TCRAP_Public/161010.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

           Monday, October 10, 2016, Vol. 19, No. 200


                            Headlines


A U S T R A L I A

COMPASS MEDIA: First Creditors' Meeting Set For Oct. 17
FORD MOTOR: Australian Car Production Line Ends After 91 Years
GFAB ENGINEERING: First Creditors' Meeting Set For Oct. 14
KRONOS RISK: First Creditors' Meeting Set For Oct. 17
VIRGIN AUSTRALIA 2013-1: Fitch Ups Rating on Cl. C Notes to BB+

C H I N A

CHINA AOYUAN: S&P Revises Outlook to Positive & Affirms 'B' CCR
CHINA SHANSHUI: To Issue New Shares at 92% Discount
HUA HAN: S&P Cuts CCR to 'CCC,' Keeps Negative CreditWatch Rating

I N D I A

AAMODA BROADCASTING: CRISIL Ups Rating on INR86.7MM Loan to 'B'
AAMODA PUBLICATIONS: CRISIL Ups Rating on INR200MM Loan to 'B'
ADITHYA GLOBAL: CRISIL Assigns 'B' Rating to INR152.5MM LT Loan
AGARWAL CORPORATION: CRISIL Lowers Rating on INR70MM Loan to D
AIRFLOW EQUIPMENTS: Ind-Ra Affirms 'D' Long-Term Issuer Rating

ARUNA INTERNATIONAL: CRISIL Assigns 'B' Rating to INR50MM Loan
ASIAN BEVERAGE: CRISIL Lowers Rating on INR169MM Term Loan to D
AVMARK POLYMERS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
B.D. ROADWAYS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
B.S. ROADWAYS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

BIRMI INTERNATIONAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
CANAAN ENGINEERING: Ind-Ra Affirms 'D' Long-Term Issuer Rating
CHHAVAN ENGINEERING: CRISIL Reaffirms B Rating on INR3.5MM Loan
CINQ MICRON: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
EMPIRE MEADOWS: CRISIL Assigns B+ Rating to INR150MM LT Loan

GODAWRI MOTORS: CRISIL Assigns B- Rating to INR75MM Cash Loan
GOLCONDA TEXTILES: CRISIL Reaffirms D Rating on INR110MM Loan
GORAYA STRAW: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
G.S. ROADLINES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
G.S. ROADWAYS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

J.B. OIL: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
JKG REALTECH: CRISIL Assigns B+ Rating to INR85MM LT Loan
JR FIBREGLASS: CRISIL Lowers Rating on INR74MM Cash Loan to 'B'
KALAISELVI MODERN: CRISIL Suspends B+ Rating on INR77.9MM Loan
KASA ANLAGEN: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan

KAUSIKH THERAPEUTICS: CRISIL Assigns B+ Rating to INR120MM Loan
KINGFISHER AIRLINES: Supreme Court Adjourns Mallya Default Case
MAHARSHI ALLOYS: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
MODEL EXIMS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
MODULUS COSMETICS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

MY CAR: CRISIL Reaffirms B+ Rating on INR330.2MM Cash Loan
MY CAR PRIVATE: CRISIL Reaffirms B+ Rating on INR350MM Cash Loan
MY FONE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
NEXUS HEALTH: CRISIL Assigns B- Rating to INR50MM Cash Loan
NILSHIKHAA INFRAA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

NITHIN TEXTILES: CRISIL Reaffirms B+ Rating on INR250MM Loan
OMAR INTERNATIONAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
PAVAN MOTORS: CRISIL Reaffirms B+ Rating on INR175MM Loan
PRITHVI POLYMERS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
PTS HITECH: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan

R. B. CHAVAN: CRISIL Hikes Rating on INR90MM Bank Loan to BB-
RAJALAXMI AGROTECH: Ind-Ra Raises Long-Term Issuer Rating to 'B-'
RAJASTHAN LIQUOR: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
RASHMI YARNS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SACHDEVA METAL: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan

SARVOTTAM ROLLING: CRISIL Lowers Rating on INR120MM Loan to 'B'
SHREE SATSANGI: CRISIL Revises Rating on INR66.7MM Loan to 'C'
SITARA CONDUCTORS: CRISIL Assigns B- Rating to INR30MM LT Loan
SSGR HOSPITAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
TARA EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR13.8MM Loan

THAKKARSONS ROLL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
VED SASSOMACCANICCA: Ind-Ra Withdraws BB Long-Term Issuer Rating

N E W  Z E A L A N D

CASINO BAR: High Court Placed Club Into Liquidation
FP IGNITION: Moody's Assigns Ba1 Rating to Class E Notes

S I N G A P O R E

JUBILANT PHARMA: Fitch Assigns 'BB' Rating on USD300MM Sr. Notes
OTTO MARINE: Loss Widens to US$19.1MM in Q2 Ended June 30
SWEE HONG: Auditor Flags 'Material Uncertainties'
SWIBER HOLDINGS: Singapore Court Grants Judicial Management

S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Cut 1K Jobs Via Early Retirement Scheme


                            - - - - -


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


COMPASS MEDIA: First Creditors' Meeting Set For Oct. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Compass
Media Entertainment Pty Ltd, trading as Duke Home Entertainment,
will be held at the offices of Cor Cordis, Level 6, 55 Clarence
Street, in Sydney, on Oct. 17, 2016, at 3:00 p.m.

Mark Hutchins & Jason Tang of Cor Cordis were appointed as
administrators of Compass Media on Oct. 5, 2016.


FORD MOTOR: Australian Car Production Line Ends After 91 Years
--------------------------------------------------------------
Rod McGuirk at The Associated Press reports that Ford Motor Co.
ended 91 years of car manufacturing in Australia on Oct. 7, with
the last two Australian car makers due to close their doors next
year.

According to the news agency, the company said Ford Australia
said it built the world's last six-cylinder, rear-wheel drive
Falcon XR6 at its Broadmeadows plant in Melbourne and 600
employees lost their jobs.

About 3.5 million Falcons, once Australians' most popular, have
been built since 1960, although few have been exported, the AP
relates.

Perhaps the most famous was a black 1973 XB GT Ford Falcon Coupe
that became the Interceptor driven by Mel Gibson's character in
the 1981 movie "The Road Warrior," says the AP.

The AP says the last Falcon will be exhibited in the Ford
Australia museum, the Australian subsidiary's chief executive
officer Graeme Whickman told reporters outside the plant.

"Today is an emotional day for the entire team of Ford
Australia," the report quotes Mr. Whickman as saying.  "We are
saying goodbye to some wonderful manufacturing colleagues who
have done a great deal for Ford in Australia," he said.

Ford, General Motors Co. and Toyota Motor Corp. announced in 2013
that they were quitting Australia and shedding 6,600 jobs because
of high production costs, distance from potential export markets
and increasing competition, according to the AP.

The new agency relates that the company said Ford will continue
to sell and service imported cars in Australia and Australia-
based engineers will help develop designs of vehicles that will
be manufactured overseas.

Because of that continuing presence, Mr. Whickman said Ford will
become the largest employer in the Australian automotive industry
when Toyota and General Motors subsidiary, GM Holden, end
production in 2017. The V8 Holden Commodore is sold in the United
States as the Chevrolet SS.

Ford will employ 2,000 staff at Broadmeadows and the Victoria
state towns of Lara and Geelong. Ford opened its first Australian
production line at Geelong in 1925, the AP notes.

Ford Motor Company designs, manufactures, markets, distributes
and sells Ford and Lincoln automobiles in California and multiple
other locations in the United States and worldwide.


GFAB ENGINEERING: First Creditors' Meeting Set For Oct. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of GFAB
Engineering Pty Ltd, as trustee for "The Agfab Trading Trust",
will be held at Karstens Melbourne, 123 Queen Street, Melbourne,
Victoria, on Oct. 14, 2016, at 11:00 a.m.

Michael Carrafa and Peter Gountzos of SV Partners were appointed
as administrators of GFAB Engineering on Oct. 4, 2016.


KRONOS RISK: First Creditors' Meeting Set For Oct. 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of
Kronos Risk Pty. Limited will be held at the offices of
Jirsch Sutherland, Level 27, 259 George Street, in Sydney,
Oct. 17, 2016, at 11:00 a.m.

Sule Arnautovic and Amanda Young of Jirsch Sutherland were
appointed as administrators of Kronos Risk on Oct. 5, 2016.


VIRGIN AUSTRALIA 2013-1: Fitch Ups Rating on Cl. C Notes to BB+
---------------------------------------------------------------
Fitch Ratings has taken these rating actions on Virgin Australia
Holdings Limited's (VAH, not rated publically) enhanced equipment
notes (EEN) series 2013-1 (VAH 2013-1):

   -- Class A notes (expected maturity October 2023) upgraded to
      'A+' from 'A';
   -- Class B notes (expected maturity October 2020) upgraded to
      'A-' from 'BBB';
   -- Class C notes (expected maturity October 2018) upgraded to
      'BB+' from 'BB';
   -- Class D notes (expected maturity October 2016) affirmed at
      'B+'.

The ratings cover approximately $457 million of outstanding
senior and subordinated notes.

The upgrades of the A, B and C tranches are driven by a
significant increase in overcollateralization as the transaction
amortized by $138.2 million since the previous review in October
2015.  The amortization of the notes significantly outpaced the
depreciation of the supporting collateral which resulted in
higher LTVs and recovery prospects for all tranches. Fitch's
affirmation of the class D notes is driven by the notes' deeply
subordinated position.  The class D notes are scheduled to be
repaid on Oct. 23, 2016.

Key ratings considerations include the quality of the aircraft
collateral, significant overcollateralization, the Australian and
New Zealand insolvency regimes coupled with the transaction's
underlying structure, the liquidity facilities, VAH's credit
quality, and various additional structural elements.

Positive credit factors include the absence of balloon payments
for the A and B tranches, low balloon payments for the C and D
tranches, short remaining expected maturities for the
subordinated classes of notes, and rapid amortization of the
notes resulting in expected LTV improvements for all tranches
within the next several years.

VAH 2013-1 is the first EETC-type transaction relying on the
Australian insolvency regime, which is different in key aspects
compared to Section 1110 and the Cape Town Convention (CTC, which
incorporates most elements of Section 1110 protection in
countries that have ratified the treaty) legal frameworks seen in
most EETCs.  Even though Australia ratified the CTC Alternative A
on Sept. 1, 2015, the CTC rules do not apply retroactively, and
Fitch expects VAH 2013-1 notes will be governed under the
Australian insolvency law until maturity.

New Zealand is a CTC signatory, and the CTC covers the six
aircraft in this transaction that are leased in New Zealand.
Fitch believes Australia's legal framework, combined with the
structure of this transaction, create a situation similar to
Section 1110/CTC as it allows creditors access to collateral in
the event of insolvency.

                         KEY RATING DRIVERS

Stress Case: The ratings for the class A and the class B notes
are primarily based on collateral coverage in a stress scenario.
The analyses utilize a top-down approach assuming a rejection of
the entire pool in a severe global aviation downturn.  The
scenarios incorporate a full draw on the liquidity facility, and
an assumed repossession/remarketing cost of 5% of the total
portfolio value. Fitch then applies significant haircuts to the
collateral value.

The earlier vintage 737-800s (2003 and 2004) in the pool receive
a 25% haircut in Fitch's 'A' stress scenario representing the
mid-range of Fitch's stress ranges reflecting the firm's view of
these models as a good quality tier 1 aircraft.  The later
vintage 737-800s (2010 and 2011) receive a 20% haircut in the 'A'
stress scenario, representing the low end of Fitch's stress
ranges.  The 777-300ER received a 30% haircut in the 'A' stress
scenario.

The A-tranche ratings are supported by a strong collateral
package consisting of tier 1 aircraft with vintages ranged from
2003 to 2011.  Since the inception of the transaction, two 737-
700 aircraft have dropped out of the pool as the related
equipment notes have been repaid.  Market values for the
remaining collateral aircraft (777-300ER and 737-800) have
performed mostly in line with Fitch's expectations since the
launch of the transaction.  The class A notes benefit from rapid
principle amortization of the notes which outpaces depreciation
of the collateral resulting in a relatively rapid decline in the
transaction's loan to value (LTV).

The one notch upgrade for the class A notes is supported by a
significant improvement in collateral coverage over the past
year. Fitch's 'A' level stress scenario produces the maximum
remaining LTV of 75% as of October, 2016, down from 85% as of
October 2015. The improvement in LTV is in line with Fitch's
initial expectations and the stressed LTV of 75% implies a
significant amount of cushion for the senior tranche noteholders.
The class A notes have a remaining weighted average life of 2.7
years.  The class A notes also pass Fitch's 'AA' level stresses,
but the pool size eventually falls below the 10 aircraft minimum
needed to qualify for 'AA' category ratings in Fitch's criteria.

Unlike many other EETC transactions that feature smooth and
constant LTV declines, LTV values of VAH 2013-1 are expected to
increase on several occasions as older vintage aircraft are paid
off and removed from the collateral pool.  The largest increase
in LTV is expected to occur in October 2018 when seven 2004
vintage 737-800s and the 777-300ER will be fully paid off.  The
eight aircraft will represent approximately 50% of the pool's
value and their exclusion from the collateral will increase
Fitch's forecasted 'A' level stressed LTV for the class A notes
to 70% as of Oct. 23, 2018, up from 56% as of July 23, 2018.  The
ratings are also supported by an 18-month liquidity facility
provided by Natixis ('A'/'F1'/Outlook Stable by Fitch).

During this review, Fitch changed its approach for rating the
class B notes of the VAH 2013-1 transaction to a top-down
analysis from the previously utilized bottom-up approach due to
significant collateral coverage of the notes.  The 'A-' rating of
the subordinated class B notes is supported by a sufficient
amount of overcollateralization as the tranche passes Fitch's 'A'
level stress scenario.  Fitch's 'A' level stress scenario
produces the maximum remaining LTV of 86% as of October 2016,
down from 96% as of October 2015.  The B tranche has a remaining
weighted average life of 1.9 years.  The rating of the B tranche
is also supported by the presence of an 18-month liquidity
facility provided by Natixis.

The ratings for the junior subordinated tranches are driven by
Fitch's view of VAH's corporate credit profile, a high
affirmation factor, superior recovery prospects driven by current
collateral coverage and the rights of each subordinated class
note holders to purchase all of the senior notes in certain
cases.  The upgrade of the class C notes was supported by
significant increase in collateral coverage compared to the
previous review.  The ratings of junior subordinated notes are
also supported by seniority of interest payments for all
subordinated notes over the principal distributions to the senior
notes.

The affirmation factor for this pool is considered high as both
aircraft types in the transaction are core to VAH's fleet plan.
The relatively large percentage of the company's primary aircraft
type contained in this transaction makes it unlikely that the
company would reject the pool in the case of administrative
proceedings, in Fitch's view.  The 737-800 is VAH's main aircraft
type, fitting well with the airline's primarily short-haul
business profile.  The transaction's percentage of the fleet is
projected to decline to below 4% beginning 2021, weakening the
affirmation factor of the remaining pool.  However, this is
mitigated by the low LTV values expected by that time.  Fitch
believes that the likelihood of these aircraft being affirmed in
a restructuring scenario effectively reduces the probability of
default of subordinated tranches compared to VAH's credit
profile.

Each note is fully cross-collateralized, and all indentures are
fully cross-defaulted from the date of the issuance of each
applicable note.  Fitch believes these provisions in VAH 2013-1,
which are standard enhancements of the modern EETC template,
increase the likelihood that VAH would affirm these notes and the
underlying aircraft and continue to make payments on the notes in
the case of in the case of administrative proceedings.  Taken
together, these provisions treat all the aircraft as one pool of
assets as the collateral supporting this transaction.

                         KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for VAH 2013-1
include:

   -- A high affirmation factor for the collateral aircraft in
      this pool;
   -- Current aircraft base values consistent with those provided
      by independent appraisers;
   -- Depreciation rates and value stresses incorporated into
      Fitch's base and stress case scenario are in line with
      those used for similar Tier 1 assets as described in
      Fitch's EETC criteria.

                       RATING SENSITIVITIES

Senior tranche ratings are primarily driven by a top-down
analysis based on the value of the collateral.  Therefore, a
negative rating action could be driven by an unexpected decline
in collateral values.  For the 737-800s in the deal, values could
be impacted by the entrance of the 737-8 MAX, or by an unexpected
bankruptcy by one of its major operators.  Fitch does not expect
to upgrade the ratings of the senior tranche and senior
subordinate tranche above the 'A+' and 'A-' levels, respectively.

The ratings of the junior subordinated tranches are influenced by
Fitch's view of VAH's corporate credit profile.  Fitch will
consider either a negative or a positive rating action if VAH's
credit profile changes in Fitch's view.  Additionally, the
ratings of the junior subordinated tranches may be changed should
Fitch revise its view of the affirmation factor which may impact
the currently incorporated uplift or if the recovery prospects
change significantly due to an unexpected decline in collateral
values.

                             LIQUIDITY

Both the A and B tranches feature an 18-month liquidity facility
provided by Natixis, which Fitch rates 'A'/'F1' with a Stable
Outlook.  Natixis' 'A' rating provides ample room above Fitch's
liquidity provider threshold.  If the liquidity service provider
is downgraded below the level required by Fitch to support the
EEN, VAH must find an alternative provider that is suitably rated
to replace the downgraded provider or fund with incremental cash
collateral to the full committed amount.  Otherwise, the affected
VAH 2013-1 will likely be downgraded.

The liquidity facility is expected to cover up to six consecutive
quarterly interest payments during an 18-month period in the
event VAH defaults on its obligations, representing an additional
source of default risk protection.  The liquidity facility does
not support principal payments.  The liquidity service provider
has the first priority claim, ahead of all EEN holders including
the senior A tranche.  Accordingly, Fitch's Stress Case assumes a
fully drawn liquidity facility on top of the waterfall, which
adds an additional 4.5% of LTV through the facility as the most
senior claim.

Variation from Criteria:
Fitch may utilize either a bottom-up or top-down approach when
initially rating senior subordinated tranches.  Per Fitch's EETC
criteria, for surveillance purposes, Fitch will generally
continue to rate a given sub-tranche by whichever method the
initial ratings were assigned; i.e. a sub-tranche initially rated
via the top-down approach will be surveilled via the same
approach.

Fitch has decided to change the approach for rating the B tranche
of the VAH 2013-1 transaction to top-down from bottom-up approach
which was utilized when Fitch initially rated the tranche B
notes. Fitch also utilized bottom-up approach when it surveyed
the transaction in 2014 and 2015.

Unlike the majority of the EETC transactions rated by Fitch, VAH
2013-1 does not have large balloon payments for senior and
subordinated tranches and amortizes rapidly.  As a result, debt
amortization significantly outpaces the depreciation of the asset
values.  This differentiates VAH 2013-1 from the majority of
Fitch rated EETC transactions and warrants a change of the rating
approach for the senior subordinated tranches.  The agency does
not anticipate a change in approach for the majority of the other
Fitch rated senior subordinated tranches during subsequent
reviews.

The change in the approach has resulted in a two notch upgrade of
the class B notes to 'A-' from 'BBB' whereby the bottom-up
approach would have resulted in an affirmation of the notes at
'BBB'.



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


CHINA AOYUAN: S&P Revises Outlook to Positive & Affirms 'B' CCR
---------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on the
China-based property developer China Aoyuan Property Group Ltd.
to positive from stable.  At the same time, S&P affirmed its 'B'
long-term corporate credit rating on Aoyuan and S&P's 'B-' long-
term issue rating on the company's outstanding senior unsecured
notes.  S&P also affirmed its 'cnBB-' long-term Greater China
regional scale rating on Aoyuan and the 'cnB+' long-term Greater
China regional scale rating on the company's outstanding senior
unsecured notes.

"We revised the outlook to positive to reflect our expectation
that the growth in Aoyuan's operating scale will remain stable
due to the company's increased saleable resources and robust
market conditions," said S&P Global Ratings credit analyst Dennis
Lee. "Given these factors and Aoyuan's disciplined spending on
land acquisitions, we expect the company's leverage to moderately
improve towards 5.0x over the next 12-24 months."

In S&P's base case, it forecasts that Aoyuan's debt-to-EBITDA
ratio will improve to about 6.0x in 2016 (2015: 6.7x) and further
decline to about 5.5x-6.0x in 2017, which is at the stronger end
of our currently assigned financial risk profile.

S&P anticipates that Aoyuan will achieve full-year contracted
sales of Chinese renminbi (RMB) 18 billion-RMB20 million in 2016
and maintain steady growth of about 15% in 2017.  In S&P's view,
Aoyuan has a larger operating scale in terms of sales than many
of its similarly rated peers.

Nevertheless, S&P expects Aoyuan's margin to decline moderately
in 2016 due to a change in its geographic and product mix,
offsetting the increase in selling price.  Aoyuan's gross margin
is likely to stabilize from 2016 onwards and hover at around 25%
for the next two years.

"We expect Aoyuan to maintain a disciplined approach towards land
acquisitions," said Mr. Lee. "In our view, the company is likely
to control its spending on land acquisitions to about one-third
of the contracted sales in the corresponding year."

Aoyuan is not highly aggressive in its scale expansion and
targets mainly mass-market demand.  The company has not acquired
any "land kings" (i.e. land parcels at steep prices) in the past
two years.

Aoyuan's low-cost land reserves provide additional support for
profitability and lower the need for aggressive land
replenishment.  S&P estimates that Aoyuan has sufficient land
reserves for development in the next four to five years.  As of
the end of June 2016, the company has total reserves of about 14
million square meters.

At the same time, Aoyuan borrowing costs have continued to
improve.  In S&P's opinion, short-term debt repayment pressure is
limited, given Aoyuan's high cash balance and robust sales
performance.

S&P may revise the outlook back to stable if Aoyuan's financial
leverage does not improve to the levels S&P expects.  This could
happen if Aoyuan becomes aggressive towards land acquisitions
while sales slowdown, or if its profitability materially
declines.

S&P may raise the rating if Aoyuan's leverage ratio improves
towards 5x and EBITDA interest coverage ratio stays at above 2x
in the coming 12-18 months, while the company maintains stable
sales growth and margins.


CHINA SHANSHUI: To Issue New Shares at 92% Discount
---------------------------------------------------
South China Morning Post reports that China Shanshui Cement Group
has unveiled a long-awaited plan to raise HK$475 million by
selling shares to meet its minimum public shareholding
requirement as a listed firm. But the proceeds will be far too
small to help it meet its obligation to repay CNY17.63 billion of
liabilities by June next year, SCMP says.

According to SCMP, the Shandong province-based company, once the
nation's seventh-largest cement maker, has appointed brokerages
Sun Hung Kai Financial and ABC International as agents to sell
910 million to 950 million new shares, it said on Oct. 6 in a
filing to Hong Kong's bourse.

"Upon completion of the [share] placing, public float of the
company will be restored which will facilitate the future fund
raisings of the company to resolve its liquidity issue," China
Shanshui said.

SCMP relates that the shares will be sold at not less than 50 HK
cents each, which is 92.1% less than the last closing price of
HK$6.29 mid April last year, when trading in the share was halted
pending a plan to restore its public float to the required level
of at least 25%.

The placement price is also a discount of 55% to its per share
unaudited net asset value of HK$1.11 on June 30.

"The minimum placing price was arrived at after arm's length
negotiation between the company and the placing agents with
reference to its net current liabilities, net asset value, share
price-to-book value ratio, prolonged suspension of its shares,
financial liabilities and litigations involving it," China
Shanshui, as cited by SCMP, said.
The new shares amount to a 21.94% stake in the firm's enlarged
share capital after the placement.

If 950 million shares are sold, it will see the stake of the
current largest shareholder, Henan province-based Tianrui Group,
fall from 28.16% to 21.98%, while that of China Shanshui
Investment, the former largest shareholder led by former chairman
Zhang Caikui and his son Zhang Bin, would decline from 25.09% to
19.59%, according to the filing cited by SCMP.

Taiwan-listed Asia Cement's interest would be diluted from 20.96%
to 16.36%, and that of state-backed and Hong Kong-listed China
National Building Material (CNBM) would be reduced from 16.67% to
13.01%, the report says.

According to SCMP, China Shanshui said the shares' purchasers
will be "professional, institutional and other investors selected
and procured by or on behalf of the placing agents."

SCMP relates that CNBM company secretary Chang Zhangli said the
share placement's price discounts are too high and will result in
significant dilution of the original shareholders' interest.

"I don't know why China Shanshui's board has agreed to such huge
discounts," he told the Post. "If they are confident of the
company's future, they shouldn't agree to sell at such
discounts."

Trading of China Shanshui's shares will remain suspended "until
further notice" and is pending the restoration of the required
public float, the filing said, adds SCMP.

                       About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on China
Shanshui Cement Group Ltd. to 'D' from 'CC'.  At the same time,
S&P lowered its long-term Greater China regional scale rating on
the company to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


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

"We downgraded Hua Han because we believe the company could face
near-term liquidity pressure if it fails to secure waivers from
lenders, triggering acceleration in debt payment," said S&P
Global Ratings credit analyst Sophie Lin.  "The downgrade also
reflects substantial risks in the company's internal control
systems and information quality, in our view."

S&P is unclear about the company's cash position as it has
delayed the filing of its financial statements following the
suspension of audit by its auditor.

On Sept. 30, 2016, Hua Han's auditor Ernst & Young (E&Y)
suspended its audit work on the company because of certain
inconsistencies or irregularities in these following: (1) Hua
Han's bank advices related to certain sales receipts and purchase
payments; (2) the company's bank advices related to certain
value-added tax and corporate income tax payments; and (3) bank
statements of certain Hua Han subsidiaries.

Hua Han has stated that it will appoint an independent consultant
to address such inconsistencies/irregularities.

Hua Han may have already breached an event-of-default clause
under its Hong Kong dollar (HK$) 620 million convertible bonds.
It is unclear if the company has obtained waivers from
bondholders.  In the absence of waivers from its lenders, which
S&P is unclear will be obtained, the breach could lead to
accelerated repayment of the convertible bonds, and also of the
company's US$150 million senior unsecured notes by way of a
cross-default clause.

Whether Hua Han has sufficient liquidity to meet the potential
acceleration of debt repayment is also unclear.  S&P lacks timely
and reliable information, including on the company's cash
position, because S&P's access to Hua Han's management has
deteriorated since the company's trading suspension.  This has
heightened the liquidity risk.

S&P sees high information quality risk and potential material
deficiencies in Hua Han's internal control systems.  The
auditor's suspension of audit work could be an indicator of
severe corporate governance issues.  If the filing of the
company's annual report is delayed for a prolonged period, it
could make resumption of trading of its securities highly
uncertain.  This may severely impact counterparties' confidence
in the company's operations and financial management.

"We aim to resolve the CreditWatch within the next three months,
subject to availability of information, by assessing the
company's liquidity position and the impact of the audit
suspension," said Ms. Lin.

S&P may lower its rating on Hua Han by one or more notches if the
company does not receive waivers from bondholders, leading to an
acceleration of debt, and there are diminishing prospects of the
company meeting its interest expense or principal obligations
when they fall due.

S&P could affirm the rating or raise it if Hua Han can
demonstrate that its liquidity position is adequate and near-term
liquidity-induced credit stress is unlikely.



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


AAMODA BROADCASTING: CRISIL Ups Rating on INR86.7MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Aamoda Broadcasting Company Private Limited (ABCPL; part of
the Aamoda group) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

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

   Proposed Long Term      43.3      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               86.7      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in the group's liquidity,
supported by healthy cash accrual and fund support from promoters
in the form of unsecured loans. The group is expected to post
cash accrual of INR100 million over the medium term, as against
no debt obligation. The upgrade also factors in improvement in
the business risk profile because of revenue of INR2.21 billion
for fiscal 2016 (INR2.07 billion for fiscal 2015). The business
risk profile will likely remain stable over the medium term,
driven by established brand image of its newspaper, Andhra
Jyothi.

The ratings reflect the Aamoda group's weak financial risk
profile, with high gearing, subdued debt protection metrics, and
exposure to risks related to intense competition in the media and
publishing industry. These weaknesses are partially offset by the
experience of its promoters and established brand image of its
newspaper, Andhra Jyothi.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Aamoda Publications Pvt Ltd (APPL) and
its parent, ABCPL. This because the two entities, together
referred to as the Aamoda group, have significant financial
fungibility.

Outlook: Stable

CRISIL believes the Aamoda group will continue to benefit over
the medium term from the extensive experience of its promoters
and established brand image of its newspaper. The outlook may be
revised to 'Positive' if significant improvement in revenue and
profitability, or sizeable equity infusion strengthens the
financial risk profile, particularly capital structure.
Conversely, the outlook may be revised to 'Negative' if the
working capital cycle lengthens, or operating margin or scale of
operations declines, leading to deterioration in the financial
risk profile.

Established in August 2002 and promoted by Mr. V Radhakrishna and
his wife, Ms. K Kanaka Durga, APPL publishes and prints the
Telugu daily newspaper, Andhra Jyothy, and Telugu weekly, Navya.

Set up in 2008 by Mr. V Radhakrishna and his wife, Ms. K Kanaka
Durga, ABCPL operates a 24-hour free-to-air satellite Telugu news
channel, ABN Andhra Jyothy. The channel commenced commercial
operation on October 15, 2009, and its target market is Andhra
Pradesh and Telangana.


AAMODA PUBLICATIONS: CRISIL Ups Rating on INR200MM Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Aamoda Publications Pvt Ltd (part of the Aamoda group) to
'CRISIL B/Stable' from 'CRISIL B-/Stable', while reaffirming its
rating on the short-term bank facility at 'CRISIL A4'.

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

   Inland/Import Letter
   of Credit                90       CRISIL A4 (Reaffirmed)

   Proposed Long Term      130       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects improvement in the group's liquidity,
supported by healthy cash accrual and fund support from promoters
in the form of unsecured loans. The group is expected to post
cash accrual of INR100 million over the medium term, as against
no debt obligation. The upgrade also factors in improvement in
the business risk profile because of revenue of INR2.21 billion
for fiscal 2016 (INR2.07 billion for fiscal 2015). The business
risk profile will likely remain stable over the medium term,
driven by established brand image of its newspaper, Andhra
Jyothi.

The ratings reflect the Aamoda group's weak financial risk
profile, with high gearing, subdued debt protection metrics, and
exposure to risks related to intense competition in the media and
publishing industry. These weaknesses are partially offset by the
experience of its promoters and established brand image of its
newspaper, Andhra Jyothi.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of APPL and its parent, Aamoda
Broadcasting Co Pvt Ltd. This because the two entities, together
referred to as the Aamoda group, have significant financial
fungibility.

Outlook: Stable

CRISIL believes the Aamoda group will continue to benefit over
the medium term from the extensive experience of its promoters
and established brand image of its newspaper. The outlook may be
revised to 'Positive' if significant improvement in revenue and
profitability, or sizeable equity infusion strengthens the
financial risk profile, particularly capital structure.
Conversely, the outlook may be revised to 'Negative' if the
working capital cycle lengthens, or operating margin or scale of
operations declines, leading to deterioration in the financial
risk profile.

Established in August 2002 and promoted by Mr. V Radhakrishna and
his wife, Ms. K Kanaka Durga, APPL publishes and prints the
Telugu daily newspaper, Andhra Jyothy, and Telugu weekly, Navya.

Set up in 2008 by Mr. V Radhakrishna and his wife, Ms. K Kanaka
Durga, ABCPL operates a 24-hour free-to-air satellite Telugu news
channel, ABN Andhra Jyothy. The channel commenced commercial
operation on October 15, 2009, and its target market is Andhra
Pradesh.


ADITHYA GLOBAL: CRISIL Assigns 'B' Rating to INR152.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Adithya Global Healthcare Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     152.5      CRISIL B/Stable

   Cash Credit             22.5      CRISIL B/Stable

   Long Term Loan         100.0      CRISIL B/Stable

The ratings reflects AGHPL's exposure to risks related to the
ongoing hospital project, and to stabilisation of operations
during the initial period. These rating weaknesses are partially
offset by benefits from the extensive experience of the
management and doctors.

Outlook: Stable

CRISIL believes AGHPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if early completion of ongoing project,
and healthy occupancy at the hospital strengthen key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
delay in execution of project, or sizeable debt weakens financial
risk profile.

Incorporated in 2015, AGHPL is setting up a 150-bed hospital at
Visakhapatnam, Andhra Pradesh. The hospital is expected to be
operational by April 2018. Mr. Suresh Naidu is the promoter.


AGARWAL CORPORATION: CRISIL Lowers Rating on INR70MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Agarwal Corporation 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              70       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term       30       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The rating also reflects modest scale of operations and below-
average financial risk profile because of modest networth, high
gearing, and subdued debt protection metrics. These weaknesses
are mitigated by the extensive experience of the proprietor in
the iron and steel products trading business.

AC, set up in 2001, is a proprietorship concern owned by Ms.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams,
steel plates, and thermo-mechanically treated bars, ingots, and
billets. Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal)
manages the firm's operations.


AIRFLOW EQUIPMENTS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Airflow
Equipments (India) Private Limited's (AFEPL) Long-Term Issuer
Rating at 'IND D'.

AFEPL's ratings were suspended on Aug. 17, 2016.

                        KEY RATING DRIVERS

The ratings continue to reflect AEFPL's tight liquidity leading
to delays in debt servicing for the past 12 months ended August
2016.

                       RATING SENSITIVITIES

Timely debt servicing and the use of working capital facilities
within the sanctioned limits for three consecutive months would
be positive for the ratings.

                         COMPANY PROFILE

AFEPL is a manufacturer of railway rolling stock equipment.  It
undertakes designing, analysis, development, fabrication,
machining and assembly of composite parts for railway vehicles
and automobiles.  It also supplies equipment and products to
automobile manufacturers and the Indian railways.

AFEPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND D'.
   -- INR52.26 mil. (reduced from INR99.5 mil.) term loan:
      affirmed at long term 'IND D'
   -- INR100 mil. fund-based working capital limits: affirmed at
      long term 'IND D'


ARUNA INTERNATIONAL: CRISIL Assigns 'B' Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Aruna International-Sankarankovil. The
ratings reflect the firm's modest scale of operations, large
working capital requirements, and moderate financial risk profile
marked by moderate gearing and average debt protection matrices.
These weaknesses are partially offset by the extensive experience
of its promoters in the textile industry.

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Letter of Credit             12        CRISIL A4
   Export Packing Credit        20        CRISIL B/Stable
   Foreign Bill Discounting     50        CRISIL B/Stable

Outlook: Stable

CRISIL believes AI will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
may be revised to 'Positive' if there is a significant and
sustainable increase in revenue and profitability, leading to
improved liquidity. The outlook may be revised to 'Negative' in
case of lower than expected revenues, or decline in
profitability, or large, debt-funded capital expenditure
weakening the financial risk profile.

AI was established by Mr. Lekshmanan Aruna and Jaisar Spintex P
Ltd as a partnership firm in 2006. It manufactures and exports
terry towels. The firm's manufacturing facility is at Tirunelveli
in Tamil Nadu.


ASIAN BEVERAGE: CRISIL Lowers Rating on INR169MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Asian Beverage Private Limited to 'CRISIL D' from
'CRISIL B/Stable'. The rating downgrade reflects instances of
delay in servicing term debt; the delays were on account of a
nascent stages of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Cash Term Loan          169       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital
   Facility                  1       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating also reflects ABPL's below-average financial risk
profile, marked by high gearing and modest net worth. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of ABPL's promoters.

ABPL, set up in 2013, is based in Chennai; its operations are
managed by Mr. C Vijaya Kumar and Mr. S Arihanth. The company
manufactures fruit-based and carbonated soft drinks.


AVMARK POLYMERS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Avmark Polymers
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 Avmark
Polymers.

Ind-Ra had suspended Avmark Polymers' ratings on Feb. 18, 2016.

Avmark Polymers' ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR110 mil. term loan: 'IND B(suspended)'; rating withdrawn
   -- INR40 mil. fund-based working capital limits:
      'IND B(suspended)'/'IND A4(suspended)'; ratings withdrawn


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

                         KEY RATING DRIVERS

BDR's ratings reflect its small scale of operations and moderate
credit metrics.  According to provisional FY16 financials the
entity achieved revenue of INR60.9 mil. during FY16 (FY15:
INR26.6 mil.).  Interest coverage (operating EBITDA/gross
interest expenses) was 3.7x in FY16 (FY15: 2.6x) and net leverage
(total adjusted net debt/ operating EBITDA) was 2.9x (3.2x).

The ratings also reflect BDR's partnership nature of business.

The ratings, however, factor in the entity's moderate liquidity
profile with 69.3% utilization of the working capital facility
during the 12 months ended August 2016.

The ratings are supported by BDR's partner's experience of over
two decades in the transportation business.  The company's
operating margin was high at 35.2% in FY16 (FY15: 49.6%); margin
declined in FY16 due to an increase in the operating cost.

                       RATING SENSITIVITIES

Positive: Substantial improvement in the scale of operations
while maintaining its overall credit metrics or changes in the
company's constitution could be positive for the rating.

Negative: Further decline in the scale of operations and decrease
in the overall credit metrics could be negative for the rating.

                          COMPANY PROFILE

BDR was incorporated in 2011 as partnership firm by Gujral Group.
The entity started its commercial operations in 2012.  It is
primarily involved in the transportation business.  The entity
mainly transports LPG gases for Indian Oil Corporation Limited
('IND AAA'/Stable), Bharat Petroleum Corporation Limited and
Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) in the
eastern region of India.

BDR's ratings:
   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR30.17 mil. long-term loan: assigned 'IND BB-/'Stable
   -- INR14.3 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR1 mil. non-fund-based working capital limits: assigned
      'IND A4+'


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

                       KEY RATING DRIVERS

BSR's ratings reflect its small scale of operations and moderate
credit profile.  According to provisional FY16 financials, the
entity achieved revenue of INR56 mil. (FY15: INR28.3 mil.),
interest coverage (operating EBITDA/gross interest expenses) of
3.3x (2.5x) and net leverage (total adjusted net debt/ operating
EBITDA) of 3.1x (3.3x).  The ratings also reflect BSR's
partnership nature of business.

The ratings, however, factor in the entity's moderate liquidity
profile with 77.9% utilization of the working capital facility
during the 12 months ended August 2016.

The ratings are supported by BSR's partner's experience of over
two decades in the transportation business.  Also, the company's
operating margin was high at 43.1% in FY16 (FY15: 53%); the
margin declined in FY16 due to an increase in operating cost.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining its overall credit metrics or changes in the
company's constitution could be positive for the ratings.

Negative: A further decline in the scale of operations and
deterioration in the overall credit metrics could be negative for
the ratings.

                          COMPANY PROFILE

BSR was incorporated in 2011 as a partnership firm by Gujral
Group.  The entity started its commercial operations in 2012.  It
is primarily involved in the transportation business.  The entity
mainly transports LPG gases for Indian Oil Corporation Limited
('IND AAA'/Stable), Bharat Petroleum Corporation Limited and
Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) in the
eastern region of India.

BSR's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR38.96 mil. long term loan: assigned 'IND BB-'/Stable
   -- INR14 mil. fund based working capital limit: assigned
      'IND BB-'/Stable
   -- INR1.76 mil. non-fund based working capital limit: assigned
      'IND A4+'


BIRMI INTERNATIONAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Birmi
International Private Limited (BIPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect BIPL's moderate credit profile and a modest
scale of operations along with limited margins.  The company's
gross interest coverage (operating EBITDA/gross interest expense)
was 3x in FY16 (FY15: 3.05x), net leverage (total adjusted net
debt/operating EBITDAR) was 2x (3.24x), revenue stood at
INR872.24 mil. (INR838.66 mil.) and operating margins were 5.56%
4.58%).  The margins are limited due to the intense competition
in the textile industry which restricts an increase in margins.

The ratings benefit from BIPL's comfortable liquidity position as
reflected in its average maximum working capital utilization of
52.95% during the 12 months ended September 2016.  It further
factors in the promoter's experience of more than three decades
in the same line of business.

                      RATING SENSITIVITIES

Positive: Substantial growth in the overall revenue along with
improvement in the operating margins leading to a sustained
improvement in the credit metrics will be positive for the
ratings.

Negative: Any deterioration in the operating profitability
leading to deterioration in the credit metrics will be negative
for the ratings.

                          COMPANY PROFILE

Incorporated in 2010, BIPL manufactures polyester fibre for home
furnishing and ready-made garments.  The company sells its
products to dealers and traders across India.  The company's
6000mtpa manufacturing plant is located in Panipat, Haryana.

BIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR110 mil. fund-based working capital limits: assigned
      'IND BB+'/ Stable/ 'IND A4+'
   -- INR13 mil. non-fund-based limits: assigned 'IND A4+'
   -- INR94 mil. term loans: assigned 'IND BB+'/ Stable


CANAAN ENGINEERING: Ind-Ra Affirms 'D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Canaan
Engineering Private Limited's (PHSPL) Long-Term Issuer Rating at
'IND D'.

                        KEY RATING DRIVERS

The ratings continue to reflect CEPL's stretched liquidity
leading to delays in servicing interest on the term loans for 12
months ended August 2016.

                       RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result
in a positive rating action.

                         COMPANY PROFILE

Incorporated in 2005, CEPL fabricates medium-to-heavy-sized
equipment such as heat exchangers, pressure vessels and columns
for the petrochemical and fertiliser industries.

CEPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND D'
   -- INR146.2 mil. long term loans: affirmed at Long-term
      'IND D'
   -- INR50 mil. fund based limits: affirmed at Long-term 'IND D'
   -- INR80 mil. non-fund-based limits: affirmed at Short-term
      'IND D'


CHHAVAN ENGINEERING: CRISIL Reaffirms B Rating on INR3.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chhavan Engineering
Works continue to reflect the firm's modest financial risk
profile because of high total outside liabilities to tangible
networth ratio and weak interest coverage ratio, and its modest
scale of operations. These weaknesses are partially offset by its
partners' extensive experience in the iron and steel trading
business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      84        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CEW will continue to benefit from the extensive
industry experience of its partners and the increase in its
geographical reach. The outlook may be revised to 'Positive' if
its networth increases substantially, supported by equity
infusion by partners or large cash accrual because of significant
growth in revenue and profitability. The outlook may be revised
to 'Negative' in case of deterioration in liquidity because of a
stretch in working capital cycle or large, debt-funded capital
expenditure.

CEW, established in 1973, is a partnership firm. It trades in pig
iron and steel scrap. The firm's registered office is at Agra,
Uttar Pradesh. Its key partners, Mr. Mukesh Garg and his brother
Mr. Satish Garg, manage operations.


CINQ MICRON: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Cinq Micron
Chem Pvt Ltd's 'IND BB(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 CMCPL.

Ind-Ra suspended CMCPL's ratings on Feb. 16, 2016.

CMCPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR12 mil. Long-term loan: 'IND BB(suspended)'; rating
      withdrawn
   -- INR50 mil. fund-based limits: 'IND BB(suspended)'/
      'IND A4+(suspended)'; ratings withdrawn


EMPIRE MEADOWS: CRISIL Assigns B+ Rating to INR150MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Empire Meadows Private Limited (EMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          150       CRISIL B+/Stable
The rating reflects EMPL's exposure to risks related to
implementation and saleability of its project, and its
susceptibility to risks inherent in the real estate industry.
These weaknesses are partially offset by its promoter's extensive
industry experience, and the strategic location of its projects.
Outlook: Stable

CRISIL believes EMPL will continue to benefit from its promoter's
extensive experience in the real estate industry. The outlook may
be revised to 'Positive' in case of a considerable increase in
bookings and customer advances, leading to substantial cash
inflow. The outlook may be revised to 'Negative' if there is
significant pressure on liquidity because of low customer
bookings or delayed receipt of customer advances, and substantial
increase in debt.

EMPL, established in 2009, is engaged in residential real estate
construction in Hyderabad. The company has one ongoing project,
Empire Meadows. It is promoted and managed by Mr. Nagender Rao
Dalapathi.


GODAWRI MOTORS: CRISIL Assigns B- Rating to INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Godawri Motors Private Limited and has assigned its
'CRISIL B-/Stable' rating to the facilities. CRISIL had suspended
the ratings on June 24, 2015, as GMPL had not provided
information required for a rating review. It has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              75      CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term       25      CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The rating reflects the company's weak financial risk profile,
and its exposure to intense competition in the automobile
dealership business, and to supplier concentration risk. These
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes GMPL will continue to benefit from its
established regional position in the automobile dealership
business, and from its strong relationship with Hyundai Motors
India Ltd. The outlook may be revised to 'Positive' if there is
an improvement in the company's capital structure, driven by
increase in revenue and profitability, or equity infusion. The
outlook may be revised to 'Negative' in case of lower-than-
expected operating margin or revenue, resulting in deterioration
in the financial risk profile.

GMPL, incorporated in 1998, is a dealer of HMIL's vehicles. The
company has showrooms in Ludhiana and Moga in Punjab. It is
promoted by Mr. Asheem Suri and Ms. Divya Singh.


GOLCONDA TEXTILES: CRISIL Reaffirms D Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Golconda Textiles
Private Limited continue to reflect instances of delay by GTPL in
servicing its debt repayment; the delays have been caused by the
company's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5.5       CRISIL D (Reaffirmed)

   Cash Credit           110.0       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4.5       CRISIL D (Reaffirmed)
   Term Loan              40         CRISIL D (Reaffirmed)

GTPL also has a below-average financial risk profile, marked by a
highly leveraged capital structure; it has large working capital
requirements. Moreover, the company's profitability is
susceptible to volatility in raw material prices. However, GTPL
benefits from its promoter's extensive experience in the cotton
spinning industry.

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).


GORAYA STRAW: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Goraya Straw
Board Mills Pvt. Ltd.'s 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended GSBMPL's ratings on Feb. 18, 2016.

GSBMPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR82.5 mil. fund-based  limits: 'IND B+(suspended)';
      rating withdrawn
   -- INR2.5 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


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

                       KEY RATING DRIVERS

GSR's ratings reflect its small scale of operations and moderate
credit profile.  Provisional (P) FY16 financials indicate revenue
of INR68.9 mil. (FY15: INR44.5 mil.), interest coverage
(operating EBITDA/gross interest expenses) of 3.0x (2.4x) and net
leverage (total adjusted net debt/ operating EBITDA) of 3.1x
(4.0x).  The ratings also reflect the partnership nature of GSR's
business.

The ratings consider GSR's moderate liquidity profile, with 89.8%
utilization of its working capital facilities for the 12 months
ended August 2016.

However, the ratings are supported by GSR's partners' experience
of over two decades in the transportation business.  The firm's
operating margin was high at 41.3% in FY16 (FY15: 37.8%).

                       RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining its overall credit metrics, or changes in the
firm's constitution, could be positive for the ratings.

Negative: A decline in the scale of operations as well as
weakening of the overall credit metrics could be negative for the
ratings.

                          COMPANY PROFILE

GSR was incorporated in 2011 as a partnership firm by the Gujral
Group.  It commenced commercial operations in 2012 and is
primarily engaged in the transportation business.  It mainly
transports liquefied petroleum gas for Indian Oil Corporation
Limited ('IND AAA'/Stable), Bharat Petroleum Corporation Limited
and Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) in
the eastern region of India.

GSR's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR 45.43 mil. long term loan: assigned 'IND BB-'/Stable
   -- INR 15.3 mil. fund based working capital limit: assigned
      'IND BB-'/Stable
   -- INR 1.00 mil. non fund based working capital limit:
      assigned 'IND A4+'


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

                       KEY RATING DRIVERS

GSR's ratings reflect its small scale of operation and moderate
credit profile.  According to provisional FY16 financials its
revenue was INR53.8 mil. in FY16 (FY15: INR35.3 mil.).  Its
interest coverage (operating EBITDA/gross interest expenses) was
3.3x in FY16 (FY15: 2.6x) and net leverage (total adjusted net
debt/operating EBITDA) was 3.3x (3.6x).

The ratings also reflect the partnership nature of GSR's
business. GSR's liquidity was moderate, with 84% utilization of
its working capital facilities for the 12 month ended August
2016.

However, the ratings are supported by GSR's partners' experience
of over two decades in the transportation business.  The firm's
operating margin was high at 42.2% in FY16 (FY15: 39.1%).

                        RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining its overall credit metrics, or changes in the
firm's constitution could be positive for the ratings.

Negative: A decline in the scale of operations as well as
weakening of the overall credit metrics could be negative for the
ratings.

                          COMPANY PROFILE

GSR was incorporated in 2011 as a partnership firm by the Gujral
Group.  It commenced commercial operations in 2012 and is
primarily engaged in the transportation business.  It mainly
transports liquefied petroleum gas for Indian Oil Corporation
Limited ('IND AAA'/Stable), Bharat Petroleum Corporation Limited
and Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) in
the eastern region of India.

GSR's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR33.69 mil. long-term loan: assigned 'IND BB-'/Stable
   -- INR13.40 mil. fund-based working capital limit: assigned
      'IND BB-'/Stable
   -- INR1.00 mil. non-fund-based working capital limit: assigned
      'IND A4+'


J.B. OIL: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long term bank facilities of J.B. Oil
Industries continues to reflect high geographical concentration
in revenue profile, highly fragmented nature of rice and dal
industry constraining JBOI's operating profitability, and its
weak financial risk profile. These rating weaknesses are
partially offset by partner's extensive industry experience and
funding support from partners.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable (Reaffirmed)
   Term Loan                8        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JB Oil Industries (JBOI) will continue to
benefit from its partner's extensive industry experience and
their funding support over the medium term. The outlook may be
revised to 'Positive' in case of high revenue or accruals or
improvement in working capital cycle, leading to improvement in
its liquidity. Conversely, the outlook maybe revised to
'Negative' in case of low cash accruals or large working capital
requirements or large debt-funded capital expenditure exerting
further pressure on the firm's liquidity.

Established in 1956, JBOI is a partnership firm based in Sitapur
(Uttar Pradesh). Initially started as an oil mill for groundnut
oil, JBOI currently processes and mills rice and masoor dal. It
is owned and managed by Mr. Raj Kumar, Mr. Purushottam Das, Mr.
Santosh Kumar, Mr. Anand Kumar and Mr. Shiv Kumar.


JKG REALTECH: CRISIL Assigns B+ Rating to INR85MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of JKG Realtech Private Limited. The rating
reflects the company's subdued financial risk profile because of
small networth, high gearing, and weak debt protection metrics;
and its exposure to intense competition in the automobile
dealership business. These weaknesses are partially offset by its
promoters' extensive industry experience and funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable (Assigned)
   Long Term Loan          85        CRISIL B+/Stable (Assigned)

Outlook: Stable

CRISIL believes JRPL will benefit from the industry experience of
its promoters. The outlook may be revised to 'Positive' if its
revenue and profitability increase, leading to a better financial
risk profile. The outlook may be revised to 'Negative' if the
financial risk profile weakens because of a stretch in working
capital cycle or debt-funded capital expenditure.

JRPL, incorporated in 2012, is promoted by the Goel family and is
a part of the JKG group. The company is a dealer of passenger
vehicles of Nissan Motors India Pvt Ltd (Nissan) in Dehradun, and
has been operating one showroom and workshop since December 2015.


JR FIBREGLASS: CRISIL Lowers Rating on INR74MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of JR Fibreglass Industries Private Limited to 'CRISIL B/Stable'
from 'CRISIL B+/Stable' while reaffirming its short term rating
at 'CRISIL A4'.

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

   Cash Credit             74        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        11        CRISIL A4 (Reaffirmed)

   Proposed Long Term       5        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The ratings downgrade reflects the JRF's stretched liquidity
profile marked by high working capital requirement and inadequate
cash accruals against its term debt obligations.

The ratings continue to reflect the company's modest scale of
operations, large working capital requirements, and constrained
financial risk profile, marked by weak debt protection metrics as
a result of low accruals. These rating weaknesses are partially
offset by the extensive experience of JRF's promoters in
manufacturing and installing air pollution control equipment and
their funding support to the company.
Outlook: Stable

CRISIL believes that JRF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if JRF achieves
substantially large cash accruals driven by significant increase
in scale of operations and sustained profitability, while
improving its working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the company's
cash accruals or cash cycle, or any large debt-funded capex,
weakening its financial risk profile, particularly its liquidity.

JRF, based in Mumbai, was incorporated in 1983 by Mr. Jitendra
Ratilal Thakkar and Mr. Pankaj Mansukhlal Mehta. The company is
currently managed and promoted by the Thakkar family and their
affiliates. It primarily manufactures and installs air pollution
control equipment on turnkey basis.


KALAISELVI MODERN: CRISIL Suspends B+ Rating on INR77.9MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kalaiselvi Modern Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            77.9       CRISIL B+/Stable
   Long Term Loan          7.1       CRISIL B+/Stable

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

Set up in 2007, KMRM is engaged in milling and processing of
paddy. The firm is promoted by Mr. Jayaraman.


KASA ANLAGEN: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Kasa Anlagen India Pvt Ltd. The ratings continue to reflect KA's
average financial risk profile marked by modest networth, and its
modest scale of operations. However, these rating weaknesses are
partially offset by the extensive experience of KA's promoters in
the electrical equipment industry and the company's joint venture
with Kasa Companies Inc, USA.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           45      CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of Credit   10      CRISIL A4 (Reaffirmed)

   Cash Credit              25      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KA will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a sustained
increase in profitability and scale of operations, or improved
working capital management, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative'
on account of low profitability, or deterioration in working
capital management leading to deterioration in its liquidity.

KA, formerly known as Elektro Anlagen (EA), manufactures power
and control panels as per customer specifications, and provides
solutions in application study and development, software
development, commissioning, training, after-sales service system
integration and start-up, and turnkey project management. During
January 2011, EA entered into a joint venture with Kasa Companies
Inc, USA, to form KA. KA is promoted by Mr. Ms. Balaji and is
located in Chennai.


KAUSIKH THERAPEUTICS: CRISIL Assigns B+ Rating to INR120MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Kausikh Therapeutics Private Limited.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Term Loan                 120       CRISIL B+/Stable
   Proposed Overdraft
   Facility                    7       CRISIL B+/Stable
   Loan Against Property      80       CRISIL B+/Stable
   Overdraft Facility          8       CRISIL B+/Stable

The rating reflects a modest scale of operations, high working
capital requirement, and weak liquidity. These strengths are
partially offset by the extensive experience of the promoter and
his established relationship with customers.
Outlook: Stable

CRISIL believes KTPL will continue to benefit from the extensive
experience of its promoter and his established relationship with
customers. The outlook may be revised to 'Positive' in case of
benefits derived from a new capital expenditure plan, leading to
improved liquidity. The outlook may be revised to 'Negative', in
case of lower-than-expected cash accrual or deterioration in
working capital management.

KTPL was founded by Mr. Kausic V Neelakantan in 2000 for
marketing pharmaceutical products. In 2002, it set up a
formulations manufacturing plant. The company manufactures
pharmaceutical formulations in therapeutic segments such as
general multivitamins, cardiovascular, anti-diabetics, and
antibiotics, in the form of tablets, capsules, and dry syrups.


KINGFISHER AIRLINES: Supreme Court Adjourns Mallya Default Case
---------------------------------------------------------------
The Times of India reports that the Supreme Court, which on
Oct. 4 heard the plea of the State Bank of India-led consortium
of 17 banks against liquor baron and Kingfisher chairman Vijay
Mallya for bringing him back to India in connection with a loan
defaulting case, adjourned the matter.

However, the next date of hearing has not been fixed yet. The
apex court is likely to hear the matter on October 18, the report
says.

TOI relates that the consortium of banks had approached the top
court seeking its intervention in bringing back Mallya to India
and also the repayment of money which the beleaguered businessman
had taken.

The top court had wanted to know from the Union Government about
his whereabouts. The Attorney General informed the apex court
that Mallya was in England, the report says.

According to the report, the banks, in their plea, told the apex
court that there was an outstanding loan of almost INR9,000
crores against the businessman.

TOI says the banks have argued that the business tycoon has not
been candid with the court regarding his assets, citing the
failure to disclose the severance package he received from Diageo
Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose
his assets to the consortium. The banks also said the disclosures
made by Mallya on his Indian and overseas properties were
"vague".

The banks also refuted Mallya's allegation that all 17 banks did
not reject the three proposals made by him for repayment of over
INR9,000 odd crores in installments, the report adds.

                     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.


MAHARSHI ALLOYS: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Maharshi Alloys
and Steels' Long-Term Issuer Rating to 'IND B+' from 'IND B'.
The Outlook is Stable.

                          KEY RATING DRIVERS

The upgrade reflects Maharshi Alloys' improved profitability and
moderate credit metrics.  According to provisional financials for
FY16, the firm's EBITDA margin improved to 6.1% (FY15: 5%, FY14:
4.8%).  The credit metrics remained moderate with interest
coverage (operating EBITDA/gross interest expense) of 1.6x in
FY16P (FY15: 2.3x) and net leverage (adjusted debt net of
cash/EBITDA) improving to 4.2x (FY15: 4.5x).

The ratings are also supported by the company's comfortable
liquidity position as reflected in the around 76% average
utilization of its working capital facilities during the 12
months ended August 2016.  The ratings are further supported by
the promoter's three decades of experience in steel trading.

The ratings continue to be constrained by Maharshi Alloys' small
scale of operations, and its trading nature of business.  The
ratings also reflect the decline in revenue in FY16P to
INR366 mil. (FY15: INR384 mil.) on account of a slowdown in the
industry.

                      RATING SENSITIVITIES

Positive: Substantial revenue growth along with stable
profitability leading to a sustained improvement in the credit
profile could lead to a positive rating action.

Negative: A substantial decline in the revenue or profitability
resulting in a sustained deterioration in the credit profile
could lead to a negative rating action.

                         COMPANY PROFILE

Maharshi Alloys was established in 1994, as a proprietorship
concern.  It is engaged in steel trading The office is situated
in the industrial hub of Peenya, Bangalore.

Maharshi Alloys' ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B+'/Stable from
      'IND B'/Stable
   -- INR90 mil. (increased from INR50 mil.) fund-based limits:
      Upgraded to long-term 'IND B+'/Stable from 'IND B' and
      affirmed at short-term 'IND A4'
   -- INR30 mil. (increased from INR20 mil.) non-fund-based
      limits: affirmed at short term 'IND A4'


MODEL EXIMS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Model Exims'
'IND BB-(suspended)' Long-Term Issuer Rating.  The agency has
also withdrawn the 'IND BB-(suspended)'/'IND A4+(suspended)'
ratings on the company's INR135 mil. fund-based working capital
limits.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will not provide ratings or analytical
coverage for Model Exims.

Ind-Ra suspended Model Exims' ratings on Feb. 23, 2016.


MODULUS COSMETICS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Modulus
Cosmetics (MC) a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings are constrained by the proprietorship structure of
MC's business and high customer concentration risk with the top
three customers contributing over 80% to the revenue.

The ratings also factor in MC's moderate credit profile with net
financial leverage (total adjusted net debt/operating EBITDAR) of
2.45x in FY16 (FY15: 4.91x) and interest coverage (operating
EBITDA/gross interest expense) of 4.07x (2.38x).  In addition the
company has a comfortable liquidity profile, as evident from the
80% average peak utilization of its fund-based limits during the
12 months ended September 2016.

The ratings benefit from MC's robust growth in revenue and
comfortable credit profile.  Revenue grew at a CAGR of 411.97%
over FY13-FY16.  The revenue was INR866.91m in FY16 (FY15:
INR298.90 mil.; FY14: INR49.23 mil.).  MC reported operating
margins of 5.73% in FY16 (FY15: 5.99%).  Ind-Ra expects the
operating margins to stay at the same level due to the company's
low bargaining power.  The working capital cycle improved to 70
days (127 days) in FY16 on account of decreasing inventory
holding days due to increasing sales and early realization of
receivables.

The ratings also factor in MC's long standing relations with
well-known clients in the fast-moving consumer goods (FMCG)
industry. Its clients include Hindustan Unilever Limited, ITC
Limited, and Patanjali Ayurved Limited.  The ratings also take
into account the proprietor's over 30 years of experience in
managing different businesses.

                        RATING SENSITIVITIES

Positive: Sustained growth in revenue along with strong revenue
visibility with an improvement in the credit metrics could lead
to a positive rating action.

Negative: Any decline in revenue/disassociation with the existing
clientele or deterioration in the credit metrics could lead to a
negative rating action.

                          COMPANY PROFILE

MC was established in 2010 by Rajan Dhir and it manufactures soap
noodles for some large FMCG companies.  Its production capacity
is 200MT per day.

MC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook:
      Stable
   -- INR131.244 mil. fund-based facilities: assigned
      'IND BB+'/Stable/'IND A4+'
   -- INR6.3 mil. non-fund-based facilities: assigned 'IND A4+'


MY CAR: CRISIL Reaffirms B+ Rating on INR330.2MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of My Car (Indore) Private
Limited continues to reflect its weak financial risk profile,
marked by a modest net worth, high total outside liability to
total net worth (TOLTNW), and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit           330.2      CRISIL B+/Stable (Reaffirmed)
   Term Loan               9.8      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MCIPL derives from its established market position in the
automobile dealership segment in Madhya Pradesh and its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that My Car (Indore) Pvt Ltd (MCIPL) will
continue to benefit over the medium term from its promoters'
extensive experience and its established market position in the
automobile dealership segment in Madhya Pradesh. The outlook may
be revised to 'Positive' if the financial risk profile improves
with significant infusion of equity and improvement in working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the liquidity
profile due to lengthening of working capital cycle.

MCIPL, set up in 2009 by Mr. Saurabh Garg, is an authorised
dealer of Maruti Suzuki India Ltd (MSIL) in Madhya Pradesh. It
has two showrooms in Indore. The company also deals in MSIL spare
parts.


MY CAR PRIVATE: CRISIL Reaffirms B+ Rating on INR350MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of My Car Private Limited
continues to reflect its weak financial risk profile, marked by a
modest net worth, high total outside liability to total net worth
(TOLTNW), and weak debt protection metrics, and exposure to
intense competition in the automobile dealership business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            350       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               250       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     100       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MCBPL derives from its established market position in the
automobile dealership segment in Madhya Pradesh and its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that My Car (Bhopal) Pvt Ltd (MCBPL) will
continue to benefit over the medium term from its promoters'
extensive experience and its established market position in the
automobile dealership segment in Madhya Pradesh. The outlook may
be revised to 'Positive' if the financial risk profile improves
with significant infusion of equity and improvement in working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the liquidity
profile due to lengthening of working capital cycle.

MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorised dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.


MY FONE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of MY Fone
Teleservices Private Limited continues to reflect the company's
modest scale of operations with a low operating margin, and large
working capital requirements. The rating also factors in the
company's weak financial risk profile, constrained by its small
net worth, high total outside liability to total net worth
(TOLTNW) and weak debt protection metrics. These rating
weaknesses are partially mitigated by the extensive experience of
the promoters in the dealership segment.

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

Outlook: Stable

CRISIL believes that MFTPL's business risk profile will remain
constrained by its modest scale of operations and weak financial
risk profile over the medium term. The outlook may be revised to
'Positive' if the company's financial risk profile improves with
significant infusion of equity and improvement in working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in the liquidity profile due to
lengthening of working capital cycle.

MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes mobile handsets and
accessories; and computers and laptops of various brands in
Bhopal (Madhya Pradesh).


NEXUS HEALTH: CRISIL Assigns B- Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Nexus Health and Beauty Care Private
Limited.

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

The rating reflects NHBPL's below-average financial risk profile,
marked by small networth and weak debt protections, and small
scale of operations in the intensely competitive fast moving
consumer goods (FMCG) industry. These rating weaknesses are
partially offset by the promoters' extensive experience and
healthy relations with customers.
Outlook: Stable

CRISIL believes NHBPL will continue to benefit from steady demand
and tie-ups with large corporates. The outlook may be revised to
'Positive' if early ramp-up in operational income, and efficient
working capital management lead to substantially stronger cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low ramp-up in capacity, pressure on profitability and cash
accrual, or sizeable working capital borrowings weaken financial
risk profile.

NHBPL, incorporated in 2005 by Parwanoo (Himachal Pradesh) based
Thakur family, manufactures household FMCG goods at its Parwanoo,
Himachal Pradesh based unit. The operations are managed by Mr.
Rajinder Singh Thakur.


NILSHIKHAA INFRAA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nilshikhaa
Infraa India Limited a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect NIIL's limited span of operations as the
company has been operational since 2013.  The ratings also
reflect the company's high customer concentration as 100% of the
company's present work orders are from Madhya Pradesh Paschim
Kshetra Vidyut Vitran Co. Ltd.  These work orders are expected to
be completed by May 2017.  The rating also factors in the firm's
moderate operating margin of 4.4% during FY16P (FY15: 4.1%).

The ratings derive support from the company's strong credit
metrics as reflected by its strong EBITDA interest coverage of
6.9x (FY15:3.9x) and net financial leverage (total adjusted net
debt/operating EBITDAR) of 1.1x (FY15: nil).  The ratings also
take comfort from the company's strong liquidity position as
reflected by its maximum 83.20% utilization of the fund-based
limits for the twelve months ended August 2016.  The company
posted revenue of INR835 mil. during FY16, its third year of
operations.

                        RATING SENSITIVITIES

Positive: Improvement in revenue along with maintenance of its
credit profile would lead to a positive rating action.

Negative: Deterioration in profitability leading to deterioration
in the credit metrics may lead to a negative rating action.

                          COMPANY PROFILE

NIIL was incorporated in 2013 as a partnership firm, in 2016 it
converted into a closely held limited company.  The company was
incorporated by Arvind Kumar Tripathi, G.P Sahoo, Jagdish Kumar
and Shivananda.

The company undertakes engineering, procurement and construction
contracts for rural electrification.  The registered office of
the company is situated in Indore (Madhya Pradesh).

NIIL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/ Stable
   -- INR40 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable
   -- INR250 mil. non-fund-based working capital limits: assigned
      'IND A4+'


NITHIN TEXTILES: CRISIL Reaffirms B+ Rating on INR250MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nithin Textiles
Private Limited continue to reflect a modest financial risk
profile because of high gearing, and susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
textile business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting         25      CRISIL B+/Stable (Reaffirmed)

   Cash Credit             250      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         50      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        8.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Nithin will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of substantial increase in cash
accrual, leading to steady improvement in liquidity and capital
structure. The outlook may be revised to 'Negative' in case the
financial risk profile deteriorates owing to large, debt-funded
capital expenditure, or a decline in revenue and cash accrual.

Set up in 2006 by Mr. K Jaikumar and his wife, Mrs J Vanitha,
Nithin commenced commercial operations in 2008. The company is
engaged in spinning of cotton yarn at its unit in Dindigul, Tamil
Nadu.


OMAR INTERNATIONAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Omar
International's 'IND B(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Omar International's ratings on Feb. 22, 2016.

Omar International's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR148 mil. term loan: 'IND B(suspended)'; rating withdrawn
   -- INR50 mil. fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


PAVAN MOTORS: CRISIL Reaffirms B+ Rating on INR175MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pavan Motors
Private Limited continues to reflect PMPL's below-average
financial risk profile because of small networth, high total
outside liabilities to tangible networth ratio, and average debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding
   Facility                175      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       25      CRISIL B+/Stable (Reaffirmed)

The rating also factors in susceptibility to economic
cyclicality, and exposure to intense competition in the
automobile dealership business resulting in low profitability.
These weaknesses are partially offset by the extensive experience
of the promoters, efficient working capital management, and
limited exposure to inventory and debtor risks.

Outlook: Stable

CRISIL believes PMPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if profitability increases or equity infusion improves
the capital structure. The outlook may be revised to 'Negative'
in case of a steep decline in profitability, or stretch in
working capital cycle weakens the capital structure.

PMPL was set up in 2011 by Mr. Chandra Pavan Reddy and his
family. The company is an authorised dealer for Maruti Suzuki
India Ltd's cars in Nalgonda (Telangana), where it has two
showrooms.


PRITHVI POLYMERS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prithvi Polymers
Industries Pvt. Ltd.'s Long-Term Issuer Rating at 'IND B'.  The
Outlook is Stable.

                       KEY RATING DRIVERS

The affirmation reflects PPIPL's continued small scale of
operation and weak credit profile.  FY16 provisional financial
indicate PPIPL's revenue of INR77 mil. (FY15: INR11.42 mil.),
interest coverage of 1.5x (2.3x) and net financial leverage of
7.1x (14.3x).

The liquidity position of the company continued to be tight as
reflected in its full use of its working capital limits with few
instances of over-utilisations which were however regularised
within five days.

                         RATING SENSITIVITIES

Positive: A substantial increase in the revenue leading to a
substantial improvement in the credit metrics will be positive
for the ratings.

Negative: Any deterioration in the overall credit profile will be
negative for the ratings.

                          COMPANY PROFILE

Incorporated in 2014, PPIPL manufactures thermoform disposables.
It is managed by Pradeep Goenka and has its registered office in
Mumbai

PPIPL ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B'/Stable
   -- INR60 mil. term loan: affirmed at 'IND B'/Stable
   -- INR25 mil. (increased from INR14.58 mil.) fund-based
      limits: affirmed at 'IND B'/Stable
   -- INR7.25 mil. non-fund-based limits: assigned 'IND A4'
   -- INR10 mil. term loan: assigned 'IND B'/Stable


PTS HITECH: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of PTS HITECH PROJECTS
India Private Limited continue to reflect the company's modest
scale of operations in the fragmented civil construction industry
and its below-average financial risk profile marked by a high
gearing and modest net worth. These rating weaknesses are
partially offset by the extensive experience of PTS's promoters
in the civil construction industry and the company's moderate
order book.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL A4 (Reaffirmed)
   Cash Credit             50        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PTS will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive'
if the company scales up its operations significantly while it
maintains its moderate operating profitability or improves its
working capital management. Conversely, the outlook may be
revised to 'Negative' if PTS registers lower-than-expected
revenue or profitability, or if its working capital management
deteriorates, resulting in weakening of its liquidity.

PTS, set up in 2009, is based in Puthiyara (Kerala). It executes
civil contracts for Kerala Public Works Department. The day-to-
day operations of the company are managed by Mr. PT Srinivasan,
the proprietor.


R. B. CHAVAN: CRISIL Hikes Rating on INR90MM Bank Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of M/s
R. B. Chavan to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          160       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')
   Cash Credit              90       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')
The upgrade reflects CRISIL's belief that the firm will sustain
the improvement in its business and financial risk profiles over
the medium term on account of a healthy order book. Revenue grew
by 143% to INR522 million in fiscal 2016 from INR214 million in
fiscal 2015 led by healthy order flow. Currently, there is an
order book of INR1.2 billion which will provide healthy revenue
visibility over medium term. Working capital management also
improved as indicated by gross current assets of 188 days as on
March 31, 2016, because of quicker payment realisation. Improved
scale of operations and working capital management will lead to a
better financial risk profile with reduced gearing, above-average
debt protection metrics, and better liquidity. The gearing
reduced to 0.9 time as on March 31, 2016, driven by lower debt
availed and higher accretion to reserves. The gearing is expected
to remain low at below 1 time over medium term.

The ratings continue to reflect the extensive experience of the
proprietor in the civil construction industry and a moderate
order book, leading to healthy revenue visibility. These rating
weaknesses are partially offset by a modest scale of operations
in the fragmented and tender-based civil construction business.
Outlook: Stable

CRISIL believes RBC will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of a sizeable increase in scale of
operations and significant improvement in working capital
management. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of stretched working capital requirement, a decline in cash
accrual, or any large, debt-funded capital expenditure.

RBC was set up in 1992 as a proprietorship firm by Mr. Rajdeep
Baban Chavan. It undertakes civil construction projects,
primarily in anti-sea binding, for agencies of state governments.


RAJALAXMI AGROTECH: Ind-Ra Raises Long-Term Issuer Rating to 'B-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rajalaxmi
Agrotech (India) Private Limited's (RAIPL) Long-Term Issuer
Rating to 'IND B- from IND D'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The upgrade reflects RAIPL's timely debt servicing during the
three months ended August 2016.  However, the liquidity position
of the firm continues to be tight as reflected by overutilization
of around 13 days in its fund-based working capital facilities
during the 12 months ended August 2016.

The ratings derive strength from the over two decades of
experience of RAIPL's promoters in manufacturing agricultural
fertilizers.

The ratings, however, remain constrained by RAIPL's small scale
of operations as indicated by revenue of INR299 mil. in FY16
(FY15: INR390 mil.).  Working capital cycle of the company was
long at 297 days in FY16 (FY15:190 days).  Credit metrics
remained weak with gross interest coverage (operating
EBITDA/gross interest expense) of 1.7x in FY16 (FY15: 2.1x) and
net financial leverage (total Ind-Ra adjusted debt/operating
EBITDA) of 4.4x (4.7x).  FY16 numbers are provisional in nature.

                        RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in liquidity position could be positive for the
ratings action.

                        COMPANY PROFILE

Incorporated in 1995, RAIPL manufactures agricultural fertilizers
and has an installed capacity of 60,000 metric ton annually.

RAIPL Rating's:

   -- Long-Term Issuer Rating: upgraded to 'IND B-'/Stable from
      'IND D'
   -- INR145 mil. fund-based facilities: upgraded to
      'IND B-'/Stable from 'IND D'
   -- INR90.00 mil. non-fund-based facilities: upgraded to
      'IND B-'/Stable and 'IND A4' from 'IND D'


RAJASTHAN LIQUOR: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rajasthan
Liquors Limited's 'IND BB(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn the 'IND BB(suspended)' rating on
the company's INR600 mil. term loans.  The ratings have been
withdrawn due to lack of information.  Ind-Ra will not provide
ratings or analytical coverage for Rajasthan Liquors.  Ind-Ra had
suspended Rajasthan Liquor's ratings on Feb. 19, 2016.


RASHMI YARNS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rashmi Yarns
Limited (RYL) a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.  The agency has also assigned RYL's INR300
mil. fund-based working capital facility a Long-term 'IND BB+'
rating with a Stable Outlook and a Short-term 'IND A4+' rating.

                          KEY RATING DRIVERS

The ratings reflect RYL's moderate credit metrics and low
profitability.  Net leverage (total adjusted net debt/operating
EBITDAR) during FY16 was 3.8x (FY15: 4.5x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.4x
(1.3x).  Profitability was low in the range of 3%-6% over FY12-
FY16 on account of the management's strategy to concentrate on
top-line growth.

The ratings, however, are supported by around two decades of
experience of the company's promoter in the yarn manufacturing
segment.

The ratings factor in RYL's strong top-line growth at a CAGR of
30% over FY12-FY16.  Revenue grew to INR1,493 mil. during FY16
(FY15: INR1,039 mil.).  With the addition of six machines during
FY16, RYL now has a total capacity of 15 machines with a total
installed capacity 80 tonnes per day, which is likely to result
in substantial revenue growth over the medium term.  The current
capacity utilization is around 90%-95%.

The company's liquidity position is comfortable with the fund-
based facilities being utilized at an average of 75% over the 12
months ended August 2016.

                       RATING SENSITIVITIES

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

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

                         COMPANY PROFILE

RYL was incorporated in 1997 and is engaged in the texturizing
and twisting of polyester partially oriented yarn.


SACHDEVA METAL: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sachdeva Metal Works
(SMW; part of Sachdeva group) continue to reflect Sachdeva
group's modest scale of operations in an intensely competitive
industry, and large working capital requirement leading to high
gearing. These rating weaknesses are partially offset by the
extensive experience of the promoters in manufacturing iron
fittings and valves.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)

   Cash Credit             30        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMW, R.G. Industries (RGI), and Water
Wealth Infra Tech India Pvt Ltd. This is because these entities,
together referred to as the Sachdeva group, have operational
linkages, the same management, and a common marketing network.
Outlook: Stable

CRISIL believes the Sachdeva group will continue to benefit from
the extensive industry experience of its promoters, and their
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of substantial
improvement in the capital structure and working capital
management, while sales and operating margin increase. The
outlook may be revised to 'Negative' if sluggish demand results
in significant decline in sales and profitability and leads to a
pile-up of inventory, or in case of large, debt-funded capital
expenditure, further weakening the financial risk profile,
especially liquidity.

The Sachdeva group is owned and managed by Mr. Arvinder Pal
Singh, and his brothers, Mr. Daljit Singh and Mr. Varpreet Singh.
The group is based in Jalandhar, Punjab.

SMW, established in 1996, manufactures valves under the brand
SACHDEVA.

RGI, established in 2005, manufactures high quality Ductile Iron
Fittings (sizes 80 mm to 1000 mm) and Cast Iron Fittings (80 mm
to 600 mm) fittings under the brand RG.

WWIPL, undertakes turnkey projects for laying of pipes for
government departments, including municipalities.

Both SMW and RGI have manufacturing facilities in Jalandhar, and
cater to both government departments, including municipalities,
and private contractors.


SARVOTTAM ROLLING: CRISIL Lowers Rating on INR120MM Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Sarvottam Rolling Mills Private Limited to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', while reaffirming its rating
on the short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)

   Cash Credit            120        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        50        CRISIL A4 (Reaffirmed)

   Proposed Long Term      14.1      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects sharp deterioration in the business risk
profile, as reflected in significant operating loss in fiscal
2016. This was primarily due to vulnerability in key input
prices, along with high power and fuel expenses. However, net
cash accrual stood at an estimated INR17.3 million in fiscal 2016
due to a one-time, non-operating income of INR89.4 million.

CRISIL believes improvement in the profitability is closely
linked to the extent of ramp-up in revenue and stability of input
prices, while optimising its power and fuel usage.

The ratings reflect SRMPL's exposure to intense competition in
the steel industry and working capital-intensive operations. The
ratings also factor in vulnerability to volatility in raw
material prices and capacity utilisation levels. These weaknesses
are partially offset by established position in the local
thermos-mechanically treated bars market, the extensive
experience of promoters, and a moderate financial risk profile,
with a comfortable total outside liabilities to tangible networth
ratio.
Outlook: Stable

CRISIL believes SRMPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if higher-than-expected revenue and profitability
margins lead to significant improvement in debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
revenue or profitability margins is lower than expected, or if
its working capital cycle lengthens.

SRMPL, incorporated in 2005, manufactures ingots and thermos-
mechanically treated bars at its manufacturing facilities in
Muzaffarnagar, Uttar Pradesh. The company is currently owned and
managed by Mr. Sanjay Jain and Mr. Rajeev Jain. The company was
acquired by its current promoters in 2007.


SHREE SATSANGI: CRISIL Revises Rating on INR66.7MM Loan to 'C'
--------------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
Shree Satsangi Saket Dham Ram Ashram from 'CRISIL B-/Stable' to
'CRISIL D', and simultaneously upgraded the rating to 'CRISIL
C/Stable' and assigned 'CRISIL A4' to its short term bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      26.6      CRISIL A4 (Assigned)

   Rupee Term Loan         66.7      CRISIL C (Revised from
                                     'CRISIL B-/Stable' to
                                     'CRISIL D' and
                                     simultaneously
                                     upgraded to 'CRISIL C')

The rating revision takes into account continuous overdrawal of
working capital limit beyond 30 days in the months of December
2015 and January 2016. However, the ratings have been reassigned
because of timely debt servicing over the past 90 days.

The ratings reflect weakening of SSSDRA's credit risk profile on
account of tight liquidity due to delayed fee receipts coupled
with weak occupancy levels leading to tightly matched accruals to
term debt obligation. Also, the overdraft limit utilization
remained almost full. Alignment of actual fee receipt with
repayment schedule leading to lowered dependence on bank lines
will remain a key rating sensitive factor over the medium term.

The rating also factors in trust' limited range of courses; weak
occupancy levels in engineering courses; and delayed fee
receipts. These weaknesses are partially offset by growing
diversification in courses offered; and the established track
record of SSSDRA's institutes in the Mehsana (Gujarat) region.

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and
his family. It operates KJ College of Pharmacy, KJ Institute of
Management, and KJ Institute of Engineering and Technology,
offering bachelors and masters courses in pharmacy, management,
and engineering.

For fiscal 2016, profit after tax (PAT) was INR4.3 million on
operating income of INR62.9 million vis-a-vis PAT of INR0.8
million on operating income of INR47.4 million in fiscal 2015.


SITARA CONDUCTORS: CRISIL Assigns B- Rating to INR30MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sitara Conductors and Cables Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B-/Stable

   Bank Guarantee          20        CRISIL A4

   Cash Credit             30        CRISIL B-/Stable

The ratings reflect a small scale and working capital-intensive
nature of operations and a below-average financial risk profile.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the electrical components industry
and a moderate order book.

Outlook: Stable

CRISIL believes that SCCPL shall continue to benefit from the
extensive industry experience of its promoters and moderate order
book. The outlook may be revised to 'Positive' if a substantial
and sustained improvement in operating income and accrual, or
significant equity infusion by promoters, along with improved
working capital management improves its financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
in case of low accrual, a stretched working capital cycle or
large, debt-funded capital expenditure, resulting in further
deterioration of the financial risk profile.

SCCPL, established in 1997 is engaged in manufacturing overhead
electricity transmission conductors, stay wires/earth wires,
paper-covered aluminium round and rectangular conductors, and
hard-drawn copper conductors. The company is certified under ISO
9001:2008 and has an office at Liluah, in Howrah, West Bengal.


SSGR HOSPITAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SSGR Hospital
and Research Center Pvt. Ltd.'s (SSGR) 'IND B(suspended)' Long-
Term Issuer Rating.

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

Ind-Ra suspended SSGR's ratings on Feb. 17, 2016.

SSGR's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR92 mil. term loan: 'IND B(suspended)'; rating withdrawn
   -- INR4.5 mil. fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


TARA EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR13.8MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tara Educational Trust
continue to reflect a small scale of operations, geographical
concentration in revenue, and weak liquidity. These rating
weaknesses are partially offset by the extensive experience of
the trustees in the education sector and a moderate financial
risk profile because of adequate gearing.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      60       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       6.2     CRISIL B+/Stable (Reaffirmed)
   Term Loan               13.8     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TET will continue to benefit over the medium term
from the extensive experience of its trustees. The outlook may be
revised to 'Positive' in case of a substantial increase in scale
of operations, most likely by an increase in the number of
courses offered or diversification in geographical reach, while
maintaining capital structure. The outlook may be revised to
'Negative' if there is large, debt-funded capital expenditure, or
an adverse impact of any regulatory change, resulting in
weakening of the financial risk profile.

TET was established in 1998 as the Pioneer Public School
Management Committee by Mr. Jaswant Singh. In 2010 this
institution was converted into TET; presently, it runs three
schools and one college.


THAKKARSONS ROLL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Thakkarsons Roll
Forming Private Limited (TRF) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect TRF's moderate credit profile with net
leverage (total adjusted net debt/operating EBITDAR) of 2.6x in
FY16 (provisional numbers) (FY15: 4x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) of 1.5x
(1.1x).  Revenue was INR456 mil. in FY16P (FY15: INR339 mil.) and
the EBITDA margin ranged from 5%-9.9% over FY13-FY16 on account
of raw material price fluctuation.  The company's liquidity
position remained comfortable with the fund-based facilities
being utilized at an average of 73% over the 12 months ended July
2016.

The ratings also take into consideration Ind-Ra's expectation of
growth in both the top-line and bottom-line as the company
increased its manufacturing capacity during FY17 to 30,000MTPA
from 12,000MTPA.  Ind-Ra also expects capacity enhancement to
help improve the company's credit metrics and reduce net leverage
to less than 2x by FYE17.  The ratings also factor in the more
than two decades of experience of the promoters in the cold
rolled steel products segment.

                       RATING SENSITIVITIES

Positive: A substantial growth in revenue and an improvement in
the EBITDA margin leading to a sustained improvement in the
credit metrics will lead to a positive rating action.

Negative: Any decline in the EBITDA margin resulting in a
sustained deterioration in the company's credit profile will lead
to a negative rating action.

                        COMPANY PROFILE

TRF was set up in 1990 by Mr. Devang Thakkar, his brother,
Mr. Bhavin Thakar, and his wife, Mrs. Mansi Thakkar.  The company
manufactures metal crash barriers (guard rails), module mounting
structures for solar panels, and other steel structures.

TRF's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB', Outlook Stable
   -- INR140 mil. fund-based facilities: assigned 'IND BB'/Stable
   -- INR79 mil. long-term loans: assigned 'IND BB'/Stable
   -- INR110 mil. non-fund based working capital facilities:
      assigned 'IND A4+'


VED SASSOMACCANICCA: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ved
Sassomaccanicca (India) Pvt Ltd's 'IND BB(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended Ved Sassomaccanicca's ratings on Feb. 18, 2016.

Ved Sassomaccanicca's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR25.5 mil. term loan: 'IND BB(suspended)'; rating
      withdrawn
   -- INR30 mil. fund-based working capital limits:
      'IND BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn
   -- INR10 mil. non-fund-based working capital limits:
      'IND BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn


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


CASINO BAR: High Court Placed Club Into Liquidation
---------------------------------------------------
Stuff.co.nz reports that a Christchurch company that owns one of
Auckland's best known strip clubs has collapsed, owing tens of
thousands of dollars to Inland Revenue.

Casino Bar (No.2), which operates the Karangahape Rd branch of
Calendar Girls, was put into liquidation at the High Court in
Christchurch on September 29, according to Stuff.co.nz.

It was the fourth time the company had appeared in the court
list. The application for liquidation was made by Inland Revenue.
A receiver was appointed later that day by secured creditor BBT
Group, says Stuff.co.nz.

According to Stuff.co.nz, Calendar Girls national general manager
Scott McCormick said Casino Bar (No.2) was liquidated because
Inland Revenue was "stamping its foot". The company had paid off
64% of its original debt, with NZ$90,000 left to pay.

Stuff.co.nz relates that Mr. McCormick said the debt was caused
by a bad choice of administration staff in 2013 and 2014.

Casino Bar (No.2) did not owe money to anyone else, and it was
"business as usual" for the Karangahape Rd club. It was a good
business with great staff and customers. The only issue was the
outstanding Inland Revenue debt, he said, Stuff.co.nz relays.

BBT Group had loaned money to Casino Bar (No.2) and by appointing
a receiver, it was making sure its money was safe, Mr. McCormick
said, according to Stuff.co.nz.

The sole shareholder of Casino Bar (No.2) is Alan Samson Limited
(ASL), which also faced an application for liquidation in the
same court on the same day. Stuff.co.nz says the application,
also made by Inland Revenue, was adjourned until this week.

ASL is owned by Vicki Samson, mother of BBT Group shareholder
James Samson.

FP IGNITION: Moody's Assigns Ba1 Rating to Class E Notes
--------------------------------------------------------
Moody's Investors Service says that the execution of FP Ignition
Trust 2011-1 - New Zealand's 2016 Extension Amendment Deed on 30
September 2016 and the rebalancing of the notes on Oct. 6, 2016
(the Amendment) will not, in and of itself and at this time,
result in the downgrade or withdrawal of the current ratings of
the notes issued by the trust.

Moody's has determined that the Amendment in and of itself and at
this time, will not result in the downgrade or withdrawal of the
ratings of the relevant notes.

   -- Class A Notes, currently rated Aaa (sf)

   -- Class B Notes, currently rated Aa2 (sf)

   -- Class C Notes, currently rated A2 (sf)

   -- Class D Notes, currently rated Baa2 (sf)

   -- Class E Notes, currently rated Ba1 (sf)

   -- Class F Notes, currently rated B1 (sf)

However, Moody's opinion addresses only the credit impact
associated with the Amendment, and Moody's is not expressing any
opinion as to whether the Amendment has, or could have, other
non-credit related effects that may have a detrimental impact on
the interests of note holders.

The main changes of the Amendment include: (1) extension of the
Scheduled Revolving Period End Date to October 2017, (2)
amendment to the Vehicle Servicing Account, (3) increases to some
note margins, and (4) reduction in Obligor Concentration and
Maximum Debtor Concentration levels.

In addition, the minimum credit support levels for the rated
notes have been amended as follows.

   -- For Class A Notes, 40.0%

   -- For Class B Notes, 33.6%

   -- For Class C Notes, 26.8%

   -- For Class D Notes, 23.4%

   -- For Class E Notes, 17.4%

   -- For Class F Notes, 11.1%

A liquidity reserve equal to 2.5% of the outstanding amount of
all rated notes (with a hard floor of NZD300,000) provides
support to the transaction.

The transaction is a cash securitization of operating and finance
leases extended to New Zealand corporates and small- and medium-
sized businesses. The leases are secured by light and heavy
commercial vehicles and passenger cars.

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in December 2015.

This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.



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


JUBILANT PHARMA: Fitch Assigns 'BB' Rating on USD300MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Singapore-based Jubilant Pharma
Limited's (JPL, BB-/Stable) USD300 mil. 4.875% senior unsecured
notes due in 2021 a final rating of 'BB'.  The final rating is in
line with the expected rating assigned on Sept. 23, 2016, and
follows the receipt of final documents conforming to information
already received.

JPL will use the proceeds from the note issue mainly to repay
existing debt and contribute up to USD50 mil. to its parent
Jubilant Life Sciences Limited to repay part of the parent's
indebtedness.  The notes represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

                       KEY RATING DRIVERS

Weaker Consolidated Profile: JPL's IDR is based on its parent
JLS's consolidated profile, given Fitch's assessment of moderate
linkage between JPL and its parent, which Fitch assesses to have
a weaker credit profile than its subsidiary.  JLS's life science
ingredients business has strong positions in some of products,
such as pyridines, acetyls and niacinamide, and its backward
integration gives it a cost advantage compared to some of its
peers.  However, Fitch believes cash flows from the life science
business are more vulnerable, given the commodity nature of
products, intense competition and the inherent cyclicality of the
business.

Bond Rated above IDR: JPL's bondholders will have direct recourse
to JPL's cash flows and assets.  The rating on the bond is above
the IDR to reflect reduced secured debt at JPL after it uses
proceeds from the issue to refinance a portion of secured debt
currently on JPL's balance sheet.  Following this refinancing,
Fitch expects the ratio of JPL's secured and prior-ranking debt
to EBITDA to reduce to below 2x, which is commensurate with
Fitch's guidelines for low structural subordination.  The
indenture of the bond restricts the amount of prior-ranking debt
that JPL can have.

Robust Growth Prospects in Radiopharma: JPL's Draximage business
is the fourth-largest participant by sales in the small North
American nuclear imaging market.  Draximage faces very limited
competition for some of its top products, such as MAA, an albumin
injectable used in lung imaging, and DTPA, a pentetate injectable
used for brain and kidney imaging, both of which have no
competitors at present.  Draximage has expanded strongly in the
last few years and is poised to grow further with a healthy
pipeline of products.  JPL aims to launch Ruby Fill, an infuser
device used for heart imaging, in the second half of the
financial year ending March 31, 2017, (FY17), following its
approval by the US Food and Drug Administration (USFDA) in
October 2016.  Ruby Fill has significant patient safety-related
advantages over a competitor's existing alternative.  Ruby Fill
is the first new product due to be launched in this segment in
nearly 25 years, and there are no known competitors.  JPL
estimates the market size for Ruby Fill at about USD70 mil.

Adequate Pipeline for Generics: JPL's generics formulations and
active pharmaceutical ingredient (API) business is primarily
focused on the key regulated markets of US and Europe, with
adequate off-patent Abbreviated New Drug Application (ANDA)
filings to counter competitive pressure on its existing
portfolio. JPL has so far filed 73 ANDAs and 81 Drug Master Files
(DMFs) in the US as at June 30, 2016, of which 46 ANDAs have been
approved and 34 DMFs have been reviewed.

Healthy Orders for Contract Manufacturing: The contract
manufacturing order book stood at USD534 mil. as of June 30,
2016, or 6.4x of FY16 revenue in this segment, following the
successful resolution of violations of USFDA standards at its
contract manufacturing plants in 2014-2015.  JPL's contract
manufacturing (CMO) business mainly produces injectable and other
sterile products for the North American markets.  The business is
driven by patented products (nearly 80% of sales), and customers,
which are mainly large pharmaceutical companies, are primarily
focused on quality standards rather than costs alone.

Regulatory Risk in Pharma: JPL and its peers face regulatory
risks associated with non-compliance with cGMP (current Good
Manufacturing Practice) norms stipulated by the USFDA.  However,
the risks are more pronounced in JPL's case given its small size
and its smaller number of production facilities.  The USFDA in
December 2013 issued a warning to JPL for lapses found at the
company's main contract manufacturing facility in Spokane, US.
The company managed to resolve the violations identified in the
warning letter at the Spokane facility in a reasonable time frame
of about 15 months and has demonstrated it is proactive in
meeting quality compliance.  This is reflected in USFDA
inspections at all the company's six manufacturing facilities in
the US during FY16 that did not find any lapses.  JPL took steps
to improve quality and management has become more proactive about
maintaining standards as part of the resolution of the USFDA
issues.  Fitch believes this should minimize the risk from future
quality concerns.

Exposure to Commodity Prices: JLS is focused on products that are
essentially commodities in nature, with realized prices and
margins closely linked to crude-oil-based derivatives or
substitutes and to demand and supply in the industry.  The risk
is more pronounced in chemical products at the lower end of the
value chain, such as products in the life science ingredients
business (ethanol and ethyl acetate) and advance intermediate
segments (primarily pyridine).  Low crude oil prices and industry
overcapacity have led to weak operating trends in the life
sciences business and are likely to limit any material
improvement in the near to medium term.  However, JLS's
integrated business model provides it with some flexibility in
shifting to products with better market fundamentals.  For
example, it stepped up production of specialty chemicals, which
drove improvement in profitability in FY16.

Consolidated Financial Profile to Improve: JLS's FFO adjusted net
leverage and FFO fixed charge coverage were 3.8x and 3.2x,
respectively in FY16.  Fitch expects JLS's credit metrics to
improve due to the expected growth in the pharmaceuticals
business, a good degree of capex flexibility and moderate
dividend payouts, which should enable it to generate positive
free cash flows.  Fitch expects the company to focus on expansion
in segments with favourable demand, such as contract
manufacturing, API and certain specialty ingredients.  Currently,
JPL's plant utilization levels are at 60%-70% across most
segments, which provide it with some operational and capex
flexibility.

                         KEY ASSUMPTIONS

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

   -- JLS revenue growth of around 4% in FY17 and 11%-13% after
      that, supported by new launches in the radiopharma and
      generic formulations businesses. Growth in the life
      sciences business to remain muted, reflecting weak
      commodity prices

   -- EBITDA margin to remain stable at close to 20% in FY17,
      before improving as the pharma business grows.  Weak
      commodity prices and demand-supply imbalance in the
      specialty chemicals segment to limit improvement in life
      sciences margins

   -- Capex of nearly INR3.2 bil. in FY17. No material growth in
      capex after that

   -- Dividend payout to remain at less than 15% of net income

                       RATING SENSITIVITIES

Positive: Fitch does not anticipate any positive rating action in
the near term given the challenges faced by JLS's life sciences
business, which will limit the improvement in the credit profile
of JLS.  However, future developments that may, individually or
collectively lead to positive rating action include:

   -- Sustained improvement in the operating profile of the life
      sciences business;
   -- Sustained free cash flow generation; and
   -- FFO adjusted gross leverage sustained at less than 2.5x
      (FY16: 4.1x).

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

   -- Volatility in free cash flow generation due to a weak
      operating environment in life sciences or adverse USFDA
      actions
   -- Deterioration in FFO adjusted gross leverage to more than
      4.5x

                            LIQUIDITY

JLS has adequate liquidity with cash balance of INR3.4 bil. and
undrawn credit facilities of INR5.7 bil. at March 31, 2016, which
are sufficient to cover the INR7.4 bil. of long-term debt
maturingaid in September it is working to boost investor
safeguards by year-end, while the government plans to enhance
legal provisions for debt restructuring, Bloomberg recalls. The
local authorities are also tightening oversight of private banks
and aiding businesses mired in the slump.


OTTO MARINE: Loss Widens to US$19.1MM in Q2 Ended June 30
---------------------------------------------------------
Cai Haoxiang at The Business Times reports that Otto Marine has
announced its second quarter results ended June 30, 2016, after a
delay in doing so due to its recent privatisation bid.

According to Business Times, the company slipped further into the
red with a loss of US$19.1 million in Q2 2016, compared with a
US$2.7 million loss a year ago. Revenue was down 41% to US$42.2
million compared with US$71.2 million a year ago.

Revenue decreased across its shipyard, shipping and chartering
and subsea services segments.

"The persistent challenging market condition, particularly in the
oil and gas industry, puts continuing pressure on the group's
performance," the report quotes Otto Marine as saying.  "The
group continues to focus on improving fleet utilisation, while
concurrently rationalising its cost structure."

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


SWEE HONG: Auditor Flags 'Material Uncertainties'
-------------------------------------------------
Jamie Lee at Business Times reports that auditors of Swee Hong,
which is undergoing a debt restructuring exercise, said on Oct. 7
there are "material uncertainties" over the company's financials
for its full-year ended June 30, 2016.

The loss-making civil engineering company has its current
liabilities exceeding its current assets, Business Times
discloses. The court approved a scheme of arrangement between
Swee Hong and certain of its creditors on Nov. 25, 2015.

Swee Hong Ltd (SGX:QF6) is a Singapore-based company, which is
engaged in the business of building construction and investment
holding. Its segments include Civil Engineering and Tunnelling.
The Civil Engineering segment includes civil engineering works,
such as road construction works, road maintenance works, sewerage
rehabilitation (excluding tunneling works), drains (excluding
tunneling works), soil improvement works and other infrastructure
works. The Tunnelling segment includes micro-tunneling works. The
Company's ongoing projects include road widening of upper Paya
Lebar road from Upper Serangoon road to Bartley road and sewer
diversion at Springleaf station. The Company focuses on Parks and
Services, Infrastructure Construction and Tunneling. It provides
services, such as architectural, mechanical and electrical (M&E);
civil and structure (C&S); soil works; landscaping; roads;
bridges; flyover; canals, and project management.


SWIBER HOLDINGS: Singapore Court Grants Judicial Management
-----------------------------------------------------------
David Yong at Bloomberg News reports that Swiber Holdings Ltd.,
the Singapore-based firm that roiled the local bond market when
it defaulted in August, has been put under judicial management
while it reorganizes debt.

Bloomberg relates that the high court in the city-state granted
applications by Swiber Holdings, which helps build offshore oil
platforms, and by its unit Swiber Offshore Construction Pte to
put both firms under judicial management, the court said. The
judicial managers should file updates to creditors every six
weeks, unless they call meetings within 60 days, according to the
court order cited by Bloomberg.

Bloomberg says the slump in oil prices has hurt Singapore, which
relies on the marine and offshore industry for about 19% of
manufacturing jobs. The local-currency bond market has had three
default cases involving S$875 million ($638 million) of bonds. At
least eight companies in the shipping and oil and gas services
industry, including Rickmers Maritime and Marco Polo Marine Ltd.,
are seeking leniency from creditors on their debt load, Bloomberg
discloses.

Swiber's SGD160 million of 7.125% notes due 2017 were indicated
at 12 cents on the dollar, according to prices from DBS Bank Ltd.
The stock fell 48% this year through July 27, when they here
halted on the Singapore Exchange, Bloomberg notes.

The Monetary Authority of Singapore said last month it is working
to boost investor safeguards by year-end, while the government
plans to enhance legal provisions for debt restructuring,
Bloomberg recalls. The local authorities are also tightening
oversight of private banks and aiding businesses mired in the
slump.

Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31 before it sought court protection in late
July, Bloomberg discloses citing the company's last published
accounts. It should be able to raise about $284 million of
working capital to sustain its operations, including through
asset sales, according to a Sept. 2 report to court submitted by
its then-interim judicial managers, adds Bloomberg.

                           About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier this month
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.



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


DAEWOO SHIPBUILDING: To Cut 1K Jobs Via Early Retirement Scheme
---------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co., a major shipbuilder here, said on Oct. 7 that it
would seek to cut its workforce by some 1,000 via an early
retirement program amid a prolonged industrywide slump.

The shipbuilder will receive applications from its workers
through Oct. 21, company officials said, Yonhap relates.

In October of last year, some 300 workers left Daewoo
Shipbuilding through an early retirement scheme. Daewoo
Shipbuilding said earlier it would cut its workforce to some
10,000 by 2020 through restructuring, according to Yonhap.

Yonhap says South Korean shipbuilders have been under severe
financial strain since the 2008 global economic crisis which sent
new orders tumbling amid a glut of vessels and tougher
competition from Chinese rivals.

Yonhap relates that the country's top three shipyards -- Hyundai
Heavy Industries, Samsung Heavy Industries Co. and Daewoo
Shipbuilding & Marine Engineering Co. -- suffered a combined
operating loss of KRW8.5 trillion last year. According to the
report, the loss was due largely to increased costs stemming from
a delay in the construction of offshore facilities and an
industrywide slump, with Daewoo Shipbuilding alone posting a
KRW5.5 trillion loss.

Yonhap adds that the shipbuilders have recently drawn up sweeping
self-rescue programs worth KRW10.35 trillion in desperate bids to
overcome the protracted slump and mounting losses.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


                             *********

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, Psyche A. Castillon, 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 ***