TCRAP_Public/161012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 12, 2016, Vol. 19, No. 202

                            Headlines


A U S T R A L I A

ASTRA RESOURCES: No Australian Liquidation
AUSTRALIAN INSTITUTE: External Administrators Appointed
CITY CONVENIENCE: Court to Hear Wind Up Petition on Oct. 28
ELIANA CONSTRUCTION: First Creditors' Meeting Set For Oct. 21
FEABHAS HOLDINGS: First Creditors' Meeting Set For Oct. 18

FIRSTMAC MORTGAGE 3-2016: S&P Assigns BB Rating to Class D RMBS
FISH FACE: Was Insolvent Before Ceasing Trade, Ferrier Says
JL PROFESSIONAL: First Creditors' Meeting Set For Oct. 18
PACIFIC ONE: First Creditors' Meeting Slated For Oct. 18


C H I N A

DONGBEI SPECIAL: Enters Bankruptcy Restructuring Process
GENERAL STEEL: Sold 1.5 Million Shares to Alternative Wealth


I N D I A

ASCENDUM SOLUTIONS: ICRA Ups Rating on INR25cr Term Loan to BB-
ASHUTOSH BANDYOPADHAYAY: ICRA Rates INR9cr Cash Loan at 'B'
ASIA BULK: ICRA Raises Rating on INR9.16cr Term Loan to 'B'
BALAJI INDUSTRIES: CARE Assigns B+ Rating to INR13cr LT Loan
BHAGWAN PRECISION: CRISIL Reaffirms B- Rating on INR54MM Loan

BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR25MM Loan
CHETAN ALLOYS: CARE Assigns B+ Rating to INR10cr LT Loan
COASTAL ENERGEN: ICRA Assigns 'D' Rating to INR6,296cr Loan
CORROSION ENGINEERS: CRISIL Cuts Rating on INR80MM Loan to 'D'
DASHMESH RUBBER: CARE Lowers Rating on INR4.93cr Loan to 'D'

EARTHEN TREASURES: CARE Lowers Rating on INR5.0cr Loan to 'D'
FERIS SPINTEX: CARE Assigns B+ Rating to INR38.21cr Loan
GVK POWER: CARE Lowers Rating on INR150cr LT Loan to 'D'
HILLTOP CONCRETE: CARE Reaffirms 'B' Rating on INR17cr LT Loan
HIMALAYIYA AYURVEDIC: CRISIL Reaffirms B+ Rating on INR85MM Loan

JOSHI COTEX: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
KAMALA GINNING: ICRA Reaffirms 'B' Rating on INR30cr LT Loan
KATHPAL SOLVEX: CARE Assigns 'B' Rating to INR12cr LT Loan
KONARK POLYTUBES: CRISIL Reaffirms B+ Rating on INR80MM Loan
LAXMI BALAJI: CRISIL Assigns B+ Rating to INR66MM Cash Loan

LAXMI BALAJI INDUSTRIES: ICRA Reaffirms B+ INR12.50cr Loan Rating
MAA PADMAVATI: CARE Assigns B+ Rating to INR6cr LT Loan
MAHESHWARI COAL: ICRA Reaffirms 'B' Rating on INR6cr Cash Loan
MEHUL CONSTRUCTION: Ind-Ra Assigns 'IND B+' LT Issuer Rating
MOHAN RAO: ICRA Reaffirms 'B' Rating on INR10cr LT Loan

NAGARJUNA FERTILIZERS: CARE Ups Rating on INR1696.49cr Loan to B
NARAYAN COLD: ICRA Reaffirms 'B' Rating on INR8.35cr Loan
NEHA EXPORTS: CARE Revises Rating on INR1cr LT Loan to BB-
OPPO MOBILES: Ind-Ra Rates INR7BB Unsecured NCD Program 'IND BB'
POWER RESEARCH: ICRA Reaffirms B+ Rating on INR6cr Cash Loan

PRIME HITECH: CRISIL Assigns 'D' Rating to INR733MM Term Loan
RD BROWN: CRISIL Reaffirms 'B' Rating on INR135MM LT Loan
S.L. GROUP: CRISIL Assigns 'B' Rating to INR195MM Term Loan
SACHIN FINECOT: CRISIL Reaffirms B+ Rating on INR77.5MM Loan
SANKALP REALMART: ICRA Ups Rating on INR10cr Term Loan to B+

SHAKTI MURUGAN: ICRA Suspends 'B' Rating on INR13cr Loan
SHANTOL GREEN: ICRA Lowers Rating on INR18.5cr Term Loan to D
SHARU STEELS: ICRA Reaffirms B+ Rating on INR17cr Cash Loan
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Loan
SHIVAM COTTON: ICRA Reaffirms 'B' Rating on INR8cr Cash Loan

SHREE SHYAM: Ind-Ra Withdraws 'IND D' LT Issuer Rating
SHRINATH COTTON: CARE Reaffirms B+ Rating on INR6.18cr LT Loan
SINTEX INDUSTRIES: S&P Affirms Then Withdraws 'BB-' CCR
SREEKANTH PIPES: CARE Reaffirms B+ Rating on INR2cr LT Loan
SRI ADHI: CARE Assigns B+ Rating to INR7.90cr Long Term Loan

SRI ONKAR: CRISIL Reaffirms 'B' Rating on INR74MM Cash Loan
SRI RAJA: ICRA Suspends B+ Rating on INR18.26cr Term Loan
SWASTIK COTEX: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
TIARA JEWELS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
TRUVALUE AGRO: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating

U GOENKA: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Loan


J A P A N

TOKYO ELECTRIC: May Face Insolvency Risk, President Says


M A L A Y S I A

1MALAYSIA: Ex-BSI Bankers Charged in Singapore


S O U T H  K O R E A

HANJIN SHIPPING: Battles w/ Ashley Furniture Over Cargo, Damages
LEO MOTORS: Amends 43 Million Shares Resale Prospectus with SEC


                            - - - - -


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


ASTRA RESOURCES: No Australian Liquidation
------------------------------------------
The Sydney Morning Herald reports thousands of Australian
investors who ploughed millions into illegal fundraising outfit
Astra Resources will have to seek recourse in Britain after a
court ruling.

Liquidators from Grant Thornton's London office secured orders
from Federal Court judge Richard White for a single liquidation
process operated out of England, according to the Sydney Morning
Herald.

Astra Resources -- a British company with operations in Adelaide
-- was placed in liquidation in Britain earlier this year after a
petition from Credit Veritas over unpaid retainer fees of
US$600,000, the report relays.

The report notes in May the two founders of Astra Resources --
Jaydeep Biswas and Silvana De Cianni -- were both banned from
being company directors for 12 years for illegally raising more
than AUD6.5 million from Australian investors.

The Federal Court banning orders followed action by the
Australian Securities and Investments Commission against Astra
Resources and the directors, the report discloses.

Astra Resources was a highly speculative mining company that
promised high returns, the report relays.  It was listed on the
Danish exchange GXG, and at one point its market valuation
stretched past EUR2.5 billion while the company had less than
EUR20 million in assets, the report relates.

In 2014, Astra Resources was kicked off the exchange for
supplying incorrect information and became the subject of an ASIC
investigation into its dealings in Australia, the report recalls.

The full amount Astra Resources raised from investors is unknown.
The US$6.5 million at the centre of the ASIC Federal Court action
was raised was from 281 investors, the report notes.

The report says however, according to Justice White, "a Canadian-
based share registry service, indicates that Astra Resources has
2457 shareholders holding a total of 1,148,063,035 shares".

"The great majority of these shareholders are shown as having
addresses in Australia, and many appear to be 'small investors',"
Justice White said, the report discloses.

He made the orders for a UK liquidation after finding that while
most of the investors in Astra Resources were in Australia, they
were passive investors and invested in the knowledge Astra
Resources was a UK company, the report relays.

"I consider that it would be in the interests of Astra Resources
and of its creditors for there to be a single winding up rather
than separate winding up proceedings in the United Kingdom and
Australia," the report quoted Judge White as saying.

"The interests of efficiency favor a single liquidation," Justice
White said.

Earlier this year, Justice White refused ASIC's request for
orders that would have entitled the 281 investors to whom shares
were sold illegally to elect to return their shares and receive a
refund of the purchase price on the basis it might preference
those shareholders above other potential creditors, the report
relays.

The report notes he also found there was no evidence Astra
Resources and its affiliate Astra Nominees "has the means to
refund the amounts paid by any investor".


AUSTRALIAN INSTITUTE: External Administrators Appointed
-------------------------------------------------------
Kylar Loussikian at The Australian reports that insolvency
experts have been called in to the Australian Institute of
Professional Education, once one of Australia's largest private
colleges, just days after the federal government moved to scrap
the scandal-ridden vocational loan scheme.

Ferrier Hodgson was appointed as external administrator to AIPE,
which enrolled more than 16,000 students under the VET FEE-HELP -
student loan scheme, The Australian relates citing documents
lodged with the Australian Securities & Investments Commission.

Education Minister Simon Birmingham last week scrapped the loan
scheme, The Australian says. He said existing providers will need
to prove their bona fides, and barriers for new providers to
enter the system will be far higher.

According to The Australian, court documents show just 1.3%, or
208, AIPE students completed training. Despite the low completion
rate, the college collected $243 million in funding through the
loan scheme over three years.

The Australian relates that the college has been at the centre of
the vocational education rorts scandal, being pursued by the
sector regulator, the Australian Skills Quality Authority, and
the competition regulator. It attempted to have a decision by
ASQA to cancel its registration rescinded, but documents lodged
as part of the appeal alleged some brokers working for the
company tried to boost enrolments by offering alcohol and
marijuana as encouragement to sign up students.

AIPE, headed by Amjad Khanche, maintains it has done nothing
wrong, says The Australian. The VET FEE-HELP scheme allowed
students to access up to AUD100,000 in loans, to be repaid once
they start work, The Australian notes.


CITY CONVENIENCE: Court to Hear Wind Up Petition on Oct. 28
-----------------------------------------------------------
Emma Koehn at SmartCompany reports that the Australian Taxation
Office has made an application to the Federal Court to wind up
convenience store chain, City Convenience Store Pty Ltd.

SmartCompany, citing a notice lodged with the Australian
Securities and Investments Commission, says the Deputy
Commissioner of Taxation brought the action against the company
on September 22, with a hearing in the Federal Court in New South
Wales set for October 28.

City Convenience Store Pty Ltd is owned by Gebara Group Pty Ltd,
which is under the directorship of Jamal Gebara. Gebara Group Pty
Ltd also owns the company City Convenience Store Leasing Pty Ltd,
which according to an ASIC notice published on Oct. 11, is in
liquidation.

According to SmartCompany, Jamal Gebara founded the "City
Convenience Store" chain in Sydney in 1998 and according to the
City Convenience Store website, the business was at one point
operating as many as 180 convenience stores. In 2003, an article
on the business from Fairfax highlighted that the company had
grown to 68 stores across the nation, the report relates.

SmartCompany notes that this is the second wind-up application to
be lodged against City Convenience Store Pty Ltd this year, with
Frucor Beverages (Australia) Pty Ltd filing a wind up application
against the company in the NSW Supreme Court in May.

ASIC documents show a winding up order against the company was
dismissed in June, before the ATO made the new claim in
September, according to SmartCompany.

The City Convenience Store website lists "City Convenience Store
Pty Ltd" as the owner and operator of the businesses.


ELIANA CONSTRUCTION: First Creditors' Meeting Set For Oct. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Eliana
Construction and Developing Group Pty Ltd will be held at the
offices of Romanis Cant, Level 2, 106 Hardware Street, in
Melbourne, Victoria, on Oct. 21, 2016, at 11:00 a.m.

Anthony Robert Cant and John Stuart Potts of Romanis Cant were
appointed as administrators of Eliana Construction on Oct. 11,
2016.


FEABHAS HOLDINGS: First Creditors' Meeting Set For Oct. 18
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Feabhas
Holdings Pty Ltd, trading as Recycling and Crushing Australia,
will be held at Level 19, 10 Eagle Street, in Brisbane,
Queensland, on Oct. 18, 2016, at 12:15 p.m.

Ozem Kassem & Jason Tang of Cor Cordis were appointed as
administrators of Feabhas Holdings on Oct. 6, 2016.


FIRSTMAC MORTGAGE 3-2016: S&P Assigns BB Rating to Class D RMBS
---------------------------------------------------------------
S&P Global Ratings assigned ratings to five of the six classes of
prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series 3-2016.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view of the credit support that is sufficient to
      withstand the stresses it applies.  Credit support for the
      rated notes comprises note subordination, excess spread and
      lenders' mortgage insurance (LMI) on 36.5% of the
      portfolio.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      reserve equal to 1.2% of the outstanding note balance; the
      principal draw function; 24 months timely payment cover on
      26.0% of the loans in the portfolio; and a spread reserve
      which builds from available excess spread are sufficient to
      ensure timely payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- The fixed-to-floating interest-rate swap provided by
      National Australia Bank Ltd. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

A copy of S&P Global Ratings' complete report for Firstmac
Mortgage Funding Trust No.4 Series 3-2016 can be found on
RatingsDirect, S&P Global Ratings' Web-based credit analysis
system at:

                http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

RATINGS ASSIGNED

Class     Rating       Amount (A$ mil.)
A-1       AAA (sf)     510.0
A-2       AAA (sf)      42.0
B         AA (sf)       35.4
C         A (sf)         6.6
D         BB (sf)        4.56
E         NR             1.44

NR--Not rated.


FISH FACE: Was Insolvent Before Ceasing Trade, Ferrier Says
-----------------------------------------------------------
Scott Bolles at Good Food reports that nearly 18 months after it
closed its doors, a report to creditors paints a bleak picture of
the financial state of fallen Sydney restaurant Fish Face. The
onetime seafood jewel owed creditors in excess of AUD600,000 when
it ceased trading in May 2015, the report says.

"My view is that the company was insolvent from at least the
financial year ended June 30, 2014," the report quotes liquidator
Andrew Cummins, from BRI Ferrier as saying.  "The company,
despite high turnover, failed to generate a profit in the two
years leading up to liquidation."

Good Food relates that Ferrier also investigated the sale of the
business prior to its appointment for AUD1 and accusations a
director of the company may have received personal benefit.

After filing its report, ASIC advised the liquidator it did not
propose to conduct any further investigations into the affairs of
the company or the conduct of the director, adds Good Food.


JL PROFESSIONAL: First Creditors' Meeting Set For Oct. 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
JL Professional Pty Ltd, trading as Gympie Family Dental, will
will be held at Mary River Motor Inn located at the Corner of Oak
Street and the Bruce Highway, in Gympie, Queensland, on Oct. 18,
2016, at 12:00 p.m.

Richard Albarran and Shahin Hussain of Hall Chadwick were
appointed as administrators of JL Professional on Oct. 6, 2016.



PACIFIC ONE: First Creditors' Meeting Slated For Oct. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific
One Pty Limited will be held at Suite 508, 147 King Street, in
Sydney, on Oct. 18, 2016, at 10:00 a.m.

William James Hamilton of WJ Hamilton & Co. was appointed as
administrator of Pacific One on Oct. 6, 2016.



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C H I N A
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DONGBEI SPECIAL: Enters Bankruptcy Restructuring Process
--------------------------------------------------------
Xinhua News Agency reports that China's Dongbei Special Steel has
entered bankruptcy restructuring process as a court accepted the
bankruptcy reorganization application from its supplier and
creditor on Oct. 10.

According to the court in the northeastern city of Dalian, the
111-year-old Dongbei Special Steel Group has defaulted on
corporate debts for nine consecutive times, with the debts
amounting to several billion yuan, triggering the bankruptcy and
restructuring proceedings filed by Jinzhen Smelting Co. in Inner
Mongolia, Xinhua says.

Xinhua relates that Li Jianguo, deputy secretary-general of
Liaoning provincial government, said the bankruptcy restructuring
is a key step toward the rebirth of the company and demonstrates
that the handling of corporate debt defaults have gradually
become market-oriented based on the rule of law.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.


GENERAL STEEL: Sold 1.5 Million Shares to Alternative Wealth
------------------------------------------------------------
General Steel Holding, Inc., entered into a share purchase
agreement with Alternative Wealth Limited, a company limited by
shares incorporated and existing under laws of British Virgin
Islands, on Sept. 30, 2016.  Pursuant to the terms of the
Agreement, General Steel sold 1,500,000 shares of its common
stock at a purchase price of USD$1.00 per share for aggregate
proceeds of USD$1,500,000.  The offering of the Shares was exempt
from registration and was made in reliance upon the provisions of
Regulation S promulgated by the Securities and Exchange
Commission under the Securities Act of 1933, as amended.

There is no material relationship between the Registrant, its
officers or affiliates and AWL.

                  About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude
steel production capacity under management.

Net loss attributable to the Company for the year ended Dec. 31,
2015, was $789 million as compared to $48.7 million for the same
period in 2014.

As of Dec. 31, 2015, General Steel had $35.8 million in total
assets, $78.2 million in total liabilities, and a total
deficiency of $42.4 million.

Friedman LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that the Company has an
accumulated deficit, has incurred continued losses from
operations, and has a working capital deficiency at Dec. 31,
2015. In addition, the majority of the Company's operating assets
and business has been divested at year-end or in the first
quarter of 2016 to related parties.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.



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


ASCENDUM SOLUTIONS: ICRA Ups Rating on INR25cr Term Loan to BB-
---------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR25.00
crore long-term term loan facilities and the INR5.00 crore long-
term fund based facilities of Ascendum Solutions India Private
Limited from [ICRA]B+ to [ICRA]BB-. The outlook on the long-term
rating is stable.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term-Term Loan     25.00      [ICRA]BB- (Stable);
                                      Upgraded from [ICRA]B+

   Long-term- Fund Based    5.00      [ICRA]BB- (Stable);
                                      Upgraded from [ICRA]B+

Rating Rationale

The rating upgrade takes into account the improvement in ASIPL's
financial profile as reflected by higher operating and net
profitability on account of better absorption of fixed costs
resulting in healthy cash accruals, and the improvement in the
capital structure and coverage indicators during FY2016. The
rating also takes into account the acquisition of new direct
customers in FY2016 and till date in FY2017, which is expected to
support its revenue growth in the near to medium term. The rating
continues to be supported by the experience of the promoters in
the IT & ITeS industry; the company's established relationship
with its renowned customer base; and the stable rental income
generated from its leased office space, which supports cash flows
and debt repayment obligations.

The rating, however, remains constrained by the company's modest
scale of operations. While customer concentration remained high
during FY2016 with the top three customers contributing ~74% of
the revenues; ASIPL's long-term association with its clientele
and majority of the business being derived from group companies
partially insulates the risk of order volatility. The working
capital intensity of the company also remains high owing to the
high value of receivables outstanding from group companies. The
rating also factors in the high competitive intensity in the IT
industry, amid a globally weak macro environment, thereby
limiting pricing flexibility to an extent; and the susceptibility
of earnings to fluctuating exchange rates and wage inflation.
Going forward, ASIPL's ability to increase its scale of
operations while maintaining its profitability and to improve its
collection efficiency and capital structure will be the key
rating sensitivities.

Promoted by Mr. Mahendra Vora in February 2008, Ascendum
Solutions India Private Limited is a small-sized Information
Technology (IT) solutions company. The company is part of the
Vora Ventures Group, headquartered in Cincinnati, USA, which is a
privately-held technology holding group comprising 12 IT firms
broadly classified under three categories -- IT infrastructure,
IT products and IT services. ASIPL is a direct subsidiary of
Ascendum Solutions LLC which was established through an
amalgamation of the Cincinnati-based Professional Data Resources
(data processing services), the Bangalore-based Ascendum Systems
(10 years experience in development of offshore, onshore and dual
shore projects), and Garnet Infosolutions (Microsoft Dynamics
platform partner and implementer focused on delivering IT
solutions). ASIPL is primarily engaged in IT services and offers
key services such as software application development,
application maintenance, and consulting services (staffing) to
small, medium as well as large firms mainly in the US and Europe,
across diverse verticals including retail, financial services,
automobile, energy and utilities, and manufacturing.

Recent Results
During FY2016 (based on provisional numbers), ASIPL reported a
net profit of INR4.28 crore on an operating income of INR20.96
crore, as against a net profit of INR2.05 crore on an operating
income of INR19.61 crore during FY2015.


ASHUTOSH BANDYOPADHAYAY: ICRA Rates INR9cr Cash Loan at 'B'
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR11 crore (enhanced from INR1 crore)
unallocated limits of M/s. Ashutosh Bandyopadhayay. ICRA also has
the long-term rating of [ICRA]B outstanding to the INR9.00 crore
fund based bank facilities of AB.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Cash
   Credit/Dropline
   Overdraft               9.0          [ICRA]B outstanding

   Unallocated Limits     11.0          [ICRA]B/[ICRA]A4
                                        Outstanding /Assigned

The assigned ratings take into account AB's small scale of
current operations at present, and its weak financial profile as
reflected by weak coverage indicators and high working capital
intensity of operations. ICRA notes that the operating income of
the firm has remained volatile in the past due to lower volume of
work executed in the construction business. Given the low
complexity of work involved and low entry barriers in terms of
qualifications required for the tenders floated, intense
competition in the construction segment exert pressure on
profitability. AB also remains vulnerable to the cyclical nature
associated with the hotel industry and economic slowdown, apart
from high geographical concentration risk as the firm's entire
operations are confined to Tripura. ICRA also takes note of the
risks of capital withdrawal, given AB's legal status as a
partnership firm.

The ratings take note of the established track record of partners
in the civil construction business, spanning over more than three
decades, though the partners have limited experience in the hotel
business. AB's status as class-I government contractor with
Central and State Government Undertakings enables it to bid for
large contracts. The ratings also factor in the healthy order
book position of the firm from construction business that
provides high revenue visibility. The firm's diversified
operations, with presence in hotel and construction business,
mitigate AB's exposure to sector concentration risks to a large
extent.

In ICRA's opinion, the ability of the firm to scale up its
execution capabilities to achieve revenue growth while managing
its working capital requirements efficiently would remain key
rating sensitivities, going forward.

Established in 1986 as a proprietorship concern, Ashutosh
Bandyopadhayay, converted into a partnership firm in the name of
M/s. Ashutosh Bandyopadhayay (AB) in April 2008. The firm
undertakes projects involving construction of buildings, roads,
bridges, etc. in Tripura. It is a class-I contractor for Public
Works Department, Central Public Works Department and National
Building Construction Corporation.

AB also runs a three-star hotel in the name of 'Hotel Sonar Tori'
in Agartala, Tripura. The hotel was commercialised from April
2015 and has a total room inventory of 36 along with two meeting
rooms, two banquettes, one multi-cuisine restaurant and one open
restaurant at the roof.

Recent Results
AB reported a net profit of INR0.4 crore (provisional) in FY2016
on an operating income of INR7.7 crore (provisional) as against a
PAT of INR0.6 crore on the back of an OI of INR4.4 crore during
FY2015.


ASIA BULK: ICRA Raises Rating on INR9.16cr Term Loan to 'B'
-----------------------------------------------------------
The long term rating has been upgraded to [ICRA]B from [ICRA]B-
to the INR9.16 crore long term fund based facilities of Asia Bulk
Sacks Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                9.16        Upgraded to [ICRA]B
                                        from [ICRA]B-; Suspension
                                        revoked

   Cash Credit              6.50        Upgraded to [ICRA]B
                                        from [ICRA]B-; Suspension
                                        revoked

   Export Packing Credit   18.00        [ICRA]A4 reaffirmed;
                                        Suspension revoked

   Letter of Credit         6.50        [ICRA]A4 reaffirmed;
                                        Suspension revoked

   Unallocated limits       9.94        [ICRA]B/[ICRA]A4 assigned

Further, the short-term rating of [ICRA]A4 has been reaffirmed to
the INR18.00 crore Export Packing Credit limit and the INR6.50
crore short-term non-fund based facility of ABSPL. Also, the long
term/short term rating of [ICRA]B/[ICRA]A4 has been assigned to
the INR9.94 crore unallocated limits of ABSPL. The suspension
done in August 2016 has been revoked.

The revision in ratings takes into account the improvement in
profitability margins as well as fresh equity infusion of INR2.00
crore in FY2016 which has led to improvement in capital structure
as well as debt coverage indicators. The ratings also draw
comfort from the long-standing experience of the promoters in the
woven sacks industry, locational advantage enjoyed by the company
due to proximity to ports and raw material sources and favourable
demand outlook for the flexible packaging industry.

The ratings, however, remain constrained by the moderate
financial risk profile of the company characterized by moderate
profitability margins, low return indicators and modest debt
coverage indicators as well as high working capital intensive
nature of operations. The ratings also take into account the
vulnerability of the company's profitability to fluctuations in
raw material prices as well as foreign exchange rate fluctuations
and the highly competitive nature of industry characterized by a
number of organized and unorganized players due to low entry
barriers and limited product differentiation.

Incorporated in 1984, Asia Bulk Sacks Private Limited is engaged
into manufacturing polypropylene and high-density polyethylene
woven bags and fabrics which find application in industrial
packaging materials for fertilisers, tarpaulins, cement, sugar,
plastic polymers, foodgrains, chemicals, salt etc. The company
operates with total installed capacity to produce 5400 metric
tonnes of woven sacks per annum. The company is promoted by Mr.
Ajit J. Chaudhari who has more than three decades of experience
in the industry.

Recent Results
For the year ended March 31, 2015, the company reported an
operating income of INR80.12 crore and net loss of INR1.49 crore
as against an operating income of INR68.10 crore and profit after
tax of INR1.00 crore for the year ended March 31, 2014. Further,
the company has reported an operating income of INR79.98 crore
and profit after tax of INR0.76 crore for the year ended
March 31, 2016 (as per provisional financials).


BALAJI INDUSTRIES: CARE Assigns B+ Rating to INR13cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Balaji
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       13       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Balaji Industries
is constrained on account of its declining and modest scale of
operations and its financial risk profile marked by thin
profitability and moderately leveraged capital structure.  The
rating is further constrained on account of Balaji's constitution
as a partnership firm, susceptibility of its margins to the
cotton price fluctuation and its presence in the highly
fragmented cotton ginning industry.

The rating, however, draws strength from the wide experience of
the partners in the cotton ginning industry, support from
associate concern and its proximity to the cotton-growing area of
Gujarat.

Balaji's ability to increase its scale of operations while
managing volatility associated with cotton prices and moving up
in
the cotton value chain leading to an improvement in its overall
financial risk profile would be the key rating sensitivities.

Mandal-based, Gujarat, Balaji was setup in 2009 as a partnership
firm and is currently managed by five partners with Mr.
Nareshbahi H Patel and Mr. Sachinbahi H Sanghavi being the key
partners who looks after overall operations of the firm.

The firm is engaged in cotton ginning business. It has an
installed capacity of 6,400 Metric Tonne (MT) of cotton bales and
1,300 MT of cotton seeds as on March 31, 2016 at its sole
manufacturing plant at Madal, Gujarat.

Mr Naresh Patel, key partner, along-with other family members has
also promoted M/s. Uday Cotton Industries (UCI) which is also
engaged in cotton ginning & pressing.

As per the audited results for FY16 (refers to the period April 1
to March 31), Balaji earned a PAT of INR0.02 crore on a total
operating income (TOI) of INR47.49 crore as against a PAT of
INR0.08 crore on a TOI of INR68.42 crore in FY15.


BHAGWAN PRECISION: CRISIL Reaffirms B- Rating on INR54MM Loan
-------------------------------------------------------------
CRISIL's rating on long-term bank loan facilities of Bhagwan
Precision Pvt Ltd continues to reflect a weak financial risk
profile and stretched liquidity because of insufficient cash
accrual to meet debt repayment obligation.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           42.7       CRISIL B-/Stable (Reaffirmed)
   Term Loan             54         CRISIL B-/Stable (Reaffirmed)

However, repayment has been made on time because of funding
support from the promoters. The rating also factors in a small
scale and working capital intensive nature, of operations. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the auto components segment and
their financial support.
Outlook: Stable

CRISIL believes BPPL will gradually improve its business risk
profile over the medium term, following stabilisation of
operations at its manufacturing facility. The financial risk
profile, however, will remain weak over this period because of
working capital-intensive operations. The outlook may be revised
to 'Positive' in case of a considerable increase in scale of
operations and improvement in operating profitability, leading to
more-than-expected cash accrual. The outlook may be revised to
'Negative' if the financial risk profile deteriorates owing to
sizeable debt contracted to meet incremental working capital
requirement or a modest increase in capacity, constrained
profitability negatively affecting cash accrual, or substantial,
debt-funded capital expenditure.

BPPL was set up in 2010 by Mr. Vijay Pal and his family members.
The company manufactures precision-turned steel parts and
components used in the automobile industry, primarily for
tractors. BPPL specialises in highly precise, ground and honed
components used in hydraulic lifts in tractors. The company
started operations in July 2012. Its key customer is Mahindra &
Mahindra Ltd.


BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR25MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brightway Contractors
and Developers continue to reflect a small scale of operations
and geographical concentration in revenue, and an average
financial risk profile because of a moderate gearing, low debt
protection metrics, and a small net worth. These rating
weaknesses are partially offset by the extensive experience of
its promoters in the construction industry, and a healthy order
book, ensuring revenue visibility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          23        CRISIL A4 (Reaffirmed)

   Cash Credit             15        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Demand Loan             25        CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes BCD will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
financial risk profile, however, is expected to remain weak
because of a small net worth and large debt. The outlook may be
revised to 'Positive' if scale of operations and capital
structure improve, most likely driven by capital infusion. The
outlook may be revised to 'Negative' if the financial risk
profile deteriorates owing to a stretched working capital cycle,
any large, debt-funded capital expenditure, or capital withdrawal
by the promoters.

Update:
Gross revenue for fiscal 2016 is estimated to have declined to
around INR103 million from INR123 million in the previous fiscal;
however, revenue is expected to increase over the medium term
supported by an order book of INR410 million as on August 31,
2016. Operating margin is expected to be maintained at around 10%
as contracts executed have a price escalation clause.

The financial risk profile remains weak because of a small
networth, estimated at INR27 million, and a total outside
liabilities to tangible net worth (TOLTNW) ratio of over 2.5
times, as on March 31, 2016. However, interest coverage ratio was
moderate, estimated at over 2.4 times for fiscal 2016. Liquidity
is comfortable as indicated by expected cash accrual of INR6.6
million, against no significant term debt obligation, in fiscal
2017. The working capital facility of INR40 million has been
moderately utilised at an average of 70% during the 12 months
through July 2016.

Working capital requirement remains high reflected in gross
current assets of 183 days on account of large inventory of
around 90 days along with fixed deposit against bank guarantee
and earnest money of around INR12.7 million, and high loans and
advances of around INR11.7 million, as on March 31, 2016. The
current ratio was 1.04 as on this date.

BCD was set up in 2007 by three partners: Mr. Ankur Sarin, Mr.
Sanjeev Kumar, and Mr.  Kawaljit Singh. It is based at Batala in
Gurdaspur, Punjab. Mr. Sarin disassociated himself from the firm
in fiscal 2009. It undertakes construction of buildings, roads,
and bridges for government undertakings, as well as stone setting
and stone crushing. The construction activities are mainly
concentrated in Batala.


CHETAN ALLOYS: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------
CARE assigns CARE B+ rating to the bank facilities of Chetan
Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Chetan Alloys
Private Limited is primarily constrained on account of
fluctuating scale of operations and profit margins, leveraged
capital structure, weak debt protection metrics along with
stretched liquidity position. The rating is also constrained on
account of its presence in highly competitive metal industry and
susceptibility of its operations to cyclicality of the metal
industry.

The rating, however, continues to derive comfort from the
experience of the promoters into metal industry and established
business operations.

CAPL's ability to increase its scale of operations, improvement
in profitability, capital structure and debt coverage indicators
will remain the key rating sensitivities.

CAPL was incorporated in May 2011 by Mr. Chetan Maheshwari and
Mr. Satish Maheshwari while commercial operations commenced from
October 2012. During 2011, business of group entity, Shekhar
Impex, where Mr. Sureshbhai Maheshwari was proprietor, was
transferred to CAPL. CAPL has its head office in Delhi and Branch
office at Jamnagar. It deals in the scrap products of ferrous
metals and non-ferrous metals like aluminum, bronze, zinc,
titanium etc.

During FY16 (Provisional), CAPL reported a total operating income
(TOI) of INR22.30 crore with a PAT of INR4.15 crore as against
TOI of INR17.42 crore and net loss of INR4.33 crore in FY15 (A).
During 5MFY17 (Prov.), CAPL achieved a TOI of INR4.19 crore.


COASTAL ENERGEN: ICRA Assigns 'D' Rating to INR6,296cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the
INR465.20-crore non fund-based facilities of Coastal Energen
Private Limited. ICRA has [ICRA]D assigned rating outstanding to
the existing INR6296.00-crore term loans, INR825.00 crore cash
credit facilities and INR208.00 crore non fund-based facilities
of CEPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans             6,296.00      [ICRA]D; outstanding
   Cash Credit              825.00      [ICRA]D; outstanding
   Short Term Non-Fund
   Based Limits             208.00      [ICRA]D; outstanding
   Long Term Non-Fund
   Based Limits             465.20      [ICRA]D; assigned

The credit strengths and concerns of CEPL remain the same as
highlighted in ICRA's Rationale issued in September, 2016
available at the following link:

http://www.icra.in/Files/Reports/Rationale/Coastal%20Energen-R-
09092016.pdf

Coastal Energen Private Limited is a special purpose vehicle
(SPV) promoted by Mr. Ahmed Buhari (promoter of the Coal & Oil
Group) for the development of a 1200-MW imported coal-based
thermal power plant at Tuticorin in Tamil Nadu. The Coal & Oil
Group is a Dubai-based energy conglomerate which operates as an
integrated fuel solution provider with interests in coal trading,
technical consultancy for fuel sourcing, handling, shipping,
logistics etc. The flagship company of the group is Coal & Oil
Company DMCC (C&O). In India, the Group operates through Coastal
Energy Private Limited. CEPL, together with C&O, supplies
approximately 9 million tonnes of coal to various customers in
India. Coal is generally procured by C&O through short-term
purchase agreements with major coal suppliers like Anglo Coal,
Xstrata, BHP Billiton and through long-term supply arrangements
with mines in Australia/Indonesia.

The total revised project cost for CEPL of INR7870.00 crore
(increased from earlier INR6822.89 crore) is funded through
debt/equity ratio of 80:20. Unit-1 of 600 MW has commenced
operations from December, 2014 and unit-2 from January, 2016.


CORROSION ENGINEERS: CRISIL Cuts Rating on INR80MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded the bank facilities of Corrosion Engineers
Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit        80        CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects delay in debt servicing, reflected in
overutilisation of cash credit limit for over 30 days, due to
weak liquidity driven by working capital-intensive operations.

CEPL has weak financial risk profile along with modest scale of
operations in a highly fragmented industry. However, it benefits
from the extensive experience of its promoters.

Incorporated in 1974, CEPL is owned and managed by Mr. Sanjay
Kumar and Mr. Narender Kumar. CEPL trades in polyvinyl chloride
resin, plasticiser, ethylene vinyl acetate, polyvinyl chloride
heat stabilisers, waxes, rubber additives, and other chemicals,
primarily used in the manufacturing of plastics and automotive
components. The company is located in Delhi.


DASHMESH RUBBER: CARE Lowers Rating on INR4.93cr Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Dashmesh Rubber Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4.93       CARE D Revised from
                                            CARE BB-
   Short term Bank Facilities    0.50       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Dashmesh Rubber Industries Private Limited is primarily due to
irregularity in servicing its debt obligations due to weak
liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position are the key rating
sensitivities.

Valsad-based (Gujarat) DRIPL was incorporated as a private
limited company in September 2010. It is an ISO 9001: 2008
certified company and is engaged in the manufacturing of reclaim
rubber with a manufacturing capacity of 1,400 metric
tonnes per month as onMarch 31, 2015.


EARTHEN TREASURES: CARE Lowers Rating on INR5.0cr Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Earthen
Treasures Natural Resources Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Earthen Treasures Natural Resources Private Limited factors in
the delays in servicing of interest obligations with respect to
cash credit limit since past two months.

Pune-based, Earthen Treasures Natural Resources Private Limited
was established in April 2013. Promoted by Mr. Aniket Jain and
Mr. Pratyush Bharatiya, operations of the company began from
April 22, 2013.

ETNR is currently engaged in quarrying, production and trading of
granite. ETNR has leased the quarry measuring 2.13 acres from M/S
Brothers Granite Exporter and has acquired rights of selling,
supplying, and transporting of black granite blocks for a lease
period of 7 years. The quarry of the entity is located in
Chamrajnagar, Karnataka. ETNR caters to the domestic and
international markets of Russia and South East Asian countries.
In FY15 (Prov), the company earned about 10% revenues from export
markets.  Company's key raw materials include granite rough
blocks, which are mainly procured from its leased quarries
located at Chamrajnagar, Karnataka. ETNR provides a varied range
of quality granite products to its clients that cater to the
requirements of constructions like buildings, hospitals, hotels
and other housing projects. The company incurs major cost towards
diesel, iron rods, compressor spare parts and explosion
chemicals.


FERIS SPINTEX: CARE Assigns B+ Rating to INR38.21cr Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Feris Spintex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     38.21      CARE B+ Assigned
   Short term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Feris Spintex
Private Limited are constrained on account of lack of prior
experience of the key promoters in the spinning industry, nascent
stage of operations and loss during the first two years of
operations, leveraged capital structure and moderate debt
protection metrics. The ratings are further constrained on
account of susceptibility of its operating margins to volatility
in prices of cotton coupled with foreign exchange fluctuation
risk and its presence in the highly fragmented and competitive
cotton yarn industry.

The above constraints however outweigh the comfort derived from
the modest scale of operations, location advantage of it being
located in the cotton producing belt of Gujarat, various fiscal
benefits received from the government and moderate liquidity
position.

The ability of FSPL to increase its scale of operations along
with an improvement in its overall financial risk profile by
improving its profit margins and solvency position are the key
rating sensitivities. Furthermore, efficient working capital
management would also remain crucial.

FSPL was incorporated in April 2013 as a private limited company
by Mr. Nileshkumar Maganlal Ghodasara. The company is engaged
into manufacturing of cotton yarn (having counts ranging from 30s
to 40s) from cotton bales. It operates from its sole
manufacturing facility located in Morbi with 20,064 spindles
having an installed capacity of around 3600 Metric tons per
annum. FSPL commenced its operations from January 2015 onwards.
It procures the cotton bales from various traders and
manufactures the cotton yarn which it then sells domestically as
well as exports a majority of the yarn produced to various
countries via brokers, which ultimately find application in the
textile industry.

The associate concerns of FSPL primarily include Sega Ceramics
Private Limited, Perth Ceramic Private Limited and Rio Ceramic
Private Limited which are engaged in the business of ceramic and
vitrified tiles.

During FY16 (Provisional; refers to the period April 1 to
March 31), FSPL reported a total operating income (TOI) of
INR73.96 crore with a net loss of INR2.98 crore as against a TOI
of INR7.29 crore with a net loss of INR3.92 crore during its
three months of operations in FY15.


GVK POWER: CARE Lowers Rating on INR150cr LT Loan to 'D'
--------------------------------------------------------
CARE revises ratings assigned to bank facilities of GVK Power And
Infrastructure Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    150.00      CARE D Revised from
                                            CARE BB

   Long/Short term Bank          95.38      CARE D/CARE D Revised
   Facilities                               from CARE BB/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
GVK Power and Infrastructure Limited is on account of delays in
debt servicing owing to stretched liquidity position of the
company.

GVKPIL is the flagship company of Hyderabad-based GVK group. The
group was established nearly four decades ago by Dr. G.V. Krishna
Reddy, the Chairman & Managing Director. GVKPIL acts as an
investment vehicle of the GVK group for all its investments in
the infrastructure sector and is the ultimate holding company of
diversified infrastructure assets of the group.

During FY16 (FY refers to period from April 1 to March 31),
GVKPIL reported net loss of INR129.61.crore (net loss of
INR129.83 crore in FY15) on a total income of INR46.83 crore
(INR43.88 crore in FY15).


HILLTOP CONCRETE: CARE Reaffirms 'B' Rating on INR17cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hilltop Concrete Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       17       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Hilltop Concrete
Private Limited continues to remain constrained on account of its
nascent stage of operations, loss during initial year of
operations, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position. The rating is also
constrained by its presence in the highly competitive industry
and exposure to the risk and cyclicality associated to the real
estate industry.

The rating, however, continues to derive strengths from the
experience of the promoters, location advantage arising out of
proximity to the key raw materials and stable demand outlook for
AAC blocks on account of increasing acceptance of the product in
the domestic market.

The ability of HCPL's ability to stabilize its business
operations further with establishment of its customer base would
be key rating sensitivity. Furthermore, achieving envisaged level
of sales and profitability would also remain crucial.

Incorporated in 2012, Surat-based (Gujarat), HCPL is promoted by
Mr. Vinay Chaudary, Mr. Kirtee Chaudary, Mr. Priyank Chaudary and
Mr. Gaurav Chaudary. In March 2016, HCPL has commenced operations
at its AAC Block manufacturing plant which is located at
Kapadvanj (Dist: Kheda, Gujarat) and has installed capacity of
producing 285,000 cubic meters per annum.

For FY16 (refers to the period April 01 to March 31), HCPL
reported a total income of INR0.12 crore and PBILDT of INR-0.54
crore; however, after tax loss if INR1.22 crore was reported.


HIMALAYIYA AYURVEDIC: CRISIL Reaffirms B+ Rating on INR85MM Loan
----------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Himalayiya
Ayurvedic Yog Evam Prakartik Chikitsa Sansthan (HAYEPCS) continue
to reflect HAYEPCS's modest financial risk profile, small scale
of operations and exposure to regulatory risk associated with
educational institutions. These rating weaknesses are partially
offset by the increasing demand for ayurvedic courses and
extensive industry experience of HAYEPCS's trustees.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          85       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HAYEPCS will benefit over the medium term
from its trustees' extensive industry experience. The outlook may
be revised to 'Positive' if the operating profitability or
revenue increases significantly, leading to improved liquidity.
Conversely, the outlook may be revised to 'Negative' if the trust
generates considerably low cash accruals or in case of
substantially high debt-funded capex leading to weakening of
liquidity.

HAYEPCS is registered under the Societies Act with the Registrar
of Societies, Government of Uttarakhand, in 2005. The trust is
managed by Mr. Balkrishan Chamoli, and Chairman Mr. Pradeep
Kumar. The trust was formed to provide ayurvedic education
through the Himalayiya Ayurvedic Medical College and Hospital.
The college is situated in Tanda (Uttarakhand). The medical
college and its courses are approved by the Central Council of
Indian Medicine (CCIM) and the college is affiliated with the
Hemvati Nandan Bahugana University, Garhwal (HNB Garhwal
University; Uttarakhand). The trust also operates a ayurvedic
hospital with around 100 beds on a non-profit basis.


JOSHI COTEX: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL rating on the bank facilities of Joshi Cotex (Joshi)
continues to reflect the small scale of JC's operations in the
highly fragmented cotton ginning industry, and susceptibility to
adverse regulatory changes. These rating weaknesses are partially
offset by the extensive experience of JC's partners in the cotton
industry, and its moderate financial risk profile driven by
moderate gearing.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           60         CRISIL B+/Stable (Reaffirmed)
   Term Loan             20         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Joshi will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the firm increases its scale of
operations significantly while also improving its debt protection
metrics and/or in case of equity infusion substantially improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's working capital borrowings are more than
expected or if it undertakes larger-than-expected debt-funded
capital expenditure programme, leading to material deterioration
of its financial risk profile.

Update
Business performance in line with expectation in terms of scale
and accruals. The firm has successfully commissioned the  cape in
second half of 2015-16 , seed crushing mill funded by a term loan
of INR18 million in 2015-16 to set up the unit .

Joshi's financial risk profile remains average reflected by low
networth and gearing of 1.8 times with interest coverage of 2
times and net cash accruals to total debt (NCATD ) of 6 percent .

Joshi's liquidity remains average with bank limit utilisation of
85 to 90 percent at peak season and current ratio at 1.4 times

Joshi was incorporated in 2007 by Mr. Vikas Joshi and family
members. The firm is engaged in the ginning and pressing of raw
cotton (kapas) to make cotton bales. The firm sells the cotton
bales to various traders and the cotton seed is sold to various
oil mills in the vicinity of the plant. The firm has its
manufacturing facility located at Aurangabad, Maharashtra with a
capacity of 20,000 cotton bales per annum. The firm has set up a
seed crushing plant in 2015-16 with an crushing capacity of 1
lakh quintal per annum.


KAMALA GINNING: ICRA Reaffirms 'B' Rating on INR30cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B assigned to
INR30.00 crore fund based limits and INR2.00 crore unallocated
limits of Kamala Ginning and Oil Industries. The rating
suspension carried out in June 2016 has been revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term fund          30.00       [ICRA]B reaffirmed;
   based limits                        Suspension Revoked

   Long term                2.00       [ICRA]B reaffirmed;
   Unallocated limits                  Suspension Revoked

The rating reaffirmation factors in the small scale of operations
of the firm and weak financial profile characterised by low
profitability on account of low value addition, high gearing and
modest coverage indicators. The rating also factors in the high
working capital intensity of the firm owing to high finished
goods inventory as on March 31, 2016. The rating is also
constrained by the highly fragmented and competitive nature of
industry limiting the ability of the firm to pass on any adverse
movement in the input costs and also susceptibility of raw
material (kappas) availability to climatic conditions.

However, the assigned rating positively factors in the
established track record of managing partner with more than more
than two decades of experience in cotton ginning industry;
location of ginning unit in Adilabad district of Telangana
helping in easy procurement of kappas (raw cotton). The rating
also positively factors in the year-on-year growth in Operating
Income by ~75% from INR50.11 crore to INR88.15 crore owing to the
improved availability of raw materials in the region.

Going forward, the ability of the firm to improve scale of
operations and margins would be key rating sensitivities.

Kamala Ginning and Oil Industries Private Limited, located at
Bhainsa in Adilabad district of Telangana, was incorporated as a
private limited company in April 2012. Earlier it was operating
as a partnership firm namely Kamala Ginning and Oil Industries
since 1983. The company is primarily engaged in ginning and oil
extraction. KGOIPL's manufacturing facility includes 60 gins, 12
expellers and 1 press.

Recent Results
As per the FY2016 provisional financials, the firm registered PAT
levels of INR0.23 crore on an Operating Income of INR88.15 crore
as against PAT levels of INR0.17 crore on an Operating income of
INR50.11 crore during FY2015.


KATHPAL SOLVEX: CARE Assigns 'B' Rating to INR12cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to bank facilities of
Kathpal Solvex Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B Assigned
   Short term Bank Facilities      3        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kathpal Solvex
Pvt. Ltd. are constrained by its weak financial risk profile
marked by small and erratic scale of operations, low
profitability margins, leveraged capital structure, weak debt
coverage indicators and working capital intensive nature of
operations. The ratings are further constrained by the company's
susceptibility of margins to fluctuations in raw material prices
and monsoon dependant operations, KSP's presence in a highly
fragmented industry coupled with high government regulation. The
ratings, however, derive strength from the experience of the
promoters along with established track record of the entity and
favorable manufacturing
location.

Going forward, ability of the company to profitably scale-up its
operations, improve its overall solvency position and efficiently
managing its working capital requirements would remain as the key
rating sensitivities.

Kathpal Solvex Private Limited (KSP) was incorporated in 2001.
The company is currently being managed by Mr. KrishanLal, Mr.
Sunil Kumar, Mr. Ravi Kumar and Mr. Ashok Kumar. The company is
engaged in processing of paddy to manufacture basmati and non-
basmati rice at its manufacturing facility located in Fazilka,
Punjab with an installed capacity of 9,000 Tonnes per annum as on
September 20, 2016. KSP sells rice directly to various rice
millers based in Jammu & Kashmir, Haryana, West Bengal, Rajasthan
etc. and also exports a small proportion to Saudi Arabia [income
from exports constituted around 3% of the total sales in FY16
(refers to period April 01 to March 31)]. Furthermore, the
company is also engaged in trading of rice (income from trading
constituted around 6% of the total sales in FY16). The raw
material, primarily paddy, is procured from local grain markets
and through commission agents based in Punjab. KSP has a group
concern namely Krishan Lal Sunil Kumar (KLS), which was
established in 2000 as a proprietorship firm and works as
commission agent for selling paddy.

In FY16, KSP has achieved a total operating income of INR 31.66
crore with PAT of INR 0.06 crore, as against the total operating
income of INR 35.60 crore with PAT of INR 0.13 crore in FY15.


KONARK POLYTUBES: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of Konark Polytubes Private
Limited continue to reflect the below-average financial risk
profile, marked by high total outside liabilities to tangible
networth ratio, low profitability, and exposure to intense
competition.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5.4      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by benefits from
steady demand, backed by growing penetration in the irrigation
segment, and extensive experience of promoters in the polyvinyl
chloride (PVC) pipes manufacturing industry.
Outlook: Stable

CRISIL believes that KPPL will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
if sharp rise in cash accrual, or sizable equity infusion,
strengthens the capital structure. The outlook may be revised to
'Negative' if cash accrual is lower-than-expected, or if a
stretch in working capital cycle or large debt-funded capital
expenditure, weakens the financial risk profile.

KPPL was established by Mr. Anmol Ratan and his family members in
1996. The company set up a PVC pipes manufacturing facility in
Aligarh (Uttar Pradesh) and commenced commercial operations in
fiscal 2008. Products are sold under the brands, Konark and Kisan
Agro, mainly in Uttar Pradesh.


LAXMI BALAJI: CRISIL Assigns B+ Rating to INR66MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Laxmi Balaji Cotton Industries (LBCI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             66        CRISIL B+/Stable
   Term Loan               34        CRISIL B+/Stable

The rating reflects the initial phase and modest scale of
operations of the firm, and average financial risk profile
because of a small net worth and high gearing. The rating also
factors in large working capital requirement and susceptibility
to changes in government policy regarding the cotton industry and
to volatility in cotton prices. These weaknesses are partially
offset by the extensive experience and established market
position of the promoters in the cotton ginning industry, and
their funding support.
Outlook: Stable

CRISIL believes LBCI will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of better-than-expected revenue and cash
accrual or capital infusion, strengthening the capital structure.
The outlook may be revised to 'Negative' in case of lower-than-
anticipated revenue and accrual, and sizable working capital
requirement, weakening the financial risk profile, particularly
liquidity.

Established in 2015, LBCI is a partnership firm of Mr. Ankit
Tayal and Mr. Sajal Agrawal. The firm gins and presses cotton at
its unit in Shahpur, Karnataka, which has a capacity of around
400 cotton bales per day. The partners' family members have a
track record of over four decades in the cotton ginning industry.


LAXMI BALAJI INDUSTRIES: ICRA Reaffirms B+ INR12.50cr Loan Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR12.50 crore cash credit limit and INR0.39 crore (revised from
INR0.86 crore) term loan of Laxmi Balaji Industries. ICRA has
also reaffirmed the ratings of [ICRA]B+ to INR4.11 crore (revised
from INR3.64 crore) unallocated limits of LBI.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             12.50       [ICRA]B+ (reaffirmed)
   Term Loan                0.39       [ICRA]B+ (reaffirmed)
   Unallocated              4.11       [ICRA]B+ (reaffirmed)

The reaffirmation of ratings continues to be constrained by small
scale of operations of the firm in the rice milling industry. The
operating income of the firm witnessed a decline of ~8.19% in
FY2016 on account of lower domestic sales on the back of
increased competition. The ratings also consider weak financial
profile of the firm characterized by low margins where operating
margin declined to 3.67% in FY2016 from 4.97% in FY2015 owing to
increase in selling expenses, high gearing of 2.01 times and
modest coverage indicators with interest coverage ratio at 1.56
times and NCA/Debt at ~5% for FY2016. The ratings are further
constrained by the susceptibility of the firm's profitability and
revenues to agro-climatic risks which impact the availability of
the paddy in adverse weather conditions and risks inherent in the
partnership nature of the firm. The ratings however takes comfort
from the experienced management; easy availability of paddy with
the firm's presence in the major paddy growing region of Andhra
Pradesh and favourable demand prospects for the industry as the
mill majorly caters to Tamil Nadu, Andhra Pradesh and Telangana
markets where rice is a staple food.

Going forward, the firm's ability to improve scale of operations
and profitability while effectively managing working capital
requirements, are key rating sensitivities from credit
perspective.

Laxmi Balaji Industries was setup in the year 2006 and is engaged
in milling of paddy to produce raw and boiled rice. It is
promoted by Mr. V. Mohan Reddy and partners who have an
experience of more than 21 years in the milling industry. The
company has a milling unit in Khanapoor (Nizamabad district) of
Andhra Pradesh with a milling capacity of 70,100 MTPA (8 tonnes
per hour).

Recent Result
As per the provisional financials shared by the firm, LBI
reported profit after tax of INR0.24 crore on an operating income
of INR63.25 crore during FY2016 as against profit after tax of
INR0.33 crore on an operating income of INR68.89 crore during
FY2015.


MAA PADMAVATI: CARE Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Maa
Padmavati Fabrics.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities        6       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Maa Padmavati
Fabrics is constrained on account of moderate scale of
operations, low profitability owing to limited value addition
nature of business, leverage capital structure and weak debt
coverage indicators. The rating is further constrained by working
capital
intensive nature of operations, its presence in the highly
competitive and fragmented cotton yarn trading industry and
limited financial flexibility owing to proprietorship nature of
constitution.

The above weaknesses are partially offset by the wide experience
of the promoters in the cotton yarn industry and established
relationship with its customers and suppliers.

The ability of the entity to increase its scale of operations,
improve profitability and capital structure and manage its
working capital needs efficiently is a key rating sensitivity.

Established in 2004 by Ms Mamta Kasliwal, Ichchalkaranji-based
(Maharashtra) Maa Padmavati Fabrics (MPF) is a proprietorship
firm engaged in trading of cotton yarn and synthetic fabrics. The
firm is managed by Kasliwal family with Mr. Dineshkumar Kasliwal
heading the overall operations. The firm procures cotton yarn
from Ichalkaranji based suppliers viz Universal Textile
Corporation, Trilok Cotton Private Limited, Manibhadra Polycot,
Arunoday Sales and Sandhya Spinning Mill Limited. The supplier
base is moderately diversified with top 5 suppliers contributing
30% of the total raw material purchases in FY16 (refers to the
period April 1 to March 31). The firm sells its finished products
to Ichchalkaranji based firms. In FY16 (provisional), the entity
registered a total operating income of INR41.23 crore with PBILDT
of INR1.56 crore and APAT INR0.12 crore as indicated by the
management.


MAHESHWARI COAL: ICRA Reaffirms 'B' Rating on INR6cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR2.46-crore
term loan and INR6.0-crore cash-credit facilities of Maheshwari
Coal Benefication & Infrastructure Private Limited at [ICRA]B.
ICRA has also reaffirmed the short-term rating of [ICRA]A4 for
the INR2.0-crore non-fund based bank facility of MCBIPL. Earlier
the ratings were suspended in the month of June 2016 due to lack
of cooperation from the company, and now the suspension is
revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limit-
   Term Loan               2.46        [ICRA]B reaffirmed

   Fund-based Limit-
   Cash Credit             6.00        [ICRA]B reaffirmed

   Non-fund Based Limit-
   Bank Guarantee           2.0        [ICRA]A4 reaffirmed

The ratings continue to take into account the competitive nature
of the highly-fragmented coal trading and logistics business,
dominated by a number of unorganized players, the company's small
scale of current operations, and limited bargaining power with
established clients. The ratings also factor in the company's low
capacity utilization, which affects its business returns,
vulnerability of profitability to the risks of penalty imposition
by customers due to quality mismatch, as witnessed in the recent
years, and contract renewal risks associated with service income.
ICRA notes that significant increase in the high-margin service
income led to improved top-line and profitability in FY2016.
However, the company does not have any continuing or fresh
service contracts at present due to a weak demand scenario in the
key customer segments. ICRA also takes note of the sharp increase
in MCBIPL's working capital intensity of operations in FY2016,
which led to negative fund flow from operations.

The ratings, however, factor in the experience of the promoters
in coal trading and logistics business, the locational advantage
enjoyed by MCBIPL given its proximity to the mines of South
Eastern Coalfields Limited (SECL), and a conservative capital
structure of the company. In the current year, the company has
paid off all its long-term loans, which is likely to reduce the
debt-servicing obligation, going forward. The company's debt
coverage metrics improved significantly during FY2016, supported
by improved profitability. However, sustenance of the same
remains a concern, given the dip in high-margin service income in
the current fiscal.

In ICRA's opinion, the ability of the company to scale up its
service business while keeping its working capital intensity
under control would be the key rating sensitivities, going
forward.

Incorporated in 2005, MCBIPL is involved in the coal trading and
logistics business in Chhattisgarh. The company also has a coal
beneficiation facility (dry technology) with an input capacity of
1.2-million tonnes per annum (mtpa) and a railway siding, which
has been notified as a brown-field private freight terminal by
the South East Central Railway.

Recent Results
The company reported a net profit of INR3.21 crore on an
operating income of INR36.64 crore in FY2016, compared to a net
loss of INR1.76 crore on an operating income of INR23.83 crore in
FY2015.


MEHUL CONSTRUCTION: Ind-Ra Assigns 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mehul
Construction Company (MCC) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. The agency has also assigned MCC's INR90m
fund-based working capital facilities a Long-term 'IND B+' rating
with a Stable Outlook and a Short-term rating of 'IND A4+'.

KEY RATING DRIVERS

The ratings reflect MCC's moderate credit metrics and small size
of operations. According to the FY16 provisional financials,
revenue was INR290 million (FY15: INR373 million) and net
leverage was 3.8x (2.1x) and EBITDA interest coverage was 4.8x
(11.6x).  There was a fall in the top line due to the delays in
receiving work orders from a customer. The deterioration in
metrics was due to an increase in term debt. The firm had a
confirmed current order book of INR196m at end-August 2016. MCC
recorded revenue of INR114m during 1QFY17. Liquidity remains
moderate with fund-based facilities being utilised at an average
of 89% over the 12 months ended August 2016.

The ratings factor in the substantial improvement in the
company's EBITDA margin to 11.8% in FY16 (FY15: 6.4%) as it has
started executing orders by obtaining them on its own. Earlier,
MCC executed contracts as a sub-contractor where margins are
thin. The ratings are supported by the founder's experience of
more than four decades in the engineering, procurement, and
construction segment.

The ratings also factor in the partnership form of the
organisation.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and improvement in
the profitability leading to a sustained improvement in the
credit metrics will lead to a positive rating action.

Negative: A substantial decline in the top line or profitability
and sustained deterioration in the overall credit metrics will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1996, MCC is an engineering, procurement and
construction contractor. The firm undertakes civil construction
of dams, canals and bridges in Gujarat.


MOHAN RAO: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B assigned to
INR10.00 crore fund based limits and INR2.00 crore unallocated
limits of Mohan Rao and Company. The rating suspension carried
out in June 2016 has been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund          10.00        [ICRA]B reaffirmed;
   based limits                         Suspension Revoked

   Long term                2.00        [ICRA]B reaffirmed;
   Unallocated limits                   Suspension Revoked

The rating reaffirmation factors in the small scale of operations
of the firm and weak financial profile characterized by low
profitability on account of low value addition, high gearing and
modest coverage indicators. The operating income of the firm
witnessed a significant de-growth in FY2015 owing to limited
availability of kappas; however, the firm witnessed healthy
revenue growth in FY2016 with improved availability of raw
materials. The rating is also constrained by the highly
fragmented and competitive nature of industry limiting the
ability of the firm to pass on any adverse movement in the input
costs and also susceptibility of raw material (kappas)
availability to climatic conditions.

However, the assigned rating assigned positively factors in the
established track record of managing partner with more than more
than two decades of experience in cotton ginning industry;
location of ginning unit in Adilabad district of Telangana
helping in easy procurement of kappas (raw cotton).

Going forward, the ability of the firm to improve scale of
operations, and margins would be key rating sensitivities.

Mohan Rao and Company was established in 1972 as cotton merchant
and commission agent for cotton bales, seed and cakes at Bhainsa
in Adilabad district of Telangana promoted by Ms. Laxmi Bai, Mr.
Mohan Rao Patil and Mr. Akhilesh Bhosle. Later the firm started
operating on job work basis to its sister concern firm named
Bhainsa Ginning and Pressing factory hiring 53 gins and 1 press
for 9 years from September 2009 to August 2018. The firm only
operates for 6-7 months during the peak months of cotton harvest
i.e. October- April.

Recent Results
As per the FY2016 provisional financials, the firm registered PAT
levels of INR0.09 crore on an Operating Income of INR24.53 crore
as against PAT levels of INR0.03 crore on an Operating income of
INR7.37 crore during FY2015.


NAGARJUNA FERTILIZERS: CARE Ups Rating on INR1696.49cr Loan to B
----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Nagarjuna
Fertilizers And Chemicals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,696.49     CARE B Revised from
                                            CARE D
   Short-term Bank Facilities  1,181.17     CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Nagarjuna Fertilizers and Chemicals Limited takes into account
the regularization of debt servicing due to improvement in the
liquidity and working capital position with reimbursement of
significant portion of outstanding fertilizer subsidy dues. The
ratings also factor in the exposure to foreign exchange
fluctuation risk in the trading operations, moderate financial
leverage and highly regulated nature of the fertilizer industry.
The ratings are, however, underpinned by the established track
record of the company in the urea business, improvement in the
financial performance in FY16 (refers to the period April 01 to
March 31),high operational efficiency with adequate arrangement
for meeting the requirement of feedstock and improved working
capital cycle. The ability of the company to sustain the
operating performance, receive uninterrupted natural gas supply
and realize pending fertilizer subsidy dues in a timely manner
manage along with efficient management of its working capital
requirements are the key rating sensitivities.

Nagarjuna Fertilizers and Chemicals Ltd, belonging to the
Hyderabad-based Nagarjuna group, is engaged in the manufacturing
of urea and operates two urea plants (capacity - 1,810 MT per day
each) at its facilities located at Kakinada, Andhra Pradesh.
While Plant-I operates entirely on natural gas as the feedstock,
Plant-II can use both natural gas and naphtha. However,
currently, both the plants are operating on natural gas. Besides
manufacturing, NFCL is also involved in trading of urea
(government pool urea), specialty fertilizers and agri-inputs
[viz, Muriate of Potash (MOP), Diammonium Phosphate (DAP), other
NPK fertilizers].

During FY16, NFCL posted a PBILDT of INR281.48 crore (FY15:
INR63.60 crore) and a net loss of INR114.01 crore (FY15: net
loss of INR366.63 crore) on a total operating income of
INR3,669.33 crore (FY15: INR2,537.21 crore).


NARAYAN COLD: ICRA Reaffirms 'B' Rating on INR8.35cr Loan
---------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating assigned to the INR8.35
crore1 drop-line overdraft limit and INR0.65 crore untied fund
based bank facility of Narayan Cold Storage Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Drop-line Overdraft
   Limit                    8.35        [ICRA]B re-affirmed

   Fund Based Limit-
   Untied Limit             0.65        [ICRA]B re-affirmed

The reaffirmation of the rating takes into account NCSPL's small
scale of current operations, and its weak financial risk profile
as reflected by an aggressive capital structure owing to the
predominantly debt-funded capital expenditure incurred in FY2015.
Debt-servicing obligations arising due to availing of such
borrowing is likely to keep its cash flows under pressure in the
near to medium term. The rating also considers the high working-
capital-intensive nature of operations (due to the upfront
advances to be extended to the farmers at the time of loading of
potatoes), which exert pressure on the liquidity position. The
rating is further constrained by the regulated nature of the
industry, which makes it difficult to pass on any increase in
operating costs, exerting pressure on profitability. Besides,
NCSPL is also exposed to agro-climatic risks as its business
performance depends entirely upon one agro commodity, i.e.
potato. ICRA notes that the company is exposed to the
counterparty risk on loans extended to the farmers due to the
chances of delinquencies, if potato prices fall substantially.

The rating, however, derives support from the established track
record of the company in the cold-storage business. The promoters
have more than four decades of experience in the industry and
NCSPL enjoys locational advantage as its cold-storage unit is
located in Hooghly, a district with large potato production.
In ICRA's opinion, the ability of the company to improve its
profitability while managing its working capital requirements
efficiently would be the key rating sensitivities, going forward.

Incorporated in October 1995, Narayan Cold Storage Private
Limited is promoted by the West Bengal-based Kundu family. The
company provides cold-storage facility to potato-growing farmers
and traders on a rental basis with a storage capacity of 29,844
metric tonnes (MT). The cold-storage unit is located at Hooghly,
West Bengal. Jyoti Vincom Private Limited, a company operating
under the same management, is also involved in the cold-storage
business of storing potato and other fruits/ vegetables and is
rated at [ICRA]B- and [ICRA]A4.

Recent Results
In 2015-16, the company reported a net profit of INR0.20 crore on
an operating income of INR4.64 crore, as compared to a net profit
of INR0.15 crore on an operating income of INR3.49 crore in 2014-
15.


NEHA EXPORTS: CARE Revises Rating on INR1cr LT Loan to BB-
----------------------------------------------------------
CARE revises/reaffirms ratings assigned to bank facilities of
Neha Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       1        CARE BB- Revised from
                                            CARE B

   Short-term Bank Facilities     14        CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Neha Exports factors in improved financial risk
profile of the firm in FY16 (refers to the period April 1 to
March 31) marked by increase in profitability margin, improved
capital structure and debt coverage indicators. The ratings
further draw strength from experienced promoter, established
presence of the firm in the export market for consumer
electronics and established relationship with distributors along
with diverse customer base.

However, these rating strengths are partially offset by the
firm's moderate financial risk profile characterized by
relatively small scale of operations, low profitability margins
and stretched operating cycle. The ratings are further
constrained by constitution of the entity being a proprietorship
firm, its exposure to the foreign exchange fluctuation risk and
presence of the firmin a highly competitive and fragmented
industry.

Going forward, Neha Exports' ability to manage its working
capital cycle as well as its ability to improve its scale of
operations and profitability margins would be the key rating
sensitivities.

Neha Exports was incorporated on December 20, 2006 by Ms Madhu
Gulati. The firm is involved in the manufacturing, assembling and
export of public address (PA) systems and components, including
loud speakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipments. The firm commenced
operation in 2008 and its manufacturing facility is located in
Dharuhera, Haryana.

Ms Madhu Gulati is sister of the promoter of the '5 Core' group
i.e. Amarjit Singh Kalra. The '5 core' group was established in
1983 and is involved in the manufacturing and export of public
address equipment and electronic goods under the brand '5 Core'.
Neha Exports is also using the brand name '5 Core' for marketing
and selling its products.

During FY16 (provisional; refers to the period April 1 to
March 31), Neha Exports reported total operating income of
INR63.03 crore and PAT of INR0.67 crore as against total
operating income of INR60.07 crore and PAT of INR0.43 crore
during FY15.


OPPO MOBILES: Ind-Ra Rates INR7BB Unsecured NCD Program 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Oppo Mobiles
India Private Limited's (OPPO) INR7 billion unsecured, non-
convertible debenture (NCD) programme a final 'IND BB' rating
with Stable Outlook. The agency has maintained a Long-Term Issuer
Rating of 'IND BB' on OPPO with a Stable Outlook.

The final rating has been assigned after the receipt of final
documents, except the debenture trustee deed. The pay-in date of
the bonds was 30 September 2016. Though the debenture trustee
deed is not yet signed, the agency is relying on the final
version of the unexecuted debenture trustee deed and the
undertaking from the issuer that there will be no changes from
the execution version shared with the agency. The management has
confirmed that the final version shared with Ind-Ra will be
executed shortly. The extant regulations allow the debenture
trust deed to be executed within a specified time period after
the allotment of bonds.

The documents shared are in conformance with the assumptions
based on which the provisional rating was assigned. The final
rating is, therefore, the same as the provisional rating assigned
on 13 May 2016.

The NCD proceeds are to be used for capex and working capital
requirements. The NCDs are being issued with a face value of
INR1m, and entail a coupon of 3% to be paid annually, and a tenor
of three years. The NCDs will be listed on the Bombay Stock
Exchange and Axis Trustee Services Limited has been appointed as
the trustee for this issue.

KEY RATING DRIVERS

New Chinese Brand in India: OPPO is a relatively new but
aggressive player in the Indian handset space. It entered the
market in late 2013. OPPO has been growing in India at a fast
pace with INR2,115 million of revenue in FY15 (first year of
operations) with high traction in monthly sales. The revenue grew
352% yoy to INR9,556 million (provisional) in FY16 and was
INR24.3 billion in 1HFY17 (unaudited). However, the Indian
handset market is overcrowded with more than 25 brands, is
extremely price sensitive with changing customer preferences and
low brand loyalty. Hence, gaining market share on a sustained
basis is challenging for any new player.

Start-up losses: OPPO incurred a cumulative EBITDA loss of INR4
billion and accumulated net losses of INR2.75 billion till FY16
(provisional). The company expects to incur an EBITDA loss in
FY17 as well. The company incurred initial heavy advertisement
and sales promotion spends of INR612 million on advertising and
sales promotion in FY15 and INR1,634 million in FY16
(provisional) and would continue to spend 10%-15% of revenue over
FY17-FY20. Heavy investments into brand building indicate the
seriousness of OPPO to establish itself in the Indian market over
the long term, but such investment would continue to subdue the
profitability over the medium term.

Domestic Manufacturing Plans: To benefit from duty differential
and take advantage from indigenous manufacturing, OPPO is setting
up a handset manufacturing plant with capacity of 12 million
handsets, at capex of INR2,250 million. The capex is slightly
deferred till 4QFY17. Imports of handsets are subject to 13.5%
duty, components are subject to 12.5% duty while domestic
manufacturing is subject to 2% excise duty. OPPO has a mix of
imported handsets, and imported components converted to handsets
on a contract manufacturing basis. By FY18, OPPO should be able
to manufacture 100% domestically.

Financing Structure: OPPO has been a net cash positive entity so
far, with the working capital cycle being funded through a long
payables period availed from the associate companies of the
parent. OPPO has significant growth targets for the next five
years, and has raised medium-term funds through INR7bn bonds to
support the capex and working capital funding requirements. The
company expects to reduce its payable days through medium-term
bond funding.

Refinancing Risk: Since OPPO expects to remain EBITDA negative
for FY17, interest on bonds is likely to be met out of cash and
equivalents (FY16 (provisional): INR2.28 billion). Also, the debt
service coverage ratio in the year of bond redemption (FY20) will
be weak. Hence, bond repayment will remain a key risk.

Other Risks: The ratings factor in industry risk of fast-paced
technology changes, changing consumer preferences and competitive
pricing pressure. Other risks include forex risk on account of
import of handsets, partially mitigated by increasing mix of
indigenous sourcing/manufacturing.

RATING SENSITIVITIES

Positive: Turnaround in EBITDA, and ability to service debt
obligations from internal accruals could be positive for the
ratings.

Negative: Lower traction in revenues, leading to continued EBITDA
losses and lack of timely funding support from parent could be
negative for the ratings.

COMPANY PROFILE

OPPO was set up in November 2013, as a mobile handset provider.
It is a dominant mobile handset provider in China, operating
since 2008 in the mobile handset market. OPPO has its presence in
around 20 countries as of late 2015. The company buys mobile
handsets from China and distributes them in India. It also has a
contract manufacturing arrangement with the electronics assembly
manufacturers Foxconn (Andhra Pradesh) and GDN Enterprises
Private Limited (Noida) for the indigenous manufacturing of
handsets in India.


POWER RESEARCH: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR6.00 crore (enhanced from INR5.00 crore) cash credit facility
and INR3.50 crore (enhanced from INR2.00 crore) non fund based
facility of Power Research and Development Consultants Private
Limited.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Fund Based-Cash Credit       6.00       [ICRA]B+/reaffirmed
   Non Fund Based- Bank
   Guarantee                    3.50       [ICRA]B+/reaffirmed

ICRA's rating reaffirmation continues to be constrained by the
continuing stagnant sales of the company along with its high
debtor position, which further increased as on March 31, 2016,
resulting in stretched liquidity position. ICRA's rating is also
constrained by the small scale of operations of the company and
its large exposure to power systems domain indicating high
industry concentration.

The rating, however, continues to draw comfort from the sound
domain knowledge of the company and the promoters in power
systems design and consulting, and its reputed client base which
includes players such as Alstom T&D India, Gamesa Renewable
Private Limited, Central Electricity Supply Utility of Orissa
etc. The rating favorably factors in the growth in software
development segment by 25% during FY2016 owing to order received
from Eastern Regional Power Committee (ERPC) for the software
'MiPower Protection Suite'. The rating also takes into account
the likely boost in revenues expected in FY2017 backed by
potential order from Southern Regional Power Committee for the
same software. Going forward, PRDC's ability to increase its
revenues by successfully executing the orders, especially
received for its software, and improve its working capital
management will be the key rating sensitivities.

Power Research & Development Consultants Private Limited (PRDC)
was established in 1994 and has been involved in power systems
consultancy services since then. The company is also into
development of software for power network design and analysis.
PRDC also provides automation and power system solutions, wherein
the company designs the embedded systems as per customer
requirements and manufacturing of the same is outsourced. PRDC is
promoted by Dr R Nagaraja, who is a PhD in Energy Management
Systems from Indian Institute of Science (IISc). The company
carries out projects for State Electricity Boards and Utilities,
IPPs (Independent Power Producers) and companies in other
industries such as cement, steel and sugar. The company has
gained expertise in this field through the large number of
projects that they have conducted over the years. It has also
been recognized by Visvesvaraya Technological University (VTU) as
a VTU affiliated research centre which allows PRDC to provide
training to power engineers working in state/regional electricity
boards, generation, transmission and distribution companies among
others. The company has carried out around 1100 projects in the
last 2 years.

Recent Results
For 2015-16, the company reported an operating income of INR20.67
crore (as per provisional results) and a net profit of INR0.64
crore as against an operating income and a net profit of INR20.55
and INR0.03 crore respectively in 2014-15.


PRIME HITECH: CRISIL Assigns 'D' Rating to INR733MM Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Prime Hitech Engineering Limited and assigned its
'CRISIL D/CRISIL D' ratings. CRISIL had, on May 16, 2016,
suspended the ratings as the company had not provided adequate
information for a rating review. It has now shared the requisite
information, enabling CRISIL to assign its ratings to the bank
facilities.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL D (Assigned;
                                     suspension revoked)

   Cash Credit            112        CRISIL D (Assigned;
                                     suspension revoked)

   Letter of Credit       140        CRISIL D (Assigned;
                                     suspension revoked)

   Term Loan              733        CRISIL D (Assigned;
                                     suspension revoked)

The ratings reflect delays in servicing term debt due to
stretched liquidity. PHEL has a weak financial risk profile
because of leveraged capital structure and muted debt protection
metrics, and large working capital requirement. However, the
company benefits from the extensive experience of its promoters
in the electrical industry and marketing tie-ups with reputed
global manufacturers.

Incorporated in April 2010 as a joint venture by Prime Chemfert
Industries Pvt. Ltd. (PCI) (51%), Keliburg Holding Ltd (Russian
company, 30%), and the promoters of PCI (19%), PHEL carries out
fabrication work for transformers and also manufactures turbine
parts and drill bits used in in oil exploration and mining
operations.


RD BROWN: CRISIL Reaffirms 'B' Rating on INR135MM LT Loan
---------------------------------------------------------
CRISIL's rating on the bank loan facilities of RD Brown Box
Packaging Private Limited continues to reflect the company's
modest scale of operations in the intensely competitive packaging
industry and its below-average financial risk profile marked by
high gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of RDBB's promoters and their established customer
relationship.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Term Loan          80        CRISIL B/Stable (Reaffirmed)
   Long Term Bank
   Facility               135        CRISIL B/Stable (Reaffirmed)
   Overdraft Facility      35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RDBB will continue to benefit from the
extensive industry experience of the promoters. The outlook may
be revised to 'Positive' if the company's scale of operations
improves substantially, while maintaining its profitability,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RDBB's
liquidity weakens most likely because of lower-than-expected
revenue and profitability owing to delays in commercialization of
its new unit.

Incorporated in 1984, Chennai based RDBB, is engaged in
manufacture of corrugated boxes. The operations of the company is
managed by the managing director, Mr. Bhagwan Doss.


S.L. GROUP: CRISIL Assigns 'B' Rating to INR195MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of S.L. Group and Associates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               195       CRISIL B/Stable

The rating reflects SGLA's exposure to risks relating to
cyclicality in Indian real estate industry and economic cycles
alongwith project funding, implementation and off-take risk
associated with current project. These weakness are offset by
extensive experience in residential real-estate construction
Outlook: Stable

CRISIL believes that SLGA will benefit over the medium term from
its promoters extensive experience in the real estate industry.
The outlook may be revised to 'Positive' if the company exhibits
significant progress in bookings and flow of advances for the
project. Conversely, the outlook may be revised to 'Negative' in
case of large than expected debt funding of the project or lower-
than-expected consumer interest in the projects.

SLGA is currently executing a residential project 'Green Orchid'
of a 3,99,456.6 sq. ft at Plot 1 Sector 13, New Moradabad, Uttar
Pradesh (UP) on land of 1,02,537.3 sq. ft . SLGA is a joint
venture between Sunil Gupta family , Mr. Anil Tomar and Mr.
Chandra Bhan Singh.


SACHIN FINECOT: CRISIL Reaffirms B+ Rating on INR77.5MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Sachin Finecot Fibers
continues to reflect the firm's modest scale of operations in the
highly competitive and fragmented cotton ginning industry, and
susceptibility of its profitability to volatility in cotton
prices and to changes in regulations regarding the cotton
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             77.5     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       0.8     CRISIL B+/Stable (Reaffirmed)
   Term Loan               21.1     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's subdued financial risk
profile because of modest networth and moderate debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive experience in the cotton ginning business.
Outlook: Stable

CRISIL believes SFF will continue to benefit from its promoters'
extensive industry experience and the steady demand for cotton
ginning. The outlook may be revised to 'Positive' if the firm
scales up operations substantially and improves its profitability
and capital structure, while maintaining its working capital
cycle. The outlook may be revised to 'Negative' in case of lower
revenue or profitability, or a significant stretch in working
capital cycle, weakening the financial risk profile.

SFF, set up as a partnership firm by Mr. Navin Tayal and Mr.
Hitesh Tayal in May 2012, started cotton ginning and pressing
operations in December 2012. The partners have been in the cotton
ginning business for over two decades through group entity Sachin
Agro Industries. SFF's manufacturing unit is in Aurangabad,
Maharashtra.


SANKALP REALMART: ICRA Ups Rating on INR10cr Term Loan to B+
------------------------------------------------------------
ICRA has upgraded its long term rating on the INR10.00 crore term
loan of Sankalp Realmart Private Limited to [ICRA]B+ from
[ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               10.00        [ICRA]B+; upgraded

The rating upgrade takes into account the completion of two of
SRPL's projects, viz 'Sankalp Florence' and 'Sankalp Residency',
leading to limited outflow commitments and the satisfactory
booking levels in these projects. The ratings are, however,
constrained by the nascent stage of progress of the company's
'Dynasty Project' which is also large in size. The ratings
continue to factor in the company's exposure to market risks for
the unsold area and dependence on bookings for meeting funding
requirements. ICRA also takes note of the limited funding brought
in by the promoters. While the inflows from the first two
projects are expected to support the company's cash flow
position, the company will remain dependent on maintaining its
collection efficiency and sales velocity for the same.

Going forward, the ability of the company to timely manage its
customer collections, market and sell the unsold area for the
three projects and complete the construction of 'Sankalp Dynasty'
in a timely manner, will be the key rating sensitivities.

Incorporated in 2011, SRPL is engaged in building residential
real estate projects in Ajmer, Rajasthan. The company has
completed two projects i.e. 'Sankalp Florence' and 'Sankalp
Residency', and has an ongoing project, 'Sankalp Dynasty'. The
projects entail construction of residential apartments in Ajmer,
Rajasthan. The 'Sankalp Dynasty' project is the biggest project
that SRPL's promoters have handled so far. The company has
already started providing possession of 'Sankalp Florence' and
'Sankalp Residency' and expects the pending apartments to be sold
by the current financial year.


SHAKTI MURUGAN: ICRA Suspends 'B' Rating on INR13cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR13.00 crore fund based facilities and the long term/short
term rating of [ICRA]B/[ICRA]A4 assigned to the INR3.00 crore
unallocated limits of Shakti Murugan Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Shakti Murugan Industries (SMI) was formed as a partnership firm
in the year 2009. The firm is engaged in ginning; pressing &
trading of cotton lint. The plant is located in Karimnagar
district of Andhra Pradesh and it commenced operations from
November 2009. The firm has 36 gins & 1 Bale press and a capacity
to produce 9000 bales per month. All the partners of SMI are
family members and Mr. Bachu Bhaskar and Mr. Batchu Srinivas are
Managing Partners others.


SHANTOL GREEN: ICRA Lowers Rating on INR18.5cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR2.50
crore cash credit facility and INR18.50 crore term loan facility
of Shantol Green Energy (India) Private Limited from [ICRA]B to
[ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              2.50       Revised to [ICRA]D
                                       from [ICRA]B

   Term Loan               18.50       Revised to [ICRA]D
                                       from [ICRA]B

The rating revision reflects delays in debt servicing by the
company on its borrowings. The delays were due to stretched
liquidity conditions emanating from inadequate generation of cash
flows due to inability of the company to achieve anticipated
revenues.

Shantol Green Energy (India) Private Limited (earlier known as
Shantol Green Hydro Carbons (India) Pvt. Ltd.), incorporated in
August 2011, is promoted by Mr. Shaileshkumar Makadia & Mr. Amit
Bhalodi along with the equity ownership from the corporate
entity- RNG Finlease Private Limited. SGEPL was formed to set up
a green-field unit for pyrolysis of used automobile tyres at
Bhilwara, Rajasthan with an installed capacity of 30,000 TPA.


SHARU STEELS: ICRA Reaffirms B+ Rating on INR17cr Cash Loan
-----------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B+ on the
INR17.48 crore fund based facilities of Sharu Steels Private
Limited. ICRA has also re-affirmed its short term rating of
[ICRA]A4 on the INR17.00 crore non-fund based facilities of SSPL.
ICRA's rating reaffirmation takes into account the decline in
sales of company in FY 16 as well as decline in debt coverage
indicators which was however accompanied by improvement in
operating margins.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             17.00       [ICRA]B+; re-affirmed
   Term Loan                0.48       [ICRA]B+; re-affirmed
   Letter of Credit        17.00       [ICRA]A4; re-affirmed
   Long-Term/Short-Term
   Interchangeable         (8.00)      [ICRA]B+/A4; re-affirmed

ICRA's ratings continue to take into account the high intensity
of competition in the steel industry and vulnerability of SSPL's
profits to adverse movements in raw material prices (mainly steel
scrap) as the bulk of its procurement is not order-backed,
thereby leading to weak and declining operating margins.
Furthermore, the working capital requirements have been primarily
funded through bank borrowings, leading to a highly leveraged
capital structure. ICRA also takes note of the company's
stretched liquidity position, as evident from the high
utilization of bank limits.

However, the ratings continue to derive comfort from the
extensive experience of the promoters in the steel industry. ICRA
notes the proximity of the plant to Mandi Gobindgarh (established
steel market of India), which ensures easy availability of raw
material. SSPL's partial backward integration into manufacturing
ingots, which provide some support to operating margins, and its
large customer base are other rating comforts.

Going forward, the ability of the company to scale up its
revenues, while improving profitability and optimally managing
its working capital cycle and a healthy capital structure, will
be the key rating sensitivities.

Incorporated in 1991, SSPL is a closely held company engaged in
manufacturing steel ingots and rolling them into rounds and other
steel products. The manufacturing facility of the company is
located at Ludhiana, Punjab. The company has an induction furnace
with a capacity of 25,000 tonnes per annum (TPA) and a rolling
mill with a capacity of 20,000 TPA.

Recent Results

The company reported a net loss of INR0.87 crore on an operating
income of INR87.02 crore in FY2016, as against a net loss of
INR0.13 crore on an operating income of INR96.62 crore in the
previous year.


SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shiv Shakti Ginning And Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       25       CARE B+ Reaffirmed

Rating Rationale

The rating of Shiv Shakti Ginning and Pressing Private Limited
continues to remain constrained on account of decline in its
scale of operations, high leverage, thin profitability and modest
debt protection indicators. The rating is further constrained by
the susceptibility of its operating margins to the volatile
cotton prices and its presence in a highly fragmented and working
capital intensive cotton ginning industry.

The rating, however, continues to derive strength from the vast
experience of the promoters in the cotton ginning business and
benefits derived from its favourable location - cotton-growing
belt of Gujarat.

The ability of SSGPL to significantly increase its scale of
operations and improve its profitability by moving up in the
cotton value chain along with an improvement in its capital
structure would be the key rating sensitivities.

SSGPL incorporated in 2007 and promoted by Mr. Nilesh V Thacker,
commenced the commercial production from December 2008. It has a
composite cotton ginning and pressing unit at Anjar in the Kutch
district of Gujarat. SSGPL had an installed production capacity
of 97,440 cotton bales per annum as on March 31, 2016 and it also
trades in agricultural commodities such as cotton, cotton seeds,
ground nut oil, sugar and palm oil.

As per the audited results for FY16 (Refers to period from April
1 to March 31), SSGPL reported a total operating income (TOI) of
INR112.46 crore with a profit after tax (PAT) of INR0.09 crore as
against a TOI of INR189.06 crore with a PAT of INR0.14 crore in
FY15.


SHIVAM COTTON: ICRA Reaffirms 'B' Rating on INR8cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR8.00 crore cash credit facility, INR0.79 crore term loan
facility and INR0.86 crore of unallocated bank limits of Shivam
Cotton & Oil Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             8.00        [ICRA]B Reaffirmed
   Term Loan               0.79        [ICRA]B Reaffirmed
   Unallocated             0.86        [ICRA]B Reaffirmed

The reaffirmation of the rating continues to remain constrained
by weak financial profile of Shivam Cotton & Oil Industries,
characterised by thin profitability margins, weak coverage
indicators and stretched capital structure. The rating also
continues to take into account the commoditised nature of
products and the vulnerability of the firm's profitability to
adverse movements in cotton prices subject to seasonality and
crop harvest. The firm's operations are also exposed to
regulations governing the industry such as restrictions on cotton
exports and minimum support price (MSP). ICRA also notes the
highly fragmented nature of the industry, due to a large number
of manufacturers, which coupled with low-entry barriers have led
to high competitive intensity of the sector. Further, the rating
considers the potential adverse impact on net worth and gearing
levels in case of any substantial withdrawal from capital
accounts given the constitution as a partnership firm.

The rating, however, continues to derive comfort from the long
experience of its promoters in the cotton ginning industry and
the proximity of the firm's manufacturing unit to raw materials,
easing procurement.

In ICRA's view the ability of the firm to manage the impact of
raw material price fluctuations on its profitability in a highly
competitive business environment and improve its capital
structure by managing working capital requirements will remain
the key rating sensitivities.

Established in 2012 as a partnership firm, Shivam Cotton & Oil
Industries (SCOI) is involved in the business of cotton ginning,
pressing and cottonseed crushing to produce cotton bales,
cottonseed oil and cottonseed oilcake. Its manufacturing facility
is located at Saraya in Gujarat. The firm is equipped with 24
ginning machines, 1 pressing machine and 5 expellers with an
installed capacity of processing 19,200 MT of raw cotton per
annum. The promoters of the firm have over 25 years of experience
in the cotton ginning business.

Recent Results
During FY2015, SCOI reported an operating income of INR46.91
crore and profit after tax of INR0.23 crore as against an
operating income of INR41.43 crore and profit after tax of
INR0.01 crore in FY2014. Further, during FY2016 SCOI reported an
operating income of INR46.02 crore and profit before tax of
INR0.27 crore (as per unaudited provisional financial).


SHREE SHYAM: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Shyam
Pulp and Board Mills Limited's 'IND D(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra  suspended SSPBML's ratings on 8 February 2016.

SSPBML's ratings:

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

   -- INR3,427.5 million term loans:  'IND D(suspended)'; rating
      withdrawn

   -- NR2,559.8 million fund-based limits: 'IND D(suspended)';
      rating withdrawn

   -- INR700 million non-fund-based limits: 'IND D(suspended)';
      rating withdrawn


SHRINATH COTTON: CARE Reaffirms B+ Rating on INR6.18cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shrinath Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.18      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shrinath cotton
industries (SCI) continue to remain constrained on account of
moderate scale of operations, thin profit margins, moderate
capital structure and weak debt coverage indicators. The rating
is also constrained by its working capital intensive nature of
operations, presence in a cyclical and competitive cotton
industry coupled with susceptibility of profit margins to
fluctuations in raw material prices. The rating also take into
consideration marginal decline in the total operating income
(TOI) during FY16 (refers to the period April 1 to March 31)
along with decline in profitability.

The rating, however, continues to derive comfort from the long
experience of the partners and locational advantage having
presence in cotton producing region.

SCI's ability to increase its scale of operations, improve
profitability while sustaining its solvency position remain the
key rating sensitivities.

SCI is a partnership firm established in 2006 by three partners
Mr. Keshavlal Popat, Mr. Bharat Popat and Mrs Raksha Popat which
was later reconstituted with the retirement of Mr. Keshavlal
Popat as on January 18, 2011. It is now managed by Mr. Bharat
Popat and Mrs. Raksha Popat and has its manufacturing facility
located at Amreli district, Gujarat. SCI is engaged in the cotton
ginning and pressing business. The firm is ISO 9001:2008
certified and Technology Mission on Cotton (TMC) approved firm by
the Ministry of Textile, GOI. As on March 31, 2016, SCI had a
total installed capacity of 24,000 bales of cotton and 6,133
metric tonne per annum (MTPA) of cotton seed.

During FY16 (A), SCI reported a total operating income (TOI) of
INR35.57 crore with a PAT of INR0.06 crore as against TOI of
INR36.75 crore with a PAT of INR0.09 crore in FY15 (A). During
Q1FY17 (Provisional), SCI achieved a TOI of INR4.01 crore.


SINTEX INDUSTRIES: S&P Affirms Then Withdraws 'BB-' CCR
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term corporate credit
rating on Sintex Industries Ltd.  S&P then withdrew the rating at
the company's request.  At the time of withdrawal, the outlook
was stable.  Sintex is an Indian plastics and textiles company.

Sintex's business and financial performance in fiscal 2016 (year
ended March 31, 2016,) was broadly in line with our expectation.
The company completed the first phase of its textile capacity
expansion in the first quarter of fiscal 2017, and has commenced
the second phase.  S&P believes this will strengthen the
company's business position in textiles over the next three to
five years.

The Sintex management plans to spin-off its plastics division in
to a separate company in an internal reorganization of its
corporate structure.  S&P believes that the spin-off won't affect
the company's overall credit profile immediately because the
process, which requires approvals from shareholders, creditors,
and the Indian courts, could take more than a year to complete.
Also the final details of the proposed transaction are yet to
emerge.


SREEKANTH PIPES: CARE Reaffirms B+ Rating on INR2cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of Sreekanth
Pipes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B+ Reaffirmed
   Short-term Bank Facilities      8        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sreekanth Pipes
Private Limited continues to be constrained by small scale of
operations, low profit margins due to competition and volatility
in raw material prices, supplier concentration coupled with low
bargaining power, weak debt coverage indicators in FY16 (refers
to the period April 1 to March 31) and working capital intensive
nature of business. The ratings are, however, underpinned by
satisfactory experience of the promoters and established
distribution network. The ability of the company to expand the
scale of operations along with improvement in profitability and
liquidity are the key rating sensitivities.

Incorporated in 2002, SPPL is part of the Nandi group of
companies based out of Nandyal in Andhra Pradesh.

The group has a presence in diversified businesses such as
cement, dairy, Polyvinyl Chloride (PVC) pipes, construction, TMT
bars, etc, since 1978. SPPL is engaged in the business of
manufacturing of rigid Polyvinyl Chloride (PVC) pipes and
fittings at its facility located at Medak District, Telangana.
The manufacturing facility has an installed capacity of 12,500
metric tonnes per annum (MTPA). The products are widely used in
irrigation, telecommunication, potable water supplies, electrical
industry, construction industry, sewerage and drainage etc.

During FY16, SPPL achieved a total income of INR23.67 crore
(FY15: INR33.26 crore), PBILDT of INR1.69 crore (FY15: INR1.68
crore) and PAT of INR0.28 crore (FY15: INR0.30 crore).


SRI ADHI: CARE Assigns B+ Rating to INR7.90cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Sri Adhi
Parasakthi Agro Tech.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.90       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Adhi Parasakthi
Agro Tech (SAPAT) is constrained by its highly fragmented nature
of the rice industry with intense competition and high regulation
by government, seasonal nature of availability of paddy resulting
in working capital intensive nature of operations, profitability
margins are susceptible to fluctuation in raw material prices,
short track record of operation and constitution of the entity as
a partnership firm. However, the rating is underpinned by the
experience of the partners for more than one decade in the rice
industry, presence in major paddy cultivation area which results
in easy procurement of paddy and stable demand outlook for rice
product.

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

Sri Adhi Parasakthi Agro Tech (SAPAT) was established on Feb. 10,
2015 and the commercial operation started in December 2015. SAPAT
was promoted by Mr. M R Krishna and Mr. M R Venkatesh along with
his friends and relatives/family members. The firm is engaged in
the business of rice milling (processing of paddy into rice). The
firm is purchasing raw paddy from farmers based at Raichur
district in the state of Karnataka. The firm is selling rice bags
of 25 kg each under the name of 'Anmol Rathan' to dealers based
at Karnataka & Maharashtra. The total cost incurred by the firm
for setting of rice milling unit was INR1.73 crore funded by
long-term debt of INR0.90 crore and partners' capital of INR0.83
crore.

The firm belongs to MRV group which is engaged in rice milling
business. The MRV group has presence in rice industry for more
than four decades and offers various variants of rice like raw
Sona Masuri, Steam Sona Masuri, IR 64 and others. This group
constitute of Sivari Agro Tech, Shri Panchamukhi Industries, Sai
Sannidhi Agro Tech, Sri Adhi Parasakthi Agro Tech, Sri Veer
Anjenaya Agro Foods, Sagar Enterprise and Sagar Agencies.


SRI ONKAR: CRISIL Reaffirms 'B' Rating on INR74MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Onkar
Cotton Agro Industries continues to reflect the firm's modest
scale of operations, large working capital requirement, and weak
financial risk profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              74       CRISIL B/Stable (Reaffirmed)

The rating also factors in susceptibility of the firm's
profitability to volatility in cotton prices and to the
regulatory framework governing the cotton industry. These
weaknesses are partially offset by the extensive experience of
its partners in the cotton ginning segment and their funding
support.
Outlook: Stable

CRISIL believes SOCAI will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if the firm's scale of operations increases
considerably, leading to higher cash accrual and a better
financial risk profile. The outlook may be revised to 'Negative'
in case of a significant decline in revenue or profitability, or
deterioration in the financial risk profile, particularly
liquidity, on account of large debt-funded working capital
requirement.

SOCAI, founded in 2008 as a partnership firm, gins and presses
cotton. Its products are cotton bales and cotton seed. Its
facilities are at Parbhani in Maharashtra.


SRI RAJA: ICRA Suspends B+ Rating on INR18.26cr Term Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR18.26 crore term loan facilities and INR1.74 crore long-
term proposed facilities of Sri Raja Rajeswari Hotels (Vellore)
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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

Sri Raja Rajeswari Hotels Vellore Private Limited was
incorporated in October 2013, by Mr. A.C. Shanmugam, and is
currently setting up a 90 room - 3-star hotel "Benzz Park" at
Vellore (Tamil Nadu), about 140 Km from Chennai. The hotel will
also have banquet halls, Coffee shop, Speciality restaurant,
Health club, Swimming pool and Gym among others. The property is
expected to be launched by October 2015. Besides this, the
promoters operate another hotel in the name 'Benzz Park', a 3-
star hotel located in Chennai, under the entity - SRR Chennai.
The hotel operates with 60 rooms and has specialty restaurants
and banquet halls.


SWASTIK COTEX: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Swastik Cotex
continue to reflect SC's modest scale of operations in a highly
fragmented industry, and working-capital-intensive operations.

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

These rating weaknesses are partially offset by the benefits that
the firm derives from the extensive industry experience of its
promoters and from its proximity to the cotton-growing belt.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SC significantly improves
its scale of operations, leading to large cash accruals and a
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SC reports low accruals because of
reduced profitability, or weakening of its financial risk
profile, most likely because of stretched working capital cycle
or substantial debt-funded capital expenditure.

Update:
For the year 2015-16 (refer financial year, April 1 to March 31),
SC has registered sales of around INR1030 million on account of
stressed realizations. CRISIL expects healthy sales growth over
the medium term in the range of 5-6%. In 2015-16 the firm's
operating profitability remained stable at around 1.2 per cent
and is expected to be in the range of 1 to 2 per cent. Over the
medium term, the GCA days are expected to be in the range of 45
to 50 days and the working capital requirements to rise with its
scale of operations. As on March 31, 2016, gearing was high at
2.60 times due to higher working capital debt coupled with modest
net worth. Over the medium term, the gearing is expected to be
around 2.50 times on account of high reliance on bank limits to
fund incremental working capital requirements. Over the medium
term, its debt protection metrics are expected to remain weak
with its interest coverage in the range of 1.50 to 1.70 times and
NCATD ratio in the range of 0.05 to 0.07 times due to modest
profitability vs. its debt levels. The firm's liquidity continues
to be stretched due to tightly matched accruals against term debt
obligation, limited financial flexibility, however it is
supported through funding support from the partners.

SC, a partnership firm set up in 2013, is promoted by members of
the Rajkot (Gujarat)-based Sangani and Sejpal families, who have
experience of over 35 years in the cotton industry. The firm gins
and presses cotton and commenced commercial operations in January
2014.

For 2015-16, SC reported a profit after tax (PAT) of INR3 million
on an operating income of INR1035 million; it had reported a PAT
of INR2.3 million on an operating income of INR1061 million for
2014-15.


TIARA JEWELS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Tiara Jewels Private
Limited continue to reflect the company's small scale of
operations in the fragmented and competitive gems and jewellery
industry, and its large working capital requirements.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            120       CRISIL B+/Stable (Reaffirmed)

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

The rating also reflects TJPL's weak financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and below-average debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of TJPL's promoters in the gems and jewellery
industry.
Outlook: Stable

CRISIL believes that TJPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if TJPL improves its capital structure
either through equity infusion or higher-than-expected cash
accruals, backed by improvement in scale of operations or working
capital management. Conversely, the outlook may be revised to
'Negative' if TJPL's financial risk profile deteriorates on
account of decline in revenue and profitability, or if the
company undertakes a large debt-funded capital expenditure
programme, or if its liquidity weakens significantly on account
of increase in working capital requirements.

TJPL was incorporated in 2009 by Chandigarh-based Jain family.
Mr. Jawahar Lal Jain and his sons, Mr. Rohit Jain and Mr. Neeraj
Jain, are the company's key promoters and are engaged in its day-
to-day operations. TJPL is engaged in retailing of gold, diamond,
platinum, and silver jewellery through its single showroom in
Chandigarh.

For 2015-16, TJPL reported profit after tax (PAT) of INR1.3
million on net sales of INR170.4 million as against PAT of INR1.7
million on net sales of INR180.2 million for 2014-15.


TRUVALUE AGRO: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Truvalue Agro
Ventures Private Limited (TAVPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The agency has also assigned
TAVPL's INR20m fund-based working capital limits 'IND BB+'/Stable
and 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect TAVPL's volatile profitability and short
operational track record. TAVPL's operating profitability is weak
and volatile, as is characteristic of any agricultural commodity
trading business, and as evident by its margin of 1% in FY16
(FY15: 0.3%).

Credit metrics were comfortable on low debt. The company started
operations in February 2015. In FY16 the company's revenue was
INR1,465 million (FY15: INR201 million), net leverage (total
adjusted net debt/operating EBITDAR) was 0.4x in FY16 (FY15:
negative 1.2x). The INR5 million outstanding debt at FYE16 was
interest free. The company has got a sanction for an INR20
million cash credit facility during FY17 along with an INR50
million unsecured loan from promoters, to support further growth.
The ratings also benefit from the over eight years of experience
of TAVPL's founders in the agro trading business leading to well
established relationships with customers and suppliers.

Liquidity was moderate with average maximum working capital limit
utilisation of 91% during the 12 months ended August 2016.

RATING SENSITIVITIES

Positive: A substantial growth in revenue and/or operating
profitability could be positive for the ratings.

Negative: A decline in revenue or a rise in margin pressures,
leading to sustained deterioration in the liquidity, could be
negative for the ratings.

COMPANY PROFILE

Incorporated in December 2014, TAVPL started operations in
February 2015. The company is engaged in the trading of rice,
grains, pulses, sugar, spices, palm oil, black eyed beans, betel
nuts and animal feeds.


U GOENKA: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR1.00 crore fund based cash credit limit of U Goenka Sons
Private Limited. ICRA has also reaffirmed the short term rating
of [ICRA]A4 assigned to the INR27.00 crore non fund based limits
of UGSPL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Cash Credit     1.00      [ICRA]B ; reaffirmed
   Non Fund Based-Letter
   of Credit                 27.00      [ICRA]A4 ; reaffirmed

The reaffirmation of the ratings take into account the weak
financial profile of the company as reflected by low
profitability and debt coverage indicators, limited value
addition which limits any substantial improvement in
profitability, and highly competitive & fragmented nature of
industry which restricts pricing flexibility. The ratings also
factor in the vulnerability of operations to any adverse agro
climatic conditions & government regulations on imports and
export which may impact the raw material availability, and
exposure of profitability to any adverse foreign currency
exchange rates.

The ratings, however, continue to positively take into account
the more than three decades long experience of the promoters in
agro trading business, healthy increase in operating income for
last two fiscals and low risk of customer & geographical
concentration given the wide customer base spread across India.
The ratings also factor in the positive demand outlook which is
expected to support the growth of the company.

U Goenka Sons Private Limited is a trading house engaged in
trading of all types of pulses and beans. The company currently
caters to the domestic markets. The major products include green
peas, chick peas, toor daal, black matpe and yellow peas. The
company largely imports the agro products which are then sold in
the domestic market.

Recent Results
For the financial year ended March 31, 2016 (provisional data),
the company reported an operating income of INR110.7 crore and
net profit of INR0.5 crore as against an operating income of
INR83.1 crore and net profit of INR0.2 crore for the financial
year 2014-15.



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


TOKYO ELECTRIC: May Face Insolvency Risk, President Says
--------------------------------------------------------
Stephen Stapczynski and Tsuyoshi Inajima at Bloomberg News report
that Tokyo Electric Power Co. Holdings Inc. closed at the lowest
in more than two weeks after its president said it may face
insolvency if it recognized at one time the cost of
decommissioning the wrecked Fukushima nuclear plant and that it's
asked the government to help eliminate the risk.

Tepco, as the company is better known, fell as much as 7.9%
during intraday trading and closed 3.3% lower at JPY414 a share
in Tokyo, the lowest since Sept. 16, according to Bloomberg's
Oct. 5 report. The benchmark Topix index rose 0.6%.

"As it becomes possible to estimate the Fukushima decommissioning
cost, we will have the problem of recognizing the liability at
once. That means there is a possibility Tepco becomes insolvent,"
President Naomi Hirose told reporters in Tokyo on Oct. 5 after
meeting with a Ministry of Economy, Trade and Industry commission
charged with reforming the company, Bloomberg relays. "We are
requesting institutional measures to remove such risk."

As of June, nearly JPY1 trillion ($9.7 billion) has been
allocated to decommissioning and water treatment at Fukushima,
Tepco spokesman Tatsuhiro Yamagishi said last month, Bloomberg
recalls.

The March 2011 nuclear accident and its fallout will ultimately
cost more than JPY11 trillion, Bloomberg notes citing a study by
Japanese college professors including Kenichi Oshima, a professor
of economics at Ritsumeikan University.

Tokyo Electric Power Company, Incorporated, headquartered in
Tokyo, is the largest electric utility in Japan in terms of power
generation and sales.

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2016, Standard & Poor's Ratings Services said it has
newly assigned its 'BB-' long-term and 'B' short-term corporate
credit ratings to Tokyo Electric Power Company Holdings Inc.
(TEPCO Holdings).  S&P also assigned its 'BB+' long-term issue
ratings to general mortgage bonds that TEPCO Holdings has assumed
from Tokyo Electric Power Co. Inc. (TEPCO) and assigned S&P's 'B'
short-term issue rating to its domestic commercial paper program.
The outlook on the long-term corporate credit ratings on TEPCO
Holdings is positive.

At the same time, S&P revised to positive from stable the outlook
on its long-term corporate credit ratings on TEPCO, affirmed
S&P's 'BB-' long- and 'B' short-term corporate credit ratings on
TEPCO, affirmed S&P's 'BB+' long-term senior secured debt ratings
and 'B' short-term debt rating on the company, and then withdrew
the corporate credit ratings on TEPCO.



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


1MALAYSIA: Ex-BSI Bankers Charged in Singapore
----------------------------------------------
Andrea Tan at Bloomberg News reports that Singapore authorities
charged two ex-BSI SA bank employees in a case linked to an
embattled Malaysian investment fund at the center of
international probes, accusing them of failing to disclose
suspicious transactions involving a high-living financier.

Yak Yew Chee, a former private banker for 1Malaysia Development
Bhd. and financier Low Taek Jho, faces seven charges including
for forgery, according to court papers filed on Oct. 10. Yak's
former subordinate Yvonne Seah Yew Foong was also charged in the
same Singapore state court. The two, who didn't enter any pleas,
were allowed bail of SGD35,000 ($25,500) each, Bloomberg says.

Bloomberg relates that the latest charges come as Singapore vowed
stronger action after the central bank found anti-money
laundering lapses at banks linked to the troubled Malaysian fund
known as 1MDB.  According to Bloomberg, the city state said in
May it would fine BSI and revoke its license. Swiss prosecutors
and U.S. authorities are also digging into how billions of
dollars may have been diverted from 1MDB, which was intended to
fund development projects across Malaysia.

1MDB has consistently denied wrongdoing and Malaysia's government
has said it will cooperate with lawful investigations of local
companies or its citizens in relation to the fund. Bloomberg
notes that apart from Yak and Seah, Singapore has criminally
charged two other men, including former BSI banker Yeo Jiawei,
for their roles in transactions and money flows linked to 1MDB.

Yak, 57, was charged with forging reference letters and failing
to disclose suspicious transactions involving Jho Low, which came
to Yak's attention in the course of his employment with BSI,
according to the court papers obtained by Bloomberg. Seah, 45,
was charged with intentionally aiding Yak with forging reference
letters, and for failing to disclose the suspicious transactions.

Bloomberg says the two were among six members of BSI Bank's
senior management and staff that the central bank said in May it
had referred to the public prosecutor to evaluate whether they
had committed criminal offences.

Yak was a private banker to Jho Low, 1MDB and related entities,
his lawyer Lee Teck Leng said after the hearing on Oct. 10,
Bloomberg says.  Seah's lawyer Peter Low said he would need to
take his client's instructions on the charges against her. Two
calls to Jho Low's Jynwel Capital in Hong Kong weren't answered.
1MDB didn't immediately reply to an e-mail seeking comment on its
relationship to Yak.

Jho Low, known for partying with Lindsay Lohan and Paris Hilton,
directed funds from 1MDB to connected individuals and for his and
his associates' "personal gratification," U.S. prosecutors say,
according to Bloomberg. He bought art and real estate and paid
for lavish parties and gambling, they said. He had previously
described his role with 1MDB as informal consulting that didn't
break any laws.

Yak, a former senior vice president at BSI, had said in a
declaration to BSI in 2015 that he didn't get any unlawful
benefits from managing 1MDB accounts. Yak had a monthly pay of
about SGD82,000 before he left the bank in February, Bloomberg
discloses.

The next court hearing is set for Nov. 24. The cases are Public
Prosecutor v Yak Yew Chee and Public Prosecutor v Yvonne Seah,
Bloomberg adds.

                             About 1MDB

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

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

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

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

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

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

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



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


HANJIN SHIPPING: Battles w/ Ashley Furniture Over Cargo, Damages
----------------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal, reports that
Hanjin Shipping Co. and Ashley Furniture Industries Inc. are
battling over fees related to the furniture company's cargoes.

According to the report, Ashley Furniture said it has been left
on the hook for cleaning up the logistical mess in the wake of
Hanjin's bankruptcy and is asking a U.S. judge to allow it to
withhold damages from fees it owes to Hanjin. The South Korean
shipping company, however, is refusing to release some of Ashley
Furniture's cargo until it is paid in full, the report related.

Some of Ashley Furniture's containers have been delivered or
otherwise retrieved by the company, many of which are weeks
behind schedule, the report further related.  Other containers,
still stocked with goods, are floating on Hanjin ships or sitting
idle on port tarmacs waiting to be released by the shipper, the
report said.

During a hearing on Oct. 7 in Newark, N.J., lawyers for Ashley
Furniture asked Judge John Sherwood of the U.S. Bankruptcy Court
to help it recover damages of more than $1 million it said it is
owed for having to pick up containers delivered to the wrong
ports, the report said.

The Wisconsin-based furniture maker also said it has had to store
empty containers and chassis -- the wheeled trailers trucks use
to transport the containers -- that it would ordinarily return to
Hanjin but which the shipper has abandoned in bankruptcy, the
report added.

Who is ultimately responsible for those goods and containers as
well as any damages is a question the bankruptcy court will have
to answer, according to Ashley Craig, Esq. -- awcraig@Venable.com
-- a maritime lawyer with the Venable firm in Washington, D.C.,
WSJ cited the lawyer as saying in court.

In court on Oct. 7, Edward Kiel, a lawyer for Hanjin, told the
judge that Ashley Furniture is attempting to "weasel out"
millions of dollars that the embattled shipping company needs to
fund its business, which is continues to operate while in
bankruptcy, the report said.

                      About Hanjin Shipping

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

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

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

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

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

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


LEO MOTORS: Amends 43 Million Shares Resale Prospectus with SEC
---------------------------------------------------------------
Leo Motors, Inc. filed with the Securities and Exchange
Commission an amended Form S-1 registration statement relating to
the sale by BOU Trust, RDW Capital LLC, and Darrin M. Ocasio of
up to 43,000,000 shares of common stock of the Company.  The
Company amended the registration statement to delay its effective
date.

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

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

A full-text copy of the Form S-1/A is available for free at:

                     https://is.gd/uEwDuo

                       About Leo Motors

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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