TCRAP_Public/161020.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

          Thursday, October 20, 2016, Vol. 19, No. 208

                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: S&P Affirms 'B-' CCR & Revises Outlook to Pos.
BRANDING BY AIR: First Creditors' Meeting Set For Oct. 27
CJ'S WASTE: First Creditors' Meeting Set For Oct. 27
EQUITITRUST LTD: Ex-CEO Remains Permanently Banned
HOME AUSTRALIA: NSW Customers Suspect Problems Before Liquidation

HOME AUSTRALIA: Liquidators Yet to Contact ASIC
LIBERTY FUNDING: Moody's Assigns B1 Rating to Class F Notes
NYHOLT CONSTRUCTIONS: First Creditors' Meeting Set For Oct. 27


C H I N A

YESTAR INTERNATIONAL: Acquisition No Impact on Moody's Ba3 CFR
YUZHOU PROPERTIES: Moody's Assigns B1 Rating to USD Bond Issuance


H O N G  K O N G

SKYPEOPLE FRUIT: Gets NASDAQ Delisting Notice on Late 10-K Filing


I N D I A

ALCORA CERAMIC: CRISIL Suspends B+ Rating on INR27.1MM Term Loan
ANTONY WASTE: Ind-Ra Hikes Long Term Issuer Rating to 'IND B+'
ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on INR66MM Loan
ARUN SPINNING: ICRA Suspends 'D' Rating on INR24.18cr Loan
B.S.R. BUILDERS: CRISIL Hikes Rating on INR100MM Loan to B-

BHARAT CONSTRUCTION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
C. M. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR50MM Loan
CADCHEM LABORATORIES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
CHAMBAL MOTORS: ICRA Suspends B+ Rating on INR4.33cr Loan
CHANAKYA COTTONS: Ind-Ra Assigns 'IND B-' Long Term Issuer Rating

D.G. COLD: ICRA Suspends 'C' Rating on INR15cr Loan
DELHI DIAMONDS: CRISIL Suspends 'D' Rating on INR500MM Cash Loan
DHANDUMARIAMMAN STEELS: ICRA Assigns 'B' Rating to INR5.5cr Loan
DHRUVTARA AGRO: ICRA Suspends 'B' Rating on INR9cr LT Loan
ESS ELL: CRISIL Reaffirms 'B' Rating on INR120MM Cash Loan

FLOURISH PAPER: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
FLOWTECH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan
HORIZON DREAM: ICRA Withdraws D Rating on INR9.80cr Term Loan
HYT INOVATIVE: CRISIL Lowers Rating on INR35MM Term Loan to 'B'
JAIPAN INDUSTRIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

KALIEDO COATINGS: CRISIL Suspends B+ Rating on INR120MM Loan
MAHA HYDRAULICS: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
MANALTHEERAM AYURVEDIC: CRISIL Suspends B Rating on INR20MM Loan
MANN MEDICITI: ICRA Assigns B- Rating to INR5.80cr Loan
MG RAMA: Weak Financial Strength Cues ICRA 'SP 2D' Grading

MJR CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR30MM Loan
NAYA INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR10MM Loan
NEELKANTH COAL: CRISIL Suspends 'B' Rating on INR120MM Loan
NEELKANTH RUBBER: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
OMNE AGATE: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating

PMP INFRATECH: ICRA Assigns B+ Rating to INR3.0cr Cash Loan
PP PANDEY: Ind-Ra Affirms 'IND BB+' Long Term Issuer Rating
PRERNA CONSTRUCTIONS: ICRA Suspends D Rating on INR15.5cr Loan
PRO-ARC WELDING: CRISIL Ups Rating on INR25MM Loan to B+
SADIK ENTERPRISE: CRISIL Suspends B- Rating on INR50MM Loan

SHIVAM IRON: CRISIL Reaffirms B- Rating on INR1.25BB Cash Loan
SHRAMAN STRIPS: ICRA Reaffirms 'B' Rating on INR9.0cr Loan
SMRITI APPARELS: CRISIL Cuts Rating on INR95MM Loan to 'D'
SOMANI MOTORS: CRISIL Reaffirms B+ Rating on INR52.5MM Loan
SREE GURU: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

SREE KUMAR: CRISIL Hikes Rating on INR200MM Cash Loan to B+
SUNRISE INDUSTRIES: CRISIL Reaffirms B+ Rating on INR258.9MM Loan
TAXUS INFRASTRUCTURE: ICRA Suspends B+ Rating on INR6cr Loan
TECHNOLINE ENGINEERING: CRISIL Reaffirms B Rating on INR47MM Loan
TOUGH BAGS: CRISIL Assigns B+ Rating to INR70MM Cash Loan

V.S. ECOBLOCKS: ICRA Reaffirms B+ Rating on INR13.65cr Term Loan
VITTHAL DISTILLERIES: CRISIL Suspends D Rating on INR282MM Loan


I N D O N E S I A

LIPPO KARAWACI: Moody's Affirms Ba3 CFR & Revises Outlook to Neg.


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Fund Linked to White House Visit
1MALAYSIA: Leonardo DiCaprio Cooperating With 1MDB Probe
PERISAI PETROLEUM: Receives Demand for SGD125MM Bond Payment


N E W  Z E A L A N D

CREDIT UNION: S&P Affirms 'BB/B' Issuer Credit Ratings


S O U T H  K O R E A

STX OFFSHORE: Court to Allow STX France to be Sold Separately


                            - - - - -


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A U S T R A L I A
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BARMINCO HOLDINGS: S&P Affirms 'B-' CCR & Revises Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings said it has revised to positive from stable
its outlook on Australian hard-rock contract miner Barminco
Holdings Ltd.  At the same time, S&P affirmed its long-term
corporate credit rating on Barminco at 'B-'.  S&P also affirmed
the rating on the company's senior unsecured notes at 'B-' with a
recovery rating of '4', and affirmed the rating on the revolving
facility at 'B+' with a recovery rating of '1'.

The revision of the outlook to positive reflects S&P's view of
further improvement in Barminco's credit metrics through material
reduction in adjusted debt, and the company's continued good
track record of managing its contract book with growth in
earnings over the next fiscal year.  At the end of fiscal 2016,
amendments were made to the terms of the redeemable preference
shares (RPS) removing the coupon and the maturity date, which
resulted in the RPS meeting S&P's definition for noncommon equity
financing, resulting in a material reduction in adjusted debt.
In addition, the increase in earnings expected in fiscal 2017
improves S&P's view of credit metrics over the forecast years;
S&P now expects funds from operations (FFO) to debt to trend
above 12%.  Given the company's track record in maintaining a
relatively stable order book, S&P's base case is this is
sustainable over the next 12 to 24 months.  This has been
evidenced through the company's efforts in securing additional
contracts at Kundana and Rampura Agucha and successfully
extending contracts for Agnew and Dugald River.

A constraint on the rating is the current refinancing task for
the senior unsecured notes.  In S&P's view, the company would not
generate sufficient cash to repay the notes in full at maturity,
and, as such, given the proximity to maturity there exists
reasonable refinancing risk.  However, the restructuring of the
balance sheet, note repurchases, and the increase in expected
earnings has improved the company's position, and, in S&P's view,
management is proactively managing the task of refinancing the
senior unsecured notes due in June 2018.

Barminco's experience and track record in providing underground
hard-rock mining services partly offset the company's relatively
small scale and narrow business focus and prevailing soft
industry conditions.

Despite some indication of small increases in pipeline
opportunities, S&P expects the prevailing soft trading conditions
to continue over the next 12 months.  Barminco has continued to
manage the stability of its order book by rolling over expiring
contracts and winning new contracts to replace lost ones.
Indeed, the company's EBITDA has been relatively stable over the
past few years, in contrast to some peers that experienced a
material fall in earnings.  Nonetheless, in S&P's view, the
concentration in relatively short-term contracts is an inherent
risk in Barminco's business risk profile.

The positive outlook reflects S&P's view of the steps the company
has taken to place itself in a good position for the upcoming
refinancing of the senior unsecured notes, as well as the
company's continued successful management of the contract book
and track record in providing hard-rock mining services.

An upward rating action could occur if Barminco successfully
completes the upcoming refinancing of its senior unsecured notes
maturing in 2018 without a significant increase in interest rate.
Credit metrics commensurate with this scenario would be FFO to
debt remaining greater than 12%.

S&P could revise the outlook back to stable if the company does
not diligently pursue the refinancing of the senior unsecured
notes as maturity approaches in 2018, or if it refinanced the
notes at a significantly higher rate than the current interest
rate resulting in a deterioration of our expected credit metrics
such that FFO to debt was less than 12%.  An inability to
refinance the notes at least one year ahead of maturity would
place downward pressure on the rating.


BRANDING BY AIR: First Creditors' Meeting Set For Oct. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Branding
By Air Pty Ltd will be held at the offices of Smith Hancock
Chartered Accountants, Level 4 88 Phillip Street, in Parramatta,
NSW, on Oct. 27, 2016, at 11:00 a.m.

Peter Hillig and Martin Walsh of Smith Hancock were appointed as
administrators of Branding By on Oct. 17, 2016.


CJ'S WASTE: First Creditors' Meeting Set For Oct. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of CJ'S Waste
Management Services Pty Ltd will be held at Dangerfield
Accounting, Unit 14, 2962 Logan Road, in Underwood, Queensland,
on Oct. 27, 2016, at 10:00 a.m.

John Morgan and Geoffrey Davis of BCR Advisory were appointed as
administrators of CJ'S Waste on Oct. 17, 2016.


EQUITITRUST LTD: Ex-CEO Remains Permanently Banned
--------------------------------------------------
Mark McIvor, former chief executive officer and founding director
of Equititrust Limited remains permanently banned from providing
financial services after withdrawing an application to the
Administrative Appeals Tribunal (AAT) to appeal against
Australian Securities and Investment Commission's original
banning decision.

Mr. McIvor was permanently banned from providing financial
services on Sept. 2, 2015, following an earlier ASIC
investigation into the collapse of Equititrust. At that time,
Equititrust held an Australian financial services (AFS) licence
and was the responsible entity of two registered schemes;
Equititrust Income Fund (EIF) and the Equititrust Priority Class
Income Fund (EPCIF) and was also the trustee of Equititrust
Premium Fund (EPF); an unregistered managed investment scheme.

An ASIC delegate found that while he was the director of
Equititrust, Mr. McIvor contravened a financial services law and
was not of good fame or character to provide financial services.
His conduct involved breaches of the financial services
legislation which were considered to be very serious, repetitive,
prolonged and dishonest.

In particular, the ASIC delegate found that Mr. McIvor
contravened financial services laws by:

   * signing 28 board meeting minutes, which falsely recorded a
     board meeting to approve a loan application had occurred,
     when no such board meeting had taken place, and in doing so,
     Equititrust did not meet its obligations under EIFs
     Compliance Plan; and

   * failing to take all the steps that a reasonable person would
     take, if they were in Mr McIvor's position, namely to ensure
     that accurate, true and correct documents were relied upon
     for compliance checks and not be involved in the production
     of false documents.

Mr. McIvor subsequently filed applications for a review of ASIC's
decision to permanently ban him from providing financial services
and to stay the operation and implementation of the  banning
order. The stay application was refused by the AAT and on
Sept. 1, 2016, Mr. McIvor withdrew his application for review of
ASIC's decision to permanently ban him from financial services.

ASIC Commissioner John Price said Mr. McIvor's conduct was at the
most serious end of the offending range and that it was
appropriate he be permanently banned from providing financial
services.

'People who provide financial services, especially those in
senior management positions, are required to discharge their
obligations under financial services laws efficiently, honestly
and fairly. ASIC will ensure those who fail in these duties are
removed from the industry,' Mr. Price said.

Equititrust was incorporated on Aug. 18, 1993, and was placed
into voluntary administration on Feb. 15, 2012.  The creditors of
Equititrust resolved that the company should be placed into
liquidation on April 20, 2012.  The voluntary administrators of
Equititrust reported that as at the date of their appointment:

   -- EIF had about 1,620 unitholders who were owed approximately
      AUD203.6 mil;

   -- EPF had about 38 unitholders who were owed approximately
      AUF56.7 mil; and

   -- EPCIF had 5 unitholders and held no tangible assets.

On Dec. 19, 2011, ASIC suspended Equititrust's AFSL for 12
months, for failing to comply with a number of key obligations as
a financial services licensee. Equititrust's AFSL remains
suspended.

On Aug. 22, 2014, Mr. McIvor was convicted and fined AUD10,000 in
the Brisbane Magistrates Court of six charges of failing to
provide a Report as to Affairs and to deliver books and records
to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty
Ltd and SM Capital Pty Ltd.

Mr. McIvor was made bankrupt on Nov. 28, 2012, however, his
bankruptcy period has since expired.


HOME AUSTRALIA: NSW Customers Suspect Problems Before Liquidation
-----------------------------------------------------------------
Natasha Robinson at ABC News reports that customers of the
New South Wales subsidiary of federal senator Bob Day's collapsed
building company Home Australia, say they suspect the building
empire was in financial trouble for months before its demise.

Senator Day has blamed Huxley Homes, the NSW arm of Home
Australia, for the woes that forced the building empire into
liquidation, ABC News says.

The Home Australia group went into liquidation on Oct. 17.

According to ABC News, irate customers of Huxley Homes said they
have been raising the alarm on shoddy workmanship, extensive
delays, and financial problems at the company for months.

ABC News relates that Sydney mother-of-four Elizabeth Scuteri
said she was asked by the company as recently as last week to pay
a AUD3,800 premium for home owner's warranty insurance.

ABC News relates that Ms. Scuteri said Huxley Homes had filled
out application forms to take out the insurance, but the forms
were never lodged.

Home owner's warranty insurance is taken out by the builder to
cover such events as bankruptcy. The builder is not supposed to
accept a 5% deposit on a build until the insurance certificate is
provided to the client, the report notes.

ABC News says Ms. Scuteri signed with Huxley Homes in 2014 and
paid a AUD26,000 deposit to build a two-storey, five-bedroom
house in the south-west Sydney suburb of Harrington Grove.

According to the report, South Australian Family First Senator
Day resigned suddenly from the Senate on Oct. 17 amid growing
controversy over the fate of his building empire.

In NSW, stories have emerged of houses sitting unfinished for
months or even years on end, and contract variations enforced by
Huxley Homes which have added weeks to building timeframes over
changes as small as shifting the position of a power point, ABC
News says.

One insider who contacted the ABC said he had been attempting to
raise concerns about Huxley Homes' financial position for months.

"It was clear there was a cash flow issue," the report quotes the
insider, who was contracted by the company for several years, as
saying.  "They were doing everything they could to extend the
contract timeframes."

Huxley Homes has been issued with several fines and enforcement
orders by NSW Fair Trading recently, says ABC News.


HOME AUSTRALIA: Liquidators Yet to Contact ASIC
-----------------------------------------------
Australian Associated Press reports that the corporate watchdog
has yet to be contacted by the liquidator in charge of the
collapse of Home Australia and its subsidiaries, owned by
retiring Family First senator Bob Day.

Senator Day announced his resignation from parliament on Oct. 17
to deal with his fallen home building empire.

AAP says Australian Securities and Investments Commission deputy
commission Peter Kell told a Senate estimates hearing as this
collapse is a "new event", the liquidator is still reviewing the
company.

"The liquidator is bound to report to us if the liquidator
believes or suspects there may have been misconduct under the
corporations act," he told the hearing, AAP relays.

Asked if there have been any complaints about Home Australia in
the past, Mr. Kell said there may have been a small handful, but
he took the question on notice, according to AAP.


LIBERTY FUNDING: Moody's Assigns B1 Rating to Class F Notes
-----------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to notes to be issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2016-2 Trust

  AUD225.0 million Class A1-a Notes, Assigned (P)Aaa (sf)
  AUD130.0 million Class A1-b Notes, Assigned (P)Aaa (sf)
  AUD 72.5 million Class A2 Notes, Assigned (P)Aaa (sf)
  AUD28.0 million Class B Notes, Assigned (P)Aa2 (sf)
  AUD15.0 million Class C Notes, Assigned (P)A2 (sf)
  AUD11.5 million Class D Notes, Assigned (P)Baa2 (sf)
  AUD10.0 million Class E Notes, Assigned (P)Ba2 (sf)
  AUD3.0 million Class F Notes, Assigned (P)B1 (sf)

The AUD5.0 million Class G Notes are not rated by Moody's.

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

                         RATINGS RATIONALE

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans.  A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (18.9%) or made on a limited
documentation basis (1.9%).

This is the 19th non-conforming RMBS transaction sponsored by
Liberty Financial Pty Ltd.

The ratings take account of, among other factors:

   -- Class A1-a and Class A1-b Notes benefit from 29.0% credit
      enhancement (CE) and Class A2 Notes benefit from 14.5% CE,
      while Moody's MILAN CE assumption, the loss Moody's expects
      the portfolio to suffer in the event of a severe recession
      scenario, is at 14.2%.  Moody's expected loss for this
      transaction is 1.5%.  The subordination strengthens ratings
      stability, should the pool experience losses above
      expectations.

   -- A liquidity facility provided by National Australia Bank
      Limited, with a required limit equal to 3.0% of the
      aggregate invested amount of the notes less the redemption
      fund balance.  The facility is subject to a floor of
      AUD600,000.  If the facility provider loses its P-1(cr), it
      must within 30 days either: (1) Procure a replacement
      facility provider; or (2) Deposit an amount of the undrawn
      liquidity commitment at the time into an account with P-1
      rated bank.

   -- The guarantee fee reserve account. The reserve account is
      unfunded at closing and will build up to a limit of 0.30%
      of the issued notional from proceeds paid to Liberty Credit
      Enhancement Company Pty Limited as Guarantor, from the
      bottom of the interest waterfall prior to interest paid to
      the Class G noteholders.  The reserve account will firstly
      be available to meet losses on the loans and charge-offs
      against the notes.  Secondly, it can be used to cover any
      liquidity shortfalls that remain uncovered after drawing on
      the liquidity facility and principal.  Any reserve account
      balance used can be reimbursed to its limit from future
      excess income.

   -- The experience of Liberty in servicing residential mortgage
      portfolios.  This is Liberty's 19th non-conforming
      securitisation, which highlights the lender's experience as
      a manager and servicer of securitised transactions.

   -- Interest rate mismatch arises when the movements of the 30-
      day BBSW are not (simultaneously) passed on to the variable
      rate loans.  To mitigate the basis risk, the threshold rate
      mechanism obligates the Servicer to set interest rates on
      the mortgage loans at a minimum rate above 1mBBSW, or
      higher if the trust's income is insufficient to cover the
      obligations of the Trustee under the transaction documents.

The key transactional and pool features are:

   -- The notes will initially be repaid on a sequential basis
      until, amongst other stepdown conditions, the first
      anniversary from closing.  Upon satisfaction of all
      stepdown conditions, Class A1-a, Class A1-b, Class A2,
      Class B, Class C, Class D, Class E, and Class F Notes will
      receive a pro-rata share of principal payments (subject to
      additional conditions).  The Class G Notes do not step down
      and will only receive principal payments once all other
      notes have been repaid.

   -- The principal pay-down switches back to sequential pay
      across all notes, once the aggregate loan amount falls
      below 20% of the aggregate loan amount at closing, or
      following the fourth anniversary of the closing date.

   -- The weighted average scheduled loan to value ratio of the
      pool of 73.17%.

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

   -- The portfolio contains 18.9% exposure with respect to
      borrowers with prior credit impairment (default, judgement
      or bankruptcy).  Moody's assesses these borrowers as having
      a significantly higher default probability.

   -- 1.8% of the loans were extended on an alternative
      documentation basis, with a further 0.07% on a limited/no
      documentation basis.  For these alternative documentation
      loans Liberty performs additional verification checks over
      and above the typical checks for a traditional low
      documentation product.  These checks include a declaration
      of financial position and six months of bank statements,
      two quarters of Business Accounting Statements or GST
      returns. Liberty's alternative documentation loans have
      stronger arrears performance when compared to traditional
      low documentation loans.  Given the additional verification
      checks and the stronger arrears performance, these
      alternative documentation loans have been assessed to have
      a lower default frequency than standard low documentation
      loans.

   -- Investment and interest only loans: Investment and interest
      only loans represent 30.8% and 31.5% of the pool
      respectively.  Whilst these are below Australian mortgage
      market averages, they are higher than previous Liberty
      transactions.  Moody's assesses that investor buyers have a
      higher probability of default compared to borrowers who
      live in the property that serves as security for that loan.
      Similarly, Moody's MILAN analysis has factored in a higher
      default probability for loans with interest-only periods
      than loans amortising from loan origination without
      interest-only periods.

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

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

Based on the current structure, if the MILAN CE losses were to
increase to 28.4% from 14.2%, and the mean expected loss were to
increase to 3.0% from 1.5%, the model-indicated rating for the
Class A2 Notes would drop three notches to Aa3.  The excess
subordination at closing reduces the probability of ratings
migration.  Using these same assumptions, the ratings on the
Class B and Class C Notes drop five notches, and Class D Notes
drop three notches to Baa1, Ba1 and Ba2 respectively.  The Class
A1-a and Class A1-b Notes are not sensitive to any rating
migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction.  Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction.  A definitive rating may differ from a
provisional rating.


NYHOLT CONSTRUCTIONS: First Creditors' Meeting Set For Oct. 27
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nyholt
Constructions Pty Limited will be held at The Hilton Hotel
Brisbane, Victoria Room, Level 6, 190 Elizabeth Street, in
Brisbane, Queensland, on Oct. 27, 2016, at 10:00 a.m.

Richard Albarran, Brent Kijurina and Shahin Hussain of Hall
Chadwick were appointed as administrators of Nyholt Constructions
on Oct. 19, 2016.



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YESTAR INTERNATIONAL: Acquisition No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that Yestar International Holdings
Company Limited's Ba3 corporate family and senior unsecured bond
ratings and stable rating outlook are not immediately affected by
its acquisition of Guangzhou Hongen Medical Diagnostic
Technologies Company Limited (unrated).

The company is also in the preliminary stages of considering the
feasibility of possible acquisitions of equity interests in other
medical device companies.

"Yestar issued in September 2016 a five-year USD200 million bond,
in part to fund future acquisitions to grow its in vitro
diagnostic product distribution business," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.

"The Guangzhou Hongen transaction and the other potential
acquisitions are in line with the company's corporate strategy,
and within our expectations," adds Tsuen, who is also the Lead
Analyst for Yestar.

On Oct. 13, 2016, Yestar announced that it would acquire for
RMB336 million, a 70% equity interest in Guangzhou Hongen, a
medical equipment distributor.

Moody's expects the transaction to deepen Yestar's relationship
with its supplier, Roche Holding AG (A1 stable), and expand the
company's footprint to Guangdong, Fujian and Hainan provinces,
from its current presence in Shanghai, Jiangsu and Anhui.

Similar to its previous in vitro diagnostic (IVD) product
acquisitions in 2014 and 2015, Yestar will acquire a 70% equity
interest in Guangzhou Hongen upfront, with the remaining 30% to
be acquired only after the target company has achieved guaranteed
net profit levels for each of the following three years.  Such a
structure reduces integration risks and also helps ensure that
the target company will retain its value over the medium term.

The selling shareholders of the target company have entered non-
compete arrangements lasting five years after the expiry of the
period covered by the profit guarantee.

Yestar held RMB385 million in cash at end-June 2016.  With the
additional RMB1.3 billion in bond proceeds, it will have enough
to fund the Guangzhou Hongen transaction, as well as additional
acquisitions.

Moody's continues to expect Yestar's adjusted leverage - as
measured by adjusted debt/EBITDA - to increase to 2.7x by end-
2016 from 1.3x at end-2015, as the company prefunds its
acquisitions through the bond issuance.  The leverage ratio,
which supports Yestar's Ba3 ratings, will start declining in 2017
and 2018 towards 2.5x, driven by increasing cash flows from the
company's high margin IVD business.

China's IVD market is projected to grow at an average 20% a year
between 2014 and 2018 - according to Renub Research - and Yestar
is one of the largest IVD distributors for Roche, which captured
in turn the leading share (24.2%) of the market in 2015.  Roche's
market share will likely rise further over the next two years,
according to Renub.

Between 2015 and 2017, Moody's expects Yestar's revenue to grow
at a compound annual growth rate (CAGR) of 29%, and its adjusted
gross profit should grow at a CAGR of 35%, driven mainly by
organic and acquisition-related growth in its IVD business.

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


YUZHOU PROPERTIES: Moody's Assigns B1 Rating to USD Bond Issuance
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the USD bond issuance proposed by Yuzhou Properties
Company Limited.

At the same time, Moody's has affirmed Yuzhou's B1 corporate
family rating and senior unsecured debt ratings.

The ratings outlook is stable.

Yuzhou will use the proceeds from the proposed bonds mainly to
refinance existing debt.

                          RATINGS RATIONALE

"The proposed bonds -- which will be used mainly for debt
refinancing -- will have a limited impact on Yuzhou's credit
metrics, but they will improve the company's debt maturity
profile," says Franco Leung, a Moody's Senior Credit Officer and
also the International Lead Analyst for Yuzhou.

Yuzhou's B1 corporate family rating reflects its growing
operating scale, as well as its leading market position in Xiamen
and the good quality of its land bank in the city.

The company's revenue grew from RMB3.8 billion in 2011 to
RMB10.4 billion in 2015.

The rating also considers the company's track record of
geographic expansion beyond Xiamen to cities such as Shanghai,
Nanjing and Hefei.

"The rating also factors in the company's robust profitability
and liquidity," adds Cindy Yang, a Moody's Analyst and the Local
Market Analyst for Yuzhou.

The company achieved a gross profit margin of 32.5% in 1H 2016,
higher than the average for its rated Chinese property peers of
around 26%.  This high profitability has in turn translated into
high EBIT interest coverage of 3.2x, which is strong when
compared with that for its B1 rated peers.

Yuzhou's had a large cash balance of RMB15.7 billion at end-June
2016 and cash/short term debt was high at 2.73x relative to its
B1-rated property peers.

However, Yuzhou's B1 rating is constrained by its high debt
leverage.  Adjusted revenue/debt for the 12 months to June 2016
was 47%, which is weaker than that for its Chinese rated B1
peers.

Such a ratio could improve towards the 70% level in the next 1-2
years if the company can contain the growth in debt while
continuing to generate strong contracted sales.

Moreover, Moody's notes that Yuzhou has increased onshore
financing which could raise in turn the subordination risk for
offshore investors of debt securities and lenders at the holding
company level.

The stable rating outlook reflects the expectation that Yuzhou
will maintain its sales growth, high profit margins, and strong
liquidity position.

Upgrade pressure could emerge if Yuzhou maintains its growth in
contracted sales with stable profit margins, preserves its strong
liquidity profile and interest cover, as well as improve debt
leverage.

The credit metrics indicating upgrade pressure would include
adjusted revenue/debt above 80%-85% and EBIT above 3.0x-3.5x on a
sustained basis.

On the other hand, downgrade pressure could emerge if Yuzhou's
financial position deteriorates owing to: (1) a weaker-than-
expected sales performance; (2) an aggressive pace of property
development or aggressive land acquisitions; or (3) a weakened
level of liquidity.

The credit metrics indicating downgrade pressure would include
EBIT/interest coverage below 2.0x-2.5x, or adjusted revenue/debt
below 60% - 70% on a sustained basis.

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

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the West Strait Economic Zone
and Yangtze River Delta.  The company recently moved its
headquarters to Shanghai from Xiamen.  At end-June 2016, it had a
land bank of over 9.04 million square meters in terms of total
saleable gross floor area.  Of this land bank, 53% were in the
Yangtze River Delta, 44% in the West Strait Economic Zone, and 3%
in the Pan-Bohai Rim.

The Local Market analyst for this rating is Cindy Yang, +86-10-
6319-6570.



================
H O N G  K O N G
================


SKYPEOPLE FRUIT: Gets NASDAQ Delisting Notice on Late 10-K Filing
-----------------------------------------------------------------
SkyPeople Fruit Juice, Inc., a producer of fruit juice
concentrates, fruit juice beverages and other fruit-related
products, on Oct. 14, 2016, disclosed that on October 12, the
Company received a delisting determination letter from the staff
of the Listing Qualifications Department of The NASDAQ Stock
Market LLC.  The Determination Letter notified the Company that
since it had not filed its Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2015 and its Quarterly Reports on Form
10-Q for the quarterly periods ended March 31, 2016 and June 30,
2016, respectively, (together, the "Reports") by Oct. 11, 2016,
the deadline by which the Company was to file all Reports in
order to regain compliance with NASDAQ Listing Rule 5250(c)(1),
the Company's common stock is subject to delisting from The
NASDAQ Global Market.

The Determination Letter further noted that unless the Company
requested an appeal of the Staff's determination no later than
4:00 pm Eastern Time on October 19, 2016, trading of the
Company's common stock on The NASDAQ Global Market will be
suspended at the opening of business on October 21, 2016, and a
Form 25-NSE would be filed with the Securities and Exchange
Commission (the "SEC") removing the Company's securities from
listing and registration on The NASDAQ Stock Market.

The Company intends to timely request a hearing before the NASDAQ
Hearings Panel (the "Panel") under Listing Rule 5815(a) to
present its plan to regain compliance with the rule, which
request will automatically stay the delisting of the Company's
securities for 15 calendar days from the deadline to request a
hearing.  In connection with its request for a hearing, the
Company also intends to request a further stay of the suspension
of trading and delisting of the Company's common stock while the
appeals process is pending.  The Panel will notify the Company of
its decision if it will allow the Company's common stock to
continue to trade on The NASDAQ Global Market pending the Panel's
decision.  The Panel may, at its discretion, determine to
continue the Company's listing pursuant to an exception to
Listing Rule 5815(a) for a maximum of 360 calendar days from the
due date of the Form 10-K, which would be through April 9, 2017;
however, there can be no assurance that the Panel will grant any
or all of such exception.

As previously disclosed, on each of April 20, 2016, May 24, 2016
and August 17, 2016, the Company received a notification letter
from the staff of the Listing Qualifications Department of NASDAQ
indicating that the Company was not in compliance with NASDAQ's
continued listing requirements because the Company was not in
compliance with NASDAQ Listing Rule 5250(c)(1) with respect to
the Form 10-K and Form 10-Q Reports.

                About SkyPeople Fruit Juice

SkyPeople Fruit Juice, Inc. (NASDAQ: SPU), a Florida company,
through its wholly-owned subsidiary Pacific Industry Holding
Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the
People's Republic of China and a wholly owned subsidiary of
Pacific, holds 73.42% ownership interest in SkyPeople Juice Group
Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in
SkyPeople Foods (China) Co., Ltd. ("SkyPeople Foods China").
SkyPeople (China) and ("SkyPeople Foods China"), together with
their operating subsidiaries in China, are engaged in the
production and sales of fruit juice concentrates, fruit
beverages, and other fruit related products in the PRC and
overseas markets.  The Company's fruit juice concentrates are
sold to domestic customers and exported directly or via
distributors.  Fruit juice concentrates are used as a basic
ingredient component in the food industry.  Its brands,
"Hedetang" and "SkyPeople," which are registered trademarks in
the PRC, are positioned as high quality, healthy and nutritious
end-use juice beverages.



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


ALCORA CERAMIC: CRISIL Suspends B+ Rating on INR27.1MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alcora Ceramic.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7         CRISIL A4
   Cash Credit            25         CRISIL B+/Stable
   Term Loan              27.1       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AC is yet to
provide adequate information to enable CRISIL to assess AC'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 by the members of Patel family, AC is
engaged in manufacture of wall tiles. The firm is based out of
Morbi (Gujarat) and the tiles are sold pan-India by the brand
name 'Alcora'.


ANTONY WASTE: Ind-Ra Hikes Long Term Issuer Rating to 'IND B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Antony Waste
Handling Cell Private Limited's Long-Term Issuer Rating to
'IND B+' from 'IND B-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrades reflect AWHCPL's improvement in the scale of
operations and its operating margin. According to provisional
FY16 financials revenue was INR410.2 million (FY15: INR165.
million). Revenue improved on account of improvement in the work
order execution.  Operating margin also improved to 21.4% in FY16
from the operating loss of 39.9% in FY15 on account of
improvement in realization of payments from its customers.

The liquidity profile also improved as reflected by 98.8% average
utilization of its working capital facility during the 12 months
ended August 2016 as compared to 99.46% average utilization of
the working facility during the 12 months ended February 2015.
Improvement in liquidity is due to the improvement in net working
capital days to 283 days in FY16 from 638 days in FY15.

The ratings are supported by over a decade of experience of
AWHCPL's directors in the waste management business.

The ratings, however, reflect AWHCPL's weak credit metrics with
gross interest coverage (operating EBITDA/gross interest
expenses) of 1.2x in FY16 (FY15: negative 0.8x) and net financial
leverage (total adjusted net debt/ operating EBITDA) of 4.4x
(negative 8.8x). Credit metrics of the company improved in FY16
due to improvement in the operating margin and decline in total
debt.

RATING SENSITIVITIES

Positive: Timely sustained improvement in scale of operation
along with improvement in overall credit metrics could be
positive for the ratings.

Negative: Deterioration in the liquidity profile and/ or credit
metrics could be negative for the ratings.

COMPANY PROFILE

AWHCPL was incorporated on Jan. 17, 2001. The company collects,
transports and processes municipal solid waste. AWHCPL executes
solid waste management contracts of various municipal
corporations of major cities in India such as Navi Mumbai,
Ulhasnagar, Kalyan Dombivali, Mumbai, Delhi, Noida, Jaipur,
Chennai, City and Industrial Development Corporation and
Amritsar.

AWHCPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B+' from
      'IND B-'/Stable

   -- INR35 million term loans: 'IND B-'; rating withdrawn; loan
      has been repaid in full.

   -- INR330 million fund-based working capital limits (reduced
      from INR350 million): upgraded to 'IND B+' from 'IND B-';
      Outlook Stable and affirmed at 'IND A4'.

   -- INR330 million non-fund-based working capital limits:
      affirmed at 'IND A4'


ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on INR66MM Loan
-------------------------------------------------------------
CRISIL ratings on bank facilities of Arun Engineering Projects
Private Limited continue to reflect its moderate scale of
operations, geographical concentration in its revenue profile,
and its working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
AEPPL's promoters in the construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         150       CRISIL A4 (Reaffirmed)
   Cash Credit             66       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      34       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPPL will continue to benefit over the
medium term from its established market position and its
promoters' extensive experience in the construction industry. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in the company's revenues while it
maintains its profitability margins, or if there is significant
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline
in AEPPL's profitability margins or significant deterioration in
its capital structure, most likely on account of larger-than-
expected working capital requirements or large debt-funded
capital expenditure.

Update
AEEPL recorded revenues of around INR180 million in 2015-16. The
revenues of the company improved from INR90 million in 2014-15 on
account of healthy order book execution by the company. Going
forward, the revenues of the company are expected to remain at
modest levels over the medium term. AEEPL's profitability has
been stable in the range of 15 per cent for the past 5 years
ending 2015-16. Going forward, CRISIL expects the profitability
of the company is expected in the similar range over the medium
term. AEEPL's working capital requirements continue to be
intensive marked by gross current asset days of around 420 days
as on 31st March 2016 driven by the debtor levels at around 157
days as on March 31, 2016, given the nature of operations.
AEEPL's liquidity remains stretched marked by full utilization of
bank lines with average utilization of around 97 per cent for the
12 months ending April 2016. Also the company generates adequate
net cash accruals against no term debt obligations. AEEPL's
revenue and operating margin will remain key rating sensitivity
factors affecting the accretion to reserves and thus the
liquidity and financial profiles.

AEEPL's financial profile continues to be modest marked by an
average capital structure and debt protection metrics. AEEPL's
gearing stood at 1.07 times as on March 31, 2016. The debt
protection measures are average as reflected in its Net cash
accruals to total debt (NCATD) and interest coverage of 0.6 and
1.5 times in 2015-16. CRISIL believes that the financial risk
profile of the company will remain modest over the medium term on
account of company's modest accretion to reserves. AEEPL's
working capital management, along with capital expenditure plans
and their funding thereof will remain key rating sensitivity
factors affecting the financial profile over the medium term,

AEPPL was originally established in 1972 as a proprietorship
concern by the late Mr. R A Harry in Bengaluru (Karnataka); the
firm was reconstituted as a private limited company in 1998.
AEPPL provides engineering, procurement, and construction
services in the water supply and underground drainage water
system segments.


ARUN SPINNING: ICRA Suspends 'D' Rating on INR24.18cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D and the short
term rating of [ICRA]D assigned to the INR24.18 crore bank
facilities of Arun Spinning Mills Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the Company.


B.S.R. BUILDERS: CRISIL Hikes Rating on INR100MM Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
B.S.R. Builders Engineers and Contractors (part of the BSR group)
to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      45        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Term Loan              100        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade follows BSR's timely debt servicing over the six
months through September 2016, amid improved liquidity, backed by
steady cash inflow from the Sentosa Mall project.

The ratings continue to reflect exposure to risks related to
project implementation and cyclicality in the real estate sector.
These weaknesses are partially offset by the extensive experience
of promoters in the real estate industry and prominent location
of its projects. The ratings also factor in moderate project
risk, because of low implementation risk and moderate demand and
funding risk.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BSR and BSR Developers Pvt Ltd (BSRD).
This is because these entities, herein together referred to as
the BSR group, are in the same line of business and under a
common management, and have significant operational linkages.
Outlook: Stable

CRISIL believes the BSR group will continue to benefit over the
medium term from the prominent location of its projects and
extensive experience of the promoters. The outlook may be revised
to 'Positive' in case of robust cash flows because of higher-
than-expected booking rates for its ongoing project or
substantial realizations. Conversely, the outlook may be revised
to 'Negative' in case of low demand for the project or higher-
than-expected fund outflow to support other projects in the
group, leading to deterioration in liquidity.

Set up in 1995 as a partnership firm, BSR constructs residential
and commercial buildings in Chennai. The operations are managed
by Mr Raghavendra Reddy. BSRD undertakes real estate projects in
Bengaluru.


BHARAT CONSTRUCTION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bharat
Construction a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect BC's moderate credit profile. FY16
provisional financials indicate revenue of INR1,082 million
(FY15: INR622 million), net leverage (total adjusted net
debt/operating EBITDAR) of 2.5x (2.2x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) of 2.6x
(2.5x). EBITDA margins declined to 6.1% in FY16 from 17.2% in
FY14 as the firm had to shift its focus gradually from high-
margin hydro projects to the low-margin road projects. The
ratings factor in the partnership form.

The partners of BC had promoted Bharat Hydro Projects Private
Limited (BHPPL) which focused on sourcing engineering,
procurement and construction contracts for hydel power projects.
As the market for hydel power shrunk and focus shifted to wind
and then solar, the order flow for BHPPL reduced and the
promoters have now decided to dissolve the entity. BHPPL has
total payables (including debt) of around INR118 million and
almost zero cash on its balance sheet. Clearing this liability is
likely to put stress on BC's cash-flow which constrains BC's
ratings.

The firm's revenue grew at a CAGR of 28.33% over FY13-FY16 with a
current order book of INR3.6 billion (3.35x of FY16 revenue) to
be executed over the next two years. Ind-Ra expects order book to
grow at a steady pace going forward. The firm booked revenue of
INR650m during 1HFY17.

The ratings factor in the company's tight liquidity profile with
its 98.3% utilization of the working capital facility on average
during the 12 months ended August 2016.

The ratings, however, are supported by over 20 years of
experience of the firm's promoter in the EPC segment.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the profitability and the current level of order book
leading to a substantial improvement in the credit metrics could
be positive for the ratings

Negative: Substantial decline in the revenue and profitability
leading to a sustained deterioration in the credit metrics could
be negative for the ratings.

COMPANY PROFILE

BC, set up in 1999, is a partnership firm and constructs roads
and hydroelectric power plants in Uttarakhand and Himachal
Pradesh. Mr. Rajeev Garg and Mr. R S Panwar are equal partners in
the firm.

BC's ratings

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable

   -- INR120 million fund-based facilities: assigned 'IND BB-
      '/Stable/'IND A4+'

   -- INR230 million non-fund-based facilities: assigned;
      'IND A4+'


C. M. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of C. M.
Industries continue to reflect the firm's weak financial risk
profile, marked by small net worth and a moderate total outside
liabilities to tangible net worth ratio and its exposure to
intense industry competition. These weaknesses are partially
offset by the extensive industry experience of CMI's promoters
and the firm's established relationships with customers.

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

Outlook: Stable

CRISIL believes that CMI will continue to maintain its business
risk profile over the medium term supported by the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial and sustained increase in
the scale of operations and cash accruals of the firm along with
improved working capital management or if there is substantial
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in CMI reports low operating income and
accruals, or if there is further deterioration in its capital
structure or if the firm undertakes a large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile, particularly liquidity.

Update
CMI's revenues declined to around INR350 million in 2015-16. The
decline in revenues of the firm were on account of lower revenues
from the trading activities of the company on account of low
demand for cotton and related products. Going forward, CRISIL
believes that the revenues of the firm will recover over the
medium term on account of improvement in the production of cotton
in the region.  The operating margins of the firm has been in the
range of 1-2 per cent as the trading activities of the firm
comprises of majority of its operations. CMI working capital
requirements continue to be sizeable marked by Gross Current
Assets of 99 days as on 31st March 2016 driven by the high
inventory levels at 65 days and debtor levels at 30 days as on
March 31, 2016. CMI's liquidity remains stretched marked by fully
utilized bank lines on the back of its sizable working capital
requirements. However the liquidity is supported by no term debt
obligations and support from the promoters in the form of
unsecured loans of INR16.5 million as on 31st March 2016. CMI's
revenue and operating margin will remain key rating sensitivity
factors affecting the accretion to reserves and thus the
liquidity and financial profiles.

The firm's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
The firms gearing is moderate at 2.34 times as on March 31, 2016
and is expected to remain at similar over the medium term on
account of low accretion to reserves. The firm's working capital
management, along with capital expenditure plans and their
funding thereof will remain key rating sensitivity factors
affecting the financial profile over the medium term.

CMI, a proprietorship firm, manufactures oil and oil cakes from
cotton seeds, sells packaged and graded wheat, and trades in
other agricultural commodities such as chana, soybean, maize, and
pulses. The firm also trades in cotton bales. Mr. Anant Goyal is
the proprietor of the firm and also manages the operations.


CADCHEM LABORATORIES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Cadchem
Laboratories Ltd.'s 'IND BB-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended CLL's ratings on 3 November 2015.

CLL's ratings:

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

   -- INR62.5 million fund-based limits: 'IND BB-(suspended)';
      rating withdrawn

   -- INR25 million fund-based limits (OD): 'IND BB-(suspended)';
      rating withdrawn

   -- INR5.49 million long-term loans: 'IND BB-(suspended)';
      rating withdrawn

   -- INR22.5 million non-fund-based working capital limits: 'IND
      A4+(suspended)'; rating withdrawn


CHAMBAL MOTORS: ICRA Suspends B+ Rating on INR4.33cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR4.33 crore fund based limits and short term rating of
[ICRA]A4  assigned to the INR9.20 crore fund based limits of M/s
Chambal Motors Private Limited. ICRA has also suspended the long
term/short term rating of [ICRA]B+/A4 assigned to the INR4.47
crore unallocated limit of the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


CHANAKYA COTTONS: Ind-Ra Assigns 'IND B-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chanakya Cottons
a Long-Term Issuer Rating of 'IND B-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect completion risk for the firm given the
construction phase of its cotton ginning and pressing plant.
Although there are uncertainties regarding the time and receipt
of requisite regulatory approvals, the project is progressing on
schedule.

The ratings, however, are supported by the project's locational
advantage as it is being set up in Adilabad district of Telangana
where raw cotton is in abundance. The ratings are further
supported by the proprietor's more than a decade of experience in
the cotton ginning and pressing and cotton trading business.

RATING SENSITIVITIES

Positive:  Scheduled completion of the project enabling
generation of revenue and cash flow required for debt servicing
as projected by the management could lead to a positive rating
action.

Negative: Time and cost overruns due to delays in meeting project
completion deadlines and availing necessary regulatory approvals
could lead to a negative rating action.

COMPANY PROFILE

Chanakya, a proprietorship concern established in July 2016, is
engaged in cotton ginning and pressing.

The firm is expected to start commercial operations at its plant
around mid-October 2016. The plant (equipped with 54 ginning
machines and one pressing machine) is being set up in Adilabad
district of Telangana. Total cost of the project is INR54m with a
debt equity ratio of 2:1.

Chanakya ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'/Stable

   -- INR80 million fund- based working capital limits: assigned
      'IND B-'/ Stable/'IND A4'

   -- INR19 million term loan limits: assigned 'IND B-'/Stable


D.G. COLD: ICRA Suspends 'C' Rating on INR15cr Loan
---------------------------------------------------
ICRA has suspended the rating of [ICRA]C assigned to the INR15.00
crore line of credit of D.G. Cold Storage Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


DELHI DIAMONDS: CRISIL Suspends 'D' Rating on INR500MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Delhi
Diamonds Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             500       CRISIL D
   Proposed Long Term
   Bank Loan Facility      100       CRISIL D

The suspension of ratings is on account of non-cooperation by
DDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DDPL is yet to
provide adequate information to enable CRISIL to assess DDPL'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.

DDPL, promoted by members of the Soni family, is a private
limited company incorporated in 2010. The company trades in
polished diamonds and diamond jewellery, and also manufactures
diamond-studded jewellery. DDPL's diamond jewellery manufacturing
unit is in Delhi.


DHANDUMARIAMMAN STEELS: ICRA Assigns 'B' Rating to INR5.5cr Loan
----------------------------------------------------------------
ICRA has assigned a long term-rating of [ICRA]B to the INR5.50
crore long term fund-based facility and INR0.50 crore unallocated
limit of Dhandumariamman Steels.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term-fund based
   (Cash Credit)            5.50        [ICRA]B assigned

   Unallocated              0.50        [ICRA]B assigned

The assigned rating reflects the established position of the firm
as trader of ferrous scrap in the industrial belt of Coimbatore
region. The rating is also underpinned by the strong revenue
growth posted for the financial year end FY2016. The rating,
however, is constrained by the small scale of operations of the
firm restricting the financial and operational flexibility. The
rating is also constrained by the relatively weak financial
profile characterized by high gearing levels due to modest net
worth and working capital intensive nature of operations. The
rating also takes into account the low entry barriers and low
value-addition in the business resulting in modest operating
margins.

Going forward, the firm's ability to scale up its operations and
improve its capital structure would be key rating sensitivities.

Dhandumariamman Steels is a trader in ferrous and non ferrous
scrap which is widely used in foundries; the firm supplies metal
scrap to some of the leading foundries located in and around
Coimbatore, Tamilnadu. The firm mainly deals in trading of cast
iron scrap that is suited for foundries catering to manufacturing
of pumps, automotive parts and general machineries. The firm
commenced operations in the year 2007 and is managed by M. P.
Mohanraj who is the sole proprietor.

Recent Results
In FY2016, as per the unaudited accounts, the firm reported an
operating income of INR23.19 crore and Profit Before Tax (PBT) of
INR0.27 crore; Meanwhile in FY 2015, the company reported
operating income of INR19.44 crore and PBT of INR0.23 crore.


DHRUVTARA AGRO: ICRA Suspends 'B' Rating on INR9cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.00 crore
long term fund based facilities of Dhruvtara Agro and Allied
Industries Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Incorporated in 2013, Dhruvtara Agro & Allied Industries Private
Limited is engaged in trading of agriculture inputs like
fertilizers, seeds and pesticides and setup for roller flour mill
to produce wheat flour and allied products like maida, Aata, suji
etc is under process.

The company has seven retail outlets in Ahmednagar district to
trade in agriculture inputs and which also functions as guidance
centre for contract farming. The flour mill is under installation
process and production is expected to start by Oct'15. The
scheduled production which was expected to start in July'15 got
delayed due to delay in procurement of machinery from Turkey. The
partly installed machinery with capacity of 20 tonnes /day is
expected to start in Sept'15. This whole capacity will be used to
produce Chakki Aata. The company will market Aata through in
house brand 'Grihpriya'. The mill will have installed capacity of
100 tonnes/day of which 50% will be maida and rest 50% would
comprise of chakki Aata, suji , Rawa, Bran, etc.


ESS ELL: CRISIL Reaffirms 'B' Rating on INR120MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of ESS Ell Cables
Company continues to reflect the firm's below-average financial
risk profile because of subdued debt protection metrics, capital
withdrawal, modest scale of operations, and low operating margin
in the competitive copper winding wire industry. These weaknesses
are partially offset by established relationship with customers
and suppliers and extensive experience of promoters.

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

Outlook: Stable

CRISIL believes Ess Ell will continue to benefit over the medium
term from its established relationship with customers and
suppliers and extensive experience of promoters. The outlook may
be revised to 'Positive' if improvement in operating margin or
equity infusion by promoters results in a better financial risk
profile. The outlook may be revised to 'Negative' if lower-than-
expected cash accrual, considerable increase in working capital
requirement, significant capital withdrawal, or large, debt-
funded capital expenditure further weakens financial risk
profile.

Set up in 1994 as a partnership firm by Mr Harish Goyal, Mr.
Mahesh Goyal and late Mr. Ramesh Goyal, Ess Ell manufactures
copper winding wire, polyvinyl chloride winding wire, enameled
copper wire, aluminum wires, and fibre glass rectangular wires at
its facility in Daman. The firm sells products to manufacturers
of electric transformers (power and distribution), electric
motors, telecommunication equipment, and electronics and
electrical appliances through a wide distribution network spread
across the country.


FLOURISH PAPER: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ and short
term rating of [ICRA]A4  on the INR16.3 Crore bank facilities of
Flourish Paper and Chemicals Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term: Fund-
   Based limits              7.0        [ICRA]B+; reaffirmed

   Term Loan                 1.3        [ICRA]B+; reaffirmed

   Short term: Non-
   Fund based limits         8.0        [ICRA]A4; reaffirmed

ICRA ratings continue to take into account the company's modest
financial risk profile characterised by weak capital structure,
moderate debt coverage indicators and high working capital
intensity. ICRA also takes into consideration the decline in
operating margins in FY2015-16 to 7.52% from 8.45% in the
previous year which has suppressed the net profit margins
further. ICRA's rating continues to be constrained by the
exposure to commodity price cycles associated with the paper
industry; competitive industry; and vulnerability of
profitability to volatility in forex rates.

The rating, however, favorably factors in the long experience of
promoters in paper chemical business; and favorable prospects for
paper industry in the medium to long term.

FPCL was incorporated in 1995 and is engaged in manufacturing and
trading of chemicals used in paper industry. The company also
trades kraft papers as well as writing and printing paper. The
company has its manufacturing facility located in Derabassi,
Punjab with sizing chemicals manufacturing capacity of 18000
MTPA.

Recent Results
FPCL reported an Operating Income (OI) of INR36.97 crore and a
net profit of INR0.27 crore in FY16, as against an OI of INR38.78
crore and a net profit of INR0.56 crore in the previous year.


FLOWTECH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Flowtech Industries
LLP continue to reflect the firm's modest scale of, and working
capital-intensive, operations and exposure to regulations imposed
by the government of Kuwait. These weaknesses are partially
offset by the extensive experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          150      CRISIL A4 (Reaffirmed)
   Cash Credit             100      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        120      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes Flowtech will benefit over the medium term from
the experience of its promoters. The outlook may be revised to
'Positive' in case of a substantial improvement in scale of
operations and efficient working capital management, while
maintaining profitability and capital structure. The outlook may
be revised to 'Negative' if low cash accrual or large working
capital requirement in the absence of funding from promoters puts
pressure on financial risk profile, particularly liquidity.

Update:
Value of contract the firm is executing was revised to KWD13.9
million in June 2016 from KWD13.33 million in fiscal 2015 because
of change in scope and additional work. Company has booked
revenues of around INR2564 million from the said project till
March 31, 2016. The remaining likely to be booked in fiscal 17
(around INR650 million) and fiscal 18 (INR750 million).  Working
capital cycle was stretched, reflected in gross current assets of
187 days as on March 31, 2016, due to receivables of 175 days.
Hence, bank limit of INR100 million was almost fully utilised in
the six months ended Sep 2016. Liquidity will remain under
pressure over the medium term, while working capital cycle will
be a key monitorable.

Flowtech is a limited liability partnership firm of Mr. Javid
Valiulla and Mr. Shivshankar N Menon, Flowtech is an engineering,
procurement, and construction contractor, and has currently
undertaken a project for Kuwait Oil Corporation (through joint
bidding with Combined Group Contracting Co LLC, Kuwait). The firm
procures, supplies, and installs structural parts, chemical
transfer pumps, generators, air compressor packages, and fire
safety systems. It was earlier in the trading business, which was
discontinued in 2010.


HORIZON DREAM: ICRA Withdraws D Rating on INR9.80cr 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.


HYT INOVATIVE: CRISIL Lowers Rating on INR35MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of HYT Inovative Projects 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          110       CRISIL A4 (Reaffirmed)

   Cash Credit              30       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       15.6     CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                35.0     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects continued pressure on the financial risk
profile, particularly liquidity. The cash accrual is expected to
be stretched against maturing debt obligation over the medium
term. A mortgage term loan has been availed due to which
repayment obligations from fiscal 2017 are sizeable. Cash accrual
will remain constrained due to modest scale, declining
profitability and working capital intensive operations. Revenue
remained modest at INR55.2 million in fiscal 2016 because of
limited orders from the defence sector. Further, operating margin
also remained moderate at 14.5% in fiscal 2016 against more than
25% in the past. Gross current assets (GCA) stood at around 886
days in fiscal 2016, though improved from 1473 days is fiscal
2015, however the same continues to remain high because of delay
in realization from defence sector and large inventory.

The ratings reflect HIPPL's modest scale of operations, large
working capital requirement, susceptibility to cyclicality in
demand, and below-average debt protection measures. The
weaknesses are partially offset by the extensive experience of
promoters in the precision tubes industry, presence in a niche
segment, and healthy capital structure.
Outlook: Stable

CRISIL believes HIPPL's business risk profile will remain
constrained over the medium term because of pressure on topline.
The outlook may be revised to 'Positive' if increase in scale of
operation and stable or increasing operating margin leads to high
cash accrual. The outlook may be revised to 'Negative' if stretch
in working capital cycle or low accrual, weaken liquidity.

HIPPL manufactures precision tubes, which are used in a wide
range of defence systems such as missiles and nuclear reactors.


JAIPAN INDUSTRIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jaipan
Industries Limited a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned the company's
INR70m fund-based facilities an 'IND BB-' rating with a Stable
Outlook.

KEY RATING DRIVERS

The rating reflects JIL's small scale of operations. In FY16, its
revenue was INR210 million (FY15: INR293 million). The ratings
factor in the company's moderate credit metrics with adjusted net
leverage (total debt adjusted for cash/EBITDA) of 3.8x in FY16
(FY15: 4.7x) and interest coverage (EBITDA/gross interest
expenses) of 1.6x (1.3x). Improvement in credit metrics was on
account of improvement in EBITDA margins to 7% in FY16 from 4.2%
in FY15; margins improved as the company relied more on in-house
manufacturing than on outsourcing manufacturing.

JIL's working capital cycle remained high owing to increase in
debtor and inventory days due to declining sales and low credit
period being available to the company because of limited
bargaining power. Cash conversion cycle remained at 233 days in
FY16 (FY15: 166 days). Liquidity remained moderate with an
average bank limit utilization of 96.78% during the 12 months
ended August 2016.

The ratings, however, are supported by two decades of experience
of JIL's founders in manufacturing and marketing of home
appliances.

RATING SENSITIVITIES

Positive: Substantial increase in revenue while maintaining the
current credit metrics could lead to a positive rating action.

Negative: Sustained decline in revenue and/or operating
profitability leading to deterioration in the credit metrics
could lead to a negative rating action.

COMPANY PROFILE

JIL was originally set up in 1981 as Jyoti Kitchen Appliance, a
proprietorship concern, promoted by Mr. J N Agrawal. The firm was
reconstituted as a public limited company under its current name
in 1997. JIL is listed on the Bombay Stock Exchange. The company
manufactures and markets various home appliances and non-stick
cookware under the brand name Jaipan. JIL's manufacturing
facilities are in Mumbai and Silvassa (Dadra and Nagar Haveli);
the company also outsources manufacturing of some of its
products.


KALIEDO COATINGS: CRISIL Suspends B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kaliedo
Coatings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      120       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
KCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KCPL is yet to
provide adequate information to enable CRISIL to assess KCPL'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.

KCPL was incorporated in 2014. The company is yet to start
operations and will be engaged in marketing and distribution of
decorative paints, under the Jenson and Nicholson brand, across
India. Its operations are expected to start from June 2015. The
company is based in Gurgaon (Haryana).


MAHA HYDRAULICS: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maha Hydraulics
Private Limited (MHPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MHPL's small scale of operations and moderate
credit metrics as indicated by revenue of INR346 million FY16
(FY15: INR204 million) and EBITDA margins of 7.5% in FY16 (8.8%).
Net leverage (net adjusted debt/operating EBITDAR) was 1x in
FY16P (FY15: 3.4x) and EBITDA interest cover was 9.2x (1.9x).
Management has indicated that the company's 1HFY17 revenue is
likely to be around INR105m. MHPL had a moderate order book of
INR160m in September 2016. Ind-Ra expects the margins to
normalise from FY17 due to a continuous flow of work orders. FY16
financials are provisional in nature.

MHPL's liquidity was comfortable as reflected in around 52%
average maximum utilization of its fund-based facilities during
the 12 months ended August 2016.

However, the ratings benefit from promoter's experience of more
than three decades in manufacturing hydraulic motors.

RATING SENSITIVITIES

Positive: A significant increase in revenue and profitability
leading to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the credit metrics will lead to a
negative rating action.

COMPANY PROFILE

MHPL was established in 2000, and its directors had worked in the
Hydraulics industry for nearly 20 years before starting this
organisation. The company's manufacturing unit is situated in
Irungattukottai near Chennai, and has a modern manufacturing
facility and high quality test facilities. MHPL manufactures
Hydraulic systems for hydraulic motors, hydraulic power packs and
hydraulic cylinders.

MHPL's ratings:

   -- Long Term Issuer Rating: assigned 'IND BB', Outlook Stable

   -- INR50 million fund-based working capital facilities:
      assigned 'IND BB'/Stable; 'IND A4+'

   -- INR70 million non-fund-based working capital facilities:
      assigned 'IND A4+'


MANALTHEERAM AYURVEDIC: CRISIL Suspends B Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Manaltheeram Ayurvedic Hospital & Research Centre Pvt. Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit/Overdraft
   facility                   6.6       CRISIL B/Stable
   Long Term Loan            20.0       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Manaltheeram with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Manaltheeram is yet to provide adequate information to enable
CRISIL to assess Manaltheeram'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.

Manaltheeram Ayurveda Hospital & Research Centre Private Limited
(Manaltheeram) was set up in 2005 in Trivandrum (Kerala). The
company runs two resorts that offer stay and treatments for
various ailments using Ayurveda and Yoga. The company is promoted
by Mr. Baby Matthew.


MANN MEDICITI: ICRA Assigns B- Rating to INR5.80cr Loan
-------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- to the
INR7.30-crore fund-based bank facility of Mann Mediciti Wellness
Centre Private Limited. The suspension of December 2015 has also
been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                1.50        [ICRA]B-; assigned
   Working Capital          5.80        [ICRA]B-; assigned

ICRA's rating is constrained by MMWC's moderate scale of
operations with single property concentration, and weak financial
profile with high leverage and weak debt coverage indicators.
Moreover, MMWC's liquidity position remains stretched on account
of sizeable term loan repayments and high receivables on account
of delayed payments from Government departments. The liquidity
stretch is visible in the frequent overdrawals in fund-based
limits in the past.

Nevertheless, ICRA takes into account promoters' significant
experience in the medical profession and the hospital's
empanelment with various government departments, which accounts
for a significant contribution towards the revenues.

Going forward, the company's ability to improve its liquidity
position and increase scale of operations and profitability along
with an optimal working capital intensity will be the key rating
sensitivities.

Incorporated in 1999 by Dr. J.S. Mann, MMWC operates a hospital
by the name of "Mann Mediciti Super Speciality Hospital (MMSH)".
MMSH was established in 2009 and at present it is a 100-bedded
facility located in Jalandhar, Punjab. MMSH specialises in
Medicine, Cardiology, Neurology, Orthopaedics and Plastic and
Reconstructive surgery, among other branches of medical science.
MMSH is empanelled with Ex-Servicemen Contributory Health Scheme
(ECHS), Employees State Insurance scheme (ESIC) and Food
Corporation of India (FCI).

Dr. J.S. Mann is the main promoter of MMWC. A Cardiologist by
profession, he has been pursuing his medical practice since 1993.
Before establishing MMSH, he was running a nursing home and a
diagnostic centre by the name of Mann Mediciti. Dr. Mann serves
as a Senior Cardiologist at MMSH and is also the Managing
Director of MMWC.

Recent Results
MMWC reported a net profit of INR0.16 crore on an operating
income of INR6.81 crore in FY2015, as against a net profit of
INR0.11 crore on an operating income of INR6.83 crore in the
previous year. In FY2016, on a provisional basis, MMWC reported
an operating income of INR10.11 crore.


MG RAMA: Weak Financial Strength Cues ICRA 'SP 2D' Grading
----------------------------------------------------------
ICRA has assigned an 'SP 2D' grading to MG Rama Energy (P)
Limited (MGREPL), indicating the 'High Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
solar projects1. The grading is valid till June 30, 2020 after
which it will be kept under surveillance.

Grading Drivers

Strengths
  * Large and diversified clientele consisting of reputed
institutions as well as commercial and residential customers
  * Moderate experience of the promoters in the solar business,
coupled with a strong dealership network though major
concentration remains in Gujarat and Maharashtra
  * Good project execution experience on account of exposure to
small, moderate and large size projects
  * Accreditations by MNRE for the products manufactured
Risk Factors
  * Large number of organised/ unorganised players indicating
high level of competition that may lead to difficulties in
getting client contracts and may pressurise margins
  * Small order book in hand of INR2.21 crore (0.29 times of
FY2016 OI)
  * De-growth in the operating income in FY2016
  * Weak financial risk profile characterised by aggressive
capital structure and weak coverage indicators

Fact Sheet
Year of Establishment
2010

Office Address
Office No. 204, Ajanta Commercial Complex, Opp. Bombay Hotel,
Gondal road, Rajkot-360001, Gujarat, India.

Managing Partners
Mr. Rajesh Kanadia and Mr. Parag Kanadia

Incorporated in 2010, MG Rama Energy (P) Limited manufactures and
installs solar water heaters, based on evacuated tube technology
in Rajkot, Gujarat and has a manufacturing capacity of 20000 LPD
for solar water heaters. Further, the company has also ventured
into trading of PV-based solar street lights and solar modules in
FY2014.

Promoter track record: MGREPL has been present in the solar water
heater space since 2010; during which it has installed various
solar water heaters directly and through its dealership network
totalling to around 65 lakh LPD up to FY2016-end. In FY2014,
MGREPL has ventured into trading of solar PV modules and solar
street lights and has traded for ~11 KW (during FY2014 to
FY2016). The promoters belong to the Kanadia Group based out of
Rajkot,
whose members have nearly 12-17 years of experience in the
business of manufacturing and selling of weighing scale units. As
far as experience of the solar business is concerned, the
promoters' experience remains moderate, at around six years
through their association with MREPL; the company has also
rapidly expanded the dealership network in Gujarat since
commencement of the solar operations.

  * Technical competence and adequacy of manpower: The company
has an experienced and qualified management team who are in
charge of project management, sales and marketing activities. The
company also trained the personnel of the company to manufacture
and install solar water heaters with capacities ranging from 100
LPD to 10,000 LPD. The total permanent personnel strength at
present remains at 45, which seems adequate for its present
nature and size of the jobs undertaken. At present, MREPL has an
in-house design and installation team which looks into the
various technical aspects of manufacturing, installation and post
installation services. Since inception, it has gained ISO
9001:2008, ISO 14001:2004 and MNRE certifications for the
products (for thermal as well as the PV segment).

  * Quality of suppliers and tie-ups: The company procures raw
materials from domestic vendors and enjoys a healthy working
relationship with these suppliers. It has the capability to
manufacture the solar water heating systems and to provide system
integration activities inhouse.

The company shortlists the vendors based on product
certifications, quality parameters, and the service levels which
the suppliers provide.

  * Customer and O&M network: MGREPL has executed various solar
water heater projects since inception totaling to ~65 lakh LPD.
Its clientele includes hotels, commercial establishments, trusts,
industrial units and residential apartments. Quality
deliverables, timely execution and prompt after sales service
have led to satisfactory feedback from customers. The company
provides O&M services through its dealers spread across Gujarat,
Rajasthan, Maharashtra, Karnataka, Himachal Pradesh, Uttaranchal
and Madhya Pradesh. MREPL operates about ~250 dealers with ~100
dealers in Gujarat, ~50 in Maharashtra, ~20 in Rajasthan and the
remaining in other states of India. Most of them remain exclusive
to the company. Moreover, it has contracted two agencies for
after sales services in the state of Gujarat. These agencies have
a team ~10 to oversee the after sale services.

Financial Strength - Weak

Revenues INR7.38 crore for FY2016

Return on Capital Employed (RoCE) 10.05%

Total Outside Liabilities / Tangible Net Worth 4.44 times

Interest Coverage Ratio 1.52 times

Net Worth The net worth of the company is INR1.40 crore

Current Ratio 1.36 times

Relationship with Bankers
The banker is satisfied with the performance of the account

The overall financial profile of the company is weak.


MJR CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of MJR Constructions
Private Limited continue to reflect MJRC's large working capital
requirements, its modest scale of operations, and the high
customer and geographical concentration in its revenue profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          85        CRISIL A4 (Reaffirmed)

   Cash Credit             30        CRISIL B/Stable (Reaffirmed)

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

   Proposed Short Term
   Bank Loan Facility      65        CRISIL A4 (Reaffirmed)

The ratings also factor in the company's small net worth limiting
its financial flexibility. These rating weaknesses are partially
offset by the company's above-average financial risk profile
marked by low gearing and robust debt protection metrics and
extensive experience of promoters.
Outlook: Stable

CRISIL believes that MJRC will continue to benefit over the
medium term from its promoters' extensive experience in the
construction industry and its healthy order book. The outlook may
be revised to 'Positive' if the company registers a substantial
and sustained increase in its scale of operations, while
maintaining its profitability margins, or there is a sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline
in the company's profitability margins, or substantial
deterioration in its capital structure most likely because of a
stretch in its working capital cycle.

MJRC (formerly, M J R Infrastructures Pvt Ltd) was incorporated
in 2007 by the Hyderabad-based Reddy family. The company
commenced operations in 2010, and undertakes civil construction
works.


NAYA INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR10MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Naya Infrastructure Private Limited.

                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Proposed Cash Credit Limit     10        CRISIL B+/Stable
   Proposed Letter of Credit     150        CRISIL A4

The ratings reflect its modest scale- and working capital
intensive nature- of operations and exposure to intense
competition in the civil construction industry. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of NIPL's promoters in the civil
construction industry and its moderate financial risk profile
marked by moderate debt protection metrics.
Outlook: Stable

CRISIL believes NIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant and
sustained improvement in revenue while sustaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if a significant decline in revenue or
profitability margins, or larger-than-expected, debt-funded
capital expenditure weakens the financial risk profile.

Established in 2012, NIPL is a Hyderabad based civil contractor.
The company primarily undertakes execution of irrigation
projects. The day to day operations of the company are managed by
Mr. Sunil Kumar Bontha.


NEELKANTH COAL: CRISIL Suspends 'B' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Neelkanth
Coal Manufacturing Private Limited.

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

The suspension of ratings is on account of non-cooperation by
NCMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NCMPL is yet to
provide adequate information to enable CRISIL to assess NCMPL'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.

NCMPL was set up in 2003 by the Neelkanth group based in
Gandhidham (Gujarat). The company was formed for manufacturing of
low-ash met coke. However, later on, the management decided to
not to venture into this business. Currently, the company is
engaged in the production of industrial salt.


NEELKANTH RUBBER: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Neelkanth Rubber Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B/Stable
   Letter of Credit        90        CRISIL A4
   Packing Credit          10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by NRM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NRM is yet to
provide adequate information to enable CRISIL to assess NRM'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 1986, NRM manufactures rubber conveyor belts and rubber
sheets. The firm's wide range of belts caters to material
handling requirements for the movement of loose bulk material.
The belts are used in various industries such as steel, capital
goods, power, and cement. The firm also trades in chemicals used
for manufacturing of rubber sheets and conveyor belts.


OMNE AGATE: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Omne Agate
Systems Private Limited's 'IND BB+' Long-Term Issuer Rating. The
Outlook was Stable.

Omne has been amalgamated into OASYS Cybernetics Private Limited
and its working capital limits have been transferred to OASYS.

Ind-Ra will no longer provide ratings or analytical coverage for
Omne.

Omne's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'/Stable; rating withdrawn

   -- INR760 million fund-based working capital limits: 'IND
      BB+'/Stable/'IND A4+'; ratings withdrawn

   -- INR925 million non-fund-based working capital limits: 'IND
      BB+'/Stable/'IND A4+'; ratings withdrawn


PMP INFRATECH: ICRA Assigns B+ Rating to INR3.0cr Cash Loan
-----------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR3.00
crore long term bank facilities of PMP Infratech Private Limited.
ICRA has also assigned the short term rating of [ICRA]A4 to the
INR5.00 crore short term non fund based bank facilities.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit Limits       3.00        [ICRA]B+ assigned
   Bank Guarantee           5.00        [ICRA] A4 assigned

The assigned ratings are constrained by PIPL's leveraged capital
structure with a gearing of 2.7x in FY2016 and its tight
liquidity position. The ratings are further constrained by the
vulnerability of company's profitability to fluctuations in input
prices in projects with absence/limitations of pass through
clause coupled with high competitive intensity in the
construction space resulting in pressure on margins. ICRA also
notes that the profitability is vulnerable to the ability of the
company to timely execute the projects and maintaining the
performance parameters because of the Liquidated Damages (LD)
clause present in the contracts.

The ratings however positively consider the long experience of
the promoters in the civil construction industry which is
supported by established technical qualifications and "AA" class
registration. The company continues to benefit through repeat
orders from reputed clientele and its healthy order book of ~Rs.
161 crore (2.7 time of FY 2016 operating income).

Ahmedabad (Gujarat) based PMP Infratech Private Limited is
engaged in the civil construction work such as earthwork and
construction of bridges for railways, foundation for oil drilling
field along with boundary walls, approach road for oil and gas
exploration block for government department and semi government
bodies of Gujarat and Public Sector Undertakings (PSUs) in oil
and gas Industry. PIPL is a registered "AA" contractor with the
Gujarat Government. PIPL was incorporated in September 2013 and
took over the existing proprietorship business of its promoter
Mr. Pravin M. Patel.

Recent Results
For FY 2016, the company reported an operating income of INR59.9
crore and profit after tax of INR1.7 crore as against an
operating income of INR32.1 crore and profit after tax of INR0.5
crore for FY 2015.


PP PANDEY: Ind-Ra Affirms 'IND BB+' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed PP Pandey
Infrastructure Private Limited's Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings continue to remain constrained by PPPIPL's small
scale of operations as evident from its revenue of INR477.95
million according to provisional financials for FY16 (FY15:
INR314.86 million).

The ratings, however, are supported by the over two decades of
experience of PPPIPL's promoters in civil construction works. The
ratings are further supported by PPPIPL's comfortable EBITDA and
credit metrics for FY16 with EBITDA margins of 8.74% (FY15:
8.34%), interest coverage (operating EBITDA/gross interest
expense) of 5.04x (5.07x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 1.68x (1.46x).

The ratings also factor in PPPIPL's adequate liquidity as evident
from its 70.98% average cash credit utilization during the 12
months ended September 2016.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue with the
credit profile being sustained will be positive for the ratings.

COMPANY PROFILE

PPPIPL was established in July 2008 and is engaged in the
business of civil construction works in roads and other allied
works. It has its head office in Lucknow. The company is
registered with various state government and central government
departments as an 'A' class contractor.

PPPIPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable

   -- INR46 million term loan: affirmed at 'IND BB+'/Stable

   -- INR80 million (increased from INR50 million) fund-based
      limits: affirmed at 'IND BB+'/Stable/'IND A4+'

   -- INR100 million (increased from INR30 million) non-fund-
      based limits: affirmed at 'IND A4+'


PRERNA CONSTRUCTIONS: ICRA Suspends D Rating on INR15.5cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR15.50
crore bank facilities of Prerna Constructions Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


PRO-ARC WELDING: CRISIL Ups Rating on INR25MM Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Pro-Arc Welding and Cutting Systems Private Limited to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming its short-
term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              25       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of credit &
   Bank Guarantee           30       CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that Pro-Arc will sustain
the improvement in its liquidity over the medium term as cash
accrual will be adequate to meet maturing debt obligation. Cash
accrual is estimated at INR7.5-8.8 million, against repayment of
INR2.9-4.4 million for fiscals 2017 and 2018, respectively.
Dependence on fund-based bank limits was moderate, averaging 90%.
Liquidity will remain adequate in the absence of any significant
capital expenditure requirement over the medium term.

The upgrade also factors in CRISIL's belief that the improvement
in business risk profile will be sustainable, driven by
improvement in scale of operations over this period due to
addition of capacities to its existing unit. Revenue is expected
to grow 31% to INR240 million in fiscal 2017, while maintaining a
moderate surplus level.

CRISIL's ratings on the bank facilities of Pro-Arc continue to
reflect a leveraged capital structure due to working capital-
intensive operations. The ratings also factor in improving but
modest scale of operations in the competitive metal-cutting
equipment industry. These weaknesses are partially offset by the
extensive experience of promoters and their established
relationships with key customers and suppliers.
Outlook: Stable

CRISIL believes that Pro-Arc's will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of an improvement in the working
capital cycle and sizeable increase in cash accrual. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile due to large working capital
requirement, or debt-funded capital expenditure.

Incorporated in 1996, Pro-Arc manufactures computer numerical
controlled-metal-cutting machines that operate using plasma or
gas. Its customers are mainly engineering and fabrication
companies and government entities. Its manufacturing facilities
are based in Pune.


SADIK ENTERPRISE: CRISIL Suspends B- Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/S.
Sadik Enterprise.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         50       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by SE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SE is yet to
provide adequate information to enable CRISIL to assess SE'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.

SE was set up in 1998 in Hailakandi (Assam) by the Choudhury
family. The firm trades in coal and bamboo, and sells its
products primarily to Hindustan Paper Corporation Ltd. SE's day-
to-day operations are managed by Mr. Nizam Uddin Choudhury.


SHIVAM IRON: CRISIL Reaffirms B- Rating on INR1.25BB Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivam Iron and Steel
Company Limited continue to reflect weak financial risk profile
because of subdued debt protection metrics and stretched
liquidity, and large working capital requirement. These
weaknesses are mitigated by extensive experience of promoters in
the steel industry, and diversified product portfolio.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          59       CRISIL A4 (Reaffirmed)

   Cash Credit           1250       CRISIL B-/Stable (Reaffirmed)

   Funded Interest
   Term Loan               71.3     CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       300       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.8     CRISIL B-/Stable (Reaffirmed)

   Term Loan              203.5     CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              342.4     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SISCL will continue to benefit over the medium
term from its promoters' experience. However, liquidity will
remain weak because of large debt obligation and working capital
requirement. The outlook may be revised to 'Positive' if
significant growth in revenue and accrual, and better working
capital management, improve financial risk profile, particularly
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if financial risk profile, especially liquidity,
weakens due to large working capital requirement or significant
decline in turnover leading to low cash accrual.

SISCL, incorporated in 1998, manufactures sponge iron, mild steel
(MS)/stainless steel (SS) ingots and billets, pig iron, hard
coke, MS structural items such as angles, channels, bars, and
flats, SS flats, and ferroalloys (silico alloys and
ferromanganese). It sells products under its Siscon brand. Its
sponge iron unit is in Koderma and other manufacturing facilities
are in Giridh (both in Jharkhand).


SHRAMAN STRIPS: ICRA Reaffirms 'B' Rating on INR9.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B to the
INR16.00-crore bank facilities of Shraman Strips Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits
   CC                       9.00        [ICRA]B; reaffirmed

   SLC                      0.90        [ICRA]B; reaffirmed

   Term Loan                2.00        [ICRA]B; reaffirmed

   Unallocated              4.10        [ICRA]B; reaffirmed

The rating action takes into account the decline in scale of
operations in FY2016 as well as the increase in working capital
intensity, which was however accompanied with an increase in cash
accruals and operating margins.

ICRA's ratings continue to be constrained by the relatively
modest scale of operations and the intense competition prevailing
in the industry, resulting in thin profit margins and modest
coverage indicators. The ratings are further constrained by the
firm's high working capital intensity, which has resulted in high
utilization of bank limits.

The rating, however, favorably take into account the established
track record of the promoters in the steel trading industry and
its diversified customer base.

The firm's ability to register revenue growth in a profitable
manner while improving its capital structure and optimising its
working capital cycle will be the key rating sensitivity.

Shraman Strips Pvt Ltd was incorporated in 1988 by Mr Satish Jain
& Mr. Jaineshwar Jain. SSPL trades in iron and steel products.
The company processes stainless steel coils into strips, sheets
and tubes of varying sizes, as per customer specifications.
Stainless steel strips are mainly used in watches, steel straps,
electronics, auto parts and press tool manufacturing and various
fabricating companies. SSPL has its administrative and processing
unit in Ludhiana.

Recent Results
The company reported a net profit of INR0.03 crore on an
operating income of INR38.92 crore in FY2016 as against a net
loss of INR0.08 crore on an operating income of INR50.48 crore in
FY2015.


SMRITI APPARELS: CRISIL Cuts Rating on INR95MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Smriti Apparels Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       30         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan          2.4       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Packing Credit         95         CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects instances of delay by the company in
servicing its debt on account of its stretched liquidity because
of large working capital requirement.

SAPL has a small scale of operations in the highly fragmented
leather industry, and a below-average financial risk profile
because of weak debt protection metrics and working capital-
intensive operations. However, it benefits from its promoters'
extensive industry experience and its established customer
relationships.

SAPL was incorporated in 2003 and is promoted by the Gurgaon,
Haryana-based Arora family. The company manufactures leather
jackets and accessories. Mr Inder Arora and Ms Meenu Arora, the
company's directors, manage its operations.


SOMANI MOTORS: CRISIL Reaffirms B+ Rating on INR52.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Somani Motors
Private Limited continues to reflect a below-average financial
risk profile because of small networth and high total outside
liabilities to tangible networth ratio, and exposure to intense
competition in the automobile dealership market. These weaknesses
are partially offset by the extensive experience of promoters and
moderate working capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7.5      CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                52.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     13.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SMPL will benefit from its promoters' industry
experience. The outlook may be revised to 'Positive' if
substantial and sustained increase in cash accrual or any fresh
equity infusion strengthens the capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens due to lower-than-expected cash
accrual, stretched working capital cycle, or any, debt-funded
capital expenditure.

Incorporated in 2010, SMPL, promoted by Mr Sushil Somani, Mr
Subhash Somani, and Mr Mahesh Somani, has a dealership of Hyundai
Motors India Limited (CRISIL A1+) and is based in Baramati
(Maharashtra).


SREE GURU: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long term bank facility of Sree Guru
Raghavendra Cotton Ginning Factory continue to reflect SGRCGF's
average financial risk profile, marked by a small net worth and
high gearing, and the susceptibility of its operating margin to
intense competition in the cotton ginning industry. These rating
weaknesses are partially offset by the firm's growing scale of
operations and the extensive experience of promoters in the
cotton ginning industry.

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

Outlook: Stable

CRISIL believes that SGRCGF will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the firm's financial
risk profile or in its operating profitability. Conversely, the
outlook may be revised to 'Negative' if SGRCGF's revenue declines
significantly, adversely impacting its cash accruals, or if it
undertakes a substantial debt-funded capital expenditure
programme.

Update
SGRCGF recorded revenues of around INR510 million in 2015-16. The
revenues of the firm declined from INR1.01 billion in 2014-15 on
account of unavailability of raw cotton during the year. The
unavailability of raw cotton was due to drought situation in the
region in which the firm operates resulting in low production of
the raw material. Going forward, CRISIL believes that the
revenues of the firm are expected to recover to historical on the
back improvement in the production of cotton.  In 2015-16, the
operating margins are expected to be moderate at around 3-4 per
cent as the cotton prices have reduced significantly. SGRCGF's
working capital requirements continue to be sizeable driven by
the high inventory levels at 50 days as on March 31, 2016.
SGRCGF's liquidity remains stretched marked by moderate utilized
bank lines on the back of its working capital requirements.
However the liquidity is supported adequate net cash accrual
generation to meet its term debt obligations and support from the
promoters in the form of unsecured loans of INR50 million as on
31st March 2016. SGRCGF's revenue and operating margin will
remain key rating sensitivity factors affecting the accretion to
reserves and thus the liquidity and financial profiles.

The firm's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
The firm's working capital management, along with capital
expenditure plans and their funding thereof will remain key
rating sensitivity factors affecting the financial profile over
the medium term.

SGRCGF was established in 2013 as a partnership firm, promoted by
Mr. B. Moulali and his family. The firm operates a cotton ginning
unit in Bellary (Karnataka).


SREE KUMAR: CRISIL Hikes Rating on INR200MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Sree Kumar Agro Oils Private Limited to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

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

The rating upgrade reflects the improvement in SKPL's business
risk profile with improvement in operating margins and stable
revenues. The operating margin is estimated to have improved to
around 5.4 percent for fiscal 2016 from 4.8 percent for fiscal
2015 aided by price revisions with customers. SKPL is estimated
to have reported revenues of around INR701 million for fiscal
2016. CRISIL believes that SKPL's shall sustain the improvement
in its business risk profile over the medium term.

The ratings also reflect below-average financial risk profile
marked by a modest net worth, high gearing and below-average debt
protection metrics, and its exposure to intense competition in
the edible oil industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the edible oil industry, and its efficient working capital
management.
Outlook: Stable

CRISIL believes that SKPL will maintain its established market
position in the edible oil industry over the medium term on the
back of its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company achieves substantial and
sustained improvement in its revenues and operating
profitability, or if there is an improvement in its net worth
supported by equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if there is a decline in
SKPL's profitability margins, or significant deterioration in its
capital structure most likely on account of larger-than-expected
working capital requirements or large debt-funded capital
expenditure.

Incorporated in December 2006, SKAOPL started commercial
production in October 2008. It manufactures rice bran oil and de-
oiled rice bran at its solvent extraction plant at Jakkaram
village, near Bhimavaram (Andhra Pradesh)


SUNRISE INDUSTRIES: CRISIL Reaffirms B+ Rating on INR258.9MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunrise Industries
India Limited continue to reflect Sunrise's modest scale of
operations, large working capital requirements, and average
financial risk profile marked by a high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
composites industry, leading to established customer
relationship.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)

   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)

   Packing Credit          50       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     258.9     CRISIL B+/Stable (Reaffirmed)

   Term Loan               97.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Sunrise will continue to benefit over the medium
term from its promoters' industry experience and its established
customer relationship. The outlook may be revised to 'Positive'
in case of higher-than-expected sales along with improvement in
cash accrual and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
substantial debt-funded capital expenditure, or weakening of
liquidity, most likely because of a sharp decline in
profitability or an increase in working capital requirement.

Sunrise, incorporated in 1992, is promoted by Mr. Joy Kunjukutty
and his family; it is based in Vadodara (Gujarat). The company
manufactures fibre-reinforced plastic and glass-reinforced
plastic products, such as pipes and fittings, process equipment,
reaction vessels, storage tanks, pollution control equipment
(including scrubbers, separators, blowers, and stacks),
absorbers, towers, dryers, exhaust systems, floor gratings, and
cable trays. Its customer profile is geographically diversified
across domestic and global markets. It caters to multiple
industries, including chemical, rayon, staple fibre, oil and gas,
petrochemical, paper-pulp, power, and sewage treatment.


TAXUS INFRASTRUCTURE: ICRA Suspends B+ Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR6.00 crore fund based limits and short term rating of
[ICRA]A4 assigned to the INR15.00 crore non fund based limits of
M/s Taxus Infrastructure and Power Projects Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TECHNOLINE ENGINEERING: CRISIL Reaffirms B Rating on INR47MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Technoline Engineering
continues to reflect TE's small scale of operations in the
fragmented civil construction industry and its large working
capital requirements. These rating weaknesses are partially
offset by the extensive industry experience of the firm's
promoters and its moderate financial risk profile, marked by
healthy gearing.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         23         CRISIL A4 (Reaffirmed)
   Cash Credit            47         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TE will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while maintaining its profitability, leading to
better-than-expected cash accruals and improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative'
if TE reports lower-than-expected revenue or profitability, its
working capital management deteriorates, or it undertakes a large
debt-funded capital expenditure programme, leading to weakening
of its financial risk profile, particularly its liquidity.

Set up in 2007 and based in Kochi (Kerala), TE executes various
civil construction projects for government undertakings. The
firm's day-to-day operations are managed by its managing partner,
Mr. K V Abraham.


TOUGH BAGS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Tough Bags.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Proposed Cash
   Credit Limit            10        CRISIL B+/Stable

The ratings reflect TB's modest scale of operations in the
intensely competitive packaging industry and its below-average
financial risk profile, marked by modest networth and high
gearing. These weaknesses are partially offset by the extensive
experience of the promoters' in the packaging industry.
Outlook: Stable

CRISIL believes TB will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in scale of operations and
profitability improve the financial risk profile. The outlook may
be revised to 'Negative' if decline in accrual or a large debt-
funded capital expenditure, or stretch in working capital
management weaken the financial risk profile.

Set-up in 1992 as a proprietorship firm, TB manufactures
complementary gifts items such as bags, pouches, shaving kits in
rexene. The firm is based in Pykara, Tamil Nadu and promoted by
Mrs Lalitha Ramalingam. Her son Mr Palanniappan manages
operations.


V.S. ECOBLOCKS: ICRA Reaffirms B+ Rating on INR13.65cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR16.65 crore fund based facilities and INR13.35 crore
unallocated limits of V.S. Ecoblocks Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans              13.65        [ICRA]B+ reaffirmed
   Cash Credit              3.00        [ICRA]B+ reaffirmed
   Unallocated limits      13.35        [ICRA]B+ reaffirmed

The reaffirmation of rating is constrained by the limited
operational track record of the company with company starting
full production of Autoclaved aerated concrete (AAC) blocks from
September 2016; high competitive intensity in the AAC (Autoclaved
Aerated Concrete) blocks manufacturing segment due to low entry
barriers and timely debt servicing contingent on envisaged
capacity utilization and margins with repayments starting from
October, 2016. Further, projected accruals are expected to be
lower than debt repayment obligations in FY2017 and the timely
support of promoters to fund the shortfall is critical for timely
debt servicing. The rating, however, positively factors in
successful commissioning of AAC plant in April 2016 and the prior
experience and qualification of the management team in the real
estate and civil construction business. The rating also factors
in increased acceptance of AAC blocks in its catchment area,
Andhra Pradesh and Telangana market; and location advantage on
account of proximity to both raw material supply centres and end
product demand centres: Amaravathi(100km), Hyderabad (200km),
Vijayawada (60km), Guntur (95km) and other major towns in Krishna
district, Andhra Pradesh.

Going forward, the ability of the company to achieve the desired
capacity utilization levels and realizations will remain the key
rating sensitivity from credit perspective.

V.S. Ecoblocks Private Limited was incorporated in August 2012
and has set up a manufacturing unit of AAC bricks with an
installed capacity of 118,000 Cu.mt/Annum in Nawabpet village
near Nandigama, Krishna District, Andhra Pradesh. The primary raw
material for AAC blocks are cement, lime, aluminum, fly ash,
coal, aluminum powder and gypsum. The initial estimated total
cost of the project is around INR24.97 crore which was to be
funded by INR5.00 crore of equity, INR6.32 crore unsecured loans
and INR13.65 crore of term loans. However, the project cost has
been reduced to around INR20.50 crore and is funded by INR11.50
crore term loans and INR9.00 crore promoter's contribution. The
company sells AAC blocks under the brand name "EKOBLOCKS".


VITTHAL DISTILLERIES: CRISIL Suspends D Rating on INR282MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vitthal
Distilleries Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             48        CRISIL D
   Term Loan              282        CRISIL D

The suspension of ratings is on account of non-cooperation by VDL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VDL is yet to
provide adequate information to enable CRISIL to assess VDL'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.

VDL was incorporated in 2008 by Mr. Vikram Shinde. The company
manufactures extra neutral alcohol,which is the main raw material
in the production of Indian-made foreign liquor. VDL's
manufacturing facility is situated at Marathwada, Osmanabad
district (Maharashtra).



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


LIPPO KARAWACI: Moody's Affirms Ba3 CFR & Revises Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Lippo Karawaci Tbk (P.T.) and affirmed the Ba3 senior
unsecured rating of the bonds issued by Theta Capital Pte. Ltd. -
- guaranteed by and a wholly owned subsidiary of Lippo Karawaci.

At the same time, Moody's changed the outlook on the ratings to
negative from stable.

                        RATINGS RATIONALE

"The negative outlook reflects greater uncertainty in Lippo
Karawaci's ability to close two planned asset sales totaling
IDR1.7 trillion and achieve around IDR3.5 trillion of marketing
sales before year-end 2016," says Jacintha Poh, a Moody's Vice
President and Senior Analyst.

"Such a situation will result in the company's financial metrics
remaining outside the parameters necessary to maintain its Ba3
corporate family rating," adds Poh.

Moody's points out that Lippo Karawaci's two planned asset sales
were not completed at end-September 2016.  Moody's expects the
sale of Lippo Mall Kuta to complete in December 2016 for an
aggregate consideration of IDR800 billion.  Moody's says the
second sale - that of Lippo Plaza Jogya and Siloam Hospitals
Yogyakarta - for a total consideration of IDR900 billion will be
delayed until the first quarter of 2017.

Moody's also notes that Lippo Karawaci did not launch any new
residential property projects in 3Q 2016.  As such the developer
will face increased difficulty in achieving its revised 2016
marketing sales target of IDR3.5 trillion.  In August 2016, Lippo
Karawaci revised down the IDR5.0 trillion target that it had set
at the beginning of the year.

As of June 30, 2016, Lippo Karawaci had achieved only IDR602
billion, or 17% of its revised target, severely lagging behind
expectations.  Its marketing sales achievement was also the
weakest among similarly-rated Indonesian property developers.
Such peers achieved around 40% of their respective marketing
sales target as of the same date.

Assuming Lippo Karawaci completes the sale of Lippo Mall Kuta and
achieves around IDR2 trillion of marketing sales in 2016, Moody's
expects adjusted debt/EBITDA to improve to around 4.5x, from 5.2x
for the 12 months to June 30, 2016.  For the same period,
interest coverage ratio - as measured by adjusted homebuilding
EBIT/interest expense - will improve to around 2.5x from 1.9x.
Despite the improving trend, these metrics remain weakly
positioned for the Ba3 ratings.

Notwithstanding the weak financial metrics, Lippo Karawaci's Ba3
rating continues to reflect its established position as one of
the leading and largest property developers in Indonesia.

More importantly, the rating is supported by Lippo Karawaci's
diversified business profile - which allowed it to generate a
well-balanced stream of recurring revenue from multiple business
segments - and non-recurring revenue from real estate
development.

Because the bulk of the company's recurring income comes from the
resilient and growing healthcare segment, such income provides a
cushion against the business and execution risks associated with
real estate development, and mitigates the lumpy nature of
development cash flow.

In addition, Lippo Karawaci maintains an adequate liquidity
position, with no near-term refinancing risk.  Its next major
debt maturity will only be in 2020, after the call redemption of
its $250 million notes due 2019 in September 2016.

The ratings outlook is negative reflecting weaker than expected
marketing sales and delays in asset sales.

Upward ratings pressure is unlikely over the near to medium term,
but the outlook can return to stable if Lippo Karawaci's new
mass-market housing project launches are successful and it
demonstrates a sustainable asset-light strategy to maintain a
stable financial profile within the parameters of its Ba3 rating.

Lippo Karawaci's rating could face downward pressure over the
next 6 to 12 months if: (1) the company fails to implement its
business plans, such that new project launches and asset sales
are delayed further; and (2) there is a deterioration in the
property market, leading to protracted weakness in its operations
and credit profile.  Such a situation would result in credit
metrics staying weaker than downgrade thresholds for a prolonged
period.

Moody's considers an adjusted debt/EBITDA of more than 4.0x and
adjusted homebuilding EBIT/interest expense of less than 2.5x on
a sustained basis, as indications that a ratings downgrade could
be necessary.

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

Lippo Karawaci Tbk (P.T.) is one of the largest property
developers in Indonesia, with a sizable land bank of around 1,549
hectares as of June 30, 2016.  It owns and/or manages - either
directly or via its real estate investment trusts - 44 malls, 23
hospitals and nine hotels.  Lippo Karawaci owns a 33.06% stake in
First Healthcare REIT (unrated) and a 29.33% stake in Lippo Malls
Indonesia Retail Trust (Baa3 stable).



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


1MALAYSIA DEVELOPMENT: Fund Linked to White House Visit
-------------------------------------------------------
Bradley Hope and Colleen McCain Nelson at The Wall Street Journal
report that Malaysia's government-fund scandal, one of the
world's biggest alleged white-collar crimes, has been connected
to a Hollywood studio, high-end U.S. real estate -- and now, a
visit to the White House.

The Journal relates that federal investigators are looking into
whether money improperly obtained from the Malaysian fund was
paid to a businessman who later arranged an Oval Office visit for
relatives of the Malaysian prime minister, according to people
familiar with the probe.

According to the Journal, the businessman is Frank White Jr., an
entrepreneur who helped start an investment firm called DuSable
Capital Management LLC, along with partners including a rap star.
Mr. White has also raised funds for President Barack Obama and
Hillary Clinton, the report says.

Investigators believe about $10 million allegedly embezzled from
1Malaysia Development Bhd., known as 1MDB, flowed indirectly to
Mr. White in a business deal, said people familiar with the
probe, the Journal relays.

Additionally, 1MDB paid $69 million to buy a DuSable unit out of
a deal they had agreed on to build solar-power plants, the firms
said last year, according to the Journal.

The Journal notes that the investigation of the payments is part
of the wider inquiry into 1MDB, a fund that Malaysian Prime
Minister Najib Razak set up in 2009 to spur development. The
Journal says investigators in several countries believe up to
$6 billion was improperly diverted from the fund. Malaysia's
attorney general cleared Mr. Najib of wrongdoing, and 1MDB has
denied wrongdoing. Both have pledged to cooperate with
investigators, the report states.

Mr. White and DuSable have provided information to investigators,
said a person familiar with their position, the Journal relays.
The investigation hasn't resulted in any allegations of
wrongdoing against Mr. White or DuSable.

The Journal relates that a spokesman for Mr. White and DuSable
said the dealings with 1MDB were "intended to provide renewable
energy in Malaysia, create jobs in the United States and earn
support for Malaysia in the United States." At the time, they
were aware of no allegations 1MDB was the "victim of theft," said
the spokesman, Erik Smith, adds the Journal.

                             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.


1MALAYSIA: Leonardo DiCaprio Cooperating With 1MDB Probe
--------------------------------------------------------
Bradley Hope at The Wall Street Journal reports that
representatives of Hollywood actor Leonardo DiCaprio contacted
the Justice Department in July immediately after the government
alleged some money embezzled from a Malaysian government fund
financed his film "The Wolf of Wall Street," his spokesman said
on Oct. 18.

According to Journal, the comments are the first from
Mr. DiCaprio's camp since the Justice Department filed civil
forfeiture suits against luxury real estate, artwork and other
assets purchased with allegedly stolen funds from 1Malaysia
Development Bhd. by a cast of characters including Malaysian
financier Jho Low, who was a friend of Mr. DiCaprio's.

They also come in the wake of protests from Switzerland's Bruno
Manser Fund, a rain-forest charity, which called earlier this
month for Mr. DiCaprio to explain his ties to the alleged fraud
or step down from his position as a United Nations "Messenger of
Peace for Climate Change," the Journal relays.

The Journal relates that Mr. DiCaprio's spokesman said
Mr. DiCaprio is seeking to determine whether he or his charitable
foundation had "received any gifts or charitable donations
directly or indirectly related to these parties, and if so, to
return those gifts or donations as soon as possible."

"Both Mr. DiCaprio and LDF continue to be entirely supportive of
all efforts to assure that justice is done in this matter," the
Journal quotes a spokesman as saying. "Mr. DiCaprio is grateful
for the lead and instruction of the government on how to
accomplish this."

The Journal says Mr. DiCaprio has been tangled in the 1MDB affair
because of his association with Mr. Low and others connected to
the film, including Riza Aziz, co-founder of Red Granite Pictures
and stepson of the Prime Minister of Malaysia Najib Razak.

According to the report, Mr. DiCaprio and director Martin
Scorsese were interested in making "The Wolf of Wall Street" for
years before Red Granite agreed to help invest in the risky R-
rated project. Mr. DiCaprio's relationship with Messrs. Low and
Aziz grew from there.

The Journal relates that Mr. Aziz and Red Granite have denied any
wrongdoing and said they believed the funding they received was
from a legitimate business partner in the Middle East. Mr. Najib
has denied wrongdoing and been cleared of any crime by the
Malaysian Attorney General. Mr. Low and his representatives
didn't respond to requests for comment and haven't publicly
commented on the allegations, the Journal notes.

The Justice Department's complaints refer to "Hollywood Actor 1,"
who is Mr. DiCaprio, the Journal reports citing people with
direct knowledge of the matter.

On July 15, 2012 -- a few months before "The Wolf of Wall Street"
began filming -- Mr. Low withdrew $1.15 million at the Venetian
casino in Las Vegas and gambled with the Hollywood actor, the
complaint, as cited by the Journal, said.

Red Granite's office is also in the same building as Mr.
DiCaprio's Appian Way production company, and the actor and Red
Granite executives were spotted together at parties across town,
according to the Journal.

The Journal relates that in late 2012, Messrs. Low and Aziz, and
others connected to the film, gave Mr. DiCaprio a unique birthday
present: the Oscar statuette presented to Marlon Brando in 1955
for best actor in "On the Waterfront." The statuette had been
acquired for around $600,000 through a New Jersey memorabilia
dealer, according to people familiar with the matter.

The men also spent time together and with others on the world's
fifth-largest yacht during the 2014 World Cup in Brazil and were
part of a New Year's celebration in 2012 that involved a party in
Australia followed by a ride on a chartered 747 to Las Vegas to
do the countdown a second time, the people said, the Journal
relays.

When the actor hosted a charity sale at auction house Christie's
to support environmental causes in 2013, Mr. Low allegedly used
1MDB funds to purchase two pieces of art by Mark Ryden and Ed
Ruscha for a total of about $1.08 million, according to the
Justice Department complaint cited by the Journal.

The Journal adds that Mr. Low also bought a home in the high-end
Bird Streets area of Los Angeles very close to Mr. DiCaprio's
home in the area.

While Messrs. DiCaprio and Low were friends in the past, "they
are no longer in contact and haven't spoken in a long time," the
Journal quotes a person close to Mr. DiCaprio as saying.

                             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.


PERISAI PETROLEUM: Receives Demand for SGD125MM Bond Payment
------------------------------------------------------------
The Sun Daily reports that Perisai Petroleum Teknologi Bhd, a
Practice Note 17 (PN17) company, has received a notice of demand
for the payment of its SGD125 million (RM377.5 million) bond,
which was due on Oct 3.

Sun Daily relates that Perisai told Bursa Malaysia that it,
together with its wholly owned subsidiary Perisai Capital (L)
Inc, had received a notice dated Oct 17 from the trustee of the
notes notifying them that the redemption amount of the notes
together with interest is due.

According to Sun Daily, Perisai said it is seeking legal advice
on the notice of demand and will make announcements as and when
necessary.

The bond carrying a coupon rate of 6.875% is part of the
company's SGD700 million multicurrency medium-term notes
programme, the report discloses.

Sun Daily says Perisai had sought to extend the maturity date of
the bond to Feb. 3, 2017 from Oct. 3, 2016. It was, however,
rejected by its bondholders at a meeting called on the due date.

The default had also resulted in the company slipping into the
PN17 status, the report says. It has to submit a regularisation
plan to the regulator within the next 12 months.

Nonetheless, Perisai, together with its joint venture partner
Emas Offshore Ltd (EOL), are in talks to secure US$20 million
(RM83.8 million) financing from a financial institution, Sun
Daily relates.

Sun Daily relates that as part of the indicative financing
package, Perisai was also in talks with EOL to resolve various
issues among themselves, including a put option that was granted
by EOL to Perisai for Perisai's 51% shareholding in SJR Marine
(L) Ltd.

Perisai and EOL are joint-venture partners in Emas Victoria (L)
Bhd and SJR, adds Sun Daily.

                      About Perisai Petroleum

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

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




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


CREDIT UNION: S&P Affirms 'BB/B' Issuer Credit Ratings
------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB/B' issue and
issuer credit ratings on Credit Union Baywide.

S&P then withdrew the ratings at the request of the issuer.  At
the time of the withdrawal, the outlook on the long-term rating
was stable.



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


STX OFFSHORE: Court to Allow STX France to be Sold Separately
-------------------------------------------------------------
A South Korean court has decided to allow two units of the
collapsed STX shipbuilding group to be sold either separately or
together, according to a sales notice seen by Reuters on Oct. 18,
opening the prospect of a separate sale of STX France.

Reuters relates that the French business, which specialises in
building cruise ships at its former naval yard in Saint-Nazaire
and is profitable, is expected by analysts to attract buying
interest.

Bids are due in by Nov. 4 for STX Offshore & Shipbuilding Co Ltd
and a 66.7% stake in STX France SA that is held by STX Europe AS,
Reuters relates citing a sales notice from advisor Samil
PricewaterhouseCoopers that was due to appear in South Korean
newspapers on Oct. 19.

According to Reuters, the French state holds the remaining stake
in STX France and said last week that it was not planning to buy
a majority stake in the unit but would retain its minority
blocking stake and is expected to have a say in any ownership
change.

Reuters says the Seoul Central District Court, which is managing
STX Offshore's receivership, approved the sale plan this week
after discussions with stakeholders including creditor banks, an
STX Offshore spokesman said, declining to comment on possible
sales prices or potential interested parties.

While the court overseeing STX Offshore's receivership would
prefer that a single buyer acquire both assets, it has agreed
that they can be sold separately, the spokesman said, adds
Reuters.

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.

STX Offshore & Shipbuilding Co. Ltd. filed court receivership on
May 27, 2016.



                             *********

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.



                 *** End of Transmission ***