(INR11.59 crore in FY15) and a PAT of INR0.22 crore (INR0.26
crore in FY15) on a total operating income of INR142.89 crore
(INR158.14 crore in FY15).  As per the provisional financials for
Q1FY17, the company has reported a total operating income of
INR47.67 crore.


SUZLON ENERGY: ICRA Suspends 'D' Rating on INR8,018cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the
INR8,018 crore, long term and short term bank facilities of
Suzlon Energy Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SUZLON ENGITECH: ICRA Suspends D Rating on INR5cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR5
crore, long term and short term bank facilities of Suzlon
Engitech Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SUZLON GENERATOR: ICRA Suspends 'D' Rating on INR79cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR79
crore, long term and short term bank facilities of Suzlon
Generator Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


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


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


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


SUZLON WIND: ICRA Suspends D Rating on INR1,027cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the
INR1,027 crore, long term and short term bank facilities of
Suzlon Wind International Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


T.M.M.R. RATHINASAMY: CRISIL Suspends B Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of T.M.M.R.
Rathinasamy Nadar & Co.

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

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

TMMR was set up in 1974 as a partnership firm by Mr. T.M.M.R.
Rathinasamy Nadar. The company is based in Virudhunagar (Tamil
Nadu), and is engaged in manufacture and sale of gingelly oil
under the brand 'Pasumark'. The day-to-day operations are managed
by Mr. Nadar and his son Mr.T.R.Ganesan.


TAURUS COMMERCIALS: CARE Assigns B+ Rating to INR2.96cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Taurus Commercials Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.96      CARE B+ Assigned
   Long-term/Short-term Bank      6.50      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Taurus Commercials
Private Limited are constrained on account of its decline in
scale of operations, thin profit margins, leveraged capital
structure, weak debt coverage indicators, modest liquidity
position and working capital intensive operations. The ratings
are further constrained on account of risk associated with raw
material price volatility and supplier concentration risk.

The ratings, however, derive benefits from experienced promoters
and location benefit.

The ability of TCPL to increase its scale of operations along
with improving capital structure amidst competitive nature of
industry and low profit margins are the key rating sensitivities.

TCPL is a private limited company, incorporated on August 5,
1993, and promoted by Mr. Sunilkumar Kamalia and Mrs Binita
Kamalia. The company is engaged into the trading of steel
products in domestic markets based on the orders given by
customers. Its main products include TMT (Thermo-Mechanically
Treated) Bars (forming 43% of turnover in FY16 [refers to the
period April 1 to March 31]), steel plates (forming 39% of
turnover in FY16), sheets, channels, angles, beam.

TCPL has set up its unit in Ahmedabad and has three warehouses in
Naroda and one in Kalol. The steel products are procured from
suppliers spread across India. The suppliers of TCPL include some
of the large corporates like Steel Authority of India Limited and
JSW Steel Limited.

As per the audited results for FY16 (refers to the period April 1
to March 31), TCPL reported a Profit after Tax (PAT) of INR0.07
crore on a total operating income (TOI) of INR48.75 crore as
against a PAT of INR0.04 crore on a TOI of INR71.69 crore during
FY15 (Audited). Till September 20, 2016, the company had clocked
a turnover of INR54 crore.


TAURUS POWERTRONICS: ICRA Assigns B+ Rating to INR2.0cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.0
crore fund based cash credit facility of Taurus Powertronics Pvt
Ltd. ICRA has also assigned a short term rating of '[ICRA]A4' to
the INR7.0 crore non-fund based Bank Guarantee facility and
INR3.0 crore unallocated limits of TPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash credit              2.0        [ICRA]B+ (assigned)
   Bank Guarantee           7.0        [ICRA]A4 (assigned)
   Unallocated              3.0        [ICRA]A4 (assigned)

The assigned ratings are constrained by modest scale of
operations, which limits financial and operational flexibility of
the company to an extent. ICRA also considers the high customer
concentration risk with top five customer sales contributing to
75% of total sales in FY2016, and the sectoral concentration
owing to the company's focus on the power sector. Further, the
ratings factor in working capital intensive nature of business,
marked by stretched receivables and inventory position of the
company which adversely impacted its liquidity in FY2016,
resulting in increased debt levels and subsequent interest
expenses which negatively impacted the capital structure and
coverage indicators as well. However, the ratings positively
factor in the significant experience of the promoter with more
than two decades in manufacturing and marketing of power testing
and measurement equipments; the low counterparty risk as
government agencies like Power Grid Corporation of India, and
state transmission companies of Bihar, Maharashtra, Gujarat,
Karnataka, and UP dominate the customer profile. Further, the
repeat purchases from Power Grid Corporation of India as well as
orders from new customers reflect favorably on their product
quality. ICRA also notes the moderate order book of INR18.0 crore
(1.02 times of operating income of FY2016) as on Sep 28, 2016,
which provides revenues visibility for the near term.Going
forward, the ability of the company to increase its turnover and
margins and diversify the product mix while efficiently managing
its working capital requirements are the key rating
sensitivities.

Taurus Powertronics Pvt. Ltd found in 1991 as a part of the
Taurus group of companies, headquartered in Bangalore-India and
has branch offices in Delhi, Kolkata and Mumbai. TPPL has
established itself over the years, as the preferred designer,
developer & manufacturer of test and measurement (T&M) equipments
for the power sector. TPPL was initially into manufacturing,
supplying and exporting of a vast assortment of Power Testing
Equipment, later from 2007 TPPL is only into trading of these
products, while manufacturing is undertaken in a group company.
These products are highly demanded in the power sector
(Generation, Transmission & Distribution). The company offers a
wide range of advanced state of art systems, customized
technology solutions and result oriented service to its clients.
The company follow strict adherence to quality standards and
industrial guidelines, TPPL is certified with an ISO 9001:2008
certificate. TPPL was incorporated by Mr. Makaram Narasimhan
Ravinarayan and his wife Mrs. Gayathri Ravinarayan, as a
subsidiary of Taurus Group.

Recent Results
During FY16 the company reported a net profit of INR0.65 crore on
an operating income of INR17.63 crore as against a net profit of
INR0.65 crore on an operating income of INR19.67 crore during
FY15.


WARANA DAIRY: Ind-Ra Suspends 'IND BB' Bank Loans Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB'
ratings on Warana Dairy And Agro Industries Ltd's INR485.19
million bank loans and INR80 million fund-based working capital
facilities to the suspended category. The Outlook was Stable. The
ratings will now appear as 'IND BB(suspended)'.

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 WDAIL.

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.



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


PROFESIONAL TELEKOMUNIKASI: Moody's Withdraws Ba1 CFR
------------------------------------------------------
Moody's Investors Service has assigned an issuer rating of Baa3
to Profesional Telekomunikasi Indonesia. This is the first time
Moody's has assigned an investment grade rating to Protelindo.

The outlook for the rating is stable.

At the same time, Moody's has withdrawn the company's Ba1
Corporate Family Rating (CFR).

RATINGS RATIONALE

"The upgrade into investment grade from the previous Ba1 rating
reflects Protelindo's resilient and contractually based business
model with stable free cash flow generation and relatively low
leverage," says Annalisa Di Chiara, a Moody's Vice President and
Senior Credit Officer.

"Management's commitment to a strong balance sheet is also an
integral part of its investment grade rating and provides comfort
that any additional acquisitions or shareholder initiatives will
not result in a material increase in leverage, nor a significant
contraction in cash flows," adds Di Chiara

Moody's also understands that Protelindo has recently prepaid
around IDR3.3 trillion of foreign currency-denominated debt from
cash and cash from operations.

As a result, despite an increase in debt of IDR3 trillion for its
IDR3.57 trillion acquisition of 2,500 towers from XL Axiata Tbk
(P.T.) (Ba1 positive) in June 2016, Moody's expects Protelindo
will return to pre-acquisition leverage levels -- or around 2.5x
by end-2016 -- compared to its previous expectation of 3.0x-3.5x.

Management has guided towards a net leverage tolerance level of
2.0x-3.0x, based on last quarter annualized EBITDA, a level which
can be accommodated in the Baa3 rating. This ratio was 2.2x as of
June 2016. Furthermore, Moody's expects the company will continue
to minimize refinancing risk, making debt repayments through cash
flow from operations.

"The long-term and non-cancellable, contractual nature of
Protelindo's revenue base provides a high degree of visibility
for future cash flows. As of June 2016, the company had
contracted revenues of IDR27.1 trillion, which is around 5.7
times its revenue for the last 12 months", adds Di Chiara.

In addition, limited contract renewal risk over the next three
years and a stable tenancy profile further support high EBITDA
margins and resilient cash flows, providing a cushion to initiate
dividend payments - or make an tower assets acquisition similar
in size to its recent purchase from XL - while maintaining a
strong credit profile.

Protelindo's investment grade rating is also supported by its
position as Indonesia's largest independent tower company in
Indonesia by some margin, with about 14,515 towers and 24,178
tenants. By comparison, the second largest independent tower
company, Tower Bersama Infrastructure Tbk (P.T.) (TBI, Ba3
stable) had 12,070 towers leased to 19,972 tenants as of June
2016.

Protelindo's tenancy mix will also benefit from its recent
acquisition, as 2,432 towers will have XL as the anchor tenant.
As a result, Moody's expects revenues from the Big 3 mobile
operators -- Telekomunikasi Selular (P.T.) (Baa1 stable), Indosat
Tbk. (P.T.) (Ba1 positive) and XL -- to increase to around 48% by
end-2016 from 44% in 2015.

Finally, Protelindo continues to have excellent liquidity,
demonstrated by strong access to bank funding, and a long-dated
debt maturity profile. The company reported a IDR3.6 trillion
cash on its balance sheet at June 2016, and around 75% of its
debt facilities mature in 2019 and beyond.

The outlook on Protelindo's rating is stable, reflecting our
expectation that the company will maintain a strong financial
profile through steady growth and positive free cash flow
generation. Leverage, as measured by adjusted gross debt/EBITDA,
is also expected to remain around 2.5x.

What Could Change the Rating -- Up

Given the recent upgrade in Protelindo's rating, upward rating
pressure is limited. However, upward pressure may build if over
time if : (1) adjusted debt/EBITDA falls below 2.0x on a
consistent basis and (2) interest coverage, as measured by
adjusted (FFO + interest)/interest, rises above 5.5x-6.0x on a
sustained basis.

What Could Change the Rating -- Down

Financial indicators that could lead to a downgrade include: (1)
adjusted debt/EBITDA rises above 3.0x on a consistent basis, (2)
interest coverage, as measured by adjusted (FFO +
interest)/interest, falls below 4.5x-5.0x, and/or (3) the company
turns free cash flow negative.

In addition, downward rating pressure would build if: 1) the
company makes acquisitions substantially beyond our expectations
in terms of size or price paid, 2) rental rates decline
significantly due to increased competition, or 3) a deterioration
in the financials of one of its major tenants which would cause
Protelindo's metrics to weaken.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 2011.

Founded in 2003, Profesional Telekomunikasi Indonesia
("Protelindo") is one of two leading independent tower companies
in Indonesia with 14,515 telecommunication towers serving 24,178
tenants as of 30 June 2016. It essentially leases space on its
communications towers to cellular telecommunications operators on
long-term contracts.

Protelindo is wholly owned by Sarana Menara Nusantara (SMN,
unrated), which is listed on the Indonesian Stock Exchange.
Currently, 32.7% of SMN is owned by the Hartono family, and
Protelindo's management, sponsors and advisors hold a significant
stake in the company.

Assignments:

   Issuer: Profesional Telekomunikasi Indonesia

   -- Issuer Rating (Foreign Currency), Assigned Baa3

Outlook Actions:

   Issuer: Profesional Telekomunikasi Indonesia

   -- Outlook, Remains Stable

Withdrawals:

   Issuer: Profesional Telekomunikasi Indonesia

   -- Corporate Family Rating (Local Currency & Foreign
      Currency), Withdrawn , previously rated Ba1



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


TOKUYAMA CORP: To Sell Malaysian Unit to South Korean Firm
----------------------------------------------------------
Nikkei Asian Review reports that Tokuyama Corporation said
Sept. 28 it will sell a Malaysian subsidiary to South Korea's OCI
as part of its business rehabilitation efforts.

Nikkei relates that Tokuyama invested roughly JPY200 billion
($1.99 billion) in the unit to produce polysilicon. But its
plant, construction of which began in 2011, has only caused
problems for the company. The facility has been marred by quality
issues in the area of polysilicon for semiconductors and never
made a shipment. It failed in polysilicon for solar cells as
well, unable to compete with Chinese rivals' cheap offerings.

By the year ended March 2016, Tokuyama had booked impairment
charges amounting to its entire investment there in hopes of
putting the business back on track, but decided to spin off the
Malaysian operations instead, according to Nikkei.

Nikkei says Tokyo-based Tokuyama will transfer all shares of the
subsidiary to OCI at the end of March and exit the business of
making polysilicon for solar cells. The South Korean firm, the
world's third-largest producer of such material, will pay $98
million for the operations.

Tokuyama will now focus on chip-related silicon, in which it
holds 20% of the global market, as well as highly profitable
cleaning solutions for electronic parts, adds Nikkei.

Japan-based Tokuyama Corporation Tokuyama Corporation (TYO:4043)
mainly manufactures and sells chemicals, specialty products,
cement and functional materials.



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


1MDB: Swiss Suspect Ponzi Scheme Used to Conceal 1MDB Losses
------------------------------------------------------------
Ralph Atkins and Jeevan Vasagar at The Financial Times report
that Switzerland has stepped up pressure on Malaysia over
corruption allegations linked to the 1MDB state investment fund,
saying it suspected a Ponzi scheme had been used to conceal
"substantial amounts" of misappropriated funds.

The FT relates that the Swiss attorney-general's office said on
Wednesday that its criminal inquiries relating to 1MDB had
identified further suspect transactions involving the Swiss
financial sector, including $800m misappropriated from
investments in natural resources made by a 1MDB subsidiary, SRC.

The Swiss statement said: "It is suspected that a Ponzi scheme
fraud was committed to conceal the misappropriations from both
the SRC fund and from 1MDB," the FT relays.

According to the FT, the accusations of a Ponzi scheme - a fraud
in which funds generated from subsequent investors, rather than
revenue, is used to pay initial investors - will fuel concerns
over the governance of 1MDB, which was set up by the Malaysian
prime minister Najib Razak.

Both Mr. Najib and 1MDB deny any wrongdoing, the FT notes. The
Malaysian parliament's public accounts committee said in April
that billions of dollars in transactions by the fund had not been
accounted for. By January this year 1MDB's debts ballooned from
INR5 billion ($1.2 billion) to INR50 billion.

The FT relates that in an apparent rebuke to Malaysian
authorities, Swiss officials said that a request for assistance
made to Kuala Lumpur in January was "still pending" and added
that they had now requested "further mutual legal assistance"
from Malaysia over the affair.

According to the FT, the Swiss attorney-general's office said it
"remains confident that the two requests for mutual legal
assistance made to the authorities in Malaysia will be executed".

The latest Swiss intervention shows how pressure from global
regulators is intensifying, after US authorities moved to seize
$1 billion in assets - including properties in New York and
Beverly Hills - as part of an investigation into 1MDB, the FT
states.

But domestically, inquiries into the affair have ground to a
standstill. Malaysia's previous attorney-general, Abdul Gani
Patail, was suddenly retired on grounds of ill health last year,
part of a series of moves which blunted criticism over 1MDB, the
FT relates.

Malaysia's new attorney-general, Mohamed Apandi Ali, has cleared
the prime minister of wrongdoing over $681 million paid into Mr.
Najib's personal bank account, a transfer which Mr. Apandi said
was made by Saudi royals, the FT adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



=====================
P H I L I P P I N E S
=====================


PHILWEB CORP: Araneta Buys Ongpin Stake for PHP2 Billion
--------------------------------------------------------
Jenniffer B. Austria at Manila Standard reports that former trade
minister and businessman Roberto Ongpin agreed to sell his entire
stake in gaming company PhilWeb Corp. to businessman Gregorio
Araneta for PHP2 billion.

According to the report, PhilWeb said in a disclosure to the
stock exchange RVO Group of Companies, the holding firm of
Ongpin, concluded a sale and purchase agreement with Gregorio
Araneta Inc.

Manila Standard relates that the transaction involves RVO's
771,651,896 million shares, equivalent to 53.76 percent of
PhilWeb at a price of PHP2.60 per share.

The buying price is a huge discount to PhilWeb's closing price of
PHP6.22 per share on Oct. 5. The transaction will be done in two
tranches.

The report says the first tranche of 653,151,896 shares is to be
completed through a special block sale, for approval by the
Philippine Stock Exchange.

The second tranche will consist of 118,500,000 shares consisting
of partially paid shares, which are now fully paid but need to be
registered for listing at the Philippine Stock Exchange.

Manila Standard relates that PhilWeb said the second tranche
would be scheduled as soon as the registration of the shares at
the PSE was completed and would be transacted at the same price
as the special block sale for the first tranche.

"After the divestment by the RVO Group of Companies of its stake
in PhilWeb is concluded today and after his resignation from
PhilWeb in early August, Ongpin will have no further involvement
with PhilWeb. Mr. Gregorio Ma. Araneta III has been elected as
chairman, and Mr. Dennis Valdes will remain as president,"
PhilWeb, as cited by Manila Standard, said.

With the divestment of Ongpin, the new management of PhilWeb will
now reapply for the continuation of its license with regulator
Philippine Amusement and Gaming Corp. for its nationwide network
of eGames cafes, relates Manila Standard.

Ongpin hired KPMG (R. G. Manabat & Co.) as its financial advisor
for the transaction, the report discloses.

Ongin, who was named by President Duterte as one of the oligarchs
in the country that his administration wanted to destroy, earlier
announced plans to sell his entire stake in PhilWeb after Pagcor
rejected all his offers just to have the gaming license of the
company renewed, according to Manila Standard.

Manila Standard notes that PhilWeb's gaming license expired on
Aug. 10, which resulted in the closure of its 286 operating e-
Games cafes across the country, majority of which are owned and
operated by independent operators.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2016, Manila Standard Today said PhilWeb Corp. will have
to wind up its operations following the decision of the state-
gaming firm not to renew its license.

"Philweb contract will expire Aug. 10, 2016, Pagcor will not
renew/extend the contract. PhilWeb informed PAGCOR that they are
doing their wind up operations," Manila Standard quoted
Philippine Games and Amusement Corp. assistant vice president for
corporate communications Maricar Bautista as saying in a text
message.

With the PAGCOR's decision, PhilWeb Corp., which operates and
manages electronic casinos owned by the Philippine gaming
regulator, will have to shut down operations, including 286
so-called e-games outlets, according to Manila Standard.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***