TCRAP_Public/161014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 14, 2016, Vol. 19, No. 204

                            Headlines


A U S T R A L I A

CHROMEWORX: Enters Into Voluntary Liquidation
HOSKEN STEEL: First Creditors' Meeting Slated for Oct. 24
HOSKEN STEEL PTY: First Creditors' Meeting Set for Oct. 24
SLATER AND GORDON: Faces Class Action from Shareholders
TAGARA BUILDERS: Directors Won't Face ASIC Probe, Liquidator Says

VIVAMUS PTY: First Creditors' Meeting Set for Oct. 21


C H I N A

WUHAN IRON: Construction Bank Plans $3.6BB Debt Relief for Firm
SAINTY MARINE: Shipyard Warns of Looming Delisting, Bankruptcy


I N D I A

A. B. KANISHA: CRISIL Assigns B+ Rating to INR17.9MM Capital Loan
ADDI ALLOYS: ICRA Raises Rating on INR10cr Loan to B-
AGGARWAL AND COMPANY: ICRA Reaffirms 'B' Rating on INR10cr Loan
AKASH PET: CARE Reaffirms B+ Rating on INR10.11cr Long Term Loan
CHENDURAN COTSPIN: ICRA Suspends B+ Rating on INR45cr Bank Loan

ELECTROSTEEL STEELS: Lenders Set to Take Over Operations
ELKAYPEE SPINNERS: ICRA Suspends B+ Rating on INR10cr Bank Loan
GEMINI ALUMINIUM: ICRA Suspends B+ Rating on INR10cr Loan
GMR HYDERABAD: CARE Reaffirms 'D' Rating on INR1,655.5cr Loan
GNET TRADELINKS: ICRA Suspends B+ Rating on INR5.75cr Loan

GURU ASHISH: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
HANS INDUSTRIES: ICRA Reaffirms B+ Rating on INR45cr Cash Loan
ICICI BANK: S&P Affirms BB Rating on US$340MM 7.25% Hybrid Notes
ISHWAR METAL: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
JAYALAKSHMI SPINTEX: ICRA Suspends 'B' Rating on INR5.0cr Loan

JENNEX GRANITE: CRISIL Cuts Rating on INR50MM Loan to B+
JINDAL POLY: ICRA Withdraws B+ Rating on INR10.09cr Loan
KALPESH SYNTHETICS: ICRA Reaffirms B+ Rating on INR8.8cr Loan
KAMESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR80MM Loan
LASCO LIFESTYLE: ICRA Lowers Rating on INR30cr LT Loan to 'D'

LORD KRISHNA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
METRO AGRO: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
NAVBHARAT NIRMAN: CRISIL Reaffirms 'B' Rating on INR25.8MM Loan
NEHANI TILES: ICRA Raises Rating on INR6.0cr Cash Loan to B+
NIYAS PROJECTS: ICRA Suspends B+ Rating on INR10cr Loan

RADHE COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
RAM INDIA: CARE Assigns B+ Rating to INR15cr Long Term Loan
RANGOLI PARTICLE: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
RICE TECH: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
SAYAJI PACKAGING: ICRA Reaffirms B- Rating on INR3.0cr Loan

SEPAL CERAMIC: ICRA Reaffirms B+ Rating on INR4.40cr Cash Loan
SHANKARA SAI: ICRA Suspends 'B' Rating on INR3.50cr Term Loan
SHARAD COTTON: CARE Reaffirms B+ Rating on INR7.54cr LT Loan
SHREE YAMUNA: ICRA Raises Rating on INR5.0cr Loan From 'B'
SHRI GANESH: CRISIL Assigns 'B' Rating to INR45MM Cash Loan

SIR SHADI: CRISIL Reaffirms 'C' Rating on INR710MM Cash Loan
SKN RICE: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
SKYLINE AGRO: ICRA Suspends 'B' Rating on INR8cr Loan
SPACETECH EQUIPMENTS: ICRA Reaffirms D Rating on INR4.2cr Loan
T.R. CHEMICALS: CRISIL Assigns 'D' Rating to INR90MM Cash Loan

TEJAS AGRO: CARE Assigns B+ Rating to INR12.87cr Long Term Loan
UNITED COKE: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
UPTIME INFRATEL: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
VASUNDHARA CONSTRUCTIONS: ICRA Withdraws B+ Unalloc. Loan Rating
VIJAY STEEL: CARE Lowers Rating on INR1cr Long Term Loan to B+

VINDHYA CEREALS: CRISIL Cuts Rating on INR320MM Cash Loan to 'B'
WINNING EDGE: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
YAMUNA GINNING: ICRA Hikes Rating on INR5.0cr Cash Loan to B+


I N D O N E S I A

ALAM SUTERA: S&P Affirms 'B' CCR; Outlook Stable


M A L A Y S I A

PERISAI PETROLEUM: Falls Into PN17 After Unit Defaulted on Loan


S I N G A P O R E

SINGAPORE: Courts to Work on Solving Cross-Border Insolvencies


X X X X X X X X

* ASPAC: Financial Restructuring and Insolvencies on the Rise


                            - - - - -


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


CHROMEWORX: Enters Into Voluntary Liquidation
---------------------------------------------
Michael Jenkin at CRN reports that Queensland Google partner
Chromeworx, which formerly traded as Rype Ideas, has entered
voluntary liquidation owing AUD200,000 to the cloud vendor.

BRI Ferrier's Ian Currie was appointed as liquidator on Oct. 4,
2016, with a creditors report outlining debts of AUD292,745, the
lion's share of which is owed to Google Asia Pacific, CRN
relates.

Mr. Currie told CRN that Google was not likely to recoup its
money from Chromeworx. "At this time unsecured creditors are
unlikely to receive a dividend, this is however subject to debtor
realisations and any recoveries that may arise as a result of my
investigations."

Chromeworx's assets and customers have been acquired by itGenius,
a Google Apps platform integrator based in Sydney, according to
CRN. Peter Moriarty, director of itGenius, said prior to
Chromeworx's liquidation, his company had actually been in talks
to acquire it in August.

"Those talks did not proceed. But we were then surprised find out
when it went into liquidation. Customers were going to be without
the support they had paid for, so we decided to take that on,"
CRN quotes Mr. Currie as saying.

CRN says the acquisition fell in line with itGenius' plans to be
a dominant Google Apps reseller in Australia. In June the
company's web-hosting arm, HostGenius, acquired Speedhost.com.au
from Sydney digital marketing agency Think Big Online.

Chromeworx, which was founded in 2010 as Rype Ideas, was well-
established as a new breed of cloud integrator.


HOSKEN STEEL: First Creditors' Meeting Slated for Oct. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Hosken
Steel Resources Pty Ltd will be held at Christie Conference
Centre, 320 Adelaide Street, in Brisbane, Queensland, on Oct. 24,
2016, at 4:00 p.m.

Derrick Craig Vickers and Greg Winfield Hall of
PricewaterhouseCoopers were appointed as administrators of Hosken
Steel on Oct. 12, 2016.


HOSKEN STEEL PTY: First Creditors' Meeting Set for Oct. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hosken
Steel Pty Ltd will be held at Christie Conference Centre, 320
Adelaide Street, in Brisbane, Queensland, on Oct. 24, 2016, at
1:30 p.m.

Derrick Craig Vickers and Greg Winfield Hall of
PricewaterhouseCoopers were appointed as administrators of Hosken
Steel Pty on Oct. 12, 2016.


SLATER AND GORDON: Faces Class Action from Shareholders
-------------------------------------------------------
Joanna Crothers at ABC News reports that thousands of Slater and
Gordon shareholders will take part in a class action against the
high-profile law firm following allegations the company knew it
was in financial trouble.

According to the report, rival firm Maurice Blackburn is leading
the AUD250-million class action involving more than 3,000 people.

ABC relates that Andrew Watson from Maurice Blackburn said Slater
and Gordon misrepresented its financial prospects to the market
after it acquired a division in the UK company Quindells in
April 2015.

The value of Slater and Gordon shares plummeted and they reported
a net loss of AUD1.02 billion in August, but the firm promised
shareholders it would recover, the report says.

"It gave a false impression of how the company was performing. It
also had a knock-on consequence on any earnings guidance that
Slater and Gordon gave," ABC quotes Mr. Watson as saying.
Mr. Watson said that in November last year shares fell 30% over
two trading days and then a few weeks later fell by 51%, ABC
relays.  In December, they fell again and in February this year
they dropped by almost 60%, the report states.

"To have one such incident where the market reacts that adversely
to news which it didn't expect is misfortune. But to have five
just beggars belief," Mr. Watson, as cited by ABC, said.

Slater and Gordon said it was aware of media reports Maurice
Blackburn intended to file a class action but had not been served
with one yet, adds ABC.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


TAGARA BUILDERS: Directors Won't Face ASIC Probe, Liquidator Says
-----------------------------------------------------------------
Renato Castello at The Advertiser reports that the state's peak
builders lobby is demanding ASIC investigate the multimillion-
dollar collapse of construction company Tagara Builders.

The Advertiser revealed on Oct. 13 that liquidators for the
commercial construction firm had told creditors that the nation's
corporate watchdog would not investigate Tagara's directors for
insolvent trading.

According to The Advertiser, Master Builders SA chief executive
Ian Markos said the subcontractors, affected by the collapse need
answers.

"A recent Senate inquiry into insolvency in the building and
construction sector pointed to greater ASIC involvement to
prevent just these sort of events," the report quotes Mr. Markos
as saying.  "We are surprised that ASIC would choose not to look
further into this matter.

"We would've thought there would've been an obligation, they are
a taxpayer funded agency and for everybody to have faith in the
system you would think that taxpayer funded organisation would
investigate claims of insolvent trading."

He said he would expect ASIC to explain its decision, the report
relates.

"I think it would be good for them to explain to the 800
creditors many of which are South Australian small businesses,
mum and dad businesses on why they aren't investigating," he
said, notes The Advertiser.

Under the Corporations Act company directors proven guilty of
trading insolvent can face civil penalties of up to AUD200,000 or
criminal penalties of a maximum AUD220,000 fine or up to five
years in jail, The Advertiser states.

Investigations by liquidator Clifton Hall, exclusively reported
in The Advertiser last month, had concluded that Tagara directors
Tullio Tagliaferri and John Kassara had been trading insolvent
for "some time" prior to the company's collapse in June last
year.

But Clifton Hall partner Simon Miller told The Advertiser on
Oct. 12 that ASIC had "limited resources" to investigate all
matters, notes the report.

"Commercial operations are not as high on their radar," the
report quoted Mr. Miller as saying.  "At the end of the day the
creditors were more interested in the commercial outcome of the
liquidation (payment of debts)."

He also told unsecured creditors on Oct. 12 that any return was
unlikely, although his office would pursue preferential payments
made to subcontractors before Tagara went under, The Advertiser
reports.

South Australia-based Tagara Builders was placed into liquidation
on July 26, 2015. Timothy Clifton and Simon Miller of Clifton
Hall were appointed as Joint and Several Liquidators of the
company. The builder owed more than 750 suppliers and
subcontractors AUD21.6 million, according to the notice to
creditors issued earlier this month by Clifton Hall.


VIVAMUS PTY: First Creditors' Meeting Set for Oct. 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Vivamus
Pty Ltd, trading as Riders Choice Cycles CBD, and 53 X 11 Pty
Ltd, trading as Riders Choice Cycles, will be held at Level 10,
40 St Georges Tce, in Perth, on Oct. 21, 2016, at 10:00 a.m.

John Bumbak and Cliff Rocke of KordaMentha were appointed as
administrators of Vivamus Pty on Oct. 11, 2016.



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C H I N A
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WUHAN IRON: Construction Bank Plans $3.6BB Debt Relief for Firm
---------------------------------------------------------------
Bloomberg News reports that China Construction Bank Corp., the
nation's second-largest lender, said it plans to raise
CNY24 billion ($3.6 billion) with Wuhan Iron & Steel Group for a
fund that will help lower the unprofitable Chinese steelmaker's
debt levels.

The two companies have already raised CNY12 billion in the first
stage of fundraising after reaching an agreement on Aug. 18, the
Beijing-based lender said in a statement on its website on
Oct. 11, according to Bloomberg.

Bloomberg relates that the fund, the first in China that's aimed
at relieving debt at state-owned enterprises, will invest in
shares of Wuhan Steel's units and take over some of the group's
maturing debt, the 21st Century Business Herald reported earlier,
citing comments from Zhang Minghe, who leads Construction Bank's
debt-to-equity program.

Bloomberg says Chinese policy makers are stepping up their fight
against excessive leverage, with cabinet this week releasing
guidelines for reducing corporate debt and for how banks may swap
debt to equity. Corporate debt jumped to 165 percent of China's
gross domestic product in 2015 from 105 percent a decade ago,
according to Bloomberg Intelligence.

The Wuhan Steel fund "looks like a debt-to-equity fund," said Ma
Kunpeng, a Shanghai-based analyst at China Merchants Securities
Co, Bloomberg relays. "The government is making a coordinated
effort to tackle high corporate leverage. That means they are
serious about it so I wouldn't discount the potential effect of
it."

Wuhan Steel, China's sixth-biggest steelmaker by output, is
poised to be taken over by its bigger peer Baosteel Group Corp.
in a government-led deal to create the world's No. 2 producer,
Bloomberg notes. The tie-up will put Baosteel's credit rating
under pressure because of its target's weaker financial position,
Moody's said Sept. 23.

Of the initial fundraising, Wuhan Steel contributed CNY2 billion,
while Construction Bank raised the rest from unidentified
investors, Bloomberg says citing the Business Herald. The total
amount of CNY27 billion that is being sought may help lower Wuhan
Steel's leverage ratio of 73.7 percent by 10 percentage points,
the publication said.

Construction Bank said it has reached out to other highly
indebted companies with growth prospects to help them lower
leverage, adds Bloomberg.

Wuhan Iron and Steel Company Limited is principally engaged in
the manufacture and distribution of iron and steel products. The
Company provides silicon products, hot-rolled products, cold-
rolled products, plate products, profile products and wire rod
products, among others. It distributes its products primarily in
domestic markets.


SAINTY MARINE: Shipyard Warns of Looming Delisting, Bankruptcy
--------------------------------------------------------------
Song Yingge at Shanghai Daily reports that Sainty Marine Corp, a
Shenzhen-listed shipbuilder, on Oct. 12 warned investors of an
impending delisting and bankruptcy after suffering nearly three
years of losses.

Shanghai Daily relates that the warning also suggested a high
possibility that its restructuring plan may fail, Sainty Marine
said in a notice.

From January to September, the shipbuilder posted a net loss of
between CNY950 million (US$141 million) and CNY1.1 billion, while
by the end of June its net assets had a negative worth of
CNY6.3 billion, according to Shanghai Daily.

Shanghai Daily notes that Sainty Marine has been suspended from
trading since August 8 when it announced its restructuring
proposal. In September, Sainty Marine presented its restructuring
proposal which seeks to convert CNY7.1 billion from its debts
into equities to be traded in the stock market.

But the proposal hasn't been approved by the China Securities
Regulatory Commission.

If there's no approval by the end of this year, Sainty Marine
said its restructuring proposal will fail and its shares will be
delisted. The shipbuilder will then have to declare bankruptcy,
Shanghai Daily adds.

China-based Sainty Marine Corporation Ltd. is principally engaged
in the manufacture, distribution and trading of motor ships and
non-motor ships. The Company primarily provides motor ships,
including container carriers, multi-purpose ships and heavy lift
vessels, among others; non-motor ships, including cargo carriers.
The Company is also involved in the operation of vessel leasing
business. It distributes its products in domestic and overseas
markets.



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A. B. KANISHA: CRISIL Assigns B+ Rating to INR17.9MM Capital Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A. B. Kanisha Timbers. The ratings reflect
ABKT's modest scale of operations in a highly fragmented industry
and working capital intensive operations. These rating weaknesses
are partially offset by the extensive experience of the
proprietor's in the timber trading business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility       17.9       CRISIL B+/Stable

   Cash Credit            12.5       CRISIL B+/Stable

   Letter of Credit       37.5       CRISIL A4

Outlook: Stable

CRISIL believes that ABKT will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' if the firm achieves a
substantial increase in its revenues, while sustaining its
profitability and working capital management, resulting in
significant improvement in its cash accruals. Conversely, the
outlook may be revised to 'Negative' if ABKT's profitability
declines or working capital management deteriorates or
substantial capital withdrawals result in weakening of the
financial risk profile.

ABKT was set up in 2009 as a proprietorship firm by Mr. M.Britto.
The company is engaged in trading of wood logs.


ADDI ALLOYS: ICRA Raises Rating on INR10cr Loan to B-
-----------------------------------------------------
ICRA has revised its long-term rating on Addi Alloys Private
Limited's INR10-crore fund-based limits bank facility to [ICRA]B-
from [ICRA]C+. It has also reaffirmed its short-term rating of
[ICRA]A4 assigned to its INR4.00-crore non-fund based limits.
                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limit        10.00      [ICRA]B-; upgraded from
                                      [ICRA]C+

   Non fund based limit     4.00      [ICRA]A4; reaffirmed

ICRA's rating action takes into account the healthy year-on-year
growth in AAPL's operating income and the sustained profits for
the last two years, supported primarily by trading sales.
Further, ICRA has also factored in the improvement in AAPL's
capital structure arising out of improved net worth; although the
company's gearing still remains high, with modest debt coverage
indicators. Also, the long term debt repayment obligations for
the company are minimal going forward, providing cushion to the
cash flows. Further, the ratings continue to derive comfort from
the long experience of the promoters in the steel industry and
their established relationships with key customers.

The ratings are, however, constrained by AAPL's modest scale of
operations and the vulnerability of its profits and cash flows to
fluctuations in raw material prices as well as cyclicality in the
steel sector. The ratings also take into account AAPL's stretched
liquidity position as reflected in frequent overdrawals of fund-
based limits.

The ability of the company to improve its liquidity position and
increase its scale of operations in a profitable manner while
maintaining optimal working capital intensity, will be the key
rating sensitivities.

AAPL was established in 1990. It manufactures ingots using scrap
as major raw material. The manufacturing facility of the company
is located at Ludhiana in Punjab and has an installed capacity of
18,000 tonnes per annum.

Recent Results
The company reported a profit after tax (PAT) of INR0.66 crore on
an operating income of INR85.22 crore in FY2016, as against a PAT
of INR0.67 crore on an operating income of INR55.64 crore in the
previous year.


AGGARWAL AND COMPANY: ICRA Reaffirms 'B' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR10.00-crore cash credit facility (sub limit of Letter of
Credit facility) of Aggarwal and Company at [ICRA]B. It has also
reaffirmed the short-term rating assigned to the INR20.00-crore
non-fund based short-term facilities at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             10.00       [ICRA]B reaffirmed
   Letter of Credit        20.00       [ICRA]A4 reaffirmed

The ratings reaffirmation is constrained by the weak financial
profile as is evident from the operating losses incurred due to
high administration costs and manufacturing expenses. The
downturn prevailing in the steel rolling sector resulted in weak
debt coverage indicators because of adverse capital structure and
negative profitability, weakening the financial position further.
The ratings are further constrained by the vulnerability of the
company's profitability to adverse movement in raw material
prices and the cyclicality in the steel industry. ICRA also notes
the firm's exposure to foreign currency fluctuation risk as it
imports coal for its Group concern.

However, the ratings favorably note the promoter's established
track record in the steel rolling business. ICRA also takes into
consideration the strong order book position of the company from
PGVCL ensuring good near-term revenue visibility.

Aggarwal and Company is a partnership firm. It is a part of the
Bhavnagar-based U.B. Aggarwal group managed by Mr Balkrishna
Aggarwal and his family members. AAC is involved in in business
of steel rolling, which produces mild steel beam, channels and
angles as well as in the trading of coking coal. The plant of the
firm is located at Tansa near Bhavnagar and has an annual
installed capacity of 15000 MTPA. Other Aggarwal group entities
are involved in steel re-rolling, ship breaking as well as
manufacturing of low ash Metallurgical coke.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR37.63 crore and a PAT (before
depreciation) of INR0.16 crore.


AKASH PET: CARE Reaffirms B+ Rating on INR10.11cr Long Term Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Akash Pet
Containers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10.11     CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Akash Pet
Containers Private Limited continues to be constrained by small
scale of operations, concentrated customer base and working
capital intensive nature of operations marked by elongated
operating cycle, and weak capital structure and debt coverage
indicators.

The rating, however, takes strength from three decades of long
experience of the promoters in the packaging industry and
established relationship with customers. The rating also factors
in growth in the total operating income and increase in profit
margins during FY16 (refers to the period April 1 to March 31).
Going forward, the ability of the company to effectively utilize
the capacity being put up towards increasing the scale of
operations, prudently manage its raw material price risk and
working capital requirements would be the key rating
sensitivities.

APCPL was incorporated in 2011. APCPL was promoted by Mr D.
Manickasundaram, Managing Director, along with his sister Ms A.
Indira. APCPL is engaged in the manufacturing of polyethylene
terephthalate (PET) bottle since its inception.

However, the commercial operation of the company started from
September 2012 and FY14 was the first full year of operation. In
April 2015, APCPL included a new product line and ventured into
manufacturing of aluminium caps.

APCPL was originally established in the name of 'MRVS Pet
Containers Private Limited' and subsequently the name of the
company was changes to current nomenclature, ie, APCPL in
October 2013. APCPL manufactures PET bottles of various
size such as 180 ml (milliliter), 500 ml, 750 ml, 1 litre, 2
litres etc. which find application in liquor industry and
pharmaceutical industry. APCPL has an installed capacity to
manufacture 180 tons of PET bottles per month and 35 tons
of aluminium caps per month with a capacity utilization of 74%
for bottle manufacturing and 65% for cap manufacturing as on
August 31, 2016. APCPL has around 54 employees working in shift
basis.

The customer base of APCPL is well known, however, less
diversified and includes Kerala Alcoholic Products Limited
(Kerala), a sister concern of Shiva Distilleries Limited (SDL
rated 'CARE BBB'), aluminium caps to SDL, Tamil Nadu, SNJ
Distillers Private Limited, Kerala and Devikulam Distilleries
Limited (Kerala). The key raw materials such as PET chips are
purchased from Reliance Industries Limited (RIL) through
dealers/importers in Coimbatore.

As per the audited results, APCPL has achieved a PAT of INR0.22
crore on a total operating income of INR12.14 crore in
FY16 as compared with a PAT of INR0.04 crore on a total operating
income of INR8.98 crore in FY15 (Audited).


CHENDURAN COTSPIN: ICRA Suspends B+ Rating on INR45cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR45.00 crore bank
facilities of Chenduran Cotspin (India) Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


ELECTROSTEEL STEELS: Lenders Set to Take Over Operations
--------------------------------------------------------
The Times of India reports that state-run SAIL is set to take
over the operations of Electrosteel Steels in a rare event of
lenders taking charge of a debt-laden company and paving the way
for similar moves at other firms where promoters are unable to
repay loans.

While lenders led by SBI had approached SAIL to take over the
operations for a fee, the PSU has taken time in conveying its
decision, sources told TOI. They said SAIL was now ready to take
over the operations.

According to the report, Electrosteel Steel had become an
embarrassment of sorts for the lenders as it was the first case
of banks where they were looking to take charge of operations and
change the management under strategic debt restructuring (SDR).
TOI says talks had been initiated with some foreign players,
including London-based fund house First International Group but
the deal did not work out as the investors wanted to take over
the company at a steep discount, something that the lenders were
unwilling to do. Banks have an exposure of close to INR9,000
crore to the company and were forced by RBI to classify it as a
non-performing asset, TOI discloses. As part of the
restructuring, lenders had last year decided to convert over
INR2,500 crore into equity through the SDR route. In addition
loans of around IDR5,800 crore had been restructured.

With no takers for Electrosteel Steel, lenders were toying with
the idea of transferring the company to an asset reconstruction
company, according to TOI. Since RBI allowed SDR last year, banks
invoked the provision in case of 21 companies but have failed to
find buyers in almost all cases.

TOI adds SAIL has been given an offer to enter into an operations
and management (O&M) contract on a fee with the option of even
taking over Electrosteel Steel's plant at a later date.

The details of the O&M contract were not known, the report notes.

Electrosteel Steels Limited is an India-based company, which is
engaged in basic iron and steel business. The Company is engaged
in selling thermo mechanically treated (TMT) bars, billets,
ductile iron (DI) pipes, pig iron and wire rod. The Company is
engaged in setting up a 2.51 million ton per annum (MTPA)
capacity Greenfield Integrated Steel and DI Pipes Plant in the
district of Bokaro, Jharkhand. It produces TMT bars in Fe500,
Fe500D and Fe500D corrosion resistance steel (CRS) variants. It
manufactures DI pipes in sizes ranging from 100 millimeters (mm)
to 1,200 mm. Its billets offer applications, such as general
engineering, structural, rerolling and high tensile applications.
Its wire rods have applications in engineering, construction,
power and automobile sectors. It consists of a sinter plant,
pellet plant, coke oven, blast furnace, basic oxygen furnace,
billet caster, wire rod mill, bar mill and power plant.


ELKAYPEE SPINNERS: ICRA Suspends B+ Rating on INR10cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR10.00 crore bank facilities of Elkaypee Spinners Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.


GEMINI ALUMINIUM: ICRA Suspends B+ Rating on INR10cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR10.00 crore fund based limits of Gemini Aluminium Trading
Co. Pvt. Ltd. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2003, Gemini Aluminium Trading Co. Pvt. Ltd. is
promoted by Mr. Futarmal Mehta and his son Mr. Kuldeep Mehta. The
company is engaged in trading of aluminium-based products
including extrusions, coils, sheets and chequered sheets. These
products find applications in fabrication of window frames,
railway coaches and other vehicles. The company has three
warehouses in Masjid Bunder, Kalbadevi and Bhiwandi located in
Mumbai.


GMR HYDERABAD: CARE Reaffirms 'D' Rating on INR1,655.5cr Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of GMR
Hyderabad Vijaywada Expressway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1,655.50    CARE D Reaffirmed
   Short-term Bank Facilities      87.00    CARE D Reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
of GMR Hyderabad Vijayawada Expressways Pvt. Ltd. takes into the
account on-going delays in servicing of debt obligations and
persistent cash losses on account of lower-than-anticipated toll
revenue.

GMR Hyderabad Vijayawada Expressways Pvt. Ltd. is a Special
Purpose Vehicle (SPV) incorporated on June 11, 2009, promoted by
GMR Infrastructure Limited (GIL - 90% with associates) and Punj
Lloyd Limited (PLL-10%). GHVEPL was formed for construction of
four/six laning of 181.50 km of Hyderabad Vijayawada section of
NH-9 starting from km 40 to km 221.50 in the State of Andhra
Pradesh on Build Operate and Transfer (BOT) - Toll basis, awarded
through competitive bidding by National Highways Authority of
India (NHAI). The company received 'Provisional completion
certificate' from Independent Engineer on December 20, 2012, on
behalf of NHAI and commenced toll operations for four laning from
December 21, 2012. GVHEPL is required to share 35% of its revenue
with NHAI as per the Concession Agreement (CA).

For FY16, GHVEPL reported PBILDT and Losses of INR125.93 crore
and INR109.52 crore, respectively, on a total operating income of
INR151.88 crore.


GNET TRADELINKS: ICRA Suspends B+ Rating on INR5.75cr Loan
----------------------------------------------------------
ICRA has suspended the ratings of [ICRA]B+ and [ICRA]A4 assigned
to the fund based, non fund based and unallocated limits
aggregating to INR25.00 crore of Gnet Tradelinks Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits         5.75       [ICRA]B+ Suspended
   Non Fund based limits    16.00       [ICRA]B+/[ICRA]A4
                                        Suspended
   Untied Limits             3.25       [ICRA]B+/[ICRA]A4
                                        Suspended

GTPL, promoted by Mr. Manoj Sharma, was incorporated in the year
2000. The company is engagedin the business of trading multiple
products comprising medium density fibre (MDF) board, timber
granules, decorative board etc The company has its registered
office and warehousing facility at Rabale in Navi Mumbai
(Maharashtra).


GURU ASHISH: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR9.00-
crore fund-based facilities of Guru Ashish Shipbreakers at
[ICRA]B+. ICRA has also reaffirmed the short-term rating assigned
to the INR66.00-crore non-fund based facilities of GASB at
[ICRA]A4.
                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             9.00       [ICRA]B+ reaffirmed
   Letter of Credit       66.00       [ICRA]A4 reaffirmed

The rating reaffirmation takes into account the low profitability
and highly working capital intensive nature of GASB's operations,
which, along with significant advances extended to group
companies, has led to high debt levels and creditor funding
entailing a weak capital structure, as is evident from high total
outside liabilities to tangible net worth of 5.26 times. ICRA
also notes that the company is exposed to adverse movements in
steel prices, foreign exchange rate fluctuations and regulatory
risks, mainly related to environmental issues.

The assigned ratings draw comfort from the extensive experience
of the promoter and the established experience of the company in
the ship-recycling business. The ratings also draw comfort from
expected revival of the ship-breaking industry, following the
imposition of the Minimum Import Price (MIP) and the improvement
in domestic steel prices, though the demand outlook remains weak.
Going forward, the growth in the company's operating income would
remain contingent upon its ability to purchase new ships at
competitive prices and to revive its operations. The company's
ability to maintain adequate profitability, given the time lag
involved in the purchase and sale of ships, and manage foreign
exchange exposure and working capital requirements effectively
would remain important from the credit perspective.

Guru Ashish Shipbreakers is a partnership company incorporated in
1997, with Mr. Sukesh Aggarwal and Mr. Balkrishna Aggarwal as its
partners. It is a part of the Bhavnagar-based Aggarwal Group, run
by Mr. Balkrishan Aggarwal. The entity is primarily involved in
ship breaking. The business operations are carried out from
Bhavnagar and the ship-breaking activity is conducted at the plot
leased by the Gujarat Maritime Board in the Alang Ship Recycling
Yard.

The group is also involved in other businesses like coal (United
Coke Pvt Ltd), steel re-rolling (Hans Industries Pvt Ltd,
Aggarwal & Co. & Arihant Industries) and scrap trading.

Recent Results
The company has reported an operating income of INR28.86 crore
and profit after tax of INR3.76 crore in FY2016.


HANS INDUSTRIES: ICRA Reaffirms B+ Rating on INR45cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR45.00-crore cash credit facility of Hans Industries Private
Limited at [ICRA]B+. It has also reaffirmed the short-term rating
assigned to the INR12.00-crore non-fund based short-term
facilities at [ICRA]A4.
                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             45.00        [ICRA]B+ reaffirmed
   Bank Guarantee          12.00        [ICRA]A4 reaffirmed
   Letter of Credit       (10.00)       [ICRA]A4 reaffirmed

The rating reaffirmation takes into account the weak financial
profile of HIPL as is evident from its low profitability margins,
weak debt coverage indicators due to adverse capital structure
and stretched working capital intensity on account of high
inventory holding. The ratings are further constrained by the
vulnerability of the company's profitability to adverse movements
in raw material prices and the cyclicality in steel industry.
However, the ratings favorably considers promoters' proven track
record in the steel rolling business and healthy order book
position of ~INR80 crore from PGVCL, reflecting long-term revenue
visibility.

Hans Industries Private Ltd. was acquired in 2006-07 by the
Bhavnagar-based UB Aggarwal Group, which is held by Mr.
Balkrishan Aggarwal and family. The company is involved in steel
rolling and manufacturing of mild steel beam, channels and
angles. The operations of the company are carried out at Ghangli
in Bhavnagar district at an overall capacity of 40000 MTPA. The
promoter group is also involved in other related businesses such
as ship breaking, coke manufacturing, steel rolling and scrap
trading.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR83.02 crore and a PAT of INR0.71 crore.


ICICI BANK: S&P Affirms BB Rating on US$340MM 7.25% Hybrid Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issue rating on
the Basel II compliant US$340 million, 7.25% hybrid notes issued
by the Bahrain branch of ICICI Bank Ltd. (foreign currency:
BBB-/Stable/A-3).  S&P removed the issue rating from CreditWatch,
where it was placed with negative implications on Feb. 22, 2016,
after S&P lowered its sovereign credit rating on Bahrain.

In S&P's view, the sovereign risk of the host country for ICICI
Bank's bondholders has reduced following ICICI Bank's
announcement that it will redeem these bonds in full on the first
call date on Oct. 31, 2016, for which the bank has obtained
requisite regulatory approval.  S&P also understands that ICICI
Bank has obtained regulatory approvals to pay for debt
obligations arising from these bonds through its head office in
India if an event materializes to prevent the bank's Bahrain
branch from making payments.


ISHWAR METAL: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B+ on the
INR20.99 crore fund based bank facility of Ishwar Metal
Industries. ICRA also reaffirmed a short term rating of [ICRA]A4
rating to the INR22.50 crore non fund based limits of IMI.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit             20.00      [ICRA]B+; reaffirmed

   Fund Based Limits-
   Term Loan                0.99      [ICRA]B+; reaffirmed

   Non Fund Based
   Limits-Bank Guarantee   22.50      [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account fragmented industry
structure characterized by intense competition. ICRA's ratings
are constrained by variability in profitability over the years
and thinning of the margins in FY2016 due to absence of price
escalation clause in contracts and decline in realizations. The
OPM and NPM stood at 7.59% and 0.53% respectively in FY2016 as
against 11.14% and 0.29% in FY2015. ICRA's ratings further take
into account increased working capital requirements due to high
receivables outstanding, of which debtors outstanding from
Dakshin Haryana Bijli Vitran Nigam (DHBVN) stands at INR27.24
crore as on March 31, 2016. This has been largely funded through
stretching the creditor days. The company has limited bargaining
power with its customers given its modest scale of operations and
the tender-based contracting system. The ratings are further
constrained by leveraged capital structure with gearing of 1.45
times and interest coverage ratio of 1.22 times as on 31st March
2016. The ratings also take into account the risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution, risk of withdrawal etc.

However, ICRA draws comfort from the established track record of
promoters in the electronics industry and the strong order book
position of the firm. Near term revenue visibility of the firm is
relatively better with order book/OI of 2.6 times.

Going forward, IMI's ability to attain healthy growth with
improvement in the profit margins along with capital structure
will be the key rating sensitivity.

IMI was established in 1985 as a partnership firm by Mr. Rahul
Chaudhary and his family. The firm is engaged in the
manufacturing and installation of substation structures,
transformer tanks, core clamps, meter pillar boxes, cables and
conductors, electronic meters and electric lamination. The
manufacturing unit of the firm is located in Jaipur Industrial
Area, Rajasthan.

Recent Results:
IMI reported an Operating Income (OI) of INR144.49 crore and a
net profit of INR0.76 crore for FY2016, as compared to an OI of
INR60.41 crore and a net profit of INR0.18 crore for the previous
year. For 6MFY2017, on a provisional basis, the company reported
an OI of INR93 crore.


JAYALAKSHMI SPINTEX: ICRA Suspends 'B' Rating on INR5.0cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR0.19 crore
term loan facilities, the INR5.00 crore long-term fund based
facilities and the INR0.81 crore proposed facilities of
Jayalakshmi Spintex India 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.


JENNEX GRANITE: CRISIL Cuts Rating on INR50MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jennex Granite Industries Private Limited to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Import Letter of        40        CRISIL A4 (Downgraded
   Credit Limit                      from 'CRISIL A4+')

   Post Shipment Credit   140        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Secured Overdraft       50        CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that JGIPL's liquidity
will remain weak over the medium term due to working capital
intensive operations. The company avails post-shipment credit
limit of INR140 million (includes pre-shipment credit limit of
INR70 million as sublimit) and overdraft facility of INR40
million. For post-shipment facility, the utilization was high at
more than 90% over the 12 months ended August 31, 2016, along
with instances of export bill crystallisation which got
regularized in less than 30 days. Its overdraft limit remained
highly utilized (over 90%) over the 12 months ended August 31,
2016. Large working capital borrowings were due to working
capital-intensive operations, driven by receivables and inventory
requirements. However, net cash accrual is expected to be
adequate at INR21 million for fiscal 2017 against debt obligation
of INR2 million over this period.

The ratings reflect a modest scale in a highly competitive
industry and working capital-intensive operations. These
weaknesses are partially offset by the extensive experience of
promoters in the granite industry, and a moderate financial risk
profile because of moderate leverage and networth but constrained
by average interest coverage ratio.
Outlook: Stable

CRISIL believes JGIPL will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' in case of significant and sustainable
increase in accrual, along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if a decline in revenue or profitability, large, debt-funded
capital expenditure, or increased working capital borrowings
weaken the financial risk profile.

Incorporated in 2005, JGIPL is a 100% export-oriented unit that
processes and exports granite slabs. The company, based in Delhi,
has a granite-processing capacity of 125,000 square feet per
month. It is closely held by its promoter-director Mr. Yogesh
Anand and his family.


JINDAL POLY: ICRA Withdraws B+ Rating on INR10.09cr Loan
--------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the long term
fund based limits of Jindal Poly Weaves Private Limited
aggregating to INR10.09 crore, as the company has fully redeemed
the instrument. There is no amount outstanding against the rated
instrument.


KALPESH SYNTHETICS: ICRA Reaffirms B+ Rating on INR8.8cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating on the INR8.80 crore
(reduced from INR11.80 crore) cash credit facilities and the
INR3.64 crore (enhanced from INR0.64 crore) unallocated limits of
Kalpesh Synthetics Private Limited at [ICRA]B+. ICRA has also
reaffirmed the short term rating on the INR0.19 crore short-term
non fund based facilities of the company at [ICRA]A4.
                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, fund-
   Based-Cash Credit       8.80       [ICRA]B+/reaffirmed

   Long-term, fund-
   Based-Unallocated       3.64       [ICRA]B+/reaffirmed

   Short-term, non
   fund-based              0.19       [ICRA]A4/reaffirmed

The rating action favorably factors in the proven experience of
promoters in the textile weaving industry and the diversified
supplier base which ensures steady supply. ICRA also notes the
reduction in corporate guarantees extended to group companies,
thereby reducing contingent liability for KSPL.

The ratings however continue to be constrained by KSPL's weak
financial profile characterized by thin profit margins, high
gearing and weak coverage indicators. ICRA also notes the
deterioration in working capital position during FY2016 due to
short term advances to sister concerns and the revenue de-growth
due to weak demand in domestic market. The trading operations of
the company are characterized by high competitive pressures,
limited value addition and consequent modest profitability.

Kalpesh Synthetics Private Limited was set up by Mr. Ashwin Kumar
Shah in 1987. It is primarily engaged in trading of shirting and
suiting fabrics. The company gets orders from its customers and
outsources the manufacturing work on job work basis to third
party manufacturing units.

Apart from trading operations, KSPL is also engaged in
manufacturing of bathrobes, gown, table covers, tablecloth,
tablemats etc. from polyester and poly-cotton yarn; although on a
smaller scale. The company has 24 Suzler Looms, three sample
warping machine and one drawing machine. It also has an in-house
design team for developing own creations and special designs. The
manufacturing facility is located at Valsad, Gujarat. KSPL
largely caters to the domestic market (85-90% of total sales)
while exports are primarily to USA and Middle East countries.

Recent Results
As per unaudited results, for the financial year ending March
2016, KSPL reported operating income of INR72.60 crore and profit
after tax (PAT) of INR0.44 crore. As per audited results, for the
financial year ending March 2015, TTIPL reported operating income
of INR101.57 crore and profit after tax of INR0.79 crore.


KAMESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kameshwar
Industries continues to also reflect a modest scale of operations
in the intensely competitive cotton ginning industry, and
vulnerability to changes in government policies and a modest
financial risk profile, particularly, stretched liquidity. These
weaknesses are partially offset by the extensive experience of
partners, and the advantages derived from proximity to the
cotton-growing belt in Gujarat.

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

   Proposed Long Term      37.8      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               12.2      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KI will continue to benefit over the medium term
from the extensive experience of partners in the cotton industry.
The outlook may be revised to 'Positive' if scale-up of
operations or higher-than-expected operating margin leads to
significantly higher cash accrual. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile deteriorates,
most likely because of increased working capital borrowings or
large, debt-funded capital expenditure, or if operations decline,
impacted by any change in government policies.

Established in 2013, KI is a partnership firm promoted by seven
partners. Operations are managed by Mr. Parshottambhai Shantilal
Patel who has about 10 years of experience in the cotton ginning
industry. The firm has set up the project to carry out cotton
ginning and pressing; it also sells cotton seeds.


LASCO LIFESTYLE: ICRA Lowers Rating on INR30cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BB-
to the INR30.00 crore1 fund-based limits of Lasco Lifestyle Ltd.
The rating revision factors in LLL's recent instances of delays
in debt servicing on account of weak liquidity position. Going
forward, ability of the company to timely service its debt
obligations will be the key rating sensitivity.
                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Fund-         30.00       Revised to [ICRA]D
   Based Limits (CC)                   from [ICRA]BB- (Stable)

Incorporated in 2004, Lasco Lifestyle Ltd. is engaged in the
business of trading silk and art silk fabric, and processed
greige fabric. In the case of the latter, the company procures
the greige fabric, and since it does not have any in-house
processing capacity, it outsources the processing activities such
as dyeing, embroidery, etc. to other job-work units in Surat, and
then markets the processed fabric. The direct trading of silk and
art silk fabric (or ready-made fabric) accounts for ~75% of the
total sales and the remaining from processed greige fabrics. The
fabrics traded by the company find application in the manufacture
of sarees, dress materials and shirting. LLL has a registered
office and warehouse located at Surat, Gujarat.


LORD KRISHNA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL rating on the long term bank facilities of Lord Krishna
Rice Mills - Gangoh continues to reflect LKRM's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and modest scale of operations in the highly
fragmented rice industry. These rating weaknesses are partially
offset by its partners' extensive industry experience and funding
support.

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

   Proposed Cash
   Credit Limit            20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LKRM will continue to benefit over the medium
term from its partners' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if financial
risk profile improves substantially because of significant
revenue growth leading to large cash accrual, or capital infusion
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of low cash accrual or large
working capital requirements or sizeable debt-funded capital
expenditure, leading to pressure on liquidity.

LKRM was established as a partnership firm in 1978 by Mr.
Yogender Kumar Garg and his wife Ms. Sunita Rani. The firm mills
and processes basmati rice. Its facilities are at Gangoh in
Saharanpur (Uttar Pradesh), and have milling and sorting capacity
of 5 tonnes per hour, utilised at 60 per cent. Operations are
managed by the founders' son Mr. Harsh Garg.


METRO AGRO: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Metro Agro
Mills.

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

Rating Rationale

The rating assigned to the bank facilities of Metro Agro Mills
continues to be constrained by relatively small scale of
operations, thin and fluctuating profit margin and moderately
levered capital structure and weak debt coverage indicators. The
rating is further constrained by working capital-intensive nature
of operations, the dependence on the vagaries of the monsoon and
presence in a fragmented industry, regulated by the government.

However, the rating derives strength from the long experience of
the partners' family in agricultural business and support
provided by the partners and group entity by way of infusion of
capital and unsecured loan.

Going forward, the firm's ability to improve its scale of
operations along with improvement in profitability and efficient
management of the working capital cycle are the key rating
sensitivities.

MAM was established in April 2002 as a partnership firm. Mr A. M.
Koya, Mr A. M. Sijumon, Mrs Mini Koya, Mrs Laila Makkar and Mr A.
M. Seemon are the partners of the firm. The firm belongs to the
'Metro' Group (based in Kerala) and is engaged in the business of
rice milling (processing of paddy into rice) and also into
trading of rice (which constitute around 25% of the rice sales).
The key raw material, paddy is procured from farmers based at
Kerala, Tamil Nadu and Karnataka. MAMhas a rice milling capacity
of 40MT per day and the average capacity utilization is around
80%.

The firm sells rice bags of 5 kg, 10 kg, 25 kg and 75 kg under
the brand name of 'Metro' and caters the requirements of both
wholesaler (90%) and retailers (10%). Rice bran, a by-product
obtained during rice milling process, is sold to oil extraction
units. MAM uses paddy husk as fuel for captive power generation.

Rice Tech Agro Mills (rated 'CARE B+'), a group entity of MAM,
promoted by the same partners, is also engaged in the business of
rice milling and into trading of rice.

As per the provisional results of FY16 (refers to the period
April 1 to March 31), MAM has achieved a PAT of INR0.08 crore on
a total operating income of INR40.37 crore as compared with a PAT
of INR0.11 crore on a total operating income of INR41.75 crore in
FY15 (Audited).


NAVBHARAT NIRMAN: CRISIL Reaffirms 'B' Rating on INR25.8MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navbharat Nirman
Company continue to reflect the firm's large working capital
requirement, and below-average financial risk profile because of
high total outside liabilities to tangible networth ratio and
modest debt protection metrics. These weaknesses are partially
offset by its promoters' extensive experience in the construction
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          53        CRISIL A4 (Reaffirmed)

   Cash Credit             25.8      CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       1.2      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes NNC will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of a substantial and sustained increase in
revenue and profitability, and a sizeable equity infusion leading
to a better capital structure. The outlook may be revised to
'Negative' if working capital management deteriorates, leading to
higher debt, weakening the capital structure.

NNC is a sole proprietorship firm set up in 1989. The firm
constructs and develops amenities for residential and commercial
projects. It has developed colleges, complex hospitals, coaching
institutes, schools, temples, and affordable housing.


NEHANI TILES: ICRA Raises Rating on INR6.0cr Cash Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+  from [ICRA]B
assigned to the INR6.00-crore1 cash credit facility and the
INR4.50-crore term loan limit of Nehani Tiles Private Limited. It
has also re-affirmed the short-term rating at [ICRA]A4 assigned
to the INR1.50 crore non-fund based bank guarantee limit of the
company.
                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits        6.00      [ICRA]B+; Upgraded from
   Cash Credit                        [ICRA]B

   Term Loan                4.50      [ICRA]B+; Upgraded from
                                      [ICRA]B

   Non-fund based
   limits Bank Guarantee    1.50      [ICRA]A4; Re-affirmed

The upgrade in rating takes into account the long experience of
the key promoters of Nehani Tiles Private Limited in the ceramic
industry as well as marketing support from the group company
engaged in the similar line of business. The ratings further take
note of the favourable location of the company's plant, with
respect to raw material procurement and the satisfactory ramp-up
of scale of operations in the first full year of operations.
The ratings, however, remain constrained by NTPL's weak financial
profile as reflected by a leveraged capital structure and modest
debt protection metrics; and its stretched liquidity position
arising from high debtors outstanding.

The ratings further take note of its limited track record with
moderate scale of operations, which restricts sales prospects to
large distributors and institutional players. The ratings are
further constrained by the firm's dependence on the performance
of the real estate industry, which is the main consuming sector,
and the intense competition in the industry with a large number
of established organised tile manufacturers and unorganised
players in the field. ICRA also notes NTPL's vulnerability to
fluctuations in raw material and fuel prices. The recent
announcement of reduction in piped natural gas (PNG) prices,
however, may have a favorable impact on profitability in the near
term, as gas is the major source of fuel for ceramic players.

In FY2017, ICRA expects NTPL's operating income to grow at a
healthy pace, in anticipation of increase in export volumes and
optimum utilization of its production capacity. Going forward,
the company's ability to ramp up the scale of operations and
sustain its profit margins, while reducing its working capital
requirements by controlling the receivable position, will remain
the key rating sensitivities. Conversely, lower-than-expected
profitability due to adverse movements in raw material and fuel
prices, or a further stretch in the working capital cycle, or
even a weak domestic scenario in the real estate industry, will
result in deterioration in the financial risk profile; especially
liquidity, which could have a negative impact on the key credit
metrics.

Incorporated in August 2013, Nehani Tiles Private Limited (NTPL)
is engaged in manufacturing digitally printed ceramic wall tiles
along with body clay. The company's manufacturing facility is at
Morbi, Gujarat, with an installed capacity of 27,000 MTPA of wall
tiles and 1,20,000 MTPA of body clay. NTPL manufactures wall
tiles in sizes of 12" x 12", 12 x 18", 12" x 24" and 10" x 30".
The company is promoted by Mr. Kalpesh Maksana, Mr. Jaysukh
Soriya, and Mr. Balvant Soriya along with their families. They
have a longstanding experience in the ceramic industry, owing to
their association with the group concern, Neha Ceramic
Industries.


NIYAS PROJECTS: ICRA Suspends B+ Rating on INR10cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR10.00 crore
fund based facilities of Niyas Projects.  The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.

Niyas Projects is a partnership firm started in 2011, with the
main objective of building and developing housing projects. The
firm is led by Mr. G.Vinod Reddy, with 10 years of experience in
the real estate sector.


RADHE COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radhe Cotton
continues to reflect RC's start-up phase of operations in the
highly competitive cotton industry, large working capital
requirement, and expected average financial risk profile, with
high gearing and weak debt protection metrics. These weaknesses
are partially offset by the extensive experience of partners in
the cotton industry and the proximity of the firm's unit to the
cotton-growing belt in Gujarat.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          75        CRISIL B+/Stable (Reaffirmed)
   Term Loan            16.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RC will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if substantial cash accrual, driven by a
significant increase in revenue, leading to improvement in
liquidity, or is equity infusion strengthens the financial
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, weakens
because of low accrual or a stretch in its working capital cycle
or any large, debt-funded capital expenditure.

Update:

Sales declined to INR243.3 million in fiscal 2016 from INR34.0
million in the previous fiscal on account of weaker industry
production and demand. Despite a decline in turnover, cash
accrual has remained higher and in line with expectations due to
improved operating profitability. Margins improved, backed by
sale of stocked inventory at higher prices. Margins should be at
4.5-5.0%, while scale of operations should increase 20-25% owing
to better industry scenario in the current fiscal. The working
capital requirement has remained large because of high gross
current assets of 162 days as on March 31, 2016, led by higher
inventory levels at the yearend due to the seasonal nature of the
business.

The financial risk profile should remain average, with high
gearing of 2.39 time as on March 31, 2016, because of small
networth and higher working capital borrowings. Debt protection
metrics remain average on account of moderate profitability, with
interest coverage and net cash accrual to total debt ratios of
1.68 times and 0.08 time, respectively, in fiscal 2016.

Liquidity remains comfortable, with sufficient cash accrual of
INR6-7 million to meet debt obligation of INR3.4 million in the
medium term. Liquidity is also supported by promoters through
unsecured loans which stood at INR24.16 million as on March 31,
2016, of which INR2.1 million was infused during the fiscal.
CRISIL has treated the loans as neither debt nor equity as these
are expected to remain in the business. Bank limits have been
moderately utilised at 81%, on average, for the 12 months through
March 2016.

Set up in 2013 and based in Junagadh (Gujarat), RC, a partnership
between Kiritbhai Akeniya, Mukeshbhai Limbani, Parakashbhai
Kantilalpopat, Udaybhai Limbani and Viral Akheniya, gins and
presses cotton, and started commercial operations in May 2014.


RAM INDIA: CARE Assigns B+ Rating to INR15cr Long Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Ram India
Mittal Township Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Ram India Mittal
Township Limited are constrained on account of project execution
risk with pending financial closure, high dependence on
customers' advances. Furthermore, the rating is constrained by
competition from other real estate players in the region coupled
with inherent cyclicality associated with the real estate sector
and geographical concentration risk.

The above weaknesses are partially offset by experienced
promoters group in the real estate development business in Pune,
strategic location of the project and receipt of requisite
approvals and clearances for the project.

The ability of the company to complete the project as per the
schedule and within envisaged cost and timely receipt of
receivables and sale of units at envisaged prices are the key
rating sensitivities.

Erstwhile to RIMTL, Ram India Mittal was a partnership company
established as on March 2007 formed as a special purpose vehicle
(SPV). Later in the year 2014, the company changed its
constitution to limited company. RIMTL belongs from Pune-based
group "Mittal Brothers Group".

RIMTL is formed for developing a budget residential cum
commercial development under the name "Life Park Plus" over a
saleable area of 3.87 lakh square feet (lsf). The company is
promoted by Mr Rahul Agarwal (47.24%), Mr Vijay Mittal (0.25%),
MrManoj Mittal (0.25%), Mittal Brothers Private Limited (50.25%)
and others (2.01%).


RANGOLI PARTICLE: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Rangoli Particle Boards
Pvt Ltd continue to reflect its improving but modest scale of
operations in the highly fragmented pre-laminated (prelam) boards
segment, large working capital requirement, and below-average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the promoters and their
funding support.

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

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

   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RPBPL will continue to benefit from the extensive
experience of the promoters and their funding support. The
outlook may be revised to 'Positive' if significant improvement
in revenue and profitability leads to substantially stronger cash
accrual and liquidity. Conversely, the outlook may be revised to
'Negative' if low cash accrual, stretch in working capital cycle,
or delay in infusion of funds by the promoters weakens liquidity.

RPBPL was incorporated in 2012 by Mr. Bhupendra Limbani at
Kolhapur (Maharashtra). It trades in prelam boards used in
interior designing and furniture.


RICE TECH: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Rice Tech
Agromills.

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

Rating Rationale

The rating assigned to the bank facilities of Rice Tech Agro
Mills continues to be constrained by relatively small scale of
operations, thin and fluctuating profit margin, moderately
leveraged capital structure and weak debt coverage indicators.
The rating is also constrained by working capital intensive
nature of operations, the dependence on the vagaries of the
monsoon and presence in a fragmented industry, regulated by the
government.

However, the rating derives strength from the long experience of
partners' family in agricultural business and support provided by
the partners' and group entity by way of infusion of capital and
unsecured loan.

Going forward, the firm's ability to improve its scale of
operations along with improvement in profitability, efficient
management of the working capital cycle are the key rating
sensitivities.

Rice Tech Agro Mills was established in 1998 as a partnership
firm. Mr A MKoya, Mr A MSijumon, Mrs Mini Koya, Mrs Laila Makkar
and Mr A M Seemon are the partners of the firm. The firm belongs
to the 'Metro' Group and is engaged in the business of rice
milling (processing of paddy into rice) and also into trading of
rice (which constitute around 25% of the total operating income).
The key raw material, paddy, is procured from farmers based at
Kerala, Tamil Nadu and Karnataka. RTAM has rice milling capacity
of 40MT per day and the average capacity utilization is around
80%.

The firm sells rice bags of 5 kg, 10 kg, 25 kg and 75 kg under
the brand name of 'Metro' and caters to the requirements of both
wholesaler (90%) and retailers (10%). Rice bran, a by-product
obtained during rice milling process, is sold to oil extraction
units. RTAMuses paddy husk as fuel for captive power generation.

Metro Agro Mills ('CARE B+'), a group entity of RTAM established
in 2002, promoted by the same partners, is also engaged in the
business of rice milling and into trading of rice.

As per the provisional results, RTAM has achieved a PAT of
INR0.10 crore on a total operating income of INR38.13 crore in
FY16 (Provisional - refers to the period April 1 to March 31) as
compared with a PAT of INR0.12 crore on a total operating
income of INR42.38 crore in FY15 (Audited).


SAYAJI PACKAGING: ICRA Reaffirms B- Rating on INR3.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR3.00 crore cash credit facility, INR1.50 crore term loan
facility and INR0.50 crore unallocated limits of Sayaji Packaging
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 to the INR2.00 crore non-fund based limits of SPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B- reaffirmed
   Term Loan               1.50        [ICRA]B- reaffirmed
   Unallocated Limits      0.50        [ICRA]B- reaffirmed
   Non-fund based-
   Letter of Credit        2.00        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account SPPL's small
scale of operations and the slower-than-expected ramp up of
revenues; and its weak financial risk profile characterised by
continuous operating losses, high gearing levels and inadequate
debt protection metrics. The funding support from the promoters
will remain critical in the near term to meet its debt repayment
obligations. The ratings continue to be constrained by the high
competitive intensity in the metal packaging business, which
limits pricing flexibility and profitability; the competition
from alternative packaging materials; and the vulnerability of
company's profitability to adverse fluctuations in the prices of
the key raw material.

The ratings, however, take comfort from the experience of SPPL's
promoters and their long track record in the metal packaging
business; and the favourable outlook for metal packaging products
due to increasing demand for packaged food and other
applications.

Incorporated in 2011, Sayaji Packaging Private Limited
manufactures tin cans for food and non-food packaging
applications. SPPL's manufacturing unit is located at Savli,
Vadodra in Gujarat and is equipped with a production capacity of
approximately 150 lakh cans per annum. Commercial production at
the unit commenced in October 2012. SPPL's promoters have
longstanding experience in the manufacturing and marketing of tin
cans used for packaging paints, adhesives, pesticides etc. by
virtue of their association with other group companies namely
Modern Packaging, Maker Packaging and Sayaji Metal Cans, which
are engaged in tin can manufacturing for non-food packaging
segment.

Recent Results
During FY2016, SPPL reported an operating income of INR10.77
crore and net losses of INR0.93 crore as against the operating
income of INR6.63 crore and net losses of INR1.64 crore during
FY2015.


SEPAL CERAMIC: ICRA Reaffirms B+ Rating on INR4.40cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+  to the
INR4.40-crore cash credit facility and the INR3.03-crore term
loan facility of Sepal Ceramic. ICRA has also reaffirmed the
[ICRA]A4 rating to the INR0.70-crore short-term non-fund based
facility of SC.
                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       4.40        [ICRA]B+; Reaffirmed
   Term Loan               3.03        [ICRA]B+; Reaffirmed
   Bank Guarantee          0.70        [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by SC's modest
operating scale, characterised by de-growth in operating income
by 2.8% in FY2016, resulting from an unfavourable demand scenario
and limited diversification in product portfolio. The ratings are
further constrained by the weak financial profile of the firm,
reflected by thin profitability as well as moderate coverage
indicators. The working capital intensity of the firm remained
stretched as can be reflected from NWC/OI of 38.1% during FY2016,
resulting from a delay in realizations from debtors. The ratings
also take into account the highly competitive nature of the
ceramic tile industry with the presence of large established
organised tile manufacturers and unorganized players. ICRA also
takes note of the dependence of operations and cash flows on the
performance of the real estate industry and to the adverse
movements in prices of key input materials and gas prices.

The ratings, however, favorably factor in the extensive
experience of the promoters in the ceramics business as well as
the locational advantage enjoyed by SC, giving it easy access to
raw material. ICRA further notes that the declining gas prices
will result in considerable savings in fuel cost going forward
and is expected to alleviate cost pressures to some extent.
ICRA expects SC's turnover to remain stagnant over the next two
to three years considering the current demand scenario and lower
realizations in the ceramic industry, mainly in the wall tiles
segment. However, the profitability at net levels is expected to
improve, resulting from lower depreciation and lower finance
costs as a consequence of the term loan repayments. SC's capital
structure is likely to improve with the improvement in the net
worth of the company, accompanied by a decline in the debt levels
and no major capex expected. ICRA expects SC's working capital
intensity to remain high due in the near term due to stretched
receivables. Further, the company's ability to increase the scale
of operations and manage its working capital efficiently would be
the key rating sensitivities.

Established in September 2007, Sepal Ceramic (SC) is promoted by
Mr. Pravin Dava and Mr. Paresh Virparia, along with other family
members and relatives. The company began commercial production
from April 2008 and currently manufactures digitally printed wall
tiles of four sizes i.e. 10"X15", 12"X12", 12"X18" and 12"X24"
that find wide application in commercial as well as residential
buildings. The firm has added wall tiles of size 12"X24" in its
product portfolio from April 2016 onwards. SC's manufacturing
facility is located at Tankara, Dist: Rajkot in Gujarat, with a
current installed manufacturing capacity of 38500 Metric Tonnes
Per Annum (MTPA) of wall tiles.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR14.31 crore with profit after tax (PAT) of
INR0.40 crore.


SHANKARA SAI: ICRA Suspends 'B' Rating on INR3.50cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B to INR1.75
crore cash credit facility and INR3.50 crore term loan facilities
of Shankara Sai Rice Industries. ICRA has also suspended the
short term rating of [ICRA]A4 to INR1.75 crore fund based limits
and ratings of [ICRA]B/[ICRA]A4 to INR3.00 crore unallocated
limits of SSRI. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Shankara Sai Rice Industries, was established in the year 2006,
is engaged in the milling of paddy and produces raw and boiled
rice. It commenced operations from February, 2010. The firm has a
milling unit in Yadagarpally, Miryalaguda, Nalgonda District
Telangana with a milling capacity of 4 tonnes per hour. It is a
partnership firm promoted by Mr. Allani Venkateshwarlu, Mr. Gunti
Gopi & his family members.


SHARAD COTTON: CARE Reaffirms B+ Rating on INR7.54cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sharad Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.54       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sharad Cotton
Private Limited continue to remain constrained on account of
moderate scale of operations, thin profit margins, moderate
capital structure and weak debt coverage indicators. The rating
also remained constrained by its working capital nature of
operations, presence in a cyclical and competitive cotton
industry coupled with susceptibility of profit margins to
fluctuation 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 profitability.

The ratings, however, continue to derive comfort from the long
experience of the promoters and established track record of
operations into the textile industry.

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

Incorporated in 2011, SCPL was promoted by Goyal family, and the
company is engaged in the business of cotton ginning & pressing.
The plant commenced commercial production from December 2011.
SCPL's plant is located at Sendhwa, District Barwani (Madhya
Pradesh) with an installed capacity of ginning and pressing of
62,500 bales per annum. SCPL has completed expansion project of
setting up cotton seed crushing facility with an installed
capacity of 68,000 quintals of cotton oil and 80,000 quintals of
de-oiled cake in FY14. SCPL has started commercial production
from the crushing unit from April, 2014.

During FY16 (A), SCPL reported a total operating income (TOI) of
INR42.69 crore with a PAT of INR0.16 crore as against TOI of
INR45.14 crore with a PAT of INR0.15 crore in FY15 (A). During
5MFY17 (Provisional), SCPL achieved a TOI of INR11.11 crore.


SHREE YAMUNA: ICRA Raises Rating on INR5.0cr Loan From 'B'
----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
to the INR0.93 crore term loan facility, INR5.00 crore cash
credit facility and INR0.47 crore unallocated limits of Shree
Yamuna Ginning and Pressing Factory.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               0.93        [ICRA]B+; upgraded
                                       from [ICRA]B

   Cash Credit             5.00        [ICRA]B+; upgraded
                                       from [ICRA]B

   Unallocated Limits      0.47        [ICRA]B+; upgraded
                                       from [ICRA]B

The rating upgrade takes into account the significant increase in
the operating income of the firm at a CAGR of ~45% from FY2014-
FY2016 on account of stabilization of operations over the years
coupled with the improvement in profitability and debt coverage
indicators. The ratings continue to draw comfort from
longstanding experience of the promoters in the cotton industry
and other logistical advantages enjoyed by the firm by virtue of
its location in cotton-producing region giving it easy access to
quality raw cotton.

The rating is, however, constrained by the modest scale of
operations and firm's weak financial risk profile marked by low
profitability, adverse capital structure and weak debt-coverage
indicators. The rating is further constrained by the
vulnerability of the firm's profitability to agro-climatic risks,
the inherently low value-adding ginning business, which also has
high fragmentation and competitive pressures with numerous small
and unorganised players in the industry. Further, being a
partnership firm, any substantial withdrawal from capital account
would impact its net worth and thereby the capital structure.

Established in August 2012 as a partnership firm, Shree Yamuna
Ginning and Pressing Factory (SYGPF) is engaged in the ginning
and pressing of raw cotton. The manufacturing facility of the
firm is located at Jamnagar, Gujarat and is equipped with 18
ginning machines, with total input capacity of 100 metric tonnes
per day (MTPD) of raw cotton. The firm is currently managed by
six partners who have long experience in the cotton ginning
industry by virtue of their association with other firm namely
Gurukrupa Cotton Industries involved in this business.

Recent Results
During FY2015, SYGPF reported an operating income of INR48.86
crore and profit after tax of INR0.23 crore as against operating
income of INR17.92 crore and profit after tax of INR0.13 crore
during FY2014 (6 months of operations). As per provisional
financials, the firm reported an operating income of INR37.55
crore and profit after tax of INR0.53 crore during FY2016.


SHRI GANESH: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shri Ganesh Agro Industries (part of the Shri
Ganesh Agro group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable
   Working Capital
   Demand Loan             30        CRISIL B/Stable

The rating reflects the group's modest scale of operations in the
rice milling industry, and below-average financial risk profile.
The rating also factors in risks associated with the ongoing
capex. These rating weaknesses are partially offset by extensive
experience of the promoters in the rice milling industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SGAI and Shri Ganesh Agro Products.
This is because the two firms, together referred to as the Shri
Ganesh Agro group, are under a common management and have
integrated operations. They are also expected to extend funding
support to each other whenever necessary.
Outlook: Stable

SGAI should continue to benefit over the medium term from the
promoters' extensive experience in the rice milling business. The
outlook may be revised to 'Positive' if revenue, profitability
and financial risk profile improve substantially. Conversely, the
outlook may be revised to 'Negative' if decline in revenue and
profitability, or stretch in working capital cycle weakens the
financial metrics.

Set up in 2010 as a partnership firm, SGAI mills rice. The
manufacturing facility is in Gondia, Maharashtra. SGAP is also a
partnership firm. Set up in 2016, it is setting a rice mill in
Gondia. Operations of both firms are managed by Mr. Survesh
Bhatuda and Mr. Dinesh Bhatuda.


SIR SHADI: CRISIL Reaffirms 'C' Rating on INR710MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sir Shadi Lal
Enterprises Ltd continues to reflect weak liquidity because of
modest cash accrual against high debt obligation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             710       CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      404.5     CRISIL C (Reaffirmed)

   SEFASU Loan             185.5     CRISIL C (Reaffirmed)

   Working Capital
   Term Loan               700.0     CRISIL C (Reaffirmed)

The rating also factors in a weak financial risk profile because
of a negative net worth and low debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the sugar processing industry.

CRISIL had assigned its 'CRISIL C' rating to the long-term bank
facilities of SSLEL the rating on August 31, 2016.

SSLEL was established in 1933 by Sir Shadi Lal. The company
manufactures sugar and alcohol at its facilities in Shamli, Uttar
Pradesh.


SKN RICE: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to INR10.00
crore bank facilities of SKN Rice Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the firm.


SKYLINE AGRO: ICRA Suspends 'B' Rating on INR8cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR8.00 crore fund based limits and the short term rating of
[ICRA]A4 assigned to the INR4.60 crore non fund based limits of
M/s Skyline Agro Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SPACETECH EQUIPMENTS: ICRA Reaffirms D Rating on INR4.2cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D to the
INR1.75-crore fund-based cash credit limit of Spacetech
Equipments & Structurals Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]D to the INR4.20-crore
non-fund based bank facilities of the company. The rating for
unallocated limits of INR0.05 crore has also been reaffirmed at
[ICRA]D.
                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limits
   Cash Credit              1.75        [ICRA]D; Reaffirmed

   Non-fund Based           4.20        [ICRA]D; Reaffirmed
   Limits Bank
   Guarantee/Letter
   of Credit

   Unallocated Limits       0.05        [ICRA]D; Reaffirmed

The rating reaffirmation reflects the company's stretched
liquidity position, resulting in devolvement of the letter of
credit (LC) and over utilization of the cash credit limit, due to
the high working capital requirements arising out of delayed
payments from customers.

Established in 1982, SESPL is involved in the fabrication of
pressure vessels, with its facility at Ambernath in Thane
district of Maharashtra. SESPL's fabrication facility is ISO
9001-2000 certified and the pressure vessels manufactured by the
company find application mainly in the steel, oil and gas, power
and engineering sectors.


T.R. CHEMICALS: CRISIL Assigns 'D' Rating to INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked suspension of its ratings on the bank
facilities of T.R. Chemicals Limited and has assigned the 'CRISIL
D/CRISIL D'. CRISIL had suspended the ratings on March 9, 2016,
as TRCL had not provided information required for a rating
review. TRCL has now shared the requisite information, enabling
CRISIL to rate the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D (Assigned;
                                     Suspension Revoked)

   Cash Credit             90        CRISIL D (Assigned;
                                     Suspension Revoked)

   Funded Interest          8.6      CRISIL D (Assigned;
   Term Loan                         Suspension Revoked)

   Proposed Long Term      28.8      CRISIL D (Assigned;
   Bank Loan Facility                Suspension Revoked)

   Term Loan               19.1      CRISIL D (Assigned;
                                     Suspension Revoked)

   Working Capital         13.5      CRISIL D (Assigned;
   Term Loan                         Suspension Revoked)

The rating reflects instances of delay by TRCL in servicing its
term debt obligation on account of weak liquidity, large working
capital requirements and below-average financial risk profile
marked by weak capital structure and below average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the steel industry.

TRCL was established as a private limited company in 1997,
promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It
was subsequently reconstituted as a closely held limited company.
TRCL manufactures sponge iron and phenolic resins at its
facilities in Barpali (Orissa).


TEJAS AGRO: CARE Assigns B+ Rating to INR12.87cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Tejas Agro
Irrigation Systems Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.87      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Tejas Agro
Irrigation Systems Private Limited factors in the project
stabilization risk, risk associated with volatility in raw
material prices along with presence in the fragmented industry
marked by low entry barriers.

The above weaknesses are partially offset by experienced
promoters and expected increase in demand for Poly Vinyl Chloride
(PVC) pipes.

The ability of TAISPL to timely stabilize the operations and
achieve envisaged level of sales and profitability in light of
competition from large players and manage its working capital
requirements efficiently are the key rating sensitivities.

Pandharpur-based (Maharashtra) TAISPL was incorporated in June
29, 2015, by Mr Prashant Lade and Mr Shivaji Ajalkar.

The company has recently set up a facility for manufacturing of
Poly Vinyl Chloride (PVC) pipes and lateral low-density
polyethylene (LLDPE) with an installed capacity of 5,350 tonne
per annum for PVC pipes and 2,675 tonne per annum for lateral
LLDPE at Pandharpur, Maharashtra.


UNITED COKE: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR5.00-
crore fund-based facilities of United Coke Private Limited at
[ICRA]B+. It has also reaffirmed the short-term rating assigned
to the INR35.00-crore non-fund based facilities of UCPL at
[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit            (5.00)      [ICRA]B+ reaffirmed
   Letter of Credit       35.00       [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the weak financial
risk profile of UCPL as is evident from the operating losses
suffered in FY2016 because of pricing disparities, low
profitability and modest debt coverage indicators. The ratings
also take into consideration the higher inventory levels, on
account of bulk buying of coking coal in order to avail discount,
which has lead to higher working capital intensity. The rating
further takes into account the vulnerability of profitability to
exchange rate fluctuations as more than 95% of its raw material
is imported. The rating is further constrained by UCPL's exposure
to the cyclicality inherent in the coke industry and volatility
in the prices of both coke and coking coal, keeping its
profitability and cash flows volatile and under pressure in the
near-to-medium term.

The rating, however, favorably takes into account the long track
record of the company in the coke manufacturing business.
ICRA expects the future ratings to be derived from UCPL's ability
to maintain growth and profitability amid volatile price
movements, uncertain demand in steel industry and forex
fluctuations. Liquidity position of the company is expected to be
contingent on profitability and stocks levels maintained.

United Coke Private Limited is a part of the Bhavnagar-based UB
Aggarwal Group. The company is engaged in the production of low
ash metallurgical coke. The business operations are carried out
from Bhavnagar. The manufacturing unit, with a capacity of
54,000MT, is located in Anjar, near Kandla port.

The group is also involved in other businesses such as ship
breaking (Guru Ashish Shipbreakers), steel re-rolling (Hans
Industries Pvt Ltd, Aggarwal & Co. & Arihant Industries) and
scrap trading.

Recent Results
The company has reported an operating income of INR49.35 crore
and profit after tax of INR0.11 crore in FY2016.


UPTIME INFRATEL: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Uptime
Infratel Services India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL D
   Cash Credit            40         CRISIL D
   Proposed Long Term
   Bank Loan Facility     30         CRISIL D
   Working Capital
   Term Loan              40         CRISIL D

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

Uptime was incorporated in 2001 as a service provider for the
telecommunications (telecom) sector. Due to subdued demand from
the telecom sector, Uptime diversified into Automated Teller
Machine (ATM) installation and refurbishment in February 2014.


VASUNDHARA CONSTRUCTIONS: ICRA Withdraws B+ Unalloc. Loan Rating
----------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
INR12.00 crore unallocated limits of Vasundhara Constructions
Private Limited, as the company has not availed the limits.


VIJAY STEEL: CARE Lowers Rating on INR1cr Long Term Loan to B+
--------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Vijay
Steel Industries.

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

   Long-term/Short-term            8       CARE B+/CARE A4
   Bank Facilities                         Revised from
                                           CARE BB-/CARE A4

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Vijay Steel Industries is primarily on account of
continuous decline in its total operating income (TOI), profit
margins and elongated operating cycle. The ratings are further
constrained by its weak debt coverage indicators and working
capital intensive nature of operations in highly fragmented and
competitive timber trading industry coupled with susceptibility
of profit margins to fluctuation in exchange rates and
susceptibility towards government policies of timber exporting
countries.

The ratings, however, derives comfort from the wide experience of
the partners in the timber trading industry. The ratings also
take into consideration improvement in solvency position of VSI
during FY16 (refers to the period April 1 to March 31).

The ability of VSI to increase its scale of operations and
improve profitability in the highly competitive timber industry
along with better working capital management thereby improving
overall liquidity position remains the key rating sensitivities.

Gandhidham-based (Gujarat), VSI was established in December 1984
and it is engaged into the business of timber trading.

VSI is located near Kandla port which facilitates easy import of
timber. VSI was initially formed to do processing and trading of
steel but later on it started processing of timber business in
1989. VSI imports timber logs from Malaysia, New Zealand and
European Countries and cut it into commercial sizes as per the
requirement of its customers. As on March 31, 2016, it had a
total sawing capacity of 40 cubic meters (CMT) per day. VSI
supplies timber to its customers in the export market like Dubai
and Italy and in domestic market including Gujarat, Rajasthan,
Maharashtra, Karnataka and West Bengal. VSI's customers include
wholesalers and retailers who are engaged in the timber trading
and who in turn
supply timber to manufacturers of furniture items,
infrastructure, etc.

As per the audited results for FY16(refers to the period April 01
to March 31), VSI reported a total operating income (TOI) of
INR14.17 crore with a PAT of INR0.01 crore as compared to TOI of
INR16.91 crore and PAT of INR0.01 crore in FY15.


VINDHYA CEREALS: CRISIL Cuts Rating on INR320MM Cash Loan to 'B'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vindhya Cereals Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             320       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       16.2     CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                43.8     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects the deterioration in VCPL's liquidity
because of large incremental working capital requirement due to
sharp growth in operations and large working capital cycle.
Sizeable gross current assets of 175 days as on March 31, 2016,
and growth of 30% expected in revenue will lead to large
incremental working capital requirement. As its bank limits are
fully utilised, the company may have to enhance the bank lines or
depend on funds from promoters. The promoters have extended
unsecured loans of INR154 million as on March 31, 2016, which
should remain in the business over the medium term, supporting
the liquidity. Continued and timely fund infusion will remain a
key rating sensitivity factor.

The rating reflects VCPL's large working capital requirement, and
below-average financial risk profile because of high gearing and
weak debt protection metrics. These weaknesses are partially
offset by its diversified clientele and established network of
distributors.

For arriving at the rating, CRISIL has treated VCPL's unsecured
loans of INR154 million from its promoters and their friends and
relatives as neither debt nor equity based on an undertaking from
the management that the loans will be retained in the business
over the medium term.
Outlook: Stable

CRISIL believes VCPL will continue to benefit from its
diversified customer base and established distributor network.
The company's financial risk profile is, however, expected to
remain constrained by low profitability, high gearing, and weak
debt protection metrics. The outlook may be revised to 'Positive'
in case of a significant improvement in the company's financial
risk profile driven by substantial capital infusion, or
considerably large cash accrual, or improved working capital
management. The outlook may be revised to 'Negative' in case of
low accrual, stretch in working capital cycle, or large debt-
funded capital expenditure, leading to deterioration in the
financial risk profile, particularly liquidity.

VCPL, established in 2009 by Mr. Kamlesh Kumar Argal, mills and
processes basmati rice. Its manufacturing facility is at
Obedullaganj in Raisen, Madhya Pradesh.


WINNING EDGE: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR6.00
crore cash credit facility, INR3.55 crore term loan facility and
INR0.20 crore unallocated limits of The Winning Edge Agro
Products.
                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit facility       6.00      [ICRA]B+ reaffirmed
   Term Loan facility         3.55      [ICRA]B+ reaffirmed
   Line of Credit             0.20      [ICRA]B+ reaffirmed

Rating Rationale

The rating reaffirmation factors in WEAP's financial risk profile
marked by low profitability, moderate gearing and debt coverage
indicators. The rating also factors in the small scale of
operations, the intense competitive pressures due to the
fragmented industry structure, and the vulnerability of
profitability to adverse movements in paddy prices which are
subject to seasonality and regulatory risk. ICRA also notes that
WEAP is a partnership firm and any significant withdrawals from
the capital account could adversely impact its net worth and
thereby the capital structure.
The rating, however, positively factors in the firm's favorable
location which gives it easy access to paddy; and favourable
demand prospects for the firm's product driven by changing
demographics and increasing spending on health and nutritional
foods.

Established in 2011 by the Vidhani family, as a partnership firm,
The Winning Edge Agro Products (WEAP) manufactures flattened rice
(poha) from paddy at its manufacturing facility located at
Navsari, Gujarat, with a production capacity of 9200 MTPA per
annum. WEAP sells its product in a packing of 500gm/1000gm under
"Vishalta" brand and in loose form to bulk dealers. The firm
currently caters to Maharashtra and Gujarat Region through
appointed dealers' network. WEAP also provides warehousing
facility to store farm produce like paddy, wheat, pulses, and
agro inputs like fertilizers and pesticides.


YAMUNA GINNING: ICRA Hikes Rating on INR5.0cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+  from [ICRA]B
to the INR0.93 crore1 term loan facility, INR5.00 crore cash
credit facility and INR0.47 crore unallocated limits of Shree
Yamuna Ginning and Pressing Factory.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               0.93        [ICRA]B+; upgraded from
                                       [ICRA]B

   Cash Credit             5.00        [ICRA]B+; upgraded from
                                       [ICRA]B

   Unallocated Limits      0.47        [ICRA]B+; upgraded from
                                       [ICRA]B

The rating upgrade takes into account the significant increase in
the operating income of the firm at a CAGR of ~45% from FY2014-
FY2016 on account of stabilization of operations over the years
coupled with the improvement in profitability and debt coverage
indicators. The ratings continue to draw comfort from
longstanding experience of the promoters in the cotton industry
and other logistical advantages enjoyed by the firm by virtue of
its location in cotton-producing region giving it easy access to
quality raw cotton.

The rating is, however, constrained by the modest scale of
operations and firm's weak financial risk profile marked by low
profitability, adverse capital structure and weak debt-coverage
indicators. The rating is further constrained by the
vulnerability of the firm's profitability to agro-climatic risks,
the inherently low value-adding ginning business, which also has
high fragmentation and competitive pressures with numerous small
and unorganized players in the industry. Further, being a
partnership firm, any substantial withdrawal from capital account
would impact its net worth and thereby the capital structure.

Established in August 2012 as a partnership firm, Shree Yamuna
Ginning and Pressing Factory (SYGPF) is engaged in the ginning
and pressing of raw cotton. The manufacturing facility of the
firm is located at Jamnagar, Gujarat and is equipped with 18
ginning machines, with total input capacity of 100 metric tonnes
per day (MTPD) of raw cotton. The firm is currently managed by
six partners who have long experience in the cotton ginning
industry by virtue of their association with other firm namely
Gurukrupa Cotton Industries involved in this business.

Recent Results
During FY2015, SYGPF reported an operating income of INR48.86
crore and profit after tax of INR0.23 crore as against operating
income of INR17.92 crore and profit after tax of INR0.13 crore
during FY2014 (6 months of operations). As per provisional
financials, the firm reported an operating income of INR37.55
crore and profit after tax of INR0.53 crore during FY2016.



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


ALAM SUTERA: S&P Affirms 'B' CCR; Outlook Stable
------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on PT Alam Sutera Realty Tbk. (ASRI).  The outlook is
stable.  At the same time, S&P affirmed its 'axBB-' ASEAN
regional scale rating on the Indonesian real estate developer.
In addition, S&P affirmed its 'B' foreign currency long-term
issue rating on the senior unsecured notes by Alam Synergy Pte.
Ltd. ASRI guarantees the notes.

S&P also assigned its 'B' issue rating on the proposed senior
unsecured notes of up to US$250 million to be issued by Alam
Synergy Pte. Ltd.  ASRI will guarantee the notes.

The affirmation reflects S&P's expectation that ASRI's better
property sales will temper the slightly higher-than-expected
leverage.  ASRI will use the proceeds from the new notes to
refinance its existing bonds due 2019 and to defray expenses.

ASRI's property sales continued to improve in the third quarter
of 2016, with year-to-date sales reaching an estimated Indonesian
rupiah (IDR) 1.3 trillion.  Sales are further augmented by the
company's recent agreement with China Fortune Land Development
Co. Ltd. (CFLD).  Under this agreement, ASRI will sell CFLD 100
hectares of land in Pasar Kemis per year over the next five
years. CFLD made a IDR1.45 trillion downpayment to ASRI in July
2016, which will be used to gradually offset future land sales.

"Sale of land has shown that ASRI's management has been nimble to
react to slower property market conditions via asset sales," said
S&P Global Ratings credit analyst Kah Ling Chan.  "It also
ensures consistent cash flow to ASRI in the next five years.
However, substantial land sales have somewhat changed ASRI's
business model to be less reliant on its core property
development activities."

ASRI also now faces some customer concentration to CFLD.  The
rapid utilization of land also increases ASRI's urgency to
replenish its land reserves, and S&P expects its capital
expenditure to remain high.  ASRI will become more dependent on
its Alam Sutera township for its core property development
activities, unless it can diversify via launching township
projects.

"The resolution of the tax amnesty in Indonesia and call to
increase infrastructure spending should boost investments, which
should help sales for the property industry, including ASRI,"
Ms. Chan said.

In 2016, S&P has factored in total property sales of IDR2.48
trillion for ASRI, increasing slightly to IDR2.8 trillion in
2017. This is slightly lower than S&P's previous expectations of
IDR2.5 trillion in 2016 and IDR3.2 trillion in 2017 as ASRI
starts to focus more on land sales.

With a higher proportion of land sales going forward, ASRI's cash
collections should be more rapid as there is no construction
entailed; S&P estimates its land sales at about 34% and 21% of
total sales in 2016 and 2017, respectively.  However, S&P
continues to expect the company's fresh operating cash flows to
be negative in 2016-2018, due to its continued elevated capital
expenditure needs, especially to replenish land reserves.  S&P
estimates ASRI's capital expenditure at about IDR580 billion in
2016, increasing to IDR1.4 trillion in the next two years.

ASRI's debt will rise to about IDR7.78 trillion in 2016, largely
due to the issuance of the new notes.  This will push its debt-
EBITDA ratio to 4.8x in 2016, but S&P believes it will decline to
3.5x-4.0x in 2017 and 2018 due to the rising property sales.

The stable outlook on ASRI reflects S&P's expectation of the
company's sustained marketing sales and disciplined capital
expenditure over the next 12-18 months.  S&P expects EBITDA
interest coverage to remain above 2x and ASRI to manage its
liquidity by selling land or assets, or by reducing capital
expenditure if the market weakens.

S&P may lower the rating if one or more of this occurs:

   -- ASRI's liquidity deteriorates substantially.  This could
      materialize if:

   -- market conditions weaken substantially and affect cash
      collections significantly more than S&P anticipated, while
      capital spending stays high; or ASRI increases its reliance
      on short-term working capital funding.

   -- The company's EBITDA interest coverage falls below 2x
      because of lower margins or rising interest costs.

   -- The credit profile of parent Argo Manunggal Group weakens
      because of more aggressive debt-funded expansion or weaker
      profitability at the group, or ASRI engages in substantial
      related-party transactions or develops closer operating and
      financial relationships with Argo Manunggal or its sister
      companies.

S&P may raise the rating if ASRI materially improves its debt
servicing ability and adequate liquidity.  An indication of this
improvement would be if EBITDA interest coverage stays materially
above 3x and liquidity uses are well covered by liquidity
sources. For either of these scenarios to occur, ASRI would need
to practice financial prudence, reining in its capital
expenditure.



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


PERISAI PETROLEUM: Falls Into PN17 After Unit Defaulted on Loan
---------------------------------------------------------------
The Star Online reports that Perisai Petroleum Teknologi Bhd has
been classified as a Practice Note 17 (PN17) company after its
unit Perisai Capital (L) Inc defaulted on SGD125 million debt
notes due on Oct. 3.

The Star relates that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.

If it fails to comply with the obligations to regularize its
condition, the company's listed securities will be suspended from
trading and de-listing procedures will be taken against it, says
The Star.

According to The Star, Perisai Capital defaulted on its debt
repayment after the holders of its SGD125 million (MYR377.27
mil.) 6.875% medium-term notes rejected its proposals to, among
others, defer the payment of interest due on Oct. 3 and to
postpone the maturity date to Feb. 3, 2017.

In a separate filing with the exchange on Oct. 12, Perisai said
it was insolvent as it would not be able to meet the payment of
the principal and interest of the notes when the same, which is
guaranteed by the company, was demanded, says The Star.

The Star relates that in a previous announcement, the company
said that it and Emas Offshore Ltd (EOL), its joint-venture
partner in Emas Victoria (L) Bhd and SJR Marine (L) Ltd, had on
Sept. 30 received an indicative offer of financing from a
financial institution.

"Part of the amount from the indicative offer would be earmarked
towards a mutually acceptable resolution with the company's
noteholders with regards the notes through the availability to
the Perisai Group of a sum of approximately US$20 million
(MYR82.98 mil.)," Perisai said on Oct. 3.  "It is on this basis
that the company intends to engage with the noteholders on an
alternative proposal."

It expected this resolution to include a restructure of the due
date of the principal and interest of the notes, thereby
returning Perisai Capital back to solvency, The Star reports.

EOL owns an 11.83% direct stake in Perisai. In turn, Perisai has
the choice to exercise its put option to sell its 51% stake in
SJR to EOL for US$43 million, the report notes.

EOL's ultimate shareholder is Singapore Exchange-listed Ezra
Holdings Ltd, which holds a 22.5% stake in Perisai.

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



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


SINGAPORE: Courts to Work on Solving Cross-Border Insolvencies
--------------------------------------------------------------
K.C. Vijayan at The Strait Times reports that with cross-border
bankruptcy cases potentially a growing trend, Singapore courts
are taking the lead to work out communication guidelines with
other court jurisdictions in order to deal consistently with the
assets of a failed company spread across different countries.

According to the report, Singapore will this week host the
inaugural Judicial Insolvency Network conference. At the event,
11 insolvency judges from eight territories including the United
States and Australia will meet to develop guidelines for
communication and cooperation between national courts in cross-
border restructuring and insolvency cases, The Strait Times says.

Judicial Commissioners Aedit Abdullah and Kannan Ramesh will
represent the Singapore judiciary, the report notes.

In January, Chief Justice Sundaresh Menon cited cross-border
insolvency as a "prime example" of how Singapore "will have to be
open to new ways of doing things" in the face of globalised
businesses, says The Strait Times.

"Cross-border corporate failure raises the prospect of multiple
proceedings in different jurisdictions which can give rise to
inconsistent outcomes and a rush to lay claims over available
assets," the report quotes Chief Justice Sundaresh as saying as
he called for guidelines for courts from diverse jurisdictions
seeking an orderly resolution to the same case.

The Strait Times relates that lawyers said when courts do not
cooperate, each might decide differently on how to deal with the
bankrupt enterprise.

"It would lead to creditors shopping from one jurisdiction to
another to lay claim to assets, creating uncertainty, increasing
costs and diminishing asset value," said leading restructuring
and insolvency lawyer Chou Sean Yu of WongPartnership, the report
relays.

Another leading practitioner, Mr Ashok Kumar of BlackOak LLC,
said the conference is a step in the right direction, as without
such a universal approach, coming up with a cross-border
corporate rescue plan would be difficult, The Strait Times
relates.

In 2009, bilateral court-to-court communication helped facilitate
the insolvency proceedings of telecoms giant Nortel in the US and
Canada, leading to consistent decisions in distributing the
US$7.3 billion (SGD10 billion) gleaned from selling its assets,
The Strait Times recalls.

The Strait Times relates that in a statement, the Singapore
Supreme Court said the conference "dovetails with the increasing
focus and concerted efforts of various local stakeholders to
fortify Singapore's position as an international debt
restructuring centre".

The event is timely as regional law firms are seeing a
significant increase in insolvency and restructuring work amid
rising global corporate defaults, it added, reports The Strait
Times.



===============
X X X X X X X X
===============


* ASPAC: Financial Restructuring and Insolvencies on the Rise
-------------------------------------------------------------
Samantha Woodhill at Australasian Lawyer reports that the number
of financial restructuring and insolvencies is on the rise in the
Asia Pacific region and, despite low interest rates helping to
cushion borrowers, depressed commodity prices have taken the
number of global corporate defaults to their highest levels since
2008.

For lawyers, an increase in work with respect to distressed
situations is only likely to continue, Herbert Smith Freehills
partner Paul Apathy told Australasian Lawyer.

"The general feedback from clients in the region is that the
issues are yet to peak," he said.

"There is however a general feeling that the scale of the issues
in many cases will require parties to grapple with underlying
issues of debt sustainability sooner or later given the 'new
normal'."

According to Australasian Lawyer, Mr. Apathy said the conditions
present both challenges and opportunities for the sector as a
whole. But a depth of understanding of the relevant business
sectors across the region is paramount to client service.

"Firms and lawyers will need to be flexible to adapt to these
changing conditions and be able to provide the skills and
solutions their clients need," Australasian Lawyer quotes Mr.
Apathy as saying.

"There is the opportunity to help work through some of the most
complex and important issues facing countries, businesses and
lenders across the region.

"Firms with strength in Indonesia, China and Korea are well
placed to respond to current issues, but we expect the situation
to evolve and clients will need true regional capability."

To assist their clients, Herbert Smith Freehills launched a guide
to navigating restructuring and insolvency legislation across 14
major jurisdictions in the Asia Pacific region on Sept. 15,
Australasian Lawyer reports. The Restructuring, Turnaround and
Insolvency in Asia Pacific Legal Guide focusses on practical
issues and deals with the complexity of insolvency and
restructuring laws when operating across borders.

"The region has also become more integrated and it is common for
restructurings and insolvencies to cross jurisdictional
boundaries, requiring a significant amount of expertise and co-
ordination," Australasian Lawyer quotes global finance head, John
Nestel, as saying.  "The legal frameworks for restructurings and
insolvencies have been continuing to develop across the region,
and in a number of countries these laws have been subject to
major overhauls."

Australasian Lawyer adds that the firm expects to see a greater
emphasis on debt trading, loan portfolio trades and structured
solutions as markets adapt to slower conditions.



                             *********

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

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

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


                            *********


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

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

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

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

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



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