TCRAP_Public/161021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 21, 2016, Vol. 19, No. 209

                            Headlines


A U S T R A L I A

CCA TRANSPORT: First Creditors' Meeting Set for Oct. 28
ENERJI LTD: First Creditors' Meeting Set for Oct. 27
HARTS FINANCIAL: First Creditors' Meeting Set for Oct. 27
HOME AUSTRALIA: Owes Trade Creditors at Least AUD12.5 Million
PERRYCUT PTY: First Creditors' Meeting Set for Nov. 1


I N D I A

AGRI GREEN: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
AVASARALA TECHNOLOGIES: ICRA Suspends D Rating on INR138cr Loan
BHARUCH JILLA: CRISIL Assigns B- Rating to INR87.4MM Term Loan
DAULAT FLOUR: CARE Assigns B+ Rating to INR7.50cr Long Term Loan
ECO POLYMERS: CARE Assigns 'B' Rating to INR6.70cr Long Term Loan

ESVEEAAR DISTILLERIES: CRISIL Reaffirms B- Rating on INR100M Loan
FLOWTECH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan
GREEN FARM: ICRA Reaffirms B+ Rating on INR3.0cr Whse. Loan
JAI HANUMAN: ICRA Suspends B/A4 Rating on INR9cr Bank Loan
JALDHAKA COLD: CRISIL Ups Rating on INR71.4MM Loan to 'B'

K. L. MECHANICAL: ICRA Withdraws B+ Rating on INR3.75cr Loan
KARTHIK ROOFINGS: ICRA Assigns 'D' Rating to INR5.5cr Cash Loan
KARTHIK ROOFINGS LTD: ICRA Assigns 'D' Rating to INR4.17cr Loan
KRANTI COTTON: ICRA Reaffirms 'B' Rating on INR6.25cr Cash Loan
LAKSHMI DURGA: CRISIL Reaffirms B+ Rating on INR30MM LT Loan

LANCO VIDARBHA: CARE Reaffirms 'D' Rating on INR9,614cr LT Loan
M.M. IMPORT: CRISIL Puts 'B' Rating on 'Notice of Withdrawal'
MPL MOTORS: CRISIL Puts B- Rating on 'Notice of Withdrawal'
NARAYAN COTGIN: ICRA Suspends 'B' Rating on INR7cr Cash Loan
NAXALBARI FLOUR: CRISIL Ups Rating on INR40MM Cash Loan to B+

NECTAR CRAFTS: ICRA Assigns B+ Rating to INR7.0cr LT Loan
NIRMAL SPINNING: CARE Assigns 'B' Rating to INR11.10cr LT Loan
NIRMALA OFFSET: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
PARAGON KNITS: CRISIL Reaffirms 'B' Rating on INR258.6MM Loan
POOJA PLASTO: CARE Assigns B+ Rating to INR2.0cr Long Term Loan

RATTAN STEEL: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
SELMEC ENGINEERING: CRISIL Reaffirms B+ Rating on INR15MM Loan
SHREE GANESH: CRISIL Reaffirms B- Rating on INR1.89BB Loan
SHREE SURGOVIND: CRISIL Reaffirms 'B' Rating on INR125MM Loan
SHRI KALKA: CRISIL Upgrades Rating on INR72.5MM Loan to B+

SRI AUROBINDO: ICRA Suspends B- Rating on INR11cr Loan
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR12cr LT Loan
SRI RAVICHANDRA: CRISIL Ups Rating on INR240MM LT Loan to 'C'
SRI SARVARAYA: ICRA Assigns B+ Rating to INR132cr Cash Loan
SUPER SEALS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

TINKA STONES: CRISIL Lowers Rating on INR50MM Loan to 'B'
TROPICA SEEDS: CRISIL Assigns B+ Rating to INR55MM Cash Loan
VENU INDUSTRIES: ICRA Reaffirms 'B' Rating on INR15cr Cash Loan
VIKAASA TRUST: CRISIL Assigns 'B' Rating to INR100MM Term Loan
YOGESH CONSTRUCTION: ICRA Reaffirms B+ Rating on INR4cr Loan


S I N G A P O R E

MMP RESOURCES: Faces Wind Up Petition Over SGD5.22MM Debt
RICKMERS MARITIME: Investors Seek Bond Payment
SWIBER HOLDINGS: Bombay High Court Asks ONGC to Release $20MM


S O U T H  K O R E A

HANJIN SHIPPING: To Lay Off 350 Ground-based Workers
STX OFFSHORE: Seeks U.S. Recognition of Korean Proceeding
STX OFFSHORE: Chapter 15 Case Summary


S R I  L A N K A

ENTRUST SECURITIES: Central Bank OKs Repayment to Depositors


                            - - - - -


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


CCA TRANSPORT: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of CCA
Transport Pty Ltd will be held at Twin Towns Services Club,
Wharf St (Cnr Boundary St), in Tweed Heads, NSW, on Oct. 28,
2016, at 11:00 a.m. (QLD time)

John Morgan and Geoffrey Davis of BCR Advisory were appointed as
administrators of CCA Transport on Oct. 28, 2016.


ENERJI LTD: First Creditors' Meeting Set for Oct. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Enerji Ltd
will be held at the offices of KordaMentha, Level 10, 40 St
Georges Terrace, in Perth, on Oct. 27, 2016, at 9:30 a.m.

Clifford Rocke and Rahul Goyal of KordaMentha were appointed as
administrators of Enerji Ltd on Oct. 18, 2016.


HARTS FINANCIAL: First Creditors' Meeting Set for Oct. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Harts
Financial Group Pty Ltd and Harts Financial Solutions Pty Ltd
will be held at the offices of McGrathNicol, Level 17, 37 St
Georges Terrace, in Perth, on Oct. 27, 2016, at 10:30 a.m.

Rob Kirman and Joseph Hayes of McGrathNicol were appointed as
administrators of Harts Financial on Oct. 17, 2016.


HOME AUSTRALIA: Owes Trade Creditors at Least AUD12.5 Million
-------------------------------------------------------------
Simon Evans and Michael Bleby at The Australian Financial Review
report that trade creditors are owed at least $12.5 million in
the collapse of Bob Day's Home Australia group of building
companies, with the $2 billion ASX-listed Brickworks among the
hundreds of suppliers and trades people facing a grim outlook.

According to the report, liquidators McGrath Nicol are still
assessing the full extent of the collapse and fear the amount
owed to trade creditors will rise substantially higher than the
figure as it stood on Oct. 18.

The Australian Financial Review relates that cheef executive
Lindsay Partridge said Brickworks had 'reasonably significant'
liabilities 'in excess of $1 million' to Senator Day's group.

"Bob is a good friend and a great customer," Mr. Partridge told
The Australian Financial Review. "It's a shock for us. We were
supplying them nationally."

The report says Brickworks, which Mr. Partridge said would do
"whatever we can" to help homeowners stuck with half-built
dwellings, is just one of many creditors awaiting news about
whether they stand to get anything out of the housing group that
went into liquidation on Monday, leaving up to 230 houses around
Australia still under construction.

The amount owed to trade creditors is separate to Home
Australia's bank debts, the report states.

According to the report, liquidator Matthew Caddy, from McGrath
Nicol, said it was too early to say whether there would be any
surplus funds to pay creditors.

McGrath Nicol was "presently implementing an orderly wind down of
the group's businesses," Mr. Caddy said in a letter to creditors,
The Australian Financial Review relays.

"I am unable to determine whether there will be surplus funds
available to unsecured creditors," he wrote.

"'However, once all assets have been realised I will write to all
creditors advising them of what level of funds, if any, will be
available to the unsecured creditors."

McGrath Nicol was appointed as liquidator of Senator Day's home
building operations, Home Australia, on Oct. 17.

According to the report, South Australian Treasurer Tom
Koutsantonis said on Oct. 18 that small contractors were critical
to the local economy and said Mr. Day "needs to make good" on the
debts owed. He said the South Australian Government underwrites
building indemnity insurance provided to local homebuyers by QBE
Insurance. He said the government was working closely with
McGrath Nicol.

A meeting of creditors is to be held on or before November 4,
adds The Financial Australian Review.

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


PERRYCUT PTY: First Creditors' Meeting Set for Nov. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Perrycut
Pty Ltd will be held at the offices of McLeod & Partners, Hermes
Building, Level 1, 215 Elizabeth Street, in Brisbane, Queensland,
on Nov. 1, 2016, at 10:00 a.m.

Jonathan Paul McLeod & Bill Karageozis of McLeod & Partners were
appointed as administrators of Perrycut Pty on Oct. 20, 2016.



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


AGRI GREEN: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
------------------------------------------------------------
CRISIL rating on the bank loan facility of Agri Green Fertilizers
and Chemicals Private Limited continue to reflect AG's below-
average financial risk profile, marked by high gearing and weak
debt protection metrics, modest scale of operations, and
susceptibility to the regulated nature of the fertiliser industry
and to uneven monsoons.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           170       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of AG's promoters in the fertilizer industry and their
established relationship with customers.
Outlook: Stable

CRISIL believes AG will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if prudent working capital management or increase in
scale of operations and stable operating profitability improves
the business and financial risk profiles. The outlook may be
revised to 'Negative' if regulatory changes adversely impact
operations or a stretch in working capital cycle weakens the
capital structure.

AG manufactures single super phosphate and trades in fertilisers
such as urea, diammonium phosphate, and muriate of potash. The
company, promoted and managed by Mr. V Rami Reddy, is located in
Cuddapah (Andhra Pradesh).


AVASARALA TECHNOLOGIES: ICRA Suspends D Rating on INR138cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR138.00 crore fund based working capital limits and the
INR98.92 crore term loans of Avasarala Technologies Limited. ICRA
has also suspended the short term rating of [ICRA]D assigned to
the INR114.69 crore non-fund based limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.


BHARUCH JILLA: CRISIL Assigns B- Rating to INR87.4MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Bharuch Jilla Kaival Kelavani Mandal.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               87.4      CRISIL B-/Stable

The rating reflects the early stage of school's operations,
exposure to competition in the school segment, and below-average
financial risk profile due recently completed debt-funded capital
expenditure. These weaknesses are partially offset by benefits
derived from the extensive experience of trustees in the
education sector and expected need-based fund support from them.
Outlook: Stable

CRISIL believes that BJKKM will benefit over the medium term from
the trustees' industry experience. The outlook may be revised to
'Positive' if significant scaling up of operations, driven by
healthy intake and occupancy levels, leads to better cash
inflows. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected student intake, low cash inflows or large,
debt-funded capital expenditure leads to deterioration in the
financial risk profile and liquidity.

BJKKM is a Kheda (Gujarat)-based trust. It has set up a non-
granted K12 school named 'My Shannen School'. The school started
its first academic year in June 2016.


DAULAT FLOUR: CARE Assigns B+ Rating to INR7.50cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Daulat
Flour Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Daulat Flour Mill
are primarily constrained by its short track record of the entity
with limited experience of the management, small scale of
operations, volatility in raw material prices influenced by
government policies on agro commodity and monsoon dependent
operations and highly competitive industry & low entry barriers.

The rating, however, draws comfort from moderate profitability
margins, capital structure and operating cycle.

Going forward, the ability of the firm to scale up its operations
while improving its profitability margin and managing the working
capital requirement while maintaining its capital structure shall
be the key rating sensitivities for the firm.

Bulandshahr-based, Uttar Pradesh Daulat Flour Mill was
established in 2012 as partnership firm by  Mr. Daulat Singh with
his wife Mrs Omvati Singh and his sons Mr. Raj Kumar Singh
sharing profit and losses in the ratio in the 50:25:25
respectively. The firm has started its commercial operations in
September, 2014 and is engaged in processing of agri products
mainly wheat. The final products are wheat flour (atta), refined
wheat flour (maida), bran and semolina (suji).

The installed capacity of the processing unit is 90 ton per day
as on March 31, 2016. The main raw material of the firm is wheat
which is procured from local farmers and commission agents. The
firm sells its products to wholesalers in North India states as
Delhi, Haryana, and Uttar Pradesh. The firm sells its products
under the brand name of "Double Chatta", "No.1 Daulat" and
"Sanyog". The products are sold mainly in the packaging of 10kg,
20Kg, 50 kg.

During FY16 (refers to the period April 1 to March 31), DFM has
achieved a total operating income (TOI) of INR20.15 crore with
PAT of INR0.11 crore as against total operating income of INR5.09
crore with PAT of INR0.01 crore in FY15. In 5MFY17, the firm has
achieved a total operating income of INR6 crore (as per the
unaudited results).


ECO POLYMERS: CARE Assigns 'B' Rating to INR6.70cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' Ratings to bank facilities of Eco Polymers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.70       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Eco Polymers is
constrained by implementation risk associated with its greenfield
project and firm's presence in competitive and fragmented nature
of industry.

The rating is further constrained by the raw material price
volatility risk and the firm's partnership nature of
constitution. The rating, however, derives strength from the
experienced promoters and favorable industry scenario.

Going forward, the ability of the firm to execute the project
within envisaged time and cost and achievement of the envisaged
sales and profitability levels would be the key rating
sensitivities.

Eco Polymers was established in May, 2016 as a partnership firm
and is currently being managed by Mr. Ashok Goyal, Mr. Vinod
Goyal, Mr. Ayush Goyal and Mr. Aman Goyal as its partners sharing
profit and loss in the ratio of 11%, 33%, 23% and 33%
respectively. ECP is established with an aim to set up a
manufacturing unit at
Panipat, Haryana for manufacturing of Propylene (PP) fabrics and
woven sacks. The firm has proposed total installed capacity to
manufacture 16.5 lakh Kg of PP fabric per annum at its plant. The
firm's proposed products are mainly used in packaging of agro
products, heavy chemicals, poultry feed, cement and fertilizers.

ECP will sell its products directly as well as through
distributors to various wholesalers based in Haryana and
Delhi. The firm mainly requires propylene granules, omega and
calcium fillers as its raw materials and the same will be
procured from Indian Oil Corporation, Reliance Industries Limited
and other traders based in Panipat, Haryana.

The total project cost of INR7.84 crore is to be funded through
bank term loan of INR4.50 crore and promoters' contribution of
INR3.34 crore. As on August 30, 2016, the firm has incurred an
expenditure of INR0.41 crore towards the project funded through
promoters' contribution.


ESVEEAAR DISTILLERIES: CRISIL Reaffirms B- Rating on INR100M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Esveeaar Distilleries
Private Limited continue to reflect EDPL's below average
financial risk profile marked by a high gearing and weak net cash
accruals to total debt ratio (NCATD), its modest scale of
operations and exposure to stringent government regulations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            100       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)

These strengths are partially offset by EDPL's established market
position in the Indian Made Foreign Liquor (IFML) segment in
Andhra Pradesh and the extensive industry experience of the
promoters.

Outlook: Stable

CRISIL believes that EDPL shall benefit from its established
market position and extensive industry of its promoters over the
medium term. The ratings may be revised to 'Positive' if the
company's financial risk profile; particularly liquidity improves
along with a sustained growth in its revenues and operating
margins. Conversely the ratings may be revised to 'Negative' in
case of a decline in revenues or operating margins or in case of
an elongation in its working capital cycle, or in case of
increase in exposure to group companies adversely affecting its
financial risk profile, particularly liquidity.

EDPL was incorporated in 1970 as a proprietorship firm and was
later converted into a private limited company in 2007. The
company is engaged in distilling and blending of IFML.


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       70        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable (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 (Rs.750 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.


GREEN FARM: ICRA Reaffirms B+ Rating on INR3.0cr Whse. Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR1.00 crore cash credit and INR3.00 crore warehouse loan
facility of Green Farm Agri Exports. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR4.00 crore fund based
packing credit limit and INR1.87 crore non fund based credit
exposure limit of GFAE.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based-Cash
   Credit                   1.00       [ICRA]B+ reaffirmed

   Fund Based-Warehouse
   Loan                     3.00       [ICRA]B+ reaffirmed

   Fund Based-Packing
   Credit Limit (PCL)       4.00       [ICRA]A4 reaffirmed

   Non Fund Based-Credit
   Exposure Limit           1.87       [ICRA]A4 reaffirmed

The re-affirmation of ratings continues to be constrained by
GFAE's modest scale of operations with thin net profitability due
to lack of value addition and high competitive intensity in the
trading business due to low entry barriers. Furthermore, its
financial profile is characterized by a stretched capital
structure due to high usage of working capital borrowings,
resulting in high gearing that stood at 3.5 times as on March 31,
2016 as compared to 1.6 times as on March 31, 2015. ICRA notes
GFAE's low debt coverage indicators during FY2016 as evident from
low interest coverage, which stood at 1.7 times, and total
debt/OBDITA, which stood at 8.5 times. The ratings are further
constrained by the firm's vulnerability of profitability to
adverse movements in agro produce prices, which are in turn are
dependent on agro-climatic conditions, crop harvest, and the
demand-supply scenario in domestic and international markets,
among others. The ratings are, moreover, constrained on account
of vulnerability of profitability to Government regulatory
changes as well as any adverse currency movements. The ratings
are further constrained because of GFAE being a partnership firm,
wherein any substantial withdrawal from the capital account would
affect its net-worth and thereby its capital structure.

The ratings, however, positively factor in the experience of the
promoters in the agro commodity industry. ICRA also notes easy
availability of agro commodities both from India as well as
overseas market.

ICRA expects the operating income of the firm to witness moderate
growth driven by the steady demand prospects for traded
commodities; however, the operating margins are expected to
remain thin, owing to the low value additive nature of the
trading business. The firm' ability to enhance its scale of
operations, while improving its profitability and effectively
managing its working capital requirements, and thereby improving
its capital structure, will remain some the key rating
sensitivities.

Green Farm Agri Exports was established in September 2012 as a
partnership firm. The Rajkot-based firm is engaged in the trading
of agro commodities. GFAE has two partners currently, Mr.
Dineshbhai Tanna and Mr. Deep Tanna, who actively manage
operations. GFAE trades in wheat, rice and cumin seeds. From
FY2016, the firm started trading in other agro commodities, such
as chick peas, coriander seeds, green gram, red lentils,
rapeseeds and soyabean, among others.

Recent Results
During FY2016, GFAE reported an operating income of INR92.4 crore
and net profit of INR0.5 crore against an operating income of
INR72.6 crore and net profit of INR0.4 crore in FY2015.


JAI HANUMAN: ICRA Suspends B/A4 Rating on INR9cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the INR9
crore fund based, non fund based and proposed facilities of
Jai Hanuman Rice Industries. 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.


JALDHAKA COLD: CRISIL Ups Rating on INR71.4MM Loan to 'B'
--------------------------------------------------------- CRISIL
has upgraded its rating on the long-term bank facilities of
Jaldhaka Cold Storage Private Limited to 'CRISIL B/Stable' from
'CRISIL B-/Stable', while assigning its 'CRISIL A4' rating on the
short-term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Reassigned)

   Term Loan               65.6      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Cash Credit             71.4      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects significant ramp-up in the scale of
operations, with an expected growth of 26% in operating income to
INR86.9 million in fiscal 2016 from INR68.8 million in fiscal
2015, backed by optimum capacity utilization of its cold storage
facilities. CRISIL believes the operating income will improve
further to INR87-90 million over the medium term. Cash accrual of
INR10.6 million in fiscal 2016 was adequate to meet debt
obligation of INR6 million. The business risk profile will
improve on account of improving capacity utilization and higher
store income.

The ratings continue to reflect small scale of operations and a
below-average financial risk profile because of modest networth
and high total outside liabilities to tangible networth ratio.
The ratings also factor in susceptibility to unfavorable
regulatory changes and to intense competition in the cold storage
industry in West Bengal. These weaknesses are partially offset by
the extensive experience of promoters.
Outlook: Stable

CRISIL believes JCSPL will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' in case of efficient management of
farmer credit financing and a significant increase in scale of
operations while simultaneously maintaining its operating
profitability margin. Conversely, the outlook may be revised to
'Negative' in case of constrained liquidity because of delays in
repayment by farmers, lower-than-expected cash accrual, or large,
debt-funded capital expenditure.

Incorporated in 1997, JCSPL provides cold storage facilities to
potato farmers and traders. It also trades in potatoes. Its
current owners-directors, members of the Pal family, purchased
JCSPL on January 1, 2010. The company's cold storage at
Jalpaiguri (West Bengal) has a capacity of about 21,900 tonne.
Its directors, Mr. Gobinda Das Pal and Mr. Pradyut Kumar Pal,
manage its operations.


K. L. MECHANICAL: ICRA Withdraws B+ Rating on INR3.75cr Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ to the
INR3.75 crore cash credit facility and the short-term rating of
[ICRA]A4 to the INR0.50 crore non fund based limits of K. L.
Mechanical Works Private Limited, as the company is no longer
availing these facilities and there is no amount outstanding
against the rated instruments.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              3.75        [ICRA]B+ withdrawn

   Non Fund Based
   Limit-Bank Guarantee     0.50        [ICRA]A4 withdrawn

The withdrawal is at the request of the company.


KARTHIK ROOFINGS: ICRA Assigns 'D' Rating to INR5.5cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR1.73
crore term loan and to the INR5.50 crore cash credit facility of
Karthik Roofings. ICRA has also assigned a short term rating of
'[ICRA]D' to the INR2.77 crore non-fund based facilities of KR.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term-Term Loan       1.73        [ICRA]D (assigned)
   Long Term-Cash Credit     5.50        [ICRA]D (assigned)
   Short Term-Non Fund
   based facilities          2.77        [ICRA]D (assigned)

The assigned ratings are constrained by delays in servicing of
debt obligations by the firm. The ratings are also constrained by
the modest scale of operations, which limits financial and
operational flexibility of the company to an extent. Further, the
financial profile of the firm is marked by high gearing, moderate
profitability and moderate coverage indicators. The operating
margins are susceptible to adverse movements in raw material
costs owing to the limited ability of the firm to pass on any
increase in costs to its customers. ICRA notes the high
competitive intensity due to presence of large organized players,
moderate entry barriers and ease of capacity addition, which also
keep the margins under check. Additionally, the revenues of the
firm are vulnerable to slowdown in economic activities and growth
in the end use industries. Although the long term demand outlook
for the building infrastructure products are favorable, the
ability of the firm to increase its turnover and margins, while
efficiently managing its working capital requirements and to
generate adequate cash flows to meet its debt obligations will be
key credit monitorables.

Karthik Roofings was established in the year of 2011 as a
manufacturer of wide range of various roofing and cladding steel
products with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi. The key products of KR
includes trapezoid steel sheets and accessories, tile profiled
steel sheets, metal decking sheets, polycarbonate sheets, Z&C
Section and turbo ventilators like PUF panels and EDS panels. In
2013, the company has forward integrated to manufacture pre-
engineered building systems (PEB), Truss-less roofing system,
Glass-wool insulated roofing system under Karthik Roofings and
Structurals Pvt Ltd. KR's products are fabricated at the plant at
Tumkur, Bangalore and facilities are spreads over 25,000 sq.
feet. The products are manufactured using internationally
accepted engineering practices in production, planning and
control.

Recent Results
During FY15 the company reported a net profit of INR0.56 crore on
an operating income of INR38.16 crore as against a net profit of
INR0.92 crore on an operating income of INR38.66 crore during
FY14.


KARTHIK ROOFINGS LTD: ICRA Assigns 'D' Rating to INR4.17cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR4.17
crore term loan and to the INR2.00 crore cash credit facility of
Karthik Roofings and Structurals Pvt Ltd. ICRA has also assigned
a short term rating of [ICRA]D to the INR3.83 crore non-fund
based facilities of KRSPL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term-Term Loan       4.17       [ICRA]D (assigned)
   Long Term-Cash Credit     2.00       [ICRA]D (assigned)
   Short Term-Non Fund
   based facilities          3.83       [ICRA]D (assigned)

The assigned ratings are constrained by delays in servicing of
debt obligations by the company. The ratings are also constrained
by the modest scale of operations, which limits financial and
operational flexibility of the company to an extent. Further, the
financial profile of the company is marked by high gearing and
moderate coverage indicators. The operating margins are
susceptible to adverse movements in raw material costs owing to
the limited ability of the company to pass on any increase in
costs to its customers. ICRA notes the high competitive intensity
due to presence of large organized players, moderate entry
barriers and ease of capacity addition, which also keep the
margins under check. Additionally, the revenues of the company
are vulnerable to slowdown in economic activities and growth in
the end use industries. Although the long term demand outlook for
the building infrastructure products is favorable, the ability of
the company to increase its turnover and margins, while
efficiently managing its working capital requirements and to
generate adequate cash flows to meet its debt obligations will be
key credit monitorables.

Karthik Roofings and Structurals Pvt Ltd was established in the
year of 2013 as a manufacturer of pre-engineered building systems
(PEB), Truss-less roofing system, Glass-wool insulated roofing
system with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi and Mr. Shivakumara
Narasappa. The group company Karthik Roofings, established in
2011, is in to manufacturing of trapezoid steel sheets and
accessories, tile profiled steel sheets, metal decking sheets,
polycarbonate sheets, Z&C Section and turbo ventilators like PUF
panels and EDS panels. KRSPL's products are fabricated at the
plant at Tumkur, Bangalore and the facilities are spreads over
60,000 sq. feet. The products are manufactured using
internationally accepted engineering practices in production,
planning and control.

Recent Results
During FY2016 (Provisional) the company reported a net profit of
INR1.11 crore on an operating income of INR7.97 crore as against
a net loss of INR1.77 crore on an operating income of INR0.54
crore during 3months FY2015.


KRANTI COTTON: ICRA Reaffirms 'B' Rating on INR6.25cr Cash Loan
---------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating assigned to the INR6.25
crore fund-based cash credit facility and the INR0.54 crore
(reduced from INR0.77 crore) term loan facility of Kranti Cotton
and Oil Industries. ICRA has also assigned the [ICRA]B rating to
the INR0.23 crore unallocated limits of KCOI.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based-Cash
   Credit Limit            6.25       [ICRA]B; Re-affirmed

   Fund-based-Term
   Loan Limit              0.54       [ICRA]B; Re-affirmed

   Fund-based-
   Unallocated Limit       0.23       [ICRA]B; Assigned


The rating continues to remain constrained by KCOI's modest scale
of operations, characterised by de-growth in operating income by
7.7% in FY2016 to INR36.3 crore from INR39.3 crore in FY2015. The
rating also takes into account the modest financial profile of
the firm as reflected by low profitability and weak debt coverage
indicators. The capital structure of the firm remained stretched,
as reflected by high gearing of 3.5 times as on 31st March 2016,
although the same declined from gearing of 4.2 times as on 31st
March 2015. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers, and vulnerability of the firm's profitability to raw
material (cotton) prices, which are subject to seasonality, crop
harvest and regulatory risks.

The rating, however, favorably factors in the longstanding
experience of the partners in the cotton industry and the
favorable location of the firm's manufacturing facility, giving
it easy access to raw materials.

KCOI's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of cotton
bales, high competition and working capital requirements, will
remain critical to the credit metrics. KCOI is a partnership
concern and any substantial withdrawal from the capital account
in future could adversely impact the credit profile of the firm.

Established in 2013, Kranti Cotton and Oil Industries is a
partnership firm that gins and presses raw cotton to produce
cotton bales and cottonseeds. The firm also crushes cottonseeds
to produce cottonseed oil. The manufacturing facility, located at
Morbi, Gujarat, is equipped with 24 ginning machines and one
pressing machine, with a processing capacity of 17,010 metric
tonnes per annum (MTPA) of raw cotton. The firm also has six
expellers with a processing capacity of 10,159 MTPA. KCOI is
actively managed by Mr. Mahendrabhai Kavar, Mr. Shaileshbhai
Kavar, Mr. Vijaybhai Kavar, Mr. Manilal Kasundra and Mr.
Narendrabhai Saradva, along with five other partners.

Recent Results
For the year ended March 31, 2016, the firm reported an operating
income of INR36.3 crore with a profit after tax (PAT) of INR0.4
crore.


LAKSHMI DURGA: CRISIL Reaffirms B+ Rating on INR30MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Lakshmi Durga
Drugs and Intermediates Private Limited continue to reflect
LDIPL's small scale of operations, large working capital
requirement, and exposure to intense competition in the bulk
drugs industry, and its small net-worth limiting its financial
flexibility.

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

   Letter of Credit        23       CRISIL A4 (Reaffirmed)

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

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

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the company's promoters in the pharmaceutical industry.
Outlook: Stable

CRISIL believes LDDIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if there is prudent working capital
management, or substantial increase in networth due to sizeable
equity infusion. The outlook may be revised to 'Negative' if
profitability declines substantially or stretch in working
capital cycle weakens the capital structure.

Hyderabad-based LDDIPL was set up in 2009 by Mr. R Vijaya Krishna
and Mr. D Saibabu. It manufactures bulk drugs and intermediates.


LANCO VIDARBHA: CARE Reaffirms 'D' Rating on INR9,614cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Lanco Vidarbha Thermal Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9,614      CARE D Reaffirmed

Rating Rationale

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

LVTPL is promoted by the Lanco Group and was incorporated on
Feb. 23, 2005. The company was initially incorporated as a
'Private Limited' company and later converted into a 'Public
Limited' company on May 10, 2010.

LVTPL is promoted to develop, construct, own and operate a 1,320
MW (2x660 MW) thermal power plant based on domestic coal. The
project is being implemented on super critical technology by way
of a turnkey Engineering, Procurement & Construction (EPC)
contract with an initial estimated project cost of INR6,936 crore
and is proposed to be financed at a debt to equity ratio of 4:1.
The debt portion of INR5,549 crore was tied up with financing by
a consortium of 16 banks/ FIs led by Punjab National Bank. The
construction activities at the Project started on March 1, 2011,
and were progressing satisfactorily until October 18, 2011, when
the project company slowed down all activities at site subsequent
to a court directive in response to a Public Interest Litigation
(PIL) disputing the environment clearance which was
accorded to the project vide MoEF letter dated February 24, 2011.
Subsequently by May 2013, all the construction activities were
completely stopped. The environment clearance was then
subsequently revalidated vide MoEF letter dated August 21, 2014.
For nearly 2 years the construction activities were at halt and
restarted on April 1, 2015. The above-mentioned reason also
resulted into shift in COD to September 2017 and increase in
project cost to INR10,433 crore from the appraised cost of
INR6,936 crore resulting in an increase of INR3,497 crore. It is
proposed that this increase will be funded in the debt equity
ratio of 4:1. The revised debt portion of INR 5,549 crore was
tied up with the lenders.

On the fuel supply arrangements, LVTPL had received two separate
Letters of Assurances (LOA) from South Eastern Coalfields Limited
on Oct. 26, 2010 and Feb. 11, 2011. The shortfall in the balance
of fuel shall be sourced through e-auction process from Coal
India Limited and its subsidiaries. For power offtake, LVTPL had
signed Power Purchase Agreement (PPA) with Maharashtra State
Electricity Distribution Company Limited for 51.52% of the total
capacity, which later got terminated. Also the company has PPA
with National Energy Trading and Services Limited (NETS, a Lanco
Group company rated 'CARE BBB/ CARE A3+') for 25% of the total
capacity.


M.M. IMPORT: CRISIL Puts 'B' Rating on 'Notice of Withdrawal'
-------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of M.M.
Import and Export on 'Notice of Withdrawal' for a period of 180
days on MMIE's request. The ratings will be withdrawn at the end
of the notice period. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Notice of
                                     Withdrawal)

   Letter of Credit        70        CRISIL A4 (Notice of
                                     Withdrawal)

Outlook: Stable

CRISIL believes that MMIE will continue to benefit over the
medium term from its partners' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if there is a significant increase in the firm's
revenue and profitability, along with equity infusion and an
improvement in its working capital management, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if large debt-funded capital expenditure
materially impacts MMIE's debt protection metrics, the firm's
revenue and profitability decline significantly, or its working
capital management deteriorates, thereby weakening its liquidity.

M.M. Import & Export was set up as a partnership firm in 2009 and
is engaged in timber trading. The firm located in Muvattupuzha,
Kerala and promoted by Kasirath Tharfia and Abdul Kalam Kutty is
engaged in trading of sawn timber and log wood.


MPL MOTORS: CRISIL Puts B- Rating on 'Notice of Withdrawal'
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of MPL
Motors Private Limited on 'Notice of Withdrawal' for a period of
180 days on MMPL's request. The ratings will be withdrawn at the
end of the notice period. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             16       CRISIL B-/Stable (Notice of
                                    Withdrawal)

   Inventory Funding       25       CRISIL B-/Stable (Notice of
   Facility                         Withdrawal)

   Proposed Long Term
   Bank Loan Facility       9       CRISIL B-/Stable (Withdrawal)

Outlook: Stable

CRISIL believes that the MMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
auto dealership segment and need-based funding support from them.
The outlook may be revised to 'Positive' if the company
significantly increases its sales volumes and operating
profitability, leading to a substantial increase in its cash
accruals and hence to an improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if MMPL's revenue or operating profitability
declines further, or there are delays in receipt of funding
support from its promoters or associate entities, leading to
weakening of its financial risk profile.

MMPL, incorporated in 2000, is an authorised dealer for passenger
vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an
authorised dealer for commercial vehicles of M&M in Chennai. The
group is promoted by Mr. S. Ashok and his family.

The promoters own other entities, which are managed independently
and are engaged in dealership activity for various original
equipment manufacturers, such as Ashok Leyland Ltd, Honda Motors
Pvt Ltd, and Ford India Pvt Ltd.


NARAYAN COTGIN: ICRA Suspends 'B' Rating on INR7cr Cash Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating reaffirmed to the INR7.45 crore
long term fund based facilities of Narayan Cotgin Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.00        [ICRA]B; suspended
   Term Loan               0.45        [ICRA]B; suspended

The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Narayan Cotgin Private Limited was incorporated in 2011 and is
engaged in the cotton ginning, pressing and seed crushing
business. The company has 30 ginning machines with an intake
capacity of around 70 MTPD of raw cotton to produce cotton bales
and cotton seeds. For seed crushing, the company has four
expellers with an intake capacity of around 36 MTPD of
cottonseeds to produce oil and oil cakes. The company is managed
jointly by Mr. Kaushik Fefar, Mr. Manish Fefar, Mr. Jignesh Fefar
and Mr. Hashmukh Bhimani who are the directors of the company.
The company commenced commercial production in December 2011. The
company's registered office and factory is located in Rajkot,
Gujarat.


NAXALBARI FLOUR: CRISIL Ups Rating on INR40MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Naxalbari Flour and Rice Mill Private Limited to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the rating
on its short-term bank facility at 'CRISIL A4'.

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

   Letter Of Guarantee      6        CRISIL A4 (Reaffirmed)

   Term Loan               90        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects significant improvement in the business risk
profile, driven by a sustained improvement in revenue, with
stable operating profitability. The revenue level stood at
INR456.3 million in fiscal 2016, better than CRISIL's expectation
of INR350.0 million. This was mainly on account of steady
capacity utilization of its rice milling unit, which has a total
production capacity of 13 tonne per hour and remained utilized at
around 70%. Furthermore, the operating profit margin remained
stable at 8.03% in fiscal 2016. CRISIL believes the business risk
profile of NFRMPL will improve further over the medium term
backed by higher capacity utilization of the rice milling unit.
The upgrade also factors in improvement in liquidity, with
adequate cash accrual vis-a-vis debt obligation, high
unencumbered cash and bank balance and support from promoter in
the form of unsecured loans. Cash accrual is expected to further
improve over the medium term driven by gradual increase in the
scale of operations. The increasing cash accrual is expected to
further support its liquidity profile.

The rating continues to reflect NFRMPL's small scale of
operations in the fragmented rice milling industry, and
susceptibility to fluctuations in raw material prices, vagaries
of the monsoon, and to regulatory changes. These weaknesses are
partially offset by the extensive experience of promoter in the
rice milling industry and a moderate financial risk profile, with
average gearing and adequate debt protection metrics.
Outlook: Stable

CRISIL believes NFRMPL will benefit over the medium term from the
extensive experience of the promoters in the rice milling
industry. The outlook may be revised to 'Positive' if
considerable improvement in the financial risk profile and
liquidity, and substantial cash accrual, resulting in better
working capital management. Conversely, the outlook may be
revised to 'Negative' if liquidity weakens, with deficient
working capital management, or low cash accrual.

Established in 2012, NFRM mills non-basmati parboiled rice. The
company has a manufacturing facility at Naxalbari, Darjeeling
(West Bengal) with a processing capacity of 13 tonnes per hour.
The day to day operations of the company is managed by Mr. Manish
Rungta.


NECTAR CRAFTS: ICRA Assigns B+ Rating to INR7.0cr LT Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.60
crore term loan facilities, the INR7.00 crore fund based
facilities and the INR0.40 crore unallocated limits of Nectar
Crafts. ICRA has also assigned a short-term rating of [ICRA]A4 to
the INR1.00 crore non fund based facilities of the firm.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Term Loans       1.60      [ICRA]B+ (Assigned)

   Long-term Fund Based
   Facilities                 7.00      [ICRA]B+ (Assigned)

   Long-Term Unallocated
   Facilities                 0.40      [ICRA]B+ (Assigned)

   Short-term Non Fund
   Based facilities           1.00      [ICRA]A4 (Assigned)

The ratings take into consideration the significant experience of
the promoters in the business for over a decade, healthy increase
in operating income during the past two fiscals on the back of
increase in order flows and the established relationship with
reputed domestic apparel manufacturers which is expected to
support the order flows. The ratings are, however, constrained by
the Firm's small scale of operations which limits its scale
economies and financial flexibility. This coupled with the firm's
presence in the highly fragmented industry characterized by
intense competition limits its pricing flexibility, thereby
exposing the margins to fluctuations in input prices. Further,
the firm's financial profile remains modest characterized by thin
margins, moderate capital structure and weak debt protection
metrics. ICRA also takes note of capital continuity risks
associated with partnership firms.

Established in 2005 as a partnership firm, Nectar Crafts is
primarily engaged in manufacturing of various knitted fabrics,
specializing in Velour, Terry, Polar Fleece and processing &
finishing of knitted fabrics. The firm is also into manufacturing
and export of garments, albeit on a small scale. The firm has its
facilities located in Tirupur (Tamil Nadu).


NIRMAL SPINNING: CARE Assigns 'B' Rating to INR11.10cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Nirmal
Spinning Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.10      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Nirmal Spinning
Mills Private Limited is constrained by its weak financial risk
profile characterized by small scale of operations, low PAT
margins and weak solvency position. The rating is further
constrained by the susceptibility of the margins to fluctuations
in raw material prices, working capital intensive nature of
operations and NSM's presence in a fragmented and competitive
industry. The rating, however, derives strength from the
experienced management along with established track record of the
company.

Going forward, the ability of the company to scale-up its
operations while improving its profitability margins and solvency
position along with efficient management of its working capital
would remain the key rating sensitivities.

Nirmal Spinning Mills Private Limited (NSM) was incorporated in
January, 1983 and is currently being managed by Mr. Vipan Khanna
and Mr. Pankaj Khanna. NSM is engaged in manufacturing of woolen
yarn and woolen garments at its manufacturing facility located in
Baddi, Himachal Pradesh. The product line of the company mainly
comprises of woolen tops, shawls, scarves etc. The woolen yarn
manufactured by the company is used for captive consumption in
the
manufacturing for woolen garments. The company sells its products
mainly in Delhi through dealer network and is also supplying to
reputed customers like Zara, Mango etc. Furthermore, the products
are sold to wholesalers based in European nations, America and
Hong Kong. (Income from exports contributed around 25% of the
total revenue in FY16 - refers to the period April 1 to March
31). NSM mainly requires wool fibre, cotton yarn and cashmere
yarn as raw materials which are procured directly from
manufacturers based in North India and South India and the same
is also imported from Australia (imports constituted around 10%of
the purchases in FY16).

In FY16(Provisional), NSM has achieved a total operating income
of INR13.78 crore with PAT of INR0.07 crore, as against the total
operating income of INR17.49 crore with PAT of INR0.40 crore in
FY15.


NIRMALA OFFSET: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nirmala Offset Printers (NOP).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              20        CRISIL B/Stable
   Cash Credit            30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     70        CRISIL B/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive offset printing industry, and a below-
average financial risk profile because of subdued debt protection
metrics and small networth. These weaknesses are partially offset
by the extensive experience and funding support of promoter.
Outlook: Stable

CRISIL believes NOP will continue to benefit from the extensive
experience and funding support of the promoter. The outlook may
be revised to 'Positive' if significant revenue growth and stable
profitability lead to higher-than-expected cash accrual and
better liquidity. The outlook may be revised to 'Negative' in
case of low accrual on account of decline in revenue or
profitability, or stretch in working capital cycle, or large,
debt-funded capital expenditure, leading to deterioration in the
financial risk profile, particularly liquidity.

NOP was set up in 1984 as a proprietary firm by Mr. Rajan
Verghese. The firm undertakes commercial printing on files,
calendars, and pamphlets, at its printing unit in Kerala.


PARAGON KNITS: CRISIL Reaffirms 'B' Rating on INR258.6MM Loan
-------------------------------------------------------------
CRISIL's rating on bank facilities of Paragon Knits Limited
continues to reflect the below-average financial risk profile,
marked by high total outside liabilities to tangible networth
ratio and average debt protection metrics, and modest scale of
operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee        20        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1.4      CRISIL B/Stable (Reaffirmed)

   Term Loan              258.6      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by extensive experience of,
and funding support received from, the promoter, and assured
sales offtake from group concern ' Paragon Apparel Pvt Ltd.
Outlook: Stable

CRISIL believes PKL will continue to benefit from extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company reports substantial net cash accrual,
most likely driven by significantly high operating income and
margin. The outlook may be revised to 'Negative' if large working
capital requirement or debt-funded capital expenditure, weakens
the financial risk profile.

PKL was set up in 2008 by Mr. Roshan Baid. The company knits and
processes yarn into fabric and has a manufacturing unit at Una
(Himachal Pradesh).


POOJA PLASTO: CARE Assigns B+ Rating to INR2.0cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Pooja Plasto Colour Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B+ Assigned
   Short-term Bank Facilities      5        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pooja Plasto
Colour Private Limited are primarily constrained by small scale
of operations with low net worth base with weak financial risk
profile as characterized by low profitability margins, leveraged
capital structure. The ratings are further constrained by
exposure to raw material price volatility, foreign exchange
fluctuation risk coupled with intense competition in the industry
due to low entry barriers. The ratings, however, draw comfort
from experienced directors, growing scale of operations and
moderate operating cycle.

Going forward; the ability of the company to increase its scale
of operations while improving its profitability margins and
capital structure shall be the key rating sensitivity.

PPC was incorporated in 2002 and is currently being managed by
Mr. Rajinder Prashad Garg and Mr. Deepak Garg. PPC is engaged in
the manufacturing of Thermo Plastic Rubber (TPR) compound which
is mainly used in footwear industry. The company has an installed
capacity of 8 ton per day as on March 31, 2016, from its
manufacturing unit located in Delhi.

The raw material required for manufacturing of compound
constituted of resin, SBS thermo plastic elastomers, chemicals,
calcium, etc, which the company procures from domestic and also
imports the same. PPC majorly sells its product in domestic
market to various shoes manufactures with overseas customers
mainly constituted of manufacturing companies located Dubai and
Bangladesh. The company sells its product under the brand name
'Pooja TPR'.

Paras Impo Expo Private Limited is an associate concern of the
PPC engaged in the manufacturing of stainless steel utensils.

For FY15 (refers to the period April 1 to March 31), PPC has
achieved a total operating income (TOI) of INR25.44 crore and
PAT of INR0.18 crore. The company has achieved total sales of
INR28.46 crore during FY16 (provisional). Furthermore, the
company has achieved total sales of INR7.90 crore during 4MFY17
(provisional; refers to the period April 1 to July 31).


RATTAN STEEL: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rattan Steel Supply
Co. continue to reflect the firm's modest scale of operations,
large working capital requirements, and susceptibility to
volatility in steel prices and to intense competition in the
steel industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        5        CRISIL A4 (Reaffirmed)
   Cash Credit           110        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's average financial risk
profile, marked by modest net worth and moderate total
outstanding liabilities to tangible net worth ratio and average
debt protection metrics. These weaknesses are partially offset by
the extensive experience of RSSC's partners in the steel trading
business.
Outlook: Stable

CRISIL believes RSSC will continue to benefit over the medium
term from partners' experience. The outlook may be revised to
'Positive' if sustained improvement in operating profitability or
efficient working capital management lead to better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if decline in revenue and profitability, stretched
working capital cycle, or sizeable capital withdrawal weakens its
capital structure.

RSSC, set up as a proprietorship concern in 1967, was
reconstituted as a partnership firm in 1979, with Mr. Ajay Gupta
and his wife, Ms. Ritu Gupta, as partners. In fiscal 2011, Ms.
Gupta retired from the business and Rattan Loha Udyog Pvt Ltd
joined the firm as a partner. Kolkata-based RSSC trades in steel
products and alloy steel.


SELMEC ENGINEERING: CRISIL Reaffirms B+ Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Selmec Engineering
Construction continue to reflect SEC's modest scale of operations
in the intensely competitive civil construction segment and its
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of SEC's
promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          48       CRISIL A4 (Reaffirmed)

   Cash Credit             15       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit             7       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEC will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if SEC significantly scales up its
operations and profitability while it maintains its working
capital management, thereby enhancing its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SEC's
accruals decline; or if its working capital management weakens
leading to stretch in liquidity; or in case of a significant
capital withdrawal by the promoters, weakening its financial risk
profile.

SEC is a Calicut (Kerala)-based civil contractor. The operations
of the firm are managed by the proprietor Mr. V A Azeez.


SHREE GANESH: CRISIL Reaffirms B- Rating on INR1.89BB Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ganesh Metaliks
Ltd continue to reflect the company's weak financial risk
profile, marked by high gearing and average debt protection
metrics and liquidity.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4 (Reaffirmed)
   Cash Credit            790       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       140       CRISIL A4 (Reaffirmed)
   Term Loan             1895       CRISIL B-/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the promoters in the steel industry and the company's moderate
scale of operations in the intensely competitive mild steel
ingots industry.
Outlook: Stable

CRISIL believes SGML will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if strong cash accrual and efficient
working capital management considerably enhance liquidity.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital management, or any large
debt-funded capital expenditure weakens the liquidity.

Incorporated in 2003, SGML manufactures sponge iron and billets.
The company has its manufacturing facility at Sundergarh
District, Orissa, with sponge iron and billet capacities of about
400 and 30 tonnes per day, respectively. SGML has commissioned an
18-megawatt (MW) waste heat recovery-based power plant, a 14 MW
fluidised bed combustion-based power plant, and an induction
furnace and coal washery with capacities of 300 and 150 tonne per
day, respectively.


SHREE SURGOVIND: CRISIL Reaffirms 'B' Rating on INR125MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Surgovind
Tradelink Ltd continue to reflect SSTL's exposure to intense
competition in the trading industry and the company's working-
capital-intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        125       CRISIL A4 (Reaffirmed)

The ratings also factor in its weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, weak debt protection metrics, and a small net worth. These
rating weakness are partially offset by the extensive industry
experience of SSTL's promoters.
Outlook: Stable

CRISIL believes that SSTL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company significantly improves its cash accruals, leading to
improved net worth and capital structure. Conversely, the outlook
may be revised to 'Negative' if SSTL's profitability declines or
its working capital cycle is severely stretched, adversely
impacting its financial risk profile further.

SSTL, incorporated in 1985, trades in steel products. The
company, based in   Mumbai, is promoted by Mr. Sureshbhai Patel
and Mr. Somabhai Patel.


SHRI KALKA: CRISIL Upgrades Rating on INR72.5MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shri Kalka Agro Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            72.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     10.0       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              15.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade in ratings reflects the improvement in SCFPL's
business risk profile, because of timely completion of capital
expenditure , the firm successfully increase its capacity to 300
bales per day in December 2014 (against expectation of Oct-14).
Furthermore SCFPL's operating profitability increased to 6.0 per
cent in 2015-16 (refers to financial year, April 1 to March 31)
from 2.8 per cent in 2013-14, on the back of improved operational
efficiencies resulting from higher capacity utilization and
income from job work. Backed by improving profitability, SCFPL
generated cash accruals of INR5.8 million in 2015-16 against
repayments of INR2.4 million. The improvement in margins has
resulted in improvement in debt protection metrics  reflected
with interest coverage ratio of 2.5 times and net cash accruals
to total debt ratio of 0.09 times for 2015-16. CRISIL expect the
firm to attain 5 to 8 percent growth in topline backed by
increase utilization of the enhanced capacity while maintaining
the operating margins at 4 to 5 percent level

The rating reflects SKAI's modest scale of operations in the
intensely competitive cotton ginning industry and its expected
average financial risk profile, marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of SKAI's promoters.
Outlook: Stable

CRISIL believes that SKAI will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton ginning industry. The outlook may be revised to 'Positive'
if the firm improves its financial risk profile by significant
improvement in its scale of operations and cash accruals, while
strengthening its capital structure. Conversely, the outlook may
be revised to 'Negative' if SKAI's financial risk profile
deteriorates with significantly low cash accruals, larger-than-
expected debt-funded capital expenditure plan, or stretched
working capital cycle.

SKAI is a partnership firm established in 2007 by Mr. Dinesh
Tayal and Mr. Rajesh Tayal. The firm is engaged in ginning and
pressing of raw cotton (kapas) to produce cotton bales. The
firm's manufacturing facility is located in Deulgaon Raja
(Maharashtra).


SRI AUROBINDO: ICRA Suspends B- Rating on INR11cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR11.00 crore fund-based facilities and INR1.00 crore
unallocated funds of Sri Aurobindo Packagers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
said company.

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


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating for INR15.70 crore
(enhanced from INR13.20 crore) long term fund based limits of
Sri Lakshmi Srinivasa Hi-Tech Industries at [ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based (CC)              12.00      [ICRA]B+/reaffirmed

   Long Term-Fund
   Based Term Loan          3.70      [ICRA]B+/reaffirmed

The reaffirmation of the rating takes into account the moderate
scale of operations of the firm and weak capital structure owing
to the highly working capital intensive nature of operations,
leading to high gearing levels and weak coverage indicators. The
rating takes into account the susceptibility of revenues to
epidemics in paddy crop and other seasonal factors, as evidenced
with the revenue de-growth during FY2016. The rating also factors
in the limited track record of the firm's operations, high
competitive intensity in the region with presence of large number
of players and low product differentiation restricting bargaining
power to an extent and resulting in low profit margins. The
rating, however, favorably factors in the long standing
experience of the promoters in the rice industry and the
proximity of the firm to paddy growing areas in Raichur and near-
by districts, in turn, facilitating easy procurement of raw
materials. Going forward, the ability of the firm to improve its
scale of operations and profitability while efficiently managing
working capital requirements would remain the key credit
monitorables.

Sri Lakshmi Srinivasa Hi-Tech Industries is a partnership firm
established in the year 2011 by Mr. T. Srinivas Rao and Ms. T.
Mangadevi. Mr. T. Srinivas Rao has an experience of around a
decade in this line of business and looks after the overall
business operations. The firm is engaged in the manufacture of
raw rice and parboiled rice. The firm operates from an owned
manufacturing facility which is located at Raichur in Karnataka
and commenced the commercial operations from March-2013.

Recent Results
The firm reported a net profit of INR0.7 crore on an operating
income of INR53.3 crore during FY2016 (provisional), as against a
net profit of INR0.6 crore on an operating income of INR62.9
crore during FY2015.


SRI RAVICHANDRA: CRISIL Ups Rating on INR240MM LT Loan to 'C'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities Sri
Ravichandra Textiles Private Limited to 'CRISIL C' from 'CRISIL
D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL C (Upgraded from
                                     'CRISIL D')

   Long Term Loan          240       CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Cash            10       CRISIL C (Upgraded from
   Credit Limit                      'CRISIL D')

The upgrade reflects timely servicing of debt by SRTPL over the
three months through September 2016. The upgrade also factors in
CRISIL's belief that the company will continue to service its
debt obligation in a timely manner backed by continued need based
fund support from promoters.

The rating continues to reflect SRTPL's stretched liquidity due
to its large working capital requirements, its below-average
financial risk profile marked by small net worth, high gearing
and below-average debt protection metrics and its susceptibility
to volatility in cotton prices, and its large working capital
requirements. These rating weaknesses are partially offset by the
benefits that SRTPL derives from its promoters' extensive
industry experience' and its established customer relationships.

SRTPL, incorporated in 2010, manufactures cotton yarn, primarily
in counts of 10s and 20s. Its manufacturing facilities are in
Guntur, Andhra Pradesh, and started commercial production in
November 2012.


SRI SARVARAYA: ICRA Assigns B+ Rating to INR132cr Cash Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR90.34
crore1 (enhanced from INR58 crore) term loans of Sri Sarvaraya
Sugars Limited. ICRA also has outstanding ratings of [ICRA]B+ on
INR132 crore cash credit limits and MB+ on INR5.00 crore Fixed
Deposit Programme of SSSL.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           90.34      [ICRA]B+ assigned/outstanding
   Cash Credit        132.00      [ICRA]B+ outstanding
   Fixed Deposit
   Programme            5.00       MB+ outstanding

The credit concerns and strengths pertaining to SSSL remain the
same as mentioned in ICRA's rationale issued in August 2016 and
available on the following link:
http://www.icra.in/Files/Reports/Rationale/Sri%20Sarvaraya%20-R-
19082016.pdf

Sri Sarvaraya Sugars Limited was incorporated in the year 1956 by
Mr. SBPBK Satyanarayana Rao. The company operates an integrated
sugar plant with a crushing unit of 4000 TCD capacity located in
Chelluru district in Andhra Pradesh. The company also operates a
bottling division with units at three locations namely Vemagiri,
Kesavaram and Sathupally in Andhra Pradesh/Telangana and is a
franchisee bottler for Coca Cola India Private Limited.

Recent Results
The company reported profit after tax of INR26.92 crore on
operating income of INR487.12 crore during FY2016(audited) as
against profit after tax of INR18.93 crore on operating income of
INR672.74 crore during FY 2015(18M).


SUPER SEALS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Seals India
Limited continue to reflect SSIL's small scale of operations,
large working capital requirement, and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of promoters in the automotive components industry and
the company's diversified customer base.

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

   Letter of Credit        5        CRISIL A4 (Reaffirmed)

   Proposed Fund-Based
   Bank Limits             21.4     CRISIL B+/Stable (Reaffirmed)

   Term Loan                3.6     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSIL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of better capital structure either
through equity infusion or substantial cash accrual, backed by
improvement in scale of operations and profitability and in
working capital management. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates on account of decline in revenue and
profitability, or considerable, debt-funded capital expenditure,
or increase in working capital requirement.

Update
SSIL, effective fiscal 2015, added customers to its portfolio
such as AMW Motors Ltd and Caterpillar Inc, while increasing
business from its existing clients Simpsons, Punjab Tractors Ltd,
and Escorts Ltd. Also, manufacturing capabilities (Faridabad
unit) were increased in fiscal 2016, and it started manufacturing
industrial seeds and water pump seeds. Operating income is
estimated at INR266.8 million for fiscal 2016. Operating margin,
estimated at 11.00% for fiscal 2016, is expected to remain at
similar levels over the medium term. Operations are working
capital intensive, with gross current assets estimated at over
220 days as on March 31, 2016.

The capital structure is moderate, with gearing estimated at 1.94
times as on March 31, 2016; however, the ratio has improved
marginally, in line with CRISIL's expectation. The financial risk
profile remains moderate, with moderate interest coverage and net
cash accrual to total debt. Liquidity is weak, with high bank
limit utilization and moderate cash accrual to meet debt
obligation.

SSIL was incorporated in 1960 as a private limited entity, and
was reconstituted as a public limited company in 2002. The
company manufactures oil seals and wiper blades used in
automobiles. It is currently managed by Mr. Kamal Talwar. The
manufacturing facility is in Faridabad (Haryana). The company has
set up a plant at Bawal (Haryana) which will become fully
operational from April 2017 onwards.

SSIL reported a net profit of INR0.5 million on net sales of
INR225.0 million in fiscal 2015 against a net profit of INR2.4
million on net sales of INR235.8 million in fiscal 2014. Net
sales is estimated at INR258.8 million for fiscal 2016.


TINKA STONES: CRISIL Lowers Rating on INR50MM Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Tinka Stones Private Limited to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed its rating on the short-term facility
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        30        CRISIL A4 (Reaffirmed)

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

The ratings downgrade reflects TSPL's weak liquidity due to
stretch in its receivables cycle. TSPL's receivables had
increased to 177 days as on March 31, 2016 up from 65 days in
March 31, 2015, leading to a high gross current assets of around
380 days. Also, the company's bank limits are almost fully
utilised.

The rating continues to reflect the company's modest scale of
operations, its large working capital requirements and its below
average financial risk profile, marked by highly leveraged total
outside liabilities to tangible net worth metric. These rating
weaknesses are partially offset by the promoter's extensive
experience in the marble industry.
Outlook: Stable

CRISIL believes that TSPL will maintain its established position
in the building products industry over the medium term backed by
its promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of sustained reduction in working capital
cycle, leading to an improvement in capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative'
if TSPL's liquidity weakens, most likely because of further
stretch in its working capital cycle.

Established in 1994, TSPL processes marbles. TSPL imports almost
its entire raw material requirement (marble blocks) from its
sister concerns Jabal Al Toor (Dubai) and Tinka SRL (Italy) and
from other companies in Spain and Turkey.


TROPICA SEEDS: CRISIL Assigns B+ Rating to INR55MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Tropica Seeds Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            55        CRISIL B+/Stable
   Rupee Term Loan        15        CRISIL B+/Stable

The rating reflects its modest but improving scale of operations
in an intensively competitive seed industry, weak capital
structure, and stretched liquidity as reflected in fully utilised
bank limits because of large working capital requirement. These
weaknesses are partially offset by the extensive experience of
promoters and its established distribution network across India.
Outlook: Stable

CRISIL believes TSPL will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' if higher-than-expected cash accrual or substantial
fund infusion by promoters leads to significant improvement in
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens because of low cash accrual or further stretch
in working capital cycle or any large capital expenditure.

Set up in 1998 by Mr. Rajgopal Bhandary, TSPL produces,
processes, and sells hybrid seeds of tomatoes, egg plants, hot
peppers, sweet peppers, water melons, sweet melons, squash,
cucumbers, okra, and gourds. The company sells seeds under its
Indocem and Eurogen brands.


VENU INDUSTRIES: ICRA Reaffirms 'B' Rating on INR15cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR15.00 crore working capital limits of Venu Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash credit limits      15.00       [ICRA]B reaffirmed


The rating reaffirmation is constrained by decline in revenues by
20% from INR69.67 crore in FY2015 to INR56.01 crore in FY2016
owing to increased competitive intensity in the rice milling
industry post levy abolishment in October 2015; limited value
additive nature of the rice milling business and highly
fragmented industry structure resulting in thin profitability
levels.

The rating continues to be constrained by weak financial profile
characterised by high gearing levels of 2.81 times as on March
31, 2016 and weak interest coverage ratio of 0.62 times for
FY2016; tight liquidity position of the firm as reflected by high
utilisation of working capital limits during past 16 months;
vulnerability of paddy availability to agro-climatic conditions
as well as regulatory risks; and risks inherent in the
partnership nature of the firm. However, the rating favorably
factors in the long-standing experience of its promoters in the
rice industry and strategic location of mill which results in
easy availability of paddy. Moreover, ICRA also takes into
account the favorable demand prospects for rice industry, with
rice being a staple food grain and India's position as world's
second largest producer and consumer of rice.

Going forward, the ability of the firm to scale up operations,
improve margins and effectively manage working capital
requirements would be the key rating sensitivities from credit
perspective.

Venu Industries is engaged in the milling of paddy and produces
raw and boiled rice. The rice mill is situated in Nizamabad
district of Telangana. It has an installed production capacity of
67,200 metric tonnes per annum. The firm is managed by
Mr.Srinivas, Mr.Sai Rahul, Mr. Venugopal and Mr. Balaji who
belong to the same family. The firm sells rice under the brand
name "Healthy Rice".

Recent Results
For FY2016, Venu has reported an operating income of INR56.01
crore and net profit of INR0.18 crore as against an operating
income of INR69.67 crore and net profit of INR0.17 crore in
FY2015.


VIKAASA TRUST: CRISIL Assigns 'B' Rating to INR100MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of The Vikaasa Trust. The rating reflects
geographic concentration in revenue and below-average financial
risk profile. These weaknesses are partially offset by its
established brand in Madurai region and experience of trustees.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Term Loan          100       CRISIL B/Stable

Outlook: Stable

CRISIL believes TVT will continue to benefit from the brand
reputation of its schools in Madurai district. The outlook may be
revised to 'Positive' if a significant increase in scale of
operations and stable profitability leads to sustained
improvement in cash accrual and capital structure. Conversely,
the outlook may be revised to 'Negative' if the trust is
adversely affected by any regulatory change, resulting in a
significant decline in student intake or reduction in cash
accrual leading to deterioration in liquidity, or in case of
larger-than-expected, debt funded capital expenditure.

TVT was set up in 2009 and is currently runs two schools: Vikaasa
World School and Vikaasa Public School. Both the schools are
located in prime areas of Madurai and are currently managed by
its trustees, Mr. Biju Nayar Sudarsan and Mrs Saija Sudarsan.


YOGESH CONSTRUCTION: ICRA Reaffirms B+ Rating on INR4cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ as well as
the short-term rating of [ICRA]A4 for the INR9.00 crore fund
based and non-fund based bank facilities of Yogesh Construction.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term-Cash Credit      4.00       [ICRA]B+; Re-affirmed
   Short-term-Bank
   Guarantee                  5.00       [ICRA]A4; Re-affirmed

The rating re-affirmation takes into account Yogesh
Construction's moderate scale of operations, with volatility in
revenues and profitability associated with project nature of
business. The ratings continue to remain constrained by the
highly competitive nature of the civil construction industry,
wherein the business is procured on a tender based contract
awarding system, which keeps margins of all players under check.
Further, ICRA takes note of the firm's high working capital
intensive nature of business emanating from slow receivables from
Government clients, the high security deposits and retention
money to be maintained with clients. The ratings also remain
constrained by the firm's weak capital structure owing to high
borrowings to meet its high working capital requirements;
however, significant portion of total debt comprises unsecured
loan from related parties which provides some comfort.

The ratings, however, continue to favorably factor in the long
experience of Yogesh Construction's promoters in the civil
construction business supported by the entity's status as AA
class contractor and the firm's healthy order book which provides
revenue visibility in the near to medium term.

In FY2017, ICRA expects the firm's to achieve a moderate growth
in the range of ~10-15% aided by its adequate orders in hand.
However, any significant time over-run in executing orders
backlogs or delays in debtor's realization will lead to a
stretched liquidity position and may, in turn, limit Yogesh
Construction's capacity to bid for new projects. Furthermore, any
large capital withdrawal by partners may weaken the net-worth
base and impact the capital structure. Going forward, the ability
of the firm to execute orders within a specific time frame along
with moderation in debtor's realization, as well as its ability
to maintain a healthy order book will remain the key rating
sensitivities.

The Mumbai-based Yogesh Construction was established in 2007 by
Mr. Yogesh Shah and his father, Mr. Pravin Shah, as a family
partnership firm to execute civil construction work for the
Municipal Corporation of Greater Mumbai (MCGM). Prior to 2007, it
was engaged in similar operations through a proprietorship firm
of Mr. Pravin Shah. Yogesh Construction primarily undertakes
Government contracts for drainage, sewerage construction and road
repair work for MCGM and Surat Municipal Corporation (SMC). The
firm is registered as 'AA' grade contractor with MCGM.
The firm also receives operational synergies through a group
company, Ridhi Enterprises, which is also engaged in executing
civil contract works for MCGM.

Recent Results:
The firm has achieved an operating profit and a net profit of
INR5.77 crore and INR2.23 crore, respectively, on a turnover of
INR50.93 crore during FY2016, as against an operating profit and
a net profit of INR6.30 crore and INR3.62 crore, respectively, on
a turnover of INR55.75 crore during FY2015.



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


MMP RESOURCES: Faces Wind Up Petition Over SGD5.22MM Debt
---------------------------------------------------------
Ann Williams at The Strait Times reports that MMP Resources said
on Oct. 7 that Edward Lee Ewe Ming has filed an application with
the Singapore High Court to wind up the company for non-payment
of SGD5.22 million.

The Court will hear the application on Oct 28.

The Strait Times relates that MMP Resources said it is disputing
the claims made by Mr. Lee in the application and will be
vigorously opposing the application.

It has also engaged a consultant to undertake a comprehensive
forensic audit with a focus on events in 2014 and early 2015, and
may use the results of the audit to oppose the application,
according to The Strait Times.

The report adds that the company will be reviewing the financial
impact of the application and related matters in its interim
results statement for the third quarter ended Sept 30.

Singapore-based MMP Resources Limited, an investment holding
company, engages in the design and construction, and civil
engineering activities. It also provides project consultancy and
management services. The company was formerly known as Sino
Construction Limited and changed its name to MMP Resources
Limited in August 2015 to better reflect its core business.


RICKMERS MARITIME: Investors Seek Bond Payment
----------------------------------------------
Denise Wee at Bloomberg News reports that Rickmers Maritime said
it received a letter from lawyers representing some investors
stating their desire to take "legal steps and actions against the
trust to enforce repayment" of bonds due next year.

Bloomberg says the development comes after some holders of the
firm's S$100 million ($72 million) of 8.45 percent notes due in
May 2017 sought accelerated repayment last month, as the operator
of container ships proposed a debt restructuring plan to help
avoid potential liquidation or judicial management. The letter
said that the trustee DB International Trust (Singapore) Ltd. has
"failed to institute any action against the issuer," Bloomberg
relates citing a statement on Oct. 20 from Rickmers.

According to Bloomberg, more firms in the city-state's shipping
and oil and gas services industries are seeking leniency from
creditors on their debt loads amid weakening economic growth.
Bloomberg says container throughput in Singapore shrank 8.7
percent in 2015 as global trade slowed, and strains in the city's
maritime sector are mounting as companies including Marco Polo
Marine Ltd., KS Energy Ltd. and other oil and gas services
providers have asked for more time to repay debts.

Bloomberg relates that the mention of DB International Trust in
the letter comes after three noteholders said on Sept. 28 that
investors owning more than 25 percent of Rickmers's 2017 notes
delivered a notice seeking better terms to the trustee.

Karene Dufour, a Hong Kong-based spokeswoman for Deutsche Bank
AG, the parent of DB International Trust, wasn't able to
immediately comment, Bloomberg notes.

Rickmers Trust Management Pte., the trustee-manager of Rickmers
Maritime, hasn't received any notice from the bond trustee DB
International stating that the notes are immediately due and
payable, according to the statement cited by Bloomberg.

The trustee, if requested by holders of at least 25 percent of
the outstanding notes, may give notice that the securities are
immediately repayable, according to the filing, Bloomberg relays.

"No noteholder shall be entitled to proceed against the trust
unless the notes trustee, having become bound to do so, fails to
do within a reasonable period and such failure is continuing," it
said.

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


SWIBER HOLDINGS: Bombay High Court Asks ONGC to Release $20MM
-------------------------------------------------------------
Livemint reports that the Bombay high court on Oct. 18 asked Oil
and Natural Gas Corp. Ltd (ONGC) to release nearly $20 million to
Singapore-based Swiber Holdings Ltd, an oilfield services
provider.

Swiber, which is working on three projects for the state-run
energy explorer, had filed for liquidation in July, the report
says. Worried that Swiber would not be able to complete its work,
ONGC in August invoked bank guarantees totaling $105 million,
according to Livemint.

However, Swiber withdrew its liquidation plea and was placed
under judicial management, which helps companies restructure
their businesses.

In an interim order, Judges V.M. Kanade and Swapna S. Joshi
ordered ONGC to release $11.1 million to the judicial manager of
Swiber and deposit $8.44 million with the Bombay high court,
Livemint relays. "We direct ONGC to release $11.1 million to the
judicial manager, subject to a workable mechanism, so that this
amount is utilized for the purpose of this project only. Apart
from the release amount, $8.44 million will be deposited in this
court by ONGC. This money is being released on a statement made
by Swiber that this amount is sufficient for the purpose of
starting the project."

"The intent is that the money which is released by ONGC and goes
to the judicial manager, will be used only for the purpose of the
benefit of the project and will not be used otherwise," Livemint
quotes Nishit Dhruva, managing partner at law firm MDP Partners,
which is representing ONGC in the matter, as saying. Dhruva added
that the total payout is going to be $320 million, of which the
first tranche has to be released as per the order, Livemint
relays.

"Once the dispute between Swiber and the sub-contractors are
settled, then the balance amount will be released by ONGC in
tranches," Mr. Dhruva, as cited by Livemint, said.

                         About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier this month
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.



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


HANJIN SHIPPING: To Lay Off 350 Ground-based Workers
----------------------------------------------------
Lee Sung-hoon at The ChosunIlbo reports that Hanjin Shipping has
decided to lay off all workers except a rump staff of 300 after
it went bankrupt last month. The 300 remaining workers will look
after the U.S. and Asian shipping routes, which Hanjin is hoping
to sell intact.

The report says the decision rings in the liquidation of Korea's
biggest shipping company.

According to the report, the management met with the company's
ground staff labor union on Oct. 19 and informed them of plans to
lay off 350 out of 650 employees on land starting in December.

Hanjin has one union representing ground staff and another for
crewmembers, the report says.

The ChosunIlbo relates that Hanjin executives will also meet with
the sailors' union to inform them of plans to lay off around 730
workers.

The unions are refusing to accept the decision without a
compensation package, according to the report. "The employees who
had been working frantically to contain the fallout from the
logistics chaos now face the prospect of layoffs. Management is
to blame for making flawed decisions, and creditor banks and the
government are also at fault for forcing the company into court
receivership, but ordinary workers are forced to make the biggest
sacrifice," the report quotes Jang Seung-hwan, head of the ground
staff union, as saying.

The ChosunIlbo says union officials are demanding that Hanjin
workers are transferred to other subsidiaries of the Hanjin
Group.

One shipping industry insider said the haste is peculiar, The
ChosunIlbo relays. "Hanjin Shipping is voluntarily taking steps
to liquidate its assets even before accountants announce their
report on whether the company can be salvaged or not," he said.

                      About Hanjin Shipping

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

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

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

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

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

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


STX OFFSHORE: Seeks U.S. Recognition of Korean Proceeding
---------------------------------------------------------
STX Offshore & Shipbuilding Co., Ltd., a South Korea-based
shipbuilder, filed a Chapter 15 petition in the U.S. Bankruptcy
Court for the Southern District of Texas in an attempt to block
creditors from seizing control of its assets in the United
States.

Mr. Yoon Keun Jang, the court-appointed administrator of the
Company, seeks recognition in the United States of the Company's
legal proceedings (case number 2016 hoehap 100109 Rehabilitation)
under the Republic of Korea's Debtor Rehabilitation and
Bankruptcy Act currently pending before the Republic of Korea's
Seoul Central District Court, Third Bankruptcy Division.

Contemporaneously with the petition, Mr. Jang asks the U.S.
Bankruptcy Court to enter a preliminary injunction and temporary
restraining order prohibiting the initiation or continuation of
any collection actions against the Company in the United States
pending a hearing on the Company's petition for recognition of a
foreign proceeding pursuant to Chapter 15 of the Bankruptcy Code.

"The requested relief will simply maintain the status quo pending
the Court's determination of the Petition.  Should the Petition
be granted, and the Korean Bankruptcy Proceeding is recognized,
all U.S. actions will be subject to an automatic stay pursuant to
the Bankruptcy Code," said Mr. Jang.

On May 27, 2016, the Company applied for a commencement of
Rehabilitation Procedure under the DRBA which initiated the
Korean Bankruptcy Proceeding.  On June 7, 2016, the Korean
Bankruptcy Court issued its decision commencing rehabilitation
proceedings under the DRBA and appointing the then CEO of the
Company, Mr. Byung Mo Lee, as the Company's administrator.  Mr.
Lee was later replaced by Mr. Jang pursuant to a June 28, 2016,
order of the Korean Bankruptcy Court.

Under the DRBA, and similar to the automatic stay provision under
Bankruptcy Code Section 362, creditors of the Company are stayed
from: (i) commencing or prosecuting claims that arose prior to
the commencement of the rehabilitation proceeding, and (ii)
executing on the assets of the Company.

As Administrator, Mr. Jang has power to conduct all of the
Company's business, manage all of its property, and carry out
relevant activities overseas for Korean bankruptcy purposes and
procedures -- all under the conditions prescribed by the relevant
Korean legislation, subject to the Korean Bankruptcy Court's
supervision.

There is currently at least one pending collection action against
the Company in the United States (STX Hull No: S1672 LLC v. STX
Offshore & Shipbuilding Co., Ltd., S.D. Tex. Case No. 4:16-mc-
1717).  In that action, one of the Company's creditors has
requested, and received, a garnishment order to collect debts
allegedly owed to the creditor.

"This action was taken outside of the Korean Bankruptcy
Proceeding and threatens to deprive the Company of assets that
should be administered along with the rest of the Company's
estate in the main foreign proceeding," according to Keith H.
Fichtelman, Esq., at Lee, Hong, Degerman, Kang & Waimey, attorney
for the Administrator.

The Company was established on April 10, 1967.  The Company was
formerly a publicly listed corporation, but was delisted in April
2014.  From 2006 to 2008, the Company made large capital
investments in China and Europe.  These investments included the
acquisition of a European shipbuilder and the construction of a
new shipyard in Dalian, People's Republic of China.  Since 2008,
however, the shipbuilding industry has suffered a prolonged
recession that has substantially impacted the Company's financial
situation, said Mr. Jang.

In or about April 2013, in an attempt to avoid formal bankruptcy
proceedings, the Company entered into a Voluntary Business
Normalization Program with its principal creditor financial
institutions.  During the VBNP, seven creditor financial
institutions conducted capital reduction (without refund) and
debt into equity swaps that resulted in the creditor financial
institutions owning 97.4% of the Company's shares.

According to Mr. Jang, despite substantial capital infusions from
the creditor financial institutions through the VBNP, the Company
has been unable to return to a sound financial footing.  At the
end of 2015, the Company had assets totaling KRW
2,431,272,000,000 and liabilities totaling KRW 5,455,552,000,000.

The Petitioner has already applied for recognition of the Korean
Bankruptcy Proceeding in the courts of England and Wales.  The
English High Court of Justice, Chancery Division, Companies Court
(Case number CR-2016-003518) issued an order on June 23, 2016,
recognizing the Korean Bankruptcy Proceeding as a "foreign main
proceeding" in respect of the Company pursuant to the English
Cross-Border Insolvency Regulations 2006.


STX OFFSHORE: Chapter 15 Case Summary
---------------------------------------------------------
Chapter 15 Debtor: STX Offshore & Shipbuilding Co., Ltd.
                   60, Myeongje-ro, Jinhae-gu
                   Chagwon-si
                   Gyeongsangnam-do
                   Republic of Korea

Chapter 15 Case No.: 16-35248

Type of Business: Shipbuilding

Chapter 15 Petition Date: October 19, 2016

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Authorized Representative: Mr. Yoon Keun Jang

Chapter 15 Petitioner's Counsel: David N Crapo, Esq.
                                 GIBBONS P.C.
                                 One Gateway Ctr
                                 Newark, NJ 07102-5310
                                 Tel: 913-596-4500
                                 Fax: 973-596-0545
                                 E-mail: dcrapo@gibbonslaw.com

                                    - and -

                                 Keith Fichtelman, Esq.
                                 LEE, HONG, DEGERMAN, KANG &
                                 WAIMEY
                                 660 South Figueroa Street
                                 Suite 2300
                                 Los Angeles, CA 90017
                                 Tel: (213) 623-2221
                                 E-mail:
keith.fichtelman@lhlaw.com

Estimated Assets: Not Indicated

Estimated Debt: Not Indicated



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


ENTRUST SECURITIES: Central Bank OKs Repayment to Depositors
------------------------------------------------------------
ColomboPage reports that Sri Lanka's Central Bank said depositors
of Entrust Securities, a primary dealer in government securities,
and three finance companies will be repaid to protect depositors
and promote the financial system stability.

ColomboPage relates that the Monetary Board has approved a
resolution mechanism for repayment of depositors of three finance
companies and legitimate investors in government securities-
linked investments in Entrust Securities PLC, the Central Bank
said in a statement on Oct. 18.

According to ColomboPage, the three non-banking financial
institutions are The Standard Credit Finance Ltd., City Finance
Corporation Ltd. and Central Investments and Finance PLC. All
three companies got into a chronic financial position in 2008 and
2009 due to fraud and mismanagement of funds and, therefore,
these companies did not have assets to pay off deposits.

"All restructuring efforts made by the Central Bank, from time to
time, could not produce envisaged results as those who managed
these companies failed to arrange an infusion of new capital,"
the Bank said.

As a result, the companies have become insolvent and were out of
business, ColomboPage relays.

The Entrust Securities PLC, a company with a primary dealer
license to trade government securities, got into a chronic
liquidity and insolvency crisis during latter part of 2015 as a
result of fraudulent use of funds placed by customers for
investment in government securities, ColomboPage says.

According to the report, the Central Bank said it on January 4,
2016 suspended the Board of Directors of the Entrust and vested
its operations in the National Saving Bank to protect the
investors.

ColomboPage says the Monetary Board reviewed the lack of progress
so far and decided that there was no further room to revive these
companies to enable them to repay depositors and investors in the
foreseeable future.

Given the long-delay involved so far, the Monetary Board approved
the company resolution plans submitted by the Department of
Supervision of Non-banking Financial Institutions to repay
deposits and investments annually commencing from 2017 over a
reasonable period of time with a fair interest rate during this
repayment period.

In the case of the three finance companies, repayment will cover
INR4.868 billion of nearly 11,878 depositors, ColomboPage
discloses.

In the case of the Entrust, investments secured with government
securities amounting to INR3.1 billion belonging to 107 investors
will be settled in the coming weeks. In respect of unsecured
investments in the Entrust amounting to INR8.508 billion
belonging to 24 individuals and entities, government securities
will be allocated and be repaid under the repayment plan to be
implemented with the managing support of the Seylan Bank PLC,
according to ColomboPage.

ColomboPage relates that the Central Bank said it will complete
the required administrative procedures and communicate details to
all those depositors and investors. Once the repayment plan is
legally finalized, those companies will be dealt with through
applicable laws for liquidation.

The Monetary Board is of the view that this is the only option
that now remains as there are no assets in these companies and no
investors have been willing to revive these companies and repay
the depositors and investors, ColomboPage notes.

As part of the resolution plans, the Central Bank will set up a
new Enforcement Division in the Department of Supervision of Non-
bank Financial Institutions to institute legal action against
Directors and managers who have been responsible for the fraud
and misappropriation of funds and to make every effort to recover
such funds from them.



                             *********

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

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

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


                            *********


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

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

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

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

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



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