TCRAP_Public/161028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 28, 2016, Vol. 19, No. 214

                            Headlines


A U S T R A L I A

ACENTRA PTY: First Creditors' Meeting Set for Nov. 3
ARRIUM LTD: Should be Sold Off, Administrators Say
BROCKWASTE WA: First Creditors' Meeting Slated for Nov. 3
DARREN WHITE: First Creditors' Meeting Slated for Nov. 4
DICOM AWT: First Creditors' Meeting Scheduled for Nov. 3

G & J BIRD: First Creditors' Meeting Scheduled for Nov. 7
HOME AUSTRALIA: South Australian Unit Owes at Least AUD5 Million
LIBERTY FUNDING: Moody's Assigns B1 Rating to Class F Notes
MISSION NEW ENERGY: Annual Meeting Scheduled for Nov. 22
THINK TANK 2016-1: S&P Assigns Prelim. BB Rating to Cl. E Notes


C H I N A

HUAI AN: Fitch Assigns 'BB+' Rating to USD300MM Notes


H O N G  K O N G

CHINA FISHERY: Gets Short Exclusivity Extension, Through Jan. 6


I N D I A

AASRA FOUNDATIONS: ICRA Assigns 'D' Rating to INR130cr Loan
B D MOTORS: Ind-Ra Affirms 'IND BB-' Long Term Issuer Rating
BARANI FERROCAST: ICRA Assigns B- Rating to INR5.72cr Term Loan
BLUE STAR: CRISIL Lowers Rating on INR90MM Cash Loan to 'D'
BLUE STAR BUILDING: CRISIL Lowers Rating on INR125MM Loan to 'D'

BMM ISPAT: CARE Ups Rating on INR2,530.69cr Term Loan to B+
CLOUD ZONE: Weak Financial Strength Cues ICRA 'SP4D' Grading
FAIRDEAL MULTIFILAMENT: CARE Reaffirms B+ INR6.82cr Loan Rating
G. D. KNIT: CARE Assigns 'B' Rating to INR5.91cr Long Term Loan
GARG AND COMPANY: CARE Reaffirms B+ Rating on INR14.50cr LT Loan

GEMINI EXPORTS: ICRA Assigns B+ Rating to INR6.0cr Cash Loan
GR CONSTRUCTIONS: ICRA Lowers Rating on INR26cr Term Loan to D
GRC INFRA: ICRA Lowers Rating on INR46cr Term Loan to 'D'
H.R. EDUCATIONAL: ICRA Lowers Rating on INR10cr Term Loan to D
HIGHBAR TECHNOLOGIES: CARE Lowers Rating on INR19.57cr Loan to D

INDIA PISTONS: CRISIL Withdraws 'D' Rating on INR572.5MM Loan
INTERLABS (INDIA): CRISIL Suspends B- Rating on INR47.5MM Loan
JOG CONSTRUCTION: CARE Assigns B+ Rating to INR6cr Long Term Loan
KNOWLEDGE VISTAS: CARE Reaffirms 'D' Rating on INR14cr LT Loan
L B INDUSTRIES: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating

LANCER CONTAINER: Ind-Ra Suspends IND B+ Long Term Issuer Rating
LIBRA AUTOCAR: CARE Assigns B+ Rating to INR10cr Long Term Loan
LIMITORQUE INDIA: ICRA Lowers Rating on INR28.90cr Loan to B
MONDAL COLD: ICRA Reaffirms B+ Rating on INR0.35cr Bank Loan
MONDAL ICE: ICRA Reaffirms B+ Rating on INR0.15cr Bank Loan

MY CAR: ICRA Assigns 'B' Rating to INR10cr Bank Loan
NIRVIN COLD: CARE Reaffirms 'B' Rating on INR8.25cr LT Loan
PAVANPUTRA SHEETGRAH: CARE Assigns B Rating to INR7cr Loan
PRAVIN BUILDTECH: CRISIL Suspends 'D' Rating on INR67.5MM Loan
PRIME METALS: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating

RAIPUR BOTTLING: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
REDDY AND REDDY: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
S.K. RICE: ICRA Suspends B+ Rating on INR10cr Long Term Loan
SEKO BEC: CRISIL Reaffirms 'B' Rating on INR45MM Cash Loan
SHREE BHAGWATI: ICRA Assigns 'B' Rating to INR7.83cr Term Loan

SHRI VENKATESWARA: Ind-Ra Assigns 'IND D' Long Term Rating
SIESTA LAMINATES: ICRA Suspends 'B' Rating on INR7.93cr Loan
SPECTRUM RENEWABLE: ICRA Suspends 'D' Rating on INR8.40cr Loan
SREEVASA SPINNERS: ICRA Lowers Rating on INR49.93cr Loan to D
STEEL PRODUCTS: CRISIL Assigns 'B' Rating to INR115MM Cash Loan

STMPL ENTERPRISES: CRISIL Suspends 'D' Rating on INR250MM Loan
SUVARNA FIBROTECH: ICRA Suspends 'B' Rating on INR9.75cr LT Loan
TDI INTERNATIONAL: ICRA Cuts Rating on INR69cr Loan to 'D'
U MOTORS: ICRA Suspends B/A4 Rating on INR10cr LT/ST Term Loan
VENKATA SRI: CRISIL Assigns B+ Rating to INR155MM Long Term Loan


N E W  Z E A L A N D

CALLACTIVE LTD: Court to Hear Liquidation Bid on November 8
STONEWOOD HOMES: Ashburton Franchisee Placed in Receivership


S I N G A P O R E

SINGAPORE: Stresses for Energy Firms Deepening, OCBC CEO Says


V I E T N A M

INTERNATIONAL TEXTILE: Acquired By Platinum Equity


X X X X X X X X

ASIA PACIFIC: Commodity Sectors Drive Default Rates, Moody's Says


                            - - - - -


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A U S T R A L I A
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ACENTRA PTY: First Creditors' Meeting Set for Nov. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Acentra
Pty Ltd will be held at the offices of Hall Chadwick Chartered
Accountants, Level 19, 144 Edward Street, in Brisbane,
Queensland, on Nov. 3, 2016, at 10:00 a.m.

Richard Albarran, Brent Kijurina and Shahin Hussain of Hall
Chadwick were appointed as administrators of Acentra Pty on Oct.
26, 2016.


ARRIUM LTD: Should be Sold Off, Administrators Say
--------------------------------------------------
Australian Associated Press reports that administrator
KordaMentha has released a report arguing "it is more practical
to sell the businesses" held by the South Australian group than
to wind it up.

According to the Administrators, this would increase the chances
of Arrium continuing as a business and provide a better return to
creditors than liquidation, assuming a potential sale price of
more than
AUD20 million, AAP relates.

"It is our opinion that it would be in creditors' interests,"
KordaMentha said in the report dated October 26, AAP discloses.

However, KordaMentha also signalled potential issues with Arrium
trading while insolvent for a time and entering "voidable"
transactions before it went into administration in April with
debts of about AUD4 billion, according to AAP.

"We have identified a number of transactions entered into by the
Arrium group of companies that warrant further investigation by a
liquidator, if appointed," KordaMentha, as cited by AAP, said.
"In our view, there is still a significant amount of
investigative work to be undertaken in respect to potential
recoveries available to a liquidator."

If the sale process is approved at a second meeting of all
creditors in Sydney on November 4, KordaMentha's investigations
will continue, AAP notes.

AAP relates that once its findings are concluded, it will report
to creditors on whether any of the Arrium companies should be
placed into liquidation so claims can be pursued.

KordaMentha is not recommending the appointment of liquidators at
this stage, AAP states.

Arrium's corporate structure is complex and includes 136 entities
-- 94 of which are in voluntary administration -- encompassed by
the listed holding company Arrium Ltd.

Its most high profile asset is the Whyalla steelworks in SA, says
AAP.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed earlier in April.


BROCKWASTE WA: First Creditors' Meeting Slated for Nov. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Brockwaste
WA Operations Pty Ltd will be held at Level 21, 140 St Georges
Terrace, in Perth, on Nov. 3, 2016, at 12:30 p.m.

Simon Theobald and Marcus Ayres of PPB Advisory were appointed as
administrators of Brockwaste WA on Oct. 26, 2016.


DARREN WHITE: First Creditors' Meeting Slated for Nov. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Darren
White Pty Ltd, trading as "White Design & Constructions (NSW)"
and "White Design & Construction", will be held at
The Auditorium of Richmond Golf Club, 34 Bourke St, in Richmond,
NSW, on Nov. 4, 2016, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Darren White on Oct. 25, 2016.


DICOM AWT: First Creditors' Meeting Scheduled for Nov. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of DiCom AWT
Operatrions Pty Ltd and Brockway DiCom Facility Pty Ltd will be
held at Level 21, 140 St Georges Terrace, in Perth, on Nov. 3,
2016, at 12:30 p.m.

Simon Theobald and Marcus Ayres of PPB Advisory were appointed as
administrators of DiCom AWT on Oct. 24, 2016.


G & J BIRD: First Creditors' Meeting Scheduled for Nov. 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of G & J Bird
Enterprises Pty Ltd, formerly trading as Absolute Waste & Burnett
& Gladstone Drilling, will be held at the offices at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth
Street, in Brisbane, Queensland, on Nov. 7, 2016, at 11:00 a.m.

Jonathan Paul McLeod & Bill Karageozis of McLeod & Partners were
appointed as administrators of G & J Bird on Oct. 26, 2016.


HOME AUSTRALIA: South Australian Unit Owes at Least AUD5 Million
----------------------------------------------------------------
Renato Castello at The Advertiser reports that Homestead Homes,
the South Australian arm of Senator Bob Day's failed building
empire, owes at least AUD5 million to predominantly SA creditors,
according to documents he has lodged with the company's
liquidators.

The Advertiser relates that the creditors' list, released by
liquidators on Oct. 25, comes as a party source said an
announcement about the potential sale of Senator Day's parent
company Home Australia and its national subsidiaries could happen
today, Oct. 28.

Senator Day announced last week he would have to resign because
of the liquidation, but a sale could potentially allow him to
avoid bankruptcy and remain in the senate, The Advertiser
recalls.

According to The Advertiser, a spokesman for liquidator McGrath
Nicol said it was not in a position to announce any imminent
sale. He said there had been "dozens of expressions of interest
in different parts of the business," relays The Advertiser.

Senator Day put Home Australia, which includes Homestead Homes
SA, into liquidation last month after a deal to save the company
fell through.

Homestead Homes owes 185 suppliers, subcontractors and
interrelated companies at least AUD5 million, according to
Senator Day, The Advertiser reports. The largest debt is
AUD745,000 owed to an Adelaide building supply company and
AUD500,000 owing to an airconditioning firm.

The Advertiser notes that the total is likely to increase because
many creditors had not quantified their losses on the balance
sheet and is still to be reviewed by the liquidators. Nationally,
the Home Australia empire, includes Huxley Homes in NSW, Ashford
Homes in Victoria, Collier Homes in WA, Newstart homes in
Queensland, owes at least AUD30 million to unsecured creditors,
according to financial documents signed by Senator Day.

He listed Homestead Homes assets at AUD10 million with an
estimated realisable value of AUD603,637. The company's total
assets were listed as at least AUD34 million, with realisable
assets of AUD18.17 million, The Advertiser discloses.

He said the group also owes AUD11.4 million to the National
Australia Bank, relays The Advertiser.

Liquidators have separately calculated Home Australia's debts at
AUD37.8 mil., comprising unsecured and secured debt of
AUD19.6 mil. and AUD18.2 mil. respectively.

The first creditors meeting for Homestead Homes contractors is on
November 4 at the Law Society of SA's headquarters, The
Advertiser discloses.


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

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

  AUD 225.0 million Class A1-a Notes, Assigned Aaa (sf)
  AUD 130.0 million Class A1-b Notes, Assigned Aaa (sf)
  AUD 72.5 million Class A2 Notes, Assigned Aaa (sf)
  AUD 28.0 million Class B Notes, Assigned Aa2 (sf)
  AUD 15.0 million Class C Notes, Assigned A2 (sf)
  AUD 11.5 million Class D Notes, Assigned Baa2 (sf)
  AUD 10.0 million Class E Notes, Assigned Ba2 (sf)
  AUD 3.0 million Class F Notes, Assigned B1 (sf)

The AUD 5.0 million Class G Notes are not rated by Moody's.

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

                        RATINGS RATIONALE

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

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

The ratings take account of, among other factors:

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

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

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

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

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

The key transactional and pool features are:

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

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

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

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

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

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

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


MISSION NEW ENERGY: Annual Meeting Scheduled for Nov. 22
--------------------------------------------------------
The annual general meeting of shareholders of Misson NewEnergy
Limited will be held at 10:00 am (WST) on Tuesday, Nov. 22, 2016,
at BDO, 38 Station Street, Subiaco, Perth, Western Australia, to
approve these proposals:

   (a) Adoption of remuneration report;

   (b) Re-election of director - Mr Guy Burnett;

   (c) Re-election of director - Mr Mohd Azlan bin Mohammed;
       and

   (d) Approval of 10% Placement Facility.

                   About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission New Energy reported a net loss of A$2.32 million on
A$41,960 of total revenue for the year ended June 30, 2016,
compared to profit of A$28.4 million on A$7.27 million of total
revenue for the year ended June 30, 2015.


THINK TANK 2016-1: S&P Assigns Prelim. BB Rating to Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
nine classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by BNY Trust Co. of
Australia Ltd. as trustee of Think Tank Series 2016-1 Trust.
Think Tank Series 2016-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Think Tank Group Pty Ltd.

The preliminary ratings reflect:

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

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.0% of the outstanding balance
      of the rated notes, and principal draws, are sufficient
      under S&P's stress assumptions to ensure timely payment of
      interest.  S&P's cash-flow analysis also reflects that a
      minimum margin will be maintained on the assets.

   -- The extraordinary expense reserve of AUD250,000, funded
      from day one by Think Tank, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

A copy of S&P Global Ratings' complete report for Think Tank
Series 2016-1 Trust can be found on RatingsDirect, S&P Global
Ratings' web-based credit analysis system, at:

                  http://www.globalcreditportal.com

PRELIMINARY RATINGS ASSIGNED

Class        Rating         Amount (mil. A$)
A1           AAA (sf)       130.0
A2           AAA (sf)        17.0
B            AA (sf)         11.6
C            A (sf)          14.0
D            BBB (sf)        14.0
E            BB (sf)          3.4
F            NR               3.4
G            NR               3.2
H            NR               3.4
N.R.--Not rated.



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HUAI AN: Fitch Assigns 'BB+' Rating to USD300MM Notes
-----------------------------------------------------
Fitch Ratings has assigned China-based Huai An Traffic Holding
Co., Ltd's (BB+/Stable) USD300 mil. 4.95% notes due 2019 a final
rating of 'BB+'.

The bonds are issued directly by Huai An Traffic and are rated at
the same level as its Issuer Default Rating. The bonds constitute
the company's direct, unconditional, unsubordinated and unsecured
obligations and rank pari passu with all its other senior
unsecured obligations. The net proceeds will be used for general
corporate purposes.

The assignment of the final rating follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 12
October 2016.

KEY RATING DRIVERS

Huai An Traffic's ratings are linked to, but not equalised with,
Fitch's internal assessment of the creditworthiness of Huai'an
municipality, located in China's Jiangsu province. This is
reflected in 100% municipality ownership, strong municipal
control and oversight and to a lesser extent, the strategic
importance of the company's operation to the municipality. These
factors result in a high likelihood of support for the company
from the municipality, if needed.

Huai'an has a satisfactory budget performance, which has improved
over the last decade, and a diversified socio-economic profile.
Huai'an's gross regional product growth rate is higher than the
national average. These strengths are partly offset by
potentially high contingent liabilities arising from Huai An
Traffic's public-sector entities.

RATING SENSITIVITIES

Rating action on Huai An Traffic would lead to similar action on
the rating of its US dollar notes.

A stronger or more explicit support commitment from Huai'an
municipality may trigger positive rating action on Huai An
Traffic. Significant reduction of the company's strategic
importance or a dilution in the municipality's shareholding,
resulting in a loss of control, could lead to a downgrade of the
company's rating. Huai An Traffic's ratings could also be
downgraded if a change in Fitch's rating approach means it is no
longer credit-linked to Huai'an municipality.

An upgrade or downgrade of Fitch's internal credit view on
Huai'an municipality may trigger similar rating action on Huai An
Traffic.



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H O N G  K O N G
================


CHINA FISHERY: Gets Short Exclusivity Extension, Through Jan. 6
---------------------------------------------------------------
Jonathan Randles, writing for Bankruptcy Law360, reported that
U.S. Bankruptcy Judge James Garrity at a court hearing in
Manhattan on Oct. 25, 2016, gave China Fishery Group Ltd.
additional breathing room from creditors as it explores a
possible global reorganization but expressed skepticism about the
company's Chapter 11 after bank lenders complained they've been
left in the dark.  Judge Garrity said he would extend through at
least January 6 the period in which China Fishery can exclusively
file a plan of reorganization.

As reported by the Troubled Company Reporter on Oct. 17, 2016,
China Fishery Group Limited (Cayman) and its affiliated Debtors
asked the Bankruptcy Court to extend their exclusive periods for
filing a chapter 11 plan and soliciting acceptances to the plan,
through March 30, 2017 and May 31, 2017, respectively.

The Debtors' Exclusive Filing Period and Exclusive Solicitation
Period are set to expire on October 28, 2016 and December 27,
2016, respectively, absent an extension.

The Debtors explained that certain of their creditors, known as
Adverse Lenders, filed a Motion asking the Court to direct the
appointment of a Chapter 11 Trustee.  The Debtors also said they
opposed the Trustee Motion, and that numerous creditors also
filed papers in opposition to the Trustee Motion.

The Debtors said that since the Trustee Motion, they have turned
their attention to formulating potential plan structures,
including meeting with creditors to ascertain their views, as
well as dealing with various motions, several relating to the
Debtors' ability to formulate, negotiate and confirm a plan.
They argued that their chapter 11 cases are large and complex and
that is such types of cases, an initial extension of exclusivity
is routinely granted; and that in view of the activities in the
cases to date, especially the Trustee Motion, both before its
filing relating to efforts to resolve the Adverse Lenders'
concerns and through trial and post-trial submissions, it is not
realistic to expect that an appropriate plan could be formulated,
let alone negotiated in such time.

                About China Fishery Group Limited

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

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

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

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

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



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


AASRA FOUNDATIONS: ICRA Assigns 'D' Rating to INR130cr Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]D on the INR130.0
crore (enhanced from INR21.0 crore) fund-based bank limits of
Aasra Foundations (Regd.) or Aasra.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund-based Limits       130.0     [ICRA]D;
assigned/outstanding

The assigned ratings reflect the stretched liquidity position of
the society as is evident from the delays in debt servicing. ICRA
notes that the society's loan repayment obligations have been
restructured over a longer tenor, however, low occupancy levels
continue to result in weak and inadequate cash flows. The same is
further exacerbated by the lumpiness of cash flows in the
education sector. Further, the rating is constrained by the high
receivables from the Government against the scholarship given to
students and also the regulatory risks prevalent in the education
sector. The rating, however, considers the experience of
promoters in the education sector for more than two decades.
Going forward, timely servicing of the debt obligations will be
the key rating sensitivity.

Aasra Foundations (Regd.) is a society established in 1996 by Dr
Zora Singh and his family members. It established a private
university by the name Desh Bhagat University under Punjab Govt's
Desh Bhagat University Act. Desh Bhagat United has its campuses
at Mandi Gobindgarh, Shri Muktsar Sahib, Moga, Chandigarh and
Kenya. The various courses taught in the university include
Agriculture Sciences, Airlines, Animation, Applied Sciences, Art
& Craft and Fashion Technology, Ayurveda, Commerce, Computer
Sciences, Education, Engineering, Hospitality and Tourism, Hotel
Management, Languages, Law, Management, Media, Nursing,
Performing arts, Physical Education, and Social Sciences. The
university has a total capacity of 15000 students and has been
incurring significant debt-funded capital expenditure in the
past.

Recent Results
For FY2015, the society reported a net loss of INR19.2 crore on
revenue receipts of INR38.4 crore, as compared to a net surplus
of INR13.7 crore on revenue receipts of INR40.4 crore for the
previous year. The society, on a provisional basis, reported a
net loss of INR5.9 crore on revenue receipts of INR40.4 crore for
FY2016.


B D MOTORS: Ind-Ra Affirms 'IND BB-' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed B D Motors Ltd's
Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects BDML's continued moderate credit
metrics. In FY16 its gross interest coverage (operating
EBITDA/Gross interest expense) was 1.19x (FY15:1.15x) and net
financial leverage (total adjusted net debt/operating EBITDAR )
was 6.22x (7.31x). The operating margins improved slightly to
7.16% in FY16 from 6.96% on FY15. Improvement in margin was
mainly due to decrease in direct and administrative expenses.

The ratings reflect BDML's moderate liquidity position as
indicated by its average utilisation of the fund-based limits
being 95.43% during the 12 months ended September 2016.

The ratings, however, are supported by the company's improved
revenue as it grew by 3.4% to INR1,147 mil. during FY16 from
INR1,109 mil. in FY15. Improvement in revenue was due to increase
in car sales.

The ratings continue to factor in the company's association with
Tata Motors Limited in Burdwan district, West Bengal.

RATING SENSITIVITIES

Positive: Sustained improvement in the credit metrics could lead
to positive rating action.

Negative: Sustained decline in the credit metrics could lead to
negative rating action.

COMPANY PROFILE

BDML was incorporated by Mr Narendra Kumar Agarwal in 2009 for
automobile trading business. Presently the company is an
authorised dealer of Tata Motors Limited for its passenger
vehicles. The company runs operations from its own showrooms
(four) and workshops (two) in Burdwan, Durgapur and Asansol.

BDML's ratings:

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

   -- INR340 mil. fund-based working capital limits (reduced from
      INR351.4 mil.): affirmed at 'IND BB-'/Stable

   -- INR30.6 mil. long-term loan (reduced from INR44.55 mil.):
      affirmed at 'IND BB-'/Stable

   -- INR1 mil. non-fund-based working capital limits: affirmed
      at 'IND A4+'


BARANI FERROCAST: ICRA Assigns B- Rating to INR5.72cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR3.65-
crore long-term fund-based (cash credit) facilities, INR5.72-
crore term loans and INR4.63-crore unallocated limits of Barani
Ferrocast Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term-fund based
   (Cash Credit)            3.65      [ICRA]B- assigned

   Long term-Term Loans     5.72      [ICRA]B- assigned

   Long term-Unallocated    4.63      [ICRA]B- assigned

The assigned rating takes into account the company's small scale
of business, due to relatively young nature of the operations,
limiting its operational and financial flexibility, the
fragmented nature of the industry and high competitive intensity,
restricting its pricing flexibility. The rating is also
constrained by the company's financial profile characterised by
moderate gearing, thin margins at net level and weak coverage
indicators. High customer concentration for the company
accentuates the risk of order volatility while the revenues
remain susceptible to the cyclicality in the downstream
industries. The rating is also constrained by the exposure of the
company's margins to volatility in raw material prices. However,
the rating positively factors in the extensive experience of the
promoters, spanning over two decades, in the metal industry, and
strong revenue growth, albeit on low base, witnessed in the last
two fiscals. The rating also factors in the promoters' commitment
to bring in funds in the form of fresh equity/unsecured loans in
line with the banker's stipulation.

Going forward, the company's ability to improve its scale of
operations and margins, thereby improving its coverage metrics,
will be the key rating sensitivity.

BFPL is involved in the business of manufacturing ferrous
castings using green sand molding and no bake molding process,
based on the customer requirements. The company was incorporated
in FY2011 and started commercial operations from FY2014. The
company is led by Mr. T K Karuppannasamy and Mr. K Devaraj whose
experience in the metal industry spans over two decades. The
company has a production shop floor area of 2020 sq. mt. and
services floor area of 210 sq. mt. to carry out the molding
process. The company focuses on manufacturing intricate
engineering parts that caters to various sectors like
automobiles, power, general machinery etc.

Recent Results
In FY2016, the company reported an operating income of INR15.6
crore and Profit after Tax (PAT) of INR0.2 crore. In FY2015, the
company reported an operating income of INR11.5 crore and PAT of
INR0.1 crore.


BLUE STAR: CRISIL Lowers Rating on INR90MM Cash Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Blue Star Construction Co. (part of the Blue Star group) to
'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL D (Downgraded from
                                      'CRISIL C')

The downgrade reflects overdrawn cash credit limit for more than
30 days and delays in meeting term debt obligation. Both the
defaults are due to stretched liquidity because of low cash
accrual.

The group also has a weak financial risk profile because of
eroded net worth and muted debt protection metrics, and modest
scale of operations. However, the group benefits from the
extensive experience of its promoters in the civil construction
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BSCC and Blue Star Building Materials
Pvt Ltd. This is because the two entities, together referred to
as the Blue Star group, have strong financial and operational
linkages and a common management.

The Blue star group is promoted by Navi Mumbai-based Thakur
family. Established as a partnership firm in 1978, BSCC
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


BLUE STAR BUILDING: CRISIL Lowers Rating on INR125MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Blue Star Building Materials Pvt Ltd (part of the Blue Star
group) to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL D (Downgraded from
                                     'CRISIL C')

The downgrade reflects overdrawn cash credit limit for more than
30 days and delays in meeting term debt obligation. Both the
defaults are due to stretched liquidity because of low cash
accrual.

The group also has a weak financial risk profile because of
eroded net worth and muted debt protection metrics, and modest
scale of operations. However, the group benefits from the
extensive experience of its promoters in the civil construction
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Blue Star Construction Co and BSBMPL.
This is because the two entities, together referred to as the
Blue Star group, have strong financial and operational linkages
and a common management.

The Blue star group is promoted by Navi Mumbai-based Thakur
family. Established as a partnership firm in 1978, BSCC
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


BMM ISPAT: CARE Ups Rating on INR2,530.69cr Term Loan to B+
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
BMM Ispat Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-   2,530.69    CARE B+ Revised from
   Term Loan                                CARE BBB-

   Long-term Bank Facilities-     170.00    CARE B+ Revised from
   Cash Credit                              CARE BBB-

   Long-term Bank Facilities-      80.00    CARE B+ Revised from
   Cash Credit-Proposed                     CARE BBB-

   Short-term-Bank Facilities-    310.00    CARE A4 Revised from
   Letter of Credit                         CARE A3

   Short-term-Bank Facilities-     50.00    CARE A4 Revised from
   Letter of Credit- Proposed               CARE A3

Rating Rationale

The revision in the ratings of the bank facilities of BMMIspat
Limited factors in sharp deterioration in financial risk profile
of the company with cash losses in H1FY17. Non-renewal of power
PPA and low product margins in steel segment coupled with high
interest and other fixed costs led company incurring cash loss in
H1FY17. Capacity added during Phase-III project is running at
very low levels of utilisation with 140-MW power plant shutdown
since June 2016 and new rolling mill shut since September 2016.
As a result, company's debt protection parameters have
deteriorated and are expected to remain weak in near to medium
term even under the phased repayment following refinancing of its
Phase III debt
under 5/25 scheme.

These rating weaknesses are partially offset by its experienced
promoters, partially integrated nature of operations and
flexibility available with the company to sell products at
intermediate stages enabling to earn better margins. The ratings
also take note of company approaching banks for restructuring of
loan under S4A (Scheme for Sustainable Structuring of Stressed
Assets) scheme.

Going forward, company's ability to tie up PPA at remunerative
rates and to run the newly installed plant at optimum levels
helping it to realise cash profits would be the key rating
sensitivities.

BMM, the flagship company of group, was incorporated in 2002
under the name BMM Iron-ore Private Limited and subsequently
changed to BMM Ispat Limited in January 2005. BMMIL is promoted
by Mr. Dinesh Kumar Singhi and has its plant operations at
Danapur, HospetTaluk in Bellary district of Karnataka. The
Company primarily operates under three major verticals, viz,
Mineral Processing, Manufacture of Steel and Generation of power.
BMM group started with Bharat Mines and Minerals, a
proprietorship concern which was set up in 1960 by Late Mr. Udai
Chand Singhi to mine and export Iron Ore through Mineral and
Metals Trading Corporation.

Subsequently, Mr. Dinesh Kumar Singhi diversified BMM from the
traditional business of iron ore extraction and ventured into
steel business by developing the beneficiation, pelletisation,
sponge iron, induction furnace, electric arc furnace, rolling
mill and captive power generation facilities.

Over the years, company has undertaken various expansions
activities. The present asset profile of the company comprises
2.6-MTPA Beneficiation plant, 2.4-MTPA Pellet plant, 235-MW power
plant, 0.66-MTPA sponge iron plant, 0.10-MTPA induction furnace,
1.2-MTPA Steel Melting shop and 1.09-MTPA bar mill.

BMM posted net profit (after tax) of INR 5.5 crore in FY16
(refers to the period April 1 to March 31) on a total operating
income of INR1,534 crore as against net profit of INR48 crore on
a total operating income of INR1,999 crore in FY15.


CLOUD ZONE: Weak Financial Strength Cues ICRA 'SP4D' Grading
------------------------------------------------------------
ICRA has assigned a 'SP4D' grading to Cloud Zone Digital Services
Private Limited. The grading indicates 'Weak Performance
Capability and Weak Financial Strength' of the channel partner to
undertake solar projects.

The grading is valid for a period of two years from September 16,
2016, after which it will be kept under surveillance.

Grading Drivers

Strengths
  * Technically sound promoter with relevant experience in
running business
  * Technological support from reputed partners in place
Risk Factors
  * Relatively new player in the solar domain in India--ability
to demonstrate secular track record by executing successful solar
projects remains to be seen
  * Project execution largely depends upon the ability of the
company to infuse the planned funds in a timely manner
  * Large number of unorganized players indicating high level of
competition

Fact Sheet

Year of incorporation
2014

Registered Office Address
KB-26, Sector-III, Salt Lake
Kolkata - 700 098, West Bengal

Managing director
Dr. Gautam Chattopadhyay

Cloud Zone Digital Services Private Limited (CZDSPL) was
incorporated in the year 2014, and was promoted by Dr. Gautam
Chattopadhyay, promoter of Noval Aquatech Pty Limited, an
Australian based entity engaged in introducing innovative energy
and environmental technologies to India. At present, CZDSPL has
launched its website www.hotchef.in; which is an online food
ordering platform in Kolkata, Hooghly, and Bardhaman in West
Bengal. CZSPL is also in the process of finalizing introduction
of an innovative sewage treatment technology to India (using
solar power) from an American company.

SI Related Business - Weak Performance Capability

Directors' Track Record: The promoters of CZDSPL have adequate
experience in the industry. The company has tied up with
technological partners from Australia. These entities have
successfully commissioned many solar projects in the past.
Technical competence and adequacy of manpower:
The company has not installed any solar projects in the past. The
promoter entity in Australia and the company's proposed
technology partners are well supported by team which has relevant
technical experience. There are industry professionals handling
various functions and carrying adequate experience.


FAIRDEAL MULTIFILAMENT: CARE Reaffirms B+ INR6.82cr Loan Rating
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Fairdeal Multifilament Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.82      CARE B+ Reaffirmed
   Long-term/Short-term Bank      4.26      CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Fairdeal
Multifilament Private limited continue to be constrained on
account of small scale of operations, leveraged capital
structure, weak debt coverage indicators and modest liquidity
position. The ratings are also constrained on account of its
presence in the highly competitive and fragmented nature of the
industry.

The above constraints are partly offset by the wide experience of
the promoters in the plastic industry as well as support from its
associated entities, locational advantage with presence in the
industrial hub and lower sales concentration risk with end-use
application in various industries.

FMPL's ability to increase the scale of operations along with
improvement in the capital structure while managing working
capital in an efficient manner is the key rating sensitivities.

Ahmedabad-based FMPL was incorporated in March, 2014. FMPL had
completed its debt funded greenfield project for manufacturing of
industrial yarn with an installed capacity of 2700 metric tonnes
per annum and started commercial production from September, 2015.
Industrial yarn finds application in many industries such as
automobile industry (seat belts), piping industry (reinforcement
material in hose pipe), construction (used in geo grids which are
used for roads, rail track, ports and bridge), Flexible
Intermediate Bulk Container (FIBC) industry (as stitching cords
in FIBC bags) and medical sector (ideal for applications such as
sutures, vascular, endovascular and orthopedics). FMPL is
promoted by Mr. Manoj Sanklecha, Mr. Sneh Shah and Ms Khushboo
Modi and has its sole manufacturing facility at Chacharwadi
village in Ahmedabad.

Promoters are associated with two other entities namely,
'Fairdeal FIBC Overseas' (CARE BB/CARE A4) and 'Fairdeal Jumbo
Packaging Private Limited' (CARE BB/CARE A4). Both the associated
entities are involved in manufacturing of FIBC bags.

As per the audited results for FY16, FMPL reported net profit of
INR0.06 crore on a total operating income (TOI) of INR4.68
crore. During H1FY17 FMPL registered TOI of INR8.92 crore.


G. D. KNIT: CARE Assigns 'B' Rating to INR5.91cr Long Term Loan
---------------------------------------------------------------
CARE assigns rating to the bank facilities of G. D. Knit Tex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.91      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of G. D. Knit Tex is
constrained on account of its modest scale of operations,
moderate profit margins with declining trend, leveraged capital
structure, moderate debt coverage indicators, weak liquidity
position and working capital intensive operations. The rating is
further constrained on account of risk associated with raw
material price volatility, seasonality of business, presence in
the highly fragmented and competitive textile industry with
limited value addition and slowdown and constitution of the firm
as partnership.

The rating, however, derives benefit from experienced promoters
and location benefit.

The ability of GDKT to increase its scale of operations along
with improving overall financial risk profile are the key rating
sensitivities.

Surat-based (Gujarat) GDKT is a partnership firm which was
incorporated by three partners namely Mr. Liladhar Suneja,
Mrs Kamlesh Suneja and Mr. Gaurav Chhabra in July, 2011. GDKT is
engaged into the business of manufacturing, import and trading of
knitted fabrics, polyester film, nylon and polyester yarn etc.
Major raw material required for these products is yarn. The firm
had 3 warp knitting machines and the installed capacity is of 144
tonnes of knitted fabric per year (4 tonnes per machine per
month) as onMarch 31, 2015. GDKT currently operates at 90% of its
installed capacity.

The partners are also associated with other partnership firms
named as Maruti Knit Tex, S MKnit Tex and B R Knit Tex and
all of them are in the same line of business.

As per the audited results for FY15 (refers to the period April 1
to March 31), GDKT reported a Profit after Tax (PAT) of INR0.05
crore on a total operating income (TOI) of INR11.08 crore as
against a PAT of INR0.31 crore on a TOI of INR10.30 crore during
FY14 (Audited).


GARG AND COMPANY: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Garg and Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      14.50     CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Garg and Company
continues to be constrained by its small scale of operations and
weak financial risk profile marked by low profitability margins,
weak solvency position and elongated operating cycle. The rating
is further constrained by susceptibility of the firm's
profitability margins to fluctuation in the steel prices,
presence in highly competitive steel industry and its
constitution as a
partnership firm. The rating, however, derives strength from the
experienced partners and direct sourcing from reputed suppliers.

Going forward, the ability of GCO to increase its scale of
operations while improving its solvency position and
profitability margins will be the key rating sensitivities.

GCO was initially constituted as a proprietorship firm in 1972 by
Mr. Harish Kumar Garg and in 2009, it was converted into a
partnership concern with Mr. Lokesh Jain, Mr. Kailash Jain and
Mr. Harish Kumar Garg as the partners having profit and loss
sharing ratio of 33%, 33% and 34%, respectively. Mr. Lokesh Jain
and Mr. Kailash Jain have an experience of more than a decade,
while Mr. Harish Kumar Garg has more than three and half decades
of experience in the trading of steel products. GCO is a family-
managed business and the firm is engaged in the trading of steel
products, mainly, CR strips, HR strips, HR coils and HR strips.
The firm sells the products mainly in Punjab. In September 2013,
the firm also started manufacturing Electric Resistance Welded
(ERW) pipes with total installed capacity of 12,000 tonne per
annum as on March 31, 2016. Income from manufacturing constituted
around 73% of the total revenue in FY16 (refers to the period
April 01 to March 31).

In FY16 (Audited), GCO has achieved a total operating income of
INR56.08 crore with PAT of INR0.29 crore, as against the total
operating income of INR44.36 crore with loss of INR0.55 crore in
FY15.


GEMINI EXPORTS: ICRA Assigns B+ Rating to INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.00
crore working capital facilities and to the INR4.00 crore
unallocated limits and has also assigned a short term rating of
[ICRA]A4 to the INR1.50 crore non fund based facility which is a
sub limit of the working capital facilities of Gemini Exports.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term, fund
   based - CC                6.00        [ICRA]B+; assigned

   Long term, unallocated    4.00        [ICRA]B+; assigned

   Short term, non fund
   Based                    (1.50)       [ICRA]A4; assigned

While arriving at the ratings, ICRA has consolidated the
financials of GE and its group concern PLPL, given common
promoters, similar line of business and proposed gradual shift of
trading business from PLPL to GE in future.

The assigned rating takes into account the long standing
experience of the promoters in the API industry, the steady
growth in revenues over the years and the comfortable capital
structure given the limited borrowing levels restricted to
working capital requirements at present.

The rating, however, is constrained by the small scale of
operations and volatile profitability margins, owing to
volatility in prices of key raw material and the limited ability
of the firm to pass on the increase in prices to the customer.
The margins are also exposed to currency fluctuations given the
reliance on imports for meeting raw material requirements. The
rating is further constrained by the high customer concentration
risk with the top ten customers accounting for 87% of the total
revenues in FY2016 and elongated receivable position at
standalone and group level, inclusive of flagship entity of the
group Polydrug Laboratories Private Limited (PLPL), where
instances of overdue bills has been witnessed, reflecting stress
on liquidity at group level The firm is also exposed to any
regulatory changes prevailing in pharmaceutical industry in
domestic as well as exports market and the risk associated with
respect to capital withdrawals in a partnership firm.

Going forward efficient management of working capital, so as to
improve its collection efficiency, and improvement in overall
liquidity position at group level remains the key rating
sensitivity.

Gemini Exports is a partnership firm started in 1996 and is
engaged in trading of APIs. The trading operations are carried
out from their head office located at Sewri, Mumbai and over 300
APIs are traded by the firm.

The group concern of GE, Polydrug Laboratories Private Limited
was incorporated in 2004 and is engaged in the manufacture and
export of Active Pharmaceutical Ingredients (APIs). The company
is also engaged in trading of APIs and has an in-house R&D
facility at Ambernath.

Recent Results
In FY2016 (provisional), GE has reported a net profit of INR1.29
crore on operating income of INR16.31 crore as against a net
profit of INR1.26 crore on operating income of INR14.89 crore in
FY2015 (audited).


GR CONSTRUCTIONS: ICRA Lowers Rating on INR26cr Term Loan to D
--------------------------------------------------------------
ICRA has downgraded the long term rating for the INR26 crore term
loan facilities of GR Constructions from [ICRA]BB- to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund Based
   Term Loan                26.0      [ICRA]D downgraded from
                                      [ICRA]BB- (Stable)

The rating downgrade takes into account stretched liquidity
position of the firm as exhibited by recent delay in meeting its
principal payment obligation. The rating revision also reflects
the exposure to execution and market risks for the launched
projects - GR Sankalpa II and GR Srushti, with projects being in
initial stages of construction with significant quantum of
saleable area; the high geographic concentration as all of its
projects are located in Bangalore. The rating also factors in the
significant expansion plans of the firm which exposes it to
market, funding and execution risks, along with the risks
inherent to partnership nature of business, including limited
ability to raise capital and exposure to personal liabilities of
partners. The company's ability to sell additional units and
generate adequate cash flows is critical given the significant
debt repayment obligation in the near term.

The promoters, Mr. G. Ramana Babu and Mr. R. M. Eshwar Naidu,
with more than two decades of experience in the construction
industry, incorporated GR Constructions, a partnership firm in
1999. In the initial years, the firm executed various
construction contracts across residential and commercial real
estate segments; and from 2006 onwards, the firmed ventured into
real estate development with the launch of its first residential
project - GR Vistas. Since then the firm has completed six
residential projects, with a total saleable area of around 0.68
million sq. ft. The firm is currently developing around 0.41
million sq. ft. of residential space in Bangalore with three
projects -- GR Sankalpa I &II and GR Srushti.

Result Results
For the financial year 2015-16 (as per provisional numbers), the
firm reported a net profit of INR7.8 crore on an operating income
of INR87.6 crore, as against a net profit of INR2.4 crore on an
operating income of INR66.4 crore in 2014-15.


GRC INFRA: ICRA Lowers Rating on INR46cr Term Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the long term rating for the INR46 crore term
loan facilities of GRC Infra Private Limited from [ICRA]B to
[ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund Based
   Term Loan               46.0       [ICRA]D (downgraded
                                      from [ICRA]B )

The rating downgrade takes into account stretched liquidity
position of the company as exhibited by recent delays in meeting
its principal payment obligation. The rating revision also
reflects the slow sales velocity and weak collection efficiency
for the only ongoing project GRC Brundavan which has resulted in
stretched cash flow position and increased reliance on funding
support from promoters. Further, despite the final stage of
construction of the project, the company remains exposed to
market risks with bookings received for only 60% of the total
saleable area, till date. The company's ability to sell
additional units and improve collection efficiency is critical
given that majority of the debt is to be repaid in the next
eighteen months.

GRC Infra Private Limited, promoted by Mr. G. Raman Babu and Mr.
R. Eshwar Naidu, is primarily engaged in the construction and
development of residential properties. The company was
incorporated in December 2009, with its registered office at
Bangalore. GRCIPL is currently developing a residential project -
GRC Brundavan - on Mysore Road, Bangalore, with a total saleable
area of 5.86 lakh sq. ft. comprising five blocks.
Font isn't consistent

Result Results
For the financial year 2015-16 (as per provisional numbers), the
company reported a net profit of INR15.5 crore on an operating
income of INR28.6 crore, as against a net profit of INR7.5 crore
on an operating income of INR27.7 crore in 2014-15.


H.R. EDUCATIONAL: ICRA Lowers Rating on INR10cr Term Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.00
crore fund based facilities of H.R. Educational Foundation Trust
from [ICRA]B+ to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term-Fund
   Based/Term Loan         10.00        [ICRA]D; Revised from
                                        [ICRA]B+
The revision in rating takes into account the delays by the trust
in meeting the bank debt obligations in a timely manner in the
recent past. The delays are primarily owing to lower occupancy
levels in the school run by the trust in AY 2016 as compared to
the expected levels. The rating is also constrained by stretched
capital structure of the trust and its sizable repayment
obligations, vis-a-vis its cash accruals, due in the short to
medium term. The rating however, derives comfort from the strong
operational track record of the school and the long standing
presence of the promoter in the Mangalore real estate market
under the Presidency Group brand.

Established in 2006, H.R. Education Foundation Trust is a single
school entity operating the Prestige International School in
Mangalore. The trust is a part of Presidency Group promoted by
Mr. Hyder Ali, the chairman of the school. The school is
affiliated to CBSE and follows the curriculum based on the
Continuous and Comprehensive Evaluation assessment. The school
offers education from pre-primary to higher secondary levels.

Recent Results
The trust reported a net profit of INR0.50 crore on an operating
income of INR4.72 crore in FY 2015-16 (as per provisional
results), as against a net profit of INR0.63 crore on an
operating income of INR3.57 crore in FY 2014-15.


HIGHBAR TECHNOLOGIES: CARE Lowers Rating on INR19.57cr Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Highbar Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.57      CARE D Revised from
                                             CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Highbar Technologies Limited is on account of the delays
in the servicing of debt obligations.

Highbar Technologies Limited, a 100% subsidiary of Hindustan
Construction Company Ltd (rated CARE C/CARE D/CARE A4 for its
bank facilities and instruments); was formed in 2009 by spinning
off the IT department of HCC-one of the largest infrastructure
development companies which have implemented Enterprise Resource
Planning (ERP) as well as other Information Technology (IT)
solutions to connect all its project locations on SAP platform.

Information technology is very crucial for the infrastructure
sector, considering multiple locations and projects that the
companies operate in. Thus, HCC leveraged its technical expertise
in the infrastructure sector to provide end to end IT services to
infrastructure clients. HTL's business mainly involves
developing, designing, marketing of supporting services, products
and accessories used in field of IT.


INDIA PISTONS: CRISIL Withdraws 'D' Rating on INR572.5MM Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on INR522 million bank
facilities of India Pistons Ltd, in line with CRISIL's withdrawal
policy. These ratings were earlier placed on 'Notice of
Withdrawal' for a period of 180 days on March 31, 2016, at the
company's request.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        65        CRISIL D (Withdrawn)
   Cash Credit             75        CRISIL D (Withdrawn)
   Letter Of Guarantee      5        CRISIL D (Withdrawn)
   Letter of Credit        80        CRISIL D (Withdrawn)
   Long Term Loan         572.5      CRISIL D (Withdrawn)
   Short Term Loan         37.0      CRISIL D (Withdrawn)
   Working Capital
   Demand Loan            260.0      CRISIL D (Withdrawn)

CRISIL keeps all its outstanding ratings on continuous
surveillance. Accordingly, it seeks regular updates from
companies on business and financial performance. CRISIL is yet to
receive adequate information from India Pistons to enable it to
undertake a rating review. CRISIL is taking all possible efforts
to get to cooperate with its rating process for enabling it to
carry out the rating review.

The key rating sensitivity factors for the rating include:
* Timeliness in debt servicing
* Equity infusion
* Improvement in business performance and profitability

For ratings purpose, CRISIL has combined the financial risk
profiles of India Pistons and its subsidiaries, IP Pins & Liners
Ltd and IPL Engine Components Ltd. The off-balance sheet
receivables-discounting facility, utilised by India Pistons under
a scheme of arrangement with certain customers and their
respective bankers, has not been treated as debt, as the facility
is with primary recourse to those customers.

India Pistons was set up in 1949 as a joint venture (JV) with the
UK-based Associated Engineering Co (later renamed T&N Plc, which
was subsequently acquired by Federal Mogul Corporation [FMC]). In
fiscal 2008, India Pistons became a wholly owned subsidiary of
Simpson & Co. (a leading company of the Amalgamations group)
after FMC divested its 30% stake.

India Pistons manufactures pistons, piston rings, cylinder
liners, and gudgeon pins at its unit at Sembiam, Chennai (Tamil
Nadu). Following an agreement with the Germany-based Mahle GmbH
to form a 50:50 JV for manufacturing pistons, India Pistons'
plant in Maraimalai Nagar near Chennai was demerged, effective
from January 31, 2008, into a new JV, Mahle-India Pistons Ltd. In
fiscal 2014, the company divested its stake in the JV. At
present, India Pistons largely supplies pistons and piston rings
for engines used by leading tractor original equipment
manufacturers, including Tractors and Farm Equipment Ltd ('CRISIL
AA+/Stable/CRISIL A1+') and Mahindra & Mahindra Ltd ('CRISIL
AAA/Stable/CRISIL A1+/CRISIL GVC Level 1').

For, fiscal 2015, India Pistons reported a net loss of INR147.1
million on net sales of INR3.1 billion, against a net loss of
INR119.7 million on net sales of INR2.9 billion for fiscal 2014.


INTERLABS (INDIA): CRISIL Suspends B- Rating on INR47.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Interlabs (India) Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            47.5       CRISIL B-/Stable
   Letter of Credit       10         CRISIL A4
   Long Term Loan         15         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     27.5       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
ILPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ILPL is yet to
provide adequate information to enable CRISIL to assess ILPL'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 2005, ILPL is engaged in manufacturing of bulk
drugs intermediaries. Promoted by Mr. D. Srinivas, the company is
based out of Hyderabad (Telangana).


JOG CONSTRUCTION: CARE Assigns B+ Rating to INR6cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jog Construction Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6         CARE B+ Assigned
   Short term Bank Facilities     2         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jog Construction
Company Private Limited are constrained by moderate scale of
operations, leveraged capital structure and weak debt protection
indicators. Furthermore, the rating is also constrained by the
working capital intensive nature of operations with high
inventory holding period, concentration on government contracts
along with exposure to tender driven process.

The above weaknesses are partially offset by the promoters'
longstanding experience in the execution of mid-sized road
projects, moderate order book position rendering revenue
visibility over the medium term, presence of price escalation
clause in majority of contracts and moderate profitability.

Ability of the firm to secure new orders and timely completion of
the same thus increasing its scale of operations while sustaining
profit margins and improvement in capital structure along with
efficient management of its working capital requirements are the
key rating sensitivity. Moreover, any major debt-funded capital
expenditure incurred by the company going forward thereby
affecting its capital structure shall also be the key rating
sensitivity.

Jog Construction Company Private Limited was incorporated as a
private limited company in Ponda, Goa in 2005 by Mr. Jagdish R
Jog and Mrs Rajashree J Jog. The operations of the company are
managed by Mr. Sravan Jog, Mr. Anant Gaude, Mr. Jayant Gaonkar,
Mr. Shankar Jog and Mr. Abhijit Mane. The company is in the
execution of road projects for the government authorities and is
awarded Class A contractor status with Goa Government. JCCPL is
mainly involved in
execution of tender based small and mid- sized contracts in
construction of roads segment awarded by the Government of Goa
and National Highway Corporation which enables it to participate
in any tender for R&B (Road and Bridge) department. As on
July 31, 2016 the outstanding order book stood at around INR14.50
crore which translates into 1.67x of FY16 (refers to the period
April 1 to March 31- Provisional) revenues and 3.26x of FY15
revenues which consists of orders only from Goa Government (GIDC
and GSIDC).

In the past, the company has completed around 10 projects valued
at around INR21.08 crore.


KNOWLEDGE VISTAS: CARE Reaffirms 'D' Rating on INR14cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Knowledge Vistas Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.00      CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities
of Knowledge Vistas Limited takes into account the ongoing delays
in servicing of interest obligations on the term loan. The rating
continues to be constrained due to noncommencement of operations
of school and pending completion of hostel and sports facilities
and consequent dependence on the promoter company - Lavasa
Corporation Limited (LCL, rated CARE D for its bank facilities)
for repayment of its interest obligations.

Knowledge Vistas Ltd. (erstwhile GDST Oxford International School
Limited) was incorporated on Feb. 24, 2009. It was floated as a
Special Purpose Vehicle (SPV) for establishing, developing and
operating a school in Lavasa. The school is proposed to be
established as a co-educational, fee paying school for 1,200
pupils of which up to 70% of the pupils would be boarding. The
school is jointly owned by Educomp Infrastructure and School
Management Ltd (51%) & Lavasa Corporation Ltd (49%).


L B INDUSTRIES: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned L B Industries
Private Limited a Long-Term Issuer Rating of 'IND BB-' with a
Stable Outlook.

KEY RATING DRIVERS

The ratings are constrained by the decline in LBPL's overall
revenue to INR1,863.38 in FY16 from INR2,914.45 mil. in FY15
mainly on account of the decline in its merchant trading segment.
However, Ind-Ra expects the overall revenue to increase by 15%-
20% at FYE17 supported by the company's new cooking oil segment.
The company plans to launch its unique cooking spray oil under
its own brand, 'RAY' during the third quarter of FY17. Ind-Ra
expects that the higher-margin cooking oil segment would improve
the company's EBITDA margins to around 2.5%-3% by FYE17. However,
during FY13-FY16 the operating margins remained thin and volatile
(FY16: 2.22%; FY15: 1.26%; FY14: 2.24%; FY13: 4.92%) on account
of the trading nature of the business.

The credit metrics remained weak over the last two years with
interest coverage (operating EBITDA/gross interest expense) of
1.25x in FY16 (FY15: 1.40x) and financial leverage (total
adjusted debt/operating EBITDAR) of 3.87x (10.21x). However, Ind-
Ra expects the credit metrics to improve nominally by FYE17 on
the back of the expected improvement in the operating margins in
FY17 and FY18; gross interest coverage and financial leverage is
likely to remain at around 2x and 4x respectively over FY17-FY18.

The ratings are supported by the company's moderate liquidity
position as evident from its working capital cycle of negative
six days in FY16 and average working capital limit utilisation of
88% during the 12 months ended July 2016. Ind-Ra expects the
liquidity position to remain comfortable during FY17 with no
major changes in the working capital cycle. The ratings are
further supported by the promoter's experience of more than three
and a half decades in trading various flooring products, fast
moving consumer goods, and commodities.

RATING SENSITIVITIES

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

Positive: A significant improvement in profitability leading to
an improvement in the credit profile will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2008, LBPL is engaged in the trading of various
flooring products and edible oils. LBPL is a part of Laxmidas
Brothers Group, which was established in 1955 and is engaged in
diversified business activities such as trading of plywood,
flooring, deck wood, edible oils etc. In December 2013 the
company started trading various commodities such as palm oil,
sugar etc. and subsequently in 2015, it ventured into third party
manufacturing of cooking spray oil under its own brand name.

LBPL's ratings:

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

   -- INR60 mil. fund-based limits: assigned at 'IND BB-'/
      Stable/'IND A4+'

   -- INR420 mil. non-fund-based limits: assigned at 'IND A4+'


LANCER CONTAINER: Ind-Ra Suspends IND B+ Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lancer Container
Lines Private Limited's '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 LCLPL.

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.

LCLPL's ratings:

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

   -- INR50 mil. fund-based limits: migrated to Long-term 'IND
      B+(suspended)' from 'IND B+' and Short-term 'IND
      A4(suspended)' from 'IND A4'

   -- INR70 mil. term loan: migrated to Long-term
      'IND B+(suspended)' from 'IND B+'


LIBRA AUTOCAR: CARE Assigns B+ Rating to INR10cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Libra
Autocar Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Libra Autocar
Company Limited is constrained by its weak financial risk profile
characterised by small & declining scale of operations with low
net-worth base and weak solvency position. The rating is further
constrained by working capital intensive nature of operations and
stiff competition in the automobile dealership industry. The
rating, however, derives strength from the experienced promoters
with long track record of operations, moderate profitability
margins and association with an established brand name-Maruti
Suzuki India Limited.

Going forward, the ability of the company to increase its scale
of operations while improving its solvency position along with
efficient management of its working capital requirements would
remain the key rating sensitivities.

LACL was incorporated in 2005 and promoted by Mr. Pavit Pal
Singh, Mr. Kesar Singh and Mr. Gurinderjit Singh. LACL is an
authorized dealer of entire range of passenger vehicles (PV) of
Maruti Suzuki India Limited. LACL operates a 3S facility (Sales,
Spares, Service) coupled with sale and purchase of pre-owned cars
(True Value) and has its showroom located on Jalandhar Bypass,
Ludhiana, Punjab. The company also has one service station in
Sanewal, Ludhiana, Punjab.

LACL has three group concerns, namely, 'Libra Auto &General
Finance Limited', 'Libra Automobiles Private Limited' and
"Patiala Carrier". 'Libra Auto & General Finance Limited' is
engaged in auto and general finance business since 1994,
whereas both the other group concerns are engaged in transport
business since 1994.

In FY16 (refers to the period April 01 to March 31), LACL has
achieved a total operating income of INR35.24 crore with PAT
of INR0.36 crore, as against the total operating income of
INR50.28 crore with loss of INR0.27 crore in FY15.


LIMITORQUE INDIA: ICRA Lowers Rating on INR28.90cr Loan to B
------------------------------------------------------------
ICRA has revised its long-term rating on the INR28.90 crore fund
based bank facilities of Limitorque India Limited to [ICRA]B from
[ICRA]B+. ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the INR0.90 crore non fund based bank facilities of
LIL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term               28.90        [ICRA]B; revised from
                                        [ICRA]B+

   Non Fund Based
   Limits-Short Term        2.10        [ICRA]A4; reaffirmed

ICRA's rating revision takes into account the increase in LIL's
working capital intensity on account of build-up of receivables
and inventory levels, which has been largely funded through bank
borrowings. This, coupled with debt funded capital expenditure
has resulted in high gearing levels. The large debt funded
capital expenditure has also resulted in a funding mismatch
between cash accruals and debt repayments, rendering the company
reliant on loans from promoters to meet the shortfall. The
ratings also take into account the vulnerability of the company's
profitability to fluctuations in raw material prices given the
high lead time in execution of projects and the absence of a
price escalation clause in most of the contracts. The ratings are
also constrained by the company's modest scale of operations and
muted demand growth in the past few years, as evidenced by slow
inflow of orders, and delays in execution of past orders which
have restricted the growth in operating income. Nevertheless, the
ratings draw comfort from the company's experienced management,
its long track record in the business, its established
relationship with customers and its reputed client base, which
results in low credit risk.

Going forward, timely infusion of funds from the promoters to
meet the funding shortfall, and the ability of the company to
bring about a sustained improvement in its working capital cycle
will be the key rating sensitivities.

LIL was incorporated in 1985 and has been promoted by Mr. Shyam
Maheshwari, who holds a 47.2% stake in the company. The other
shareholders include Flowserve Corporation, USA (26% stake),
Nippon Gear Company Limited, Fujisawa, Japan (14% stake), and
Wise electronics Private Limited (12.7% stake). The day to day
affairs of the company are managed by Mr. Maheshwari. The company
is involved in the manufacturing of electric actuators which are
critical equipments for automation. The manufacturing facility of
the company is located at Faridabad, Haryana.

Recent Results
LIL on a provisional basis, reported a net profit of INR1.70
crore on an operating income of INR44.96 crore for FY2016, as
compared to a net profit of INR1.49 crore on an operating income
of INR45.30 crore for the previous year.


MONDAL COLD: ICRA Reaffirms B+ Rating on INR0.35cr Bank Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR0.35 crore bank guarantee facility of Mondal Cold Storage.
ICRA has also reaffirmed the short-term rating of [ICRA]A4
assigned to the INR14.82 crore working capital facilities
(revised from INR14.69 crore earlier) of MCS.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Bank Guarantee           0.35       [ICRA]B+/Reaffirmed
   Working Capital
   Facilities              14.82       [ICRA]A4/Reaffirmed
                                        /Assigned

The reaffirmation of ratings takes into account MCS' small scale
of current operations, its weak financial risk profile as
reflected by high gearing, depressed coverage indicators, and
subdued return on capital employed. It also considers the high
working capital-intensive nature of operations due to the
practice of extending up-front advances to the farmers at the
time of loading of potatoes, which exerts pressure on the
liquidity position. The ratings are further constrained by the
regulated nature of the industry, making it difficult to pass on
the increase in operating costs, exerting pressure on the
profitability. Besides, MCS is exposed to agro-climatic risks as
its business performance entirely depends upon a single agro
commodity - potato. ICRA notes that the firm remains exposed to
the counterparty risk due to loans extended to farmers, given the
chances of delinquencies, if potato prices fall to a low level.
The ratings also consider MCS' status as a partnership firm and
the risk of capital withdrawal by the partners.

The ratings, however, derives support from the established track
record of the firm in the cold storage business and the
promoters' experience of more than five decades in the industry.
Besides, MCS enjoys location advantage as its cold storage units
are situated in Paschim Medinipur and Bankura, districts well
known for large-scale potato production.

In ICRA's opinion, the ability of the firm to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Mondal Cold Storage (MCS) had set up its first cold storage unit
at Amlagora in the Paschim Medinipur district of West Bengal in
1967. It was established as a proprietorship concern to carry on
the business of storage and preservation of potatoes. In 1999,
the entity was converted into a partnership firm. MCS had set up
its second cold storage unit at Chatra in the Bankura district of
West Bengal in 2005. Promoted by the Kolkata-based Mondal family,
MCS has a storage capacity of 69,200 metric tonnes (MT) at
present.

Recent Results
During FY2016, MCS reported a net profit of INR0.39 crore on an
operating income (OI) of INR6.75 crore, as against a net profit
of INR0.30 crore and OI of INR7.85 crore during FY2015.


MONDAL ICE: ICRA Reaffirms B+ Rating on INR0.15cr Bank Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR0.10 crore term loan (revised from INR0.18 crore earlier)
and INR0.15 crore bank guarantee facilities (revised from INR0.05
crore earlier) of Mondal Ice & Cold Storage Private Limited. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 assigned to
the INR9.24 crore working capital facilities (revised from
INR9.26 crore earlier) of MICSPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan                0.10      [ICRA]B+/Reaffirmed
   Bank Guarantee           0.15      [ICRA]B+/ Reaffirmed/
                                      Assigned
   Working Capital
   Facilities               9.24      [ICRA]A4/ Reaffirmed

The reaffirmation of ratings takes into account MICSPL's small
scale of current operations, its weak financial risk profile as
reflected by high gearing, depressed coverage indicators, and
subdued return on capital employed. It also considers the high
working capital-intensive nature of operations due to the
practice of extending up-front advances to the farmers at the
time of loading of potatoes, which exerts pressure on the
liquidity position. The ratings are further constrained by the
regulated nature of the industry, making it difficult to pass on
the increase in operating costs, exerting pressure on the
profitability. Besides, MICSPL is exposed to agro-climatic risks
as its business performance entirely depends upon a single agro
commodity - potato. ICRA notes that the company remains exposed
to the counterparty risk due to loans extended to farmers, given
the chances of delinquencies, if potato prices fall to a low
level.

The ratings, however, derives support from the established track
record of the company in the cold storage business and the
promoters' experience of more than five decades in the industry.
Besides, MICSPL enjoys location advantage as its cold storage
unit is situated in Bankura, a district well known for large-
scale potato production.

In ICRA's opinion, the ability of the company to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Mondal Ice & Cold Storage Private Limited had set up its cold
storage unit at Bishnupur in the Bankura district of West Bengal
in 1985. It was established as a partnership firm to carry on the
business of storage and preservation of potatoes. In 1999, the
entity was converted into a private limited company. Promoted by
the Kolkata-based Mondal family, MICSPL has a storage capacity of
35,000 metric tonnes (MT) at present.

Recent Results
During FY2016, MICSPL reported a net profit of INR0.15 crore on
an operating income (OI) of INR3.65 crore, as against a net
profit of INR0.11 crore and OI of INR3.37 crore during FY2015.


MY CAR: ICRA Assigns 'B' Rating to INR10cr Bank Loan
----------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
crore fund based bank facilities of My Car Nexa Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   CC                       10.00       [ICRA]B; assigned

ICRA's rating is constrained by MCNL's limited track record of
operations and the intense competition it faces from other OEM1
dealerships in the vicinity. The rating also factors in the weak
financial profile of the company characterized by low net-worth
and high working capital requirements, which are largely debt
funded, leading to a leveraged capital structure and weak debt
protection metrics. The rating is also constrained due to the low
bargaining power of the company, wherein pricing policies are
determined by Maruti Suzuki India Ltd, which keeps the
profitability under check, and exposure to the inherent
cyclicality of the passenger vehicle industry by virtue of its
linkage to macroeconomic environment.

However, the rating favorably factors in the long track record
and experience of the promoters in the automobile dealership
business and the favorable demand prospects for MCNL, with
positive response towards launch of MSIL's premium offerings
under the 'NEXA' brand. The rating also takes into account the
continued market leadership of MSIL as the largest domestic
passenger car manufacturer. The company's ability to augment its
revenue in a profitable 10.00manner, while optimally managing its
working capital cycle, and bring about an improvement in its
capital structure will be the key rating sensitivities.

Incorporated in 2015, My Car Nexa Pvt Ltd is an authorised dealer
in Kanpur, Uttar Pradesh for passenger cars manufactured by MSIL
under the brand NEXA. The showroom became operational in January
2016 and at present, the cars sold through NEXA are- premium
cross-over, S-Cross and premium hatchback, Baleno.

Recent Results
The company incurred a net loss of INR0.25 crore on an operating
income of INR2.66 crore in FY 2016. The company, on a provisional
basis, reported an operating income of INR17.09 crore for five
month ending August 31, 2016.


NIRVIN COLD: CARE Reaffirms 'B' Rating on INR8.25cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nirvin Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.25       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Nirvin Cold Storage
Private Limited continues to be constrained by its small scale of
operations, highly regulated nature of the industry, high overall
gearing, dependence on vagaries of nature & seasonality of
business and presence in a highly fragmented industry leading to
intense competition. The aforesaid constraints are partially
offset by experience of the promoters, the company's long track
record of operations and proximity to the potato-growing areas.

The ability of the company to increase its scale of operations
with improvement in profitability margins and ability to manage
working capital effectively would be the key rating
sensitivities.

NCSPL, incorporated in the year 1984, is a Kolkata-based (West
Bengal) company, promoted by Mr. Niraj Kumar Bansal and Ms Jyoti
Bansal (wife of Mr. Niraj Kumar Bansal). It is engaged in the
business of providing cold storage services to potato growing
farmers and potato traders, having an installed storage capacity
of 19,465 MT in Bankura district of West Bengal. Besides
providing cold storage services, NCSPL also trades in potatoes,
which accounted for around 56.23% of the total revenue in FY16
(refers to the period April 1 to March 31).

Mr Niraj Kumar Bansal, looks after the day-to-day activities of
the business with adequate support from co-director and a team of
experienced professionals.

In FY16, the company achieved a total operating income of INR5.75
crore and PAT of INR0.05 crore as against a total operating
income of INR5.24 crore and PAT of INR0.18 crore in FY15. In
Q1FY17, the company has achieved a turnover of INR2.80 crore.


PAVANPUTRA SHEETGRAH: CARE Assigns B Rating to INR7cr Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Pavanputra
Sheetgrah Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Pavanputra
Sheetgrah Private Limited is primarily constrained by short track
record of operations, weak financial risk profile, residual
project execution and stabilization risk associated with the
ongoing capex for building up additional capacity of cold
storage. The rating is further constrained by its presence in the
highly competitive nature of industry.

The rating constraints are partially offset by the experienced
members of the company and favorable scenario for cold storage in
India.

Going forward, the ability of PSPL to execute the project within
envisaged time and cost estimates and achievability of envisaged
revenue and profitability.

PSPL was incorporated in 2015 and started commercial operation in
February 2016. PSPL was promoted by Mr. Arvind Kumar along with
other family members. The main objective of setting up PSPL was
for the construction, management and operation of a cold storage.
The cold storage is located at Hathras, Uttar Pradesh, with
storage capacity of 4000 metric ton per annum as onMarch 31,
2016. The company 'has a group concern "Bajrang cold Storage"
which engaged in the business of cold storage.

PSPL achieved a total operating income (TOI) of INR0.27 crore in
2MFY16 (refers to the period January 1 to March 31) with PBILDT
of INR0.08 crore and net loss of INR0.02 crore The company has
achieved total operating of INR0.80 crore in 6MFY17 (refers to
the period April 1 to September 30, based on provisional
results).


PRAVIN BUILDTECH: CRISIL Suspends 'D' Rating on INR67.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pravin
Buildtech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D
   Term Loan               67.5      CRISIL D

The suspension of ratings is on account of non-cooperation by
PBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PBPL is yet to
provide adequate information to enable CRISIL to assess PBPL'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 2012, PBPL is promoted by the Morbi (Gujarat)-
based Mr. Mitul Panara and his family. The company manufactures
autoclaved aerated concrete (AAC). PBPL commenced commercial
operations in February 2013.


PRIME METALS: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prime Metals a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect PM's small scale of operations and weak
credit metrics. The company's posted a revenue of INR347 mil. in
FY16 (FY15: INR286 mil.; FY14: INR283 mil.), gross interest
coverage (operating EBITDA/gross interest expense) of 1.30x
(1.12x, 1.36x) and net financial leverage (total adjusted net
debt/operating EBITDAR) of 5.51x (7.34x, 5.80x).  The credit
metrics remained weak on account of narrow and volatile EBITDA
margins. The operating margin stood at 3.42% in FY16 (FY15:
2.47%, FY14: 1.90%).

However, the ratings are supported by comfortable liquidity
position as reflected in the 95% average utilisation of the
working capital limits over the 12 months ended September 2016.

RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining or
improving the operating margins leading to an improvement in the
credit metrics will be positive for the ratings.

Negative: Dip in operating margins leading to deterioration in
the credit metrics will be negative for the ratings.

COMPANY PROFILE

Established in 2010 as a partnership firm, PM manufactures brass
ingots, copper ingots etc, its manufacturing facility is situated
in Alwar, Rajasthan. The firm's four partners Mr. Amit Rastogi,
Mr. Sharad Rastogi, Mr. Yogesh Rastogi, and Mr. Pawan Kumar
Gupta, have an equal share in it.

Prime Metal's ratings:

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

   -- INR60 mil. working capital limits: assigned long term 'IND
      B+'/Stable/short term 'IND A4'

   -- INR12.5 mil. non-fund-based limits: assigned short term
      'IND A4'

   -- INR1.50 mil. term loan: assigned long term 'IND B+'/Stable


RAIPUR BOTTLING: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR10.00-crore cash-credit facility of Raipur Bottling Co.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash credit             10.00       [ICRA]B+ reaffirmed

The rating reaffirmation takes into account significant fall in
operating income of the firm during FY2015 and FY2016 owing to
decline in order book, a weak financial risk profile
characterised by aggressive capital structure and weak debt
coverage indicators and relatively small size of the firm's
operations at present. ICRA also notes that RBC is exposed to the
regulatory risk associated with the Indian-Made Foreign Liquor
(IMFL) industry and the risk of capital withdrawal, inherent in a
proprietorship firm.
The rating, however, derives comfort from long track record of
the proprietor in the liquor-related business and the firm's
established relationship with reputed clientele, which supports
revenue visibility. The ability of the firm to efficiently manage
working capital requirement and order book movement would remain
key rating sensitivities, going forward.

RBC was set up in 1998 by Mr. Sucha Singh Rai as a proprietorship
firm. The entity is involved in the processing and bottling of
IMFL companies in Chhattisgarh. The plant is located in Raipur,
Chhattisgarh, with an annual bottling capacity of 90 lakh litres
and carries out bottling for its own brand and other reputed
whisky brands. RBC leverages the established distributor network
of its promoters who have presence in the business of liquor in
Chhattisgarh and Madhya Pradesh.

Recent Results
During FY2016, RBC reported a profit after tax (PAT) of INR0.49
crore (provisional) on an operating income (OI) of INR41.02 crore
(provisional) compared to a PAT of INR0.43 crore on an OI of
INR55.89 crore in FY2015.


REDDY AND REDDY: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Reddy
and Reddy Imports and Exports.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         15         CRISIL A4
   Cash Credit            40         CRISIL B/Stable

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

RRIE commenced commercial operations in 1997. The firm primarily
trades in prawn feed. The firm also manufactures shirt buttons.
Mr. Goluguri Rama Krishna Reddy is the firm's managing partner.


S.K. RICE: ICRA Suspends B+ Rating on INR10cr Long Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR10.00 crore long term fund based facility of S.K. Rice
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

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


SEKO BEC: CRISIL Reaffirms 'B' Rating on INR45MM Cash Loan
----------------------------------------------------------
CRISIL rating on the long-term bank facilities of Seko Bec
Private Limited (formerly known as Borewell Equipment Co Private
Limited) continues to reflect SBPL's modest scale of operations
in the intensely competitive drilling equipment industry, and the
company's large working capital requirements.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Reaffirmed)
   Cash Credit             45        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        30        CRISIL A4 (Reaffirmed)

The ratings of the company are also constrained on account of its
below-average financial risk profile marked by its small net-
worth, moderate gearing, and below average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SBPL's promoters in the drilling
equipment manufacturing business.
Outlook: Stable

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

SBPL was set up in 1979 by Mr. Kesava Rao, Mr. Ramachandra Rao,
and their family members. The company manufactures drilling
equipment used for construction, quarrying, mining, and wells. It
is based in Hyderabad, Telangana.


SHREE BHAGWATI: ICRA Assigns 'B' Rating to INR7.83cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR4.00
crore cash credit facility and INR7.83 crore term loan facility
of Shree Bhagwati Agrotech Private Limited. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR0.17 crore3
bank guarantee facility of SBAPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based-Cash
   Credit                  4.00        [ICRA]B assigned

   Fund based-Term
   Loan                    7.83        [ICRA]B assigned

   Non-fund based-
   Bank Guarantee          0.17        [ICRA]A4 assigned

The assigned ratings take into account the company's exposure to
risk of stabilisation and off-take risks as the trial production
was started on April 22, 2016. The ratings also factor in the
limited financial flexibility of the company arising from
significant debt repayment obligations in the medium term
relative to its net cash accruals, the highly competitive nature
of the industry on account of low barriers to entry and limited
value addition which leads to low profit margins and limited
pricing flexibility. The ratings also remain constrained by the
agro- climatic risk associated with the availability of wheat and
vulnerability of operations to government regulations on pricing
and distribution of agricultural commodities.

The ratings, however, favorably take into account extensive
experience of the promoter in the wheat milling industry through
a group entity, and favorable location of the plant in Siliguri,
West Bengal which is in proximity to wheat growing regions
leading to low transportation costs. The ratings also factor in
the expected support from the State Government of West Bengal
under The West Bengal State Support for Industries Scheme 2013
which is likely to support the cash flows to an extent, and the
stable target market, given that wheat flour forms an essential
constituent of the Indian diet.

Shree Bhagwati Agrotech Private Limited is engaged in the milling
of wheat to manufacture 'maida', 'atta', 'suji' and 'bran'. The
manufacturing facility is located in Siliguri, West Bengal and
has an installed annual capacity of 45,000 metric tons (MT). The
company commenced the trial run production at this unit on
April 22, 2016.


SHRI VENKATESWARA: Ind-Ra Assigns 'IND D' Long Term Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri
Venkateswara Sikshan Sanstha's INR121.70 mil. term loans a Long-
term 'IND D' rating.

KEY RATING DRIVERS

The rating reflects SVSS's delays in interest payments since
April 2016 due to its weak liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least one quarter could
result in a positive rating action.

COMPANY PROFILE

SVSS was established in 2000 under the leadership of Vanashri
Nanasaheb Mahadik. It is running 12 institutions under its
umbrella (offering engineering, management and polytechnic
courses), along with three schools, two junior colleges, two
industrial training institutes and a career academy. It is
situated in Peth near Pune.


SIESTA LAMINATES: ICRA Suspends 'B' Rating on INR7.93cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.93
crore bank facilities of Siesta Laminates Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Incorporated in 2013, Siesta Laminates Private Limited is engaged
in manufacturing decorative laminates sheets having 8 x 4 size
having 0.7 mm to 1.0 mm thickness, which are primarily used in
the furniture for surface decoration. The unit is located at
Mehsana District in Gujarat and has a production capacity of 30
lacs sheets per annum. The company is promoted by Mr. Ambalal
Patel who have more than three decades of experience in the
plywood industry by virtue of his association to various plywood
manufacturing and marketing companies. He is supported by his
sons namely Mr. Sunil Patel and Mr. Jayant Patel.


SPECTRUM RENEWABLE: ICRA Suspends 'D' Rating on INR8.40cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR8.40 crore,
term loan facilities & INR1.25 crore cash credit limits of
Spectrum Renewable Energy Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, fund
   based limits-
   Term Loan               8.40         [ICRA]D Suspended

   Long term, fund
   based limits-Cash
   Credit                  1.25         [ICRA]D Suspended

Spectrum Renewable Energy Private Limited (erstwhile J R
Development and Research Consultants Private Limited) was
incorporated in Mar'02 and later on renamed in Dec'07. The
company is promoted by Dr. A V Mohan Rao and his son Mr. Akula
Srikant. SRPL is involved in the manufacturing of Compressed Bio
Gas (CBG) from agricultural and other biodegradable wastes.

The company provides start to finish solution that converts
organic waste into CBG and organic manure/ soil enhancer that
results in increased industrial and farmer productivity and a
cleaner environment. Currently the company manufactures CBG from
press mud (waste generated in sugar mills) and spent wash (waste
generated in distillery unit) at its plant located at Warananagar
in Kolhapur district of Maharashtra. SRPL has tied up with Shree
Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Limited for the
supply of raw materials.


SREEVASA SPINNERS: ICRA Lowers Rating on INR49.93cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B to
the INR49.93 crore fund based limits and INR0.07 crore
unallocated limits of Sreevasa Spinners Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            49.93        [ICRA]D, revised from
                                        [ICRA]B; downgraded

   Long Term
   Unallocated Limits       0.07        [ICRA]D, revised from
                                        [ICRA]B; downgraded

The rating revision is driven by delays in repayment of term loan
instalments by SSL, despite restructuring of repayments during
FY2015, on account of stretched liquidity position and lower
realizations due to fall in cotton prices during FY2016 and high
repayment obligations.

Sreevasa Spinners Limited, incorporated in September 2010, is
primarily engaged in production of carded cotton yarn in the
count range of 21s to 36s. SSL has spinning mill located in
Mahboobnagar, Telangana with an installed capacity of 16320
spindles.


STEEL PRODUCTS: CRISIL Assigns 'B' Rating to INR115MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Steel Products Limited, and assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to the facilities. CRISIL had
suspended the ratings on December 16th, 2013, as the company had
not provided the information required for a rating review. It has
now shared the requisite information, enabling CRISIL to assign
ratings to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          100       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             115       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit         11.5     CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect SPL's working capital-intensive operations
and weak financial risk profile, with low networth and high
gearing. These rating weaknesses are partially offset by the
extensive experience of the promoters in the transmission tower
industry.
Outlook: Stable

CRISIL believes SPL will continue to benefit over the medium term
from its long track record in the transmission tower industry.
The outlook may be revised to 'Positive' if substantial
improvement in working capital cycle, scale of operations,
profitability, and capital structure strengthens key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, especially liquidity, deteriorates, most
likely because of large incremental working capital requirement,
low cash accrual, or substantial unanticipated capital
expenditure.

SPL was incorporated in 1917. The company manufactures steel
structures and parts of transmission towers and telecom towers
and also sub-stations structures. The company also undertakes
projects in installation of optical electricity cables for
transmission towers.


STMPL ENTERPRISES: CRISIL Suspends 'D' Rating on INR250MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
STMPL Enterprises Private Limited (part of the Majolica group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL D
   Letter of Credit        250       CRISIL D

The suspension of ratings is on account of non-cooperation by
STMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STMPL is yet to
provide adequate information to enable CRISIL to assess STMPL'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 2007, STMPL is promoted by members of the
Mithiborwala family based in Ahmedabad (Gujarat).


SUVARNA FIBROTECH: ICRA Suspends 'B' Rating on INR9.75cr LT Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR9.75
crore cash credit limits and INR1.30 term loan facilities of
Suvarna Fibrotech Private Limited. ICRA has also suspended the
[ICRA]A4 rating assigned to the INR0.95 crore non fund based
limits of Suvarna Fibrotech Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, fund
   based limits-Cash
   Credit                  9.75         [ICRA]B/Suspended

   Long term, fund
   based limits-Term
   Loan                    1.30         [ICRA]B/Suspended

   Short term, non
   fund based-Bank
   Guarantee               0.50         [ICRA]A4/Suspended

   Short term, non
   Fund Based-LC           0.45         [ICRA]A4/Suspended

Established in 1985 in the industrial belt of MIDC, Bhosari,
Pune, the company is engaged in manufacturing of wide range of
Fibre Reinforced Plastic(FRP), Sheet Moulding Compound(SMC),
Resin Transfer Moulding(RTM) and Vacuum assisted Resin Transfer
Moulding(VRTM) for Automobile, Chemical Industries, Defense
Services, Wind Energy Industries, Infrastructure (Civil
Construction), Marine, Furniture, water treatment plants,
aerospace, hydrospace, etc. It has three plants: two in Pune
(Bhosari and Chakan) mainly to look after the railway, automobile
and electrical sector and the third in Vellore (Tamil Nadu).


TDI INTERNATIONAL: ICRA Cuts Rating on INR69cr Loan to 'D'
----------------------------------------------------------
The ratings assigned to the INR141.62 crore bank facilities of
TDI International India Private Limited have been revised to
[ICRA]D/[ICRA]D from [ICRA]BB- (Stable)/[ICRA]A4.
                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              57.92       Revised to [ICRA]D from
                                       [ICRA]BB- (Stable)

   Long-term Fund-Based    10.00       Revised to [ICRA]D from
   Working Capital                     [ICRA]BB- (Stable)
   Facilities

   Short-term Non-Fund     69.00       Revised to [ICRA]D from
   Based Working Capital               [ICRA]A4
   Facilities

   Long-Term/Short-Term     4.70       Revised to [ICRA]D/[ICRA]D
   Unallocated Limits                  from [ICRA]BB-
                                       (Stable)/[ICRA]A4

The rating revision takes into account the delay in debt
servicing by TDI International towards interest and principal
repayments on outstanding term loans due to stretched liquidity.
The company's financial profile continues to remain weak marked
by accumulated losses; stepped-up repayment obligations on
existing term borrowings and limited financial flexibility
reflected in near full utilization of sanctioned working capital
facilities.

ICRA takes note of the professional management and established
track record of promoters in the out of home (OOH) advertising
segment with key focus on transit media advertising spanning over
nearly three decades and established relations with Airport
Authority of India (AAI) and Delhi Metro Rail Corporation (DMRC)
as the first concessionaire in the organized advertising space.
ICRA also takes note of the sustained improvement in
profitability and cash accruals over the last two years in line
with exit from unprofitable airport locations; realignment of
operations at existing locations and healthy gross margins in
media services offering one-stop shop solution to clients.

The ratings are further constrained by the corporate guarantee
extended by TDI to Group Company, Bhadra International (India)
Private Limited which continues to face operational challenges in
view of regulatory uncertainty related to the implementation of
the ground handling policy and any devolvement of such guarantees
which could impact the credit profile of the company going
forward.

The operating environment remains highly competitive dominated by
the presence of a few large players, nonetheless, healthy growth
opportunities continue to persist in the transit media
advertising segment in line with infrastructure development
projects being undertaken by the government. Also, while the
media industry continues to remain susceptible to economic
cyclicality as well as seasonality; a well diversified client
profile across industries helps mitigate such risks for TDI
International to an extent. Having secured advertising rights for
73 metro stations for a period of ten years, TDI enjoys healthy
revenue visibility from the metro ad segment and the same is
expected to be the key revenue driver. However, TDI is currently
operating on extension at 6 out of 9 airport locations and
selected site basis at Pune & Kolkata airports. With airport
advertising contributing to more than 80% of the total revenues;
TDI's ability to successfully renew licenses at existing airport
locations remains a key rating sensitivity, nonetheless,
established track record in the airport advertising space
provides some comfort.

TDI International India Private Limited was established in 1986
by Mr. Prem Bajaj to provide Out of Home (OOH) advertising
services. The company ventured into the airport advertising space
in 1986 with its first contract with Indira Gandhi International
Airport and subsequently won the first ever advertising rights
tender floated by Airport Authority of India (AAI) in 1987
providing the company access to key publications.

In addition to airports; the company also enjoys advertising
rights at 73 metro stations in New Delhi awarded by Delhi Metro
Rail Corporation (DMRC). The company also provides other media
services like outdoor media, mobile and internet advertising,
strategic planning, media buying and creative media solutions.


U MOTORS: ICRA Suspends B/A4 Rating on INR10cr LT/ST Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 rating assigned to the
INR10.00 crore fund based facilities of U Motors Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term/ Short
   term, Fund based        10.00        [ICRA]B/A4 Suspended

Established in 2014, U Motors Private Limited is engaged in the
dealership of Passenger Vehicles of Tata Motors Limited (TML) in
Pune, Maharashtra. It has two showrooms and a workshop. The
company is a part of Pune based Agarwal group and is promoted by
Mr. Satish Mittal and his brother Mr. Rakesh Agarwal having
experience in diversified businesses.

Mr. Satish Mittal has been in the real estate business for the
past 30 years. He has also been involved in auto dealership
business in the past whereas Mr. Rakesh Agarwal is involved in
auto-component manufacturing business.


VENKATA SRI: CRISIL Assigns B+ Rating to INR155MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Venkata Sri Balaji Exports.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable
   Cash Credit             60        CRISIL B+/Stable
   Long Term Loan         155        CRISIL B+/Stable

The rating reflects the geographical concentration in the firm's
revenue, its large working capital requirement, and its subdued
financial risk profile because of small networth, high gearing,
and weak debt protection metrics. These weaknesses are partially
offset by its promoter's extensive experience in the granite
industry.
Outlook: Stable

CRISIL believes VSBE will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
revenue and profitability, or an improvement in working capital
management. The outlook may be revised to 'Negative' in case of a
steep decline in profitability, or significant deterioration in
capital structure because of large, debt-funded capital
expenditure, or a stretch in working capital cycle.

VSBE, set up by Mr S V Bala Subramaniyam in 2014, has set up a
granite cutting and processing unit `in Ongole, Andhra Pradesh.



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


CALLACTIVE LTD: Court to Hear Liquidation Bid on November 8
-----------------------------------------------------------
Katarina Williams at Stuff.co.nz reports that a call centre
operator that collapsed leaving a raft of creditors out of pocket
-- including Wellington ratepayers -- will have an application
for liquidation heard in the High Court next month.

Stuff.co.nz says the jobs of about 60 CallActive workers based at
the Willeston St in central Wellington were scrapped just weeks
out from Christmas last year.

Among the creditors taking a hit were ratepayers, after
Wellington City Council loaned the company NZ$300,000, in the
hopes that the call centre would bring jobs to the city.

According to the report, a spokesman confirmed the council had
reduced the loan after CallActive "met certain milestones"

The council was considered an unsecured creditor.

CallActive is still officially registered, but the Companies
Office has begun proceedings to remove it from the registry for
not filing an annual tax return, the report notes.

The last return was filed on Oct. 3, 2014.

The application to liquidate the company will be heard on
November 8 in Wellington, adds Stuff.co.nz.


STONEWOOD HOMES: Ashburton Franchisee Placed in Receivership
------------------------------------------------------------
Nick Truebridge at Stuff.co.nz reports that a NZ$200,000 spat
between Stonewood Homes Ashburton and the Christchurch-based
master franchise has been followed by the Mid-Canterbury
business's downfall.

Stuff.co.nz relates that the news of Stonewood Ashburton's
receivership comes just months after Stonewood's new owners, Inno
Capital, engaged the franchise to help complete builds in
Christchurch.

According to the report, Inno Capital announced its purchase of
Stonewood in March, after the old company failed, in a deal
covering the national franchise rights and the Christchurch
franchisee.

Wisetax Advisory's Robin Gardenbroek has been appointed receiver
of Stonewood Homes Ashburton and said he understood the franchise
was not being renewed following an "ongoing dispute" with the
franchisor, Stuff.co.nz says.

The report says Stonewood chief executive Warwick Isaacs believed
the dispute related to the debt.

"I'm not aware of anything other than we gave them space to pay
outstanding fees, they weren't paid, and obviously that became a
dispute between us," the report quotes Mr. Isaacs as saying.

Stuff.co.nz notes that the NZ$200,000 debt was a "legacy issue"
inherited from the old Brent Mettrick-operated company.

"We're likely to be the largest creditor in this latest
receivership, being owed more than $200,000.

"This is largely an historical debt incurred prior to Inno
Capital purchasing the national franchise in March, and we have
since been trying very had to get the Ashburton franchisee to
settle this debt with us.

"We were also aware he set up another business last year that was
adding to his cash flow issues," Mr. Isaacs, as cited by
Stuff.co.nz, said.

In April, the Ashburton franchise signed a deed agreeing to repay
the debt, which was due for full and final payment in early
October, Mr. Isaacs said, Stuff.co.nz relays.  No money was
received.

Stonewood offered the Ashburton franchise five jobs to complete
following the Stonewood Homes Christchurch franchise going into
receivership earlier in the year, the report notes.

Stonewood Homes Ltd and Stonewood Homes New Zealand Ltd went into
liquidation, unchallenged, on April 21, after a High Court order.
The companies entered receivership in February.  At the time of
liquidation, almost 400 companies and contractors were owed
nearly $20 million by the failed Stonewood Homes companies.

Gardenbroek was appointed receiver of Stonewood Homes Ashburton
Limited on Oct. 26, Stuff.co.nz.



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


SINGAPORE: Stresses for Energy Firms Deepening, OCBC CEO Says
-------------------------------------------------------------
Bloomberg News reports that stresses among Singapore's oil and
gas companies are deepening, the head of Southeast Asia's second-
largest lender said, signaling that more firms grappling with the
slump in energy prices may face difficulties repaying their
debts.

"I don't think the oil and gas sector is in a situation where it
is in a recovery mode yet, and continues to be under stress,"
Bloomberg quotes Oversea-Chinese Banking Corp. Chief Executive
Officer Samuel Tsien as saying at a briefing on Oct. 27. "I think
the fourth quarter of this year will continue to be a difficult
quarter for this sector."

Bloomberg says OCBC had earlier reported a 10 percent jump in
provisions for soured assets for the third quarter, taking some
of the gloss off the better-than-estimated profit the lender
announced for the period. Its nonperforming assets surged 34
percent to SGD2.59 billion ($1.9 billion) by September from a
year earlier, driven by loans to oil and gas services firms that
had soured, the bank said in a statement.

According to Bloomberg, more Singaporean companies tied to that
industry are facing difficulties repaying debt as demand for
their services falls amid lower exploration activity. Swissco
Holdings Ltd., which supplies rigs and support vessels to oil and
gas explorers, signaled last week that it may face default, due
to its failure to pay interest due earlier this month. Companies
including KS Energy Ltd. and AusGroup Ltd. have sought more
lenient repayment conditions from their debt holders, says
Bloomberg.

OCBC's allowances for impaired assets rose 10 percent to SGD166
million in the third quarter. Oil and gas represented a third of
the bank's so-called specific allowances of SGD99 million, Chief
Financial Officer Darren Tan told reporters, Bloomberg relays.
Charges for soured oil and gas loans also dragged on OCBC's
earnings in the second quarter, when it reported a 15 percent
profit decline, Bloomberg notes.

According to Bloomberg, Mr. Tsien did provide one positive signal
for the industry: since the third quarter of last year, the bank
hadn't seen any new companies emerging as "distressed names," he
said.

"The problem in the oil and gas sector for our portfolio has not
broadened but has deepened, with those companies that are under
stress continuing to be under stress," Tsien said, notes the
report.

Bloomberg relates that the travails in the energy industry and a
weak regional economy made it "difficult" to call a peak for
nonperforming assets, Mr. Tsien said, adding that the bank will
need to monitor the situation for another quarter.

OCBC was the first of Singapore's three large banks to report
quarterly profit, Bloomberg notes. United Overseas Bank Ltd. is
due to post its results on Oct. 28, while earnings from DBS Group
Holdings Ltd., Southeast Asia's largest lender, are scheduled for
Oct. 31.



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


INTERNATIONAL TEXTILE: Acquired By Platinum Equity
--------------------------------------------------
International Textile Group, Inc. announced that it has been
acquired by Platinum Equity through a completed merger with an
affiliate of Platinum Equity. In the merger transaction, a newly
formed Platinum Equity affiliate merged with and into ITG, with
ITG continuing as the surviving corporation and as a privately-
held Platinum Equity portfolio company.

ITG's common stock has ceased to be publicly traded, and former
ITG stockholders will receive information from Continental Stock
Transfer & Trust Company, the paying agent in the merger, on how
to receive the cash consideration for their shares of ITG common
stock, in the near future.

International Textile had filed a Form 15 with the Securities and
Exchange Commission notifying the termination of registration of
its common Stock, $0.01 par value, under Section 12(g) of the
Securities Exchange Act of 1934.

In order to complete the merger transaction, Platinum Equity
acquired all of the debt and equity securities of the Company
previously owned by entities managed by WL Ross & Co. LLC and its
affiliates.

The merger transaction and related agreements were entered into
following the approval of ITG's Board of Directors, based upon
the recommendation of an independent special committee, along
with its independent legal and financial advisors, which
negotiated the terms and conditions thereof.

Kenneth T. Kunberger, president & CEO of International Textile
Group, continues in his role under the new ownership. "This is an
exciting time for ITG," said Kunberger. "We believe Platinum
Equity and ITG's goals and strategies are well aligned and
provide a strong foundation on which to further leverage ITG's
performance innovations and brand heritage across our global
markets. We look forward to many opportunities ahead."

In connection with the consummation of the Merger and as
contemplated by the Merger Agreement (and not due to any
disagreement with the Company), all of the directors of the
Company resigned as directors of the Company, as of the Effective
Time. In accordance with the terms of the Merger Agreement, at
the Effective Time, the director of Merger Sub became the
director of the Company. As a result, at the Effective Time, the
Company's board of directors consisted solely of Eva Kalawski,
who is affiliated with Platinum Equity.

Also, in connection with the consummation of the Change of
Control Transactions, the Board approved the following retention
payments to the Company's named executive officers: Kenneth T.
Kunberger, $1,438,190; and each of Jeffrey H. Peck and Gail A.
Kuczkowski, $995,670.

                   Deregistration of Securities

International Textile filed with the SEC post-effective
amendments relating to these Registration Statements on Form S-8:

     * File No. 333-143427 registering 616,000 shares of common
       stock, $0.01 par value per share, of the Company for
       issuance under the International Textile Group, Inc.
       Equity Incentive Plan, As Amended and Restated;

     * File No. 333-143426 registering 34,000 shares of Common
       Stock for issuance under the International Textile Group,
       Inc. Stock Option Plan For Non-Employee Directors, As
       Amended and Restated;

     * File No. 333-58163 registering 15,000 shares of Common
       Stock for issuance under Options Granted to Market
       Pathways Financial Relations Incorporated;

     * File No. 333-38587 registering 650,000 shares of Common
       Stock under the Safety Components International, Inc.
       (n/k/a International Textile Group, Inc.) 1994 Stock
       Option Plan, As Amended, and a Stock Option Agreement; and

     * File No. 333-04709 registering 400,000 shares of Common
       Stock under the Safety Components International, Inc.
       (n/k/a International Textile Group, Inc.) 1994 Stock
       Option Plan.

As a result of the Acquisition, the Company has terminated all
offerings of securities pursuant to the Registration Statements.
In accordance with undertakings made by the Company in the
Registration Statements to remove from registration, by means of
a post-effective amendment pursuant to Rule 478 under the
Securities Act of 1933, any of the securities that had been
registered for issuance that remain unsold at the termination of
such offering, the Company hereby removes from registration all
of such securities registered but unsold under the Registration
Statements as of the date hereof, if any. Each Registration
Statement is hereby amended, as appropriate, to reflect the
deregistration of all such securities.

Additional information regarding the merger and related
transactions is contained in the Company's Current Report on
Form 8-K, a copy of which is available for free at:

                       https://is.gd/3bTqi4

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of $14,000 on $610.40 million of net sales for the year
ended Dec. 31, 2015, compared to a net loss attributable to
common stock of $15.40 million on $595.44 million of net sales
for the year ended Dec. 31, 2014.

As of June 30, 2016, International Textile had $323.29 million in
total assets, $359.83 million in total liabilities and a total
stockholders' deficit of $36.54 million.



===============
X X X X X X X X
===============



ASIA PACIFIC: Commodity Sectors Drive Default Rates, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the Asia Pacific metals &
mining and construction & building sectors have been the main
drivers of corporate defaults in the region over the past two and
a half years, and that the commodity sectors remain at greater
risk than other sectors.

"Default activity rebounded in 2014-2016H1 as metals and mining
companies and related service providers have come under
tremendous pressure due to oversupply issues and weak demand in
the commodities sector," says Clara Lau, a Moody's Group Credit
Officer.

"Most recently, China has become the biggest contributor to Asian
defaults with the backdrop of weakened commodity prices
accompanying an economic slowdown," adds Lau.

Between 2014 and 2016H1, the country recorded 27 defaults
affecting $10.3 billion of debt, with both figures accounting for
roughly two-thirds of the region's -- rated and unrated --
default tally.

Moody's conclusions are contained in its just-released report
"Corporate: Default and Recovery Rates of Asia-Pacific Corporate
Issuers, Excluding Japan, 1990-2016H1."  The report is Moody's
fifth study of Asia-Pacific (ex-Japan) corporate issuers and
their historical credit performance, migration, default, and
recovery experience.

The Asia-Pacific component of Moody's-rated corporate universe,
comprising financial and non-financial corporates ,totaled 952
issuers at the end of the first half of 2016, up from 67 at the
end of 1990.  Meanwhile, the speculative-grade share of these
issuers increased to over 20% from virtually zero.

The study highlights that Moody's ratings powerfully rank order
default risk at all horizons in Asia-Pacific as they do globally,
as the probability of default rises with lower ratings.  For
example the 5 year default rate for investment grade rated
entities in Asia Pacific averages 0.2 per cent compared to 12.8
per cent for those rated speculative grade.  Within those rated
speculative grade Moody's ratings also effectively rank order
those more likely to default with entities rated Ba having a 5.8%
likelihood of default over 5 years compared to 15.6 per cent for
those rated single B.  The rating distributions of Asian and
global issuers differ significantly, however, with the Asia-
Pacific region having a greater share of higher-rated issuers.
As a result, when aggregating across all rated issuers, overall
historical default rates are lower in the Asia-Pacific region
than globally.



                             *********

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 ***