TCRAP_Public/161027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 27, 2016, Vol. 19, No. 213

                            Headlines


A U S T R A L I A

A CONSOLIDATED: First Creditors' Meeting Set for Nov. 2
MOD DESIGN: First Creditors' Meeting Set for Nov. 3
NEPEAN REFRIGERATION: ASIC Accepts EU from Liquidator
PLYMPTON STEEL: First Creditors' Meeting Set for Nov. 4
RED ROCK: First Creditors' Meeting Slated for Nov. 4


C H I N A

LDK SOLAR: Liquidation Approved and Buyer Selected


I N D I A

ABHIGNA RICE: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
ABHYUDAYA FARMS: CRISIL Suspends 'B' Rating on INR80MM Loan
ALMO LAMINATES: CRISIL Suspends B+ Rating on INR40MM LT Loan
AMBANI VITRIFIED: CRISIL Suspends B+ Rating on INR140MM LT Loan
ARMAAX AUTO: CRISIL Lowers Rating on INR41.5MM Demand Loan to B-

ASL LOGISTICS: CRISIL Suspends 'B' Rating on INR29.8MM LT Loan
ATTINKARA ELECTRONICS: CRISIL Suspends 'B' Rating on INR40MM Loan
AXLEO INDUSTRIES: CRISIL Lowers Rating on INR43.3MM Loan to 'D'
B. ONE: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
BALAJI COTTON: CRISIL Suspends 'B' Rating on INR150MM Cash Loan

CHANDRA PRABHU: CRISIL Lowers Rating on INR30MM Cash Loan to B
CMRGS INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR55MM Loan
DAMODAR TIMBER: CRISIL Lowers Rating on INR180MM Loan to 'D'
DEV RAJ: CRISIL Lowers Rating on INR97.5MM Term Loan to 'D'
EKTA TRUST: CRISIL Suspends B- Rating on INR80MM Term Loan

ESSAR STEEL: Farallon Offers INR1,500 crore Bridge Equity
G J FERNANDEZ: CRISIL Suspends B- Rating on INR15MM Cash Loan
GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR70MM Loan
GANPATI ISPAT: CRISIL Hikes Rating on INR85MM Cash Loan to B+
GRECCY KNIT: CRISIL Reaffirms B- Rating on INR54.3MM Term Loan

HARSHGEET OVERSEAS: CRISIL Ups Rating on INR100MM Cash Loan to B+
INSTRUMENT TECHNOLOGIES: CRISIL Suspends B Rating on INR35MM Loan
JANACHAITANYA HOUSING: CRISIL Suspends D Rating on INR53MM Loan
JAY JAGANNATH: CRISIL Suspends D Rating on INR174.9MM Term Loan
K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR94.4MM Loan

KEVIN INDIA: CRISIL Assigns 'B+' Rating to INR96MM Loan
KRIPTON GRANITO: CRISIL Assigns B+ Rating to INR200MM Term Loan
MAHARASHTRA ENGINEERING: CRISIL Cuts Rating on INR57MM Loan to B-
MAJOLICA IMPEX: CRISIL Suspends 'D' Rating on INR150MM Loan
NAGARWALA ENTERPRISES: CRISIL Suspends B+ Rating on INR100MM Loan

NARAYANI HOTELS: CRISIL Suspends B- Rating on INR736.9MM Loan
ORCHARD FOODS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
R. G. INDUSTRIES: CRISIL Assigns 'B' Rating to INR220MM LT Loan
S.N.G. AGRO: CRISIL Suspends B+ Rating on INR80MM Cash Loan
S.N.G. TRADING: CRISIL Suspends B+ Rating on INR90MM Cash Loan

SANMARG PROJECTS: Ind-Ra Assigns IND BB- Long Term Issuer Rating
SARASWATI MOTORS: Ind-Ra Suspends 'IND B' Long Term Issuer Rating
SHIV SHAKTI: CRISIL Suspends B+ Rating on INR100MM Cash Loan
SHREEJEE COTEX: CRISIL Raises Rating on INR35MM Loan to 'B+'
SHRI JANKI: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating

SRI LOKESH: CRISIL Suspends 'B' Rating on INR70MM Credit Limit
SRI MANJUNATHA: CRISIL Suspends 'B' Rating on INR45MM Cash Loan
SRIVENKATA RAMANJANEYA: CRISIL Suspends B+ Rating on INR60MM Loan
ST. XAVIER'S: CRISIL Reaffirms 'D' Rating on INR123.3MM LT Loan
V3 MEGACORP: CRISIL Suspends 'D' Rating on INR180MM Term Loan

VAIDHATRU PHARMA: CRISIL Suspends D Rating on INR95MM LT Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-'


N E W  Z E A L A N D

PUMPKIN PATCH: Appoints McGrathNicol as Administrators
PUMPKIN PATCH: Receivers Say Store Closures Likely


S I N G A P O R E

EZRA HOLDINGS: May Relook Investments in Insolvent Perisai


S O U T H  K O R E A

* SOUTH KOREA: IMF Estimates Corp. Restructuring Cost at KRW31TT


T A I W A N

HTC CORP: Posts NT$1.8BB Net Loss in Quarter Ended Sept.


                            - - - - -


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


A CONSOLIDATED: First Creditors' Meeting Set for Nov. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of A
Consolidated Employment Service (A.C.E.S) Pty Ltd, formerly
trading as "ACES", will be held at the Offices of HLB Mann Judd
(Insolvency WA), Level 3, 35 Outram Street, in West Perth, on
Nov. 2, 2016, at 10:00 a.m.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of A Consolidated on Oct. 23, 2016.


MOD DESIGN: First Creditors' Meeting Set for Nov. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Mod Design
Group Pty Ltd will be held at Level 10, 575 Bourke Street, in
Melbourne, on Nov. 3, 2016, at 10:00 a.m.

David Ingram and David Ross of Hall Chadwick Chartered
Accountants were appointed as administrators of Mod Design on
Oct. 24, 2016.


NEPEAN REFRIGERATION: ASIC Accepts EU from Liquidator
-----------------------------------------------------
The Australian Securities & Investments Commission has accepted
an enforceable undertaking (EU) from Sydney-based registered
liquidator, Clifford John Sanderson of Dissolve Pty Ltd as
Trustee for the Dissolve Unit Trust, following an ASIC review of
an external administration that found he failed to adequately and
properly discharge his duties as a registered liquidator.

Mr. Sanderson has undertaken to:

   -- engage an independent expert at his own cost to review
      his insolvency practice and to conduct quality reviews
      on three external administrations, and

   -- complete 60 hours of Continuing Professional Development
      within 12 months including a minimum of 20 hours of CPD
      relating to insolvency courses provided by ARITA.

ASIC reviewed Mr. Sanderson's external administration of Nepean
Refrigeration and Air Conditioning Pty Ltd (now deregistered) and
found he failed to adequately discharge his duties in that he:

   * did not conduct a real property search in circumstances
     where the director's report as to affairs, or the books and
     records provided to him, did not disclose the company's
     entitlement to any real estate

   * did not undertake adequate investigations into the company's
     assets (including real property, plant & equipment and
     debtors)

   * did not prepare, or alternatively, properly document, his
     assessment of his independence prior to accepting the
     appointment as external administrator

   * did not make requests of the company's bookkeeper regarding
     the company's financial affairs

   * did not adequately review voidable transactions, including
     unfair preferences and uncommercial transactions, or
     alternatively, failed to adequately document that review,
     and

   * did not make a claim against the company's director for
     possible insolvent trading, despite identifying the
     possibility of such a claim to ASIC and creditors, or
     alternatively, did not properly document his reasons for
     not taking such action.

ASIC Commissioner John Price said, 'Creditors have a right to
know that liquidators undertake their work independently and
competently. ASIC continues to work with practitioners to improve
these aspects of their practices.'

ASIC acknowledges Mr Sanderson's cooperation and notes that he
undertook remedial action to address ASIC's concerns when ASIC
brought the deficiencies in the discharge of his duties to his
attention.


PLYMPTON STEEL: First Creditors' Meeting Set for Nov. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Plympton
Steel Pty Ltd will be held at the offices of DuncanPowell,
Level 4, 70 Pirie Street, in Adelaide, South Australia, on
Nov. 4, 2016, at 10:30 a.m.

Peter Lanthois and Christopher Powell of DuncanPowell were
appointed as administrators of Plympton Steel on Oct. 25, 2016.


RED ROCK: First Creditors' Meeting Slated for Nov. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Rock
Noodle Bar Australia Pty Ltd will be held at Level 4, 12 Pirie
Street, in Adelaide, on Nov. 4, 2016, at 11:00 a.m.

George Divitkos -- gdivitkos@brifsa.com.au -- and Alan Scott --
ascott@brifsa.com.au -- of BRI Ferrier were appointed as
administrators of Red Rock on Oct. 25, 2016.



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


LDK SOLAR: Liquidation Approved and Buyer Selected
---------------------------------------------------
PV Tech reports that former China-based integrated PV
manufacturer LDK Solar, which entered liquidation proceedings in
the Cayman Islands and bankruptcy in mainland China has resulted
in major creditor losses and its wafer and cell production
operations being acquired.

The Cayman Islands registered LDK Solar entity previously entered
bankruptcy proceedings in early 2014 after failing to repay a US
convertible bond, according to according to PV Tech.  After a
lengthy restructuring the company exited insolvency proceedings
in April, 2015 only to be liquidated a few months later and its
China-based operations filed for restructuring proceedings with
total liabilities of around US$5.2 billion and a deficit of over
US$2.4 billion (as per 1H 2015), when the last financial
statements were published, the report notes.

The company had short-term borrowings, primarily with Chinese
banks of over US$2.7 billion of which over US$1.4 billion had
been outstanding as of June 30, 2015, the report discloses.

The report says although Chinese banks are expected to have taken
the largest hit in respect to the collapse, Kin-Ming Cheng, the
owner of investment firm Fulai and major shareholder of Shunfeng
International Clean Energy (SFCE) had also been an investor in
LDK Solar's China operations.

Creditors were said to expect to lose around 80% of their
investments in the company, the report relays.

However, instead of the expected acquisition of LDK Solar's
assets, which included two idled polysilicon plants, wafer (4GW)
and module assembly (1.5GW) capacity by SFCE, its wafer and
module assets have be acquired by Henan Yicheng New Energy Co,
which is a major supplier of wafer cutting materials, the report
discloses.

SFCE recently announced that it was seeking to sell its solar PV
manufacturing operations (Wuxi Suntech) to major shareholder Kin
Ming Cheng for around RMB 5 billion (US$760 million), the report
says.

During LDK Solar's restructuring several other potential buyers
were indentified, which included GCL and JinkoSolar as well as
former LDK founder, Peng Xiaofeng and chairmen of PV project
developer, SPI Energy a former subsidiary of LDK Solar and
separately listed on NASDAQ, the report relates.

The report notes it is not clear what the plans are for LDK
Solar's manufacturing operations under publically listed Yicheng
New Energy and it remains unclear whether LDK Solar's idled
polysilicon plants would secure a buyer.

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com/-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of
Hong Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding
in the Grand Court of the Cayman Islands. The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).
The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors'
financial advisor is Jefferies LLC.  The Debtors' voting and
noticing agent is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
Sept. 17, 2014, from the holders of LDK Solar's 10% Senior Notes
due 2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor
of accepting the Prepackaged Plan.


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


ABHIGNA RICE: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Abhigna Rice
and Parboiled Industries continues to reflect the firm's modest
scale of operations in the intensely competitive rice milling
industry, and the susceptibility of profitability margins to
change in government regulations and paddy prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          23       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       7       CRISIL B/Stable (Reaffirmed)

The rating also factors in the modest financial risk profile,
marked by modest net worth, high gearing and below-average debt
protection metrics. These rating weaknesses are partially offset
by partners' extensive industry experience.
Outlook: Stable

CRISIL believes that ARPI will continue to benefit over the
medium term from partners' extensive experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
scale of operations, while maintaining the profitability margins,
or a substantial increase in net worth backed by capital infusion
by partners. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in profitability margins, or
significant deterioration in capital structure, caused most
likely by a large debt-funded capital expenditure or stretch in
working capital cycle.

Set up in 2012, ARPI mills and processes paddy into rice, rice
bran, broken rice and husk. Its milling unit is in Mahbubnagar
(Telangana). The firm has four partners: Mr. Kondaiah, Mr.
Venkataiah, Mr. Narasimhulu and Mr. Bhaskar.


ABHYUDAYA FARMS: CRISIL Suspends 'B' Rating on INR80MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Abhyudaya Farms Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            80         CRISIL B/Stable
   Long Term Loan         15         CRISIL B/Stable
   Working Capital
   Term Loan              30         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
AFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFPL is yet to
provide adequate information to enable CRISIL to assess AFPL'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 1992 and based in Hyderabad (Telangana), AFPL is
engaged in the poultry business and produces hatching eggs. The
company is promoted by Mr. T. Narayana Reddy and his family.


ALMO LAMINATES: CRISIL Suspends B+ Rating on INR40MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Almo
Laminates (P) Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable
   Long Term Loan          40        CRISIL B+/Stable

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

Incorporated in 2010 and based in Hyderabad (Telangana), ALPL is
promoted by Mr. Farukh Ali Khan, Mr. Syed Ali Naqui Mr. Kashif
Ali Khan, Mr. Aga Zahid Hussain and Mr. Aga Mujahid Hussain. The
company manufactures decorative laminates used for furnishing.


AMBANI VITRIFIED: CRISIL Suspends B+ Rating on INR140MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ambani
Vitrified Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4
   Cash Credit             70       CRISIL B+/Stable
   Long Term Loan         140       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable

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

AVPL, established in Morbi in 2015, is promoted by Mr. Bhavesh
Ambani, Mr. Pranjivan Ambani, and Mr. Ramniklal Patel. The
company is setting up a facility for manufacturing ceramic
vitrified tiles; it will commence operations by the end of
October 2015.


ARMAAX AUTO: CRISIL Lowers Rating on INR41.5MM Demand Loan to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Armaax Auto Private Limited to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      13.6      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               18.4      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Working Capital         41.5      CRISIL B-/Stable (Downgraded
   Demand Loan                       from 'CRISIL B/Stable')

   Working Capital         26.5      CRISIL B-/Stable (Downgraded
   Term Loan               from 'CRISIL B/Stable')

The downgrade reflects weakening in the company's liquidity due
to low cash accrual and stretched working capital cycle. Sluggish
business will lead to barely sufficient cash accrual to meet debt
obligation over the medium term. The stretch in the working
capital cycle is reflected in gross current assets of 343 days as
on March 31, 2016, limiting cushion in bank lines. Timely fund
support from the promoters will be a critical driver of liquidity
over the medium term.

The rating reflects the company's large working capital
requirement, weak liquidity, and fluctuations in its operating
profitability due to volatility in raw material prices. These
weaknesses are partially offset by its promoters' extensive
experience in the tractor components industry, their financial
support, and established relationships with customers and
suppliers.

For arriving at the rating, CRISIL had earlier combined the
business and financial risk profiles of AAPL, Maharashtra
Engineering, and Axleo Industries, as the three entities were
managed by the same promoters, and had common suppliers and
customers, and had considerable cash flow fungibility. While the
shareholding in the entities remains the same, they now have
limited cash flow fungibility. Hence, CRISIL has considered each
entity's standalone business and financial risk profile for
arriving at the rating.
Outlook: Stable

CRISIL believes AAPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if long-term fund infusion by the promoters shores up
liquidity. The outlook may be revised to 'Negative' if decline in
revenue or margin, stretch in working capital cycle, or reduction
in promoter support weakens the financial risk profile.

AAPL manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The company was
established by Mr. R S Kamble in Mumbai.


ASL LOGISTICS: CRISIL Suspends 'B' Rating on INR29.8MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ASL Logistics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          29.8      CRISIL B/Stable
   Overdraft Facility      25        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       5.2      CRISIL B/Stable

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

ASL was set up in 2011 by Mr. Mohit Nuwany and Mr. Ashok Nuwany.
The company provides road transport services, and mainly caters
to cement manufacturing companies. It is based in Mumbai,
Maharashtra.


ATTINKARA ELECTRONICS: CRISIL Suspends 'B' Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Attinkara Electronics.

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

   Proposed Long Term
   Bank Loan Facility       25       CRISIL B/Stable

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

AE was formed as a partnership firm in 1991 by brothers Mr. S
Naushad and Mr. S Navas; Mr. S Navas left the firm and Mrs.
Sudheena Naushad joined the firm in 2013. The firm trades in
electronics consumer appliances and furniture.


AXLEO INDUSTRIES: CRISIL Lowers Rating on INR43.3MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Axleo Industries to 'CRISIL D' from 'CRISIL B/Stable'.

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

   Proposed Long Term      32.7      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               29        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital         43.3      CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B/Stable')

The downgrade reflects Axleo's delays in servicing its term loans
because of weak liquidity due to a stretched working capital
cycle. The firm expects its cash accrual to be inadequate to meet
its debt obligation over the medium term.

Axleo has large working capital requirement, weak liquidity, and
volatile operating profitability because of fluctuations in raw
material prices. However, it benefits from its promoters'
extensive experience in the tractor components industry, and its
steady relationships with customers and suppliers.

For arriving at the rating, CRISIL had earlier combined the
business and financial risk profiles of Armaax Auto Pvt Ltd,
Maharashtra Engineering, and Axleo, as the entities were managed
by the same promoters, had common suppliers and customers, and
had cash flow fungibility. While the shareholding in the entities
remains the same, they now have limited cash flow fungibility.
Hence, CRISIL has now considered each entity's standalone
business and financial risk profile to arrive at the rating.
Axleo manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established by Mr R S Kamble in Mumbai.


B. ONE: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B. One Business
House Private Limited a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BOBHPL's moderate revenue base and moderate
credit metrics. In FY16, the company'srevenue was INR892 mil.
(FY15: INR611 mil.) with net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 1.2x (3.3x) and interest coverage
(operating EBITDA/gross interest expense) of 1.8x (1.8x).

The ratings are constrained by the fluctuations in BOBHPL's
EBITDA margin, which ranged between 1.9%-3.0% over FY14-FY16, due
to volatile seafood prices and currency fluctuations.

BOBHPL's liquidity profile remains moderate with its fund-based
facilities being utilised at an average of 87.05% over the 12
months ended August 2016.

The ratings, however, are supported by the promoters' operating
experience of over a decade in the sea food business.

RATING SENSITIVITIES

Positive: A substantial growth in the company's revenue along
with the improvement in the profitability leading to a sustained
improvement in the overall credit metrics could lead to a
positive rating action.

Negative: A significant decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company could lead to a negative rating action.

COMPANY PROFILE

BOBHPL was incorporated in October 2012 and started commercial
operations in 18 April 2013. The company exports shrimp.
Presently it is processing shrimp at three leased plant, namely,
Alashore Marines Exports Pvt. Ltd., Balasore Marines Exports Pvt.
Ltd. and SM Sea Marines Pvt. Ltd. The company has been registered
with Marine Products Export Development Authority, a promotional
body of the marine product of India.

BOBHPL has proposed to set-up a new shrimp processing plant with
cold storage capacity of 1600MT and a production capacity of
6000mtpa in Balasore, Odisha with a total project cost of
INR230.15m. The operation at the new plant is likely to start
from September 2017

BOBHPL is promoted by Mr. Bhabatosh Sahoo and Mrs. Krishna Sahoo.

BOBHPL's ratings:

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

   -- INR150 mil. fund-based working capital limits:
      'IND BB+'/Stable

   -- Proposed INR100 mil. fund-based working capital limits:
      'Provisional IND BB+'/Stable

   -- Proposed INR150 mil. long-term loans: 'Provisional IND
      BB+'/Stable


BALAJI COTTON: CRISIL Suspends 'B' Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Balaji
Cotton Trading Company.

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

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

BCTC was established in 2002 and is engaged in cotton ginning.
The firm is located in Adilabad (Telangana) and operates with an
installed ginning capacity of 400 bales per day. BCTC's managing
partners, Mr. Ganesh Mukkawar and Mr. Girish Mukkawar, have more
than 15 years of experience in the cotton ginning business.


CHANDRA PRABHU: CRISIL Lowers Rating on INR30MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Chandra Prabhu International Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming the rating on the short-
term bank facilities at 'CRISIL A4'. The rating action is based
only on publicly available information as CPIL has not cooperated
with CRISIL in its surveillance process.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of credit &     120       CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Proposed Long Term      60       CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that CPIL's business risk
profile may remain weak over the medium term. Turnover declined
to INR355 million in fiscal 2016 from INR486 million in fiscal
2015 and INR1 billion in fiscal 2014. The turnover remained muted
at INR106 million in the first quarter of fiscal 2017, and is
expected to remain at the fiscal's level for the year. Operating
loss was at INR1.4 million in the first quarter of fiscal 2017;
it is expected to close the year with a net loss. Moreover,
negative margin was reported in fiscal 2016 against 0.8% in
fiscal 2015. The business risk profile will remain modest over
the medium term on account of a weak market scenario.

The ratings reflect CPIL's susceptibility to risks related to
cyclicality in prices of commodities traded in and to volatility
in realisations from debtors. These weaknesses are partially
offset by the extensive experience of promoters.
Outlook: Stable

CRISIL believes CPIL's business risk profile will remain
vulnerable over the medium term to exposure to risks related to
cyclicality in prices of commodities traded in. The outlook may
be revised to 'Positive' if the scale of operations increases
significantly, with substantial growth in traded volumes, or in
case of a significant improvement in profitability. Conversely,
the outlook may be revised to 'Negative' if profitability is
lower than expected, weakening debt protection metrics, or if
working capital management deteriorates.

Incorporated in 1984 and based in New Delhi, CPIL is promoted by
Mr Gajraj Jain. The company trades in coal and rubber, which
contribute 50% each to the turnover. It procures coal from Coal
India Ltd's subsidiaries based in North-East India and from
traders, and supplies to brick manufacturers. It imports rubber
for catering to footwear and tyre manufacturers. Operations are
managed by Mr Akash Jain, son of Mr Gajraj Jain.


CMRGS INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR55MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of CMRGS
Infrastructure Projects Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      55        CRISIL B+/Stable

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

CMRGS was originally set up 1995 as partnership firm, which was
reconstituted as a limited company with the current name in 2010.
The company is engaged in civil engineering such as construction
of roads, bridges and buildings. The company is promoted by three
brothers: Mr. Chittaranjan Swain, Mr. Gyanranjan Swain, and Mr.
Manoranjan Swain.


DAMODAR TIMBER: CRISIL Lowers Rating on INR180MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Damodar Timber Depot to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        1.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit      180.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Overdraft Facility      5.0       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects DTD's continuous devolvement of its
letters of credit for more than 30 days, on account of weak
liquidity.

DTD has a weak financial risk profile because of a small net
worth, high total outside liabilities to tangible net worth
ratio, and below-average debt protection metrics. The ratings
also factor in large working capital requirement, and
susceptibility of profitability to fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive industry experience of the firm's partners.

Established in 1977 by Mr. Devshi Patel, DTD trades in and saws
timber. The firm mainly imports teakwood and hardwood from
Myanmar, Latin America, and Africa. It also trades in cashews,
from which it derives around 45 per cent of its revenue.


DEV RAJ: CRISIL Lowers Rating on INR97.5MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Dev Raj
Institute of Management and Technology Society to 'CRISIL D' from
'CRISIL B-/Stable.' The rating downgrade reflects instances of
delay in servicing bank debt obligations, owing to stretched
liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              97.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating factors in the weak financial risk profile, marked by
negative networth, given the losses incurred by the institute,
and subdued debt protection metrics. It also reflects the limited
track record of operations and exposure to intense competition
and stringent regulations. These rating weaknesses are partially
offset by extensive experience of society members in the field of
education.

DRIMT was set up in 2010 by promoter and chairman, Mr Danish
Gupta and his family, based in Ferozepur (Punjab). The society
offers academic programmes through its institute, Dev Raj Group's
Technical Campus. DRIMT is affiliated with the Punjab Technical
University (PTU), Jalandhar, and approved by All India Council
for Technical Education (AICTE), Ministry of Human Resource
Development.


EKTA TRUST: CRISIL Suspends B- Rating on INR80MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ekta
Trust (Ekta).

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

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

Ekta, based out of Sabarkantha (Gujarat), offers undergraduate
courses. The trust started operations in 1991, and currently
offers degree and diploma courses in engineering and nursing.


ESSAR STEEL: Farallon Offers INR1,500 crore Bridge Equity
---------------------------------------------------------
The Economic Times reports that the Ruias of the heavily indebted
Essar Group have told lenders that American hedge fund Farallon
Capital Management has offered "bridge equity" to the tune of
INR1,500 crore to help bolster efforts to revive Essar Steel,
said multiple sources aware of ongoing negotiations. Under the
plan, Farallon is supposed to take a quasi-equity exposure in an
offshore vehicle controlled by the Essar promoters, the report
says.

ET relates that this entity will in turn invest the money in
Essar Steel's equity.  According to the report, the investment
will be against shares pledged by Essar Group founders Shashi and
Ravi Ruia, who will repay the hedge fund once the Rosneft-Essar
Oil deal is completed. Farallon will receive a fixed return on
its investment if the deal goes through.

According to the report, the promoters of Essar Steel are
supposed to channel $300 million from the sale of their Essar Oil
stake to Rosneft and others into the steel business as part of
their equity contribution in the recovery plan that is being
negotiated with lenders. If the money isn't repaid, Farallon will
end up owning a significant chunk of Essar Steel. Farallon
declined to comment, the report notes.

With $21.5 billion of assets under management, San Francisco-
headquartered Farallon manages equity capital for institutions,
including colleges, endowments, charitable foundations, pension
funds and ultra high networth individuals, says ET. Having
invested INR847 crore in seven Indiabulls Real Estate projects in
2007, it exited with a42% gain in six years. In 2008, Farallon
teamed up with steel magnate Lakshmi Mittal to buy 37.5% of
Indiabulls' power unit for about $400 million. According to TOI,
Essar's steel business has INR44,000 crore of debt amid sluggish
sales. The group owns a 10 million tonne steel plant in Gujarat.
The company's consortium of 30 lenders has been engaged in
intense negotiations for nearly a year on loan recoveries after
the company failed to meet payment obligations.

ET adds that the lenders, led by State Bank of India, are open to
restructuring debt only if the promoters plough their own funds
into the business as equity along with personal guarantees. They
have also sought a 49% stake in the steel maker.

ET reported on October 19 that the lenders want the Ruias to make
a INR2,500-crore equity contribution, more than what the
promoters had agreed to invest and indicating that the banks are
in no mood to ease pressure on the group.

"Essar Steel has submitted a restructuring proposal to the
lenders which is under discussion," ET quotes Essar Group CFO V
Ashok as saying. "You would appreciate that it would be
inappropriate for us to comment on ongoing discussions. We are
hopeful of an expeditious completion of the exercise."

Earlier this month, the Ruia family announced the sale of a 98%
stake in Essar Oil to Russia's Rosneft, commodities trader
Trafigura and United Capital Partners for $10.9 billion
(INR72,800 crore), ET recalls. The proceeds will be used to pay
debt and stabilise the steel, ports and power units, ET states.

Incorporated in 1976, Essar Steel India Ltd. (ESIL) is a part of
the Essar Group and is having 10 MTPA integrated steel
manufacturing facilities at Hazira, Gujarat and iron ore
beneficiation and pelletisation facilities in Paradeep, Odisha
(12 mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also
owns and operates two iron ore slurry pipelines -- one each in
Odisha (Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag),
which transport the iron ore slurry from the beneficiation plant
(located near the iron ore mines in Dabuna and Kirandul) to the
pellet plant (located near the Paradip and Vizag ports). A large
portion of the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2016, CARE reaffirmed the rating on various bank
facilities and instruments of Essar Steel India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short term
   Bank Facilities              42,100      CARE D Reaffirmed

   Non-Convertible Debenture
   Issue                           312      CARE D Reaffirmed

Rating Rationale

The ratings reflect the ongoing delays in servicing of debt
obligations by the company.


G J FERNANDEZ: CRISIL Suspends B- Rating on INR15MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G J Fernandez, Engineers & Contractors.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Cash Credit             15        CRISIL B-/Stable
   Letter of Credit         1        CRISIL A4

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

GJFEC was set up by Mr. G J Fernandez in 1947. The firm
undertakes civil construction works, which includes setting up
concrete spillways, power houses, sheds and facilities. The firm
is based in Secunderabad (Telangana), and its operations are
concentrated mainly in Karnataka, Telangana, and Andhra Pradesh.


GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Galco
Extrusions Pvt Ltd reflects GEPL's below-average financial risk
profile marked by a modest net worth, high gearing and moderate
debt protection metrics and its modest scale of operations in an
intensely competitive industry.

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

   Proposed Long Term      36.5     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoter's
extensive experience in the aluminium extrusions industry and
their funding support.
Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the
medium term from its promoters' extensive industry. The outlook
may be revised to 'Positive' in case of significantly better cash
accruals or substantial equity infusion along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' in case of further pressure on the company's
liquidity emanating from  lower than expected cash accruals, or
larger than expected working capital requirements, or large debt-
funded capital expenditure.

Incorporated in 2007, GEPL manufactures aluminium extrusions
since 2010. The company is headquartered in Ahmednagar
(Maharashtra) and is owned and managed by Mr. Sandesh Lodha and
family.


GANPATI ISPAT: CRISIL Hikes Rating on INR85MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ganpati Ispat to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             85       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects significant improvement in the firm's
liquidity, driven by stronger cash accrual and funding support
from its promoters. Its net cash accrual rose to INR14 million in
fiscal 2016 from INR3 million in the previous year, and is
expected to exceed INR12 million annually over the medium term,
comfortably covering debt obligations. The accrual increased
largely due to rise in revenue and profitability because of
increasing demand, leading to a better financial risk profile.
Gearing improved to 0.38 time as on March 31, 2016, from 0.80
time a year earlier, and interest coverage ratio rose to 2.7
times in fiscal 2016 from 1.9 times in the previous fiscal. The
financial risk profile is expected to remain above average, with
gearing of less than 0.7 time over the medium term because of
absence of large debt-funded capital expenditure (capex) plan.
Additionally, prudent working capital management led to moderate
bank limit utilisation, at an average of 72% over the six months
through September 2016. The promoters have supported operations
by extending unsecured loans of INR27.5 million as of March 2016.
GI's liquidity should remain comfortable over the medium term,
underpinned by moderate cash accrual and expected funding support
from promoters whenever necessary.

The rating reflects GI's average scale of operations in the
highly fragmented mild steel (MS) billets industry, low
profitability, and susceptibility to economic downturns and to
volatility in steel prices. These weaknesses are partially offset
by the firm's above-average financial risk profile because of
healthy gearing, and its promoters' extensive industry experience
and funding support.
Outlook: Stable

CRISIL believes GI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability improve, resulting in
substantial increase in cash accrual and better debt protection
metrics. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of large incremental working capital requirement, low cash
accrual, or considerable debt-funded capex.

GI was taken over by its present promoters, members of the
Raipur-based Goyal family, in 2004. The firm manufactures MS
billets and channels at its unit in URLA Industrial Area in
Raipur.


GRECCY KNIT: CRISIL Reaffirms B- Rating on INR54.3MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on long term bank facilities of Greccy Knit
continues to reflect exposure to risks related to its ongoing
project, its modest scale of operations and weak financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of the promoters in the textile industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7.5      CRISIL B-/Stable (Reaffirmed)
   Term Loan              54.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GK will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its operations
earlier than expected, leading to substantial increase in scale
of operations and large cash accruals, thus improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low accruals because of reduced
profitability, or weakening of financial risk profile, most
likely because of stretch in working capital cycle or delay in
stabilising its operations.

Incorporated in 2014, GK is a partnership firm, which is setting
up a unit to manufacture grey fabrics, to be used in sarees and
other garments. It is being promoted by Mr.Bharat Zalavadiya and
his son Mr.Gaurang Zalavadiya. Mr.Bharat has been in the textile
industry for about 17 years now, through other group concern,
Gaurang Synthetics.


HARSHGEET OVERSEAS: CRISIL Ups Rating on INR100MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Harshgeet
Overseas to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

The ratings upgrade reflects improvement in the business risk
profile of the company. The revenues of the company improved in
2015-16 to around INR500 million from INR300 million in 2014-15
on account of improved orders received by the firm in cotton
trading activity. The business risk profile of the company is
also marked by stable operating margins in the range of 2-2.5 per
cent for the past 5 years ending 2015-16. CRISIL believes that
the company's business risk profile will continue to improve on
the back of new orders from the cotton trading activity. The
rating upgrade also reflects the well managed working capital
cycle of the firm marked by Gross Current Assets days of around
60 days as on 31st March 2016, thus reflecting in moderate
utilization of bank limits of 42 per cent through the 12 months
ending June 2016. The company is expected to generate net cash
accruals of INR3-3.5 million against term debt obligations of
around INR1.5 million over the medium term. The financial risk
profile of the company is marked by weak capital structure and
debt protection metrics.

The rating upgrade also reflects the extensive business
experience of promoter in the cotton trading industry through
their family business. These rating strengths are partially
offset by the modest scale of operations in the intensely
competitive and highly fragmented cotton trading industry, and
its below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio and moderate debt
protection metrics.
Outlook: Stable

CRISIL believes that Harshgeet will continue to benefit over the
medium term from its promoter extensive experience in the cotton
trading industry. The outlook may be revised to 'Positive' if the
firm significantly increases its scale of operation and
profitability or if the promoters infuse substantial capital,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm reports low
accruals because of decline in revenue or profitability, or if
its working capital requirements increase leading to
deterioration in its liquidity, or if the firm undertakes any
debt-funded capital expenditure programme.

Set up in 2011, Harshgeet trades in raw cotton. Based in Sendhwa
(Madhya Pradesh), the firm is promoted by Mr. Jaideep Singh
Rajpal.


INSTRUMENT TECHNOLOGIES: CRISIL Suspends B Rating on INR35MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Instrument Technologies.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            35         CRISIL B/Stable
   Long Term Loan         20         CRISIL B/Stable

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

Promoted by N.S.S.N Raju as a partnership firm, INST is engaged
in developing software products, providing installation and
maintenance support for electrical and electronic equipment's for
government agencies and private organizations. The firm was
formed in the year 2001 and is based out of Visakhapatnam, Andhra
Pradesh.


JANACHAITANYA HOUSING: CRISIL Suspends D Rating on INR53MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Janachaitanya Housing Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           53       CRISIL D

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

JHPL, promoted by Mr. M Sudhakar and Ms. M Sakuntala, became
operational in 1985 as Janachaitanya Real Estate Developers, a
partnership firm, in Guntur (Andhra Pradesh). In March 1990, the
firm was reconstituted as a private limited company with the
current name.


JAY JAGANNATH: CRISIL Suspends D Rating on INR174.9MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jay
Jagannath Steel and Power Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          11        CRISIL D
   Cash Credit            134        CRISIL D
   Term Loan              174.9      CRISIL D
   Working Capital
   Term Loan               26.8      CRISIL D

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

Incorporated in 2008, JJSPL is promoted by Mr. Mukesh Agarwal and
his family members. JJSPL manufactures sponge iron in Rourkela
(Odisha). It has total capacity of 400 tonnes per day at its
facility in Rourkela (Odisha).


K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR94.4MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of K. R. V. Spinning Mills
Private Limited continues to reflect KSPL's small scale of
operations, exposure to volatility in cotton prices and below-
average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by its promoters'
extensive experience in the cotton yarn industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            62.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         94.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company generates
better cash accruals along with efficient working capital
management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in its financial risk profile owing to low
cash accruals or large working capital requirements or debt-
funded capital expenditure.

KSPL, incorporated in 1990, manufactures cotton yarn. The
company's manufacturing unit is at Nangavalli in Salem (Tamil
Nadu).


KEVIN INDIA: CRISIL Assigns 'B+' Rating to INR96MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Kevin India Co.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Bill Purchase      96       CRISIL B+/Stable


The rating reflects extensive experience of the promoter in the
chemical trading business and healthy relationships with
customers. These rating strengths are partially offset by modest
scale of operations, exposure to intense competition, and the
below-average financial risk profile, because of low networth,
high external liabilities and average interest coverage.
Outlook: Stable

CRISIL believes KIC will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
in case of significant improvement in revenue, profitability and
capital structure. The outlook may be revised to 'Negative', in
case of lower-than-expected growth in revenue and profitability,
or if stretch in the working capital cycle weakens the capital
structure and debt protection metrics.

KIC was set up by proprietor, Mr. Kevin Vinod Mehta in 1995. The
Mumbai-based firm exports dyes, dyes intermediate, pigment
powder, pigment emulsion and agrochemicals, across 26 countries.

The firm reported a profit after tax of INR5.6 million on net
sales of INR721.3 million for fiscal 2016, against INR4.7 million
and INR673.9 million for fiscal 2015.


KRIPTON GRANITO: CRISIL Assigns B+ Rating to INR200MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its  'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kripton Granito Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              200        CRISIL B+/Stable
   Bank Guarantee          35        CRISIL A4
   Cash Credit             60        CRISIL B+/Stable

The ratings reflect KGPL's start-up phase and expected modest
scale of operations in the highly competitive ceramic tiles
industry. The ratings also factor in the company's large expected
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of KGPL's
promoters and the benefits it derives from its favourable
location in Morbi (Gujarat), the hub of the ceramics industry in
India.
Outlook: Stable

CRISIL believes that KGPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if KGPL stabilises its operations on time,
leading to substantial cash accruals and improvement in financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of low accruals because of low order flow or
profitability, or weakening of financial risk profile because of
substantial working capital requirements or debt-funded capital
expenditure.

Kripton Granito Private Limited (KGPL) is a Morbi, Gujarat based
firm which was established on March, 2016 as a private limited
company. The company is setting up a manufacturing facility for
ceramic vitrified tiles. The company is expected to commence its
operations commercially by the starting of financial year 2017-
18.


MAHARASHTRA ENGINEERING: CRISIL Cuts Rating on INR57MM Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maharashtra Engineering to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             45       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Term Loan               28       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Working Capital         57       CRISIL B-/Stable (Downgraded
   Demand Loan                      from 'CRISIL B/Stable')

The downgrade reflects weakening in the firm's liquidity due to
low cash accrual and stretched working capital cycle. Sluggish
business will lead to barely sufficient cash accrual to meet debt
obligation over the medium term. The stretch in the working
capital cycle is reflected in gross current assets of 343 days as
on March 31, 2016, limiting cushion in bank lines. Timely fund
support from the promoters will be a critical driver of liquidity
over the medium term.

The rating reflects ME's large working capital requirement, weak
liquidity, and fluctuations in operating profitability due to
volatility in raw material prices. These weaknesses are partially
offset by its promoters' extensive experience in the tractor
components industry, their financial support, and established
relationships with customers and suppliers.

For arriving at the rating, CRISIL had earlier combined the
business and financial risk profiles of Armaax Auto Pvt Ltd, ME,
and Axleo Industries, as the three entities were managed by the
same promoters, had common suppliers and customers, and had
considerable cash flow fungibility. While the shareholding in the
entities remains the same, they now have limited cash flow
fungibility. Hence, CRISIL has now considered each entity's
standalone business and financial risk profiles for arriving at
the rating.
Outlook: Stable

CRISIL believes ME will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if long-term fund infusion by the promoters shores up
liquidity. The outlook may be revised to 'Negative' if decline in
revenue or margin, stretch in working capital cycle, or reduction
in promoter support weakens the firm's financial risk profile.

ME manufactures tractor components, primary for Mahindra and
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established in by Mr R S Kamble in Mumbai.


MAJOLICA IMPEX: CRISIL Suspends 'D' Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Majolica Impex Private Limited (part of the Majolica group).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Exchange
   Forward                   4.8       CRISIL D
   Letter of Credit        150.0       CRISIL D
   Post Shipment Credit     90.0       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MIPL, Angel Exim Private Ltd (AEPL),
and STMPL Enterprises Pvt Ltd. This is because all these
entities, together referred to as the Majolica group, are under
the same management team, have common promoters, and are engaged
in similar lines of business.

The Majolica group trades in ceramic and porcelain tiles and
timber. Incorporated in 2011, MIPL is promoted by Ahmedabad
(Gujarat)-based Mithiborwala family.


NAGARWALA ENTERPRISES: CRISIL Suspends B+ Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nagarwala Enterprises (part of Nagarwala group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       60       CRISIL B+/Stable

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

NE was established in 1980 as a partnership firm by Mr. Narendra
Nagarwala and his mother. Currently, Mr. Nagarwala and his wife,
Mrs. Jyoti Nagarwala, are the partners. The firm is engaged in
ginning and pressing of raw cotton. NCPPL and NC also have the
Nagarwala family as promoters and are in the same line of
business as NE.


NARAYANI HOTELS: CRISIL Suspends B- Rating on INR736.9MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Narayani Hotels and Resorts Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Guarantee     19        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     124.1      CRISIL B-/Stable
   Term Loan              736.9      CRISIL B-/Stable

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

NHRL was established in 1993, but became fully operational in
1998-99. The company has restaurant and banquet facilities in
Ahmedabad (Gujarat; near the airport), and provides catering
services across Gujarat, Rajasthan, and Madhya Pradesh.


ORCHARD FOODS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Orchard Foods Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      2         CRISIL B/Stable
   Cash Credit            50         CRISIL B/Stable
   Long Term Loan          3         CRISIL B/Stable

The rating reflects Orchard's below-average financial risk
profile, marked by a low net worth, weak debt protection metrics
and exposure to intense competition in the agro commodities
trading industry. These weaknesses are partially offset by the
extensive experience of Orchards' promoters in the agro
commodities trading business.
Outlook: Stable

CRISIL believes Orchard will continue to benefit from the
industry experience of its promoters. The outlook may be revised
to 'Positive' if scale of operations and profitability increases
and working capital requirement is stable. The outlook may be
revised to 'Negative' if decline in profitability or large
working capital requirement weakens the financial risk profile.

Set up in 2013 in Thiruvarur (Tamil Nadu) by Mr A S Sharath
Chandran, his son Mr Shiyaam and Ms.R S Sumathi, Orchard trades
in orid dal, toor dal, moong dal, chick peas and green peas. Mr
Sharath Chandran manages the daily operations of the company.


R. G. INDUSTRIES: CRISIL Assigns 'B' Rating to INR220MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of R. G. Industries (RGI; part of the
Sachdeva group).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility       220        CRISIL B/Stable
   Bank Guarantee            60        CRISIL A4
   Cash Credit              170        CRISIL B/Stable

The ratings reflect a modest scale of operations in an intensely
competitive industry, and large working capital requirement
leading to high gearing. These rating weaknesses are partially
offset by the extensive experience of the promoters in
manufacturing iron fittings and valves.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RGI, Sachdeva Metal Works (SMW), and
Water Wealth Infra Tech India Pvt Ltd. This is because these
entities, together referred to as the Sachdeva group, have
operational linkages, the same management, and a common marketing
network.
Outlook: Stable

CRISIL believes the Sachdeva group will continue to benefit from
the extensive industry experience of its promoters, and their
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of substantial
improvement in the capital structure and working capital
management, while sales and operating margin increase. The
outlook may be revised to 'Negative' if sluggish demand results
in significant decline in sales and profitability and leads to a
pile-up of inventory, or in case of large, debt-funded capital
expenditure, further weakening the financial risk profile,
especially liquidity.

The Sachdeva group is owned and managed by Mr Arvinder Pal Singh,
and his brothers, Mr Daljit Singh and Mr Varpreet Singh. The
group is based in Jalandhar, Punjab.

SMW, established in 1996, manufactures valves under the brand
SACHDEVA.

RGI, established in 2005, manufactures high quality Ductile Iron
Fittings (sizes 80 mm to 1000 mm) and Cast Iron Fittings (80 mm
to 600 mm) fittings under the brand RG.

WWIPL, undertakes turnkey projects for laying of pipes for
government departments, including municipalities.

Both SMW and RGI have manufacturing facilities in Jalandhar, and
cater to both government departments, including municipalities,
and private contractors.


S.N.G. AGRO: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of S.N.G.
Agro Impex Pvt Ltd (part of the SNG group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      45        CRISIL B+/Stable

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

Incorporated in 2008-09 (refers to financial year, April 1 to
March 31), SNGAIPL is a Delhi-based company that processes and
trades in rice, pulses and agricultural commodities. The
company's operations are managed by Mr. Nitin Aggarwal, Mr.
Mayank Gupta and Mr. Kumar Gaurav.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SNGAIPL and its associate concern,
S.N.G. Trading Company (SNGTC). This is because the two entities,
together referred to as the SNG group, are in the same line of
business, are managed by the same promoters, and have fungible
finances.


S.N.G. TRADING: CRISIL Suspends B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of S.N.G.
Trading Company (SNGTC; part of the SNG group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      35        CRISIL B+/Stable

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

SNGTC was incorporated in 2005-06 (refers to financial year,
April 1 to March 31) by Mr. Kumar Gaurav. It processes and trades
in rice, pulses and agricultural commodities on job work basis.


SANMARG PROJECTS: Ind-Ra Assigns IND BB- Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sanmarg Projects
Private Limited a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SPPL's small scale of operations and weak
EBITDA margin. The company posted a revenue of INR512.71m and an
EBITDA margin of 4.57% in FY16. The ratings are further
constrained by the weak leverage ratio (total adjusted net debt/
operating EBITDAR) of 3.97x and stressed liquidity position as
evident from the 96.75% cash credit utilisation on average during
the 12 months ended September 2016.

The ratings are, however, supported by the promoter's around
three decades of experience in engineering services for the
energy sector. The ratings are further supported by SPPL's
satisfactory interest coverage (operating EBITDA/gross interest
expense) of 2.38x in FY16 and strong debt to equity ratio of 1.1x
(FY15: 0.7x).

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin resulting in
deterioration in the credit metrics will be negative for the
ratings.

Positive: Significant improvement in the revenue leading to
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

SPPL was incorporated in 2007 and initially undertook integrated
operations and maintenance of oil and gas assets. In 2013, SPPL
started providing industrial consultation and construction
supervision. The company's office is in Noida, Uttar Pradesh.

SPPL's ratings:

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

   -- INR25 mil. fund-based facilities: assigned
      'IND BB-/Stable/'IND A4+'

   -- INR40 mil. non-fund-based facilities: assigned 'IND A4+'


SARASWATI MOTORS: Ind-Ra Suspends 'IND B' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saraswati
Motors' '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 Saraswati.

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.

Saraswati's ratings:

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

   -- INR25 mil. fund-based working capital limits: migrated to
      'IND B(suspended)' from 'IND B'/Stable

   -- INR35 mil. Long-terms loan: migrated to 'IND B(suspended)'
      from 'IND B'/Stable


SHIV SHAKTI: CRISIL Suspends B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shiv
Shakti Rice Mills (Karnal).

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

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

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

SSRM is a Karnal (Haryana)-based partnership firm, established by
Mr. Nathi Ram, Mr. Madan Lal, Mr. Ram Phal, and Mr. Ram Pal in
1989. The firm mainly mills and markets high-grade variety of
basmati and non-basmati rice, such as Parmal.


SHREEJEE COTEX: CRISIL Raises Rating on INR35MM Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Shreejee Cotex - Shahada to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Term Loan               30       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects improvement in the business risk profile,
driven by revenue growth in fiscal 2016, which was the first full
year of operations. Scale of operations rose by over 90% year-on-
year to INR283 million for fiscal 2016, and is expected to record
steady growth, backed by longstanding presence of partners in the
cotton industry. Healthy operating margin of around 7% is also
likely to be sustained over the medium term. The rating also
factors the average financial risk profile, as reflected in
moderate gearing of around 1.5 times and networth of INR41
million, estimated as on March 31, 2016. Debt protection metrics
were also modest, with net cash accrual to total debt and
interest coverage ratios of around 0.16 times and 2.1 times,
estimated in fiscal 2016. Sufficient cash accrual against debt
obligation and regular funding support from promoters via
unsecured loans (Rs 27.20 million as on March 31, 2016), have
kept liquidity comfortable.

The rating also reflects the small scale of operations and
exposure to intense competition, regulatory changes and volatile
raw material prices. These weaknesses are partially offset by
extensive experience of partners in the cotton ginning and
pressing industry.
Outlook: Stable

CRISIL believes SC will continue to benefit from extensive
experience of its partners. The outlook may be revised to
'Positive' if significant increase in scale of operations and
sustained profitability lead to high cash accrual and controlled
working capital cycle. The outlook may be revised to 'Negative'
if revenue and profitability are lower-than-anticipated or if
stretch in the working capital cycle, weakens the financial risk
profile, particularly liquidity.
About the Firm

SC was established in September 2014 by Mr Ajay Goyal and his
family members. The firm, which commenced operations in November
2014, gins and presses cotton and trades in cotton bales.
Facilities at Nandurbar (Maharashtra), have installed capacity to
process 1,500 quintals of raw cotton per day.


SHRI JANKI: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Janki
Foodgrains Private Limited a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings are based on FY17 expectations as the company was
operational for only 10 months in FY16. Ind-Ra expects that
during FY17 with the stabilisation of operations, SJFPL will be
able to increase its capacity utilisation and add new customers,
which will lead to improvement in revenue. The ratings are
constrained by SJFPL's lack of operational track record with
INR349.27 mil. of revenue in 10MFY16 (provisional). The ratings
further reflect weak net financial leverage (total adjusted net
debt/operating EBITDAR) of 4.27x in 10MFY16.

The ratings, however, derive support from more than five years of
experience of the company' promoters in rice milling. The ratings
factor in the availability and abundance of raw materials. The
ratings are further supported by satisfactory operating EBITDA
margins of 8.80% and satisfactory interest coverage (operating
EBITDA/gross interest expense) of 2.11x in 10MFY16.

The ratings further factor in the company's comfortable liquidity
position as evident from 94.05% cash credit utilisation on an
average during the 12 months ended August 2016.

RATING SENSITIVITIES

Negative: Deterioration in EBITDA margin resulting in
deterioration in the credit metrics could be negative for the
ratings.

Positive: Improvement in revenue leading to significant
improvement in the credit metrics could be positive for the
ratings.

COMPANY PROFILE

SJFPL was incorporated in 2012 and is engaged in rice milling.
The company has its office in Varanasi (Uttar Pradesh).

SJFPL's ratings:

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

   -- INR113 mil. term loan: assigned 'IND BB-'/Stable

   -- INR50 mil. fund-based facilities: assigned
      'IND BB-'/Stable/'IND A4+'


SRI LOKESH: CRISIL Suspends 'B' Rating on INR70MM Credit Limit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Lokesh Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B/Stable
   Proposed Cash
   Credit Limit            70        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SLE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLE is yet to
provide adequate information to enable CRISIL to assess SLE'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 as a sole proprietorship firm by Mr. D. Srinivasa Rao, SLE
is engaged in trading of tobacco. The firm is based out of Ongole
in Andhra Pradesh.


SRI MANJUNATHA: CRISIL Suspends 'B' Rating on INR45MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Manjunatha Traders.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable
   Long Term Loan          10        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SMT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMT is yet to
provide adequate information to enable CRISIL to assess SMT'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 2007 as a partnership firm, SMT is engaged in milling
and processing of paddy into rice, rice bran, broken rice and
husk. Its rice mill is located in Nizamabad (Telangana).
Presently, there are two partners in the firm: Mr.Lakshmi Kanth
and Mr.Satya Prakash.


SRIVENKATA RAMANJANEYA: CRISIL Suspends B+ Rating on INR60MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Srivenkata Ramanjaneya Trading Company.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   SME Credit               2.5      CRISIL B+/Stable
   Term Loan                5.5      CRISIL B+/Stable
   Working Capital
   Demand Loan             20.0      CRISIL B+/Stable

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

SVRTC, a partnership firm, was set up in 2012 by Mr. V Prakasa
Rao and Ms. V Jaya. The firm mills and processes paddy into rice;
it also generates by-products, such as broken rice, bran, and
husk. It is based in Krishna district.


ST. XAVIER'S: CRISIL Reaffirms 'D' Rating on INR123.3MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of St. Xavier's
Educational Trust continues to reflect instances of delay in
servicing obligations towards the term loan, as cash flow
mismatches in the fee collection period weakened liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit/
   Overdraft facility      61        CRISIL D (Reaffirmed)

   Long Term Loan         123.3      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     115.7      CRISIL D (Reaffirmed)

The rating also factors in the modest scale of operations and
exposure to regulatory risks, associated with educational
institutions. These rating weaknesses are offset by the extensive
experience of the promoter.

Update
SXET continues to delay its debt servicing owing to its weak
liquidity. This is primarily on account of inherent cash flow
mismatches between the fee collection period and repayment
schedule. CRISIL believes that SXET's liquidity will continue to
remain weak over the medium term.

SXET was set up in the Tirunelveli district (Tamil Nadu) by Dr
Cletus Babu in 1989. The trust runs various institutions,
offering graduate and post-graduate courses in Tamil Nadu.


V3 MEGACORP: CRISIL Suspends 'D' Rating on INR180MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of V3
Megacorp International Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          87        CRISIL D
   Cash Credit             55        CRISIL D
   Letter of Credit         3        CRISIL D
   Long Term Loan           5.2      CRISIL D
   Proposed Long Term
   Bank Loan Facility      30.4      CRISIL D
   Working Capital
   Term Loan              180.0      CRISIL D

The suspension of ratings is on account of non-cooperation by V3
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, V3 is yet to
provide adequate information to enable CRISIL to assess V3'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.

V3, incorporated in 2006, is promoted by Mr. Vighnaprabodhan
Thanneermalai. The company fabricates structural components for
the power, cement, and sugar industries, and for industrial
plants.


VAIDHATRU PHARMA: CRISIL Suspends D Rating on INR95MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vaidhatru Pharma Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL D
   Cash Credit            30        CRISIL D
   Long Term Loan         95        CRISIL D

The suspension of ratings is on account of non-cooperation by
VPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VPPL is yet to
provide adequate information to enable CRISIL to assess VPPL'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 2007, VPPL is promoted and managed by Mr. T
Sudhakar Babu. The company has it registered office in Hyderabad
(Telangana) and has recently set up a bulk drugs manufacturing
facility in Raichur (Karnataka). The facility started operations
in March 2013.



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


LIPPO KARAWACI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-'
---------------------------------------------------------------
Fitch Ratings assigned Indonesia-based PT Lippo Karawaci TBK's
(Lippo, BB-/A+(idn)/Stable) proposed US dollar-denominated senior
unsecured notes an expected rating of 'BB-(EXP)'. The notes will
be issued by Lippo's wholly owned subsidiary, Theta Capital Pte
Ltd, and guaranteed by Lippo and its subsidiaries.

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

Lippo expects to utilise the net proceeds from a successful
issuance to buy back its existing USD403.3m senior unsecured
6.125%-coupon notes due in 2020, which will push back a bulk of
its debt maturities. The company's earliest significant debt
maturity will then be in 2022, when its USD410m senior unsecured
7%-coupon notes fall due.

Lippo's ratings reflect our view that the slowdown in contracted
sales in 2015 and 6M16 is mostly cyclical and that the company's
credit profile remains intact. This is supported by its strong
recurring cash flows from its leading domestic hospital network,
retail malls, asset management fees and two Singapore-listed
REITs. Lippo also owns a land bank of around 15.5 million square
meters as of June 30, 2016, and has a strong domestic franchise
as a leading property developer. The company cut its capex
significantly this year to conserve liquidity. Fitch expects
these factors to help Lippo maintain its financial profile within
the parameters of its 'BB-' Long-Term Issuer Default Rating.

KEY RATING DRIVERS

Slower Presales, Asset Sales: Lippo sold just IDR602bn of
residential property in 6M16 - a sharp decline from the IDR2.7trn
sold in 6M15. This was due to the company postponing its property
launches until after the government's tax-amnesty ruling was
passed in July 2016. Lippo has since scheduled new launches for
4Q16 to take advantage of improving domestic consumer sentiment.
Fitch continues to expect the company to achieve around IDR3trn
in annual property sales in 2016 (2015: IDR3.6trn). "Although we
expected Lippo to sell two of its mature malls/hospitals worth
IDR1.7trn to its Singapore-listed REITs this year, the company
now expects to sell the second property worth IDR900bn only in
1Q17." Fitch said.

Flexible Capex: Lippo has significant flexibility to defer capex
during times of weak presales, which supports its ratings. The
company has curtailed its 2016 capex to around IDR3.3trn, which
is less than half of its initial budget. This is because much of
its capex included discretionary land banking and construction
costs contingent on selling a minimum value of new projects.

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

Strong Recurring Cash Flows: Lippo owns a large portfolio of
assets that generated recurring operating EBITDAR (before
operating lease rents) of IDR2.2 tril. in the 12 months to end-
June 2016 (LTM 2Q16). Over 60% of these recurring cash flows stem
from one of Indonesia's largest private hospital networks, which
Lippo owns, for which there is stable demand. The remainder
comprises of one of Indonesia's largest retail mall franchises,
several hotels and educational institutions as well as dividend
income from its REITs. Recurring EBITDAR covered Lippo's
consolidated interest and operating lease payments by 1.3x in LTM
2Q16, which underpins its ratings.

Limited Rating Headroom: Lippo's leverage stood at 48% at end-
June 2016, broadly flat from end-June 2015 despite significantly
lower contracted sales this year. This was supported by cash
collected on presales made in prior years, capex cuts and a
stronger Indonesian rupiah. However, Lippo's leverage is close to
the 50% threshold beyond which the ratings may be negatively
affected.

KEY ASSUMPTIONS

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

   -- Residential contracted sales of IDR3trn in 2016

   -- Asset sales to REITs of IDR800bn in 2016 and IDR900bn in
      1Q17.

   -- Capex of IDR3.3trn in 2016

RATING SENSITIVITIES

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

   -- A sustained increase in leverage to more than 50%

   -- A sustained weakening in the ratio of EBITDAR from
      recurring sources/interest cost and operating lease rent to
      below 1.2x

   -- Inability to pre-fund capex

Positive: A rating upgrade is not expected in the medium-term due
to Lippo's smaller operating scale and recurring income-base
compared with higher-rated international peers. "We also expect
Lippo's leverage to remain high over the medium-term as it
executes its expansion plans." Fitch said.



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



PUMPKIN PATCH: Appoints McGrathNicol as Administrators
------------------------------------------------------
Australian Associated Press reports that Pumpkin Patch has been
tipped into receivership by its lenders and has appointed
voluntary administrators after failing to reinvent itself in the
face of shrinking sales and too much debt.

Auckland-based Pumpkin Patch's board appointed McGrathNicol's
Andrew Grenfell and Conor McElhinney as administrators and said
it understood KordaMentha's Neale Jackson and Brendon Gibson had
been named receivers, AAP relates.

Last week, the retailer said there was virtually no value left in
its equity after talks with its lender ANZ Bank New Zealand fell
through, the report says.

"Despite considerable efforts by the board and its management
team, it has become evident that no solution is available to the
company, at this time, to address the current over-leveraged and
significantly capital constrained position," AAP quotes chairman
Peter Schuyt and managing director Luke Bunt as saying in a
statement.  "With no likely solution available, the board
believes that the constraints currently experienced by the
business are too great and the only appropriate action to best
protect the interests of stakeholders is to appoint
administrators."

AAP notes that Pumpkin Patch, in its full-year results published
last month, told investors its directors had given an undertaking
to the bank that it would put forward proposals by October 20,
which was later pushed out to October 31. The capital constraints
were highlighted in the accounts as a "material risk" to the
ongoing viability of the business.

Pumpkin Patch's debt to ANZ Bank rose to NZ$46 million from
NZ$39.1 million in the year to the end of July 2016, AAP
discloses. It posted a loss of NZ$15.5 million in the same
period.

AAP relates that the retailer's board on Oct. 26 said it was
committed to working with the administrators and receivers to get
"the best possible outcome for the company and staff".

The shares have been in a trading halt since October 21, and last
traded at 6 cents, valuing the retailer at NZ$10.1 million, adds
AAP.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.


PUMPKIN PATCH: Receivers Say Store Closures Likely
--------------------------------------------------
Stuff.co.nz reports that the receiver of Pumpkin Patch wants to
move quickly on a possible sale of the "well-known brand" but
admits it will not be easy.

According to the report, KordaMentha receiver Brendon Gibson said
all Pumpkin Patch stores in New Zealand and Australia would
remain open during the receivership.  But some are likely to
close within weeks, although a number of parties had already
expressed an interest in buying the business, the report relates.

"Sadly, this will result in some job losses and we will be
communicating directly with the staff concerned as soon as
possible," the report quotes Mr. Gibson as saying.

Stuff.co.nz relates that Mr. Gibson said rules for listed
companies had prevented receivers from being able to inform staff
about the "particularly distressing" news before going public.

The receivers said they would "optimally" sell the business but
it was early days.

"Our hope is that new owners can be found to build on Pumpkin
Patch's heritage as an iconic brand in New Zealand and
Australia," the report quotes Mr. Gibson as saying. "I'm not
saying it will be an easy process."

Mr. Gibson said unused gift vouchers would be honoured on a
dollar-for-dollar basis, which meant a NZ$40 purchase could be
paid with a NZ$20 gift voucher and NZ$20 cash, relays
Stuff.co.nz.

Pumpkin Patch has about 600 employees across 43 stores in
New Zealand, and 1,000 staff in 117 stores in Australia, the
report discloses.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.



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


EZRA HOLDINGS: May Relook Investments in Insolvent Perisai
----------------------------------------------------------
Tanu Pandey at Deal Street Asia reports that Ezra Holdings may
need to consider its investments in Malaysia's Perisai Petroleum
Teknologi after the latter declared itself insolvent amid a
default on $89.6 million (SGD125 million) bond, a situation it
has said were due to headwinds in the oil and gas sector.

Deal Street Asia relates that in an announcement at the Singapore
stock exchange, Ezra said that it "is monitoring the situation
and assessing the impact on the group" and further announcements
will be made in due course as and when appropriate.

Ezra, which is heavily leveraged at the moment, is Bursa
Malaysia-listed Perisai's largest shareholder with a 20.6% stake
through Emas Offshore Ltd and another unit that includes a joint
venture, according to the report.

"The offshore oil & gas industry has remained uncertain and
volatile and as the market remains depressed in 2016, the Group
continues to see challenging times as the demand for the Group's
offshore assets and services continue to remain low," Ezra had
said in an announcement at the stock exchange, the report relays.

According to Deal Street Asia, the announcement from Ezra follows
the recent news when the Malaysian upstream oil and gas service
provider Perisai declared itself insolvent following the default
on the principal and interest of the $89.6 million (SGD125
million) bond issued by its subsidiary company Perisai Capital
(L) Inc.

Perisai had failed when it had made a proposal to its Singapore
bondholders to delay the maturity of the notes and defaulted on
the October payment for the bonds which were due earlier in the
month and February next year. As a result, the company triggered
the Practice Note 17 (PN17) criteria of Bursa Malaysia, the
report states.

In a filing at the Singapore stock exchange, Ezra said, Perisai
"and its subsidiaries are currently operating under adverse
financial conditions. With the current market downturn, the
Group's business has been negatively affected by market
conditions in the oil & gas sector, including weak crude oil
prices and slow economic growth".

In a set of proposals, Ezra has asked to waive various financial
obligations, Deal Street Asia says.

"The company and its subsidiaries have and are likely to continue
to face strong headwinds in the foreseeable future. As part of
the group's policy, the group will reassess the value of its
assets as at Aug. 31, 2016, and if necessary, impair or write
them down as appropriate," it said in a filing with the Singapore
stock exchange, relays Deal Street Asia.

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



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


* SOUTH KOREA: IMF Estimates Corp. Restructuring Cost at KRW31TT
----------------------------------------------------------------
Yonhap News Agency reports that the International Monetary Fund
(IMF) put the estimated cost of South Korea's ongoing corporate
restructuring drive at KRW31 trillion (US$27 billion), saying it
will be offset by various benefits in a decade, according to a
recent report.

It used loss given default (LGD) data for corporate debts and
employment impact assumptions under a scenario that corporate
restructuring in Asia's fourth-largest economy will proceed in
the most effective manner, according to Yonhap.

"Our method gives that cost at about KRW31 trillion in the
adjusted baseline," it said in the report on the benefits and
costs of the county's corporate restructuring, Yonhap relays.

Yonhap notes that South Korea is currently engaged in full-
fledged restructure of its shipbuilding and shipping industries
amid mounting debts attributable to fierce industrywide
competition.

"Benchmark results for Korea suggest 5.5-7.5%of GDP creditor
losses and a 0.4-0.9% of the labor force employment impact from
the debt restructuring," the IMF, as cited by Yonhap, said.

Yonhap says the benchmark scenario covered actual 2014 earnings
and a 10% decline in corporate earnings as a confidence range.

But the IMF predicted that it will lead to such mid- to long-term
benefits as higher corporate investment and hiring under any
presumed scenario, according to Yonhap.

"The accumulated benefits of corporate restructuring will offset
the one-time costs in about 10 years," it said. "The key
qualitative insight is that corporate debt restructurings 'pay
off' in the medium-term."

It added the employment impact of the restructuring in
shipbuilding only will likely be around 10,000 people, reports
Yonhap.



===========
T A I W A N
===========


HTC CORP: Posts NT$1.8BB Net Loss in Quarter Ended Sept.
-------------------------------------------------------
Nikkei Asian Review reports that embattled Taiwanese smartphone
maker HTC Corp. on Oct. 25 posted a sixth consecutive quarterly
loss despite a boost it received from making Google Pixel
handsets and its venture into the nascent virtual reality
business.

For the July-September period, HTC lost NT$1.8 billion ($57
million), compared with a NT$4.5 billion loss a year ago. The
improvement in the bottom line was attributed to the aggressive
cut in operational expense to NT$5.6 billion from NT$8.8 billion
in the year-ago period, Nikkei discloses. The company's revenue
increased 3.7% to NT$22.2 billion from a year ago in the same
period.

According to Nikkei, HTC's push into the virtual reality business
has not yet yielded substantial revenue. It started shipping Vive
virtual reality gear in April at a price tag of $799 apiece.

Nikkei says Chang Chia-lin, HTC smartphone and connected devices
president, disclosed for the first time that his company had sold
far more than the 140,000 Vive headsets reported on Chinese VR
specialist website 87870.com.

Chang added that the company's smartphone business nearly broke
even in the third quarter without going into detail about the
numbers, Nikkei relates.

HTC is expected to sell around 350,000 Vive VR headgears and 17
million smartphones for all of 2016, according to Jeff Pu, an
analyst at Yuanta Investment Consulting, relays Nikkei. The
projection included 1.5 million Google Pixel phone exports.

Nikkei relates that Pu said the Vive gear could neither save HTC
nor turn the company around anytime soon as it was still only
limited to first-wave adopters.

Nikkei meanwhile reports that although the market react
positively to HTC's role in manufacturing Google's new Pixel
phones, analysts are pessimistic about the margins.

"We think the profit margin is extremely low for HTC to
manufacture phones for Google," the report quotes Avril Wu, an
analyst at TrendForce, as saying. "Not to mention Google is
expected to ship less than 2 million handsets this year -- it
actually makes no difference in the global smartphone competitive
landscape."

Nikkei adds that Wu also said it was unlikely that HTC could
capitalize on Samsung Electronics' current crisis. The South
Korean tech giant killed off its much-awaited Galaxy Note 7 after
the model continually caught fire.

Taiwan-based HTC Corporation is a consumer electronics company.




                             *********

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 ***