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

                      A S I A   P A C I F I C

          Wednesday, October 26, 2016, Vol. 19, No. 212

                            Headlines


A U S T R A L I A

A1 PLASTER: First Creditors' Meeting Scheduled for Nov. 2
AUSTRALIAN SALES: Fitch Affirms 'BBsf' Rating on Class C Notes
COLOUR CODE: First Creditors' Meeting Scheduled for Nov. 2
FIRSTMAC MORTGAGE 1PP-2016: S&P Assigns BB Rating to Cl. E Notes
FLAWLESS CLEANING: First Creditors' Meeting Set for Nov. 1

GOGNOS HOLDINGS: ASIC Seeks Orders to Wind Up Investment Firm
MARITIMO OFFSHORE: Seeks U.S. Recognition of Australia Proceeding
MARITIMO OFFSHORE: Chapter 15 Case Summary
TOTAL EQUIPMENT: First Creditors' Meeting Set for Nov. 1
WATSON CGI: First Creditors' Meeting Set for Nov. 2


C H I N A

CAR INC: Moody's Retains Ba1 CFR on Potential Investment
CHINA UNITED: S&P Puts 'BB+' Ratings on CreditWatch Negative
MODERN LAND: Fitch Assigns 'B+' Rating to Senior Notes


H O N G  K O N G

CHINA FISHERY: Seeks Approval to Expand Scope of RSR Employment
VISTRA GROUP: Moody's Cuts CFR to B2 & Changes Outlook to Stable


I N D I A

ACE FAB: CRISIL Suspends 'B' Rating on INR80MM Term Loan
AERON EXPORTS: CRISIL Ups Rating on INR150MM Cash Loan to B-
BHAVANI ENTERPRISES: CRISIL Cuts Rating on INR192.5MM Loan to D
BHAVANI SAW: CRISIL Lowers Rating on INR192.5MM Loan to 'D'
BIAX ELECTRIC: CRISIL Suspends B+ Rating on INR65MM Loan

BUDS TEA: CRISIL Assigns 'D' Rating to INR200MM Cash Loan
CHERISH AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
DESCON LIMITED: CRISIL Suspends B+ Rating on INR87.5MM LT Loan
DEV AGRO: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
DIVINE INFRACON: CRISIL Reaffirms 'D' Rating on INR3.73BB Loan

ETA POWERGEN: CRISIL Reaffirms D Rating on INR188.8MM LT Loan
HMM INFRA: Ind-Ra Suspends 'IND BB' LT Issuer Rating
IBD UNIVERSAL: ICRA Lowers Rating on INR27cr Fund Based Loan to D
IDEAL WOVENPLAST: CRISIL Reaffirms B+ Rating on INR66MM Loan
INDIA STEEL: Ind-Ra Suspends 'IND B-' Long Term Issuer Rating

JAY IRON: CRISIL Suspends 'D' Rating on INR98MM LT Loan
KAMAKHYA COLD: CRISIL Suspends 'D' Rating on INR126.3MM Loan
KARTIKEY RESORTS: ICRA Lowers Rating on INR12.5cr Loan to 'D'
KAVAN COTTON: ICRA Lowers Rating on INR40cr Cash Loan to 'D'
KRISHNA INDUSTRIAL: CRISIL Suspends D Rating on INR110MM Loan

KRISHNA VASUDEVA: CRISIL Assigns 'B' Rating to INR60MM Loan
KUMARAGIRI ELECTRONICS: ICRA Cuts Rating on INR6.64cr Loan to B-
LSR FOODS: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
MANAF P.B.: CRISIL Reaffirms 'B' Rating on INR59MM Cash Loan
MISHKA FIBBERS: CRISIL Suspends 'D' Rating on INR180MM Cash Loan

NEW BONANZA: CRISIL Suspends B+ Rating on INR65MM Cash Loan
PAHAL ENGINEERS: CRISIL Suspends B+ Rating on INR43.3MM Loan
PATIALA COTSPIN: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
POOJA SOYA: CRISIL Suspends 'D' Rating on INR200MM Cash Loan
PRECISION GRANITES: Ind-Ra Assigns 'IND B+' LT Issuer Rating

PUDHUAARU FINANCIAL: ICRA Withdraws B(SO) Rating on PTC A2
PUMARTH INFRASTRUCTURE: CRISIL Cuts Rating on INR300MM Loan to B
R.K TRANSPORT: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
RAINBOW ENTERPRISES: CRISIL Assigns 'B' Rating to INR80MM Loan
RAKESH TEXTILES: CRISIL Assigns 'B' Rating to INR40MM Cash Loan

RAMANI HOTELS: ICRA Assigns 'B' Rating to INR12.50cr Term Loan
RISE ON: ICRA Reassigns 'C' Rating to INR27.60cr Term Loan
RUKMANI IMPEX: CRISIL Suspends 'D' Rating on INR150MM Term Loan
SAIWIN CERAMIC: ICRA Assigns 'B' Rating to INR7.27cr Term Loan
SANGOTRA FASHIONS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating

SANJAY KUMAR: CRISIL Suspends 'B+' Rating on INR10MM Cash Loan
SATYA SUBAL: CRISIL Suspends B- Rating on INR68.6MM Term Loan
SATYENDRA AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
SETHUMEENA ROADWAYS: CRISIL Suspends B Rating on INR120MM LT Loan
SHARMA CONSTRUCTION: Ind-Ra Suspends 'IND B+' LT Issuer Rating

SHINGHAL AGRI: CRISIL Suspends 'B' Rating on INR83.5MM Term Loan
SHIVA VEENER: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
SHREE SANTOSHI: CRISIL Assigns B+ Rating to INR100MM Cash Loan
SHRI SIDDHESHWAR: CRISIL Reaffirms 'B' Rating on INR1.4BB Loan
SILVER SPRINGS: CRISIL Ups Rating on INR180.9MM Loan to BB

SUNAYANA COLD: CRISIL Suspends 'B' Rating on INR34MM Term Loan
SWASTIK COPPER: CRISIL Suspends B+ Rating on INR200MM Cash Loan
SWASTIK MARKETING: ICRA Suspends B+ Rating on INR2.5cr Loan
THAMPURAN CASHEWS: CRISIL Cuts Rating on INR100MM Cash Loan to B+
TOLANI PROJECTS: CRISIL Suspends B+ Rating on INR26MM LT Loan

UNIK TRADERS: CRISIL Reaffirms 'B' Rating on INR200MM Cash Loan
UPPER INDIA: CRISIL Suspends B+ Rating on INR50MM Bill Purchase
VINAYAK POLYPIPES: CRISIL Ups Rating on INR90MM Loan to BB-


I N D O N E S I A

LIPPO KARAWACI: S&P Affirms 'B+' CCR; Outlook Stable
SRI REJEKI: S&P Lowers CCR to 'B+' then Withdraws Rating
THETA CAPITAL: Moody's Rates Proposed 2026 Sr. Notes 'Ba3'


N E W  Z E A L A N D

WYNYARD GROUP: Appoints KordaMentha as Administrators


S I N G A P O R E

SWISSCO HOLDINGS: Outlines Plan to Save Firm from Insolvency


S O U T H  K O R E A

HANJIN SHIPPING: Seoul Court OKs Winding Down of 4 European Units


V I E T N A M

TIEN PHONG: Moody's Assigns B2 Issuer Rating


                            - - - - -


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


A1 PLASTER: First Creditors' Meeting Scheduled for Nov. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of A1 Plaster
(Vic) Pty Ltd will be held at Level 15, 114 William Street, in
Melbourne, on Nov. 2, 2016, at 2:30 p.m.

Matthew Jess and Con Kokkinos Worrells Solvency & Forensic
Accountants were appointed as administrators of A1 Plaster on
Oct. 20, 2016.


AUSTRALIAN SALES: Fitch Affirms 'BBsf' Rating on Class C Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Australian Sales Finance and Credit
Cards Trust and New Zealand Sales Finance and Credit Cards Trust.
The transactions are securitisations of receivables originated by
Latitude Finance Australia and Latitude Financial Services.

The rating actions are as follows:

Australian Sales Finance and Credit Cards Trust:

   -- AUD3,100.0m Class A affirmed 'Asf'; Outlook Stable;

   -- AUD157.5m Class B affirmed 'BBBsf'; Outlook Stable;

   -- AUD241.7m Class C affirmed 'BBsf'; Outlook Stable

New Zealand Sales Finance and Credit Cards Trust:

   -- NZD776.0m Class A affirmed 'Asf'; Outlook Stable;

   -- NZD62.7m Class B affirmed 'BBBsf'; Outlook Stable; and

   -- NZD50.7m Class C affirmed 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement and excess spread are able to support the current
ratings, the pools' stable credit quality and performance, and
Fitch's expectations of economic conditions in Australia and New
Zealand.

Australian Sales Finance and Credit Cards Trust was modelled with
a base-case gross yield rate of 12.5%, a base-case monthly
payment rate (MPR) of 13.0% and a base-case charge-off rate of
5.5%. The transaction has performed better than Fitch expected,
with an average gross yield of 14.9%, an average MPR of 14.0% and
an average charge-off rate of 4.1% as of August 2016 since
closing.

New Zealand Sales Finance and Credit Cards Trust was modelled
with a base-case gross yield rate of 12.5%, a base-case MPR of
9.4% and a base-case charge-off rate of 4.0%. The transaction has
performed better than Fitch expected, with an average gross yield
of 16.7%, an average MPR of 10.8% and an average charge-off rate
of 3.5% as of August 2016 since closing.

RATING SENSITIVITIES

Fitch has modelled three different scenarios when evaluating the
rating sensitivity compared to the expected performance for the
trust: 1) increased charge-offs; 2) a reduction in the yield, and
3) a reduction in the monthly payment rate.

The model indicates the ratings on the notes are sensitive to an
increase in defaults and a reduction in monthly payment rates,
with less sensitivity to yield reduction. The Class C issued by
Australian Sales Finance and Credit Cards Trust and the Class C
issued by New Zealand Sales Finance and Credit Cards Trust are
significantly more sensitive to changes in performance than other
classes of debt.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties
and enforcement mechanisms (RW&Es) which relate to the underlying
asset pool was not prepared for this transaction because it does
not involve the use of offering documents. For further
information, please see Fitch's Special Report titled
"Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions," dated 31 May 2016.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio as part of its
ongoing monitoring.

As part of its on-going monitoring, Fitch conducted a file review
of a small targeted sample of Latitude's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


COLOUR CODE: First Creditors' Meeting Scheduled for Nov. 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Colour
Code Refinishing Pty Ltd will be held at Level 1, 99-101 Francis
Street, in Northbridge, WA, on Nov. 2, 2016, at 12:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Colour Code on Oct.
21, 2016.


FIRSTMAC MORTGAGE 1PP-2016: S&P Assigns BB Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned ratings to five of the six classes of
prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series 1PP-2016.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view of the credit support that is sufficient to
      withstand the stresses it applies.  Credit support for the
      rated notes comprises note subordination and excess spread.
      S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      reserve equal to 1.3% of the outstanding note balance; the
      principal draw function; and a spread reserve which builds
      from available excess spread to ensure timely payment of
      interest.

   -- The extraordinary expense reserve of A$150,000 available to
      meet extraordinary expenses.  The reserve will be topped up
      via excess spread if drawn.

   -- The fixed-to-floating interest-rate swap provided by
      National Australia Bank Ltd. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

A copy of S&P Global Ratings' complete report for Firstmac
Mortgage Funding Trust No.4 Series 1PP-2016 can be found on
RatingsDirect, S&P Global Ratings' web-based credit analysis
system, at:

                  http://www.globalcreditportal.com

RATINGS ASSIGNED

Class       Rating       Amount (A$ mil.)
A-1         AAA (sf)     241.89
A-2         AAA (sf)       6.8
B           AA (sf)        4.5
C           A+ (sf)        3.8
D           BBB+ (sf)      2.5
E           BB (sf)        1.5
Seller F    NR             2.55
Seller G    NR             0.75
NR--Not rated.


FLAWLESS CLEANING: First Creditors' Meeting Set for Nov. 1
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Flawless
Cleaning Aust Pty Ltd will be held at the Boardroom of Chifley
Advisory, Suite 3.04, level 3, 39 Martin Place, in Sydney, NSW,
on Nov. 1, 2016, at 10:00 a.m.

Gavin Moss and Trent Aaron McMillen of Chifley Advisory Pty Ltd
were appointed as administrators of Flawless Cleaning on Oct. 20,
2016.


GOGNOS HOLDINGS: ASIC Seeks Orders to Wind Up Investment Firm
-------------------------------------------------------------
Australian Securities and Investments Commission has applied to
the Supreme Court of Queensland for orders to wind up two public
companies, Gognos Holdings Ltd and Dynamic Agri Tech Ltd, on just
and equitable grounds.

In particular, ASIC alleges that:

  - the companies have been involved in multiple contraventions
    of corporations legislation and are not complying with their
    obligations under that legislation; and

  - there is a justifiable lack of confidence in the conduct and
    management of the companies' affairs which gives rise to a
    risk to the public that warrants protection.

ASIC has applied for the Court to appoint Michael Hill and
William Harris of McGrathNicol, as joint and several liquidators
of the companies.

Gognos and Dynamic are opposing ASIC's winding up application.

On Oct. 24, 2016, the matter was adjourned by consent until
Dec. 6, 2016, for further directions.

Gognos' sole business activity is raising funds from members of
the public through the issue of its shares. Those funds are on-
lent to Dynamic and related entities to fund their business
operations, which includes the development of technology to
manufacture animal fodder in container modules.

Gognos raised over AUD7 million from more than 100 shareholders
since 2008.


MARITIMO OFFSHORE: Seeks U.S. Recognition of Australia Proceeding
-----------------------------------------------------------------
Maritimo Offshore PTY LTD, a manufacturer of luxury and cruising
motor yachts, sports yachts and other vessels, filed a Chapter 15
petition in the U.S. Bankruptcy Court for the District of
Connecticut (Case No. 16-31613), seeking recognition in the
United States of an insolvency proceeding currently pending in
Australia.

The petitions were signed by Brian Silvia and Andrew Cummins,
partners at BRI Ferrier, as duly appointed administrators
pursuant to Section 436A of the Australian Corporations Act 2001.

Maritimo was placed into voluntary administration in Australia on
Oct. 11, 2016.  The Board of Directors of Maritimo concluded that
the Company was likely to become insolvent at some point and
decided that the best course to maximize the chance of the
Company continuing in existence is through the administration
process.

Upon the commencement of the Australian Voluntary Administration,
a stay went into effect enjoining all actions, and all persons
and entities from commencing or continuing any pending actions
against Maritimo or its assets in Australia, absent leave from
the Australian Court.

The Petitioners seek recognition of the Australian Voluntary
Administration as a foreign main proceeding to stay a lawsuit
currently pending in Connecticut District Court, and the
commencement of any other proceedings against the Company in the
United States.

Although Maritimo has no principal place of business or employees
in the United States, the Company inchoate intangible property in
the form of cross claims against co-defendants in a proceeding
commenced in the Connecticut District Court.

In July 2015, Richard and Shelia Dubois, and Michael Flors,
commenced a proceeding (as amended) against Maritimo, et al.,
seeking damages in excess of $1 million, based on a number of
alleged claims, including, without limitation, breach of
contract.

The case is in Re: Richard and Shelia Dubois, Michael Flors v.
Maritimo Offshore PTY, LTD., Maritimo USA, Edwin Fairbanks and
Fairbanks Yacht Group, LLC, United States District Court for the
District of Connecticut, New Haven, Connecticut, Case No.
3:15:CV-01114-JAM.

Maritimo, along with the co-defendants, filed a motion to dismiss
the Amended Complaint, which Motion remains pending as of the
Petition Date.

Maritimo has also been served with cross claims and amended cross
claims by the co-defendants Edwin Fairbanks and Fairbanks Yacht
Group, which are also the subject of the motions to dismiss by
Maritimo, which are pending.  The Fairbanks Defendants seek
damages, for alleged non-payment of commissions against Maritimo
arising from the transaction with the Plaintiffs, and for a
separate transaction, of approximately $200,000, based on several
alleged claims, including, without limitation, breach of
contract, and seek indemnification and contribution as well sa
recovery of their attorneys' fees and costs.

Maritimo filed cross claims against Fairbanks Defendants in turn
for indemnification, contribution and damages for negligent
misrepresentation, including recovery of its costs and attorneys
fees in defending the District Court Proceeding.

"Given the District Court Proceeding, and the potential for other
actions against Maritimo, by other actors or entities in the
United States, relief from this Court is necessary to extend the
moratorium in Australia to the United States, vis-a-vis, the
Chapter 15 Petition as the Voluntary Administration meets the
requirements for recognition as a foreign main proceeding,
triggering the automatic stay under the Bankruptcy Code," the
Petitioners said.

"A stay of action against Maritimo will not only preserve
Maritimo's assets for the benefit of creditors, but also allow
the Petitioners to devote their full attention to effectively and
efficiently proceed with the Voluntary Administration in
Australia, rather than diverting the Administrators' and
Maritimo's attention, assets and resources in defending any
proceedings in the United States," they added.

Maritimo has six full-time employees in Australia.  Maritimo is
100% owned by Maritimo Properties PTY LTD.

Maritimo owes approximately US$13 million to a related secured
creditor which is a member of the Maritimo Group, as disclosed in
Court documents.

Zeisler & Zeisler, P.C. and Bellavia Blatt & Crossett, P.C.
represent as counsel to the Petitioners.


MARITIMO OFFSHORE: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: Maritimo Offshore PTY.LTD.
                   15 Waterway Drive, Coomera
                   Queensland 4210
                   Austrailia

Chapter 15 Case No.: 16-31613

Type of Business: Vessel Manufacturer

Chapter 15 Petition Date: October 21, 2016

Court: United States Bankruptcy Court
       District of Connecticut (New Haven)

Chapter 15 Petitioners: Brian Silvia and Andrew Cummins

Chapter 15 Petitioners' Counsel: Matthew K. Beatman, Esq.
                                 ZEISLER & ZEISLER, P.C.
                                 10 Middle Street, 15th Floor
                                 Bridgeport, CT 06604
                                 Tel: (203) 368-4234
                                 E-mail: MBeatman@zeislaw.com

                                    - and -

                                 Carol A. Crossett, Esq.
                                 BELLAVIA BLATT & CROSSETT, P.C.
                                 200 Old Country Road, Suite 400
                                 Mineola, NY 11501
                                 Tel: (516) 873-3000
                                 Fax: (516) 873-9032
                                 E-mail: ccrossett@dealerlaw.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


TOTAL EQUIPMENT: First Creditors' Meeting Set for Nov. 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Total
Equipment Management Pty Ltd and Total Capability Resources Pty
Ltd will be held at Greenhouse Room at Wests New Lambton Bowling
Club, 1A Tauranga Road, in New Lambton, on Nov. 1, 2016, at
9:30 a.m.

Mark Hutchins and Alan Walker of Cor Cordis were appointed as
administrators of Total Equipment on Oct. 20, 2016.


WATSON CGI: First Creditors' Meeting Set for Nov. 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of Watson CGI
Engineering Pty Ltd will be held at the offices of Vincents
Chartered Accountants, Level 34, 32 Turbot Street, in Brisbane,
Queensland, on Nov. 2, 2016, at 10:30 a.m.

Ashley Jade Leslie and Nick Jim Combis of Vincents Chartered
Accountants were appointed as administrators of Watson CGI on
Oct. 21, 2016.



=========
C H I N A
=========


CAR INC: Moody's Retains Ba1 CFR on Potential Investment
--------------------------------------------------------
Moody's Investors Service says that UCAR Inc.'s (unrated)
potential investment in online-to-offline auto retailing will not
immediately affect CAR Inc.'s Ba1 corporate family and senior
unsecured debt ratings or its negative ratings outlook.

"While UCAR's possible expansion into online-to-offline auto
retailing carries execution risk, its potential equity funding
will strengthen its financial capacity.  We do not expect an
immediate change in the quality of the revenue that CAR receives
from UCAR, and thus UCAR's potential investment will have no
immediate impact on CAR's ratings," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

On Oct. 17, 2016, UCAR announced that it will issue up to 196
million new shares to raise to up RMB10 billion.  The issuance is
pending shareholder and regulatory approvals.  CAR, which held
7.4% of UCAR as of June 30, 2016, will not participate in the
equity fund raising.

UCAR will invest the proceeds to develop Shenzhou Maimaiche
(Tianjin) Technology Development Co., Ltd.'s (Maimaiche, unrated)
B2C online-to-offline auto retailing business in areas, which
include store expansion, sales and marketing, hiring and
procurement of new and used vehicles.  UCAR acquired a 70% stake
in Maimaiche in April 2016.

Maimaiche procures new and used vehicles from various automakers,
auto dealers and importers.  The company's B2C auto retailing
ecommerce platform allows it to sell its vehicles on an online-
to-offline basis at its stores.

As at July 31, 2016, Maimaiche had opened 105 stores in a total
of 105 tier-2 and tier-3 cities in China.  It plans to expand its
store network to 300-500 stores in the next 3-5 years.

UCAR is CAR's online chauffeured car service partner.  UCAR
provides online chauffeured car services in China through
internet and mobile platforms.  UCAR is also CAR's key customer,
renting about 20% and 10% of CAR's fleet on a long-term and
short-term basis respectively as of June 30, 2016.

At June 30, 2016, UCAR Technology Inc. (unrated) was CAR's
largest shareholder with a 29.5% stake.

"UCAR's Maimaiche business, if successful, could provide
operational support to CAR through facilitating CAR's disposal of
used vehicles, lowering CAR's new vehicle procurement costs
through joint procurement, and supporting the repair and
maintenance of CAR's fleet," adds Ho who is also the Lead Analyst
for CAR.

UCAR reported net losses of RMB2.4 billion in 1H 2016 as a result
of its start-up nature.  The company's potential investment in
its new online-to-offline auto retailing could hamper its
profitability.  If UCAR continues to report net losses before
taxation over the next 12 months, Moody's will review the impact
of UCAR's credit profile on CAR's ratings.

The negative outlook on CAR's Ba1 corporate family and senior
unsecured debt ratings reflects the weaker shareholder structure
which resulted from the sell-down of Hertz's ownership and the
emergence of UCAR Technology as CAR's largest shareholder.

Moody's notes that UCAR Technology does not demonstrate the same
track record in operations and financial capacity as does Hertz.

The negative outlook also reflects the uncertainty over CAR's
business strategy after UCAR Technology becomes its largest
shareholder.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term
rental and leasing in China.  CAR listed on the Hong Kong Stock
Exchange in September 2014.

At June 30, 2016, it had a total fleet of 99,727 company-owned
cars.  It commands a leadership position in terms of fleet size,
revenue and network coverage.  In 1H 2016, CAR reported net sales
of RMB3.0 billion.

At June 30, 2016, its key shareholders included Legend Holdings
Corporation (unrated, 23.8%); UCAR Technology Inc. (29.5%); and
private equity firm Warburg Pincus (11.1%).


CHINA UNITED: S&P Puts 'BB+' Ratings on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings said that it had placed its 'BB+' long-term
insurer financial strength and issuer credit ratings, and its
'cnBBB' long-term Greater China regional scale rating on China
United SME Guarantee Corp. (Sino Guarantee) on CreditWatch with
negative implications.

At the same time, S&P placed its 'BB+' long-term issue rating and
the 'cnBBB' long-term Greater China regional scale rating on the
senior unsecured notes that BL Capital Holdings Ltd. issued on
CreditWatch with negative implications. Sino Guarantee, a China-
based bond insurer, guarantees the notes.

"The CreditWatch placement reflects our view that Sino
Guarantee's increasing investments in higher-risk asset classes
could weaken its capitalization," said S&P Global Ratings credit
analyst Jeff Yeung.

Sino Guarantee is gradually increasing investment allocation to
higher-risk asset classes including alternative investment
products, equity securities, and long-term equity investments.
S&P believes the company's capital could become more vulnerable
to growing defaults and investment market volatility in China.
Meanwhile, Sino Guarantee received capital injections from new
and existing shareholders in 2016.  S&P believes the company's
financial flexibility could temper the negative impact of the
increasing investment risk.

"We will resolve the CreditWatch placement within the next 90
days, when Sino Guarantee provides us more details on its
investment and liquidity management strategies," said Mr. Yeung.

S&P could lower the ratings if it believes Sino Guarantee's risk
profile is elevated and its capitalization will remain weak due
to heightened investment risk.

S&P could affirm the ratings and remove them from CreditWatch if
it expects Sino Guarantee's financial flexibility and its
investment and liquidity management capabilities to offset any
weakening in its capitalization due to heightened investment
risk.


MODERN LAND: Fitch Assigns 'B+' Rating to Senior Notes
------------------------------------------------------
Fitch Ratings has assigned Modern Land (China) Co., Limited's
(Modern Land: B+/Stable) USD350 mil. 6.875% senior notes due
October 20, 2019 a final rating of 'B+' and Recovery Rating of
'RR4'.

The notes are rated at the same level as Modern Land's senior
unsecured rating because they are regarded as direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received, and the final rating is in line with the
expected rating assigned on 12 October 2016.

KEY RATING DRIVERS

Fast Expansion, Larger Scale: Modern Land's reported contracted
sales increased by more than 70% yoy to CNY7.5bn in 1H16. We
expect the company to achieve its CNY15bn reported contracted
sales target for the full-year based on Modern Land's project
pipeline in 2H16. Fitch expects attributable contracted sales to
rise by the double digits in the next two years to above CNY10bn
per year, supported by more than CNY40bn of attributable saleable
resources, by Fitch's estimate.

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

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

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

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

Sufficient Liquidity, Lower Funding Cost: Modern Land's liquidity
remains healthy, with total cash of CNY5.7bn compared with short-
term debt of CNY3.5bn as of end-June 2016. Modern Land managed to
significantly lower its funding cost to 8.4% in 1H16 from 10.5%
in 2015, after the completion of a CNY1bn five-year onshore bond
issuance in 1H16 at a 6.4% coupon rate. Fitch expects the lower
borrowing cost to partially offset a lower GPM level and
strengthen Modern Land's credit profile.

KEY ASSUMPTIONS

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

   -- Attributable contracted sales of CNY10 bil. in 2016,
      CNY12 bil. in 2017, CNY15 bil. in 2018 and CNY18 bil.
      in 2019

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

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

   -- Construction cost per sq m of around CNY3,000-4,000 in
      2016-2019

RATING SENSITIVITIES

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

   -- Attributable contracted sales sustained above CNY20 bil.

   -- Net debt/adjusted inventory sustained below 30% (1H16:
      25.9%)

   -- Land bank sufficient for three years of development

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

   -- Land bank insufficient for two years of development

   -- Attributable contracted sales decline below CNY10 bil.

   -- EBITDA margin sustained below 20% (1H16: 13.5% including
      capitalised interest)

   -- Net debt/adjusted inventory sustained above 40%



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


CHINA FISHERY: Seeks Approval to Expand Scope of RSR Employment
---------------------------------------------------------------
China Fishery Group Ltd. (Cayman) asked the U.S. Bankruptcy Court
for the Southern District of New York to allow RSR Consulting,
LLC to also provide services to Pacific Andes Resources
Development Limited.

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

As restructuring consultant, RSR will provide these services to
the company:

     (a) act as a liaison and coordinate information flow and
         efforts among the management, financial advisors,
         creditors and their advisors, and the U.S. Trustee's
         office

     (b) assist the management in the coordination and production
         of information;

     (c) attend court hearings and Section 341 meetings with
         creditors, if required;

     (d) assist the Debtors in the preparation of periodic
         reporting packages that may be required for their
         creditors;

     (e) provide expert testimony, if required; and

     (f) review restructuring alternatives and projections
         provided by the Debtors' professionals in connection
         with putting forth plans to the constituents and the
         court.

The hourly rate for the firm's managing directors is $390 while
the hourly rate for its managers and consultants ranges from $250
to $375.

RSR is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code, according to court filings.

               About China Fishery Group Limited

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

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

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

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

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


VISTRA GROUP: Moody's Cuts CFR to B2 & Changes Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Vistra Group Holdings (BVI) I Limited to B2 from B1.

At the same time, Moody's has downgraded the rating on Vistra's
first lien term loan due 2022 and the revolving credit facility
due 2020 to B2 from B1.

Moody's has also downgraded the rating on the second lien term
loan due 2023 to B3 from B2.

The rating outlook has changed to stable from negative.

                        RATINGS RATIONALE

"The downgrade of Vistra's rating reflects the company's
intention to raise incremental debt to fund future acquisitions,
which we believe will result in its leverage remaining above 6.0x
over the next 12 months," says Brian Grieser, a Moody's Vice
President and Senior Analyst.

Vistra has proposed an add-on to its existing first lien term
loan of EUR90 million ($99 million) to repay borrowings on its
$50 million revolver and increase cash holdings.  Moody's expects
that the additional cash will be used to fund future
acquisitions.

As a result, the company's leverage ratio post-transaction - as
measured by adjusted debt/EBITDA - is expected to be around 6.5x.
The ratings downgrade reflects Moody's view that Vistra's
incremental borrowings will delay the company's efforts to lower
leverage to 5.0x, as was expected when the B1 rating was
assigned.

Moody's had anticipated that Vistra would deleverage rapidly in
2016 and 2017 from a combination of organic growth and internally
funded acquisitions.

"For 2017, we expect Vistra's solid operating performance to
continue, benefitting from organic revenue growth, full-year
earnings contributions from acquired entities, and cost synergies
from all its recent acquisitions," said Grieser, who is also
Moody's lead analyst for Vistra.

Since Vistra's leveraged buy-out by BPEA in October 2015, the
company has increased debt levels by a total of $128 million to
fund its seven acquisitions.  While Moody's had anticipated and
continue to believe acquisitions will be a core component of
Vistra's growth strategy, the level of permanent debt utilized is
inconsistent with Moody's expectations and in our view more
consistent with a B2 rating.

Nonetheless, the B2 CFR encapsulates (1) Vistra's strong market
position in the fragmented, corporate and trust services (CTS)
industry; (2) high barriers to entry fostered by long-standing
relationships with a well-diversified customer base; (3) revenue
and cash flow visibility driven by the multi-year nature of its
structures and (4) the company's strong liquidity profile.

Moody's expects an improved liquidity position for Vistra at
close of this add-on transaction.  Moody's expects Vistra to have
$55-$60 million of cash on hand and full availability under its
$50 million revolving credit facility.  Although, Moody's
anticipates that over time such cash will be deployed for
acquisition purposes.

Vistra's ratings could be downgraded if its integration plans
fail to provide synergies, the company deviates further from its
plan to deleverage, new litigation or regulatory standards weaken
its cash flow or earnings profile, or if the company undertakes
another transformative acquisition over the next 12-18 months.

Specifically, its ratings could be downgraded if (1) adjusted
debt-to-EBITDA exceeds 6.5x for an extended period; (2) sustained
adjusted EBITA-to-interest expense drops below 1.5x; or (3)
adjusted retained cash flow-to-net debt falls below 5%.

A ratings upgrade is unlikely over the next two years given
Moody's view that Vistra will continue to borrow to fund its
growth strategy.  However, the rating could be upgraded if Vistra
demonstrates a more balanced acquisition appetite such that it's
leverage is maintained below 5.0x, on a sustained basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Vistra is a provider of corporate & trust services for companies
(private companies, SMEs, listed companies), high net worth
individuals and funds, with around 50% of gross fees generated in
Asia, the rest primarily generated in Europe.  Services include
company formation and renewal services, corporate administration
services, trustee and fiduciary services, fund services and
family office services.  Vistra employs over 2,400 employees in
63 offices across 40 jurisdictions.



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


ACE FAB: CRISIL Suspends 'B' Rating on INR80MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ace Fab
Overseas.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               80        CRISIL B/Stable

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

AFO was established as a partnership firm in July 2002 by Mr.
Ajay Singh and Mrs. Anjana Singh. The firm has been engaged in
the cable transmission and network business for the past 10 years
and is setting up a hotel in Sahibabad


AERON EXPORTS: CRISIL Ups Rating on INR150MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on bank facility of Aeron Exports
Private Limited to 'CRISIL B-/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects regularisation of the cash credit limit over
the three months through August 2016, aided by improvement in the
working capital cycle. CRISIL believes that better management of
inventory and receivables should enhance liquidity, going
forward.

The ratings reflect the below-average financial risk profile,
marked by modest networth, high total outside liabilities to
tangible networth ratio and weak debt protection metrics. The
rating also reflects the large working capital requirement and
exposure to intense competition in the steel trading industry.
These rating weaknesses are partially offset by extensive
experience of promoters and established relationships with
customers.
Outlook: Stable

CRISIL believes AEPL will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of sustained improvement in working capital
management, or substantial growth in capital structure, backed by
a sizeable equity infusion by promoters. The outlook may be
revised to 'Negative' in case of a steep decline in
profitability, or significant deterioration in liquidity, most
likely due to a stretch in the working capital cycle.

AEPL was incorporated in 2012 by promoter, by Mr. Jainam Shah and
his family members. The Vadodara-based company trades in products
such as iron dust and steel scrap.


BHAVANI ENTERPRISES: CRISIL Cuts Rating on INR192.5MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhavani Enterprises (BE; part of the Bhavani group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       192.5      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Overdraft Facility       7.5      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects BE's continuously overdrawn working
capital limit and devolvement of its letters of credit for more
than 30 days, on account of weak liquidity.

The Bhavani group has a below-average financial risk profile
because of modest networth, high total outside liabilities to
tangible networth ratio, and subdued debt protection metrics.
Also, its profitability is susceptible to fluctuations in foreign
exchange rate, and it has a stretched working capital cycle.
However, it benefits from its promoters' extensive experience in
the timber trading business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BE and Bhavani Saw Mills (BSM). This
is because the entities, together referred to as the Bhavani
group, have common partners, are in the same business, and have
significant operational and financial linkages.

BSM, the flagship firm of the Bhavani group, was set up by Mr.
Bhanji Patel and his sons as a partnership firm in 1977. It
trades in timber, and sells to wholesalers and saw mills in Tamil
Nadu and Karnataka.

BE, established by Mr. Vasant Patel (son of Mr. Bhanji Patel) and
his family as a partnership firm in 1982, also trades in timber.


BHAVANI SAW: CRISIL Lowers Rating on INR192.5MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhavani Saw Mill (BSM, part of Bhavani group) to 'CRISIL D/CRISIL
D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       192.5      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Overdraft Facility       7.5      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects BSM's continuously overdrawn working
capital limit and devolvement of its letters of credit for more
than 30 days, on account of weak liquidity.

The Bhavani group has a below-average financial risk profile
because of modest networth, high total outside liabilities to
tangible networth ratio, and subdued debt protection metrics.
Also, its profitability is susceptible to fluctuations in foreign
exchange rate, and it has a stretched working capital cycle.
However, it benefits from its promoters' extensive experience in
the timber trading business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BE and Bhavani Saw Mills (BSM). This
is because the entities, together referred to as the Bhavani
group, have common partners, are in the same business, and have
significant operational and financial linkages.

BSM, the flagship firm of the Bhavani group, was set up by Mr.
Bhanji Patel and his sons as a partnership firm in 1977. It
trades in timber, and sells to wholesalers and saw mills in Tamil
Nadu and Karnataka.

BE, established by Mr. Vasant Patel (son of Mr. Bhanji Patel) and
his family as a partnership firm in 1982, also trades in timber.


BIAX ELECTRIC: CRISIL Suspends B+ Rating on INR65MM Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Biax
Electric and Controls Private Limited.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit      65       CRISIL B+/Stable

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

Incorporated in 2001, Biax manufactures electrical and precision
accessories at its facility in Silvassa (Dadra and Nagar Haveli).
The company derives 100 per cent of its revenue from exports to
the US, Europe, and the Middle East. It is managed by Mr. Malay
Shah.


BUDS TEA: CRISIL Assigns 'D' Rating to INR200MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to bank
facilities of Buds Tea Industries Limited. The ratings reflect
instances of delay in servicing the term-debt obligation and
continuous over-utilisation of the cash credit limit, both
stemming from weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan        87.5        CRISIL D
   Bank Guarantee        20.0        CRISIL D
   Cash Credit          200.0        CRISIL D

Financial risk profile remains weak, with high gearing and below-
average debt protection metrics. However, benefits from extensive
experience of promoter are likely to continue.

BITL, established in 2006, manufactures and trades in the CTC
variety of tea, and has a plant near Jalpaiguri, West Bengal.


CHERISH AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Cherish Agro
Impex Private Limited continues to reflect the company's weak
financial risk profile because of modest debt protection metrics
and low profitability. This weakness is partially offset by
prudent risk management practices and extensive experience of
promoter and his funding support.

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

   Packing Credit          50       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      35       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Cherish will continue to benefit over the medium
term from its prudent risk management practices and extensive
experience of promoter. The outlook may be revised to 'Positive'
if increase in sales and profitability results in significant
improvement in capital structure and higher-than-expected cash
accrual. The outlook may be revised to 'Negative' if
substantially low cash accrual or deterioration in working
capital management stretches liquidity.

Set up in 2011 in New Delhi as a proprietorship firm (Cherish
Foods Impex) and reconstituted as a private limited company in
2013, Cherish primarily trades and exports basmati rice to the
Middle East and Europe. Operations are managed by Mr. Raj Sareen.


DESCON LIMITED: CRISIL Suspends B+ Rating on INR87.5MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Descon
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee          42.5      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      87.5      CRISIL B+/Stable

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

Incorporated in 1995 and based in Kolkata, Descon provides
services in EDS, GIS, and application software development. The
company has now started undertaking turnkey EPC contracts for
transmission and distribution lines and sub-stations for clients
in the power sector. Presently, the JSW group along with three
other venture capital firms holds more than 91 per cent stake in
the company, while 9 per cent is held by a group of individuals.


DEV AGRO: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dev
Agro Food Products.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            50.0       CRISIL B/Stable
   Term Loan               8.8       CRISIL B/Stable

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

DAFP, based in Puranpur (Uttar Pradesh), was established in 2010
by Mr. Brijesh Gupta, Mrs. Sudha Gupta, Mr. Saral Gupta and Mr.
Nitin Gupta. It is engaged in processing of wheat to produce
wheat flour, maida, suzi, and choker. It has installed capacity
of about 100 tonnes per day.


DIVINE INFRACON: CRISIL Reaffirms 'D' Rating on INR3.73BB Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Divine Infracon
Private Limited continues to reflect delay by DIPL in servicing
its debt. The delays have been caused by the company's weak
liquidity profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              3730       CRISIL D (Reaffirmed)


DIPL also has a weak financial risk profile marked by high
gearing and weak debt protection metrics, and is susceptible to
cyclicality in the hospitality segment. However, DIPL benefits
from the extensive experience of its operations and management
(O&M) partner, Carlson, in the hotel management industry.

CRISIL had treated DIPL's unsecured loans of INR2213 million from
promoters (as on September 30, 2013) as neither debt nor equity,
as the loans are non-interest-bearing and the directors have
undertaken to retain the loans in the business until the
company's bank loans are repaid.

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by
its O&M partner, Carlson. DIPL commenced operations in April 2011
and recorded revenue of INR238 million for the first half of
fiscal 2014. The company incurred an operating loss of INR424
million in the first half of 2013-14, mainly because of low
occupancy rate resulting in low cash generation. The company is
promoted by Mr. Sant Lal Aggarwal and Mr. Satish Kumar Pahwa, who
have experience in the real estate industry.


ETA POWERGEN: CRISIL Reaffirms D Rating on INR188.8MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of ETA
Powergen Private Limited at CRISIL D. The rating reflects
instances of delay by ETA Powergen in servicing its debt. The
delays have been caused by the company's weak liquidity due to
shut down of its biomass power plant since July, 2015.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         188.8      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     113.4      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               17.8      CRISIL D (Reaffirmed)

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group.
ETA Powergen owned and operated a 10-megawatt (MW) biomass power
plant in Tamil Nadu. The plant, which commenced operations in May
2009, used juliflora as biomass fuel. The company had short-term
agreements with industrial customers for sale of power. The plant
ceased operations in July 2015.

ETA Powergen reported a net profit of INR15 million on net sales
of INR472.4 million for fiscal 2014, against a net loss of INR0.5
million on net sales of INR478.1 million for fiscal 2013.


HMM INFRA: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated HMM Infra
Limited's (HMM) 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for HMM.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary

HMM's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable

   -- INR115 mil. fund-based limits: migrated to Long-term 'IND
      BB(suspended)' from 'IND BB' and Short-term 'IND
      A4+(suspended)' from 'IND A4+'

   -- INR230 mil. non-fund-based limits: migrated to Short-term
      'IND A4+(suspended)' from 'IND A4+'


IBD UNIVERSAL: ICRA Lowers Rating on INR27cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has downgraded the INR54.00-crore bank facility rating of
IBD Universal Pvt Ltd to [ICRA]D from [ICRA]B.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits       27.00       [ICRA]D; Revised
   Unallocated             27.00       [ICRA]D; Revised


The key driver of the downgrade is the delay in servicing the
company's obligations due to cash flow mismatches. Given the
moderate sales velocity and collection efficiency of its
projects, notwithstanding the satisfactory overall bookings, IBDU
remains dependent on timely support from promoters to meet its
obligations. Additionally, IBDU has been regularly deploying
funds for land purchases and equity commitments in subsidiaries,
further straining the cash flow. The rating is also constrained
by the geographic concentration risk as all its projects are in
Bhopal.
ICRA, however, takes comfort from the promoter's execution track
record of more than 15 years, the established brand name of IBD
Group in central India, and the negligible approval risks in the
ongoing projects.

Timely debt servicing and adequate promoter support to meet the
committed outflows along with improvement in bookings and
collection efficiency will be the key rating sensitivities going
forward. Moreover, the extent of additional investments in land
and other group companies will also remain a rating sensitivity.

IBDU was incorporated on July 15, 1999 and is the flagship
company of the IBD Group of central India. IBDU is headed by Lt.
Vinay Bhadauria and Mr. Anil Kumar Nigam, who hold ~31% and 33%
stakes, respectively. Currently, the company is developing four
projects in Bhopal, which are in various stages of execution. The
phase IV of Hallmark Citii, the company's affordable housing
project, is currently under construction; IBD Emporia is the
commercial phase in Hallmark Citii. Other than this, IBDU is
developing a high-end residential apartment project called Kings
Park and a villa project called Queens Court in a joint
development agreement with the land owners.

Recent Results
The company reported an operating income (OI) of INR52.1 crore
and a profit after tax (PAT) of INR0.9 crore in FY2015, as
compared to an OI of INR64.2 crore and a PAT of INR3.0 crore in
the previous year.


IDEAL WOVENPLAST: CRISIL Reaffirms B+ Rating on INR66MM Loan
------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Ideal
Wovenplast Private Limited continue to reflect IWPL's modest
scale of operations in a highly competitive packaging industry
and large working capital requirements. These rating weaknesses
are partially offset by the promoter's extensive industry
experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              66        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IWPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if IWPL generates higher than expected cash
accruals, backed by healthy growth in scale and/ or
profitability, leading to an improved in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if IWPL
generates lower'than- expected operating margin or undertakes
large debt-funded expansions or its working capital management
deteriorates, constraining its financial risk profile.

Incorporated in 2013, IWPL is promoted by Surat (Gujarat); based
Agarwal family. It manufactures poly propylene and high density
poly ethylene woven sacks and fabrics which are used for
packaging in various industries like cement, fertilizer, food
packaging, textiles and others. The company commenced operations
in February 2015.


INDIA STEEL: Ind-Ra Suspends 'IND B-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated India Steel
Continental Private Limited's (ISCPL) 'IND B-' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. This
rating will now appear as 'IND B-(suspended)' on the agency's
website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for ISCPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary

ISCPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable

   -- INR100 mil. fund-based limits: migrated to Long-term
      'IND B-(suspended)' from 'IND B-' and Short-term
      'IND A4(suspended)' from 'IND A4'

   -- INR15 mil. non-fund-based limits: migrated to Short-term
      'IND A4(suspended)' from 'IND A4'

   -- INR194.7 mil. long term loan: migrated to Long-term 'IND B-
      (suspended)' from 'IND B-'


JAY IRON: CRISIL Suspends 'D' Rating on INR98MM LT Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jay
Iron and Steels Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D
   Cash Credit             90        CRISIL D
   Letter of Credit        20        CRISIL D
   Long Term Loan          98        CRISIL D
   Term Loan               30        CRISIL D

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

JISL, incorporated in September 2003, manufactures sponge iron.
The company is part of the JPM group, promoted by the Minda
family. JISL's plant is located in Rourkela, Odisha. It started
operations in September 2004 with a sponge iron manufacturing
capacity of 200 tonnes per day (tpd). The company has also setup
1 MW solar power plant in 2011-12 under the JNNSM scheme. Maa
Samleswari Industries Pvt Ltd (MSIPL), located in Sambalpur,
Odisha, was acquired by the JPM group in 2007. MSIPL also has a
sponge iron manufacturing capacity of 200 tpd; its plant is
located 200 kilometres from JISPL's plant.


KAMAKHYA COLD: CRISIL Suspends 'D' Rating on INR126.3MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kamakhya Cold Storage Private Limited (KCSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     126.3      CRISIL D

   Term Loan               73.7      CRISIL D

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

KCSPL, a part of the Sita Balmukund group, was incorporated as a
private limited company in 1997. The company was set up to
undertake real estate development and is presently being managed
by the promoters, Mr. R K Goel, and his son, Mr. Yogesh Goel.


KARTIKEY RESORTS: ICRA Lowers Rating on INR12.5cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised its long term rating on the INR12.50 crore fund
based bank facilities of Kartikey Resorts and Hospitality Private
Limited to [ICRA]D from [ICRA]B-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       12.50      [ICRA]D; revised from
                                      [ICRA]B-

The rating revision is driven by delays in debt servicing by
KRHPL on its term loan on account of weak liquidity. The industry
in which KRHPL operates is cyclical in nature, remaining
vulnerable to general economic slowdown and exogenous shocks.
Also, high level of competition in the geography of operations
might put pressure on the occupancy levels and the average room
rents in the initial period of operations, which might put
pressure on the cash flows in the gestation period.

However, the rating draws comfort from the past experience of the
promoters in managing hotels and the benefits it will derive due
to its tie-up with the Carlson group (Country Inn Resorts).
Going forward, the ability of the resort to achieve moderate
occupancy during the initial phase of operations and to generate
healthy cash flows remains the key rating sensitivities.

KRHPL was incorporated in September 2006 and currently runs a 22
room hotel, namely Hotel Rajhans in Manali. KRHPL was also
operating a hotel at Kausauli however it's been closed since
January 2015. The company is setting up a 4 star hotel project in
Mukteshwar, Uttarakhand with an investment of INR20.01 crore.


KAVAN COTTON: ICRA Lowers Rating on INR40cr Cash Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B+ to [ICRA]D
for the INR40.00-crore cash credit facility and INR1.50-crore
term loan facility of Kavan Cotton Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based-Cash         40.00      Revised to [ICRA]D
   Credit                             from [ICRA]B+

   Fund-based-Term          1.50      Revised to [ICRA]D
   Loan                               from [ICRA]B+

The ratings revision of Kavan Cotton Private Limited factors in
the instances of delay in the payment of interest on working
capital facility as well as the debt servicing. The rating also
takes into account the weak financial profile of the company,
characterised by the leveraged capital structure, leading to weak
debt protection indicators and thin margins on account of limited
value addition in the business operations. The rating also
incorporates susceptibility of cotton prices to seasonality and
regulatory risks, which, together with the highly competitive
industry environment, further exerts pressure on margins.
The rating, however, considers the extensive experience of the
promoters in the cotton ginning industry and the strategic
location of the plant in the cotton-producing belt of India,
giving it easy access to raw cotton.

Kavan Cotton Private Limited was incorporated in 2008 by Mr.
Chandreshkumar Maganbhai Patel and Mr. Nileshkumar Navalbhai
Chhatrara, directors, along with five other shareholders. Mr.
Popatbhai R Bhalara, director, along with three other
shareholders, acquired the company and began to manage its
operation from April 1, 2011. The present directors have more
than a decade of experience in the cotton industry. Kavan Cotton
Private Limited is into cotton ginning, pressing and crushing
activities with 40 ginning machines, a pressing machine and nine
expellers for producing FP (fully pressed) bales and cottonseed
oil with an intake capacity of 42,240 MT per annum of raw cotton
and 12,720 MT per annum of cottonseeds. Apart from production,
the company is also involved in trading activities in cotton
bales cottonseeds, cottonseed oil and oil cakes.


KRISHNA INDUSTRIAL: CRISIL Suspends D Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Krishna Industrial Corporation Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL D
   Letter of Credit        110       CRISIL D

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

KICL was established as a public limited company in 1947 by Mr.
Velagapudi Ramakrishna. The company, currently managed by Mr. S R
K Prasad (grandson of Mr. Ramakrishna), operates in three
divisions: fertiliser and chemical, industrial gas, and computer
software packages. KICL derives close to 90 per cent of its
revenue from its fertiliser and chemical division.


KRISHNA VASUDEVA: CRISIL Assigns 'B' Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to long-term
bank facilities of Krishna Vasudeva Foods And Derivatives Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Warehouse Receipts     24.6       CRISIL B/Stable
   Cash Credit            60         CRISIL B/Stable
   Long Term Loan         15.4       CRISIL B/Stable


The rating reflects the below-average financial risk profile,
because of a small networth, high leverage, and low debt
protection metrics, and exposure to risks related to vagaries of
nature in the agro commodities segment. These rating weaknesses
are partially offset by efficient working capital management and
extensive experience of promoters in the agro commodities
business.
Outlook: Stable

CRISIL believes KFDPL will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial cash accrual or fund infusion,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if a stretch in the working capital cycle
or lower-than-expected cash accrual, weakens the financial risk
profile, especially liquidity.

KFDPL was set up in 2012 by Mr. Nishit Aggarwal and Mr. Vippin
Aggarwal in Ganganagar (Rajasthan). The company mainly processes
chana to chana dal and then to besan. The manufacturing unit in
Ganganagar has a capacity of 160 metric tonnes per day.


KUMARAGIRI ELECTRONICS: ICRA Cuts Rating on INR6.64cr Loan to B-
----------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR6.64
crore term loan facilities and the INR5.00 crore fund based
facilities of Kumaragiri Electronics Limited from [ICRA]B to
[ICRA]B-. ICRA has reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR4.00 crore non-fund based facilities of the
Company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term: Term         6.64       [ICRA]B-/revised from
   loans                              [ICRA]B

   Long Term: Fund         5.00       [ICRA]B-/revised from
   based facilities                   [ICRA]B

   Short Term: Non-        4.00       [ICRA]A4/reaffirmed
   fund based
   facilities

The revision of the ratings factor in the deterioration in the
financial profile of the company on account of decline in
revenues, operating profit margin and losses incurred at the net
level leading to negative net worth and inadequate debt coverage
metrics. The debt metrics are further stretched on account of
significant debt funded capex carried out in the recent past
towards capacity expansion, leading to higher debt repayment
obligations against tightly matched cash flows. The company
suffered cash loss of INR3.1 crore during 2015-16 and the
coverage metrics were weak with interest coverage at 0.5x and
total debt/OPBDITA at 14.9x. The ratings are further constrained
by the company's present modest business profile marked by small
scale of operations which restricts scale economies, and intense
competitive pressure which restricts pricing flexibility thereby
exposing the margins to fluctuations in cotton and yarn prices.
The company's ability to generated adequate cash flows for
meeting its increased repayment obligation amidst unfavourable
industry scenario is a key rating consideration and remains to be
seen.
The ratings however, continue to factor in the promoters'
experience in the textile industry and the Company's long-
standing relationship with its customers and low working capital
intensity marked by low debtor days.

Incorporated in 1986, KEL is engaged in the production of cotton
yarn. Previously, the Company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company decided to diversify into textiles. The
Company presently has an installed capacity of 42,624 spindles.
KEL is closely held by the promoter and their relatives /
friends. The Company has manufacturing facilities located at
Dharmapuri, Tamil Nadu.

Recent Results
The Company reported a net loss of INR5.7 crore on an operating
income of INR42.8 crore during 2015-16 as against a net profit of
INR1.5 crore on an operating income of INR46.7 crore during 2014-
15.


LSR FOODS: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of LSR Foods Limited
continue to reflect the company's modest scale of operations,
average financial risk profile marked by average debt protection
metrics and low total outside liabilities to tangible networth
ratio. These weaknesses are partially offset by the experience of
the promoters in the edible oil industry and their funding
support.

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

   Inland/Import
   Letter of Credit        100       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes LSR will continue to benefit from the promoters'
experience and funding support. The outlook may be revised to
'Positive' if revenue and profitability increases substantially
and working capital management is efficient. The outlook may be
revised to 'Negative' if low cash accrual or large working
capital requirement or debt-funded capital expenditure,
constrains liquidity.

Update
Operating revenue grew 9% to Rs 605 million in fiscal 2016 from
Rs 558 million the previous fiscal due to increased off-take.
Operating margin --low at 1.34% in fiscal 2016 due to the trading
nature of business - is expected to remain at 1.5-2.0% over the
medium term.

Financial risk profile remains average with low total outside
liabilities to tangible networth ratio estimated at 1.05 times in
fiscal 2016 (1.47 times the previous fiscal), in the absence of
debt-funded capital expenditure it is expected to remain below 1
time over the medium term. Interest coverage ratio, estimated at
1.67 times for fiscal 2016, is expected to remain moderate at
1.5-2.0% over medium term.

Liquidity is adequate as net cash accrual of Rs 3.1 million is
expected to be generated against nil debt repayment obligation in
the absence of long-term loan. Further, liquidity is supported by
unsecured loans from promoters estimated at Rs 138.2 million -
expected to remain in business over the medium term. Working
capital management is efficient as reflected by estimated gross
current ratio of 99 days as on March 31, 2016 (expected at 90-100
days over the medium term).

Incorporated in 1996, LSR is headquartered in New Delhi. Promoted
by Mr. Lakshmi Chand Agarwal and family, the company trades in
edible oil, de-oiled cakes and cashew processing.


MANAF P.B.: CRISIL Reaffirms 'B' Rating on INR59MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Manaf P.B.
continue to reflect the firm's modest scale of operations in an
intensely competitive industry, exposure to geographic
concentration risks, and large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of the proprietor, and the moderate revenue visibility
the firm derives for the medium term from orders received.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL A4 (Reaffirmed)

   Cash Credit             59        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      16        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Manaf P B will continue to benefit over the
medium term from its moderate order book and the proprietor's
extensive experience in the civil construction industry. The
outlook may be revised to 'Positive' if substantial ramp-up in
scale of operations and stable profitability result in a stronger
financial risk profile. Conversely, the outlook may be revised to
'Negative' if revenue or operating profitability declines
sharply, or working capital management deteriorates, further
weakening liquidity.

Set up in 2004 and based in Aluva, Kerala, Manaf P B is a
proprietorship firm. It executes civil contracts primarily for
Kerala Public Works Department. Operations are managed by the
proprietor, Mr. P B Manaf.


MISHKA FIBBERS: CRISIL Suspends 'D' Rating on INR180MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mishka
Fibbers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL D
   Proposed Long Term
   Bank Loan Facility       10       CRISIL D

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

Mishka, promoted by Mr. Vinay Tibrewal, was incorporated in 2007
and is based in Mumbai (Maharashtra). The company primarily
trades in polyester yarn and fabric required for manufacturing
garments.


NEW BONANZA: CRISIL Suspends B+ Rating on INR65MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
New Bonanza India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        8.5     CRISIL B+/Stable

   Standby Line of Credit    9.0     CRISIL B+/Stable

   Term Loan                60.0     CRISIL B+/Stable

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

NBIL was incorporated in 1995 and was taken over by the current
management in 2008. The company manufactures kraft paper and
absorbent kraft paper. Its manufacturing unit is in Meerut (Uttar
Pradesh) and is managed by Mr. Hemraj Singh, his wife Ms. Suman
Singh, and his business associate Mr. Pankaj Aggarwal.


PAHAL ENGINEERS: CRISIL Suspends B+ Rating on INR43.3MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pahal Engineers (Pahal).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         42.5       CRISIL A4
   Cash Credit            42.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     43.3       CRISIL B+/Stable
   Term Loan               1.7       CRISIL B+/Stable

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

Pahal was founded as a proprietorship firm in 2008. The firm is
owned and managed by Mr. Pritesh Shah. Pahal executes turnkey
projects related to water distribution systems in Gujarat.


PATIALA COTSPIN: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Patiala Cotspin
Limited's (PCL) 'IND BB+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

KEY RATING DRIVERS

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for PCL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary

PCL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable

   -- INR70 mil. fund-based limits: migrated to Long-term 'IND
      BB+(suspended)' from 'IND BB+' and Short-term 'IND
      A4+(suspended)' from 'IND A4+'

   -- INR14.2 mil. non-fund-based limits: migrated to Short-term
      'IND A4+(suspended)' from 'IND A4+'

   -- INR232.31 mil. long term loan: migrated to Long-term 'IND
      BB+(suspended)' from 'IND BB+'

   -- Proposed INR45 mil. term loan: migrated to Long-term
      'Provisional IND BB+(suspended)' from 'Provisional IND BB+'

   -- Proposed INR10 mil. fund-based limits: migrated to Long-
      term 'Provisional IND BB+(suspended)' from 'Provisional
      'IND BB+' and Short-term 'Provisional IND A4+(suspended)'
      from 'Provisional IND A4+'


POOJA SOYA: CRISIL Suspends 'D' Rating on INR200MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pooja Soya Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D
   Cash Credit            200        CRISIL D
   Letter of Credit        40        CRISIL D
   Proposed Long Term
   Bank Loan Facility     100        CRISIL D

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

Incorporated in 2006, PSIPL is engaged in solvent extraction and
production of soya products via crude oil and DOC at its facility
in Ratlam (Madhya Pradesh), which has capacity of 600 tonnes per
day. PSIPL is promoted by members of the Manglani family, which
has been engaged in the soya business since 1964.


PRECISION GRANITES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Precision
Granites Private Limited (PGPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect PGPL's small scale of operations and a long
net cash cycle. FY16 provisional financials indicate revenue of
INR346.39 mil. (FY15: INR346.41 mil.) and a long net cash cycle
of  357 days (166 days) on the back of high inventory holding
days of 260 days (163 days). The inventory days increased in FY16
as the company decided to stock rare quality raw materials which
it bought in large quantities. The company plans to process this
raw granite and marble and sell it in the international market
for a better price

The ratings draw support from PGPL's moderate credit profile with
EBITDA interest coverage (operating EBITDA/gross interest
expense) of 1.92x (FY15:1.85x) and net leverage (total adjusted
net debt/operating EBITDAR) of 4.55x (4.59x). The company's
EBITDA margin has remained volatile (17.95%-29.894%, during FY13-
FY16) on account of fluctuations in the price of raw materials.

The company's order book stood at INR39.425 mil. (0.11x of FY16
revenue) as on 15 September 2016 and its liquidity position was
comfortable with 79% average maximum utilisation of the fund-
based working capital facilities for the twelve months ended
August 2016. The ratings also factor in the promoters' decade-
long experience in the granite and marble processing business.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue along with
improvement in the credit profile would lead to a positive rating
action

Negative: Deterioration in the overall credit profile or a
further increase in the net cash cycle resulting in a liquidity
stretch would be negative for the ratings.

COMPANY PROFILE

Incorporated in February 1980, PGPL is a Bangalore-based company
which exports processed granite and marble.

PGPL's ratings:

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

   -- INR163.5 mil. fund-based working capital limits: assigned
      'IND B+'/Stable/'IND A4'

   -- INR165.6 mil. term loan: assigned 'IND B+'/Stable


PUDHUAARU FINANCIAL: ICRA Withdraws B(SO) Rating on PTC A2
----------------------------------------------------------
ICRA has withdrawn the rating assigned to the PTCs enlisted
below, issued under ABS programme originated by Pudhuaaru
Financial Services Private Limited.

Tyche IFMR Capital 2015

   Facilities              Ratings
   ----------              -------
   PTC Series A1           [ICRA]A-(SO) Withdrawn
   PTC Series A2           [ICRA]B(SO) Withdrawn

All the payouts to the investor in the above mentioned PTCs have
been made and no further payment is due to the investor.


PUMARTH INFRASTRUCTURE: CRISIL Cuts Rating on INR300MM Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the proposed long-term bank
facility of Pumarth Infrastructure Private Limited to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     300        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects the company's constrained liquidity
because of delay in project execution, no sales in the 12 months
through March 2016, and lower-than-expected realizations from
already booked plots. The downgrade also factors in PIPL's below-
average financial risk profile marked by less than adequate debt
coverage, and its stretched liquidity. CRISIL believes PIPL's
liquidity will remain under pressure until sales pick up and
customer advances for already booked plots and row houses are
received.

The rating reflects the company's exposure to risks relating to
funding, implementation, and sales of projects, susceptibility to
cyclicality in the real estate industry, and its funding support
to group companies. These weaknesses are partially offset by its
promoter's extensive experience in real estate development.
Outlook: Stable

CRISIL believes PIPL will benefit from its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
there is a significant increase in sales and customer advances.
The outlook may be revised to 'Negative' if PIPL reports
significantly lower-than-expected cash flow, either because of
subdued sales or lower-than-envisaged advances, or if it
contracts large debt, impacting its financial risk profile.

PIPL, established in 1982 by Mr. Manoj Sumati Kumar Kasliwal,
develops real estate and trades in shares and commodities. The
company primarily converts agricultural land into non-
agricultural status, provides the supporting infrastructure,
divides it into plots, and sells to end customers. It also
develops row houses based on customer requirements.


R.K TRANSPORT: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R.K Transport
(RKT) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect RKT's small scale of operations and moderate
credit profile. According to RKT's provisional financial for
FY16, its revenue was INR45 mil. (FY15: INR16 mil.), net
financial leverage (net debt/EBITDA) was 3.2x (3.7x) and gross
interest coverage (EBITDA/gross interest) was 4.0x (2.2x). The
company's EBITDA margin deteriorated to 55.0% (FY15: 64.5%) due
to high repair and maintenance cost.

The ratings are constrained by RKT's partnership nature of
business.

The ratings, however, are supported by over two decades of
experience of RKT's promoters in the transportation service. The
ratings are further supported by the firm's strong relationships
with its customers and suppliers. Moreover, RKT's liquidity is
comfortable as evident from its 65% average working capital
utilisation for the 12 months ended August 2016.

RATING SENSITIVITIES

Positive: A substantial improvement in revenue and the operating
profit could be positive for the ratings.

Negative: A decline in the operating profitability, resulting in
deterioration in interest coverage, could be negative for the
ratings.

COMPANY PROFILE

RKT, incorporated in 2011, is a subsidiary of Gujral Group of
companies which is engaged in transportation and hotel business
governed by the Board of Directors Mr. Bhupinder Singh Gujral,
Mrs. Tejinder Kaur Gujral , Mr. Gaganjeet Singh Gujral, Mr.
Sudipta Bhattacharya and Mr. Debdulal Talukdar.

RKT started its commercial operations in 2012. The firm is
primarily involved in transportation business. The firm mainly
transports LPG gases for Indian Oil Corporation (IND AAA/Stable),
Bharat Petroleum Corporation Limited and Hindustan Petroleum
Corporation Limited (IND AAA/Stable) in the eastern region of
India.

RKT's ratings:

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

   -- INR13.6 mil. fund-based working capital: assigned 'IND BB-
       '/Stable

   -- INR45.69 mil. Long-term loan: assigned 'IND BB-'/Stable

   -- INR1 mil. non-fund-based working capital: assigned
      'IND A4+'


RAINBOW ENTERPRISES: CRISIL Assigns 'B' Rating to INR80MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable 'ratings to bank
facilities of Rainbow Enterprises.

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

The rating reflects the modest scale and working capital
intensity of operations, exposure to intense competition in the
tile and marble trading segments, and weak financial risk
profile, constrained by low networth and high gearing. These
rating weaknesses are partially offset by extensive experience of
promoters and established relationships with customers.
Outlook: Stable

CRISIL believes that the firm will continue to benefit from
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant growth in operating income and
profitability or equity infusion by promoters, helps improve
networth and risk absorption capacity. The outlook may be revised
to 'Negative' if lower-than-expected accrual, stretch in the
working capital cycle, or significant time or cost overruns in
the debt-funded capex, weakens the financial risk profile.

RE, set up in 2007, trades in tiles and sanitary ware. The
Chennai-based firm is promoted by Mrs U. Thiruselvi.


RAKESH TEXTILES: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Rakesh Textiles (RT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Long Term Loan          18        CRISIL B/Stable

The rating reflects firm's limited track record in operations,
and exposure to risks related to stabilisation of its newly
installed capacity. The rating also factors in firm's exposure to
intensive competition in highly fragmented textile industry.
These weaknesses are partially offset by the partners' extensive
experience and funding support.
Outlook: Stable

CRISIL believes RT will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' in case of timely stabilization of the
installed capacity leading to healthy revenue and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
delays in stabilisation of project leading to lower-than-expected
revenue or profitability resulting in weakening financial risk
profile.

Set up in 2004, RT is a partnership firm based in Panipat,
Haryana. It began commercial operations in the current fiscal,
manufacturing and selling polyester curtains. The partners, Mr.
Rakesh Khanna and his brother, Mr. Yogesh Khanna, manage
operations.


RAMANI HOTELS: ICRA Assigns 'B' Rating to INR12.50cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR12.50
crore term loan of Ramani Hotels Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               12.50        [ICRA]B assigned

The assigned rating is constrained by weak financial profile of
the company characterised by net losses in the last few fiscal
years, moderate debt coverage indicators and stretched liquidity
position as reflected by high utilization of working capital bank
limits in the past. The rating is further constrained by moderate
occupancy levels of Tirupati & Bangalore Hotel properties and
weakness in demand from travellers due to intensely competitive
hotel market resulting in muted revenue growth. Moreover, the
hospitality industry is cyclical in nature and is vulnerable to
general economic slowdown and exogenous shocks.

The rating however, draws comfort from RHL being a part of the
Ramee Group, established experience of the promoters in the hotel
industry, and the favourable location of the hotel properties.
ICRA also notes that the high F&B (Food and Beverage) income from
its Juhu property provides comfort to the revenues and is likely
to support revenue growth for the company, going forward. The
rating also positively factors in the gradual improvement in the
ARR (Average Room Revenue) across all the hotels in the last one
year. ICRA notes the continued support of promoters in the form
of unsecured loans and equity infusion in the past.

Going forward, the company's ability to improve operating metrics
and achieve adequate accruals to meet the debt servicing
requirements, will be the key rating sensitivity. Meanwhile,
timely infusion of funds by promoters to meet cash shortfalls
will be critical to ensure debt servicing.

Ramani Hotels Limited is a part of Ramee Group with other group
companies being Ramee Hotels Private Limited and Creative Hotels
Private Limited, together referred to as the Ramee India group.
The operations of all the three companies are under the brand
name Ramee GuestLine Hotel. The three companies have a common
management and brand (Ramee GuestLine Hotel), and derive
considerable synergy from intra group operational and financial
linkages. Ramani Hotels have four properties in India, namely
Ramee GuestLine Hotel - Juhu, Ramee GuestLine Hotel - Bangalore,
Ramee GuestLine Hotel - Tirupati and Ramee Mall - Chennai.

The Ramee India group is part of the larger Ramee group of
hotels, which has number of hotels worldwide. The Ramee Group of
Hotels is promoted by Mr. V M Raj Shetty who is also the chairman
of the group.


RISE ON: ICRA Reassigns 'C' Rating to INR27.60cr Term Loan
----------------------------------------------------------
ICRA has revised the rating assigned to the INR27.60 crore fund
based facilities of Rise On Group from [ICRA]B+ to [ICRA]D and
simultaneously re-assigned the rating to [ICRA]C.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term Fund Based     27.60     Revised to [ICRA]D from
   Limits (Term Loan)                 [ICRA]B+ and simultaneously
                                      re-assigned [ICRA]C

The rating revision factors in RG's delays witnessed in interest
repayment on term debt during Q4 of FY2016 and Q1 of FY2017,
which has, however, been regular in the last three months. The
rating is also constrained by the project's exposure to moderate
execution risks, given that ~30% of the estimated construction
cost is yet to be incurred. The rating is further constrained by
the project's exposure to sales risks, following low bookings of
the commercial project as on date, thereby increasing the risk of
cash flow mismatches. Besides, ICRA notes that repayment of term
loan has commenced and any delay in realisation of sales and
receipt of payments could lead to re-financing risks. The rating
also takes into consideration the cyclicality inherent in the
real estate sector and the geographical concentration risk of the
promoters, with all their projects being located in the same
area. RG being a partnership firm, any substantial withdrawal
from the capital account would impact the net-worth, and thereby
the capital structure of the firm.

The rating, however, favorably factors in the long experience of
the promoters in the Surat real estate market and the project's
limited exposure to regulatory risks, as necessary approvals are
in place.

Going forward, the ability of the firm to timely service its debt
obligations and improve the pace of bookings of the commercial as
well as the residential project and achieve timely realization of
sales will be the key rating sensitivities.

Established in February 2013, Riseon Group is a Surat-based real
estate firm. The firm has been established for the construction
of a residential project, 'Melaanio Residency', and a commercial
complex, 'Leonard Square'. RG is promoted by the Maniya and Kheni
families, who have been engaged in real estate development for
more than three decades through the Rise On Group and M. K.
Group, respectively. The construction work of both the projects
commenced from April 2014. Project completion was scheduled for
December 2015 for Leonard Square, and August 2016 for Melaanio
Residency. The firm is a part of the Rise On Group, which has
been engaged in the real estate business for over three decades
in Surat and Ahmadabad. The firm also has two group concerns,
Vama Infra (rated [ICRA]BB / Stable) and Hindva Builders (rated
[ICRA]BB- / Stable).


RUKMANI IMPEX: CRISIL Suspends 'D' Rating on INR150MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rukmani Impex Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D
   Term Loan              150        CRISIL D

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

RIPL was incorporated in 2011 by Mr. Umesh Agrawal and Mr. Sunny
Agrawal. The company is engaged in manufacture and processing of
cashew nuts.  The company's processing unit at Jalna commenced
operations from August 2014. Mr. Umesh Agarwal looks after the
day to day operations of the company. The registered office of
the company is located in Jalna, Maharashtra.


SAIWIN CERAMIC: ICRA Assigns 'B' Rating to INR7.27cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.00
crore cash credit facility and INR7.27 crore term loan facility
of Saiwin Ceramic Private Limited. ICRA has also assigned short-
term rating of [ICRA]A4 to the INR1.00 crore non fund based
facility of SCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.00       [ICRA]B assigned
   Term Loan                7.27       [ICRA]B assigned
   Bank Guarantee           1.00       [ICRA]A4 assigned

The assigned ratings are constrained by the risk associated with
stabilization of operations due to start up nature of the company
and product establishment considering the high competitive
intensity in the tile manufacturing industry due to presence of
large established organized and unorganized players in tile
manufacturing in Morbi (Gujarat). The ratings are further
constrained by the vulnerability of the company's profitability
to the cyclicality inherent in the real estate industry, which is
the main consuming sector; and to the adverse fluctuations in
prices of raw materials and natural gas, which is the major fuel.
The ratings also take into account the possible stress on the
company's financial profile given the debt funded nature of the
project and sizable debt repayments scheduled in the near term.
The ratings, however, positively factor in the past experience of
the promoters in the ceramic industry though association with
group concerns engaged in the ceramic industry and the location
advantage enjoyed by the company by virtue of its location in
Morbi (Gujarat), which is ceramic hub leading to easy
availability of raw material and manpower.

Incorporated in February 2016, Saiwin Ceramic Private Limited has
set up a plant at the cost of around INR15.05 crore to
manufacture digital ceramic wall tiles in sizes 300x600mm and
300x900mm. The manufacturing facility is located at Morbi with an
installed capacity to manufacture 30,000 Metric Tonnes of wall
tiles per annum. The company is promoted by Mr. Nitin shirvi, Mr.
Kelvin Ukani and Mr. Kalpesh Rangpadia having wide experience in
the ceramic industry.


SANGOTRA FASHIONS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sangotra
Fashions Private Limited's (SFPL) 'IND BB+' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. This
rating will now appear as 'IND BB+(suspended)' on the agency's
website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SFPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SFPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable

   -- INR70 mil. fund-based limits: migrated to Long-term 'IND
      BB+(suspended)' from 'IND BB+' and Short-term 'IND
      A4+(suspended)' from 'IND A4+'


SANJAY KUMAR: CRISIL Suspends 'B+' Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sanjay
Kumar & Co. Exim Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B+/Stable
   Letter of Credit        200       CRISIL A4

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

Set up in 2004 as a closely-held public limited company, SKL is
engaged in import and trading of timber logs. The company, based
in Patel Nagar (Delhi), is promoted by Mr. Sanjay Garg. It has a
branch office in Gandhidham (Gujarat).


SATYA SUBAL: CRISIL Suspends B- Rating on INR68.6MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Satya Subal Himghar Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1         CRISIL A4
   Cash Credit            44.8       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     54.6       CRISIL B-/Stable
   Term Loan              68.6       CRISIL B-/Stable
   Working Capital Loan    6         CRISIL B-/Stable

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

Incorporated in 2013, SSHPL provides cold storage facilities for
potatoes. Its promoters also undertake opportunistic trading in
potatoes. SSHPL's cold storage is in Paschim Medinipur (West
Bengal). The company's day-to-day operations are managed by five
brothers: Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka
Ghosh, Mr. Shankar Ghosh, and Mr. Kinkar Prasad Ghosh.


SATYENDRA AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Satyendra Agro Products and has assigned its
'CRISIL B+/Stable' rating to the bank facilities. The rating was
'Suspended' on July 12, 2016 since SAP had not provided necessary
information required to take the rating review. SAP has now
shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL B+/Stable (Assigned;
                                     suspension revoked)

The rating reflects SAP's modest scale of operations in the
highly fragmented agro-commodity industry, and its modest net
worth. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters.
Outlook: Stable

CRISIL believes SAP will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations and operating profitability, or if its promoters
infuse substantial capital, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SAP generates substantially low accruals, its
working capital cycle is stretched, or it undertakes a large
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

SAP, established in 2009, processes toor daal. The firm's day-to-
day operations are handled by Mr. Bijendra Shah, Mr. Pravinkumar
Shah, and Mr. Viralkumar Shah. It sells its product under the
brand name, Srivdevi.


SETHUMEENA ROADWAYS: CRISIL Suspends B Rating on INR120MM LT Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sethumeena Roadways.

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

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

Set up in 2013, Sethumeena is involved in the transportation
business. Its operations are managed by its proprietor, Mr. P S
Sethuraman.


SHARMA CONSTRUCTION: Ind-Ra Suspends 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sharma
Construction Company's (SCC) 'IND B+' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND B+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SCC.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SCC's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable

   -- INR62 mil. fund-based working capital limits: migrated to
      Long-term 'IND B+(suspended)' from 'IND B+' and Short-term
      'IND A4(suspended)' from 'IND A4'

   -- INR30 mil. non-fund-based limits: migrated to Short-term
      'IND A4(suspended)' from 'IND A4 '


SHINGHAL AGRI: CRISIL Suspends 'B' Rating on INR83.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shinghal Agri Industries Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             38        CRISIL B/Stable
   Term Loan               83.5      CRISIL B/Stable

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

Incorporate in 2013, SAIPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. It has an
installed paddy milling capacity of 8 tons per hours (tph). Its
rice mill is located in Bahalda, Mayurbhanj (Odisha). The
promoter director Mr. Mukesh Kumar Dhandhania and Mr. Sachin
Agrawal manage the company's daily operations. SAIPL started
commercial operations in December 2014.


SHIVA VEENER: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shiva Veener
(India) Private Limited's 'IND B+(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND B+(suspended)' and
'IND A4(suspended)' ratings on the company's INR60 mil. fund-
based working capital limits.

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

Ind-Ra had suspended SVIPL's ratings on 24 February 2016.


SHREE SANTOSHI: CRISIL Assigns B+ Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shree Santoshi Rice and Pulse Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B+/Stable
   Term Loan               10.3      CRISIL B+/Stable

The rating reflects SSRPM's modest scale of operations in the
highly competitive agricultural commodity industry and its
operating margin being susceptible to raw material price
volatility. The rating also factors in the firm's weak financial
risk profile constrained because of low networth. Operations of
SSRPM remains working capital intensive driven by high inventory
days. These rating weaknesses are partially offset by the
promoters' extensive industry experience and their relations with
suppliers.
Outlook: Stable

CRISIL believes that SSRPM will benefit over the medium term from
its promoters' experience in the agricultural commodities
industry. The outlook may be revised to 'Positive' if the firm
improves its profitability and scale of operations, leading to
higher-than-expected cash accruals and, consequently, improved
capital structure. Conversely, the outlook may be revised to
'Negative' in case of low accruals or deterioration in working
capital management, resulting in deterioration in the financial
risk profile.

Established in 1993, SSRPM is a partnership firm promoted by the
Vohra family based in Ahmedabad. The firm processes basmati and
non-basmati rice. Its manufacturing facilities are located at
Ahmedabad with processing capacity of about 38,400 Metric Tonnes
Per Annum of rice.

SSRPM's reported on provisional basis Profit after tax (PAT) of
INR2.2 million on net sales of INR602.3 million for 2015-16
(refers to financial year, April 1 to March 31), against a Profit
after Tax (PAT) of INR0.5 million on net sales of INR521.5
million for 2014-15.


SHRI SIDDHESHWAR: CRISIL Reaffirms 'B' Rating on INR1.4BB Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shri
Siddheshwar Sahakari Sakhar Karkhana Limited (SSSSKL) continues
to reflect the company's exposure to risks related to
implementation of its ongoing capital expenditure (capex), and
its weak financial risk profile because of high gearing and
subdued debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             1400     CRISIL B/Stable (Reaffirmed)

The rating also factors in its susceptibility to cyclicality in
the sugar industry and to changes in government regulations.
These weaknesses are partially offset by its favourable location
in terms of availability of sugarcane in its command area, the
funding support from its promoters, and its semi-integrated
operations.
Outlook: Stable

CRISIL believes SSSSKL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if reduction in working capital cycle
through liquidation of stock leads to better liquidity and
capital structure, and in case of completion of the ongoing
project within the budgeted time and cost. The outlook may be
revised to 'Negative' if there is a time or cost overrun in the
project, or lower-than-expected cash accrual, weakening the
financial risk profile, particularly liquidity.

SSSSKL, based in Solapur, Maharashtra, was established in 1971 by
Mr. Appasaheb Kadadi. It has presence in the sugar, power, and
distillery segments.


SILVER SPRINGS: CRISIL Ups Rating on INR180.9MM Loan to BB
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Silver Springs Pleasure Resorts Pvt Ltd to 'CRISIL BB/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            180.9      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Overdraft Facility      60.0      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects a sharp improvement in Silver Springs'
credit profile, driven by closure of long-term loans and healthy
cash accrual. On the back of a favourable location and improving
tourist flow, the average occupancy at Silver Springs' hotel
properties improved to 83% in the first quarter of fiscal 2017
against 75% two years ago. Consequently, net cash accrual has
increased significantly, and were at Rs 67 million in fiscal
2016. Healthy cash accrual has helped repay long-term loans taken
for setting up its hotel properties; currently, it has minimal
long-term debt obligation. Improving cash accrual should reduce
overall borrowings over the medium term, and will remain a key
rating sensitivity factor.

The rating reflects the extensive experience of the promoters in
the hospitality industry and a moderate financial risk profile,
supported by improvement in gearing and debt protection metrics.
These strengths are partially offset by modest revenue and
susceptibility to geographical concentration risk.
Outlook: Stable

CRISIL believes that Silver Springs will benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' in case of continued higher-than-
expected cash accrual through increasing revenue or better
operating profitability, or both. Conversely, the outlook may be
revised to 'Negative' if liquidity weakens because of lower cash
accrual, or promoters substantially withdraw unsecured loans, or
any large, debt-funded capital expenditure weakens the financial
risk profile.

Established in 1994, Silver Springs operates a five-star hotel
and a casino at Varca beach in Goa. The company was demerged from
group entity Zuri Hospitality Pvt Ltd, effective April 1, 2012.
Its operations are managed by directors Mr. Aditya Kamani and Mr.
Abishek Kamani, and supported by a professional management team.


SUNAYANA COLD: CRISIL Suspends 'B' Rating on INR34MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunayana Cold Storage Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               34        CRISIL B/Stable

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

SCSPL, incorporated in 2009, provides cold storage services to
potato famers. The company is owned by Bihar-based Mr. Ramjeewan
Mahto.


SWASTIK COPPER: CRISIL Suspends B+ Rating on INR200MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swastik Copper Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         360        CRISIL A4
   Cash Credit            200        CRISIL B+/Stable
   Letter of Credit        40        CRISIL A4

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

Established by Mr. Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacities ranging from
5 kilovolt amperes (kVA) to 10,000 kVA. The company supplies
transformers to electricity boards/power distribution companies
in Uttar Pradesh, Rajasthan, Chhattisgarh, and Madhya Pradesh. It
has an installed capacity to manufacture 1000 transformers of
ratings of up to 250 kVA and 1500 transformers of ratings in the
range of 250 kVA to 10,000 kVA, apart from 3000 protective boxes.


SWASTIK MARKETING: ICRA Suspends B+ Rating on INR2.5cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.50 crore cash credit facility of Swastik Marketing. ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
the INR2.50 crore short-term non-fund based facility of SM. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 1988, Swastik Marketing is a proprietorship firm
engaged in trading and distribution business. Currently, SM is a
distributor of Blackberry mobile phones, Karbonn mobile phones,
Byond mobile phones and OBI mobile phones in Gujarat. The firm is
also engaged in trading of grey cloth. SM is promoted by Mr.
Sandeep Jain.


THAMPURAN CASHEWS: CRISIL Cuts Rating on INR100MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Thampuran Cashews to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit in        50       CRISIL A4 (Downgraded from
   Foreign Currency                  'CRISIL A4+')

The downgrade reflects deterioration in the business and
financial risk profiles due to decline in revenue, and large
working capital requirement. Operating revenue fell 34% year-on-
year to an estimated at Rs 219 million in fiscal 2016 due to
intense competition. Subdued operating performance coupled with
working capital intensive operations has resulted in below
average financial risk profile; total outside liabilities to
tangible networth deteriorated to 6.4 times in fiscal 2016 as
compared to 4.6 times the previous year.  Debt protection metrics
also remained modest, with interest coverage estimated at 1.27
times during the same period.

The ratings reflect TC's below-average financial risk profile,
modest scale of operations in the intensely competitive cashew
business, and susceptibility of its operating profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of TC's proprietor
in the cashew processing business and established relationship
with its suppliers and customers.
Outlook: Stable

CRISIL believes TC will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if increase in scale of operations and profitability
improve the financial risk profile. The outlook may be revised to
'Negative' if it records low revenue and profitability or large
debt-funded capital expenditure weakens the financial risk
profile.

Set up as a proprietorship concern in 2007 by Mr. Pepsin Raj,
Kollam (Kerala)-based TC processes raw cashew nuts.


TOLANI PROJECTS: CRISIL Suspends B+ Rating on INR26MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tolani
Projects Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         115        CRISIL A4

   Letter of Credit        20        CRISIL A4

   Overdraft Facility      10        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      26        CRISIL B+/Stable

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

TPPL was set up in 1979 as a proprietorship firm, Tolani
Fabricators, by Mr. Narainbhai Hundaldas Tolani. It was
reconstituted into a partnership firm in April 2009, and a
private limited company in January 2010. The Surat-based entity
provides O&M services-including fabrication, coating,
installation, commissioning and maintenance of pipelines-for the
oil and gas industry.


UNIK TRADERS: CRISIL Reaffirms 'B' Rating on INR200MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Unik Traders
continues to reflect UT's weak financial risk profile marked by
modest net worth, high total outside liabilities to tangible net
worth (TOLTNW) ratio, and below average debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            200        CRISIL B/Stable (Reaffirmed)

The rating also factors in UT's modest scale of operations and
its large working capital requirements. These rating weaknesses
are partially offset by the benefits that UT derives from its
promoter's extensive experience in the spices trading business
and funding support.
Outlook: Stable

CRISIL believes that UT will continue to benefit over the medium
term from its promoter's extensive experience in the spice
trading business. The outlook may be revised to 'Positive' if the
firm improves its working capital cycle along with sustainable
improvement in its scale of operations and profitability, leading
to improved cash accruals and capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly liquidity, deteriorates because of stretch
in working capital cycle, or if there is pressure on the firm's
cash accruals, or withdrawal of funding support by the promoter.

Update
UT recorded revenues of around INR350 million in 2015-16. The
revenues of the firm declined from INR780 billion in 2014-15 on
account of on account of decline in the trading of poppy seeds
which constituted 70 per cent of its revenues due to impositions
regarding the import of poppy seeds. Going forward, CRISIL
believes that the revenues of the firm are expected to remain at
2015-16 levels unless the stay on the imports of poppy seeds is
lifted.  In 2015-16, the operating margins improved to around 7
per cent from 4.6 per cent in 2014-15 on account of trading of
the stocked poppy seeds at higher prices due to increase in the
prices of poppy seeds after the government imposition as the
supply was less as compared to the demand. UT's working capital
requirements continue to be sizeable driven by the high debtor
levels at 173 days as on March 31, 2016. UT's liquidity remains
stretched marked by moderate utilized bank lines on the back of
its working capital requirements. However the liquidity is
supported adequate net cash accrual generation to meet its term
debt obligations and support from the promoters in the form of
unsecured loans of INR25 million as on 31st March 2016. UT's
revenue and operating margin will remain key rating sensitivity
factors affecting the accretion to reserves and thus the
liquidity and financial profiles.

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

Set up in 1992 as a partnership firm by Mr. Hanif Thara and his
friend, UT was later re-constituted as a proprietorship firm with
Mr. Thara as proprietor. The Bengaluru-based firm trades in
spices and dry fruits.


UPPER INDIA: CRISIL Suspends B+ Rating on INR50MM Bill Purchase
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Upper
India Tanners.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Bill Purchase      50       CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility          5       CRISIL A4

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

Established in 2011, as a partnership firm UIT is a Kanpur based
company which is mainly engaged into manufacturing and export of
leather raw material , leather for shoes, sofa and for furniture.
The partnership is between Ariba Fatima, Binyamin Ahmed and
Tabassum Ahmed.


VINAYAK POLYPIPES: CRISIL Ups Rating on INR90MM Loan to BB-
-----------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities
of Vinayak Polypipes Private Limited (VPPL) to 'CRISIL BB-
/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

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

The upgrade reflects CRISIL's belief that VPPL's business and
financial risk profile will register sustained improvement over
the medium term supported by healthy demand scenario and
improving working capital management. VPPL's scale of operations
have grown to about INR500 million for fiscal 2016 from INR92
million during fiscal 2015 on the back of healthy demand
especially from players in water supply and irrigation in
infrastructure segment. For fiscal 2017, VPPL has already clocked
sales of over INR450 million and CRISIL expects it to register
healthy growth of around 20-25 per cent over the medium term
backed by sustained order flow. VPPL registered circular
improvement with better managed working capital cycle exhibited
in GCA days of 83 days as on March 31, 2016 as against 141 days
as on March 31, 2015 on account of better inventory management
and improved receivable recovery cycle. Moreover, VPPL's
liquidity has improved with infusion of funds by promoters in the
form of equity and unsecured loans. CRISIL believes that VPPL's
financial risk profile will improve backed by healthy cash
accruals resulting in lower reliance on external debt for its
incremental working capital requirements and no major debt funded
capex plans over the medium term.

The rating reflects extensive experience of VPPL's promoters in
the pipe manufacturing industry and moderate financial risk
profile marked by improving gearing and debt protection metrics.
These rating strengths are partially offset by VPPL's modest
scale of operations in a fragmented industry and susceptibility
of the company's operating margin to volatility in raw material
prices.
Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations and improves its
profitability margins, leading to higher cash accruals and
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if VPPL's financial risk profile
deteriorates either due to lower-than-expected profitability, or
sizeable working capital requirements or large debt-funded
capital expenditure.

Incorporated in 2011, VPPL manufactures PVC, HDPE, and UPVC
pipes. The company is owned and managed by Mr. Dilipkumar Patel
and his family members. VPPL commenced production from April 2012
onwards.

VPPL reported a profit after tax (PAT) of INR22.7 million on net
sales of INR502.3 million for 2015-16; the company reported a PAT
of INR3.2 million on net sales of INR92.4 million for 2014-15.



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


LIPPO KARAWACI: S&P Affirms 'B+' CCR; Outlook Stable
----------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
corporate credit rating on Indonesia-based property developer PT
Lippo Karawaci Tbk.  The outlook is stable.

S&P also assigned its 'B+' long-term issue rating to the proposed
senior unsecured notes of up to US$420 million that Theta Capital
Pte Ltd. will issue. Lippo will guarantee the notes.  At the same
time, S&P affirmed its 'B+' foreign currency long-term issue
rating on the existing senior unsecured notes by Theta Capital
and our 'axBB' ASEAN regional scale rating on Lippo.

"We affirmed the rating because we expect Lippo's interest
servicing capacity to remain commensurate with our earlier
forecast through 2018 despite weak year-to-date property sales, a
potential delay in asset sales, and marginally higher debt from
Lippo's proposed issuance of US$420 million in new notes," said
S&P Global Ratings credit analyst Kah Ling Chan.

S&P projects Lippo's EBITDA interest coverage to be about 1.8x in
2016.  This level is lower than S&P's earlier forecast of 2.0x
but above its downgrade trigger of 1.5x on a sustainable basis.

S&P now believes that some of Lippo's Indonesian rupiah (IDR) 1.3
trillion asset sales (comprising the Jogya and Kuta assets) to
Singapore-listed Lippo Malls Retail Trust (LMIRT), which S&P
anticipated would happen in 2016, could be delayed to 2017.  S&P
has therefore lowered its EBITDA forecast for the company by
about 10%.

The rating on Lippo already factors slow property sales in 2016.
S&P still anticipates that property sales will pick up to about
IDR5 trillion in 2017 as a tax amnesty in Indonesia could boost
customer sentiment.  However, higher property sales in 2017 will
only materially benefit EBITDA, operating cash flows, and credit
metrics in 2018, given the time lag between property sales and
revenue and profit recognition.

S&P's forecast for 2017 does not capture the potential disposal
of Lippo's St. Moritz retail mall in Jakarta to LMIRT.  The
valuation of the mall could exceed IDR6 trillion.  S&P sees
challenges in LMIRT raising sufficient funds for this purchase
through a REIT in Singapore.

Lippo's proposed refinancing of up to US$400 million of bonds
that were originally due in 2020 will increase the company's debt
by about US$20 million.  While S&P regards such refinancing as
positive from a liquidity standpoint, they confirm S&P's view
that Lippo's management team has limited appetite to reduce
leverage. As a result, S&P expects reported debt to stay broadly
stable over the next three years.

Lippo's growth aspirations remain intact as the company seeks to
cement its first-mover advantage in Indonesia.  Amid weak
property sales, Lippo has been monetizing assets to fund its
investment program.

Lippo intends to use the proceeds from the proposed notes to
refinance US$400 million in senior unsecured notes and pay
transaction-related premium and expenses.

"The stable outlook reflects our expectation that Lippo will
maintain its cash flow adequacy and interest-servicing capacity
over the next 18 months," said Ms. Chan. "We expect EBITDA
interest coverage to remain above 1.5x."

The outlook also reflects S&P's expectation that the company will
maintain its cash balance, dispose of land or assets, or reduce
capital expenditure where necessary.

S&P could lower the rating if Lippo continues to register
markedly lower property sales while aggressively investing in
working capital and expansion.  Weakness in its leverage and
interest-servicing capacity could also stem from continued delays
in asset disposals, which will raise uncertainty in the
continuity of its asset-light business model.  An EBITDA interest
coverage approaching 1.5x with no prospect for recovery is a
clear indication of that weakness.

S&P could also lower the rating if Lippo continues to deplete its
asset base and investments (most notably the stakes in its
operating subsidiaries or REITs) amid slow property sales and
operating cash flows, and persistently uses the proceeds to fund
capital expenditure.

S&P could raise the rating if Lippo materially improves its
leverage and interest coverage, and maintains adequate liquidity,
such as by the sale of assets.  Lippo could also practice
financial prudence, reining in its capital expenditure.

S&P may also consider the upgrade if EBITDA interest coverage
stays materially above 2.5x and the debt-to-EBITDA ratio is below
5x.


SRI REJEKI: S&P Lowers CCR to 'B+' then Withdraws Rating
--------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Indonesian-based textile producer PT Sri Rejeki Isman Tbk. to
'B+' from 'BB-'.  The outlook is stable.  S&P also lowered its
long-term issue ratings on the senior unsecured notes issued by
Golden Legacy Pte. Ltd. and guaranteed by Sritex to 'B+' from
'BB-'.  S&P affirmed the ASEAN regional scale rating on Sritex at
'axBB'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Sept. 21, 2016.  S&P
subsequently withdrew all the ratings at the issuer's request.

S&P lowered the rating on Sritex because S&P believes that the
debt-funded expansion at sister company PT Rayon Utama Makmur
(RUM) could translate into rising event risk at Sritex, amid
rising operational linkages.

"Sritex will use rayon products from RUM.  A new plant at RUM
with a 80,000 ton annual capacity is likely to be completed by
the end of 2016, but at the time of the rating withdrawal, we had
limited information allowing us to adequately assess the degree
of interdependence or insulation between RUM and Sritex.  We
understand that Sritex will potentially use a sizable amount of
the output from the plant when it starts operations.  However, we
have limited visibility on (1) the plant's customer base outside
Sritex and whether Sritex may buy additional production if the
plant is slow in expanding its customer base; (2) the precise
nature of offtake arrangements and payment terms between Sritex
and RUM; and (3) how long the ramp-up will last and the expected
profitability of the plant," S&P said.

In the absence of more specific information, S&P now regards
Sritex' credit quality to be more adequately reflected by the
credit standing of the group that comprises Sritex' own
operations and those of RUM, an entity standing separate from
Sritex but with common ultimate ownership.

At the time of withdrawal, S&P estimates that the group formed by
Sritex and RUM had substantially more leverage than Sritex on its
own.  S&P estimated that RUM's plant cost US$250 million and S&P
understands that most of that cost is debt-funded.  The plant is
likely to be completed by the end of 2016, with debt likely
getting fully drawn down for the project over the coming weeks
with no commensurate cash flows.

S&P estimates that, on a consolidated basis, the ratio of funds
from operations (FFO) to debt of the group formed by Sritex and
RUM could stand at 10%-15% through 2018.  This level is more
consistent with a 'B+' rating, given the underlying earnings
quality of the entities within the group.  The ratio is also
below the 18%-20% S&P earlier estimated for Sritex on its own.

"We base this FFO-to-debt ratio estimate on the following
assumptions: (1) plant cost of US$250 million, and financed 65%
with debt; (2) 40,000 tons of production, given a gradual ramp-up
of the plant in the first year, average selling price of US$2,000
per ton and EBITDA margin of 10%; (3) sales increasing to full
capacity with 15% margin based on rayon producers with public
financials that have margins of 10%-20% when they are fully
operational at a larger scale; (4) organic revenue growth at
Sritex of 7%-8%, with EBITDA margin at 20%-22%; (5) total capital
spending of about US$60 million in 2016 followed by US$45 million
in 2017 as capacity additions are completed; and (6) modest
working capital outflows and immaterial dividends," S&P noted.

In S&P's view, the combination of substantial debt at RUM with
limited visibility on its financial standing, business
sustainability, and future operational linkages translates into
rising event risk at Sritex.  Given both companies have common
ultimate majority ownership, S&P believes Sritex may have an
economic incentive to support RUM, within the bounds of its debt
covenants.  In addition, in the absence of information related to
RUM's debt maturity profile, covenants, or refinancing
requirements, S&P believes the financial standing of RUM could
indirectly influence market confidence in Sritex and its access
to capital.

At the time of withdrawal, the stable rating outlook reflected
the expectation that the group formed by Sritex and RUM would
average FFO/debt of 10%-15% over the next 12 months.


THETA CAPITAL: Moody's Rates Proposed 2026 Sr. Notes 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of Ba3 to the proposed 2026 senior unsecured notes to be
issued by Theta Capital Pte. Ltd. - a wholly owned subsidiary of
Lippo Karawaci Tbk (P.T.) (Ba3 negative) - and guaranteed by
Lippo Karawaci and some of its subsidiaries.

Lippo Karawaci will use all of the net proceeds towards redeeming
the USD403 million 2020 senior unsecured notes issued by Theta
Capital Pte. Ltd.

                           RATINGS RATIONALE

"The successful refinancing exercise will extend Lippo Karawaci's
weighted average debt maturity profile, with the company's next
major debt maturity of USD410 million coming due only in 2022,"
says Jacintha Poh, a Moody's Vice President and Senior Analyst.

Lippo Karawaci's Ba3 corporate family was affirmed with a
negative outlook on Oct. 18, 2016.  Moody's ratings rationale was
set out in a press release published on the same day.

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

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


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


WYNYARD GROUP: Appoints KordaMentha as Administrators
-----------------------------------------------------
Paul McBeth at BusinessDesk reports that Wynyard Group's board
has appointed voluntary administrators after the intelligence
software developer gave up on drawing a NZ$10 million loan from
major shareholder Skipton Building Society or trying to raise new
capital.

BusinessDesk relates that KordaMentha's Neale Jackson and Grant
Graham have been appointed administrators, which Wynyard's board
says will "ensure an environment where all options can be fully
explored to retain the value in the business," it said in a
statement.  According to BusinessDesk, Auckland-based Wynyard
halted trading in its shares while it investigated ways to tap a
standby loan facility with Skipton, however it today said that
drawing down the loan or raising new debt or equity wasn't "in
the best interests of the company, its shareholders or other
stakeholders."

BusinessDesk says the one-year facility, secured over the assets
of the company, included arrangement and commitment fees,
drawdown fees of 8%, and an annual interest rate of 15 percent on
any amount drawn down. Skipton imposed restrictions on the
facility including a test that the board is confident that the
company "can enter into transactions sufficient to repay any
amount drawn down under the facility" and tied the funds to
meeting certain financial covenants, according to BusinessDesk.

Last week Wynyard said it needed to make a partial drawdown on
that facility in early November and was looking at how it could
meet the conditions of the loan, BusinessDesk recalls.

"The board acknowledges the significance of its decision for
shareholders, staff and customers, and will work with KordaMentha
to support these parties as it moves quickly through this
process," the report quotes Wynward as sayng. "At this point,
Wynyard will be making no further comment on the voluntary
administration process."

The shares last traded at 21.5 cents, having plunged 88% so far
this year as the software developer burned through cash and
struggled to deliver on revenue guidance, adds BusinessDesk.

Based in Auckland, New Zealand, Wynyard Group Limited (NZE:WYN)
-- https://www.wynyardgroup.com/ -- provides software and
solutions to help protect companies and countries from threat,
crime and corruption. The Company has designed and developed
software to operate and connect three mission cycles: Risk
Management, Intelligence and Investigations. Wynyard products and
solutions are used by fortune 500 companies, national security
agencies and critical infrastructure operators across government,
financial services and infrastructure sectors. The Company
provides consulting and bureau services to government agencies
and financial institutions engaged in software to help protect
companies and countries from threat, crime and corruption. The
Company's solutions include risk management, intelligence,
investigations and digital forensics.



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


SWISSCO HOLDINGS: Outlines Plan to Save Firm from Insolvency
------------------------------------------------------------
Marissa Lee at The Strait Times reports that the bosses of debt-
saddled Swissco Holdings have outlined a plan to save the firm
from insolvency.

But the plan is only a preliminary one as Swissco's bank lenders
are yet to sign up to the US$260 million (S$362 million) debt
restructuring, the report says.

At the informal meeting on Oct. 24, chairman Lim How Teck urged
holders of Swissco's $100 million bonds to agree to swap US$64
million in principal for equity in the firm, and defer payment on
the remaining US$10 million to December 2020 instead of 2018 as
originally promised, for a lower coupon rate than the original
5.7 per cent.

According to The Strait Times, Swissco is also seeking to write
down some $255 million of bank debt owed to major lender UOB and
six other banks to US$70.7 million, and defer some bank loans to
2020. Mr Lim said feedback from potential investors was that they
would come in only if Swissco's net debt was pared down to US$80
million.

And the only way to woo new investors to inject cash would be to
mark Swissco's assets to market, the report relays. "Nobody will
put in more money unless they are sure that there is a chance to
get more money back," The Strait Times quotes Mr. Lim as saying.

The Strait Times says Swissco wants to scrap all seven of its
idle drilling rigs - three of which are shared with joint venture
partner Ezion Holdings - to avoid cash burn from maintenance. It
will then try out a brokering model, using its networks to help
shipyards with surplus rigs find business.

That leaves Swissco with a fleet of 35 offshore support vessels
(OSVs) and a 36 per cent utilisation rate, so the 11 OSVs that
are not tied to loans can be sold for cash, the report notes.

The Strait Times relates that Swissco also has one lift boat that
it is trying to find employment for, and two accommodation jack-
up rigs with joint venture partners. The charter for one is in
default. The other is due to receive payment in the next few
months, though Mr. Lim noted that "receivables are having a rough
time, and nobody gets paid on time".

To tide the firm through the turnaround, the board has offered to
draw directors' fees of $1 a year until Swissco turns profitable,
though one note holder pointed out that directors' fees had in
fact risen from US$76,000 in 2014 to US$468,000 last year,
according to the report.

The Strait Times relates that emotions ran high at one point when
some note holders served a notice to the board demanding
immediate payment on interest and principal, causing Mr. Lim to
raise his voice: "I just simply cannot understand that before you
hear a restructuring plan, you jump the gun by saying 'I don't
care what the hell you guys do, I want to kill the duck'. If that
is the thinking and if all of you agree to just shoot the duck,
you'll get absolutely nothing."

The Strait Times says note holders hit back at the board for
coming to the negotiating table just six days before their coupon
was due, and the focus fell on the board's poor cash-flow
planning.

Swissco faces insolvency unless it can rally the support of
creditors and attract fresh equity, the report states. The
company has obtained an informal standstill from the banks who
have agreed not to collect on financial obligations until the end
of December, though whether that agreement will be renewed
remains to be seen, says The Strait Times.

Swissco has a market value of about $35.1 million. The shares
last traded at 5.2 cents on Oct. 10 before trading was suspended,
the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 25, 2016, Offshore Shipping Online said the board of
directors of Swissco Holdings Limited said that on Oct. 20, 2016,
the company received a notice from DB International Trust
(Singapore) Limited, in its capacity as Notes Trustee), stating
that a Potential Event of Default has occurred pursuant to
Condition 9(a) due to the failure of the company to pay interest
due and payable on the Notes on Oct. 16, 2016.

The company said the trustee has reserved all rights to take
whatever remedial actions it deems necessary at any time
following the occurrence of the potential event of default. The
company has not received any notice from the Trustee that the
Notes are immediately due and payable.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.



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


HANJIN SHIPPING: Seoul Court OKs Winding Down of 4 European Units
-----------------------------------------------------------------
Reuters reports that Hanjin Shipping Co Ltd said on Oct. 24 its
European routes services have completely halted, and a Seoul
court overseeing its receivership process has approved winding
down four of its European units.

The four units, Hanjin Shipping Europe GmbH & Co, Hanjin Shipping
Hungary Transportation Ltd, Hanjin Shipping Poland Sp and Hanjin
Spain S.A., will begin winding down by early November using
methods such as declaring bankruptcy or being liquidated, Hanjin
said in a regulatory filing, Reuters relates.

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.



=============
V I E T N A M
=============


TIEN PHONG: Moody's Assigns B2 Issuer Rating
--------------------------------------------
Moody's Investors Service has assigned these first-time ratings
and assessments to Vietnam-based Tien Phong Commercial Joint
Stock Bank (TP Bank):

  1. Long-term local and foreign currency deposit and issuer
     ratings of B2;
  2. Short-term local and foreign currency deposit and issuer of
     Not Prime;
  3. Baseline credit assessment (BCA) and adjusted BCA of b3;
  4. Counterparty Risk Assessments of B2(cr)/NP(cr)

The outlook on the long-term ratings is stable.

                        RATINGS RATIONALE

The B2 long-term ratings assigned to TP Bank reflect: (1) its BCA
of b3, and (2) a one-notch uplift based on Moody's expectation of
a "moderate" probability of support from the Government of
Vietnam (B1 stable).

The b3 BCA assigned to TP Bank reflects its modest solvency and
funding metrics.

TP Bank's asset risk is elevated, but largely in line with the
average for other rated banks in Vietnam.  Around 6% of its
adjusted gross loans were problematic at end-June 2016, including
special mention loans, non-performing loans, problem loans sold
to the Vietnam Asset Management Company (VAMC), and restructured
loans classified as performing.

TP Bank's asset quality weakened marginally in the first half of
2016, because of a higher stock of VAMC assets related to one
corporate client.  Moody's expects that TP Bank's asset risk will
remain elevated in the next 12-18 months, because of rapid loan
growth.  TP Bank's loan growth amounted to 42% in 2015 and 30% in
the first half of 2016, which Moody's views as above-market
growth.

The bank's loan book is focused on the retail and small- and
medium-sized enterprise (SME) sectors, which accounted for 45%
and 26% of gross loans, respectively, as of June 2016.  The
remaining 29% of loans were to corporates.  The bank's retail
book is growing very rapidly, with a focus on consumer loans, car
loans and mortgages.

Similar to other banks in Vietnam, this rapid loan growth is
exerting negative pressure on TP Bank's capital buffer.  As of
end-June 2016, its tangible common equity (TCE) to adjusted risk-
weighted asset ratio decreased to 8.9%, around 100 basis points
lower than at end-December 2015.  TP Bank's core capital ratio is
similar to that of most other rated banks in Vietnam.

Conscious of the need to strengthen its capital buffer in order
to accommodate asset growth, TP Bank has attracted VND403 billion
($18 million) in preferred shares from the International Finance
Corporation (IFC, Aaa stable) in the third quarter of 2016.  This
transaction has improved the bank's regulatory Tier 1 ratio by
around 100 basis points, but had a neutral effect on Moody's TCE
ratio, because we don't include preferred shares in our
calculation of core capital.  Moody's views as positive that TP
Bank's risk management function will benefit from technical
support from the IFC.

TP Bank has a high reliance on market funding.  At end-June 2016,
36% of assets were funded by market funds, comprising mainly
deposits and borrowings from other banks.  To some extent, this
risk is balanced by the bank's very liquid balance sheet, with
cash, interbank assets and available for sale securities
accounting for 50% of total assets as of the same date.

In terms of government support for TP Bank, Moody's uses the same
"moderate" support assumption as for other private-sector banks
in Vietnam.  As a result, TP Bank's B2 long-term ratings
incorporate one notch of uplift from its b3 BCA.  The "moderate"
support assumption is mainly underpinned by the bank's market
share of around 1.2% of system assets as of June 2016.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's will consider upgrading the BCA if the bank's adjusted
problem loans ratio decreases to below 4%, and its TCE ratio
exceeds 10%.  A material reduction in its market funds ratio
would also be positive for the BCA, as would an increase in
Vietnam's Macro Profile (currently "Weak").

The B2 long-term ratings could be upgraded if the bank's BCA is
upgraded and Vietnam's sovereign rating is upgraded.

The ratings could be downgraded if TP Bank's problem loans
ratio -- as adjusted by Moody's -- rises above 10% of gross
loans, or if its TCE ratio drops significantly below 8%.  The
ratings are also sensitive to a significant weakening in its
liquidity profile.

The principal methodology used in these ratings was Banks
published in January 2016.

Tien Phong Commercial Joint Stock Bank is a medium-sized
commercial bank headquartered in Hanoi, Vietnam.  At end-June
2016, the bank had consolidated assets of VND83 trillion (around
$3.7 billion), including gross loans of VND36.5 trillion (around
$1.6 billion).  The bank pursues a high-growth strategy centered
on retail and SME loans.

The bank is privately-owned, and major shareholder groups
included SBI Holdings and related companies (around 20% combined
stake; unrated), DOJI Group and related individuals (19.9%,
unrated) and FPT Corporation (around 9%, unrated) and IFC (4.99%
rated Aaa, stable, IFC belongs to World Bank Group) as of August
2016.  SBI is a large Japanese investment firm; DOJI group is the
largest gemstone and diamond trader in Vietnam; while FPT is a
large IT, telecom and electronics retailer.




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***