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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, October 17, 2016, Vol. 19, No. 205

                            Headlines


A U S T R A L I A

ACCESS WIRELESS: First Creditors' Meeting Set for Oct. 24
ALINTA ENERGY: Moody's Hikes Bank Credit Facility Rating to 'Ba3'
BASS & FLINDERS: First Creditors' Meeting Set for Oct. 21
COMPRI TUBE: First Creditors' Meeting Set for Oct. 20
MARITIMO OFFSHORE: First Creditors' Meeting Set for Oct. 21

OAKVILLE PRODUCE: Mitolo Group Buys Majority Assets
PERMANENT CUSTODIANS: Moody's Assigns Ba1 Rating on Class E Notes
TAGARA BUILDERS: MBA Seeks Explanation Why ASIC Won't Probe


C H I N A

HUAI AN: Fitch Assigns BB+ Issuer Default Rating; Outlook Stable
JIANGSU SUNSHINE: Unit Completes Bankruptcy Proceeding
MODERN LAND: Fitch Assigns B+ Rating to Proposed US$ Sr. Notes
MODERN LAND: Moody's Affirms B2 Corporate Family Rating
SHANXI ROAD: S&P Assigns 'BB' CCR; Outlook Stable

YESTAR INTERNATIONAL: Moody's Rates USD200MM Sr. Notes 'Ba3'


I N D I A

A.S. EMPORIUM: CRISIL Assigns B+ Rating to INR55MM Cash Loan
AASHKA HOSPITALS: CRISIL Lowers Rating on INR331.5MM Loan to D
BHADRESH AGRO: CARE Lowers Rating on INR75cr Loan to 'D'
BHANDARI STEELS: CRISIL Reaffirms B+ Rating on INR100MM Loan
BRILLIANT SPACES: ICRA Lowers Rating on INR32.50cr Loan to 'D'

CAPTAIN TRACTORS: ICRA Assigns B+/A4 Rating to INR10cr Loan
DHANLAXMI TEXTILES: ICRA Assigns B+ Rating to INR38.97cr Loan
DQ ENTERTAINMENT: CARE Lowers Rating on INR155.58cr LT Loan to D
GK SHELTERS: ICRA Suspends 'D' Rating on INR50cr Term Loan
HEERA RICE: CRISIL Assigns B+ Rating to INR175MM Cash Loan

ISHWAR CABLES: ICRA Reaffirms 'B' Rating on INR6.0cr Cash Loan
JM FERRO: CARE Lowers Rating on INR12.0cr Short Term Loan to 'D'
JSM DEVCONS: ICRA Suspends 'B' Rating on INR37.75cr Bank Loan
KONAGALLA SATYANARAYANA: ICRA Suspends B+ Rating on INR7.5cr Loan
LEESUN CERAMICS: CARE Assigns B+ Rating to INR9.32cr LT Bank Loan

MERIDIAN EDUCATIONAL: ICRA Assigns 'B' Rating to INR130cr Loan
NANDINI CREATION: CRISIL Reaffirms 'B' Rating on INR65MM LT Loan
NIROS ISPAT: CARE Hikes Rating on INR58.55cr LT Loan to BB-
RAJESWARI AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR40MM Loan
RAMKA SILK: CRISIL Lowers Rating on INR250MM Packing Credit to D

SAI OM: CRISIL Lowers Rating on INR20MM Cash Loan to 'B'
SAMDARIYA ABHUSHAN: ICRA Assigns B+ Rating to INR25cr Loan
SHREE GURU: ICRA Reaffirms 'B' Rating on INR6cr LT Loan
SHREE RAM: CARE Assigns B+ Rating to INR30cr Long Term Loan
SHRINET & SHANDILYA: ICRA Suspends 'D' Rating on INR3cr Loan

SRI SRINIVASA: ICRA Suspends B+/A4 Rating on INR10cr Loan
TAPTI VALLEY: ICRA Withdraws 'D' Rating on INR20cr Term Loan


I N D O N E S I A

ALAM SYNERGY: Moody's Rates Proposed Sr. Unsec. Notes Issue B2
BUMI SERPONG: Fitch Assigns BB- Rating to USD200MM Sr. Notes


J A P A N

TOSHIBA CORP: Foreign Investors Sue Over Accounting Scandal


N E W  Z E A L A N D

SLEEP OVERS: Sells Two Lodges; Now Placed Into Liquidation


S I N G A P O R E

MARCO POLO: Noteholders Approve SGD50 Mil. Note Restructuring


S O U T H  K O R E A

HANJIN SHIPPING: Puts Asia-U.S. Operations Up for Sale


                            - - - - -


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A U S T R A L I A
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ACCESS WIRELESS: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Access
Wireless & Cable P/L will be held at Level 6, 239 George Street,
in Brisbane, Queensland, on Oct. 24, 2016, at 10:00 a.m.

Daniel Moore of DPM Recovery was appointed as administrator of
Access Wireless on Oct. 12, 2016.


ALINTA ENERGY: Moody's Hikes Bank Credit Facility Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has upgraded Alinta Energy Finance Pty
Ltd's (AEF) senior secured bank credit facility rating and Alinta
Holdings' (Alinta) corporate family rating to Ba3 from B1. The
outlook on the ratings is positive.

AEF is a fully owned subsidiary and funding vehicle for Alinta,
and its rated debt obligations are guaranteed by the parent.

RATINGS RATIONALE

"The ratings upgrade reflects our expectation that Alinta will
continue to exhibit financial metrics consistent with a Ba3
rating over the next 2-3 years, underpinned by the improved
operating performance of its assets," says Spencer Ng, a Moody's
Vice President and Senior Analyst, adding that "the upgrade
recognizes the improved visibility of Alinta's future operating
cash flows following its extension of key offtake contracts, as
well as the structural separation of Flinders from Alinta. As a
result, we understand that Alinta will be ringfenced from future
liabilities associated with the decommissioned power station."

Over the next three years, Moody's expects Alinta's financial
leverage -- as measured by funds from operations (FFO) to debt --
to improve towards the high-teen percentage level, compared to
the minimum tolerance level of FFO/debt of 12% for its Ba3
rating. Moody's expects further improvements in Alinta's
financial metrics will be underpinned by scheduled debt
amortization and a steady increase in earnings.

Alinta's Ba3 ratings are underpinned by the stable earnings
contribution from its gas retail business in Western Australia,
which contributes around 50% of EBITDA. This business segment has
a very strong market position with close to 90% market share in
the state.

The remaining earnings will predominantly come from Alinta's
contracted generation business, which benefits from a weighted
average contract life of well over 5 years following recent
contract renegotiations, with several of its counterparties
participating in the resource sector. Key customers for Alinta's
power stations in Pilbara include BHP Billiton Limited (A3
negative) and Roy Hill (unrated).

"We believe Alinta's exposure to resource sector counterparty
risk has eased as commodity prices have rallied from recent
lows," says Ng. "Stable commodity prices support the ongoing
operations of Alinta's mining and resources customers in the
Pilbara region, and in turn will lower its exposure to early
contract re-negotiations."

The positive outlook on Alinta's ratings reflects Moody's
expectation that the company's financial profile could further
improve following a resolution of its long-term ownership
structure. Moody's understands that Alinta's existing
shareholders -- who are predominantly financial investors -- are
seeking to exit from the business.

Over the medium term, Alinta's credit profile could be affected
by the Western Australia state government's plans to reform the
State's energy markets, including the opening of both retail
energy and gas markets to full competition within the next five
years. Whilst such reform will increase competition in Alinta's
core residential gas business, it will simulaneously present the
company with new opportunities in the State's residential
electricity market, where Alinta's brand and current market
position could provide it with a competitive advantage.

Alinta's ratings could be upgraded if its ratio of funds from
operations (FFO) to debt improves to above 17% and its
FFO/interest coverage remains above 2.5x -- 2.75x on a sustained
basis, following clarification of its long-term ownership
structure.

On the other hand, Alinta's rating could come under pressure if
Moody's expects a material deterioration in its financial
metrics, as indicated by its FFO/debt ratio falling below 12%
and/or interest cover below 2x on a sustained basis. Such
deterioration could be result from (1) an adverse change in the
company's financial policy as a result of a change in ownership,
or (2) a weakening in its operating environment including adverse
regulatory developments or a material weakening in key
counterparty credit quality. An indication of the company
experiencing difficulties in refinancing its upcoming debt
maturities could also pressure the rating.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Alinta is an energy retailer based in Australia with a gas and
electricity retail presence in Western Australia and to a lesser
extent in the east coast national electricity market, serving
around 800,000 customers. It is also owns and operates six
intermediate or peaking power stations across the country and a
single power station in New Zealand. The company's generation
fleet has a combined generation capacity of around 2,000 MW.


BASS & FLINDERS: First Creditors' Meeting Set for Oct. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bass &
Flinders Distillery Pty Ltd will be held at the offices of
Courtney Jones & Associates, Level 1 Suite 5, 443 Little Collins
Street, in Melbourne, Victoria, on Oct. 21, 2016, at 10:00 a.m.

Norman Kenneth Jones of Courtney Jones & Associates was appointed
as administrator of Bass & Flinders on Oct. 11, 2016.


COMPRI TUBE: First Creditors' Meeting Set for Oct. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Compri
Tube Clean Pty Ltd will be held at the offices of KordaMentha,
Level 10, 40 St Georges Terrace, in Perth, WA, on Oct. 20, 2016,
at 10:00 a.m.

John Bumbak and Cliff Rocke of KordaMentha were appointed as
administrators of Compri Tube on Oct. 12, 2016.


MARITIMO OFFSHORE: First Creditors' Meeting Set for Oct. 21
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Maritimo
Offshore Pty Ltd will be held at the offices of BRI Ferrier
Brisbane, 23/307 Queen Street, in Brisbane City, Queensland, on
Oct. 21, 2016, at 9:30 a.m.

Brian Raymond Silvia and Andrew John Cummins of BRI Ferrier were
appointed as administrators of Maritimo Offshore on Oct. 13,
2016.


OAKVILLE PRODUCE: Mitolo Group Buys Majority Assets
---------------------------------------------------
Bridget Fitzgerald at ABC Rural reports that peak vegetable
industry body AUSVEG said the sale of Australia's largest fresh
potato supplier should give growers confidence after months of
uncertainty.

South Australian-based Oakville Produce went into voluntary
administration in May.

Deloitte Restructuring Service partners Vaughan Strawbridge,
David Lombe and Tim Heenan were appointed joint receivers and
managers of the Oakville Produce group of companies.

In a statement to ABC Rural, a Deloitte spokesman said all
Oakville assets had now been sold.

ABC Rural relates that the spokesman said that as of
September 23, South Australian fresh produce company the Mitolo
Group had taken control of all South Australian-owned farms, as
well as packaging businesses in Brisbane, Melbourne and Sydney.

The completion of the sale of Oakville-owned farms in New South
Wales to another buyer is expected in November, the report says.

The Mitolo Group is a potato and onion packing company with more
than three decades of experience in fresh produce.

According to ABC Rural, AUSVEG spokesman Jordan Brooke-Barnett
said the Mitolo Group was an "established force within the
industry".

"The positive news here is that there seems to be a plan moving
forward for the growers growing those varieties," the report
quotes Mr. Brooke-Barnett as saying.  "You'd hope that Mitolo
would find a market for the Oakville produce."

Since Oakville went into receivership, there have been reports of
suppliers going unpaid, says ABC Rural.

ABC Rural relates that following these accusations, AUSVEG called
for the Australian Competition and Consumer Commission, and the
Australian Securities and Investments Commission, to investigate
the Oakville collapse.  But there has been no update on such an
investigation, and AUSVEG has confirmed it will wait and see how
the Mitolo Group moves forward following the sale.


PERMANENT CUSTODIANS: Moody's Assigns Ba1 Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service, has assigned the following definitive
ratings to notes issued by Permanent Custodians Limited (Trustee)
as trustee of Pepper Residential Securities Trust No.17.

Issuer: Pepper Residential Securities Trust No.17

   -- USD 175.00 million Class A1-ua Notes, Definitive Rating
      Assigned Aaa (sf)

   -- USD 58.2 million Class A1-ub Notes, Definitive Rating
      Assigned Aaa (sf)

   -- AUD 52.7 million Class A1-af Notes, Definitive Rating
      Assigned Aaa (sf)

   -- AUD 201.0 million Class A1-a Notes, Definitive Rating
      Assigned Aaa (sf)

   -- AUD 101.6 million Class A2 Notes, Definitive Rating
      Assigned Aaa (sf)

   -- AUD 76.0 million Class B Notes, Definitive Rating Assigned
      Aa2 (sf)

   -- AUD 15.2 million Class C Notes, Definitive Rating Assigned
      A2 (sf)

   -- AUD 14.4 million Class D Notes, Definitive Rating Assigned
      Baa2 (sf)

   -- AUD 9.6 million Class E Notes, Definitive Rating Assigned
      Ba1 (sf)

   -- AUD 10.4 million Class F Notes, Definitive Rating Assigned
      B1 (sf)

The AUD 4.0 million Class G1 and AUD 8.8 million Class G2 Notes
are not rated by Moody's.

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

RATINGS RATIONALE

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

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

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

The definitive ratings take account of, among other factors:

   -- Class A1-ua Notes, Class A1-ub Notes, Class A1-af Notes and
      Class A1-a Notes benefit from 30.00% credit enhancement
      (CE) and Class A2 Notes benefit from 17.30% CE, while our
      MILAN CE assumption, the loss we expect the portfolio to
      suffer in the event of a severe recession scenario, is
      substantially lower at 16.00%. Moody's expected loss for
      this transaction is 1.60%. The subordination strengthens
      ratings stability, should the pool experience losses above
      expectations.

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

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

A currency swap mitigates the cross-currency risk associated with
the USD-denominated Class A1-ua Notes and Class A1-ub Notes. An
interest rate swap mitigates the interest rate risk associated
with the fixed rate coupon paid by the Class A1-af Notes.
According to the current form of the swap documentation, swap
linkage has no present rating impact on the Class A1-u or Class
A1-af Notes. This is because the linkage between the note ratings
and the rating of the provider of any of the swaps is mitigated
by an obligation to post cash collateral and novate the swap upon
downgrade below A3(cr). For more information, please see the
Cross Sector Methodology 'Approach to Assessing Swap
Counterparties in Structured Finance Cash Flow Transactions'.

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

The key transactional and pool features are as follows:

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

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

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

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

   -- 37.7% of the portfolio consists of loans granted based on
      an alternative documentation (alt doc) basis. For 0.18% of
      the portfolio, Pepper only performed minimal verification.
      These loans have been classified as low doc loans. The alt
      doc loans have been subject to additional verification
      checks over and above the typical checks for a traditional
      low documentation product. These checks include a call from
      a Pepper credit assessor, a declaration of financial
      position and either six months of bank statements, six
      months of Business Activity Statements or an accountant's
      letter in a format specified by Pepper.

   -- 44.7% of the loans in the portfolio were extended to self-
      employed borrowers. Moody's analysis of historical
      delinquency and default data has indicated that loans
      granted to self-employed borrowers have a greater
      propensity to default compared to loans granted to employed
      PAYG borrowers.

   -- Almost the complete portfolio (95.0%) has been originated
      in the second half of 2015 and first half 2016, when the
      interest rates are low and the house prices are growing
      rapidly.

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

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

Based on the current structure, if the MILAN CE Assumption was
24.00%, versus the 16.00% and the Moody's mean expected loss was
2.40% as opposed to 1.60%, the model-implied ratings of the notes
would drop between one and four notches from the currently
assigned levels. Class A2 Notes will be sensitive to one notch
rating migration. Class B will be sensitive to a two notch rating
migration. Class D and Class F will be sensitive to a three notch
rating migration. Class C and Class E will be sensitive to a four
notch rating migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


TAGARA BUILDERS: MBA Seeks Explanation Why ASIC Won't Probe
-----------------------------------------------------------
Lauren Waldhuter at ABC News reports that the Master Builders
Association has demanded an explanation from Australia's
corporate watchdog over why it will not investigate the directors
of failed company Tagara Builders.

ABC News says the construction company collapsed in June last
year with debts of more than AUD20 million, leaving hundreds of
businesses out of pocket.

According to ABC News, liquidators Clifton Hall said they
notified the Australian Securities and Investments Commission
(ASIC) the company may have been trading while insolvent, but
were told the watchdog would not investigate further.

"They have advised at this stage they don't intend to investigate
the matter further," ABC quotes liquidator Simon Miller as
saying.

Ian Markos, from the Master Builders Association, said any
potential breaches of the law should be investigated.

"For everyone to have faith in our legal system and the law then
it has to be enforced," the report quotes Mr. Markos as saying.

"But you have to investigate things to identify if there has been
a breach or not otherwise no-one has confidence in the system.

"It would be good for [ASIC] to explain to the 800 creditors,
many of whom are South Australian businesses, why they aren't
investigating.

"There are a lot of people hurting from this; we have one member
that's lost AUD800,000."

ABC News relates that Clifton Hall said it was hopeful it would
be able to pay a partial dividend to employees affected by the
collapse but it was unlikely unsecured creditors, including sub-
contractors, would receive payments.

In a statement, ASIC said it did not comment on investigations
"or whether we are, in fact, investigating an entity," relays ABC
News.

"In the event that we receive reports from a liquidator
identifying insolvent trading breaches, we may make further
inquiries or take action against the directors, if we consider it
to be in the public interest," the statement read.

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.



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HUAI AN: Fitch Assigns BB+ Issuer Default Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Huai An Traffic Holding Co., Ltd Long-
Term Foreign- and Local-Currency Issuer Default Ratings of 'BB+'.
The Outlook is Stable.

Fitch has also assigned Huai An Traffic's proposed senior
unsecured US dollar notes an expected rating of 'BB+(EXP)'.  The
net proceeds of the proposed issue will be used for general
corporate purposes.  The proposed bonds will be issued directly
by Huai An Traffic and are rated at the same level as its IDR.
The proposed bonds will constitute direct, unconditional,
unsubordinated and unsecured obligations of Huai An Traffic and
rank pari passu with all its other senior unsecured obligations.

The final ratings on the proposed US dollar notes are contingent
upon the receipt of final documents conforming to information
already received.

                       KEY RATING DRIVERS

Links to Huai'an Municipality: Huai An Traffic's ratings are
linked to, but not equalised with, Fitch's internal assessment of
the creditworthiness of Huai'an municipality.  This is reflected
in 100% municipality ownership, strong control and oversight by
the municipality, and to a lesser extent, the strategic
importance of Huai An Traffic's operation to the municipality.
These factors result in a high likelihood of support, if needed,
from the municipality.

Huai'an Municipality's Healthy Creditworthiness: Huai'an, located
in China's Jiangsu province, has a budget performance that is
satisfactory and a diversified socio-economic profile.  Huai'an's
gross regional product growth rate is higher than the national
average and its budgetary performance has improved over the last
decade.  The strengths are partly offset by potentially high
contingent liabilities arising from its public-sector entities.

Strategic Importance Attribute Mid-range: Huai An Traffic is a
major investment and financing platform for transportation-
related infrastructure in the municipality.  Its major activities
include developing, financing, operating and managing toll roads,
airports and shipping docks in Huai'an.  Nevertheless, its
business is relatively diversified, and includes construction,
trading, logistics and tourism outside the municipality, which
potentially undermine the company's strategic importance to the
city.

Sponsor Control Attribute Stronger: The Huai'an municipality sets
the course of Huai An Traffic's strategic development, appoints
most of its senior management and signs off on major decisions.
Huai An Traffic's financing plans and debt levels are also
closely monitored by the municipality.  In addition, Huai An
Traffic regularly reports its operational and financial results
to the municipality.

Integration Attribute Weaker: Municipal subsidies, mainly for
airport and tram operations, will account for about 10% of Huai
An Traffic's annual revenue, or CNY190m over the medium term,
down from 20% up to 2015.  Asset purchases help fund operations
as well as capital spending in transportation-related
infrastructure development.  However, cash influx is at times
provided late, with a subsequent growth in receivables
constraining liquidity, while asset transfers for equity
injections only boost capitalisation.

Weak Financial Profile: Huai An Traffic's leverage remains high
due to its large capex requirements.  The company has negative
FFO, debt/EBITDA of over 20x and its EBITDA interest coverage is
less than 1x.  Fitch expects this trend to continue in the next
two years, driven by ongoing transportation infrastructure
development.  The standalone profile is also weakened by
extensions of the settlement period for asset purchased by the
municipality: while re-calibrations of cash influx help match
liquidity needs for debt repayment, Huai An Traffic's is left
with large account receivables.

                       RATING SENSITIVITIES

Linkage with Huai'an Municipality: A stronger or more explicit
support commitment from Huai'an municipality may trigger positive
rating action on Huai An Traffic.  Significant reduction of the
entity's strategic importance or a dilution in the city's
shareholding that results in a loss of control could widen the
notching down from the sponsor's rating.  Huai An Traffic's
ratings could also be downgraded if a change in Fitch's rating
approach means it is no longer credit-linked to Huai'an
municipality.

Creditworthiness of Huai'an Municipality: An upgrade or downgrade
of Fitch's internal credit view on Huai'an municipality may
trigger similar rating action on Huai An Traffic.

Rating action on Huai An Traffic would lead to similar action on
the rating of the proposed US dollar notes.


JIANGSU SUNSHINE: Unit Completes Bankruptcy Proceeding
------------------------------------------------------
Reuters reports that Jiangsu Sunshine Co Ltd said its Ningxia-
based silicon unit completed bankruptcy proceeding.

Jiangsu Sunshine Co., Ltd. is principally engaged in the
manufacture and sale of woolen textiles and apparels. The Company
provides worsted woolen fabrics, apparel products and wool
products. The Company also involves in generation and
distribution of electric power and steam, and manufacture and
sale of polycrystalline silicon. It distributes its products in
domestic and overseas markets.


MODERN LAND: Fitch Assigns B+ Rating to Proposed US$ Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Modern Land (China) Co., Limited's
(Modern Land: B+/Stable) proposed US dollar senior notes a
'B+(EXP)' expected rating and Recovery Rating of 'RR4'.

The notes are rated at the same level as Modern Land's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company.  The final rating is
subject to the receipt of final documentation conforming to
information already received.

The Chinese homebuilder's ratings are supported by its improving
land-bank quality, low leverage and strong liquidity.  The rating
is mainly constrained by its small scale as well as possible
earnings fluctuations resulting from volatile conditions of the
land market.

                        KEY RATING DRIVERS

Fast Expansion, Larger Scale: Modern Land's reported contracted
sales increased by more than 70% yoy to CNY7.5 bil. in 1H16.
Fitch expects the company to achieve its CNY15bn reported
contracted sales target for the full year based on Modern Land's
project pipeline in 2H16.  Fitch expects Modern Land's
attributable contracted sales to increase in the double digits in
the next two years to above CNY10bn each year, supported by more
than CNY40 bil. of attributable saleable resources, by Fitch's
estimate.

Improving but Small Land Bank: Modern Land's land bank has
strengthened after it extended coverage to more Tier 1 and 2
cities since 2014.  Although Xiantao and Dongdaihe, two Tier 4
cities in China, continue to account for 35% of Modern Land's
attributable land bank by area; Tier 1 cities like Beijing and
Shanghai, and Tier 2 cities like Hefei, Changsha, and Suzhou
account for more than 60% of Modern Land's existing saleable
resources.

However, Modern Land's land bank remains small and is the main
obstacle to expansion.  Its attributable available-for-sale land
bank was merely 2.4 million square metres (sqm) in gross floor
area (GFA) at end-June 2016, compared with attributable sales GFA
of 545,000 sqm in 1H16.  The land bank is enough for less than
two years of sales.  Modern Land is tapping new land acquisition
channels to boost its land reserves, including seeking more M&A
deals, collaborating with governments on green housing, and
cooperating with asset management firms.  Fitch will not consider
further positive rating action until the company achieves a
sustainably larger land bank.

Margin to Recover: Modern Land's gross profit margin (GPM)
dropped to only 19% in 1H16, mainly due to the low-margin
projects and social housing projects delivered in Beijing,
Nanchang and Changsha.  Fitch expects Modern Land's 2H16 GPM to
revert to 20%. Future project GPMs are also likely to remain at
between 20% and 25%.

Low Leverage, Disciplined Financial Policy: Modern Land's
leverage continued to be controlled and comparable with 'B+'-
rated peers in 1H16.  Leverage rose to 26% in 1H16 from 22% in
2014, driven by increased pressure to replenish quality land bank
and the shift towards higher-tier cities.  Fitch expects Modern
Land's leverage to remain below 40% until the company materially
increases its land reserves relative to its sales.

Sufficient Liquidity, Lower Funding Cost: Modern Land's liquidity
remains healthy with total cash of CNY5.7 bil., compared with
short-term debt of CNY3.5 bil. as of end-June 2016.  Modern Land
managed to significantly lower its funding cost to 8.4% in 1H16
from 10.5% in 2015, after the completion of a CNY1 bil. five-year
onshore bond issuance in 1H16 at a 6.4% coupon rate.  Fitch
expects the lower borrowing cost to partially offset a lower GPM
level and strengthen Modern Land's credit profile.

                           KEY ASSUMPTIONS

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

   -- Attributable contracted sales of CNY10bn in 2016,
      CNY12 bil. in 2017, CNY15 bil. in 2018 and CNY18 bil. in
      2019

   -- New land investment to maintain land bank at two years'
      worth of gross contracted sales

   -- Average selling price to increase around 10% each year to
      reflect the higher cost of recently acquired land

   -- Construction cost per square meter of around CNY3,000-4,000
      in 2016-2019

                       RATING SENSITIVITIES

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

   -- Attributable contracted sales sustained above CNY20 bil.
   -- Net debt/adjusted inventory sustained below 30%
      (1H16: 25.9%)
   -- Land bank sufficient for three years of development

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

   -- Land bank insufficient for two years of development
   -- Attributable contracted sales decline below CNY10 bil.
   -- EBITDA margin sustained below 20% (1H16: 13.5% including
      capitalized interest)
   -- Net debt/adjusted inventory sustained above 40%


MODERN LAND: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured
rating to the USD bond to be issued by Modern Land (China) Co.,
Limited.

At the same time, Moody's has affirmed Modern Land's B2 corporate
family rating and senior unsecured debt ratings.

The ratings outlook is stable.

Modern Land will use the proceeds from the proposed issuance
mainly to refinance its existing debt.

RATINGS RATIONALE

"The proposed bond will enhance Modern Land's liquidity and
improve its debt maturity profile, and therefore have limited
impact on its credit metrics," says Anthony Lee, a Moody's
Analyst and also the International Lead Analyst for Modern Land.

Moody's expects Modern Land will use the proceeds from the
proposed bond issuance to mainly repay outstanding debt,
including the RMB1.1 billion notes due in January 2017. The
planned issuance - if it goes ahead - will therefore have limited
impact on Modern Land's credit metrics.

"Modern Land's 1H2016 results were largely in line with our
expectations, and we expect it to maintain stable credit metrics
for the next 12-18 months, supported by its strong sales
performance and growing operating scale," says Cindy Yang, a
Moody's Analyst and also the Local Market Analyst for Modern
Land.

Modern Land recorded a robust sales performance in 1H 2016, with
contracted sales growing 70.6% year-on-year to RMB7.45 billion,
and is on track to meet its contracted sales target of RMB15
billion for 2016.

The company's strong sales performance during the past 12-18
months resulted in 118.6% year-on-year growth in revenue in 1H
2016 to RMB4.27 billion. This growth in turn supported largely
stable credit metrics, despite a considerable decline in profit
margins.

Modern Land's gross profit margin weakened notably to 19% in 1H
2016 from 26% in 2H 2015, primarily due to the recognition of
lower-margin products in 1H 2016. Moody's expects the company's
gross margin to recover to around 21% for the full year 2016 on
the back of the scheduled delivery of higher margin products in
2H 2016, and for its margin to stay around 23% in the next 12-18
months.

Moody's expects Modern Land's EBIT/interest will stay at around
2.3x-2.8x and revenue/adjusted debt at around 75%-80% in the next
12-18 months. Its robust revenue growth -- underpinned by strong
contracted sales -- and the lower funding cost of the proposed
notes should mitigate its contracting margins and increasing debt
to fund land purchases.

The company's liquidity profile remains strong. Its cash balance
of RMB5.7 billion at end-June 2016 and strong contracted sales
will enable it to meet its short-term debt of RMB3.5 billion and
committed land payments in the next 12 months.

Modern Land's B2 corporate family rating reflects its track
record of marketing its concept of comfortable and eco-friendly
homes -- a niche market -- to generate stable sales and adequate
liquidity, tempered by its relatively small scale and the
execution risks associated with its fast pace of expansion.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity and will grow sales as planned,
and that it will adjust its speed of expansion -- in accordance
with market conditions -- to avoid a material deterioration in
its credit profile.

Upward rating pressure could emerge over the medium term if
Modern Land establishes a track record of: (1) growing its scale
and establishing its brand in new locations outside home market
over the next 1-2 years; (2) maintaining a reasonable cash
balance of around 10%-12% of total assets; and (3) strong
financial discipline in its land acquisitions, with homebuilding
EBIT/interest coverage above 3.0x and revenue/adjusted debt over
85%-90% on a sustained basis.

Downward rating pressure could emerge if (1) Modern Land's
liquidity position and ability to generate operating cash flow
prove to be weaker than our expectations, owing to declining
contracted sales, aggressive land acquisitions, or the emergence
of more severe regulatory controls on China's property sector;
(2) prices decline, and revenue recognition is slower than
expected, or if profit margins further fall, negatively affecting
interest coverage and financial flexibility; or (3) the company
engages in material debt-funded acquisitions.

Metrics indicative of downward rating pressure include its
balance sheet cash -- including restricted and unrestricted cash
-- falling below 10% of total assets or 100% of short-term debt,
and/or its homebuilding EBIT/interest coverage weakening below
1.5x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Modern Land (China) Co., Limited was founded in 2000 in Beijing
by Mr Zhang Lei, now its chairman, who is a real estate developer
in China. The company specializes in developing comfortable
housing units, and is one of the few early leaders in China's
green and eco-friendly lifestyle market.

The company listed on the Hong Kong Stock Exchange in July 2013.
As of end-June 2016, it had approximately a total land bank of
4.8 million square meters (excluding investment properties and
properties held for own use) in gross floor area (GFA) located in
cities such as Beijing, Shanghai, Nanjing, Suzhou, Hefei,
Taiyuan, Xi'an, Changsha, Wuhan, Nanchang, Dongdaihe, Jiujiang,
Xiantao and Foshan.


SHANXI ROAD: S&P Assigns 'BB' CCR; Outlook Stable
-------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to Shanxi Road and Bridge Construction
Group Co. Ltd. (SXRB).  The outlook is stable.  In addition, S&P
assigned its 'cnBBB-' long-term Greater China regional scale
rating to the company.  At the same time, S&P also assigned its
'BB' issue rating and 'cnBBB-' long-term Greater China regional
scale rating to SXRB's new senior unsecured notes.

SXRB is a transportation infrastructure construction services
provider, and plans to transform as a toll road operator and a
major toll road financing and investing company in Shanxi
province over the next four years.

"We base our rating on SXRB primarily on the credit profile of
the Shanxi provincial government," said S&P Global Ratings credit
analyst Joseph Lin.  "In our opinion, SXRB has a very high
likelihood of receiving timely and sufficient extraordinary
government support if it comes under any financial stress."

The rating also reflects the company's 'b' stand-alone credit
profile (SACP) underpinned by its very high leverage, slim
interest coverage, a small but growing toll road portfolio, and
its good market position in road construction in its home market.

S&P's assessment of extraordinary government support to SXRB is
based on these company characteristics:

   -- Very important role.  Shanxi provincial government has
      designated SXRB as the most important toll road financing,
      investing, and operating platform in Shanxi in addition to
      its core highway bridge construction business.  S&P expects
      the company to serve an important role by sharing the
      provincial government's responsibility of developing and
      operating the majority of the toll road network in Shanxi
      over the 13th five-year plan period.  Additionally, S&P
      expects the company to remain a market leader in provincial
      toll road and highway construction, as demonstrated by the
      strong track record of about 70% of the major toll road
      construction projects in Shanxi.

  -- Very strong link. SXRB is wholly owned by Shanxi State-owned
     Assets Supervision and Administration Commission (SASAC).
     SASAC sets the budget and strategic initiatives of the
     company and the government appoints all senior management.
     The company has a policy role and social responsibility to
     provide an essential public good in Shanxi.  S&P expects
     this to remain the case in the next 24 months.  SXRB will be
     the beneficiary of well-articulated toll road asset
     transfer transactions (TOT) at cost with the Transportation
     Bureau. The bureau will fund up to 25%, in the form of
     capital injection, of each build-operate-transfer BOT)/TOT
     transaction.

"Our assessment of the Shanxi provincial government reflects our
view of the province's exceptional liquidity, satisfactory
financial management, average budgetary flexibility, and
budgetary performance," said Mr. Lin.  "Shanxi's very high debt
burden and contingent liability, as well as the very weak economy
weigh on the assessment of the province's credit profile."

Over the next two to three years, S&P expects provincial growth
to fluctuate with commodity prices due to the high concentration
of Shanxi's economy in coal, coalbed gas, and bauxite.

Shanxi province's liquidity profile is exceptional.  S&P projects
the province's cash holdings and liquid assets to exceed 100% of
debt servicing over the next 12 months.  However, the
government's debt will remain high.  S&P expects that revenue
growth will remain faster than debt as ongoing infrastructure
spending is unlikely to abate in the next 12-18 months.  The very
high contingent liability mainly stems from the large borrowings
of its state-owned coal enterprises.  This is tempered by strong
central government support, including a capacity-cutting program,
which pushed up coal prices, and a loan restructuring program
supported by China Banking Regulatory Commission.

S&P expects SXRB's balance sheet to remain highly leveraged
because of ongoing construction-related capital expenditure and
toll-road acquisition expenditure over the next two years.  SXRB
has an unproven and relatively small toll road operating scale,
and geographic concentration.  A partial mitigating factor is the
government's ongoing support, such as the well-documented
transfer plan for toll road assets and its initiatives to expand
the expressway network.  Given these factors, S&P assess SXRB's
SACP as 'b' and its business risk profile as fair.

The toll road transfer plan is a work-in-progress and subject to
execution risk as suggested by the delay of the scheduled
transfer in 2016.  S&P's base case incorporates the assumption
that the government would complete the transfer of the first
batch of assets in 2016, and will continue to transfer assets
annually over the next four years.  S&P expects that the
government would transfer a total of 2590 kilometers (km) of toll
roads by 2020. The government will determine the purchase
consideration of the toll roads based on the construction cost of
these assets.

In view of the transfer plan, S&P expects SXRB's business model
and mix of the company to undergo material changes starting this
year.  The business will anchor around construction with over 70%
of EBITDA from this segment.  S&P sees the growing EBITDA
contribution from the toll road operating segment as asset
transfers and BOT construction projects start to complete over
the next two to three years.  Toll road operations will represent
30%-35% of EBITDA in 2018 from about 23% in 2015.

Currently, the operating scale of the toll road operating segment
is small compared with that of other provincial toll road
operators, but S&P expects it to grow from less than 5% market
share in the toll road segment in 2015 to about 40% in 2018.  The
operating mileage of the company will grow from the current 192
km as of June 30, 2016, to about 1,000 km by year-end 2017 and
about 1,500 km in 2018.

SXRB's construction segment has a good market position in Shanxi
with about 70% share of the major projects from 2013-2015.  Over
the next two to three years, the company's BOT backlog is strong
with about Chinese renminbi (RMB) 6.57 billion under construction
and about RMB91.5 billion planned for the next two to three
years. The total construction capital expenditure (capex) should
be RMB4 billion in 2016 and increase to RMB30 billion-RMB35
billion in 2017-2018.

S&P expects SXRB's profitability profile to be dependent on the
performance of the construction segment, and the EBITDA margin to
gradually increase to 16%-18% from 12%-14% as the higher-margin
toll road operating segment contributions begin to increase.

SXRB's preponderance of debt from the company's expansion over
the next several years underpins S&P's assessment of the
company's financial risk profile as highly leveraged.  S&P
expects EBITDA interest coverage of 1x-1.5x and free operating
cash flow to interest to remain negative for the next 24 months.

The stable outlook reflects S&P's view of a stable credit profile
of the Shanxi government.  It also reflects S&P's expectation
that SXRB will benefit from the successful transfer of TOT toll
road assets and granting of BOT projects, and a very high
likelihood of receiving timely and sufficient extraordinary
support from the provincial government in the next 24 months.

S&P could downgrade SXRB if:

  -- S&P assess that the credit profile of Shanxi province has
     deteriorated materially; or

  -- There is any likelihood of an adverse development of asset
     transfers, or a policy or priority shift regarding the
     company's role in the provincial toll road development plan.
     A declining government ownership stake or a weakening
     government control or oversight, or significant increase in
     the company's involvement in competitive segments other its
     core businesses could indicate such a scenario.

A pure deterioration in SACP is unlikely to trigger a downgrade
at the moment.

The upside is limited.  The scenarios in which S&P could upgrade
the company include:

  -- S&P believes the credit quality of Shanxi provincial
     government has improved materially; or

  -- A significant improvement, i.e. two-notch upgrade, in SXRB's
     SACP.


YESTAR INTERNATIONAL: Moody's Rates USD200MM Sr. Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
Yestar International Holdings Company Limited's (Ba3 stable)
USD200 million, 6.9%, 5-year senior notes, due 15 September 2021.

The outlook is stable.

RATINGS RATIONALE

The definitive rating assignment follows Yestar's completion of
its USD bond issuance, the final terms and conditions of which
are consistent with Moody's expectations.

The provisional rating was assigned on Sept. 7, 2016, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds from the note issuance will be used to refinance
and/or repay existing indebtedness, fund future capital
expenditure and acquisitions, and for working capital and general
corporate purposes.

The principal methodology used in this rating was Distribution &
Supply Chain Services Industry published in December 2015.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar International Holdings
Company Limited is the largest distributor of Fujifilm products
in China and has been transforming itself into a high-margin
medical consumables manufacturer and distributor since 2014.



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


A.S. EMPORIUM: CRISIL Assigns B+ Rating to INR55MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of A.S. Emporium and assigned its CRISIL B+/Stable'
rating to the facility. CRISIL had, in its Rating Rationale dated
Dec. 29, 2015, announced suspension of the rating since ASE had
not provided information necessary for a rating review. ASE has
now shared the requisite information, enabling CRISIL to assign
the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              55       CRISIL B+/Stable (Assigned;
                                     suspension revoked)

The rating reflects ASE's modest scale of operations in the
intensely competitive and fragmented textile industry, and below-
average financial risk profile, marked by modest networth and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the textile industry.
Outlook: Stable

CRISIL believes ASE will continue to benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' if a sustainable
increase in revenue and profitability strengthens its financial
risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected cash accrual, or any large
debt-funded capital expenditure weakens the financial metrics.

Set up in 2001 as a partnership firm by Mr.  Selvaraj and his
wife Mrs Subhadra, ASE trades in knitted fabric. The firm is
based in Tirupur, Tamil Nadu.


AASHKA HOSPITALS: CRISIL Lowers Rating on INR331.5MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Aashka Hospitals Private Limited to 'CRISIL D' from 'CRISIL
B/Stable'. The downgrade reflects instances of delay by AHPL in
servicing its term debt because of weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              331.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

AHPL has exposure to risks related to nascent stage of operations
and limited track record of promoters in managing hospital
operations. Also, its financial risk profile is below-average,
with high gearing, and weak debt protection metrics. However,
AHPL benefits the promoters' extensive experience in the
structural consulting industry.

AHPL, incorporated in 2012, is currently setting up a multi-
specialty hospital at Gandhinagar, Ahmedabad (Gujarat). The
hospital is scheduled to commence operations from May 2015. The
company is promoted by Mr. Bipin Shah, Dr Kaushik Gajjar, Dr Raj
Raval, and Dr Parag Thakkar, who are stakeholders in the
hospital.


BHADRESH AGRO: CARE Lowers Rating on INR75cr Loan to 'D'
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Bhadresh Agro Venture Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term/Short term          75.00      CARE D Revised from
   Bank Facilities                          CARE BB+/CARE A4+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Bhadresh Agro Venture Limited is on account of the delays in the
servicing of debt obligations.

Incorporated in September 2009, Bhadresh Agro Venture Ltd. is
involved in the trading of cotton and cotton fabric. The company
is a part of larger group, whose flagship company; Bhadresh
Trading Corporation Ltd. is an Indian cotton exporter. BAVL was
established primarily to expand the group's domestic cotton
trading business with growing demand of cotton in India
especially from textile mills. In FY15, BAVL earned approximately
91.67% of its revenue from domestic trading and the remaining
from exports.


BHANDARI STEELS: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhandari Steels
Limited continue to reflect the company's average financial risk
profile, marked by weak debt protection metrics, and its working-
capital-intensive operations. These rating weaknesses are
partially offset by BSL's established market position and its
promoters' extensive experience in the steel product trading
business.

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

   Electronic Dealer        70      CRISIL B+/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Letter of Credit         50      CRISIL A4 (Reaffirmed)

   Term Loan                20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BSL will benefit over the medium term from
its established position and its promoters' extensive experience
in the steel product trading industry. The outlook may be revised
to 'Positive' in case of significant increase in revenue and
improvement in net cash accruals while improving its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in operating margin or debt
protection metrics, thereby adversely affecting its debt-
servicing ability.

BSL, part of the Bhandari group, is currently managed by Mr.
Jitendra Bhandari, belonging to the Chennai-based Bhandari
family. The company was established in 1999 by the late Mr.
Dinesh Bhandari. The company trades in various steel products
like CR SS coils, SS tubes, seamless tubes, angles, beams, SS
rods, and other wide range of steel products. The company's
registered office is located in Chennai (Tamil Nadu).


BRILLIANT SPACES: ICRA Lowers Rating on INR32.50cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised its rating on the INR35.00 crore, fund-based
limits of Brilliant Spaces Limited (erstwhile Ubiquity Digital
Card Systems Limited) to [ICRA] D from [ICRA]C.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               32.50       [ICRA]D Revised
   Unallocated              2.50       [ICRA]D Revised

The rating revision is driven by delay in debt servicing by BSL.
While the company has been able to lease around 40.5% of the
total saleable/leasable area till FY2017, it has not been
consistent in its debt servicing. Though partial bookings have
been made, the exposure to market risk remains very high given
the high competition in the Indore commercial real estate.

Going forward, a track record of timely debt servicing, driven by
a sustained improvement in liquidity will be the key rating
sensitivity.

BSL was incorporated in 1999 as Ubiquity Digital Card Systems
Limited, and is developing its first project (Brilliant Titanium)
in Indore (Madhya Pradesh). The name of the company was changed
to its present name in September 2016. The project is a
commercial complex located on a land area of 71,882 sq. ft. with
a saleable area of 3,33,721 sq. ft. As on September 2016, the
company has leased out 40.5% of the total saleable/leasable area
and has sold about 8.0% of the area.

The company is an associate of M/s Brilliant Estates Ltd. which
has been promoted by Mr. Sanjay Choudhary. The group is focused
on constructing commercial premises for Indian corporates, Multi-
national companies and IT/ITES companies and has successfully
constructed and leased about a million square feet area of
commercial space. Some of the group's existing customers include
Oracle, Mphasis, CSC, Xerox, IBM, HDFC bank and Government of
Madhya Pradesh.


CAPTAIN TRACTORS: ICRA Assigns B+/A4 Rating to INR10cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ and [ICRA]A4
to the INR10.00 crore unallocated limits of Captain Tractors
Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Unallocated Limits      10.00      [ICRA]B+/[ICRA]A4; Assigned

The assigned ratings are constrained by CTPL's low profitability
and modest return indicators as reflected by an operating profit
margin of 6.5% and RoCE of 13.6% as on March 31, 2016. The
ratings also take into account the company's stretched capital
structure. Higher reliance on interest bearing debt has resulted
in gearing remaining high at 3.4 times as on March 31, 2016.
Lower profitability has also resulted in coverage indicators
remaining modest, as reflected by interest coverage, NCA/TD and
Debt Service Coverage Ratio (DSCR) remaining at 1.6 times, 8% and
1.0 time, respectively, by the end of FY2016. ICRA also notes
CTPL's stretched liquidity position because of consistently
higher inventory holding, causing net working capital intensity
to remain high at 32% as on March 31, 2106. The company witnesses
intense competition from several local, unorganized players as
well organized players in the industry.

The ratings, however, positively consider the significant
experience of CTPL's promoters in the tractor manufacturing
business. ICRA also notes the healthy growth in CTPL's revenue as
it registered a CAGR of 17.6% during the FY2012 to FY2016 period.
This revenue growth is supported by its wide and established
network of dealers across India. The ratings take into account
CTPL's diversified product offerings with several variants in the
mini tractor segment, wide range of farm equipment, tractor parts
and implements.

ICRA expects CTPL's revenues to improve by over 12% in FY2017;
although it faces challenges in terms of establishing its own
brand among the existing reputed players in the industry. The
company's ability to grow its revenue, improve its profitability,
and its ability to generate sufficient cash flow to meet its
repayment obligations to help reduce its reliance on debt, while
improving its liquidity position for meeting its working capital
requirements through better management of inventory, will all
remain the key rating sensitivities.

Incorporated in 1994, Captain Tractors Private Limited is engaged
in the business of manufacturing tractors and implements (farm
equipment). After successfully manufacturing mini tractors in
1998, the company obtained approval for beginning commercial
operations of tractors in 2001. From 2002, it started
manufacturing implements in order to provide a complete package
for farming purposes. CTPL is predominantly present in the
domestic market; however, it also transacts in overseas markets
such as Saudi Arabia, Iran, Bangladesh, Sri Lanka, Nepal, Myanmar
and several African nations.

CTPL is currently managed by seven directors. Mr. G.T. Patel and
Mr. M.T. Patel are the founders of the firm, with more than two
decades of experience in the field of tractor manufacturing.

Captain Tractors Private Limited has three group concerns -
Captain Agrotech, a dealer arm of CTPL engaged in trading
tractors and implements on retail basis; Captain Agri Machinery
Exim LLP, a merchant exporter, mainly for CTPL; and Jark Pharma
Private Limited, an investment firm where the directors of CTPL
have made investments.

Recent Results
During FY2016, the firm registered a net profit of INR0.9 crore
on an operating income of INR72.6 crore.


DHANLAXMI TEXTILES: ICRA Assigns B+ Rating to INR38.97cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and a short term
rating of [ICRA]A4 to the INR47.50 crore line of credit of
Dhanlaxmi Textiles Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, Fund
   Based TL                38.97       [ICRA]B+ Assigned

   Long Term, Fund
   Based - CC               6.25       [ICRA]B+ Assigned

   Long Term-
   Unallocated              1.03       [ICRA]B+ Assigned

   Short Term, Non
   Fund Based BG            1.25       [ICRA]A4 Assigned

The assigned rating takes into consideration the modernized setup
of manufacturing facility which will offer higher operational
efficiencies resulting in improved profitability. It also factors
in the derived demand from nearby and well established textile
clusters in the Solapur and Ichalkaranji region that will support
revenue visibility and project feasibility. The rating also
considers company's eligibility for the fiscal incentives like
interest subsidy and capital subsidy on long-term debt meant for
setting up the manufacturing facilities which will likely reduce
the debt burden and improve profitability of the company.
Moreover diversified business interest of key personnel may also
act as cushion and provide support to the company in times of
industry downturn.

The rating is, however, constrained by the moderate execution
risk and completion risk, though sanctioned bank loan provides
comfort by mitigating funding risk. Rating also factors in
company's relatively modest scale of operations (post commercial
operations), which restricts economies of scale, exposure of its
revenues and profitability to volatility in cotton and yarn
prices and its presence in the medium count segment in a highly
fragmented spinning industry, where high competition coupled with
low product differentiation limits pricing flexibility.

Going forward, the ability of the company to improve its scale of
operations and profitability while maintaining/moderating its
working capital intensity remain the key rating sensitivities.
M/s Dhansmruti Textiles Private Ltd is a private limited company
incorporated on 29.03.2010, in the name of M/s Dhansmruti Agro
Farms Private Limited. Later, the name of the said company has
been changed to M/s Dhansmruti Textiles Private Limited. The
Company has proposed to set up a Spinning Mill with 18720
spindles capacity to manufacture medium and fine counts of carded
yarns. The Installed Capacity of the Unit will be 37 Lac Kg. per
annum. The company is promoted by Solapur based Deshmukh family.
Mr. Sanjay Narayan Tate, Mr. Narayan Bhagawan Tate and Mr. Vishal
Popat Magar are the directors of the company. The group also
comprises of three major units viz. M/s Mangalam Enterprises
engaged in construction business , M/s Dhansmruti Buildcon Pvt
Ltd engaged in civil contracts in Irrigation works of different
governments dept. across Maharashtra state and M/s Dhansmruti
Petroleum which is a retail outlet of BPCL for MS, HSD &
Lubricants.


DQ ENTERTAINMENT: CARE Lowers Rating on INR155.58cr LT Loan to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of DQ
Entertainment International Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     155.58     CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of DQ
Entertainment International Limited is on account of delays in
debt servicing at the back of stretched liquidity position owing
to delayed realization from debtors.

DQE was incorporated in April 2007 as Animation and Multimedia
Pvt Ltd in Hyderabad. DQE is listed in Alternative Investment
Market (AIM) market of London Stock Exchange, UK, and Bombay
Stock Exchange and National Stock Exchange in India. DQE is
engaged in the business of animation, gaming, live action content
production, licensing and distribution. The company has 1,732
associates globally with world class facilities for content
creation and production in 2D, CGI, 3D-Stereoscopic, visual
effects (VFX), Game Art.

The company's three main products and services are animation
production services, co-owned content development and
intellectual property development & distribution. It also
provides training services for the production of animated
television series and movies as well as licenses programmed
distribution rights to broadcasters, television channels, and
home video distributors.

DQE is associated globally with major Intellectual Properties
(IPs) such as The Jungle Book, The New Adventures of Peter
Pan, 5 & IT, Adventures of Lassie, Robin Hood and many more in
partnership with international and national broadcasters,
distributors, licensees and large independent producers,
especially in Europe & the USA.

During FY16 ( refers to the period April 01 to March 31), DQE has
posted a PBILDT of INR91.78 crore (FY15: INR92.16 crore)
and PAT of INR24.14 crore (FY15: INR29 crore) on a total
operating income of INR190.05 crore (FY15: 183.69 crore).


GK SHELTERS: ICRA Suspends 'D' Rating on INR50cr Term Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR50 crore
term loan facilities of GK Shelters 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.


HEERA RICE: CRISIL Assigns B+ Rating to INR175MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Heera Rice Mills and assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had, on July 31,
2015, suspended the rating as HRM had not provided the necessary
information required for a review. The firm has now shared the
requisite information, enabling CRISIL to assign a rating to its
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             175       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Warehouse Receipts       75       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan      1          2.8     CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Fund-Based       2.2     CRISIL B+/Stable (Assigned;
   Bank Limits                       Suspension Revoked)

The rating reflects HRM's small scale of operations in the
fragmented rice industry, and its weak financial risk profile
because of high gearing and subdued debt protection metrics. The
rating also factors in the firm's large working capital
requirement and low profitability leading to modest return on
capital employed. These weaknesses are partially offset by its
partners' extensive experience in the rice milling industry.
Outlook: Stable

CRISIL believes HRM will continue to benefit from its partners'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' in case of significantly
higher-than-expected cash accrual or substantial capital
infusion, and efficient working capital management. The outlook
may be revised to 'Negative' in case of lower-than-expected cash
accrual or larger-than-expected working capital requirement, or
sizeable, debt-funded capital expenditure, exerting pressure on
the firm's liquidity.

HRM, set up in 2008, mills and sorts rice. It produces polished
and unpolished rice, and sells to exporters. The firm has milling
capacity of 12 tonne per hour (tph) and sorting capacity of 20
tph in Assand, Haryana. It is managed by Mr.  Satish Goel and his
family members.


ISHWAR CABLES: ICRA Reaffirms 'B' Rating on INR6.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B to the
INR6.00 crore fund based bank facilities of Ishwar Cables Private
Limited. ICRA has also re-affirmed its short term rating of
[ICRA]A4 on the INR1.00 crore non fund based bank facilities of
ICPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit              6.00      [ICRA]B; reaffirmed

   Non Fund Based-
   Bank Guarantee           1.00      [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the company's modest
scale of operations and the highly competitive and fragmented
nature of the industry it operates in, with the presence of
numerous players in both the organized and the unorganized
sectors. The rating also takes into consideration the high
customer concentration to which the company is exposed, wherein
~90% of its operating income is derived from sales to its own
group company, Ishwar Metal Industries. The rating also factors
in the thin margins the company reported due to falling
realizations in FY2016 with operating margins and net profit
margins of 1.95% and 0.31% as compared to 2.17% and 0..77%
respectively in FY15. The rating is also constrained due to the
deteriorating capital structure of 4.21 times as on March 31,
2016 as against 3.24 times as on March 31, 2015. However, ICRA
draws comfort from the established track record of the promoters
in the electronics industry and the strong order book position of
the company, which gives a healthy near term revenue visibility.
Going forward, ICPL's ability to grow at a healthy growth rate
and revive its profitability and improve the capital structure
will be the key rating sensitivity.

ICPL was established on Feb. 10, 2006 by Mr. Rahul Chaudhary and
his family as a private limited company to cater to the cables
and wires requirements of IMI. However, in FY14, the shareholding
was transferred to Mr. Arpit Chaudhary and Ms. Sunita Matoria.
The firm manufactures high and low voltage wires and cables,
mostly used by State Power Utilities. The manufacturing unit of
the firm is located in Jaipur Industrial Area, Rajasthan.

Recent Results
ICPL reported an Operating Income (OI) of INR68.85 crore and a
net profit of INR0.21 crore for 2015-16, as compared to an OI of
INR13.65 crore and a net profit of Rs.0.10 crore for the previous
year. For 2016-17 (6 months), on a provisional basis, the company
reported an OI of INR52 crore.


JM FERRO: CARE Lowers Rating on INR12.0cr Short Term Loan to 'D'
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of JM Ferro
Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    12.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the rating assigned to the bank facilities of JM
Ferro Alloys Private Limited takes into consideration the delay
in debt servicing.

JM's ability to establish clear track of servicing of its debt
obligations with improvement in liquidity position is the key
rating sensitivity.

Incorporated in 2011 as private limited company, JM is engaged in
the business of trading of steel products, namely, Hot Rolled
(HR) sheets/coils/CTL, Galvanized Plain (GP) coil/sheet, scrap,
Pipe, Tube, TMT bars and others.

JM's products find application mainly in automobile, electrical,
construction and consumer durable industry. Around 60% of JM
purchases are from the domestic market and balance is imported
indirectly through agents. Revenues are generated entirely from
the domestic market.

JM stocks traded material at its warehouse situated at Kalamboli
and supplies as per the customer's requirements.


JSM DEVCONS: ICRA Suspends 'B' Rating on INR37.75cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B on INR37.75
crore bank lines of JSM Devcons Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


KONAGALLA SATYANARAYANA: ICRA Suspends B+ Rating on INR7.5cr Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR7.50 crore fund
based and unallocated bank facilities of Konagalla Satyanarayana
& Others. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.


LEESUN CERAMICS: CARE Assigns B+ Rating to INR9.32cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Leesun Ceramics Tiles Co.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.32       CARE B+ Assigned
   Short-term Bank Facilities    2.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Leesun Ceramics
Tiles Co. are primarily constrained on account of its small scale
of operations along with loss in first full year of operations,
leveraged capital structure, moderate debt coverage indicators
and weak liquidity position. Furthermore, the ratings are also
constrained on account of partnership nature of constitution,
presence into highly fragmented industry along with fortunes
dependent on real estate market and susceptibility of margins to
volatility in raw material and power & fuel costs.

The ratings, however, derive comfort from the experienced
promoters, increase in scale of operations in FY16 (refers to
the period April 1 to March 31), established marketing network of
the group along with the locational advantage having presence
into ceramic hub.

LCTC's ability to increase its scale of operations and profit
margins in light of volatile raw material and fuel costs would
remain the key rating sensitivities. Furthermore, improvement in
capital structure and debt coverage indicators would also remain
crucial.

Wankaner-based (Gujarat) LCTC, was established in 2013 by Mr.
Manoj Patel, Mr. Mukesh Sontaki, Mr. Manoj Amrutiya and Mr.
Jadevji Bopaliya. The firm is engaged into manufacturing of
ceramic digital printed wall tiles. LCTC has commenced its
operations from August 2014 and FY16 was its first full year of
operation. LCTC's manufacturing facilities are located at
Wankaner city of Gujarat having total installed capacity of
around 48,000 MTPA (8000 boxes per day) as on March 31, 2016,
which are mainly used in residential and commercial. LCTC sells
its products under the brand name "Leesun Tiles".

LCTC belongs to Sunshine Group and there are also other group
entities which are also involved in the same line of business
known as Sunshine Tiles Co. Pvt. Ltd. (STCPL, engaged into
manufacturing of vitrified ceramic tiles), Sungracia Tiles Pvt.
Ltd. (STPL, engaged into manufacturing of ceramics glazed tiles &
its allied activities), Grenic Tiles Pvt. Ltd. (GTPL, rated 'CARE
BB-/CARE A4' and engaged into manufacturing of ceramic wall tiles
and floor tiles), Grenic Minerals (GMN, engaged into
manufacturing of ceramic clay).

As per the audited results for FY16, LCTC reported a TOI of
INR10.08 crore with a loss of INR0.62 crore as compared with
TOI of INR2.22 crore and loss of INR1.84 crore in FY15. During
5MFY17 (Provisional), LCTC has registered a TOI of INR4.21
crore.


MERIDIAN EDUCATIONAL: ICRA Assigns 'B' Rating to INR130cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR130.00
crore fund based limits of Meridian Educational Society.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits      130.00       [ICRA]B assigned

The assigned rating is constrained by the weak capital structure
with gearing of 2.84 times as on March 31, 2016 and modest
coverage metrics of the society with interest coverage ratio of
2.28 times, NCA/Debt of 13% for FY2016 on account of large debt
funded expansion undertaken by the society to upgrade
infrastructure at existing schools and to setup 3 new schools in
Hyderabad and Andhra Pradesh. Further, the rating also considers
substantial repayments to be made over the next 4 years are
contingent on increase in accruals from existing schools and
timely receipt of advances from given to promoters and group
companies. The rating is further constrained by the limited
growth in fees over the last 3 years due to high competition and
fee regulations; and highly regulated education industry that
keeps in check the growth in fee realizations. The rating,
however, positively factors in the nearly two decades of
promoter's experience in the education industry; and strong brand
presence of the schools with experienced faculty and
infrastructure facilities which has resulted in healthy occupancy
levels with enrolments growing from 3122 in AY2013 to 4405 in
AY2017. ICRA also notes the favorable outlook for the Indian
education sector given that ~30% of India's population is below
14 years of age.

Going forward, the ability of the company to timely complete the
construction without cost overruns, ramp up the operations of the
new schools, and maintain healthy admission levels at existing
schools would remain the key credit rating drivers from credit
perspective.

Meridian Educational Society was established in 1995 in Hyderabad
with the commencement of first campus at Banjara Hills. This was
followed by three other schools at Madhapur (2006), Kukatpally
(2008) and Jubilee Hills (2010, pre-school) in Hyderabad. The
society currently runs these 4 schools under the name 'Meridian
School' with an aggregate strength of 4500 students from Nursery
to Class XII. All the schools are affiliated to Central Board of
Secondary Education (CBSE). MES is a part of the Butta Group
which has business interests in hospitality, automobile
dealerships and retail segments. The Group is promoted by Mr.
B.S. Neelakanta and his wife Mrs. B. Renuka.

Recent Results
As per the provisional financials for FY2016, the society
reported revenue receipts of INR71.26 crore and surplus income of
INR2.19 crore as against revenue receipts of INR66.30 crore and
surplus income of INR1.65 crore during FY2015.


NANDINI CREATION: CRISIL Reaffirms 'B' Rating on INR65MM LT Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of continues to
reflect Nandini Creation's large working capital requirement and
modest scale of operations in the highly competitive textile
industry. The rating also factors in a modest financial risk
profile, with a small networth and high gearing. These weaknesses
are partially offset the experience of NC's proprietor and an
established customer base.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            10         CRISIL B/Stable (Reaffirmed)
   Long Term Loan         65         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NC will continue to benefit over the medium term
from its established customer base. The outlook may be revised to
'Positive' if significant scaling up of operations and
profitability, or substantial equity infusion strengthens the
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' if aggressive, debt-
funded capital expenditure, or lower-than-expected revenue and
operating profit margin lead to deterioration in the financial
risk profile.

The business risk profile is marked by a modest scale of
operations, moderate profitability margins, and moderately
working capital-intensive operations. Revenue stood at INR109.0
million in fiscal 2016 almost doubling from INR59.8 million in
fiscal 2015. Despite scaling up of operations, with increased
jobwork income from agreement with Mafatlal Industries Ltd
(Mafatlal; rated 'CRISIL BBB-/Stable/CRISIL A3') and addition of
customers in its garment manufacturing and sales segment, the
scale has remained modest. Operations will likely remain working
capital intensive, with high gross current assets of 191 days in
as on March 31, 2016, because of sizeable receivables of 154
days. While revenue is expected to grow at over 15% in the medium
term, with profit after tax margin expected to be at 1.5-1.8%;
operations should remain working capital intensive, with expected
high gross current assets of over 200 days.

The financial risk profile remains weak, with small networth,
high gearing, and below-average liquidity. Networth, at INR15.8
million as on March 31, 2016, is likely to improve to over INR33
million, backed by equity infusion of INR15 million in fiscal
2017 and expected improvement in accretion to reserves. The
gearing remained high at 4.9 times due to large working capital
borrowings. The gearing will likely improve with equity infusion,
but remain high at over 2.0 times. Debt protection metrics remain
moderate, with interest coverage and net cash accrual to total
debt ratios of 2.68 times and 0.12 time, respectively, in fiscal
2016. Liquidity remains stretched, with high bank limit
utilisation and availing of ad hoc limits to fund the working
capital requirement; however, cash accrual should be sufficient
to meet debt obligation over the medium term.

Established in 2011, NC is an Ahmedabad-based proprietorship firm
promoted by Mr. Mahesh Agarwal. It manufactures garments, mainly
women's kurtis. The firm procures grey fabric and outsources the
weaving, dyeing, and finishing activities. It undertakes
stitching in-house. In fiscal 2015, NC set up its own weaving
capacities and started undertaking weaving on a jobwork basis for
Mafatlal.


NIROS ISPAT: CARE Hikes Rating on INR58.55cr LT Loan to BB-
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Niros Ispat
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      58.55     CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities     11.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Niros Ispat Private Ltd takes into account of improvement in
financial performance in FY16 (refers to the period April 1 to
March 31) and 5MFY17.

The ratings continue to be constrained by intense competition in
the iron and steel industry, profitability susceptible to
volatility in raw-material prices, working capital intensive
nature of operations, cyclicality in the steel industry and
moderate financial risk profile with tight liquidity position.
The ratings, however, continues to draw strength from experienced
promoters and strategic location of the plant with proximity to
source of raw materials. Ability of the company to maintain its
scale of operation & improve operating margin and efficient
management of working capital would remain the key rating
sensitivities.

Niros Ispat Private Limited, incorporated in 2001, is engaged in
manufacturing of sponge iron (with an installed capacity of
97,500 MTPA), billets (30,000 MTPA) along with a waste heat
recovery based captive power plant of 8MW at Bhilai,
Chhattisgarh. The company was initially promoted by Mr. Sunil
Mittal and Mr. Anil Agrawal. In FY09, Mr. Mittal sold his entire
stake and Mr. Siddheswar Agrawal & Mr. Ashish Goyal were inducted
as new promoters with equal share of one-third in the company.

During FY16, NIPL reported PAT of INR0.25 crore (as against loss
of INR4.83 crore in FY15) on a total operating income of
INR234.68 crore (as against INR258.71 crore in FY15). In 5MFY17,
NIPL reported a PBT of INR0.35 crore on a total income of
INR81.06 crore.


RAJESWARI AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rajeswari
Automotives Pvt Ltd continue to reflects RAPL's exposure to
intense competition and to principal concentration risk in the
automobile dealership business, and its modest scale of
operations. These rating weaknesses are partially offset by the
extensive industry experience of RAPL's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding
   Facility                40       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      26.4     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company records
steep increase in topline while maintaining operating margin,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of low revenue or profitability, aggressive debt-funded
capital expenditure, or stretch in working capital cycle weakens
the financial risk profile.

Update
For Fiscal 2016, operating income is estimated at around Rs100
million, a steep decline over the previous year owing to closure
of working capital limits with Tata capital finance and muted
demand in the industry. The operating margin has declined to
around 5 percent from on account of modest scale of operations
leading to lower economies. RAPL business performance has
marginally recovered during 2015-16 with year to date revenues of
about INR58 million for the four months ended July 2016.  CRISIL
believes that business will improve moderately over the medium
term, supported by steady sales and capacity expansion.

The financial risk profile remains subdued because of a small
networth and high gearing of around INR26 million and 2.8 times,
respectively, as on March 31, 2016. Debt protection metrics were
weak, with interest coverage ratio of 0.6 times in Fiscal 2016.
The financial risk profile is expected to remain weak over the
medium term owing to lower accretion to reserves.

Liquidity will remain moderate, with estimated annual cash
accrual of INR9-10 million over the medium term, against debt
obligation of INR3 ~ 5 million per annum Fiscals 2017 and 2018.
Bank line utilisation was moderate, averaging 80 percent for the
3 months through June 2016.However, liquidity is comforted by
need-based funding support from promoters, which has remained
around INR20 million as on March 31, 2016.

RAPL, incorporated in 2012, is an authorised dealer and service
provider for NISSAN Motors India Pvt Ltd. Its day-to-day
operations are managed by Mr. Sreenaath Baskaran.


RAMKA SILK: CRISIL Lowers Rating on INR250MM Packing Credit to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facility
of Ramka Silk House Private Limited to 'CRISIL D' from 'CRISIL
A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          250       CRISIL D (Downgraded from
                                     'CRISIL A4+')

The rating reflects instances of overdues of over 30 days in its
working capital limits on account of weak liquidity.

RSHPL has stretched working capital cycle leading to weak
liquidity. Moreover, it faces intense competition in the
fragmented textile segment. The company, however, benefits from
established experience of promoters.

Established in 2002, RSHPL, promoted by Mr. Sharad Rochlaney and
Mr. Kiran Rochlaney, manufactures and exports embroidered fabric
and garments. The company procures fabric or yarn depending upon
requirement, provides the designs, and gets the processing and
embroidery done on a jobwork basis.


SAI OM: CRISIL Lowers Rating on INR20MM Cash Loan to 'B'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sai Om Petro Specialities Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed the company's short-term bank
facilities at 'CRISIL A4'.

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

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

   Letter Of Guarantee      45       CRISIL A4 (Reaffirmed)

The downgrade reflects the pressure on liquidity due to
lengthening of the working capital cycle. Gross current assets
stood at 319 days as on March 31, 2016, on account of large
inventory of 100 days and receivables of up to 125 days.
Furthermore, weakened business risk profile due to pressure on
margin leads to cash loss during the year. The ratings also
factor in a below-average financial risk profile, inadequate debt
protection metrics, and stretched liquidity.

The ratings reflect SOPSL's modest scale of operations, low
profitability, and large working capital requirements. These
rating weaknesses are partially offset by the extensive
experience of SOPSL's promoter in petroleum waste refining
Outlook: Stable

CRISIL believes SOPSL will benefit from its promoter's
significant experience. The outlook may be revised to 'Positive'
if better-than-expected scale of operations, along with improved
profitability, leads to higher-than-expected accrual. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected working capital requirement or large, debt-funded
capital expenditure, leading to pressure on the financial risk
profile.

Incorporated in 1994, SOPSL is based in Mumbai, and is promoted
by Mr. Purshottam Sharma. The company reprocesses and refines
used and waste oils.


SAMDARIYA ABHUSHAN: ICRA Assigns B+ Rating to INR25cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR25.0-crore fund based facility of Samdariya Abhushan Pvt Ltd.
ICRA has also assigned the rating of [ICRA]B+ to the INR25.0 cr
proposed fund-based bank facilities of SAPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based facility      25.0       [ICRA]B+; Assigned
   Proposed fund based
   facility                 25.0       [ICRA]B+; Assigned

ICRA's assigned rating derives comfort from the long experience
of the promoters in the jewellery retailing business especially
in Jabalpur, Madhya Pradesh, and its strong brand presence in the
region and diversity in SAPL's revenues which are spread across
multiple stores. The ratings however remain constrained on
account of the moderate financial profile of the company
characterized by modest net margins and leveraged capital
structure resulting in weak debt coverage and stretched liquidity
position. In FY2016, the company registered a revenue degrowth of
16% owing to weak market and industry wide strike in March 2016.
SAPL's elevated inventory levels expose it to fluctuating raw
material prices in absence of hedging mechanism apart from
increasing the working capital requirements.

ICRA notes that the company is in expansion mode wherein it plans
to set up more outlets. The company proposes to avail gold metal
loan to fund its operations. The impact of the expansion and
funding on SAPL's coverage indicators as well as SAPL's ability
to register growth in scale of operation while improving
profitability and its liquidity position will be the key rating
sensitivities.

Incorporated in 2004, Samdariya Abhushan Pvt. Ltd. is a private
limited company promoted by the Samdariya family of Jabalpur,
Madhya Pradesh. The company is engaged in retailing of gold,
diamond and studded jewellery in the cities of Jabalpur and Katni
under its brand 'Samdariya Abhushan'. The company operates two
outlets in Jabalpur and one outlet also in Katni region. The
company also operates two other outlets in another group entity.

Recent Results
The company reported an operating income of INR81.87 crore and a
net profit of INR0.16 crore in FY2016 as against an operating
income of INR97.37 crore and a net loss of INR0.14 crore for
FY2015.


SHREE GURU: ICRA Reaffirms 'B' Rating on INR6cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR6.00 crore fund based bank facilities of Shree Guru Nanak Dev
Rice Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term                6.00        [ICRA]B; reaffirmed

The rating reaffirmation takes note of the small scale of
operations, highly competitive nature of the rice milling
industry and the vulnerability of the firm's profitability to
fluctuations in raw material prices. The high gearing of the
firm, arising out of substantial debt funding of working capital
requirements, coupled with low profitability, has resulted in the
firm's weak coverage indicators. Further, the rating continues to
factor in agro climatic risks, which can impact the availability
of the basic raw material. However this risk is partially offset
by the proximity of the mill to major rice growing areas which
results in easy availability of paddy. The rating also favorably
takes into account the year on year growth in the turnover in the
past and extensive experience of the promoters in the rice
industry.

Going forward, the firm's ability to register revenue growth, and
bring about a sustained improvement in its coverage indicators
will be the key rating sensitivities.

SGRM is a partnership firm which was set up in 2008 by Mr.
Gurcharan Singh and is currently being managed by four partners
with equal profit sharing ratio. The firm is engaged in the
trading and manufacturing of basmati and non basmati rice. Its
manufacturing plant is located in Cheeka (Haryana) with a milling
capacity of 4 tonnes per hour. The firm has fully automated
plant. The by-products of basmati rice viz husk, rice bran and
'phak' are sold in the domestic market.

Recent Results
SGRM reported a net profit of INR0.01 crore on an operating
income of INR18.95 crore for 2014-15, as compared to a net profit
of INR0.01 crore on an operating income of INR18.66 crore for the
previous year.


SHREE RAM: CARE Assigns B+ Rating to INR30cr Long Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree Ram
Cottex Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       30       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Ram Cottex
Industries Private Limited is constrained by its moderate scale
of operations, high leverage, thin profitability and modest debt
protection indicators. The rating is further constrained by the
susceptibility of its operating margins to the volatile cotton
prices and its presence in a highly fragmented and working
capital intensive cotton ginning industry.

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

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

Gondal-based (Rajkot, Gujarat) SRC is engaged in cotton ginning
and pressing to produce cotton bales. Earlier, SRC operated as
partnership firm - Shree Ram Cottex Industries till its
conversion to private limited company in September 2013. SRC is
managed by Mr. Ramnik Bhalala and Mr.  Dinesh Bhalala and has a
cotton ginning and pressing unit at Gondal (Rajkot) in Gujarat.

As per the provisional results for FY16 (refers to the period
April 1 to March 31), SRC reported a total operating income
(TOI) of INR219.83 crore with a profit after tax (PAT) of INR0.22
crore as against a TOI of INR199.51 crore with a PAT of
INR0.32 crore in FY15 (Audited).


SHRINET & SHANDILYA: ICRA Suspends 'D' Rating on INR3cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR3.0 crore fund based limits and INR50.0 crore to the non
fund based limits of Shrinet & Shandilya Construction Pvt Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SRI SRINIVASA: ICRA Suspends B+/A4 Rating on INR10cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to INR10.00
crore fund based and non fund based bank facilities of Sri
Srinivasa Rice Mill. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.


TAPTI VALLEY: ICRA Withdraws 'D' Rating on INR20cr Term Loan
------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D assigned to the INR20.00
crore bank limits of Tapti Valley Education Foundation, as the
company has fully repaid the instrument on maturity.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               20.00        [ICRA]D withdrawn

There is no amount outstanding against the rated instrument.



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


ALAM SYNERGY: Moody's Rates Proposed Sr. Unsec. Notes Issue B2
--------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of B2 to the proposed 2022 senior unsecured notes to be
issued by Alam Synergy Pte. Ltd., a wholly owned subsidiary of
Alam Sutera Realty Tbk (P.T.) (B2 stable). The notes are
guaranteed by Alam Sutera and some of its subsidiaries.

Alam Sutera will use all of the net proceeds towards redeeming
the USD225 million 2019 senior unsecured notes issued by Alam
Synergy Pte. Ltd.

RATINGS RATIONALE

"While Alam Sutera will borrow approximately extra USD15 million
for the premium on early redemption, the company's pro-forma
leverage should remain broadly stable, because the additional
debt will be offset by amortized payments on its existing IDR
loans," says Jacintha Poh, a Moody's Vice President and Senior
Analyst.

"More importantly, the refinancing exercise will extend Alam
Sutera's weighted average debt maturity profile, with the
company's next major debt maturity of USD235 million coming due
only in 2020," adds Poh, who is also the Lead Analyst for Alam
Sutera.

For the year ending 31 December 2016, Moody's expects that Alam
Sutera's revenue will grow around 20% year-on-year, led by
contributions from its collaboration with China Fortune Land
Development Co., Ltd (unrated), and greater revenue recognition
in 2H 2016 upon the completion of its development projects.

Moody's therefore expects that Alam Sutera's adjusted
debt/homebuilding EBITDA will measure around 3.0x and adjusted
homebuilding EBIT/interest coverage will stand at around 4.0x.

For the 12 months to 30 June 2016, Alam Sutera had an adjusted
debt/homebuilding EBITDA of around 5.0x and adjusted homebuilding
EBIT/interest coverage of around 2.0x.

Moody's points out that while Alam Sutera's total marketing sales
for the nine months to 30 September 2016 (IDR1.3 trillion)
represented only 26% of its target for 2016 (IDR5.0 trillion),
the sales figure remains broadly in line with Moody's base case
expectation of around IDR2.5 trillion-IDR3.0 trillion.

The outlook on Alam Sutera's B2 corporate family rating is
stable, reflecting the company's adequate liquidity position and
lack of near-term refinancing risk.

Alam Sutera's B2 rating continues to reflect its ownership of a
large and low cost land bank, which has allowed the company to
generate strong gross profit margins of above 50%. The rating
also takes into account the company's sound financial management,
as seen by the calling and redemption of its 2017 USD bond with
cash on hand in March 2015, and the scale back of its expansion
plans in 2015 to conserve cash.

However, the rating is constrained by Alam Sutera's cash flow
volatility, because the bulk of its earnings will likely be
driven by land sales transactions rather than core property sales
or development. Furthermore, its high-rise office building
development in central Jakarta and expansion into Bali's tourism
sector have increased its development and execution risks.

Alam Sutera's rating is unlikely to be upgraded over the near to
medium term, but an upward rating trend could emerge, if it shows
progress in achieving core marketing sales of at least IDR4
trillion over a 12-month period and demonstrates its ability to
maintain a stable financial profile, such that adjusted
debt/homebuilding EBITDA is below 3.5x and adjusted homebuilding
EBIT/interest expense is above 3.0x.

In particular, Moody's would look for Alam Sutera to maintain a
strong liquidity position, supported by a long-dated debt
maturity profile.

On the other hand, the rating could be downgraded, if Alam
Sutera's financial and liquidity profiles weaken owing to: (1)
the company's failure to execute its business plans, (2) a
deterioration in the property market, leading to protracted
weakness in the company's operations and credit profile, and (3)
a material depreciation in the rupiah, which could increase the
company's debt-servicing obligations.

Moody's would also consider downgrading the rating, if the
company: (1) fails to improve its weakening revenue/adjusted debt
levels, (2) demonstrates an adjusted debt/homebuilding EBITDA in
excess of 5.0x, (3) exhibits an adjusted homebuilding
EBIT/interest expense below 2.0x, and/or (4) shows insufficient
cash to cover its short-term debt obligations.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Established on 3 November 1993, Alam Sutera Realty Tbk (P.T.) is
an integrated property developer in Indonesia, with a sizeable
land bank of 2,225 hectares in gross area as of 30 June 2016. The
company focuses on the sale of land lots in accordance with
township planning requirements, as well as property development
in residential and commercial segments in Indonesia.


BUMI SERPONG: Fitch Assigns BB- Rating to USD200MM Sr. Notes
------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Bumi Serpong Damai
Tbk's (BSD, BB-/Stable) USD200 mil. 5.5% senior unsecured notes
due in 2023 a final rating of 'BB-'.  The notes are issued by
BSD's wholly owned subsidiary Global Prime Capital Pte. Ltd. and
guaranteed by BSD and its subsidiaries.

The final rating follows the receipt of documents conforming to
the information already received and is in line with the expected
rating assigned on 28 September 2016.  The notes are rated in
line with BSD's senior unsecured rating, as they represent
unconditional, unsecured and unsubordinated obligations of the
company.

BSD will use most of the proceeds from the new notes to buy back
part of its existing USD225 mil. 6.75% senior unsecured notes,
which are due in 2020, to lengthen the company's debt maturity
profile and reduce its average borrowing costs.  The rest of the
proceeds from the new issue will be used for business expansion
and working capital.

Fitch estimates that, on a pro-forma basis, BSD's leverage (net
debt/adjusted inventory) will increase to around 20% after the
note issue, compared with 17% at end-June 2016.  The company's
ratio of investment property EBITDA to net interest expense will
reduce to 1.9x after the new issue from 2.0x at end-June 2016.
These ratios are within Fitch's parameters for BSD's 'BB-'
rating.

                        KEY RATING DRIVERS
Presales Outperformed Peers: BSD's marketing sales improved 8%
year over year in 2Q16.  However marketing sales fell 27% in 1H16
compared with the same period last year due to a weak 1Q16 as
most Indonesian developers delayed property launches amid weak
demand. Fitch continues to expect BSD to sell around IDR6.4 tril.
of properties in 2016, which is close to the company's own target
of IDR6.8 tril.  Marketing sales of the other seven Indonesian
homebuilders that Fitch tracks fell by 43% in 1H16 and 32% in
2Q16, compared with their corresponding periods in 2015.  BSD's
diversity across property products and price points is a key
driver of its performance, allowing the company to adjust its
sales plans to match demand.

Strong Recurring Cash Flow: Investment properties (IP) generated
around USD67 mil. in EBITDA in 2015.  In 1H16, IP EBITDA
increased by 3% over the corresponding period last year to IDR438
bil.  The company owns 18 assets, including suburban retail malls
catering to the mass market, a mix of prime and suburban office
space and two resort hotels.  While IP EBITDA growth has lagged
Fitch's expectations due to slower ramp-up of some of BSD's newer
properties, overall occupancy was strong at 95%.  Asset
concentration is modest, with the five largest IP assets
accounting for 62% of IP revenue in 2015.

Subsidiary Owns Investment Property: Most of BSD's investment
property is held through its 88.56% owned listed subsidiary, PT
Duta Pertiwi Tbk (DUTI).  A significant dilution in BSD's
ownership of DUTI, although not expected in the medium term, may
reduce BSD's access to DUTI's recurring cash flow and increase
risk to BSD's creditors.

Strong Balance Sheet, Large Land Bank: BSD has a track record of
maintaining a strong balance sheet.  At the end of June 2016, its
leverage was just 16.8%.  Fitch expects leverage to remain below
25% over the medium term.  BSD's land bank amounted to 39.5
million square meters at the end of 2015.  Uniquely, the title to
around 63% of BSD's land bank is under the company founders'
names, an arrangement dating back to BSD's inception.  A legally
binding agreement confers the rights to develop the land to BSD.
To be conservative, Fitch has excluded the portion of land under
the founders' names from its leverage calculation.  But it should
be noted that this agreement has not been breached since its
inception.

High Capex, Geographically Concentrated Sales: BSD expects to
spend around IDR8trn between 2016 and 2018 on expanding its
investment property portfolio to over 30 properties.  Fitch
expects execution risk to be mitigated by the company's track
record of successfully developing similar properties.  BSD
anticipates spending a further IDR2 tril. on land banking
annually until 2018.  In 2015, nearly 70% of BSD's presales were
within the BSD City township in the Serpong region outside
Jakarta, but were diversified across various residential and
commercial clusters.

                           KEY ASSUMPTIONS

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

   -- Presales of IDR6.4trn in 2016
   -- Cash collection cycle on development projects to remain
      between two to three years on average, in line with current
      trends
   -- Investment properties to generate around IDR1.2 tril.
      EBITDA in 2016
   -- BSD to spend over IDR6trn on capex in 2016 and 2017 and
      around IDR4 tril. on land banking over the same period

                        RATING SENSITIVITIES

Positive: Fitch does not expect BSD's ratings to be upgraded in
the next 24 months, given the company's evolving investment
property portfolio compared to higher rated international peers
and high capex and execution risks related to the investment
property expansion.  Over the longer-term, these may result in an
upgrade:

   -- Increased scale and granularity of the investment property
      portfolio, so it generates EBITDA of more than USD120 mil.,
      with the five largest assets accounting for less than 50%
      of revenue in this segment
   -- Investment property EBITDA/net interest expense higher than
      2.5x
   -- Leverage sustained below 30%

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

   -- Investment property EBITDA/net interest expense sustained
      below 1.75x
   -- Leverage sustained above 40%

                              LIQUIDITY

Strong Liquidity: At the end of June 2016, BSD had IDR5.6 tril.
of eadily available cash against IDR8.8 tril. of gross debt.
IDR2 tril. of debt consists of short-term secured working capital
facilities, with a further IDR403 bil. of current maturities and
capital leases.  Fitch expects BSD to generate a free cash
outflow of around IDR800 bil. in 2016, after factoring in capex
and land banking.  The company also has a further IDR750 bil. of
approved but unutilized credit facilities outstanding.



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


TOSHIBA CORP: Foreign Investors Sue Over Accounting Scandal
-----------------------------------------------------------
Thomson Reuters reports that Toshiba Corp on Oct. 6 said a group
of investors had sued the company for JPY16.7 billion ($162.29
million) in damages over its false profit statements, the largest
single claim of compensation over the accounting scandal so far.

Thomson Reuters relates that Toshiba said 45 mainly foreign
institutional investors filed a lawsuit in the Tokyo District
Court. Toshiba was notified of the action on Oct. 5.

Toshiba said the filling follows 15 other suits seeking a
combined JPY15.3 billion in compensation for damages stemming
from the $1.3 billion accounting scandal last year, the report
says.

According to the report, Japan Trustee Services Bank filed a suit
against the company in August seeking JPY12 billion.

Toshiba last year admitted to reporting inflated profits going
back to 2008, adds Thomson Reuters.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



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


SLEEP OVERS: Sells Two Lodges; Now Placed Into Liquidation
----------------------------------------------------------
Tracey Roxburgh at Otago Daily Times reports that two Queenstown
lodges placed into receivership in February have sold, but they
and their sole shareholding company have now been placed in
liquidation.

According to the report, Evergreen Lodge, at Sunshine Bay, and
Remarkables Mountain Lodge, on Kingston Rd, were sold by tender
for a total of NZ$3.87 million.  However, the second receiver's
report says both property companies and their shareholding
company Sleep Overs Limited were placed into liquidation on
September 15, ODT says.

The sole director of all three companies is Elliot Sgargetta, of
Australia.

ODT relates that the receiver's report, prepared by Andrew Hawkes
and Vivian Fatupaito, of KPMG, said it was decided to continue
operating both lodges, given  demand for accommodation in the
area and to assist with obtaining the best sales price.

Twelve tenders were received for Remarkables Mountain Lodge, from
NZ$550,000 to NZ$1.9 million, and eight for Evergreen Lodge, from
NZ$950,000 to NZ$2 million, ODT discloses.  One tender was
received for both properties for NZ$2.5 million.

"There were conditions attached to the top tenders for each
property and the receivers negotiated to obtain 'clean' tenders
for each property.

"The total funds received from the property sales was NZ$3.87
million.

"Previous valuations obtained by ASB Bank . . .  valued [both] at
a combined amount of NZ$3.36million under forced sales
conditions."

Both sales included chattels. ASB Bank had, to August 4, been
paid NZ$3,340,861.98c in respect of money owed by Sleep Overs
Ltd, with a NZ$10,000 payment made to Diamond Red Limited in
settlement of its security over chattels  to ensure the property
sales could proceed.

The only preferential creditor for the shareholding company was
Inland Revenue,  but because no tax or GST returns were completed
by the company, the amount of that claim had not yet been
quantified.

That company's GST status was the main outstanding matter for the
receivers, their report said, adds ODT.



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


MARCO POLO: Noteholders Approve SGD50 Mil. Note Restructuring
-------------------------------------------------------------
The Business Times reports that noteholders on Oct. 14 gave the
nod to proceed with the proposed restructuring of SGD50 million
medium term notes (MTN) issued by Marco Polo Marine.

According to the report, Marco Polo said some 172 votes,
representing 97.18% of the votes cast at the noteholders'
meeting, were in favor of the MTN restructuring proposal.

Noteholders holding an aggregate SGD44.25 million, or 88.5% in
principal amount of the outstanding MTN, were present at the
meeting, the report says.

The Business Times notes that the majority vote clears the path
for the redemption of the SGD50 million notes that were maturing
in October 2016 to be pushed back until 2019.

In exchange, Marco Polo had offered a second ranking mortgage on
the land in Batam where its shipyard is located as security. An
additional interest of 1.5% will also be paid in two instalments
to noteholders - 0.5% in advance of the original maturity date of
Oct 18 this year and the remaining 1% payable in October 2017.

The company has requested for the trading halt to be lifted
following the announcement on the green light for the MTN
restructuring proposal, the report adds.

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering
services, which relates to charter hire activities, and Ship
building and repair services, which relates to ship building and
ship repair activities. Its shipping business consists of
offshore support and marine logistics services, and relates to
the chartering of offshore supply vessels (OSVs), which include
anchor handling tug supply vessels (AHTS) for deployment in the
regional waters, including the Gulf of Thailand, Malaysia,
Indonesia and Australia, as well as the chartering of tugboats
and barges to customers, which are engaged in the mining,
commodities, construction, infrastructure and land reclamation
industries. Its shipyard business relates to ship building, as
well as the provision of ship maintenance, repair, outfitting and
conversion services that are carried out through its shipyard in
Batam, Indonesia.



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


HANJIN SHIPPING: Puts Asia-U.S. Operations Up for Sale
------------------------------------------------------
Kim Jaewon at Nikkei Asia Review reports that Hanjin Shipping
said on Oct. 14 that its Asia-U.S. operations are going up for
sale, as a step toward paying off KRW6 trillion ($5.3 billion)
worth of debt and getting out from under court protection.

Nikkei relates that the troubled shipper intends to accept
letters of interest from potential buyers for two weeks, through
Oct. 28.  Qualified bidders will have the opportunity to conduct
due diligence for five days, from Oct. 31 to Nov. 4, Nikkei says.

The South Korean company, which has been under court protection
since Sept. 1, declined to comment on its price target, the
report notes.

According to the report, Hanjin said in a statement that it
obtained permission from the Seoul Central District Court to
"push for the M&A deal as part of our efforts to end the
bankruptcy protection."  Nikkei relates that the company said the
operations include human resources and shipping assets for
connecting key ports in Asia and the U.S., such as Busan,
Shanghai and Los Angeles. Accountancy Samil PwC has been
appointed the lead manager for the sale.

Analysts, however, are skeptical of the plan, since the assets in
question have been hurt by the chaos that followed Hanjin's
bankruptcy filing in late August, says Nikkei. "Selling business
networks is effective only when they are working properly," the
report quotes Shin Ji-yoon, an analyst at KTB Investment &
Securities, as saying. "It would be reasonable to [say] that much
of its business networks collapsed."

Local media reported that Hanjin has contacted global shipping
leaders such as Maersk and MSC about joining the bidding, but the
company declined to confirm this, according to Nikkei. Both
Maersk and MSC launched their own trans-Pacific services last
month, aiming to fill the void left by Hanjin's fall.

                      About Hanjin Shipping

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

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

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

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

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

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



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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
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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