TCRAP_Public/161019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 19, 2016, Vol. 19, No. 207

                            Headlines


A U S T R A L I A

180 DEGREES: First Creditors' Meeting Scheduled for Oct. 26
LEETON SOLDIERS: Officially Released from Administration
MESOBLAST LTD: Strategy Highlighted at Business Council Meeting
MONKCORP PTY: First Creditors' Meeting Set for Oct. 25
PETER HARCOURT: First Creditors' Meeting Set for Oct. 27

QUEENSLAND NICKEL: Liquidators to Pursue Other Palmer Cos.
WIN'S HOLDING: First Creditors' Meeting Slated for Oct. 26


C H I N A

HUAI'AN DEVELOPMENT: Fitch Rates USD300MM Sr. Unsec. Debt 'BB+'
SUNAC CHINA: Moody's Lowers CFR to B2; Outlook Stable


H O N G  K O N G

CHINA FISHERY: Seeks Nod to Expand Scope of Goldin Employment


I N D I A

AA AGRO: CRISIL Assigns 'D' Rating to INR150MM Cash Loan
ABC RAILROAD: CRISIL Suspends 'B' Rating on INR110MM Cash Loan
ABW INFRASTRUCTURE: ICRA Suspends D Rating on INR210cr Bank Loan
ALFA MOULDING: CRISIL Suspends B+ Rating on INR50MM Cash Loan
ANIL SPECIAL: ICRA Suspends 'D' Rating on INR32.41cr Loan

ANILKUMAR CONSTRUCTION: CRISIL Reaffirms B- Rating on INR35M Loan
ANTONY ROAD: CARE Assigns B+ Rating to INR25cr Long Term Loan
BABYLON AGRO: CRISIL Suspends 'B' Rating on INR200MM Term Loan
CALISTA HOTELS: CRISIL Suspends B- Rating on INR250MM LT Loan
DINESH SOAPS: CRISIL Lowers Rating on INR600MM Loan to 'D'

DIVINE BOARD: CARE Assigns 'B' Rating to INR3.0cr Long Term Loan
EMCO PRESSMASTER: CRISIL Lowers Rating on INR50MM Cash Loan to B
ETCO INDUSTRIES: CARE Lowers Rating on INR140.56cr Loan to D
GARG RICE: ICRA Suspends 'B' Rating on INR13cr LT Loan
GULF ORIENT: ICRA Lowers Rating on INR5cr Cash Loan to B+

HARIDWAR HIGHWAYS: CARE Reaffirms B+ Rating on INR981.09cr Loan
HITECH PRINT: CRISIL Reaffirms B Rating on INR100MM Cash Loan
HORIZON DREAM: ICRA Withdraws D Rating on INR9.8cr Term Loan
INDIA INFRACON: CRISIL Suspends B+ Rating on INR10MM Cash Loan
KASIM COAL: CRISIL Downgrades Rating on INR50MM Loan to 'D'

KRISHNA CONTAINERS: CRISIL Cuts Rating on INR377MM Loan to D
KRITI PRINTERS: CRISIL Assigns B+ Rating to INR85MM Cash Loan
KTC THREADS: CARE Assigns B+ Rating to INR2.87cr Long Term Loan
LANCO BABANDH: CARE Reaffirms D Rating on INR8,344cr Term Loan
LIGHTCITY CERAMIC: CRISIL Suspends 'B' Rating on INR52.7MM Loan

MADHYA BHARAT: CRISIL Assigns B- Rating to INR150MM Term Loan
MEENAKSHI INFRA: ICRA Suspends 'C' Rating on INR165cr Bank Loan
MICRO LOGISTICS: ICRA Lowers Rating on INR7cr Cash Loan to B+
MODERN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR30.5MM Loan
MUKTAR INFRASTRUCTURE: CRISIL Cuts Rating on INR301.5MM Loan to D

MUTNEJA RICE: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
NINANIYA ESTATES: CRISIL Hikes Rating on INR325MM Term Loan to B
PACIFIC PIPE: CRISIL Suspends 'D' Rating on INR642MM Term Loan
PARTHAS: CARE Reaffirms B+ Rating on INR12.45cr Long Term Loan
PAWAN OIL: CRISIL Puts B+ Rating on Notice of Withdrawal

RATHORE FREIGHT: CRISIL Suspends D Rating on INR52.5MM Cash Loan
S. J. LOGISTICS: ICRA Lowers Rating on INR17cr Cash Loan to B+
SAI RAM: CRISIL Suspends B- Rating on INR45MM Cash Loan
SAMAGRA SIKSHANA: ICRA Suspends 'B' Rating on INR17.52cr Loan
SATYAWATI SUBODH: CRISIL Suspends C Rating on INR125MM Term Loan

SEVCON INDIA: CRISIL Reaffirms B Rating on INR37.5MM Cash Loan
SHAH AGRI: CRISIL Assigns B+ Rating to INR65.0MM Cash Loan
SHREE RAMESHWAR: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
SHRI JEET: CRISIL Suspends 'D' Rating on INR50MM Term Loan
SINGLA JEWELLERS: CRISIL Suspends B+ Rating on INR150MM Cash Loan

SREE NARAYAN: CRISIL Reaffirms B+ Rating on INR130MM Cash Loan
ST. MARY'S: CRISIL Suspends 'C' Rating on INR70MM Term Loan
TAMILNADU JAIBHARATH: CRISIL Reaffirms B- Rating on INR260MM Loan
UNICON ENGINEERS: ICRA Raises Rating on INR7.20cr Loan to B+


I N D O N E S I A

ALAM SUTERA: Fitch Assigns 'B+' Senior Unsecured Notes Rating


M A L A Y S I A

1MALAYSIA: Swiss Prosecutors File Criminal Proceedings v. Falcon


N E W  Z E A L A N D

CREDIT UNION: Fitch Publishes 'BB' LT Issuer Default Rating


P H I L I P P I N E S

SECURITY BANK: Fitch to Withdraw Ratings for Commercial Reasons


S I N G A P O R E

EZRA HOLDINGS: Seeks Bondholders Consent to Amend Terms of Notes
RICKMERS MARITIME: Rickmers Holding Sells 100% Shares


S O U T H  K O R E A

HANJIN SHIPPING: Hyundai Merchant Mulls Bid for Lucrative Route
STX OFFSHORE: Court May Announce Sale Plan This Week


S R I  L A N K A

UNION BANK: Fitch Affirms 'BB+' National Long-Term Rating


                            - - - - -


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


180 DEGREES: First Creditors' Meeting Scheduled for Oct. 26
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of 180
Degrees Outdoor Pty Ltd will be held at the offices of Nicols +
Brien, Level 2, 350 Kent Street, in Sydney, on Oct.  26, 2016, at
11:00 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
of 180 Degrees on Oct. 14, 2016.


LEETON SOLDIERS: Officially Released from Administration
--------------------------------------------------------
Talia Pattison at The Irrigator reports that after three long
years of operating under voluntary administration terms, the
Leeton Soldiers Club is officially back on its feet.  However,
club president Barry Greatz said this was no time for the
business to rest on its laurels.

In early 2013, Leeton's largest club was hours away from closing
its doors permanently, the report recalls.

The Irrigator relates that administrators were called in and the
community was called on to assist in raising hundreds of
thousands of dollars to ensure that didn't happen.

According to the Irrigator, the community got behind its club,
but it was then up to the Soldiers Club board and staff to
tighten the ship, make improvements and prove it could pay off
its debt.

That has now been achieved and the club has been formally
released from the deed of company arrangement with its creditors,
which was facilitated by administrators RSM Australia, the report
says.

"(The) club is an important institution in the Leeton landscape
and it has re-established itself as a leader in the hospitality
industry in Leeton," the report quotes Mr. Greatz as saying.
"Our club employs over 60 (people) and contributes over $1
million annually to the Leeton economy through wages alone, and
provides vital customer services for many business people in the
area.

"We still have many challenges in front of us, but with the
continued support of our members, and the community, our club
will strive to remain the best possible venue for all patrons now
and into the future.

"We also acknowledge the valuable contribution of club members,
Leeton Shire Council and the "Save our Soldiers" group for their
contribution and support over the period of administration."

The Irrigator says the news of the official release came on the
back from a solid year financially for the club. For the 2015-16
year, the club posted a financial trading profit of $331,931.


MESOBLAST LTD: Strategy Highlighted at Business Council Meeting
---------------------------------------------------------------
Mesoblast Limited gave a strategic update on its product
commercialization plans in Japan.  Mesoblast was the sole life
sciences or healthcare company invited to participate in the 54th
annual meeting of the Australia-Japan Joint Business Council,
held in Melbourne from October 9-11.

Mesoblast Chief Executive Silviu Itescu told more than 400
business leaders from Japan and Australia that the Company's
strategy is to leverage results from its global Phase 2 and 3
clinical trials to support regulatory filings for conditional and
full product approvals by its commercial partners for the
Japanese market.

In February 2016, Mesoblast's Japan licensee for acute graft
versus host disease, JCR Pharmaceuticals Co. Ltd., launched
TEMCELL HS Inj., in Japan.  TEMCELL is the first allogeneic cell-
based medicine to receive full regulatory approval in Japan.
Mesoblast is entitled to receive royalties and other payments at
pre-defined thresholds of cumulative net sales.

Mesoblast's most advanced product candidate, MPC-150-IM, with
blockbuster potential for the treatment of heart failure, is well
positioned to meet criteria for conditional approval under the
new Japanese Pharmaceuticals, Medical Devices and Other
Therapeutic Products Act for regenerative medicines, and for full
approval.

MPC-150-IM is currently in an advanced Phase 3 trial across
multiple sites in North America with an interim analysis of the
trial's primary endpoint planned for the first quarter of 2017.
Results from this trial could support Japanese regulatory filings
and product launch, in conjunction with data in a limited number
of Japanese patients.  Mesoblast is engaged in active discussions
with potential commercial partners for the Japanese and global
heart failure markets.

It is estimated that the total heart failure patient population
in Japan in 2016 is 1.45 million, with the annual direct medical
cost for heart disease estimated at JPY 800 billion.

                     About Mesoblast Ltd.

Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a global leader in
developing innovative cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of June 30, 2016, Mesoblast had $684.0 million in total
assets, $155.9 million in total liabilities and $528.2 million in
total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MONKCORP PTY: First Creditors' Meeting Set for Oct. 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Monkcorp
Pty Ltd will be held at the offices of SV Partners, SV House, 138
Mary Street, in Brisbane, Queensland, on Oct. 25, 2016, at 11:00
a.m.

Anne Meagher and Terry Grant van der Velde of SV Partners were
appointed as administrators of Monkcorp Pty on Oct. 13, 2016.


PETER HARCOURT: First Creditors' Meeting Set for Oct. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Peter
Harcourt Disability Services Limited will be held at Morley's
Emporium, 23 Mitchell Street, in Bendigo, Victoria, on Oct. 27,
2016, at 4:00 p.m.

Craig Crosbie and Rodney Slattery of PPB Advisory were appointed
as administrator of Peter Harcourt on Oct. 17, 2016.


QUEENSLAND NICKEL: Liquidators to Pursue Other Palmer Cos.
----------------------------------------------------------
Australian Associated Press reports that liquidators for
Queensland Nickel have been given a war chest to wrestle back
hundreds of millions of dollars Clive Palmer's other companies
owe creditors.

AAP relates that FTI Consulting in September approved financial
backing from the dispute resolution funder Vannin Capital
Australia to pursue companies including Palmer's Mineralogy and
Palmer Leisure Coolum for $180 million in unpaid loans.

According to the report, the liquidators expect a large amount of
time will be required to investigate the process.

AAP says the agreement will also help cover the costs of several
matters related to QN currently before Justice John Bond in the
Queensland supreme court in Brisbane.

However, the funding won't be used to defend any legal action
brought by Palmer against the liquidators and administrators
personally, relates AAP.

QN owes more than AUD220 million to unsecured creditors as well
as AUD70 million to the federal government, which covered
workers' entitlements after the company collapsed earlier this
year, AAP discloses.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.


WIN'S HOLDING: First Creditors' Meeting Slated for Oct. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Win's
Holding Pty Ltd, formerly Trading As "Panda House" and "Win's BBQ
& Seafood Restaurant", will be held at the offices of BRI Ferrier
Western Australia, Unit 3, Level 1, 99-101 Francis Street, in
Northbridge, on Oct. 26, 2016, at 9:30 a.m.

Giovanni Maurizio Carrello of BRI Ferrier was appointed as
administrator of Win's Holding on Oct. 14, 2016.



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C H I N A
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HUAI'AN DEVELOPMENT: Fitch Rates USD300MM Sr. Unsec. Debt 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned Huai'an Development Holdings Co.,
Ltd's (HAD) USD300 million 4.75% senior unsecured notes due 2019
a final rating of 'BB+'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 30 June
2016.

KEY RATING DRIVERS

The notes were issued by Xiangyu Investment (BVI) Co., Ltd.
(Xiangyu Investment), and are unconditionally and irrevocably
guaranteed by Hong Kong Xiangyu Investment Group Co., Limited, a
wholly owned subsidiary of HAD. The notes are senior unsecured
obligations of Xiangyu Investment and rank pari passu with all of
its other senior unsecured obligations.

At the same time, HAD has granted a keepwell and liquidity
support deed and a deed of equity interest purchase undertaking
to ensure Xiangyu Investment has sufficient assets and liquidity
to meet its obligations under the guarantee for the notes.

The notes are rated at the same level as HAD's Issuer Default
Ratings, given the strong link between Xiangyu Investment and
HAD, and because the keepwell and liquidity support deed and deed
of equity interest purchase undertaking transfer the ultimate
responsibility of payment to HAD.

In Fitch's opinion, both the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from HAD to ensure that Xiangyu Investment has
sufficient funds to honour the debt obligations. The agency also
believes HAD intends to maintain its reputation and credit
profile in the international offshore market, and is unlikely to
default on its offshore obligations. Additionally, a default by
Xiangyu Investment could have significant negative repercussions
for HAD for any future offshore funding.

RATING SENSITIVITIES

A rating action on HAD would also lead to similar action on the
US dollar notes.

An upgrade of Fitch's internal assessment on Huai'an Municipality
as well as a stronger or more explicit commitment of support from
the municipality may trigger positive rating action on HAD. A
significant weakening HAD's strategic importance to the
municipality, dilution of the municipal government's
shareholding, and/or reduced municipality support may result in a
downgrade.

A downgrade could also stem from weaker fiscal performance or
increased indebtedness of the municipality, leading to
deterioration to Fitch's assessment of its creditworthiness.


SUNAC CHINA: Moody's Lowers CFR to B2; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has downgraded Sunac China Holdings
Limited's corporate family rating to B2 from B1 and senior
unsecured ratings to B3 from B2.

The ratings outlook is stable.

This rating action concludes the review for downgrade initiated
on Aug. 8, 2016.

                         RATINGS RATIONALE

"The ratings downgrade reflects our expectation that Sunac's low
profitability and weak interest coverage are unlikely to improve
materially in the next 12-18 months," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Sunac has shown declining profitability, and Moody's estimates
that its adjusted gross margin -- including adjustments for
shares in joint ventures and associates -- was weak at around 16%
in the 12 months to June 2016, compared to 17% in 2015.

This level is also low when compared with the rated Chinese
property peer average of around 26%.

Moody's further estimates that adjusted EBIT/interest --
including adjustments for shares in joint ventures and associates
-- declined to around 1.5x from 1.6x during the same period.

The ratio will likely stay around 1.0x-1.5x in the next 12-18
months due to the unlikelihood of a material improvement in EBIT
margins and continue elevated financing costs arising in turn
from the company's large debt balance.

Such a level for Sunac's adjusted EBIT/interest is comparable to
that for its B2 rated Chinese property peers.

Moreover, debt leverage -- as measured by adjusted revenue/debt -
- will be comparable to those at the B2 rating level over the
next 12-18 months.

Moody's estimates that adjusted revenue/debt -- including
adjustments for shares in joint ventures and associates --
deteriorated to around 43% for the 12 months to June 2016 from
64% in 2015.

This outcome was driven by the rise in gross debt -- including
adjustments for shares in joint ventures and associates -- to
around RMB105 billion at end-June 2016 from around RMB62 billion
at end-2015.

However, Moody's estimates adjusted revenue/debt to recover to
60%-70% in the next 12-18 months on higher revenue recognition,
as supported by a strong sales performance in 2015 and 2016.

Sunac's strong appetite for land and other acquisitions is one of
the drivers for its rising debt.  For example, in September 2016,
it announced that it planned to acquire equity and loan interests
in 42 property projects from Legend Holdings Corporation
(unrated) for a total of around RMB13.8 billion.

In the same week, it acquired a 16.96% stake in Jinke Property
Group (unrated) through a private share placement for about
RMB4.0 billion.

Sunac's B2 corporate family rating continues to reflect its
leading brand and market position in first- and second-tier
cities and its quality land bank.

These strengths and its business strategy of fast sales have
translated into strong sales execution.  Contracted sales in the
first 9 months of 2016 amounted to RMB87.7 billion, representing
year-on-year growth of 99% and approximately 80% of its adjusted
full-year target of RMB110 billion.

However, the B2 rating is constrained by the company's low profit
margin, aggressive pace of land and other acquisitions, and high
debt leverage.

Sunac's liquidity position is adequate.  Cash/short-term debt was
at 163% at end-June 2016.

The stable rating outlook reflects the expectation that company
will maintain adequate liquidity as strong contracted sales
support operations and debt repayments.

Upgrade pressure could emerge in the medium term if the company
improves (1) its adjusted gross margin to above 20%; (2) its
adjusted EBIT/interest to above 2x; and (3) its adjusted
revenue/debt to above 60%-70%

On the other hand, downgrade pressure could arise if Sunac (1)
fails to generate positive contracted sales growth; (2)
experiences a deterioration in its liquidity position, as
evidenced by declining cash balances or cash/short-term debt
below 100% on a sustained basis; or (3) shows a deterioration in
its credit metrics, with adjusted revenue/debt below 50%-60% or
adjusted EBIT/interest below 1x.

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

Listed on the Hong Kong Stock Exchange on Oct. 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
economic regions of Beijing, Tianjin, Shanghai, Chongqing,
Chengdu and Hangzhou.  At end-June 2016, its gross land bank
totaled 37.8 million square meters and its attributable land bank
totaled approximately 24.7 million square meters.



================
H O N G  K O N G
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CHINA FISHERY: Seeks Nod to Expand Scope of Goldin Employment
-------------------------------------------------------------
China Fishery Group Ltd. (Cayman) asked the U.S. Bankruptcy Court
for the Southern District of New York to allow Goldin Associates,
LLC to also provide financial advisory services to Pacific Andes
Resources Development Limited.

Pacific Andes filed for Chapter 11 protection on Sept. 29.  The
case is not yet jointly administered with the bankruptcy cases
filed on June 30 by its affiliates, including China Fishery.

As financial advisor, Goldin Associates will provide these
services to the company:

     (a) prepare financial models for underlying assets and
         assessment of cash requirements;

     (b) prepare valuation and financial analysis of underlying
         assets;

     (c) support litigation by providing expert testimony and
         assistance with document requests;

     (d) provide expert testimony on valuation or plan
         feasibility

     (e) conduct a site visit of operating entities;

     (f) prepare financial analysis on recovery alternatives to
         all stakeholders;

     (g) meet with creditors and other stakeholders;

     (h) assist in evaluating post-petition cash requirements for
         the Debtors;

     (i) assist in creditor negotiations; and

     (j) assist in the development and negotiation of a plan of
         reorganization.

Goldin Associates has no connection with Pacific Andes and any of
its creditors, according to court filings.

                 About China Fishery Group Limited

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  Hong Kong based-The
Pacific Andes Group provides seafood products to leading global
wholesalers, processors and food service companies and has
operations across the seafood value chain.

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.



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AA AGRO: CRISIL Assigns 'D' Rating to INR150MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to long-term bank
facilities of AA Agro Energy Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            150        CRISIL D
   Long Term Loan          90        CRISIL D

The rating reflects instances of delay in meeting the debt
obligation, owing to weak liquidity marked by high gearing.

The rating also factors in the small scale of operations, which
is also working capital-intensive in nature, and exposure to
volatile raw material prices and intense competition. The company
still benefits from extensive industry experience of promoters.

AAE, incorporated in 1983 by Mr. Ashok Kumar Agarwal, was earlier
a manufacturer of sewage pipe and bricks, and subsequently set up
its rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab)
processes basmati rice, with total milling and sorting capacity
of 12 tonnes per hour.


ABC RAILROAD: CRISIL Suspends 'B' Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ABC Railroad Products Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit            110        CRISIL B/Stable
   Letter of Credit        55        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility       5        CRISIL A4

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

Incorporated in 2006, ABC, a Lucknow (Uttar Pradesh) based
company is engaged in the business of ultrasonic testing of
railway lines, reconditioning of crossings and supply of
hydraulic tools like grinding machines, drilling machines and
cutting tools to Indian Railways. Company's operations are
managed by Mr. Rajeev Agarwal.


ABW INFRASTRUCTURE: ICRA Suspends D Rating on INR210cr Bank Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR210 crore
bank lines of ABW Infrastructure Limited (ABW). 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.


ALFA MOULDING: CRISIL Suspends B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Alfa
Moulding Industries Pvt Ltd (part of the Haryana Milk group).

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

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

AMIPL, incorporated in 1991, is promoted by Mr. Omesh Kr Goyal.
It trades in milk products with entire sales being made to its
group entity HMFL. Till 2014-15, it used to procure milk from
local vendors and outsource the processing to HMFL to produce
skimmed milk powder (SMP) and ghee. These products were marketed
by AMIPL under HMFL's brand Madhu. The company is based in Kala
Amb (Himachal Pradesh).


ANIL SPECIAL: ICRA Suspends 'D' Rating on INR32.41cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR42.001 crore fund based bank facilities and short term
rating of [ICRA]D assigned to the INR32.41 crore non fund based
limits of Anil Special Steel Industries Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             26.50        [ICRA]D; Suspended

   Fund Based Limits-
   Term Loan               15.50        [ICRA]D; Suspended

   Non Fund Based
   Limits                  32.41        [ICRA]D; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Anil Special Steel Industries Limited is a public limited company
engaged in the manufacturing and sale of hardened and tempered
(H&T) steel strips and occasionally cold rolled closed annealed
coils (CRCAC). In addition to this, ASSIL also sells circular saw
discs which are manufactured by its group company. The
manufacturing facility of the company is located in Jaipur
(Rajasthan) and has an installed annual capacity of 40000 MT.
Further, the company has recently ventured into manufacturing of
TMT bars and has set up its facility in Jaipur with a annual
capacity of around 74000 MT per annum. The company was promoted
by Mr. Satya Narain Khaitan in the year 1968 and currently the
business is being managed by his son, Mr. Sudhir Khaitan.


ANILKUMAR CONSTRUCTION: CRISIL Reaffirms B- Rating on INR35M Loan
-----------------------------------------------------------------
CRISIL's ratings on Anilkumar Construction Company continue to
reflect small scale of and working capital-intensive operations
in the intensely competitive civil construction segment and low
order book providing subdued revenue visibility. These weaknesses
are mitigated by extensive experience of partners and their
funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            35        CRISIL B-/Stable (Reaffirmed)
   Term Loan               8.9      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ACC will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' if cash accrual is sizeable owing to
significant increase in revenue and stable profitability.
Conversely, the outlook may be revised to Negative' if financial
risk profile, particularly liquidity, weakens because of low cash
accrual, stretched working capital cycle, or large debt-funded
capital expenditure or capital withdrawal.

ACC, set up in 1984 by Mr. Anilkumar Gulati and Mr. R B Bhalekar
in Nashik, undertakes road construction activities in the city
for various government agencies. After the demise of Mr.
Anilkumar Gulati in 1992, Ms. Vineeta Bhalekar, Mr. L A Gulati,
Mr. R A Gulati, Mr. S K Jagtap, and Mr. P M Hiraskar were
introduced as partners into the firm.


ANTONY ROAD: CARE Assigns B+ Rating to INR25cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Antony
Road Transport Solutions Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Antony Road
Transport Solutions Private Limited (ARTS) is constrained by
modest scale of operations albeit healthy growth, highly
leveraged capital structure, moderately weak debt coverage
indicators and geographical & customer concentration risk.

The rating, however, derives strength from experienced promoters
in public bus transport services business, strong support from
group companies marked by operational linkages, exclusive service
agreement in place with Delhi transport authority for providing
public bus services in cluster no. 7 of New Delhi and high profit
margins.

ARTS's ability to increase the scale of operations while
maintaining the profit margins, and improve capital structure and
liquidity position by efficiently managing working capital
requirement is the key rating sensitivity.

Incorporated in 2010 by  Mr. Jimmy Kallarakkal and  Mr. Edison
Thomas, Antony Road Transport Solutions Private Limited (ARTS) is
engaged in providing public bus transport services in cluster no.
7 of New Delhi. ARTS is an SPV incorporated by Antony Garages
Private Limited (AGPL) so as to operate the bid won by the latter
from the Department of Transport, Delhi (DoT) to run the buses in
cluster no. 7 of New Delhi. With regard to this, ARTS has entered
into an agreement with DoT, under which it is bound to provide
328 buses (258 non-AC and 70 AC) (the buses are to be provided
phase-wise after the allocation of depot by DoT) including 30 as
spares, and run them as a means of public road transport, as per
the schedule provided by DoT. As on September 28, 2016, the
company owns a fleet of 219 buses (all non-AC) of which a total
of 168 buses have been deployed.

ARTS belongs to the Antony Group, and is a subsidiary of AGPL
which is engaged in the body building of buses, tempos, trucks
and other commercial vehicles; and providing public bus transport
services in Pune. AGPL is an authorized body building
manufacturer for the commercial vehicles of Ashok Leyland. On the
other hand, Antony Commercial Vehicles Private Limited (ACV) is
an authorized distributor for the commercial vehicles of Ashok
Leyland in Pune, whereas Antony Motors Private Limited (AMPL) and
Antony Waste Handling Cell Private Limited (AWHC) are engaged in
manufacturing of waste & garbage carriage vehicles. ARTS shares
operational synergies with the Antony Group in terms of common
management and significant operational linkages with AGPL and
ACV.

During FY16 (prov.; refers to the period April 1 to March 31),
the total operating income of the company stood at INR41.17 crore
(vis-a-vis) INR29.53 crore in FY15, whereas the PAT during the
same year stood at INR2.17 crore (vis-a-vis INR1.87 crore in
FY15).


BABYLON AGRO: CRISIL Suspends 'B' Rating on INR200MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Babylon Agro Products Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     121.2      CRISIL B/Stable

   Term Loan              200.0      CRISIL B/Stable

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

BAPPL was incorporated in 2013 by Mr. Ram Kumar Sarda and Mr.
Shiv Kumar Sarda. The company is setting up a unit for paddy
processing and rice milling, and a husk-based 1.5-MW power plant
in Kaimur (Bihar). The total project cost is estimated at INR350
million (including working capital requirement), to be funded
through debt and promoters' funds. The equipment and machinery
has been brought in and pre-operative civil construction is in
process; the project is expected to be completed by September
2015.


CALISTA HOTELS: CRISIL Suspends B- Rating on INR250MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Calista Hotels & Resorts Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit/
   Overdraft facility       40       CRISIL B-/Stable
   Long Term Loan          250       CRISIL B-/Stable

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

CHRPL is a New Delhi-based hotel, with 24 rooms, 3 banquet halls,
and 2 party lawns. CHRPL also operates a restaurant at its
premises. The hotel is close in proximity to the IGI airport. Its
construction was completed in November 2014 and it commenced
commercial operations in January 2015.


DINESH SOAPS: CRISIL Lowers Rating on INR600MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dinesh Soaps and Detergents to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        600       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term      150       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4')

The rating downgrade reflects devolvement of the letter of credit
facility due to deterioration in liquidity profile during fiscal
2017. Liquidity is expected to remain constrained over the medium
term.

The company has a weak financial risk profile and its operating
margin is vulnerable to volatility in raw material prices and
foreign exchange rates. However, it continues to benefit from the
extensive experience of the partners in trading in crude palm
oil.

For arriving at the ratings, CRISIL has treated unsecured loans
of Rs 73.06 million, as on March 31, 2015 from the partners,  as
neither debt nor equity. This is because these loans are
subordinate to bank debt and are expected to remain in the
business over the medium term.

DSD is a partnership firm engaged in high-seas trading of crude
palm oil. The partners have been in this business for the past
two decades.


DIVINE BOARD: CARE Assigns 'B' Rating to INR3.0cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B/ CARE A4' the ratings to bank facilities of
Divine Board Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.00      CARE B Assigned
   Long-term/Short-term Bank      7.35      CARE B/CARE A4
   Facilities                               Assigned
   Short-term Bank Facilities     0.65      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Divine Board
Private Limited are primarily constrained on account of
implementation risk associated with its new project. The ratings
also remain constrained due to susceptibility of profitability to
volatility in rawmaterial prices and presence in the highly
fragmented wood processing industry.

The ratings, however, derive strength from the experience of the
promoters, location advantage of presence in Gujarat state and
stable demand outlook for particle boards.

The ability of DBPL to complete the project in time within
envisaged cost parameters along with achieving projected scale
of operations and profitability with maintaining moderate
financial risk profile are the key rating sensitivities.

Surendranagar-based (Gujarat), DBPL was incorporated in August,
2011 by 3 directors namely Mr. Krupesh Patel, Mr. Nitin Patel,
and Mr. Paresh Patel. Later, other 3 directors namely, Mr.
Jitendra Ghodasar, Mr. Parshottam Patel and Mr. Pankaj Motka
joined the company. The company is setting up a manufacturing
unit for particle boards. The required raw materials are wood,
agro waste, resin and glue. The company will operate with an
installed capacity of 7,20,000 units of particle boards per
annum. Total expected project cost is INR14.66 crore that will be
financed by term loan of INR7.35 crore, share capital of INR4.50
crore and balance by unsecured loans from the promoters. The
project has commenced from May, 2016 and the commercial
operations from the plant are expected to commence from April,
2017.

Mr. Parshottam Patel is also handling a proprietorship firm named
as 'H K Enterprise'. Mr. Paresh Patel is also handling a
proprietorship firm named as 'Narnarayan Enterprise'.


EMCO PRESSMASTER: CRISIL Lowers Rating on INR50MM Cash Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Emco Pressmaster Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed the short-term facilities at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reaffirmed)

   Cash Credit             50        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        10        CRISIL A4 (Reaffirmed)

The downgrade reflects the company's weak liquidity because of
barely sufficient net cash accrual to meet term debt obligation,
and high bank limits utilization. Sales declined 30% to Rs 140
million in fiscal 2016 from Rs 203.5 million in fiscal 2015 on
account lower-than-expected demand from overseas markets. Working
capital debt increased because of higher work-in-progress
inventory of 211 days as on March 31, 2016, against 141 days as
on March 31, 2015.

The ratings reflect EPPL's tight liquidity as a result of large
working capital requirement, its modest scale of operations,
exposure to revenue concentration risks, and susceptibility to
slowdown in its end-user automotive industry. These rating
weaknesses are partly offset by the benefits the company derives
from its promoters' extensive experience in the industry, its
established customer relationships, and average capital structure
and debt protection metrics.
Outlook: Stable

CRISIL believes EPPL will continue to benefit from its promoters'
extensive industry experience and its established customer
relationships. The outlook may be revised to 'Positive' in case
of a sustainable increase in scale of operations and
profitability, and significant improvement in working capital
cycle, leading to better financial risk profile and liquidity.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates on account of decline in revenue and
profitability, or larger-than-expected, debt-funded capital
expenditure, or weakening of liquidity due to increase in working
capital requirement.

EPPL, incorporated in 1990, manufactures sheet metal forming
machines, mainly power press machines used to manufacture
automotive components. The company's unit is in Faridabad,
Haryana. EPPL is managed by Mr. Manoj Manga and his wife, Ms Rupa
Manga, who have industry experience of over 30 years.


ETCO INDUSTRIES: CARE Lowers Rating on INR140.56cr Loan to D
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Etco
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    140.56      CARE D Revised from
                                            CARE C
   Short term Bank Facilities    12.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Etco Industries Private Limited
takes in to account the ongoing delays in debt servicing
owing to strained liquidity position.

ETCO Industries Pvt Limited is engaged in the business of
manufacturing cotton yarn. In 2004, EIPL (formerly known as ETCO
Spinners Pvt Ltd) took over cotton spinning unit situated at MIDC
area Parbhani, Maharashtra from the liquidators of Sahakari Soot
Girni Ltd at a cost of INR4.30 crore. EIPL replaced the old
equipment and modernized the set up by importing state of the art
Plant and Machinery from Germany, Italy and China at a cost of
INR40 crore (46% funded by the promoters). The unit commenced its
operations from Jan. 1, 2007. During H2FY15, EIPL completed its
capex plan and the capacity increased to 41,328 spindles as on
March 31, 2015.


GARG RICE: ICRA Suspends 'B' Rating on INR13cr LT Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B  assigned to
the INR1.001 crore fund based bank facilities of Garg Rice Mills.
ICRA has also suspended short term rating of [ICRA]A4 assigned to
the INR13.00 crore fund based bank limits of GRM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term                1.00        [ICRA]B; Suspended

   Fund Based Limits-
   Long Term               13.00        [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

GRM was established in 1980 as a partnership firm and is
currently being managed by Mr. Sugam Chand, Mr. Radhe Shyam and
Mr. Nilesh Garg and all the partners are actively engaged in the
management of the firm. GRM is engaged in processing and trading
of basmati and non basmati rice in the domestic market, and also
exports to countries in the Middle East and Europe. The firm has
its manufacturing unit at Taraori, Karnal in Haryana, with a
milling capacity of 2 tonnes per hour of paddy.


GULF ORIENT: ICRA Lowers Rating on INR5cr Cash Loan to B+
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.001
crore cash credit facility of Gulf Orient Shipping to [ICRA]B+
from [ICRA]BB-. Further, ICRA has also revised the long term
rating to [ICRA]B+  from [ICRA]BB- and has reaffirmed the short
term rating of [ICRA]A4 to the INR5.00 crore unallocated limit of
GOS. The unallocated limit will attract a rating as per tenure of
usage.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.00      [ICRA]B+; revised from
                                    [ICRA]BB- (Stable)

   Unallocated Limit      5.00      [ICRA]B+ revised from
                                    [ICRA]BB- (Stable)/[ICRA] A4
                                    Reaffirmed

Rating Rationale

For arriving at the ratings, ICRA has taken a consolidated view
of the four group entities - S. J. Logistics (India) Pvt. Ltd.,
Opus Dei Logistics (India) Private Limited, Micro Logistics
(India) Private Limited and Gulf Orient Shipping on account of
their common promoter and similar nature of business operations.
The revision in the long-term rating factors in the deterioration
in the financial profile of the group during FY2016 as reflected
by decline in revenues and profitability coupled with sharp
increase in the borrowing levels owing to large debt funded capex
incurred in Gulf Orient Shipping which has adversely impacted the
capitalization and coverage indicators; and weakening of
liquidity position owing to increase in receivable days. Further,
the ratings continue to remain constrained by the exposure of the
group's revenues and margins to cyclicality present in
international trade; intense competitive pressure from other
organized as well as unorganized players operating in the
fragmented freight forwarding industry; and risks arising from
forex exposure wherein significant payables are denominated in
foreign currency. ICRA also notes that at consolidated level,
there are sizeable repayments falling due in the near to medium
term and hence, scaling up of revenues along with improvement in
profitability would remain crucial for timely debt servicing.
Nonetheless, the ratings favorably take into account the long
standing experience of promoters and established track record of
the group in the freight forwarding industry; the group's
capability of providing end to end shipping and logistics
solutions for international shipments; and its established
clientele base.

Gulf Orient Shipping is a part of the Mumbai based SJL Group
which is engaged in the clearing and forwarding business. The
firm was started by Mr. Rajen Shah in April 2010 for providing
shipping services for international shipments (export/import).
From FY2016, GOS has started its own full fledged transportation
operations by purchasing ~90 trailers and currently
transportation remains the key activity for the firm. Over the
years, the promoter has gradually expanded the business by adding
various value added services to provide end to end shipping &
logistics solutions for exporters/importers. SJL group currently
has three more entities based in India namely S. J. Logistics
(India) Private Limited, Opus Dei Logistics (India) Private
Limited and Micro Logistics (India) Private Limited which provide
shipping services such as ocean & air freight forwarding, customs
clearance, transportation etc. The group mainly concentrates on
ocean export shipments. Each entity specializes in handling of
particular type of cargo/commodities.

Recent Results
For the financial year ended March 31, 2016, as per provisional
financials, GOS (standalone basis) reported an operating income
of INR24.35 crore and net loss of INR6.51 crore as against an
operating income of INR31.91 crore and profit after tax of
INR0.47 crore for the financial year ended March 31,2015.


HARIDWAR HIGHWAYS: CARE Reaffirms B+ Rating on INR981.09cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Haridwar Highways Project Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    981.09      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Haridwar Highways
Project Limited continues to be constrained by the slow progress
of the project compared to envisaged timelines, the need for
additional equity funding on account of time and cost overruns,
project implementation risk, inherent risks associated with a
toll-based project and weak financial risk profile of the
sponsor.

Going forward, handing over of balance land from NHAI, timely
receipt of grant and successful mobilization of equity funds
required for timely completion of the project shall be the key
rating sensitivities.

HHPL is a special purpose vehicle (SPV) promoted by Era Infra
Engineering Ltd (EIEL, rated 'CARE D') and OJSC- Sibmost for
augmentation of 2-lane carriageway of the existing section of NH-
58 from km 131.0 to km 211.0 to a 4-lane dual carriageway from
Muzaffarnagar to Haridwar in the state of Uttar Pradesh &
Uttarakhand under National Highways Development Programme (NHDP)
Phase III of NHAI on Design, Build, Finance, Operate & Transfer
(Toll) basis. As per the concession agreement (CA) signed between
NHAI and HHPL in February 2010, the concession period is 25 years
(including a construction period of 2.5 years) from the Appointed
Date (September 3, 2010). The original SPCD was March 1, 2013,
which has been revised to March 01, 2017, by NHAI (subject to
certain conditions).

The total project cost was originally envisaged at INR1,100.60
crore to be funded through promoter contribution of INR200 crore,
grant of INR210 crore from NHAI, and term loans of INR690.60
crore. The project cost has been revised to INR1,644.55 crore to
be funded through promoter contribution of INR402.46 crore, grant
of INR210 crore from NHAI, and term loans of INR1,032.09 crore.
As of July 30, 2016, the company has spent INR736.34 crore on the
project, funded through promoter contribution of INR286.85 crore,
grant of INR169.46 crore and remaining through debt.


HITECH PRINT: CRISIL Reaffirms B Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Hitech Print Systems
Limited continue to reflect the large working capital
requirement, average financial risk profile marked by moderate
networth and moderate debt protection metrics, exposure to
intense competition in the printing business and susceptibility
to volatile raw material prices. These rating weaknesses are
partially offset by extensive experience of promoters and
established relationships with customers.

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

   Letter of credit &
   Bank Guarantee           45       CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits        38       CRISIL B/Stable (Reaffirmed)

   Term Loan                27       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HPSL will continue to benefit from extensive
experience of promoters and established relationships with
customers. The outlook may be revised to 'Positive' in case of
substantial increase in profitability or sustained improvement in
working capital management. The outlook may be revised to
'Negative' in case of a steep decline in profitability, or if a
stretch in the working capital cycle weakens liquidity.

HPSL was set up in 1986 as a wholly-owned subsidiary of Anjani
Projects and Construction Ltd (APL), promoted by Mr. KV Vishnu
Raju and his family members. The Hyderabad-based company offers
printing solutions to a wide range of companies across
industries. It is approved by the Indian Banks' Association, and
is also a member of Print Services and Distribution Association.


HORIZON DREAM: ICRA Withdraws D Rating on INR9.8cr Term Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR9.80
crore term loan of Horizon Dream Homes Private Limited, as the
company has completely repaid the bank facility. There is no
amount outstanding against the rated instrument.


INDIA INFRACON: CRISIL Suspends B+ Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of India
Infracon Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         110        CRISIL A4
   Cash Credit             10        CRISIL B+/Stable

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

Incorporated in 2010, IIPL is engaged in civil and road
construction activities. The company is promoted by Mr. Apurve
Goel and Ms. Vandana Goel.


KASIM COAL: CRISIL Downgrades Rating on INR50MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kasim
Coal and Logistics Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

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

   Letter of Credit        50        CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade is because the working capital facility has
remained overdrawn for more than 30 days; this has been caused by
stretched receivables, leading to weak liquidity. The company has
a modest scale of operations in the intensely competitive coal-
trading industry and a below-average financial risk profile.
However, it benefits from the extensive industry experience of
its promoters.

Incorporated in 2007, KCL trades in non-coking coal. The
company's operations are managed by Mr. Syed Abuthahir and Mr.
Sikkanthar Ali.


KRISHNA CONTAINERS: CRISIL Cuts Rating on INR377MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Krishna Containers to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              93       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit        377       CRISIL D (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects continuous devolvement of letters of
credit over the past 60 days; this was due to deterioration in
liquidity. Regular settlement of this account will remain a key
rating sensitivity factor.

The company has an average financial risk profile because of a
modest networth and capital structure. The operating margin is
vulnerable to volatility in raw material prices and foreign
exchange rates, and exposure to risks related to changes in
government regulations and to intense competition in the edible
oils industry. However, the company benefits from the extensive
industry experience of its promoters and their funding support.
Also, operating efficiency is moderate because of the high-seas
nature of transactions.

For arriving at the ratings, CRISIL has treated unsecured loans
of about INR89.37 million as on March 31, 2015, from the partners
as neither debt nor equity. This is because these loans are non-
interest-bearing and are expected to remain in the business over
the medium term.

KC, established in 1999, is promoted by Mr. Dinesh Arora and his
family, who have been in the business of oil refining and palm
oil trading for over two decades. It is based in Kanpur, Uttar
Pradesh. The firm trades in crude palm oil (CPO) on a high-seas
sale basis. It imports CPO from Malaysia and sells in the
domestic market, mainly to refineries based in Uttar Pradesh and
Punjab. It also trades in CPO in the domestic market and
manufactures corrugated boxes.


KRITI PRINTERS: CRISIL Assigns B+ Rating to INR85MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating on the bank
facilities of Kriti Printers And Publishers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL B+/Stable
   Term Loan               15        CRISIL B+/Stable

The rating reflects the company's modest scale and working
capital intensity in operations, customer concentration risks in
revenue, and weak financial risk profile, marked by high gearing
and strained liquidity. These rating weaknesses are partially
offset by the promoters' extensive experience, and the company's
assured revenue from the associate publishing companies, and
moderate profitability.
Outlook: Stable

CRISIL believes Kriti Printers will continue to benefit over the
medium term from the promoters' extensive experience, and from
the assured revenue from associate publishing companies. The
outlook may be revised to 'Positive' if improvement in scale of
operations and working capital management leads to stronger
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, deteriorates, because of low cash accrual, sizeable
working capital requirement, or any large capital expenditure.

Incorporated in 2009 by Mr. Arvind Singh, Kriti Printers prints
textbooks for schools affiliated to the Central Board of
Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and state boards. The books are printed mostly
for associate companies that are into publishing'Kriti Prakashan
Pvt Ltd, and Seagull Publishers Pvt Ltd.


KTC THREADS: CARE Assigns B+ Rating to INR2.87cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/ CARE A4' the ratings to bank facilities of
KTC Threads LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.87      CARE B+ Assigned
   Long-term/Short-term Bank     11.00      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of KTC Threads LLP
(KTC) are primarily constrained on account of its financial
risk profile marked by declining operating income, thin
profitability, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position during FY16 (Prov.;
refers to the period April 1 to March 31). The ratings are
further constrained on account of susceptibility of its
profitability to volatility in raw material prices and foreign
exchange fluctuations along with presence in the highly
fragmented and competitive textile industry.

The above constraints far offset the benefits derived from the
experience of the promoters in the textile industry along
with location advantage which results into easy access of raw
material and fiscal benefits from the government.

The ability of KTC to increase its scale of operations with
improvement in profitability and working capital management
would remain the key rating sensitivities.

Surat-based (Gujarat), KTC is a limited liability partnership
firm established in 2011 by Mr. Vinod Khurana, Mr. Aditya
Khurana, Ms Alpi Khurana and Mr. Dayaprakash Khurana. The firm is
engaged into the business of trading and processing of viscose
yarn and manufacturing of knitted fabric. The firm procures
viscose yarns from China which is subsequently dyed and sized at
its processing plant into various commercial sizes as per the
requirement of its customers. The firm also manufactures knitted
fabrics and the facility is located at Surat which is a textile
hub of India with an installed capacity of 4,800 meter per day as
on March 31, 2016. The products processed and manufactured by the
firm are used in the textile industry.

KTC has achieved a PAT of INR0.50 crore on a TOI of INR51.56
crore during FY16 (Provisional) as against PAT of INR0.48 crore
on a TOI of INR60.59 crore during FY15 (Audited). During H1FY17
(prov.), KTC has achieved a turnover of INR22.57 crore.


LANCO BABANDH: CARE Reaffirms D Rating on INR8,344cr Term Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Lanco Babandh Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term Loans)                  8,344      CARE D Reaffirmed

   Long/Short-term Bank
   Facilities (Non-Fund Based)     750      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Lanco Babandh Power
Ltd takes into account the ongoing delays by LBPL in servicing
its debt obligations.

Lanco Babandh Power Private Limited was incorporated as a private
limited company on May 30, 2007. The company was converted into a
limited company and its name was changed to Lanco Babandh Power
Limited (LBPL) on February 3, 2010.

The company is promoted by the Lanco group, to construct, operate
and maintain a 1320 MW (2 X 660MW) coal-based power project in
Dhenkanal District, Orissa. The flagship company of the Lanco
group is Lanco Infratech Ltd. The project was originally
envisaged at a cost of INR6,930 crore to be funded in the debt of
INR5,544 crore and promoters contribution of INR1,386 crore. The
project cost is now revised to INR10,430 crore majorly on account
of considerable changes in plant layout primarily due, increase
in Interest During Construction (IDC), change in location of ash
pond, change in rail yard layout, addition of coal unloading
system and increase in water storage. The revised project cost to
be financed in the ratio of 80:10:10 with equity of INR1,043
crore being brought upfront and balance INR1,043 crore as last
mile equity before COD. On the fuel supply arrangements, LBPL has
signed Fuel Supply Agreement (FSA) with Mahanadi Coal Fields
Limited (MCL) in April 2016 for unit-I. For the coal for unit-II
the company has applied for in Ministry of Coal (MoC) for
long-term coal linkage for the second unit.

For the power offtake, LBPL has entered into a power Purchase
Agreement (PPA) for 87% of the total capacity. The balance 13% is
expected to be sold under merchant basis.


LIGHTCITY CERAMIC: CRISIL Suspends 'B' Rating on INR52.7MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lightcity Ceramic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         7.5        CRISIL A4
   Cash Credit           25.0        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    52.7        CRISIL B/Stable
   Term Loan             34.8        CRISIL B/Stable


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

LCPL, incorporated in 2011, is promoted by Morbi (Gujarat)-based
Mr. Durlabhjibhai Ramjibhai Patel, Mr. Sanjaybhai Loriya, Mr.
Piyush Kumar Merja, and others. The company manufactures digital
wall tiles at its facilities in Morbi. It has an installed
capacity of 18,000 tonnes per annum.


MADHYA BHARAT: CRISIL Assigns B- Rating to INR150MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
Madhya Bharat Papers Limited. The ratings reflect moderate scale
of operations in the highly competitive paper industry along with
exposure to project implementation risks. These weaknesses are
mitigated by the extensive experience of promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     150        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     145        CRISIL B-/Stable
   Cash Credit             47.5      CRISIL B-/Stable
   Letter of Credit        17.5      CRISIL A4

Outlook: Stable

CRISIL believes MBPL will benefit over the medium term from
promoters' entrepreneurial experience and their funding support.
The outlook may be revised to 'Positive' if project is completed
within stipulated time and budgeted cost, and generates large
revenue and profitability resulting in sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens due to delay in
completion of project and stabilisation of operations leading to
low revenue and profitability, or any large, debt-funded capital
expenditure.

MBPL was formed in 1980 and manufactures writing and printing
paper. It has a manufacturing facility of 45 tonne per day (tpd)
and is planning to expand its capacities to 90tpd. MBPL also has
a co-gen power plant of capacity 3.1 megawatts. Mr. Jaydeep
Chitlangia and Mr. V K Khanna (Executive Director) manage the
company.


MEENAKSHI INFRA: ICRA Suspends 'C' Rating on INR165cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to
INR165.00 crore bank loan limits of Meenakshi Infrastructures
Private Limited. ICRA has also suspended the issuer rating of IrC
assigned to the company. 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.

MIPL incorporated in May 1992 as Meenakshi Constructions Co and
subsequently constituted as private limited company in 2004, is
the flagship company of the Hyderabad based Meenakshi group which
has interests across real estate, road works and power projects.
MIPL is involved in development of residential and commercial
property and execution of road projects.


MICRO LOGISTICS: ICRA Lowers Rating on INR7cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR7.001
crore cash credit facility of Micro Logistics (India) Private
Limited to [ICRA]B+  from [ICRA]BB-. Further, ICRA has also
revised the long term rating to [ICRA]B+  from [ICRA]BB- and has
reaffirmed the short term rating of [ICRA]A4 to the INR3.00 crore
unallocated limit of ML. The unallocated limit will attract a
rating as per tenure of usage.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Cash Credit            7.00     [ICRA]B+; revised from
                                   [ICRA]BB- (Stable)

   Unallocated Limit      3.00     [ICRA]B+ revised from
                                   [ICRA]BB- (Stable)/
                                   [ICRA] A4 reaffirmed

Rating Rationale

For arriving at the ratings, ICRA has taken a consolidated view
of the four group entities - S. J. Logistics (India) Pvt. Ltd.,
Opus Dei Logistics (India) Private Limited, Micro Logistics
(India) Private Limited and Gulf Orient Shipping on account of
their common promoter and similar nature of business operations.
The revision in the long-term rating factors in the deterioration
in the financial profile of the group during FY2016 as reflected
by decline in revenues and profitability coupled with sharp
increase in the borrowing levels owing to large debt funded capex
incurred in Gulf Orient Shipping which has adversely impacted the
capitalization and coverage indicators; and weakening of
liquidity position owing to increase in receivable days. Further,
the ratings continue to remain constrained by the exposure of the
group's revenues and margins to cyclicality present in
international trade; intense competitive pressure from other
organized as well as unorganized players operating in the
fragmented freight forwarding industry; and risks arising from
forex exposure wherein significant payables are denominated in
foreign currency. ICRA also notes that at consolidated level,
there are sizeable repayments falling due in the near to medium
term and hence, scaling up of revenues along with improvement in
profitability would remain crucial for timely debt servicing.
Nonetheless, the ratings favourably take into account the long
standing experience of promoters and established track record of
the group in the freight forwarding industry; the group's
capability of providing end to end shipping and logistics
solutions for international shipments; and its established
clientele base.

Micro Logistics (India) Private Limited is a part of the Mumbai
based SJL Group which is engaged in the clearing and forwarding
business. The company was started by Mr. Rajen Shah in February
2013 for providing shipping services for international shipments
(export/import). Over the years, the promoter has gradually
expanded the business by adding various value added services to
provide end to end shipping & logistics solutions for
exporters/importers. SJL group currently has three more entities
based in India namely S. J. Logistics (India) Private Limited,
Opus Dei Logistics (India) Private Limited and Gulf Orient
Shipping which provide shipping services such as ocean & air
freight forwarding, customs clearance, transportation etc. The
group mainly concentrates on ocean export shipments. Each entity
specializes in handling of particular type of cargo/commodities.

Recent Results
For the financial year ended March 31, 2016, as per provisional
financials, ML (standalone basis) reported an operating income of
INR34.88 crore and profit after tax of INR0.32 crore as against
an operating income of INR32.47 crore and profit after tax of
INR0.39 crore for the financial year ended March 31,2015.


MODERN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR30.5MM Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Modern Industries -
Bhavnagar continue to reflect MI's average financial risk profile
because of high gearing and modest debt protection metrics, large
working capital requirement, and modest scale of operations.
These weaknesses are partially offset by promoters' extensive
experience in the steel forging industry leading to established
relationships with customers and suppliers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         4.9      CRISIL A4 (Reaffirmed)

   Cash Credit           30.5      CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      15.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    19.1      CRISIL B+/Stable (Reaffirmed)

   Term Loan             30.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports better-than-expected
revenue and profitability, and manages working capital cycle
efficiently. Conversely, the outlook may be revised to 'Negative'
in case of considerable decline in revenue and profitability, or
deterioration in working capital management impacting liquidity,
or large debt-funded capital expenditure weakening financial risk
profile.

Set up in 2015 and based in Bhavnagar (Gujarat), MI manufactures
ingots. It is promoted and managed by Mr. Himanshu Kalra, Mr.
Nandan Chawala, and Mr. Sahil Trikha.


MUKTAR INFRASTRUCTURE: CRISIL Cuts Rating on INR301.5MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded the bank facilities of Muktar
Infrastructure India Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             44        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      96.2      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              301.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instances of delays in servicing term debt
owing to weak liquidity resulting from barely sufficient cash
accrual against maturing term debt.

MIPL also has modest scale of and working capital-intensive
operations and a weak financial risk profile, because of low
networth and subdued debt protection metrics. These weaknesses
are mitigated by extensive experience of the promoter in various
industries and the benefits derived from being a part of the
Shaikh Muktar group (SMG).

Incorporated in 2012, by Mr. Shaikh Muktar, the company
manufactures ready-mix concrete. It also undertakes civil
construction work and manufactures pavers and blocks. MIPL is a
part of Goa-based SMG, which has interests in mining,
infrastructure, construction, engineering, logistics,
hospitality, and shipping services. MIPL is also constructing a
hotel in Goa.


MUTNEJA RICE: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mutneja Rice
Mills continues to reflect the firm's weak financial risk profile
because of high total outside liabilities to tangible networth
(TOLTNW) ratio, below-average debt protection metrics, low
profitability, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
MRM's promoters in the rice industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             180      CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes MRM will continue to benefit from its promoters'
extensive industry experience and its established customer
relationships. The outlook may be revised to 'Positive' in case
of significant improvement in operating margin or working capital
cycle, leading to better debt protection metrics and capital
structure. The outlook may be revised to 'Negative' in case of
slowdown in revenue or steep increase in working capital
requirement, resulting in deterioration in the financial risk
profile.

Update
MRM's revenue is estimated to have slipped to Rs 582.90 million
in fiscal 2016 from Rs 728.60 million in fiscal 2015 on account
of fall in rice prices, while its sales volume remained stable.
The operating margin is estimated at 2.9% in fiscal 2016, and is
expected around 3% over the medium term.

The firm's financial risk profile is subdued. Its TOLTNW ratio
remains high, though it improved to 4.93 times as on March 31,
2016, from 6.53 times a year earlier on account of reduced
working capital debt due to decline in inventory. Debt protection
metrics are weak, with interest coverage ratio at 1.45 times in
fiscal 2016. CRISIL expects the financial risk profile to remain
weak over the medium term due to low profitability and large
working capital debt.

MRM's liquidity should remain adequate because of sufficient net
cash accrual and negligible debt obligation in fiscal 2017. The
firm had unsecured loans of Rs 59.12 million as on March 31,
2016. Its bank line utilisation was low, averaging 44% over the
12 months through August 2016. Its large working capital
requirement is reflected in gross current assets of 120 days as
on March 31, 2016, driven by substantial inventory. Its
operations will remain working capital intensive over the medium
term.

MRM processes basmati rice. Its facility in Jalalabad, Punjab,
has milling and sorting capacity of 5 tonne per hour.


NINANIYA ESTATES: CRISIL Hikes Rating on INR325MM Term Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ninaniya Estates Limited to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               325       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in liquidity, following
refinancing of the term loan and extension of moratorium for debt
servicing: the instalments are to commence from January 2020.
There are, therefore, no principal repayment obligations coming
due till December 2019. Furthermore, the proposed project is
expected to be completed by March 2017, thus leaving sufficient
cushion in case of exigency. Moreover, interest cost has reduced
to 13.05% post-refinancing, from 15% earlier.

The rating upgrade also factors in availability of funds whenever
necessary, driven by funding of the project through loans, rather
than earlier dependence on customer advances.
The rating reflects exposure to risks related to early stage of
operations, implementation of and demand for the projects, and
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters and tie-up with an established brand
for the hotel and executive suites.
Outlook: Stable

CRISIL believes NEL will continue to benefit from the experience
of its promoters and tie-up with established brand in the
hospitality industry. The outlook may be revised to 'Positive' if
timely completion of projects and materialisation of pre-defined
agreements result in substantial improvement in liquidity. The
outlook may be revised to 'Negative' if low ramp-up in scale
results in inadequate cash inflow, or delays in project
completion weaken liquidity.

NEL, incorporated in fiscal 2005, is promoted by Mr. Vijay Singh
Rao. The company operates in the real estate development and
construction industry. It is currently developing two projects,
Prism and Prism Portico, in Gurgaon, Haryana. Prism comprises
Tower A (commercial space), Tower B (hotel), and Tower C
(executive suites). The hotel has 162 rooms for which company has
pre-defined agreements with M/s Starwood Hotels and Resorts Pte
Limited, Singapore, for use of its registered brand, Four Points
by Sheraton.


PACIFIC PIPE: CRISIL Suspends 'D' Rating on INR642MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pacific Pipe Systems Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             147       CRISIL D
   Letter of credit &
   Bank Guarantee          332       CRISIL D
   Term Loan               642       CRISIL D

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

Incorporated in 2008, PPSPL manufactures glass-reinforced
polyester (GRP) and glass-reinforced epoxy pipes. The Doshion
group owns 85 per cent stake in PPSPL, while the remaining 15 per
cent is held by Pacific Composites India Pvt Ltd (PCIPL).


PARTHAS: CARE Reaffirms B+ Rating on INR12.45cr Long Term Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Parthas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.45      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Parthas continues
to be constrained by small scale of operations, working capital
intensive nature of operations along with concentration risk with
the revenue stream limited to one showroom, intense competition
in retail textile business and the exposure to group entities in
the form of loans and advances. The rating also factors in stable
total operating income, increase in profit margin, improvement in
capital structure and debt coverage indicators on account of
capital infusion by the partners during FY16 (Provisional)
[refers to the period April 1 to March 31] and time and cost over
runs on the debt-funded capital expenditure to expand showroom
space. The rating, however, continues to derive comfort from the
experience of the partners, long operational track record of the
firm and the favorable image of the 'Parthas' brand.

Going forward, the ability of Parthas to grow its revenue,
improve profitability and accruals amidst increasing competition
and rising costs will be critical. Moreover, the ability of the
firm to manage its working capital borrowings efficiently and
also to complete its capital expenditure without any further time
and cost overrun would be the key rating sensitivities.

M/s. Parthas is a partnership firm engaged in retailing of
branded garments, home textiles, cosmetics, furniture and
upholstery through its retail showroom (to the extent of 50,000
sq. ft.)in Trivandrum, Kerala. The firm belongs to'Parthas
Group', engaged in retailing of textiles primarily in the Kerala.
The group was promoted in 1960 by (Late) Mr. Lakshmana Reddiar
and (Late) Mr. Sreenivasa Reddiar at Kottayam. There are two
entities (belonging to the group) engaged in retailing of
textiles under the brand name 'Parthas'.

After several reconstitutions, the present partners are,
Mr. Arjunan, Mr. Viswanathan and Mr. Rajakrishnan, (sons of late
Mr. Sreenivasa Reddiar) along with Mr. Lakshman (S/o Mr.
Nagarjulu), Mr. Avinesh Arjunan and Mr. Abhishek Arjunan, (sons
of Mr. Arjunan).They manage the day-to-day operations of the
firm. Now, Parthas is being managed by second and third
generation entrepreneurs. All the partners possess considerable
experience in the retailing of textiles.

As per provisional financial, Parthas achieved a PAT of INR0.76
crore on a total operating income of INR60.50 crore in FY16
(refers to the period April 1 to March 31) as compared with PAT
of INR0.17 crore on a total operating income of INR59.52 crore in
FY15 (A). Parthas achieved sales of INR40 crore from April 1,
2016 till September 21, 2016.


PAWAN OIL: CRISIL Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------
CRISIL has placed its rating on the bank facilities of Pawan Oil
Industries on 'Notice of Withdrawal' for 180 days at the
company's request. The ratings will be withdrawn at the end of
the notice period, in line with CRISIL's policy on withdrawal of
its bank loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B+/Stable (Notice of
                                     Withdrawal)
   Letter of Credit       150        CRISIL A4 (Notice of
                                     Withdrawal)

The ratings continue to reflect POI's below-average financial
risk profile marked by its small net worth, high gearing, and
below-average debt protection metrics. The ratings of the firm
are also constrained on account of its exposure to intense
competition in the edible oil industry resulting in low
profitability margins. These rating weaknesses are partially
offset by the extensive experience of POI's promoters in the
edible oil industry.
Outlook: Stable

CRISIL believes that POI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the firm's profitability margins, or there
is a substantial increase in its net-worth on the back of
sizeable capital additions from its partners. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline
in the firm's profitability margins, or significant deterioration
in its capital structure caused most likely by a large debt-
funded capex or a stretch in its working capital cycle.

POI was set up by Mr. Kedarmal Agrawal and his family members in
1991. The firm refines, and trades in, edible oils. It is based
in Hyderabad.


RATHORE FREIGHT: CRISIL Suspends D Rating on INR52.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rathore
Freight Carriers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             52.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility      10.5      CRISIL D
   Rupee Term Loan         36.0      CRISIL D

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

RFC was established as partnership firm in 1986 by the late Mr.
Girdharisingh Rathore. The firm operates in the transportation
industry and has also diversified into the liquefied petroleum
gas (LPG) transportation business.


S. J. LOGISTICS: ICRA Lowers Rating on INR17cr Cash Loan to B+
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR22.001
crore fund based limits of S. J. Logistics (India) Private
Limited to [ICRA]B+ from [ICRA]BB-.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Cash Credit           17.00     [ICRA]B+; revised from
                                   [ICRA]BB- (Stable)

   Term Loan              5.00     [ICRA]B+; revised from
                                   [ICRA]BB- (Stable)

   Working Capital      (15.00)    [ICRA]B+; revised from
   Demand Loan                     [ICRA]BB- (Stable)
   (Sublimit of Cash
   Credit)

Rating Rationale

For arriving at the rating, ICRA has taken a consolidated view of
the four group entities - S. J. Logistics (India) Pvt. Ltd., Opus
Dei Logistics (India) Private Limited, Micro Logistics (India)
Private Limited and Gulf Orient Shipping on account of their
common promoter and similar nature of business operations.
The revision in the long-term rating factors in the deterioration
in the financial profile of the group during FY2016 as reflected
by decline in revenues and profitability coupled with sharp
increase in the borrowing levels owing to large debt funded capex
incurred in Gulf Orient Shipping which has adversely impacted the
capitalization and coverage indicators; and weakening of
liquidity position owing to increase in receivable days. Further,
the rating continues to remain constrained by the exposure of the
group's revenues and margins to cyclicality present in
international trade; intense competitive pressure from other
organized as well as unorganized players operating in the
fragmented freight forwarding industry; and risks arising from
forex exposure wherein significant payables are denominated in
foreign currency. ICRA also notes that at consolidated level,
there are sizeable repayments falling due in the near to medium
term and hence, scaling up of revenues along with improvement in
profitability would remain crucial for timely debt servicing.

Nonetheless, the rating favourably takes into account the long
standing experience of promoters and established track record of
the group in the freight forwarding industry; the group's
capability of providing end to end shipping and logistics
solutions for international shipments; and its established
clientele base.

S. J. Logistics (India) Private Limited is the flagship company
of the Mumbai based SJL Group which is engaged in the clearing
and forwarding business. The company was started by Mr. Rajen
Shah as a proprietary concern in the year 2000 for providing
shipping services for international shipments export/import).
Later it was converted into a private limited company in December
2003. Over the years, the promoter has gradually expanded the
business by adding various value added services to provide end to
end shipping & logistics solutions for exporters/importers. SJL
group currently has three more entities based in India namely
Opus Dei Logistics (India) Private Limited, Micro Logistics
(India) Private Limited and Gulf Orient Shipping which provide
shipping services such as ocean & air freight forwarding, customs
clearance, transportation etc. The group mainly concentrates on
ocean export shipments. Each entity specializes in handling of a
particular type of cargo/commodity.


SAI RAM: CRISIL Suspends B- Rating on INR45MM Cash Loan
-------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sai Ram
Agro Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             45       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       3       CRISIL B-/Stable
   Term Loan               32       CRISIL B-/Stable

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

SRAI was set up in 2013 as a partnership firm by Fazilka
(Punjab)-based Kamra family. It mills and sorts paddy into
basmati rice at its unit in Fazilka. The firm's daily operations
are managed by Mr. Raj Kumar Kamra and his sons, Mr. Vaneet karma
and Mr. Aseem Kamra. SRAI started commercial operations in
November 2014.


SAMAGRA SIKSHANA: ICRA Suspends 'B' Rating on INR17.52cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR17.52
crore term loan facility of Samagra Sikshana Samithi Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SATYAWATI SUBODH: CRISIL Suspends C Rating on INR125MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Satyawati
Subodh Foundation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               125       CRISIL C

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

SSF was established in 2012 by Mr. Subodh Kumar Gupta and Mrs.
Satyawati Gupta. The trust provides education from playgroup till
10th standard through its three schools in Agra, Uttar Pradesh.
The schools are running as Shri Ram Centennial Schools, a
franchise of SRET, Delhi.


SEVCON INDIA: CRISIL Reaffirms B Rating on INR37.5MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sevcon India
Private Limited continue to reflect the company's large working
capital requirement, and its below-average financial risk profile
because of subdued debt protection metrics. These weaknesses are
partially offset by its promoters' extensive experience in
trading in heating, ventilation, and air conditioning (HVAC)
components.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Reaffirmed)
   Cash Credit             37.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit        32.5      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of a significant increase in net cash accrual
backed by revenue growth and better working capital management.
The outlook may be revised to 'Negative' if the financial risk
profile weakens on account of decline in revenue and
profitability, or large debt-funded capital expenditure, or if
the liquidity comes under considerable pressure because of
increase in working capital requirement.

SIPL was incorporated by Mr. Sunil Kher and his wife Ms Rajni
Kher in 1996. Based in Delhi, the company trades in pumping
systems, dynamic balance and control valves, fan and ventilation
systems, thermal energy storage systems, pipe fittings, cooling
water treatment systems, and heat transfer filtration system for
HVAC systems. It procures goods locally as well as imports from
Dubai, Denmark, and Singapore.


SHAH AGRI: CRISIL Assigns B+ Rating to INR65.0MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shah Agri Impex Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              33.3      CRISIL B+/Stable
   Cash Credit            65.0      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      1.7      CRISIL B+/Stable

The rating reflects its small scale of operations and exposure to
volatility in raw material prices amid intense competition in
trading and processing of pulses and implementation risks for
ongoing project. These weaknesses are partially offset by the
extensive industry experience of its promoters and their funding
support.

For arriving at the ratings, unsecured loans from promoters of
INR62.7 million as on March 31, 2015 extended to SAIPL have been
treated as neither debt nor equity as these will be retained in
the business over the medium term.
Outlook: Stable

CRISIL believes SAIPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if stable profitability and significant improvement
in revenue on the back of early stabilisation of dal mill
operations lead to high cash accrual. Conversely, the outlook may
be revised to 'Negative' if low cash accrual or large working
capital requirement or time/cost overrun in ongoing project
weakens the financial risk profile, particularly liquidity.

Incorporated in 2012, SAIPL trades in pulses such as toor, moong,
peas apart from agro commodities like maize and soya deoiled
cakes, and also provides warehousing services for their storage.
Promoted by Mr. Dilip Shah and family, the company's operations
are based out of Nagpur. It is setting up a dal mill to process
pigeon pea (toor) and other pulses, which is expected to commence
operations from November 2016.


SHREE RAMESHWAR: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Shree Rameshwar Cotex Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B/Stable

   Proposed Cash
   Credit Limit            20       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       0.5     CRISIL B/Stable

   Term Loan               24.5     CRISIL B/Stable

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

MSRCI was set up as a partnership firm in 2013 and is currently
engaged in cotton ginning, pressing and oil milling. The firm
started its commercial operations from February 2014.The firm is
owned and managed by Mr. Anand Dharmashibhai Gadara and his
family members.

MSRCI on a provisional basis reported net loss of INR2.3 million
as against net sales of INR59.7 million in 2013-14


SHRI JEET: CRISIL Suspends 'D' Rating on INR50MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shri Jeet
Ram Smarak Institute of Engineering and Technology.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan           50      CRISIL D

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

Shri Jeet Ram Smarak Trust, registered in 2009, is promoted by
Mr. R K Gupta. It operates SJRET College at Bareilly (Uttar
Pradesh), which offers engineering, management, and polytechnic
courses.


SINGLA JEWELLERS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Singla
Jewellers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              150      CRISIL B+/Stable

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

Singla is engaged in the retailing of gold and diamond jewellery
through its flagship 1800-square feet (sq ft) showroom at Karol
Bagh (Delhi). The company was set up in 1998 by Mr. Ram Niwas
Singla and his cousin, Mr. Ajay Gupta. It started another retail
showroom of about 2500 sq ft in Pitam Pura (Delhi) in May 2011.
Singla gets jewellery manufactured on job-work basis from
external artisans.


SREE NARAYAN: CRISIL Reaffirms B+ Rating on INR130MM Cash Loan
--------------------------------------------------------------
CRISIL's rating to the bank facilities of Sree Narayan Builders
continues to reflect its below-average financial risk profile,
low operating profitability owing to the trading nature of
operations, low bargaining power with the principal and exposure
to intense competition in the steel industry. These weaknesses
are mitigated by the extensive entrepreneurial experience of the
proprietor and established dealer network.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             130      CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes SNB will maintain its credit risk profile backed
by the entrepreneurial experience of its proprietor and
established dealer network. The outlook may be revised to
'Positive' if growth in revenue and operating margin leads to
sustained improvement in cash accrual and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SNB
contracts a large debt to fund the incremental working capital
requirement, or revenue or margin declines sharply.

SNB, established in 1989 by Kolkata-based Mr. Shayam Krishna
Paul, is an exclusive super distributor of Jindal Steel Power Ltd
for TMT bars and other long products in Kolkata and other parts
of West Bengal. It is also a distributor for SPS Steels Rolling
Mills Ltd (SPS Group) for TMT bars.


ST. MARY'S: CRISIL Suspends 'C' Rating on INR70MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of St.
Mary's Orthodox Syrian Church Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               70        CRISIL C

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

Set up in 1979, SMSOCS runs two schools in Kanpur, Uttar Pradesh
by the name of St. Mary's Orthodox School. The first is ICSE
affiliated, and began operations in 1979-80, while the second
commenced operations in 2014-15. SMSOCS is currently headed by
Father Shaji George.


TAMILNADU JAIBHARATH: CRISIL Reaffirms B- Rating on INR260MM Loan
-----------------------------------------------------------------
CRISIL's ratings on bank loan facilities of Tamilnadu Jaibharath
Mills Ltd continue to reflect the below-average financial risk
profile and susceptibility of operating profitability to
volatility in raw material prices. These weaknesses are partially
offset by extensive experience of promoters and established
relationships with suppliers and customers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee           5      CRISIL A4 (Reaffirmed)
   Cash Credit            260      CRISIL B-/Stable (Reaffirmed)
   Key Loan               100      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        45      CRISIL A4 (Reaffirmed)
   Long Term Loan         140      CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     254.5    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TNJBL will continue to benefit from
extensive experience of promoters in the cotton yarn industry.
The outlook may be revised to 'Positive' if better-than-expected
cash accrual or significant equity infusion by promoters,
improves liquidity. The outlook may be revised to 'Negative' if
large working capital requirement, delay in funding support
received from promoters or substantial debt-funded capital
expenditure, weakens liquidity.

Set up in 1989, TNJBL is part of the Ramalinga group of
companies, which has diversified interests in businesses such as
spinning and cargo transportation. The company manufactures
cotton yarn and operations are currently managed by Mr. TR
Dhinakaran and his son, Mr. D Senthilkumar.


UNICON ENGINEERS: ICRA Raises Rating on INR7.20cr Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+
for the INR7.20 crore (revised from INR8.00 crore) long term fund
based facilities of Unicon Engineers.  ICRA has reaffirmed the
short-term rating for the INR5.50 crore (revised from INR11.00
crore) non-fund based facilities of Unicon at [ICRA]A4. ICRA has
also assigned ratings of [ICRA]B+ and [ICRA]A4 for the INR6.30
crore (revised from nil) long term/short term unallocated
facility of the firm.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long term fund
   based facility         7.20     [ICRA]B+/Upgraded

   Short term non
   fund based facility    5.50     [ICRA]A4/Reaffirmed

   Long term/short
   Term- Unallocated      6.30     [ICRA]B+/[ICRA]A4/Assigned

The rating upgrade consider the increase in Unicon's scale owing
to improved off-take of projects by its customers on the back of
reduced delays in statutory clearances and minimal design changes
intimated by the customers. The ratings also factor in the
improvement in the firm's liquidity position owing to decrease in
debtor days and inventory levels of the firm; and the revenue
visibility in near term provided by the modest order book
position. The ratings continue to draw comfort from the extensive
experience of the promoters in the pollution control equipment
business spanning over two decades.

However, the ratings are constrained by Unicon's small scale of
operations amid high competition in pollution control equipment
manufacturing industry that limits Unicon's pricing flexibility
and puts pressure on margins. The ratings also take into account
the vulnerability of the firm's revenues to the cyclicality in
investment cycle of end user industries, although the risk is
partially mitigated by sectoral diversification of the firm. The
ratings also consider the risks of capital continuity inherent to
a partnership firm.

M/s Unicon Engineers was established as partnership firm in 1991
and is engaged in manufacturing and commissioning of pollution
control equipment. Unicon undertakes design, engineering,
fabrication, supply, erection and commissioning of pollution
control equipment such as electrostatic precipitator (ESP), wet
scrubber, cyclones and multi-cyclones, ammonia flue gas injection
system, bag filter, etc.The firm primarily caters to power,
cement and sugar industries in India and also undertakes
international orders. The day to day activities of the firm are
managed by its partners, Mr. P. Ponram and Mr. M. Palanikani. The
firm has a manufacturing facility in Coimbatore, Tamil Nadu with
an in house design and engineering department and has experience
of more than two decades in the field of pollution control
equipment and material handling systems.

Recent results
Unicon reported a net profit of INR0.12 crore on an operating
income of INR14.76 crore during FY 2015-16 against a net profit
of INR0.06 crore on an operating income of INR10.06 crore during
FY 2014-15.



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


ALAM SUTERA: Fitch Assigns 'B+' Senior Unsecured Notes Rating
-------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based homebuilder PT Alam
Sutera Realty Tbk's (ASRI, B+/Negative) proposed US dollar-
denominated senior unsecured notes due in 2022 an expected rating
of 'B+(EXP)' and a Recovery Rating of 'RR4'. The notes will be
issued by ASRI's wholly owned subsidiary Alam Synergy Pte Ltd,
and guaranteed by ASRI and its subsidiaries.

The notes are rated at the same level as ASRI's senior unsecured
rating as they represent the company's unconditional, unsecured
and unsubordinated obligations. The final rating on the notes is
contingent upon the receipt of final documents conforming to
information already received.

ASRI intends to use the net proceeds of the proposed notes to buy
back its existing USD225 million 9% senior unsecured notes, which
are due in 2019. A successful issuance of the proposed notes will
push back ASRI's earliest significant debt maturity to 2020, when
its USD235 million 6.95% senior unsecured notes fall due.

The Negative Outlook on ASRI's 'B+' Long-Term Issuer Default
Rating reflects the potential challenges it may face in improving
contracted sales. The high proportion of commercial property
sales and bulk land sales to institutional buyers in its pipeline
has increased ASRI's business risk profile, but may be
counterbalanced by a more conservative capital structure. Fitch
may downgrade ASRI's ratings if the company cannot improve
contracted sales to at least IDR3.5trn by end-2017 or if the
ratio of contracted sales/gross debt remains lower than 0.6x.

KEY RATING DRIVERS

Weaker Sales Largely Cyclical: ASRI recorded IDR1.2trn of
contracted sales in the eight months to August 2016, which was
just 23% of its full-year target of IDR5trn; a similar
performance to 2015. This was mostly due to a higher proportion
of commercial property in the company's sales mix at a time of
slower domestic economic activity and weak property demand. The
company's inability to sell its office tower, The Tower, in
Jakarta's central business district amid an office space glut is
a key reason behind continued weak contracted sales. However, we
expect better sales from this project in 2017 with improved
domestic economic sentiment.

Long-Term Credit-Profile Intact: ASRI's business risk is
fundamentally unchanged, with a large low-cost land bank and
established domestic franchise. The company had a land bank of
over 19 million square meters (sqm) available for development,
with a carrying value of over IDR8.6trn, at end-June 2016.
"Overall, we expect ASRI's contracted sales to improve to at
least IDR3.5trn in 2017, supported by better domestic demand.
Cash flows will also be driven by its agreement with China
Fortune Land Development Co. Ltd (CFLD) to sell its land bank in
the Pasar Kemis district in Tangerang, a region situated 30km
west of Jakarta." Fitch said. ASRI received a deposit of
IDR1.45trn in July 2016 as part of this agreement and is expected
to sell around 1 million sqm of land to CFLD annually for the
next five years.

Improving Macroeconomic Sentiment: Domestic consumer sentiment
has been improving since 2Q16, fuelled by lower commodity price
volatility and a more stable exchange rate. The government's
infrastructure expansion programme also had better traction
compared with 2015 and its tax amnesty programme, announced in
June 2016, has performed better than the government expected. The
real estate industry directly benefits from any wealth
repatriated as part of the programme, which has to be invested in
either real estate or government securities. Fitch said, "We
expect increased domestic declarations of wealth to help more
consumers purchase property, which had been put on hold following
the government's increased scrutiny around tax evasion since
2015. Indicators of real economic activity, such as domestic
traffic volumes and automobile sales, are also rising (see
"Fitch: Indonesia Economic Rebound to Spur Industrial-Land
Demand", dated 29 August 2016)."

Execution Risks Remain: Fitch believes ASRI may find it
challenging to sell 1 million sqm of land annually to CFLD. The
cooperation agreement delineates 5 million sqm of land in Pasar
Kemis. Fitch expects it to be difficult and costly to acquire the
requisite land beyond the first two years. CFLD also has the
right to set-off part of the land value purchased from ASRI
against the advance payment, and ASRI will have to return the
balance to CFLD if the agreement is terminated.

Large Low-Cost Land Bank: The average cost of the company's land
bank was IDR0.5m per sqm at end-June 2016. ASRI sold its
residential land plots at an average price of IDR5m per sqm in
2015, and its commercial plots in its mature township of Alam
Sutera fetched an average price of IDR23m. The company reduced
incremental land purchases in 2015 to IDR409bn, from IDR1.3trn in
2014, to conserve cash amid weaker property sales. It expects to
purchase between IDR1trn-1.3trn annually in 2017 and 2018.

KEY ASSUMPTIONS

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

   -- IDR1.4trn of contracted sales for 2016 and IDR3.5trn for
      2017

   -- cash collections from contracted sales to be made over two
      to three years on average, in line with historical cash
      collections

   -- contracted sales/gross debt ratio to improve to around 0.6x
      in 2017 (LTM to June 2016: 0.4x; 2015: 0.3x)

   -- Net debt/adjusted inventory to remain less than 50% over
      the next three years (end-June 2016: 49%).

RATING SENSITIVITIES

Negative: Future developments that may individually or
collectively lead to a downgrade include:

   -- inability to improve annual contracted sales to at least
      IDR3.5trn by end-2017

   -- inability to improve contracted sales/gross debt to more
      than 0.6x by end-2017

   -- net debt/adjusted inventory sustained at more than 50%

   -- higher spending on non-core businesses.

Positive: Not meeting the negative rating sensitivities for an
extended period may result in the Outlook being revised to
Stable.

LIQUIDITY

ASRI's earliest significant debt maturity is in 2019, when the
USD225m (around IDR3trn) five-year 9% senior unsecured bond falls
due. ASRI has drawn a further IDR1.5trn of construction finance
from banks as at end-June 2016, which it has used to complete its
high-rise projects amid weak cash flows. Repayments of these
loans are manageable, as they are spread across the next four to
five years.



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


1MALAYSIA: Swiss Prosecutors File Criminal Proceedings v. Falcon
----------------------------------------------------------------
Reuters reports that roughly 15 Swiss banks are in a "red zone"
of lenders particularly exposed to money laundering risks, the
head of Swiss banking watchdog FINMA said in a newspaper
interview published on Oct. 16.

According to Reuters, Swiss federal prosecutors last week said
that they have opened criminal proceedings against Zurich-based
Falcon Private Bank for alleged failure to prevent suspected
money laundering linked to Malaysia's scandal-tainted 1MDB fund.

Reuters says Falcon is the second Swiss bank, after BSI, to face
a criminal investigation by Switzerland's Office of the Attorney
General over links to 1Malaysia Development Berhad (1MDB). The
move is partly based on an investigation by FINMA, which has also
opened proceedings against several other lenders, the report
states.

"We have introduced a warning system in relation to money
laundering risks," Reuters quotes FINMA Chief Executive Mark
Branson as saying in an interview with Swiss newspaper
SonntagsZeitung.  "Roughly 15 banks are in the red zone here.
That means they are particularly exposed."

Mr. Branson did not name the banks concerned but said that most
of them are involved in asset management and often have clients
from emerging markets, adding that the lenders were from all
areas of the country and of various sizes, Reuters relays.

Asked whether any major Swiss banks were among them, he said: "I
would not use the plural, but yes," Reuters relays.  Banks on the
list are monitored more closely and must provide FINMA with
additional information, but the watchdog wants them to understand
the emerging markets in which they operate rather than withdraw
from them, Mr. Branson, as cited by Reuters, said.

Falcon, which FINMA has ordered to turn over CHF2.5 million
(SGD3.52 million) in what the watchdog said were illegal profits,
is being given a second chance but would lose its banking licence
in the event of a repeat offence, he said, adds Reuters.

                            About 1MDB

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

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

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

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

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

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

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



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


CREDIT UNION: Fitch Publishes 'BB' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has published Credit Union Baywide's (CUB) Long-
Term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook
and Viability Rating at 'bb'.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

CUB's IDR and Viability Rating reflect its higher risk appetite
than most of its domestic peers, with a focus on higher
loan/value mortgages and consumer lending. Fitch believes this
may increase the susceptibility of its loan performance to a
weaker operating environment through the cycle. CUB's risk
controls are adequate for its size and consistent with regional
peers, but are not as developed as the larger banks.

CUB's asset quality has improved in the last few years, supported
by a favorable operating environment and a reweighting of its
portfolio towards residential mortgages. However, residential
mortgage growth has largely been driven by higher loan/value
ratio lending during a time of increasing macro risks. Fitch
said, "This could leave its mortgage book susceptible to losses
in a downturn, but we believe the exposures should still
outperform consumer lending."

CUB has a modest earnings and profitability profile. The credit
union maintains strong net-interest margins relative to peers,
reflecting its higher margin business mix, but its overall
profitability is modest due to a high cost base relative to its
risk profile.

CUB's risk-weighted and unrisk-weighted capitalisation ratio is
robust and above most of its domestic peers, but the credit
union's absolute capital base is small and it has limited ability
to generate fresh common equity outside of internal capital
generation.

CUB's funding profile remains stable and its liquidity position
is sound. Its lending activities are wholly funded by retail
deposits, which Fitch expects will continue. Deposit reinvestment
rates are stable, although there is some geographic concentration
in the deposit book. CUB does not have access to the Reserve Bank
of New Zealand's repo facility and has limited contingent funding
sources.

SUPPORT RATING AND SUPPORT RATING FLOOR

CUB's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflects our view that, while support from the New Zealand
sovereign (AA/Stable) is possible, it cannot be relied upon.
Fitch said, "We believe the Open Bank Resolution Scheme (OBR),
which allows the imposition of losses on depositors and senior
debt holders to support a failing institution, reduces the
sovereign's propensity to support its financial institutions,
despite not applying to CUB."

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

Positive rating action on the Issuer Default Ratings and
Viability Rating would require an improved risk appetite,
possibly through lower-risk underwriting or a stronger risk
control framework, evidenced by CUB's performance through the
cycle. Conversely, negative rating action may be taken if risk
appetite increases substantially.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
changes in assumptions around the propensity or ability of the
New Zealand state to provide timely support to CUB.


The rating actions are as follows:

   Credit Union Baywide

   -- Long-Term IDR published at 'BB'; Outlook Stable

   -- Short-Term IDR published at 'B'

   -- Viability Rating published at 'bb'

   -- Support Rating published at '5'

   -- Support Rating Floor published at 'No Floor'



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


SECURITY BANK: Fitch to Withdraw Ratings for Commercial Reasons
---------------------------------------------------------------
Fitch Ratings plans to withdraw the ratings on Security Bank
Corporation on or about Nov. 16, 2016, which is approximately 30
days from the date of this commentary, for commercial reasons.

Fitch currently rates Security Bank Corporation as follows:

   -- Long-Term Foreign-Currency IDR 'BB+'; Outlook Stable

   -- Short-Term IDR 'B'

   -- Long-Term Local-Currency IDR 'BB+'; Outlook Stable

   -- National Long-Term Rating 'AA-(phl)'; Outlook Stable

   -- Viability Rating 'bb+'

   -- Support Rating '3'

   -- Support Rating Floor 'BB-'

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient. Fitch believes that investors benefit from increased
rating coverage by Fitch and is providing approximately 30 days'
notice to the market of the rating withdrawal of Security Bank
Corporation. Ratings are subject to analytical review and may
change up to the time Fitch withdraws the ratings.

Fitch's last rating action for the above referenced entity was on
July 18, 2016. The Viability Rating as well as the Long-Term
Foreign- and Local-Currency IDRs were upgraded.



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


EZRA HOLDINGS: Seeks Bondholders Consent to Amend Terms of Notes
----------------------------------------------------------------
The Strait Times reports that another Singapore-listed offshore
services firm is appealing to bondholders to change the terms of
its debt repayment.

The Strait Times says Ezra Holdings announced on Oct. 18 it is
seeking noteholders' consent to amend the terms of its
SGD150 million of 4.875 per cent notes due 2018 to avoid any
potential covenant breaches or default.

In a filing with the Singapore Exchange, Ezra said it is offering
a consent fee of 0.1 per cent for noteholders who accept their
proposal by 5:00 p.m. on Nov. 2, 2016, according to The Strait
Times. This works out to SGD250 per SGD250,000 in principal
amount of notes held, less any bank charges, which shall be borne
by the noteholders.

Those who accept the proposal after the early-consent deadline
will receive a consent fee of 0.05 per cent, or SGD125 per
SGD250,000 of notes, less bank charges, says The Strait Times.

The Strait Times relates that Ezra said that the consent
solicitation is necessary to avoid any non-compliance with the
terms of the notes as it explores options to address its various
financial obligations and strengthen its financial position.

According to the report, Ezra will convene an extraordinary
general meeting for bondholders at 10:00 a.m. on Nov. 9. It will
also be holding an informal meeting with the bondholders at
10:00 a.m. on Oct. 25 to update them on the on the company's
current position and provide further information about the
consent solicitation, the company said in another filing on
Oct. 18.

The Strait Times notes that in addition to the persistent oil
price slump which has led to ongoing cuts in global exploration
and production capital spending, Ezra has been hit by the woes of
its affiliate, Perisai Petroleum Teknologi, which defaulted on
SGD125 million of bonds.

Ezra has a 20.6 per cent stake in Perisai via two units and could
find itself in jeopardy should Perisai fail to reach a debt
restructuring deal. The two firms are also linked through a US$43
million put option, exerciseable on Nov. 26, the report states.

The Strait Times adds that Ezra said in its filing on Oct. 18
that Perisai is in discussions with a financial institution to
secure financing that may allow the Malaysian oil rig contractor
to negotiate a mutually acceptable debt restructuring with its
creditors which include holders of the Perisai notes.

The report adds that Ezra said that in the event that Perisai is
not successful in negotiating a favorable outcome with its
noteholders, it may need to assess its investment in Perisai and
the accounting impact arising from this.

Ezra has joined the ranks of Swissco Holdings, Rickmers Maritime,
Marco Polo Marine and AusGroup in seeking to restructure debt.
Oilfield services firm Swiber Holdings, which initially filed for
liquidation, gained court approval this month to place itself
under judicial management, says The Strait Times.

Singapore-based Ezra Holdings Limited, an investment holding
company, provides integrated offshore solutions for the oil and
gas industry. The company operates in three divisions: Subsea
Services, Offshore Support and Production Services, and Marine
Services.


RICKMERS MARITIME: Rickmers Holding Sells 100% Shares
-----------------------------------------------------
Seatrade reports that Rickmers Holding is distancing itself from
troubled Singapore shipping trust Rickmers Maritime ahead of key
unit and bondholder meetings, which are set to decide its fate.

According to Seatrade, Rickmers Holding has sold its 100% holding
the trustee-manager of Rickmers Maritime to Brick Holding
International Invest owned by chairman and non-executive director
Bertram Rickmers. As such the trust will no longer be a
subsidiary of Rickmers Holding although it still has a 34.19%
indirect unitholding in Rickmers Maritime, the report states.

Seatrade says unit and bondholders are set to vote on
controversial restructuring proposals on October 31 and
November 9 respectively, with the trust warning of liquidation if
they are not approved.

The report relates that the restructuring that would see the
issue 1.32 billion new units in the trust in an equity swap to
partially redeem a SGD100 million ($73.7 million) bond issue due
in May 2017. The remaining SGD40 million maturity of the bond
issue would then be extended until 2023. Bondholders will also
receive a SGD500,000 one time coupon payment if the restructuring
is successful, Seatrade notes.

A consent for solicitation statement was dispatched to
bondholders on Oct. 18, the report discloses.

"We strongly urge noteholders to carefully consider our proposal
so we can collectively avoid a potential liquidation scenario. In
our view, winding up the trust would destroy the most value and
likely leave noteholders with zero recoverability," the report
quotes Soeren Andersen, CEO of Rickmers Trust Management, as
saying.

Seatrade notes that the trust which has fleet of 16 panamax
containerships decommissioned a further two vessels in September
meaning that five of its ships are now in lay-up.

Last month Andersen likened the current state of container
shipping to that of being "chased by a lion," adds Seatrade.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


HANJIN SHIPPING: Hyundai Merchant Mulls Bid for Lucrative Route
---------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co. is
considering bidding for its bigger local rival Hanjin Shipping
Co.'s Asia-U.S. route, industry sources said Oct. 18.

According to the report, sources said Hyundai Merchant, currently
under a creditor-led debt restructuring scheme, is planning to
submit a preliminary bid for Hanjin Shipping's route, seen as the
most lucrative, and ships that are up for sales.

Last week, part of cash-strapped Hanjin Shipping Co.'s assets
went up for sale as the company is struggling to raise the cash
needed to repay debts and unpaid bills, Yonhap says.

Yonhap relates that the country's No. 1 shipper, which is
currently under receivership, got the nod from a local court to
sell its Asia-U.S. route, including manpower, as well as vessels
and 10 overseas operations.

According to Yonhap, the Seoul Central District Court will
receive letters of interest from potential buyers until Oct. 28.
Potential bidders are required to offer final bids by Nov. 4 and
will be given chances to conduct due diligence.

The asset sale will be completed by the end of next month, but
the prices were not determined, Yonhap states.

Yonhap says Hanjin Shipping's Asia-U.S. route logs sales of up to
KRW4 trillion annually, and its market share stands at 7%, the
sixth-largest among global shippers.

Hyundai Merchant, a member of global shipping alliance 2M, is
planning to expand its fleet, so it wants to buy vessels from
Hanjin Shipping, adds Yonhap.

                      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.


STX OFFSHORE: Court May Announce Sale Plan This Week
----------------------------------------------------
Yonhap News Agency reports that a South Korean court may announce
a sale plan for the embattled STX Offshore & Shipbuilding Co.
without waiting for the company's rehabilitation plan, an
industry source said on Oct. 17.

Yonhap relates that the South Korean bankruptcy court handling
the company's insolvency proceedings is expected to issue the
notice this week for what is called a "package sale" in which the
troubled shipyard is to be sold together with its French unit,
according to the source.

It is said that the notice was originally planned for Oct. 18 but
postponed to fully hear opinions from the creditors, Yonhap says.

Although the court prefers to sell the two companies together, it
doesn't rule out a separate deal, the source, as cited by Yonhap,
said.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business. The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very
large ore carriers (VLOCs), bulk carriers as well as pure cars
and truck carriers. The cruise segment provides cruise ships. The
OSV segment engages in the manufacture of offshore patrol
vessels, corvettes and others. The vessel apparatus segment
produces vessel engines, deck houses and others. The other
segment mainly engages in the plant construction business, rental
business, crane business and others.



================
S R I  L A N K A
================


UNION BANK: Fitch Affirms 'BB+' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings Lanka has downgraded Pan Asia Banking Corporation
PLC's (PABC) National Long-Term Rating to 'BBB-(lka)' from
'BBB(lka)'. The Outlook is revised to Stable from Negative. The
agency has also revised the Outlook on the National Long-Term
Rating of Union Bank of Colombo PLC (UB) to Positive from Stable,
and affirmed its rating at 'BB+(lka)'. The National Long-Term
Ratings on Nations Trust Bank PLC (NTB), SANASA Development Bank
PLC (SDB) and Amana Bank PLC (Amana) have been affirmed with a
Stable Outlook.

KEY RATING DRIVERS

NATIONAL RATINGS AND SENIOR DEBT

The rating actions follow Fitch's periodic review of Sri Lanka's
small and mid-sized bank peer group.

The banks' operating environment has become more challenging - as
signalled by the downgrade of the sovereign Long-Term Issuer
Default Rating to 'B+' from 'BB-' on 29 February 2016. Fitch
expects increased volatility in operating conditions to add
pressure on the banks' credit metrics.

Fitch believes capitalisation is the main problem for the banks,
due to weakening capital buffers from rapid loan-book growth and
high exposure to retail and SME segments, which are more
susceptible to deteriorating economic conditions. PABC and Amana
are yet to meet the LKR10bn minimum capital requirement set by
the regulator. Fitch believes capital-raising may also be a
challenge amid increased country risk.

The downgrade of PABC's National Long-Term Rating reflects the
continued deterioration in its capitalisation following above-
industry loan growth (2015: 37% versus 21% for the industry,
2014: 27.2% versus 13.7%). The rating factors in Fitch's
expectation of an equity infusion, as PABC is required to
increase its minimum regulatory capital to LKR7.5bn by 1 January
2017 and LKR10bn by 1 January 2018. Fitch believes that the
bank's earnings retention alone is not likely to be sufficient to
achieve the capital standards, despite improved profitability.

PABC's regulatory NPL ratio improved to 4.4% at end-June 2016,
from 5.7% at end-2014, mostly due to high loan growth, although
the stock of NPLs also decreased marginally. ROA improved to
1.1%, from 0.6%, due to better revenue generation stemming from
higher business volumes.

The Positive Outlook on UB's rating reflects the structural
changes taking place through a shift in the risk profile of the
bank's loan book. This stems from a higher exposure to corporates
as opposed to SMEs in the past, which could support better asset
quality. However, UB continued to sustain rapid loan growth of
51.5% in 2015 and 20.5% in 1H16. This could put pressure on
asset-quality if not managed.

UB's rating reflects its still-small franchise, weak
profitability and higher capitalisation compared with that of its
peers. The bank accounted for just 1% of sector assets in 1H16
and is among the smallest licensed commercial banks in the
sector. UB's profitability in terms of ROA has been gradually
increasing (1H16: 0.67%, 2015: 0.41%), but remains low relative
to peers. Fitch expects capitalisation to decline to levels more
comparable with that of its peers in the medium-term, alongside
rapid loan growth. Its Fitch Core Capital ratio decreased to
19.8% in 1H16, after being boosted to 35.8% at end-2014 following
an LKR11.4bn capital injection from an affiliate of Texas Pacific
Group (TPG). However, Fitch expects the bank to sustain stronger
capitalisation in the medium-term than in the past.

UB reported a sharp decline in its gross NPL ratio to 2.90% in
1H16, from 3.55% at end-2015 and 8.25% at end-2014. This figure
excludes NPLs at its subsidiary, UB Finance Company Ltd (UBF),
formerly a distressed company. UBF accounted for 31.3% of the
groups' total NPLs at 1H16. UBF's asset quality remains a
significant drag on the group's asset quality, even though it has
been improving.

NTB's ratings reflect its moderate franchise, high product
concentration and declining capitalisation. The bank's product
concentration relative to peers remain high, with leasing
accounting for 23% of gross loans at end-June 2016, and credit
cards accounting for 11%. Fitch believes these exposures could
put pressure on NTB's asset quality. The bank's reported gross
NPL ratio improved to 2.8% at end-June 2016, from 4.2% at end-
2014, due mainly to recoveries and write-offs in the leasing
portfolio. The ratio of the bank's reserves for impaired
loans/gross loans stood at 1.7%, which was lower than that of its
peers.

The bank's capitalisation, as measured by the Tier 1 regulatory
capital ratio, decreased to 10.7% by end-June 2016, from 13.2% at
end-2015 (end-2014: 14.2%). Fitch believes capitalisation could
deteriorate further amid loan growth and the absence of capital-
raising activity. A sustained decline in capitalisation could put
pressure on NTB's ratings.

Fitch expects NTB's net interest margin (NIM) to moderate in the
near-term due to the rising interest-rate environment and planned
increase in exposure to lower-yielding customer segments. Fitch
said, "The bank's cost structure remains high compared with peers
due to branch expansion, but we expect this to moderate with
process improvements the bank has undertaken." NTB's low cost
current account savings account (CASA) improved to 31% of overall
deposits by end-June 2016, from 25% at end-2013, but lags behind
that of higher-rated peers.

SDB's rating captures the bank's high-risk appetite in terms of
its substantial exposure and rapid loan growth to the retail and
lower-end SME segments. Fitch believes a capital injection would
support SDB's rating, as internal capital generation is not
likely to be sufficient to cushion the decline in capitalisation
as a result of rapid loan book expansion. SDB's reported gross
NPL ratio decreased to 2.34% in 1H16, from 3.76% at end-2014,
largely due to rapid loan growth as the stock of NPLs remained
flat. Fitch expects asset quality to deteriorate as the loans
season. The bank continues to benefit from above-average NIM
stemming from its loan book exposures, although the contraction
in its NIM has lowered SDB's profitability.

The affirmation of Amana's National Long-Term Rating reflects our
expectation that the bank will increase its capital to meet the
minimum level as directed by the Central Bank of Sri Lanka. In
July 2015, the regulator granted approval for an extended
timeline to comply with the minimum capital requirement which
requires a minimum of LKR7.5bn and LKR10bn to be achieved by 1
January 2017 and 1 January 2018, respectively.

Amana's rating reflects its small and developing domestic
franchise and limited operating history. It also captures Amana's
relatively high-risk appetite, primarily indicated through rapid
growth in the retail and SME segments. This could put pressure on
the bank's asset quality if economic conditions deteriorate.
Amana's NPL ratio has remained at less than 1% since end-December
2015, supported by rapid loan book growth, while absolute NPLs
have moved up moderately. Fitch deems the placement of Amana's
excess funds in overseas financial institutions to be less liquid
than domestic government securities although tenors on these
placements have been shortened. The bank has maintained a stable
CASA base relative to peers, with a CASA of over 50%.

PABC's senior debentures carry the same rating as its National
Long-Term ratings, as they rank equal with other unsecured
obligations.

SUBORDINATED DEBT

PABC's and NTB's old-style Basel II Sri Lanka rupee-denominated
subordinated debt is rated one notch below their National Long-
Term Ratings to reflect the subordination to senior unsecured
creditors.

RATING SENSITIVITIES

NATIONAL RATINGS AND SENIOR DEBT

An upgrade of PABC's rating is contingent upon the bank achieving
a sustained and significant improvement in its capitalisation,
alongside a moderation in risk appetite. PABC's rating would be
downgraded if loss-absorption buffers further deteriorate, either
through aggressive loan book growth or greater share of
unprovided NPLs.

The upgrade of UB's rating is contingent upon the bank's ability
to manage the risk that could stem from continued high loan
growth, with a sustained improvement in asset quality and better
risk management. The upgrade would also depend on an improvement
in UB's still-developing franchise alongside sustainable and
improved performance similar to higher-rated peers. Capital
impairment risks stemming from sustained rapid loan expansion or
deterioration in asset quality could put pressure on UB's rating.

An upgrade of NTB's rating is contingent upon the bank lowering
product concentration, significantly improved capitalisation and
enhanced funding stability, alongside progress in building a
strong commercial banking franchise. Weaker capitalisation or an
increased risk appetite, as evident through aggressive loan
growth and weaker asset quality, could result in a downgrade

SDB's rating could be downgraded if there is a continued
deterioration in capitalisation, either through aggressive loan
growth or greater unprovided NPLs. An upgrade would be contingent
upon moderation of its risk appetite and sustainable improvements
in asset quality and profitability.

Amana's rating may be downgraded if it fails to satisfy
regulatory minimum capital requirements in a timely manner. A
rating upgrade is contingent upon the expansion of Amana's
franchise and improved and sustained financial profile, similar
to higher-rated peers.

Senior debt ratings will move in tandem with the banks' National
Long-Term Ratings.

SUBORDINATED DEBT

Subordinated debt ratings will move in tandem with the banks'
National Long-Term Ratings.

The rating actions are as follows:

   Pan Asia Banking Corporation PLC

   -- National Long-Term Rating downgraded to 'BBB-(lka)' with a
      Stable Outlook, from 'BBB(lka)' with a Negative Outlook

   -- Senior debenture rating downgraded to 'BBB-(lka)', from
      'BBB(lka)'

   -- Subordinated debenture rating downgraded to 'BB+(lka)',
      from 'BBB-(lka)'

   Union Bank of Colombo PLC

   -- National Long-Term Rating affirmed at 'BB+(lka); Outlook
      revised to Positive from Stable

   Nations Trust Bank PLC

   -- National Long-Term Rating affirmed at 'A(lka)'; Stable
      Outlook

   -- Basel II-compliant subordinated debentures affirmed at
      'A-(lka)'

   -- Proposed Basel II-compliant subordinated debentures
      affirmed at 'A-(EXP)(lka)'

   SANASA Development Bank PLC

   -- National Long-Term Rating affirmed at 'BB+(lka)'; Stable
      Outlook

   Amana Bank PLC

   -- National Long-Term Rating affirmed at 'BB(lka)'; Stable
      Outlook


                             *********

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

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

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


                            *********


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

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

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

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

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



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