TCRAP_Public/161102.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

          Wednesday, November 2, 2016, Vol. 19, No. 217

                            Headlines


A U S T R A L I A

BLUENRGY GROUP: HLB Mann Judd Raises Going Concern Doubt
GUVERA LTD: Fails to Pay Severance Fee to US, Latin America Staff
IXOM PTY: Moody's Withdraws B1 Corporate Family Rating
ORESOME (WA): First Creditors' Meeting Slated for Nov. 9
PRINTPROCOL PTY: First Creditors' Meeting Set for Nov. 8

SL BHARTI: First Creditors' Meeting Set for Nov. 8


C H I N A

CHINA COMMERCIAL: Yang Jie Holds 16.5% Equity Stake as of Oct. 24
CHINA FISHERY: Bid for Appointment of Ch. 11 Trustee Granted
CHINA GINSENG: Chairman and Chief Executive Officer Resigns
LONGFOR PROPERTIES: S&P Ups Rating on Sr. Unsec. Notes to 'BB+'


I N D I A

ADITYA RICE: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
ARYAVIR BUILDCON: ICRA Suspends 'D' Rating on INR40cr Loan
BHASIN INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Loan
BSC- C&C KURALI: CARE Reaffirms B+ Rating on INR227.92cr LT Loan
CADILLAC GRANITO: ICRA Assigns 'B/A4' Rating to INR15cr Loan

CELEBRITY FASHIONS: CRISIL Reaffirms B- Rating on INR320MM Loan
EEE AND CEE: CRISIL Assigns 'B' Rating to INR47.5MM LT Loan
FAST TRACK: CARE Assigns B+ Rating to INR13cr Long Term Loan
FEEDBACK INFRA: ICRA Lowers Rating on INR96cr Term Loan to D
GETHERMENTS INFRA: CRISIL Assigns 'B' Rating to INR250MM Loan

GLOBUS INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR383MM Loan
HARLEY CARMBEL: CRISIL Reaffirms 'B' Rating on INR120MM Loan
INTERNATIONAL TRADE: CARE Ups Rating on INR24.55cr Loan to BB-
JINDAL AGRO: CARE Assigns B+ Rating to INR8.50cr Long Term Loan
KANCHAN GANGA: CRISIL Suspends B- Rating on INR112.5MM Loan

LAVASA HOTEL: CARE Reaffirms 'D' Rating on INR4.38cr LT Loan
MAA UTTAR: CARE Assigns B+ Rating to INR3.46cr Long Term Loan
MADHUPRIYA FASHIONS: CARE Reaffirms B+ Rating on INR11.0cr Loan
NEERAJA TRADING: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
NIGAM COLD: CARE Reaffirms B+ Rating on INR4.50cr LT Loan

PATNI ENTERPRISES: CARE Ups Rating on INR4cr LT Loan to BB-
PRABHA INFRASTRUCTURE: CRISIL Rates INR42.5MM LT Loan at 'B'
PRITHVI DEVELOPERS: ICRA Cuts Rating on INR8cr Term Loan to D
R.A. KNITWEAR: CRISIL Suspends B+ Rating on INR30MM Pack Loan
RAJAMAHAL INTERNATIONAL: ICRA Rates INR5.0cr Cash Loan at 'B'

RESOURCE FOODS: CRISIL Assigns B+ Rating to INR58.1MM Cash Loan
S.R. OVERSEAS: CRISIL Reaffirms B Rating on INR110MM Pack Loan
SATGURU AGRO: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
SHAILJA PRINTS: CARE Assigns B+ Rating to INR13cr Long Term Loan
SHIVANI COTEX: CARE Reaffirms B+ Rating on INR12cr LT Loan

SRISHTI BUILDERS: CARE Assigns B+ Rating to INR9cr Long Term Loan
SUCCESS EXIMPRIVATE: CARE Hikes Rating on INR4cr LT Loan to BB-
SUVEERA AGRO: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SVR MOTORS: ICRA Assigns 'B+' Rating to INR5.0cr LT Loan
T.ABDUL WAHID: CRISIL Reaffirms B+ Rating on INR24MM LT Loan

TECPRO SYSTEMS: CRISIL Reaffirms 'D' Rating on INR16.5BB Loan
TRV GLOBAL: CARE Reaffirms 'C' Rating on INR3cr Long Term Loan
USHA IMPEX: CARE Assigns 'B+' Rating to INR6cr Long Term Loan


N E W  Z E A L A N D

MUSE ON ALLEN: Owes Creditors More Than NZ$160,000
WYNYARD GROUP: Administrators Cut More Than Half Jobs


S I N G A P O R E

SWIBER HOLDINGS: Reprimanded for Breach of SGX Listing Rules


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Creditors Mull KRW3 Tril. Debt-Equity Swap
HANJIN SHIPPING: Stock Soars on Korea's Industry Rescue Plan


                            - - - - -


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A U S T R A L I A
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BLUENRGY GROUP: HLB Mann Judd Raises Going Concern Doubt
--------------------------------------------------------
BlueNRGY Group Limited filed its annual report on Form 20-F,
disclosing a net loss of $9.27 million on $32.08 million of
revenues for the fiscal year ended June 30, 2016, compared with a
net income of $5.70 million on $16.87 million of revenues for the
year ended June 30, 2015.

HLB Mann Judd, in Sydney, Australia, states that the ability of
the Group to continue as a going concern and meet its debts and
commitments as and when they fall due requires that the Group
continues to receive support from existing lenders, raises
additional funds, and monetizes long-term assets to fund the
business.  These uncertainties raise substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at June 30, 2016, showed $33.68
million in total assets, $20.78 million in total liabilities, and
stockholders' equity of $12.90 million.

A complete text of the Form 20-F is available for free at:

                       https://is.gd/h4fcKk

BlueNRGY Group Limited is a Sydney, Australia-based corporation
operating in the global renewable energy and energy-efficiency
sectors.  The Company is focused on the downstream
implementation, collection and analysis of performance data,
operation and maintenance of renewable power generation systems
and the delivery of energy-efficient products and services.


GUVERA LTD: Fails to Pay Severance Fee to US, Latin America Staff
-----------------------------------------------------------------
Lucy Battersby at The Sydney Morning Herald reports that Guvera
has left former employees thousands of dollars out of pocket
after failing to pay severance or entitlements to staff from its
North America and South America business.

According to SMH, Guvera closed offices and removed its app in
Australia, United States, Latin America and Russia and Europe,
after failing to launch on the Australian stock market earlier
this year.

BusinessDay has learnt that former staff in the US and Latin
America wrote directly to Guvera founder Claes Loberg in
September pleading for a payment plan as "many of us are facing
financial distress," SMH relays.

"When the IPO failed, we understood that in the absence of
funding, hard choices would follow," staff wrote in an e-mail
seen by Fairfax Media. Dozens of people received the email,
including chairman Phil Quartararo and non-executive director
Steven Porch.  "While it was still a shock to be informed of the
closure of our markets on June 30, we understood the economic
reality facing Guvera and the decision to refocus on the most
viable markets."

SMH relates that the letter noted how difficult it is to know
that staff in Australia received final salary plus entitlements
while they remain out of pocket.

"Claes, it is now more than three months since any of us received
any monies from Guvera. No administrator has been appointed. No
payment plan has been presented."

Former employees of Guvera USA Inc and Guvera LATAM have not yet
received a response or money, several confirmed to BusinessDay
this week, says SMH. Guvera USA launched in 2014.

SMH notes that Guvera still operates in India, Indonesia, Saudi
Arabia and recently launched in the United Arab Emirates.

SMH notes that since 2008 Guvera founders Mr. Loberg and Darren
Herft have raised $185 million from individual investors, mostly
self-managed super funds introduced to Guvera through their
accountants.  But Guvera ran into serious trouble in June this
year when its application to be listed on the Australian
Securities Exchange was rejected due to concerns about its debt
and profitability.

In June 60 staff were sacked and two Australian subsidiaries Guv
Services and Guvera Australia were put into administration with
Neil Cussen and Enzio Sentatore of Deloitte, SMH recalls. But
parent company Guvera Limited regained control after striking a
deed of company arrangement in August, which sees it paying
$180,000 a month to the two subsidiaries.

                          About Guvera

Guvera offered online music and entertainment streaming service.
Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services.

According to The Australian, the firm recently pulled out of the
Australian market after a failed attempt to list on the ASX, in a
float that would have valued the company at more than AUD1
billion.

The company -- which recently lost CEO Darren Herft to co-founder
Claes Loberg, who has taken the job on a temporary basis -- has
also recently pulled out of several other markets, including the
US and Russia, The Australian said.

A memo to investors said shutting the Australian market was
linked to changes in its product and a "strategic re-evaluation
of the business," The Australian added.


IXOM PTY: Moody's Withdraws B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has withdrawn IXOM Pty Ltd's B1
corporate family rating and its stable outlook.

                          RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

IXOM Pty Ltd is a private company owned by funds managed by
Blackstone.  IXOM is the leading chemical distribution company in
Australia and New Zealand, with a growing market presence in Asia
and Latin America.  The company is also Australia's largest
manufacturer and marketer of chlor-alkali products (chlorine and
caustic soda), providing specialized water and wastewater
treatment solutions in Australia.


ORESOME (WA): First Creditors' Meeting Slated for Nov. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Oresome
(WA) Pty Ltd, trading as Crawford Realty, will be held at the
offices of WA Insolvency Solutions, Level 10, 111 St George's
Terrace, in Perth, on Nov. 9, 2016, at 10:30 a.m.

David Ashley Norman Hurt and Christopher Michael Williamson of WA
Insolvency were appointed as administrators of Oresome (WA) on
Oct. 28, 2016.


PRINTPROCOL PTY: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
Printprocol Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, Level 6, 55 Clarence Street, in Sydney, on
Nov. 8, 2016, at 3:00 p.m.

Jason Tang & Ozem Kassem of Cor Cordis were appointed as
administrators of Printprocol Pty on Oct. 27, 2016.


SL BHARTI: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of SL Bharti
Pty Ltd will be held at the offices of SV Partners, 138 Mary
Street, in Brisbane, Queensland, on Nov. 8, 2016, at 10:30 a.m.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of SL Bharti on Oct. 27, 2016.



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


CHINA COMMERCIAL: Yang Jie Holds 16.5% Equity Stake as of Oct. 24
-----------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Yang Jie disclosed that as of Oct. 24, 2016, he
beneficially owns 2,739,025 shares of common stock, $0.001 Par
Value, of China Commercial Credit, Inc., representing 16.5
percent of the shares outstanding.

The percentage was calculated on the basis of 16,637,679 shares
of common stock outstanding as of Oct. 21, 2016, based upon
information set forth in the Certified Shareholder List provided
by Vstock Transfer, the transfer agent of the Issuer.

On Oct. 24, 2016, the Reporting Person acquired 2,439,025
restricted shares of the Issuer in a private transaction pursuant
certain Share Transfer Agreement dated Oct. 12, 2016.

On Oct. 4, 2016, the Reporting Person received 300,000 restricted
shares of the Issuers as consideration for certain advisory
services pursuant to certain Advisory Agreement.

A full-text copy of the regulatory filing is available at:

                     https://is.gd/GYqybE

              About China Commercial Credit, Inc.

China Commercial Credit, Inc., is engaged in offering financial
services in China.  The Company's operations consist of providing
direct loans, loan guarantees and financial leasing services to
small-to-medium sized businesses (SMEs), farmers and individuals
in the city of Wujiang, Jiangsu Province.

As of June 30, 2016, China Commercial had $21.57 million in total
assets, $19.27 million in total liabilities and $2.29 million in
total shareholders' equity.

China Commercial reported a net loss of $55.83 million in 2015
following a net loss of $23.37 million in 2014.

Marcum Bernstein & Pinchuk LLP, in New York, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.


CHINA FISHERY: Bid for Appointment of Ch. 11 Trustee Granted
------------------------------------------------------------
Judge James L. Garrity of the United States Bankruptcy Court for
the Southern District of New York granted the motion for the
appointment of a Chapter 11 Trustee for China Fishery Group
Limited (Cayman), and its debtor affiliates.

The motion was filed by Cooperatieve Rabobank U.A., Standard
Chartered Bank (Hong Kong) Limited and DBS Bank (Hong Kong),
Limited, seeking the appointment of a Chapter 11 trustee pursuant
to section 1104(a)(2) of the Bankruptcy Code.  The motion was
joined by Bank of America, N.A., Malayan Banking Berhad,
Hong Kong Branch, the Insolvency Administrator of the Pickenpack
Group, and the Senior Noteholders Committee.

The motion was opposed by the Debtors, who were joined by the
Peruvian Opcos (defined below), certain of the equity holders of
Debtor N.S. Hong, an Informal Steering Committee of bondholders
of Pacific Andes Resources Development Limited (PARD), a non-
Debtor that is subject to its own insolvency proceeding in
Singapore, and certain bank creditors at different levels of the
Debtors' capital structure.

The Debtors comprise a small part of the Pacific Andes Group of
companies that collectively constitute the world's 12th largest
fishing company.  Members of the Ng Family, through Debtor N.S.
Hong, control the group's operations.  The Debtors consist
principally of holding companies and defunct, non-operating
companies.  None have assets in the United States except for
their interests in retainers paid to their United States
advisors.

Whatever value they have is derived from their mostly indirect
interests in three Peruvian operating companies CFG Investments
S.A.C. (CFGI), Corporacion Pesquera Inca S.A.C. (Copeinca), and
Sustainable Fishing Resources S.A.C. (SFR, and together with CFGI
and Copeinca, the "Peruvian Opcos").  Those entities operate the
Pacific Andes Group's anchovy fishing business and together
control a significant percentage of the anchovy fishing quotas
fixed by the Peruvian government.  They are not Chapter 11
debtors, but are the subject of involuntary insolvency
proceedings filed against them in Peru (the "Peruvian Insolvency
Proceedings"), at their behest, by three "friendly" local
creditors.  The putative "foreign representative" of the Peruvian
Opcos has filed petitions for recognition of those proceedings
under Chapter 15 of the Bankruptcy Code on their behalves.

The Chapter 11 cases, PARD's voluntary insolvency proceeding in
Singapore, and the Peruvian Involuntary Proceedings were
commenced simultaneously in violation of certain deeds of
undertaking entered into pre-petition by, among others, certain
of the Debtors, the Movants and the Hong Kong and Shanghai
Banking Corporation ("HSBC"), and, ultimately, to block an agreed
sale of the Peruvian Opcos' business.

The Movants sought the appointment of a Chapter 11 trustee for
the Debtors under section 1104(a)(2) of the Bankruptcy Code for a
variety of reasons, the most pressing of which is to cause the
Peruvian Opcos to challenge those insolvency proceedings.  In
substance, they contended that the trustee should cause the
Peruvian Opcos to contest the involuntary petitions by, among
other things, exercising their rights under Peruvian law to
satisfy the claims of the petitioning creditors.  The Movants
maintained that after those proceedings are dismissed, the
trustee should cause the Debtors to sell the Peruvian business,
pay off the creditors of the Peruvian Opcos, and distribute the
net proceeds from the sale to the Debtors' creditors and
shareholders in accordance with their rights and priorities.
Thus, while the Debtors are advocating a "wait and see" approach,
with the value of the Peruvian Opcos to be realized and
distributed through the Peruvian Insolvency Proceedings, the
Movants, through their motion, sought, among other things, to
obtain the benefit of their pre-petition bargain with the
Debtors.

Based upon his review of the voluminous record made in connection
with the motion, Judge Garrity found that in balancing the
advantages and disadvantages to appointing a trustee, the Movants
have established by clear and convincing evidence that it is in
the best interest of the Debtors' estate and creditors that a
trustee
be appointed.

Judge Garrity found that the Movants have shown that they have
lost all confidence in the Debtors' management for a number of
good reasons, and that this lack of confidence in management is
both justified and understandable.

Further, Judge Garrity also found that the Debtors have not
articulated any course of action, any time frame for implementing
a reorganization strategy, or any back-up plans if the Peruvian
business does not improve.  Based upon the record of the motion,
the judge concluded that it is clear that the Debtors' prospects
for rehabilitation are problematic, if not dim.

Judge Garrity also found that the Debtors, their estates,
creditors and equity holders will substantially benefit from the
appointment of a trustee.  The judge explained that, contrary to
Debtors' contention, such an appointment is not merely
prophylactic but is essential to facilitate the Debtors'
reorganization.  Although Judge Garrity was mindful of the
potential expense associated with the appointment of a trustee,
the judge found that the benefits to be realized by the Debtors,
their estates, creditors and equity holders from the appointment
of a trustee will outstrip the costs associated with it.

The United States Trustee was thus directed to appoint a
Chapter 11 trustee for Debtor CFG Peru Singapore, the 100% direct
and indirect owner of the Peruvian Opcos, pursuant to section
1104(d)(2) of the Bankruptcy Code, and to seek approval of such
appointment in accordance with Rule 2007 of the Federal Rules of
Bankruptcy Procedure.

A full-text copy of Judge Garrity's October 28, 2016 order is
available at http://bankrupt.com/misc/nysb16-11895-203.pdf

Debtors were represented by:

          Howard B. Kleinberg, Esq.
          Edward J. LoBello, Esq.
          Jil Mazer-Marino, Esq.
          MEYER, SUOZZI, ENGLISH & KLEIN, PC
          990 Stewart Avenue
          Garden City, NY 11530
          Tel: (516)741-6565
          Fax: (516)741-6706
          Email: mantongiovanni@msek.com
                 hkleinberg@msek.com
                 jmazermarino@msek.com

            -- and --

          Paul F. Millus, Esq.
          Thomas R. Slome, Esq.
          Daniel B. Rinali, Esq.
          MEYER, SUOZZI, ENGLISH & KLEIN, PC
          1350 Broadway, Suite 501
          New York, NY 10018
          Tel: (212)239-4999
          Fax: (212)239-1311
          Email: pmillus@msek.com
                 tslome@msek.com
                 drinaldi@msek.com

CFG Investment, S.A.C., Corporacion Pesquera Inca S.A.C. and
Sustainable Fishing Resources S.A.C. are represented by:

          James S. Carr, Esq.
          Jason R. Adams, Esq.
          William Gyves, Esq.
          KELLEY DRYE & WARREN LLP
          101 Park Avenue
          New York, NY 10178
          Tel: (212)808-7800
          Fax: (212)808-7897
          Email: jcarr@kelleydrye.com
                 jadams@kelleydrye.com
                 wgyves@kelleydrye.com

Equity Holders of Debtor N.S. Hong Investments (BVI) Limited is
represented by:

          Gerald C. Bender, Esq.
          Paul Kizel, Esq.
          Keara M. Waldron, Esq.
          LOWENSTEIN SANDLER LLP
          1251 Avenue of the Americas
          New York, NY 10020
          Tel: (212)262-6700
          Fax: (212)262-7402
          Email: gbender@lowenstein.com
                 pkizel@lowenstein.com
                 kwaldron@lowenstein.com

Club Lenders are represented by:

          R. Craig Martin, Esq.
          Mordechai Y. Sutton, Esq.
          DLA PIPER LLP (US)
          1251 Avenue of the Americas
          New York, NY 10020
          Tel: (212)335-4500
          Fax: (212)335-4501
          Email: craig.martin@dlapiper.com
                 mordechai.sutton@dlapiper.com

            -- and --

          Richard A. Chesley, Esq.
          John K. Lyons, Esq.
          Jeffrey Torosian, Esq.
          DLA PIPER LLP (US)
          203 North LaSalle Street
          Suite 1900
          Chicago, IL 60601
          Tel: (312)368-4000
          Fax: (312)236-7516
          Email: richard.chesley@dlapiper.com
                 john.lyons@dlapiper.com
                 jeffrey.torosian@dlapiper.com

Bank of America, N.A. is represented by:

          Lee S. Attanasio, Esq.
          John G. Hutchinson, Esq.
          Andrew P. Propps, Esq.
          SIDLEY AUSTIN LLP
          787 Seventh Avenue
          New York, NY 10019
          Tel: (212)839-5300
          Fax: (212)839-5599
          Email: lattanasio@sidley.com
                 jhutchinson@sidley.com
                 apropps@sidley.com


                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.


CHINA GINSENG: Chairman and Chief Executive Officer Resigns
-----------------------------------------------------------
Mr. Long He tendered his resignation to China Ginseng Holdings,
Inc. as the Company's chairman, director and chief executive
officer, effective Oct. 28, 2016. Mr. He's resignation did not
result from any disagreement regarding any matter related to the
Company's operations, policies or practices.

On the same day, Mr. Yuxiang Zhang tendered his resignation to
the Company as the director effective immediately. Mr. Zhang's
resignation did not result from any disagreement regarding any
matter related to the Company's operations, policies or
practices.

On the same day, the Company's Board of Directors appointed Mr.
Jiankun Song as the Company's chairman and chief executive
officer.

Mr. Song has been a director of the Company since 2005.
There are no family relationships between Mr. Song and any other
employees or members of the board of directors of the Company.
There are no related party transactions with regard to Mr. Song
reportable under Item 404(a) of Regulation S-K.

The Company is currently negotiating the terms of Mr. Song's
employment agreement, and will file a copy of the agreement when
it becomes available.

                       About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China. The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards. However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

As of March 31, 2016, China Ginseng had $8.66 million in total
assets, $21.40 million in total liabilities and a total
stockholders' deficit of $12.73 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully. These conditions raise
substantial doubt about its ability to continue as a going
concern.


LONGFOR PROPERTIES: S&P Ups Rating on Sr. Unsec. Notes to 'BB+'
---------------------------------------------------------------
S&P Global Ratings said that it had raised its long-term
corporate credit rating on China-based real estate developer
Longfor Properties Co. Ltd. to 'BBB-' from 'BB+'.  The outlook is
stable. At the same time, S&P raised the issue rating on the
company's outstanding senior unsecured notes to 'BB+' from 'BB'.

In line with the upgrade, S&P raised the Greater China regional
scale long-term ratings on the company to 'cnA-' from 'cnBBB+'
and on the notes to 'cnBBB+' from 'cnBBB'.

"We raised the rating to reflect our expectation that Longfor's
strategy to increase its rental income in the coming years will
improve its earnings quality," said S&P Global Ratings credit
analyst Dennis Lee.  "We also expect the company to maintain
steady operating performance over the period.  At the same time,
we believe the company will continue to be prudent in financial
management and maintain its debt leverage at the current level."

In S&P's base case, it forecasts that Longfor's ratio of debt to
EBITDA will be 3.5x-4.0x over the next two years.

Longfor's commissioning of new shopping malls in higher-tier
cities in China is likely to support its rental growth in the
coming few years.  S&P forecasts that rental income will increase
to about Chinese renminbi (RMB) 2 billion in 2016 and further to
RMB2.5 billion - RMB3.0 billion in 2017, from RMB1.4 billion in
2015.  S&P estimates the ratio of rental income to interest
expense will increase to 60%-65% in 2016 and 70%-80% in 2017,
from 47% in 2015.

S&P also expects the geographic diversity in Longfor's portfolio
of investment properties to improve in the next three to four
years.  In S&P's view, Longfor has demonstrated good capabilities
in mall operations by consistently growing its rental income and
maintaining occupancy of over 95% over the last five years.

S&P anticipates that Longfor will maintain a prudent balance
between business expansion, profitability, and financial
management.  The company has shown resilience in the past several
years and has kept a stable credit profile despite market
volatility.  Longfor's moderate sales growth, good cash
collection, and cautious approach to land banking will help its
efforts.  S&P expects the company to control its spending on land
acquisition at about 50% of its attributable contracted sales in
2016, and about 40% in the subsequent two years.  The company has
historically maintained this ratio at 30%-50%.

S&P believes Longfor will maintain a good market position in its
core cities of operations and have good diversity across the
higher-tier cities.

S&P expects Longfor to leverage on its sizeable reasonable cost
land reserves to maintain a stable EBTIDA margin of 25%-30% in
the next two years.  This is despite a possible slowdown in the
property market in China as a result of the government's recent
tightening measures.  S&P attributes the stability in Longfor's
margin to the company's cautious land-banking strategy.  As of
June 30, 2016, the average land cost of Longfor's 39 million sqm
land reserves is RMB3,507 per sqm.  The land cost accounts for
23.2% of the company's average selling price in the first half of
2016.

Similar to other developers with extensive exposure to higher-
tier cities, Longfor uses joint ventures (JVs) to reduce
investment and diversify project risk.  S&P estimates that sales
from JVs will account for 20%-25% of the company's sales in the
next two years.

Longfor's unconsolidated JV projects do not change S&P's view on
the company's overall financial risk.  S&P estimates that the
overall debt leverage of Longfor's JVs is unlikely to exceed that
of the parent.  This is because: (1) the land premium is funded
directly by JV partners; (2) the JV projects that Longfor manages
do not obtain any land acquisition financing, and third-party
debt only relates to construction loans; and (3) many of
Longfor's JV projects are in Beijing and have reputed developers
as partners.

Longfor has developed diverse funding channels with low borrowing
costs, in S&P's view.  The company has actively refinanced its
debt with low-cost domestic bonds in the past two years.  This
has lowered its funding cost and extended the debt maturity
profile.

"The stable outlook reflects our expectation that Longfor will
maintain its track record of financial prudence and control its
debt-funded expansion over the next 24 months," said Mr. Lee.
"We also expect the company's earnings stability to improve
through an increase in recurring rental income."

S&P may lower the rating if: (1) Longfor's debt-funded expansion
is more aggressive than S&P's expectation or its growth in
property sales and profitability is weaker than S&P expects, such
that the debt-to-EBITDA ratio exceeds 4.0x; and (2) rental growth
of Longfor's investment property portfolio or the rental margin
falls short of our expectations.

The possibility of an upgrade is limited over the next two years,
given that Longfor's contracted sales and geographic diversity
are weaker than those of 'BBB' rated peers.  Nonetheless, S&P may
raise the rating if Longfor improves its market position and
improves the debt-to-EBITDA ratio to below 3.0x on a sustained
basis.



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


ADITYA RICE: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR5.00 crore working capital limits, INR3.71 crore term loan and
INR4.29 crore unallocated limits of Aditya Rice Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash credit              5.00       [ICRA]B+ reaffirmed
   Term loan                3.71       [ICRA]B+ reaffirmed
   Unallocated              4.29       [ICRA]B+ reaffirmed

The rating reaffirmation continues to be constrained by modest
scale of operations in the rice milling industry; decline in
revenues by 32% from INR24.73 crore in FY2015 to INR16.93 crore
in FY2016 owing to increased competitive intensity in the rice
milling industry post levy abolishment in October 2015 coupled
with weak export demand; and limited value additive nature of the
business resulting in thin operating margins. The rating
continues to be constrained by weak financial profile
characterised by high gearing levels of 2.72 times as on March
31, 2016 and modest interest coverage ratio of 1.82 times for
FY2016; vulnerability of paddy availability to agro-climatic
conditions as well as regulatory risks; and risks inherent in the
partnership nature of the firm. However, the rating favorably
draws comfort from the long-standing experience of its promoters
in the rice milling industry and strategic location of mill which
results in easy availability of paddy.

Going forward, the ability of the firm to scale up operations
would be the key rating sensitivity from credit perspective.

Aditya Rice Industries has started its operations in February
2012 and is engaged in the milling of paddy and produces raw and
boiled rice. The rice mill is situated in Settipalem village in
Nalgonda district of Telangana. It has an installed production
capacity of 8 tonnes per hour.

Recent Results
For FY2016, ARI has reported an operating income of INR16.93
crore and net profit of INR0.09 crore as against an operating
income of INR24.73 crore and net profit of INR0.14 crore in
FY2015.


ARYAVIR BUILDCON: ICRA Suspends 'D' Rating on INR40cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR40.00
crore bank facilities of Aryavir Buildcon Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


BHASIN INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' to the bank
facilities of Bhasin Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Term Loan      10       CRISIL B+/Stable
   Proposed Non Fund
   based limits            20       CRISIL A4
   Non-Fund Based Limit    50       CRISIL B+/Stable
   Overdraft Facility      20       CRISIL A4

The ratings reflect the firm's small scale of operations, and
average financial risk profile moderate total outside liability
to tangible net worth ratio and adequate debt protection metrics.
These rating weaknesses are partially offset by the partners'
extensive experience in the hosiery garments business, and
established relationships with reputed clients.
Outlook: Stable

CRISIL believes BI will continue to benefit over the medium term
from the partners' extensive experience and established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in revenue and profitability, or considerable
increase in networth on the back of capital infusion by the
partners. Conversely, the outlook may be revised to 'Negative' if
capital structure deteriorates significantly, most likely because
of large working capital requirement or any sizeable, debt-funded
capital expenditure.

BI is a partnership firm set up in 1965 by Mr. Munish Bhasin and
Mrs Usha Kiran. The firm manufactures hosiery products. Its sales
are only to the Indian Armed Forces; the business is entirely
tender-based.


BSC- C&C KURALI: CARE Reaffirms B+ Rating on INR227.92cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of BSC- C&C
Kurali Toll Road Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     227.92     CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of BSC-C&C Kurali Toll
Road Limited continues to be constrained by the traffic risk
associated with a toll-based project owing to the uncertainty in
traffic and in turn revenue, interest rate risk, Operations and
Maintenance (O&M) risk and absence of DSRA (Debt Service Reserve
Account) and major maintenance (MM) contract. The rating, however
is underpinned by the experienced promoters, improvement in the
traffic and revenue during FY16 (refers to the period April 01 to
March 31) and commercial importance of the stretch albeit
presence
of alternate routes.

The ability of the company to achieve the envisaged toll revenue,
successful completion of the first major maintenance (MM) cycle
within the envisaged cost and timelines and overall effective
cash flow management are the key rating sensitivities.

BSC C&C Kurali Toll Road Limited (BSC Kurali) is a Special
Purpose Vehicle (SPV) incorporated in February 2007 by BSCPL
Infrastructure Limited and C&C Constructions Limited, which
currently holds 51% and 49% stake in the company respectively.
The project was awarded for Design, Engineering, Finance,
Construction, Operation and Maintenance of Kurali Kiratpur
Section from Km 28.6 to Km. 73.2 of NH-21 in the State of Punjab
under National Highways Development Program (NHDP) Phase IIIA on
Build, Operate and Transfer (Toll) basis" by National Highways
Authority of India (NHAI).

The concession Agreement (CA) was executed between BSC Kurali and
NHAI on 25th June 2007 for a concession period of 20 years which
includes of 2.5 years of construction. The SPV is for the purpose
of widening of an existing 44.60 km long, 2- lane stretch between
Kurali and Kiratpur to 4- lane and stretching and maintenance of
the existing 2- lane section. The total cost of the project was
INR408.10 crore. The project has achieved COD in August 2011.

For FY16 (refers to the period April 1 to March 31), BSC Kurali
reported a total operating income of INR54.05 crore, PBILDT of
INR36.97 crore and net loss of INR8.08 crore as against total
operating income of INR44.80 crore, PBILDT of INR27.39 crore and
PAT of INR13.54 crore during FY15.


CADILLAC GRANITO: ICRA Assigns 'B/A4' Rating to INR15cr Loan
------------------------------------------------------------
ICRA has assigned the long-term/short-term rating of [ICRA]B and
[ICRA]A4 to the INR15.00-crore unallocated limits of Cadillac
Granito Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Unallocated limits      15.00       [ICRA]B/A4 Assigned

The assigned rating reflects CGPL's financial profile, which is
expected to remain stretched in the near to medium term, given
the debt funded nature of project and expected debt repayment.
The rating further takes into account the lack of track record of
the company's operation as well as risks associated with
stabilization of operations. The rating is also constrained by
the vulnerability of profitability and cash flows to cyclicality
inherent in the real estate industry, which is the main consuming
sector. ICRA notes the highly competitive nature of the business,
which keeps its margins under pressure.

The rating, however, favorably takes into account the past
experience of the promoters in the ceramic industry as well as
the favourable location of the plant, which allows easy access to
raw material. The rating further considers marketing support from
group concerns, aiding CGPL in mitigating its sales risks.

Cadillac Granito Private Limited was incorporated in May 2016 by
Mr. Sanjay Kachrola, Mr. Amit Parecha, and Mr. Deepak Parecha for
manufacturing single charge and twin charge vitrified tiles. The
company will initially manufacture vitrified tiles of sizes 24"x
24" and 32" x 32" with an installed capacity of 55,800 MT per
annum. CGPL is likely to commence its trial runs from December
15, 2016, and commercial production from January 2017.


CELEBRITY FASHIONS: CRISIL Reaffirms B- Rating on INR320MM Loan
---------------------------------------------------------------
CRISIL's ratings on Celebrity Fashions Limited continue to
reflect below-average financial risk profile owing to high debt,
negative networth and weak cash generation from business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)

   Export Packing
   Credit                 320       CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting            160       CRISIL B-/Stable (Reaffirmed)

   Funded Interest
   Term Loan              173.5     CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       110       CRISIL A4 (Reaffirmed)

   Working Capital
   Term Loan               74.2     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      12.8     CRISIL B-/Stable (Reaffirmed)

   Term Loan                9.5     CRISIL B-/Stable (Reaffirmed)

The ratings also factor in fixed cost-intensive business model
and resultant vulnerabilities arising out of the intense
competition in the readymade garments exports industry. These
weaknesses are mitigated by healthy scale of operations and
established relationship with leading international brands.

CRISIL had, on September 16, 2016, assigned 'CRISIL B-
/Stable/CRISIL A4' ratings to the bank facilities of CFL.
Outlook: Stable

CRISIL believes CFL's financial risk profile will remain weak
over the medium term. The outlook may be revised to 'Positive' if
cash accrual improves substantially because of high revenue and
profitability, thus improving liquidity. Conversely, the outlook
may be revised to 'Negative' if decline in profitability or
stretched working capital cycle weakens financial risk profile.

Incorporated as a private limited company in 1988 and later
reconstituted as a public limited company in 2005, Chennai based
CFL manufactures and exports woven cotton garments for men and
women.


EEE AND CEE: CRISIL Assigns 'B' Rating to INR47.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Eee and Cee Pressings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility       3.5        CRISIL B/Stable
   Long Term Loan        47.5        CRISIL B/Stable
   Cash Credit           40.0        CRISIL B/Stable
   Letter of credit
   & Bank Guarantee       9.0         CRISIL A4

The ratings reflect the company's exposure to risks related to
timely completion of its project, and to demand risk. The ratings
also factor in its small scale of operations, weak financial risk
profile because of subdued debt protection metrics, large working
capital requirement, and exposure to risks inherent in tender-
based business. These weaknesses are partially offset by its
promoters' extensive experience in the locomotive industry, and
its strong order book.
Outlook: Stable

CRISIL believes ECPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of timely implementation of project and
stabilisation of operations, leading to increase in scale of
operations or profitability, and consequently, to better-than-
expected cash accrual. Substantial capital infusion and efficient
working capital management may also result in a 'Positive'
outlook. The outlook may be revised to 'Negative' in case of time
or cost overruns in the project, or large working capital
requirement, or sizeable debt-funded capital expenditure,
constraining liquidity.

ECPL, incorporated in 1987, manufactures rail coach front and end
parts, body bolsters, and bogie bolsters. The company is managed
by Mr. Ajay Chabra and his father Mr. Subhash Chandra Chabra.


FAST TRACK: CARE Assigns B+ Rating to INR13cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Fast
Track Cfs Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       13       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Fast Track CFS
Private Limited is primarily constrained by limited experience of
the promoters with project execution risk associated with debt-
funded capex and customer concentration risk and its presence in
the highly competitive nature of industry.

The rating, however, draws comfort from stable revenue model
providing long-term revenue visibility and location advantage to
the client.

Going forward, the ability of the company to execute the project
within the envisaged time and cost estimates and achieve the
envisaged revenue and profitability shall be the key rating
sensitivities.

Delhi-based Fast Track CFS Private Limited is a private limited
company; incorporated in 2012 by Krishan Mohan Sharan andMr Anil
Mohan Sharan. FTCPL was incorporated with an aim to set up a
warehouse cum container freight station (CFS) at Mundra Port,
Kutch, Gujarat. The proposed warehouse would have an area of
435112 square feet and open space of 217556 square feet and is
setup with estimated cost of INR19 crore, proposed to be funded
in the debt equity mix of 0.48:52. The company will commence its
commercial operations in December 2016.


FEEDBACK INFRA: ICRA Lowers Rating on INR96cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long term rating for INR191 crore bank lines
of Feedback Infra Private Limited from [ICRA]A- to [ICRA]D and
simultaneously reassigned rating of [ICRA]BB+ with stable
outlook. ICRA has also revised the short term rating for INR15
crore commercial paper programme of FIPL from [ICRA]A2 to [ICRA]D
and simultaneously reassigned ratings of [ICRA]A4+ in short term.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       96.0        Revised to [ICRA]D
   and Term Loans                      from [ICRA]A- and
                                       simultaneously reassigned
                                       to [ICRA]BB+

   Non-fund Based Limits   95.0        Revised to [ICRA]D
                                       from [ICRA]A- and
                                       simultaneously reassigned
                                       to [ICRA]BB+

   Debt Instruments        15.0        Revised to [ICRA]D
   Commercial Paper                    from [ICRA]A2 and
   Programme                           simultaneously reassigned
                                       to [ICRA]A4+

The revision of FIPL's ratings takes into account instances of
irregularities in debt servicing between January to March 2016
and timely servicing since April 2016. FIPL had delayed in
principal repayment for one of the facilities which was due for
renewal in January 2016. FIPL's liquidity position has
deteriorated with delay in materialization of its equity raising
initiatives, increase in its working capital intensity
(particularly during H2FY16), and funding support extended to
subsidiaries. This has been met largely from increased short term
borrowings which have weakened its debt coverage indicators. The
ratings have been simultaneously reassigned since the company has
regularized its debt servicing and has clean track record over
the last six months.

The ratings are also constrained by the continued weak financial
position of infrastructure companies which form bulk of FIPL's
clientele due to which FIPL's working capital intensity has been
adversely impacted, and has also resulted in high provisions and
write-offs for bad debts. The rating continues to be constrained
by higher operational risks and funding requirements associated
with its ventures i.e. Energy Distribution, Power Operations &
Maintenance, and Road Operation, Maintenance & Tolling. The risks
associated with Energy Distribution subsidiary are much higher
due to Build-Own-Operate-Transfer (BOOT) model wherein
significant upfront capital expenditure is being incurred and
recovery of cost/returns will happen over a period of time. The
ratings continue to be constrained by FIPL's relatively small
size of operations, intense competition it faces in all its lines
of business, and long receivable cycle of its business which
besides resulting in high funding requirements also exposes the
company to the risk of bad debts.

While ICRA has taken into consideration FIPL's management
commitment towards raising sufficient equity to significantly
reduce borrowings and fund its growth plans, till the equity
raising plan materializes the credit coverage indicators are
likely to remain under pressure.

FIPL's ratings continue to be supported by its established
position and track-record in the infrastructure advisory,
engineering services, and project management space; quality of
its manpower and ability to offer integrated services in the
infrastructure space. ICRA continues to draw support from FIPL's
strong institutional/corporate shareholding, some of whom, by
virtue of their interests in infrastructure development,
strengthens FIPL's business prospects besides lending credibility
to its brand.

Going forward, company's ability to raise sufficient equity
capital and retire term loans in a timely manner would be the key
rating sensitivity factor. This apart, performance of its core
business and subsidiaries, improvement in its working capital
intensity will remain the other key rating sensitivities.

FIPL is an integrated infrastructure services company providing
consulting services across core and social infrastructure space.
Its range of services include business planning, project
feasibility, project structuring, design and engineering, project
management, rehabilitation and resettlement, capacity building,
PPP advisory and process improvement. FIPL provides integrated
consulting services across core and social infrastructure space.

FIPL has following business divisions: Energy Division (ED),
Realty and Social Infrastructure Division (RSID), Highways
Division (HD) and Transportation Division (TD). Each of the
Divisions offer Advisory, Construction Supervision and
Engineering services. TD and HD together are the largest division
of FIPL, offering concept-to-commissioning solutions to the
players in the transportation sector including Highways, Roads,
Bridges, Airports, Ports, Logistics, Railways, MRTS. RSID
identifies, plans, designs and manages project-implementation of
medium and large-scale projects in the social, commercial and
industrial arena. It provides services through all stages of the
project-pre-construction, construction and close-out.

The company is expanding its presence both domestically and
internationally, it has forayed in Nepal, Indonesia and Dubai
through Feedback Infrastructure Services Nepal Ltd, PT Feedback
Infra Limited, and Dubai Consultants respectively.
Other than these, FIPL has also entered into operations and
maintenance for power plants, and highway projects, as well as
into energy distribution sector. For the highways operation,
maintenance and tolling, FIPL has incorporated a 60:40 joint
venture (Feedback Brisa Highways OMT Private Limited) with
Portugal based Brisa - Auto-estradas de Portugal, S.A (Brisa).
For the operation and maintenance of power plants, it has floated
a 100% subsidiary Feedback Power Operations & Maintenance
Services Private Limited. While for Energy Distribution services,
FIPL has floated a subsidiary Feedback Energy Distribution
Company Pvt Ltd.

FIPL has amongst its shareholders reputed financial institutions
and corporates. These shareholders also have representation on
the board and take active interest in the company. Currently, the
promoters hold 41.16%, while remaining shares are held by IDFC
Bank Ltd (24.61%), L&T Infrastructure Finance Co Ltd (23.16%),
and HDFC Ltd and associates (11.07%). Majority shareholding by
institutional/corporate investors has encouraged FIPL to
increasingly adopt a professional governance structure.
During FY16, FIPL reported operating income of INR182.3 crore and
Profit after Tax (PAT) of INR8.65 crore compared to operating
income of INR161.4 crore and PAT of INR9.5 crore in FY15.


GETHERMENTS INFRA: CRISIL Assigns 'B' Rating to INR250MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Getherments Infra Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      250       CRISIL B/Stable

The rating reflects TIPL's exposure to risks related to
completion and saleability of its ongoing project in Hyderabad,
Telangana and its susceptibility to risks inherent in the real
estate industry. These rating weaknesses are partially offset by
the benefits derived from the extensive experience of TIPL's
promoters in real estate development segment and strategic
location of the project.
Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the
medium term from its promoter's extensive experience in the real
estate industry. The outlook may be revised to 'Positive' in case
of a considerable increase in bookings of units and in receipt of
customer advances, leading to substantial cash inflows.
Conversely, the outlook may be revised to 'Negative' if TIPL
faces significant pressure on its liquidity because of low
customer bookings or delayed receipt of customer advances for its
ongoing as well as new projects and substantial increase in debt.

Established in May, 2015, 2Getherments Infra Pvt Ltd (TIPL), is
engaged in residential real estate construction business in
Hyderabad, Telangana. The company has one on-going projects under
the name '2Getherments'. The company is promoted and managed by
Mr. Harinath Rao.


GLOBUS INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR383MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globus Industries and
Services Ltd continue to reflect instances of delay by GISL in
servicing its term debt, because of weak liquidity. The company
delayed its interest obligations by 30-45 days over the past six
months through October 2016. Its liquidity is weak on account of
high cash losses in the three fiscals through March 2016.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL D (Reaffirmed)
   Foreign Letter of
   Credit                  180       CRISIL D (Reaffirmed)
   Term Loan                10.3     CRISIL D (Reaffirmed)
   Working Capital
   Term Loan               383.0     CRISIL D (Reaffirmed)

GISL also has a below-average financial risk profile because of
operating losses and negative net worth. However, the company
benefits from its promoters' extensive experience in the
vegetable oils industry.

GISL manufactures cotton seed oil, vanaspati, refined oil, and
extracting solvent. Its manufacturing unit is at Khippanwali in
Ferozpur, Punjab.


HARLEY CARMBEL: CRISIL Reaffirms 'B' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Harley Carmbel (India)
Pvt. Ltd. continues to reflect modest scale of operations, its
working capital intensive nature of operations and its below-
average financial risk profile marked by high total outside
liabilities to tangible networth, modest networth and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of HCIPL's promoters in the
agro commodity industry and established relationships with
customers and suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Bill Discounting      120        CRISIL B/Stable (Reaffirmed)
   Packing Credit         80        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HCIPL will continue to benefit from its
promoters' extensive industry experience, and its established
presence in the agro commodity industry. The outlook may be
revised to 'Positive' if the company revenues and profitability
improves significantly while improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
revenues and operating margins decline, or if the company's
working capital cycle stretches thereby deteriorating its
financial risk profile.

Established in 1990 as a proprietorship firm and later converted
into private limited company in 1995, HCIPL is engaged in trading
of rice, coffee, foodstuffs, vegetable oils, soaps, incense
sticks, etc. Based out of Kochi (Kerala), the company is promoted
by Mr. K. Ajaykumar, Mr. M. P. Mathew and Mr. A. B.
Sankarankutty.


INTERNATIONAL TRADE: CARE Ups Rating on INR24.55cr Loan to BB-
--------------------------------------------------------------
CARE revises the LT rating and reaffirmed the st rating assigned
to the bank facilities of International Trade Links Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.55      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     0.30      CARE A4 Reaffirmed

Rating Rationale

The revision in the rating assigned to the bank facilities of
International Trade Links Pvt Ltd is on account of improvement in
the financial risk profile of the company during FY16 (refers to
the period April 1 to March 31) with increase in turnover, cash
accruals, improved leverage ratios , debt service coverage
indicators and operating cycle.

However, the ratings continue to remain constrained by its strong
competition in the export apparel market, high customer
concentration risk, fortunes linked to the textile industry,
foreign exchange fluctuation risk and low profitability & working
capital intensive nature of operations. The rating, however,
derives strength from its experienced promoters in the apparel
industry, established business relations and integrated
manufacturing facility from sampling to finishing.

Going forward, improvement in the scale of operations and
diversification of product line and improvement in the overall
financial profile through improvement in profitability margins
and effective management of working capital will be the key
rating sensitivities.

Incorporated in January 1991, Kolkata-based International Trade
Links Private Ltd was promoted by two brothers Mr. Sanjay
Chowdhury and Mr. Bijoy Chowdhury. Since its inception, the
company has been engaged in the business of manufacturing and
export of readymade garments. ITLPL is an export-oriented unit
(EOU) recognized since 2006. It exports 100% of its products like
collared and polo-neck T-shirts to USA and Germany. ITLPL is
associated with brands like Surf Style, Alvins Island, Cute, Soa
Print, and BB Tropics.

The manufacturing facility of the company is located at Bodai,
West Bengal with an aggregate installed capacity of 47.8 lakh
pieces per annum as on March 31, 2016. The unit is well
integrated for knitting, cutting, stitching, sewing, ironing and
packing of readymade garments. However, dyeing, bleaching and
washing activities are being outsourced on job work basis.

During FY16, the company reported a total operating income of
INR81.20 crore (FY15: INR74.82 crore) and a PAT of INR0.58 crore
(in FY15: INR0.75 crore). The gross cash accrual was INR1.10
crore (in FY15: INR1.05 crore) during FY16. Furthermore, the
company has achieved a total operating income of INR19.24 crore
during 6MFY17 (refers to the period April 1 to September 30).


JINDAL AGRO: CARE Assigns B+ Rating to INR8.50cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jindal Agro Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.50      CARE B+ Assigned
   Short-term Bank Facilities    37.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jindal Agro Mills
Private Limited are constrained by its declining scale of
operations and weak financial risk profile. The ratings are
further constrained by the susceptibility of margins to
volatility in raw materials prices and foreign exchange
fluctuations, risk associated with trading nature of business and
highly competitive and fragmented nature of the industry. The
ratings, however, derive strength from the experienced promoters,
long track record of operations of the company leading to
established relationships with the customers as well as
suppliers.

Going forward, JAMPL's ability to scale-up its operations while
improving its overall solvency position along with effective
working capital management, would be the key rating
sensitivities.

Incorporated in 1989, Jindal Agro Mills Private Limited is
engaged in manufacturing and trading of non-ferrous metals at its
single operating facility in Ludhiana, Punjab. In FY16
(Provisional; refers to the period April 1 to March 31), the
company derived about 35% of the total operating income from sale
of manufactured goods while the remaining was derived from
trading sales.

Manufactured products primarily include copper and brass products
like wires, rods, bars etc., which find application as automobile
and electrical components. The traded goods include metal like
Zinc and Nickel in the form of sheets, ingots etc. obtained from
Australia, Norway etc. Client base of the company, for both
traded and manufactured goods, is based primarily in and around
the Punjab region and includes certain reputed companies also.
Other group entities of the company include Usha Impex (rated,
'CARE B+/CARE A4'), which is also engaged in the trading of
metals since 1998.

JAMPL registered a total operating income of INR69.52 crore with
a PAT of INR0.19 crore in FY16 (Provisional; refers to the period
April 01 to March 31) as against a total operating income of
INR96.62 crore with a PAT of INR0.16 crore in FY15.


KANCHAN GANGA: CRISIL Suspends B- Rating on INR112.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kanchan
Ganga Seed Co Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     112.5      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      36.6      CRISIL B-/Stable

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

Kanchan was set up in 1984 by Mr. Jivan Thakur, Mr. G Venkaiah,
and Dr. Vimal J Thakur. The company processes and sells hybrid
seeds, and has a portfolio of over 30 hybrid seeds across maize,
jowar, bajra, tomato, and others. The company derives around 80
per cent of its revenues from sale of maize seeds. The company is
based in Hyderabad.


LAVASA HOTEL: CARE Reaffirms 'D' Rating on INR4.38cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lavasa Hotel Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.38      CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities
of Lavasa Hotel Limited takes into account the delays in
servicing of interest obligations on the term loan. The rating is
further constrained by continuous losses in the past, low
occupancy levels and weak financial indicators.

LHL is a full service hotel promoted by Lavasa Corporation
Limited situated at the Sahyadri Mountains across the Warasgaon
Lake in Dasve district, Lavasa, Maharashtra. Lavasa is India's
first planned city spread over 23,000 acres and it is at few
hours drive from Mumbai and Pune. The hotel is spread over 1.5
acres of land with 48 standard rooms, 6 suites and 6 executive
suites. The hotel also has three banquet halls with capacity of
around 300 guests, 24 hour coffee shop and a lounge bar. The
hotel is operated by Fortune Park Hotels Ltd (FPHL, 100%
subsidiary of ITC Limited) which is paid 3% of the gross
operating income as its fee.

During FY16 (refers to the period April 1 to March 31), LHL
reported a net loss of INR2.34 crore on total operating income
of INR10.71 crore vis-a-vis net loss of INR1.32 crore and total
operating income of INR11.65 crore in FY15.


MAA UTTAR: CARE Assigns B+ Rating to INR3.46cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Maa Uttar Bahini Agro Industries Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.46      CARE B+ Assigned
   Short-term Bank Facility       0.28      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Maa Uttar Bahini
Agro Industries Private Ltd are constrained by its nascent stage
with small scale of operations, regulation by the government in
terms of minimum support price (MSP), seasonal nature of
availability of raw material resulting in high working capital
intensity & exposure to vagaries of nature and fragmented and
competitive nature of the industry. The ratings, however, derive
strength from the experience of the promoters, close proximity to
raw material sources and favorable industry scenario.

Going forward, the ability of MUBAPL to achieve the projected
revenue, profit margins and effective management of working
capital will be the key rating sensitivities.

MUBAPL was incorporated in May 2015 by the Sinha family of
Murshidabad (West Bengal) for setting up a milling and processing
unit of rice. The company has started commercial operations from
March 2016 onwards at its plant located at Bharatpur, Murshidabad
in West Bengal. The plant has a processing capacity of 14400
metric ton per annum of rice. The company mainly supplies its
finished product to Government of West Bengal (Food & Supplies
Department, Murshidabad).

The company has achieved total operating income of INR2.39 crore
during 1MFY16. Furthermore during 6MFY17, it has booked revenue
of INR5.50 crore.


MADHUPRIYA FASHIONS: CARE Reaffirms B+ Rating on INR11.0cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings to bank facilities of Madhupriya
Fashions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.00      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Madhupriya Fashions
Pvt Ltd continues to remain constrained on account of its small
scale of operations, low profit margins, leveraged capital
structure and weak debt coverage indicators during FY16 (refers
to the period April 1 to March 31). The rating further remained
constrained on account of susceptibility of its profit margins to
fluctuations in raw material prices coupled with presence in
highly fragmented and competitive industry.

The rating, however, continues to derive benefit from the
experience of promoters and the company being strategically
located in textile sector along with availment of fiscal
benefits.

The ability of MFPL to increase its scale of operations with an
improvement in profit margins, improvement in the capital
structure, debt coverage indicators and liquidity are the key
rating sensitivities.

Surat-based (Gujarat) MFPL is a private limited company
established in 2002 by Mr. Vinod Chiranjilal Agarwal and family
members. The company is engaged into the business of trading and
processing of fabrics and sarees. It has registered brand name of
"Madhupriya". Furthermore, MFPL has wholly-owned subsidiary,
namely, Manthan Creation Private Limited which is engaged into
the trading of sarees.

As per the audited results for FY16, MFPL reported net profit of
INR0.20 crore on a total operating income (TOI) of INR51.26 crore
as against net profit of INR0.18 crore on a TOI of INR62.88 crore
during FY15 (Audited).


NEERAJA TRADING: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of Neeraja Trading
Corporation to 'CRISIL B+/Stable' continues to reflects the
firm's below-average financial risk profile because of modest net
worth and average debt protection metrics; modest scale of
operations; susceptibility to volatile cotton prices and to
regulatory changes; and exposure to intense competition in the
cotton industry. These weaknesses are partially offset by the
extensive industry experience of its partners.

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

Outlook: Stable

CRISIL believes NTC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability, or a large equity
infusion by the partners. The outlook may be revised to
'Negative' if there is a steep decline in profitability, or
sizeable intake of debt to fund capital expenditure or working
capital requirement.

NTC was set up by Mr. K Poleswara Rao as a proprietorship concern
in 2011, and was reconstituted as a partnership firm in fiscal
2013 with the founder and his wife, Ms. K Lakshmi Devi, as
partners. The firm trades in cotton bales and is based in Guntur,
Andhra Pradesh.


NIGAM COLD: CARE Reaffirms B+ Rating on INR4.50cr LT Loan
---------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Nigam
Cold Storage Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.50      CARE B+ Reaffirmed

Rating Rationale

The ratings for the bank facilities of Nigam Cold Storage Pvt Ltd
continue to remain constrained by its small size of operations,
high leverage, high competition and susceptibility to vagaries of
nature. The ratings, however, derive strength from its
experienced promoters and easily accessible storage facility to
farmers due to proximity to potato growing area.

Going forward, the ability of the company to increase its scale
of operations and ability to manage working capital effectively
are the key rating sensitivities.

NCSPL, incorporated on December 18, 1995, was promoted by the
Rana family of West Bengal to set up a cold storage facility with
a storage capacity of 229,880 quintals in Midnapur district of
West Bengal. NCSPL is engaged in the business of trading of
potato along with providing cold storage facility primarily for
potatoes to farmers & traders. Besides providing cold storage
facility, the company also works as a mediator between the
farmers and marketers of potato by taking advances from marketers
on behalf of the farmers in order to facilitate sale of potato
stored and it also provides advances to farmers for farming of
potato against potato stored. This apart it also provides
additional services to farmers such as insurance of potatoes
stored & drying of potatoes.

During FY16 (prov.), the company reported a total operating
income of INR2.88 crore (FY15: INR2.60 crore) and a PAT of
INR0.17 crore (in FY15: INR0.17 crore). Gross cash accruals was
INR0.25 crore (FY15: INR0.25 crore) during FY16.


PATNI ENTERPRISES: CARE Ups Rating on INR4cr LT Loan to BB-
-----------------------------------------------------------
CARE revises and reaffirms the ratings to the bank facilities of
Patni Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long- term Bank Facilities      4        CARE BB- Revised from
                                            CARE B+
   Song- term Bank Facilities      4        CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Patni Enterprises Private
Limited takes into account improvement in its capital structure
and debt coverage indicators.

The ratings, however, continue to remain constrained on account
of its financial risk profile marked by declining Total Operating
Income (TOI) in last four financial years ended FY16 (refers to
the period April 1 to March 31), fluctuating profitability and
weak liquidity position. The ratings, further, continue to remain
constrained on account of its vulnerability of margins to
fluctuation in the raw material prices and its presence in a
highly fragmented and competitive transformer industry.

These weaknesses are partially offset by considering of vast
experience of the promoters with established track record of
operations in the industry and established customer base.

The ability of the company to increase its scale of operations
with improvement in profitability and efficient management of
working capital would remain the key rating sensitivities.

Jaipur-based (Rajasthan) PEPL was incorporated in 1997 by Patni
family with a purpose to take over the existing business of
erstwhile proprietorship concern i.e. Indian Transformers and
Electricals (ITE). PEPL is engaged in the manufacturing of
transformers of different capacities ranging from 10 Kilovolt
Amperes (KVA) to 10 Megavolt Amperes (MVA). The manufacturing
facility of PEPL is situated in Jaipur with an installed capacity
of 4500 Transformers Per Annum (TPA). PEPL offers its
transformers to State Electricity Board (SEBs) and also exports
it to South Africa, Sri Lanka, Zimbabwe.

During FY16, PEPL reported a total operating income of INR18.73
crore (FY15: INR21.79 crore) with a PAT of INR0.36 crore (FY15:
INR0.35 crore). Furthermore, during 6MFY17, PEPL has reported TOI
of INR11 crore approximately.


PRABHA INFRASTRUCTURE: CRISIL Rates INR42.5MM LT Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Prabha Infrastructure Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      42.5      CRISIL B/Stable

   Bank Guarantee          55.0      CRISIL A4

   Cash Credit              2.5      CRISIL B/Stable

The rating reflects its small scale of operations, working
capital-intensive operations, and weak financial risk profile.
These weakness are partially offset by the extensive experience
of promoters.
Outlook: Stable

CRISIL believes PIPL will continue to benefit from the extensive
experience of promoters. The outlook may be revised to 'Positive'
in case of a substantial and sustained increase in the scale of
operations and profitability, or a considerable improvement in
financial risk profile backed by a sizeable equity infusion. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability and scale of operations, or significant
deterioration in liquidity on account of a stretch in the working
capital cycle.

PIPL was incorporated in 2008 and to provide the transportation
services to telecom infrastructures and electrical work to power
distribution companies. Operations are managed by its director
Mr. Anurag Singh and Mr. Sunil Sing.


PRITHVI DEVELOPERS: ICRA Cuts Rating on INR8cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating for the INR8 crore1 term
loan facility of Prithvi Developers from [ICRA]B+ to [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-Term Loan      8.00       [ICRA]D; downgraded from
                                        [ICRA]B+

The revision in the ratings takes into account the recent delays
observed in timely servicing of debt obligations by the company.

Incorporated in 2000 as a partnership firm by Mr. Ashok Kumar
Lunkad and Mrs. Anju Lunkad, PD is engaged in the real estate
business in Jagdalpur, Chhattisgarh for more than 15 years. So
far the firm has completed six projects primarily in residential
space with a total developed area of ~13.80 lakh sq. ft.
Currently, PD is in the process of developing a residential
project, 'Ashoka Greens'. The project comprises of developing 96
bungalows with a total saleable area of ~1.27 lakh sq.ft. The
construction for the project commenced in August 2014 and is
expected to be completed by December 2016.


R.A. KNITWEAR: CRISIL Suspends B+ Rating on INR30MM Pack Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R.A. Knitwear Private Limited (Formally Known as R.A. Exports).

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Cash Credit                25         CRISIL B+/Stable
   Export Packing Credit      30         CRISIL B+/Stable
   Foreign Bill Discounting   20         CRISIL A4
   Inland/Import Letter
    of Credit                  2.8       CRISIL A4
   Long Term Loan              1.2       CRISIL B+/Stable

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

Set up in 2011 by Mr. A.Selvaraj in Tirupur (Tamil Nadu) as a
partnership entity, RAE is involved in the manufacture and export
of readymade garments.


RAJAMAHAL INTERNATIONAL: ICRA Rates INR5.0cr Cash Loan at 'B'
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to INR5.002
crore fund based cash credit limits of Rajamahal International
Private Limited. ICRA has reaffirmed the ratings of
[ICRA]B/[ICRA]A4 to the INR7.00 crore (reduced from INR25.00
crore) Long term/Short term-Fund based/Non-fund based bank
facilities of RIPL. ICRA has also reaffirmed the ratings of
[ICRA]B/[ICRA]A4 to INR3.00 crore (reduced from INR10.00 crore)
long term/short term unallocated bank limits of the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Cash Credit     5.00       [ICRA]B; assigned

   Long term/Short term-      7.00       [ICRA]B/[ICRA]A4;
   Fund based/Non-fund                   reaffirmed
   based limits

   Long Term/Short Term-      3.00       [ICRA]B/[ICRA]A4;
   Unallocated                           reaffirmed

The rating reaffirmation is constrained by the weak financial
profile of the company as characterized by thin profit margins
owing to trading nature of the business with no or limited value
addition, and its leveraged capital structure and weak coverage
indicators. The rating also factors in the stretched liquidity
position of the company on account of elongated cash conversion
cycle as reflected by high working capital intensity. The rating
also takes into consideration the high customer and supplier
concentration with limited geographical diversification and also
intense competition with the presence of large number of players
in the industry.

The reaffirmation, however, favorably factors in the long track
record of the promoters of more than 25 years in the marketing
and trading of various commodities, and established relationships
with the customers and the suppliers. The reaffirmation also
positively considers the company's diversified product mix with
products ranging from silk wastes, fabrics, granites, TMT bars
etc, and also its efforts to add new products to its portfolio.
The ratings also benefit from the revenue visibility backed by
its order book to the tune of around INR34.30 crore (as on June
30th 2016). Going forward, the company's ability to increase its
scale of operations, improve its profitability and effectively
manage its working capital requirements would be the key rating
drivers.

Rajamahal International was established in the year 1991 and is
primarily engaged in the trading of silk waste, fabrics,
granites, TMT bars etc. The group is under the leadership of Mr.
Aslam Pasha who has rich experience in mining and marketing
activities. The company is based out of Koramangala, Bangalore.
It has also established offices at Hospet, Sandur, and Vizag &
Karwar to facilitate the export of various products.

Recent Results
RIPL reported a provisional profit after tax (PAT) of INR0.29
crore on an operating income (OI) of INR90.80 crore in FY2016, as
against a PAT of INR0.06 crore on an OI of INR87.19 crore in
FY2015.


RESOURCE FOODS: CRISIL Assigns B+ Rating to INR58.1MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Resource Foods Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            58.1       CRISIL B+/Stable
   Term Loan              54.2       CRISIL B+/Stable

The rating reflects the company's small scale of operations and
large working capital requirement in the intensely competitive
food processing industry, its low return on capital employed, and
weak financial risk profile because of subdued debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive industry experience and funding support, and its
established relationships with customers.
Outlook: Stable

CRISIL believes RFPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant and sustained increase in
revenue and profitability, and an improvement in working capital
management. The outlook may be revised to 'Negative' in case of a
decline in profitability and accrual, or a stretch in working
capital cycle, or large capital expenditure, weakening the
financial risk profile.

RFPL, incorporated by Mr. Lawrence WJ Peris and Ms Jyoti Peris in
2009, processes and packages frozen peas, fruit pulp, and
vegetables. Its processing plant is in Nalagarh, Himachal
Pradesh, and has capacity of 500 tonnes per annum. The company is
setting up a controlled-atmosphere cold storage facility at
Rajpura in Himachal Pradesh.


S.R. OVERSEAS: CRISIL Reaffirms B Rating on INR110MM Pack Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
S.R. Overseas continues to reflect the firm's below-average
financial risk profile, with modest networth, high gearing, and
weak debt protection metrics. The rating also factors in modest
scale of operations and exposure to volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the partners' extensive experience in the rice industry and their
funding support.

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

   Export Packing
   Credit                 110        CRISIL B/Stable (Reaffirmed)

   Term Loan               30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SRO will continue to benefit over the medium term
from its partners' extensive experience and funding support. The
outlook may be revised to 'Positive' in case of significantly
higher-than-expected cash accrual or substantial capital
infusion, along with improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, substantial increase in working
capital requirement, or any large, debt-funded capital
expenditure, further weakens liquidity.

Set up in 2013 as a partnership firm by Mr. Rakesh Kumar and his
family, SRO is headquartered in Karnal, Haryana. The firm
processes and exports rice; it commenced operations in January
2014.


SATGURU AGRO: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Satguru Agro
Industries Limited reflect its below-average financial risk
profile, marked by small networth and weak debt protection
metrics, and susceptibility to volatility in raw material prices.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)
   Term Loan               20       CRISIL B+/Stable (Reaffirmed)

The weaknesses are partially offset by the extensive experience
of its promoters, moderate scale of operations and proximity to
raw material sources.
Outlook: Stable

CRISIL believes SAIL's credit risk profile will remain
constrained by its modest networth and cash accrual along with
high gearing, over the medium term. The outlook may be revised to
'Positive' if the company's financial risks profile improves due
to better than expected net cash accruals leading to improved
capital structure and debt protection measures. Conversely, the
outlook may be revised to 'Negative' if SAIL's financial risk
profile, particularly its liquidity, weakens with further decline
in its cash accruals, or stretched working capital cycle.

Founded in 1991 by the Khaitan family, SAIL was acquired in 2004
by the current management, comprising the Kalavadia, Zalawadia,
Padodara, and Changela families. The company manufactures soya
bean oil and soya de-oiled cakes.


SHAILJA PRINTS: CARE Assigns B+ Rating to INR13cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shailja
Prints Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       13       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shailja Prints
Private Limited is primarily constrained on account of its
financial risk profile marked by thin profitability, leveraged
capital structure, weak debt coverage indicators and moderate
liquidity position. The rating is, further constrained on account
of its presence in the highly fragmented and competitive segment
of the textile value chain and vulnerability of margins to the
fluctuation in raw material prices.

The rating, however, derives strength from the experienced
management in the textile processing industry and established
distribution network.

The ability of the company to increase its scale of operation
with improvement of profitability and capital structure along
with efficient management of liquidity position are the key
rating sensitivities.

SPPL was incorporated by the Balotara-based (Rajasthan) Digga
family in 2011. SPPL is incorporated with a purpose to acquire
the business of its group concern, Shailja Texprints (STP) which
was formed as a proprietorship concern in 2007 by Mr. Dinesh
Kumar Digga. STP was mainly engaged in the business of processing
of cotton fabrics for ladies night-wears and dress materials.
SPPL has installed processing capacity of 300 Lakh Meters Per
Annum (LMPA) as on March 31, 2016, at Balotra in Rajasthan. It
sells its products under registered trademarks of 'Panihari',
'Panghat', 'Panchratna', 'Kundan', 'Shailja' and 'Pearl'. It
sells its products mainly in Maharashtra, Kolkata, Kerala,
Karnataka, Tamil Nadu and Andhra Pradesh through agents.

The Digga family has also promoted Annapurna Texofin Private
Limited which is engaged in the dyeing of fabrics, Girija
Fabrics Private Limited (rated 'CARE B+') which is engaged in the
processing of printed dress materials and ladies night wears and
Shivani Cotex Private Limited, incorporated in 2009, engaged in
the processing of fabrics.

During FY16 (Audited; refers to the period April 1 to March 31),
SPPL and Shailja Texprints consolidated reported a total
operating income of INR97.61 crore with a PAT of INR0.39 crore.


SHIVANI COTEX: CARE Reaffirms B+ Rating on INR12cr LT Loan
----------------------------------------------------------
CARE revokes the suspension and reaffirms the rating assigned to
the bank facilities of Shivani Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12      CARE B+ Suspension
                                           Revoked and Reaffirmed

Rating Rationale

The rating of Shivani Cotex Private Limited continues to remain
constrained on account of its modest scale of operations in the
highly fragmented and competitive industry textile processing
industry and its financial risk profile marked by thin
profitability, weak solvency position and moderate liquidity
position. The rating of SCPL, further, continues to remain
constrained due to its limited presence in the textile value
chain and vulnerability of margins to fluctuation in the raw
material prices.

The rating, however, continues to derive strength from the vast
experience of the promoters with established distribution
network and presence in the textile belt of India with easy
access of raw material and labour.

The ability of the company to increase its scale of operations
while maintaining of profitability margins in light of volatile
raw material prices and improvement in liquidity position is the
key rating sensitivities.

Shivani Cotex Private Limited, incorporated in 2009, is promoted
by Mr. Asha Ram Digga along with his family members and is a part
of 'Annapurna Group'. Group concerns include Annapurna Texofin
Private Limited (incorporated in 1988) which is engaged in the
dyeing of fabrics, Shailja Prints Private Limited which is
engaged in the processing of cotton fabrics for dress materials
and ladies night wears, Girija Fabrics Private Limited (formed in
2011) which is engaged in processing of printed dress materials
and ladies night wears. Furthermore, being associated with
Annapurna group, SCPL is benefitted from the established
marketing network and existing client base of 'Annapurna Group'
which is involved in similar line of business. SCPL has 8 agents
located in the different regions of India.

SCPL is engaged in the business of processing of cotton fabrics
and produces dyed poplin and printed dress materials. It has
total installed capacity of 85 Lakh Metre Per Annum (LMPA) for
poplin and 75 LMPA for printed dress material as on March 31,
2016. In FY16 (refers to the period April 1 to March 31), SCPL
had utilised 95% of the total installed capacity.

SCPL also does job work for others located in the local market.
It sells its products under the brand name of 'Piya Basanti' and
'Gangaur'. The company purchases grey fabrics fromMaharashtra.
During FY16 (refers to the period April 1 to March 31), STP
reported a total operating income of INR57.44 crore (FY15:
INR58.44 crore) with a PAT of INR0.21 crore (FY15: INR0.16
crore).


SRISHTI BUILDERS: CARE Assigns B+ Rating to INR9cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Srishti
Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Srishti Builders is
primarily constrained on account of project implementation risk
associated with its ongoing real estate residential project and
salability risk associated with the remaining units in the highly
cyclical real estate sector which is witnessing downturn.

The ratings, however, derive strength from the experienced
promoters in the real estate industry and moderate booking
status.

The ability of the firm to successful completion of its on-going
real estate project within its envisaged cost and timely receipt
of booking advance would be the key rating sensitivities.

Kota-based (Rajasthan) SRB was formed in February 2015 by Mr.
Sanjay Khatri and Mr. Ajay Khatri. Subsequently, in June 2015,
there is change in the partnership deed with introduction of 3
partners. SRB is engaged in the development of housing projects
in Kota, Rajasthan. The firm is a part of the Srishti group which
is engaged in the wide range of projects in real estate industry.

SRB is mainly engaged in the real estate development activities
and is currently working on one residential project namely 'Royal
Artena' in Kota with total saleable area of 87,102 Square Feet
(Sq Ft) consisting of basement plus ground floor plus 12 floors.
The project has 42 units which include construction of 40 flats
of 3 BHK and 2 pent house. It has started construction on this
project from June 2015 with the envisaged cost of INR23.57 crore
to be funded through term loan of INR9 crore, partner's capital
of INR11.10 crore and balance from advance by customers. Till
September 30, 2016, SRB has incurred total cost of INR12.37 crore
(ie, 52.48% of the total cost) towards the project. The project
will be completed in September 2018.


SUCCESS EXIMPRIVATE: CARE Hikes Rating on INR4cr LT Loan to BB-
---------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Success
Eximprivate Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     11        CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of the bank facilities of
Success Exim Private Limited factors in the growth in the scale
of operations, improvement in profitability margins, capital
structure and debt coverage indicators. The ratings also continue
to draw comfort from experience of the promoters and comfortable
operating cycle.

The ratings, however, continue to be constrained by its small
scale of operations, customer concentration risk, foreign
exchange rate fluctuation risk and the highly competitive
industry.

Going forward, the ability of company to scale up its operations
with improvement in the profitability margins and capital
structure shall be the key rating sensitivities. The ability of
the company to diversify its customer base shall also be a key
rating sensitivity.

Delhi-based SEP was originally incorporated as 'Sivinex
Mechanical Works Private Limited' in 1991 by Mr. Sita Ram
Bhuwalka and his family members. The company commenced its
commercial operations in June 2003. Subsequently, the entity
resumed its current name in 2006. SEP is engaged in the trading
of lead ingot, lead concentrate, aluminum ingot, lead ore which
are used in the manufacturing of batteries. The company imports
products primarily from African countries such as Ghana and
Nigeria and also from United Arab Emirates and Taiwan. The
company mainly sells on high sea sales basis in the domestic
markets as well as exports to Indonesia, Ireland and Spain.

SEP achieved a total operating income (TOI) of INR60.87 crore
with PAT of INR0.29 crore, respectively, in FY16 (refers to the
period April 01 to March 31) as against TOI of INR46.69 crore and
PAT of INR0.05 crore in FY15. During 6MFY16 (refers to the period
April 1 to September 30, based on unaudited results), the company
has achieved total operating income of INR30.43 crore.


SUVEERA AGRO: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
bank facilities of Suveera Agro Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4
   Cash Credit             50        CRISIL B+/Stable

The rating reflects the limited track record, small scale of
operations, average financial risk profile, constrained by small
net worth, and exposure to intense competition. These rating
weaknesses are partially offset by extensive experience of
partners in the rice milling industry.
Outlook: Stable

CRISIL believes that the firm will continue to benefit from
extensive experience of its partners. The outlook may be revised
to 'Positive' in case of significant improvement in revenue,
profitability and the capital structure. The outlook may be
revised to 'Negative' if a large, debt-funded capital
expenditure, stretch in the working capital cycle, or decline in
sales volume and profitability, weakens the financial risk
profile, especially liquidity.

SAR, set up in 2010 as a partnership firm and based in Hanuman
Junction (Andhra Pradesh), is engaged in processing of paddy into
rice, bran, broken rice and husk. The rice mill, located in
Hanuman Junction of Krishna District (Andhra Pradesh) and is
promoted by Mr. NVV Prasada Rao, Mr. Gadde Srinivasa Rao, Mr.
Gadde Chakradhar and Mr. Naga Bhirava Krishna Phanendra.


SVR MOTORS: ICRA Assigns 'B+' Rating to INR5.0cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.00
crore fund based facilities and the INR0.50 crore term loan
facilities of SVR Motors.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-Term Fund Based CC      5.00      [ICRA]B+ Assigned
   Long-Term Term Loan          0.50      [ICRA]B+ Assigned

Rating Rationale

The assigned rating is constrained by SVR's leveraged capital
structure due to the small net worth, subdued levels of debt
coverage indicators and low operating profitability on account of
pricing policies being decided by the principal. The rating also
considers SVR's tight liquidity position as reflected by high
working capital utilisations to fund inventory levels and the
high competitive intensity, with the pressure to pass on
discounts to end customers that further limits its profitability.
The rating also considers Mitsubishi's (with its Indian partner
Hindustan Motor Finance Corporation Limited's) limited product
portfolio and low market share in the Indian passenger vehicle
(PV) industry. ICRA takes note of the firm's exposure to the
cyclical nature of the PV demand and the inherent risks
associated with partnership nature of the firm, including the
risks of withdrawal of capital, among others.

The rating, however, takes comfort from SVR's strong market
position as the sole authorized car dealer of HMFCL for Bangalore
and Hubli, and also its presence as one of the two HMFCL dealers
in Karnataka. Besides, the firm has a diversified revenue stream
through the sale of new vehicles and spare parts/ accessories and
service income. ICRA also takes note of SVR's low principal
repayment obligations in the future and consistent increase in
turnover over the years, but the same remains moderate
restricting operational and financial flexibility to some extent.
Although SVR's revenue and volumes were low during Q1FY2016-17,
the same is expected to increase in the remaining part of FY2016-
17 on the back of two new car launches, Montero and Outlander, in
August 2016 and January 2017, respectively. Besides, revenues are
likely to increase from its newly-opened showroom in Banaswadi,
Bangalore and upcoming workshop at Yelahanka, Bangalore.

Going forward, SVR's ability to increase its revenues and
profitability, given the competitive environment, improve its
capital structure and effectively manage its working capital
requirements will be the key rating sensitivities.

Established in 2009-10 by Mr. CA Prasad and Mr. CV Ramani in
Bangalore, Karnataka, SVR Motors is the sole authorised
Mitsubishi car dealer for Bangalore and Hubli in Karnataka. Since
April 2014, Hindustan Motor Finance Corporation Ltd (HMFCL)
operates as an independent company who manufactures & markets the
"Mitsubishi" brand products in India. Currently, SVR sells and
services Pajero Sports along with its spare parts and
accessories. SVR has three showrooms and one workshop in
Bangalore, Karnataka and one showroom in Hubli, Karnataka. The
Banaswadi, Bangalore showroom has been set up recently in August
2016 and the firm is also setting up a new service centre in
Yelahanka, Bangalore in October 2016 which would support its
service revenues.


T.ABDUL WAHID: CRISIL Reaffirms B+ Rating on INR24MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of T.Abdul Wahid and Co
continue to reflect the firm's below-average financial risk
profile, with high gearing and weak debt protection metrics, and
susceptibility to intense competition in the leather industry.
These weaknesses are partially offset by the promoters' extensive
experience in the leather industry.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit      250      CRISIL A4 (Reaffirmed)

   Letter of Credit           250      CRISIL A4 (Reaffirmed)

   Proposed Long Term          24      CRISIL B+/Stable
   Bank Loan Facility                  (Reaffirmed)

   Standby Letter of Credit    50      CRISIL A4 (Reaffirmed)

   Term Loan                    6      CRISIL B+/Stable
                                       (Reaffirmed)

CRISIL had earlier combined the business and financial risk
profiles of TAWC and Thadey Leather Co, because of business
synergies, common management, and fungible cash flows. CRISIL has
now considered the standalone business and financial risk
profiles of TAWC for rating its bank facilities upon management's
stated posture in handling the firms independently there by
limiting operational and financial fungibility amongst the
entities.
Outlook: Stable

CRISIL believes TAWC will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' in case of substantial improvement in
the financial risk profile, most likely because of healthy cash
accrual leading to a stronger capital structure, and efficient
working capital management. Conversely, the outlook may be
revised to 'Negative' if liquidity weakens, most likely because
of low cash accrual or significant working capital requirement or
sizeable capital withdrawals, or large, debt-funded capital
expenditure.

Incorporated in 1949, TAWC is an integrated player, with an in-
house tannery, and shoes and shoe-upper manufacturing unit. The
operations are managed by Mr. T Faizan Ahmed.

For fiscal 2016, TAWC reported a profit after tax of INR3.35
million on net sales of INR1.97 billion against a profit after
tax of INR3.25 million on net sales of INR1.77 billion for fiscal
2015.


TECPRO SYSTEMS: CRISIL Reaffirms 'D' Rating on INR16.5BB Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities and commercial paper
programme of Tecpro Systems Ltd (part of the Tecpro group)
continue to reflect delays by TSL in meeting its debt
obligations. The ratings are based only on publicly available
information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         16500      CRISIL D (Reaffirmed)
   Cash Credit             9500      CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee         16500      CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TSL and its subsidiaries. This is
because all these entities, together referred to as the Tecpro
group, have operational and financial linkages.

TSL, promoted by Mr. Ajay Kumar Bishnoi and Mr. Amul Gabrani,
provides material handling (MH) solutions on a turnkey basis for
power, cement, coal storage, steel, and other metallurgical
plants. Its projects involve designing, engineering,
manufacturing, supplying, erection, and commissioning of MH
systems. The company has its own MHE manufacturing facilities in
Bawal (Haryana) and Bhiwadi (Rajasthan). It also has design,
engineering, and marketing offices in Chennai, Gurgaon, Kolkata,
Mumbai, Secunderabad, Ahmedabad, and Bengaluru.

For the nine months ended December 31, 2015, TSL, on a standalone
basis, reported a net loss of INR8.8 billion on an operating
income of INR1.8 billion, against net loss of INR5.8 billion on
an operating income of INR1.5 billion for the corresponding
period of the previous year.


TRV GLOBAL: CARE Reaffirms 'C' Rating on INR3cr Long Term Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of TRV Global
Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       3        CARE C Reaffirmed
   Short term Bank Facilities     14        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of TRV Global Exports
Private Limited continue to be constrained by the small scale of
operations, working capital-intensive nature of operations due to
elongated operating cycle, highly leveraged capital structure and
weak debt coverage indicators, low PAT margin and cash accruals,
exposure to volatility in foreign exchange rates and dependence
on the real estate sector.

The ratings, however, continue to derive strength from the
experienced promoters in the granite industry, established
track record of the company, locational advantage with its
presence in a granite processing cluster with substantial
captive quarries and mining rights and diversified client base
both in the domestic and international market. The ratings also
factor the growth in total operating income in FY16 (Provisional;
refers to the period April 1 to March 31).

The ability of the company to scale up its operations, improve
its profitability and capital structure while managing its
working capital requirements efficiently remains the key rating
sensitivity.

TRV Global Exports Private Limited was formerly known as TRV
Exports which was promoted by Mr. N Shiva Kumar in the year 1999
as a partnership firm. Subsequently, TRV Exports was converted
into a private limited company on August 28, 2007 and name of the
entity changed to current nomenclature i.e. TGEPL. TGEPL is
engaged in processing and trading of granite slabs and blocks.
TGEPL provides a varied range of granite products to its clients
that cater to the requirements of constructions like buildings,
hospitals, hotels and other housing projects.

Till FY15, TGEPL was a 100% Export Oriented Unit and exporting to
countries like China and Hong Kong. However, with subdued demand
for the granite product in China and Hongkong during FY15, TGEPL
also started focusing in the domestic market. The company
generated 59% of sales from exports (100% in FY15) while balance
from domestic sales during FY16 (Provisional). The key raw
material, granite rough blocks are mainly procured from its owned
& leased quarries located at Karimnagar, Telangana.

As per the provisional results, TGEPL reported a total operating
income of INR30.28 crore and net profit of INR0.37 crore in FY16
(refers to the period of April 1 to March 31) as against a total
operating income of INR20.69 crore and net profit of INR0.19
crore in FY15(A). TGEPL achieved export sales of INR11.43 crore
and domestic sales of INR2.64 crore in H1FY16.


USHA IMPEX: CARE Assigns 'B+' Rating to INR6cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Usha Impex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Assigned
   Short-term Bank Facilities     24        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Usha Impex (UI)
are constrained by its declining scale of operations, weak
financial risk profile and high utilization of working capital
limits. The ratings are further constrained by the susceptibility
of margins to volatility in raw materials prices and foreign
exchange fluctuations, risk associated with trading nature of
business, risk associated with the sole proprietorship nature of
constitution and highly competitive and fragmented nature of the
industry. The ratings, however, derive strength from the
experienced promoters, long track record of operations of the
firm leading to established relationships with the customers as
well as suppliers.

Going forward, UI's ability to scale-up its operations while
improving its overall solvency position along with effective
working capital management would be the key rating sensitivities.

Incorporated in 1998, Usha Impex (UI) is engaged in the trading
of non-ferrous metals at its main office in Ludhiana, Punjab. In
addition, the firm has 3 warehouse-cum-sales offices, 1 each in
Gurugram, Mumbai and Bangalore. The traded products include non-
ferrous metals like Zinc, Nickel, Tin, Copper, Lead etc. in the
form of wires, rods, bars, sheets, ingots, cathodes etc. The
products find application in automobile, bicycle and electrical
components with end users located throughout India. The firm has
Jindal Agro Mills Private Limited (rated, 'CARE B+/CARE A4'), as
its group concern, which is also engaged in the same industry.

UI registered a total operating income of INR63.86 crore with a
PAT of INR0.27 crore in FY16 (Provisional; refers to the period
April 01 toMarch 31) as against a total operating income of
INR84.78 crore with a PAT of INR0.26 crore in FY15.



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


MUSE ON ALLEN: Owes Creditors More Than NZ$160,000
--------------------------------------------------
Collette Devlin at Stuff.co.nz reports that a former Wellington
fine dining restaurant in liquidation owes more than NZ$160,000
to creditors.

Muse on Allen was closed in February and was put into liquidation
on September 6 by the Inland Revenue (IRD) for overdue taxes as
well as student loan, KiwiSaver and superannuation payments,
Stuff.co.nz discloses.

According to Stuff.co.nz, the first liquidators' report of Vivian
Fatupaito and Andrew Hawkes KPMG showed the company owes
creditors more than NZ$160,000.

Muse on Allen director Samuel North told the liquidators the
business failed as a result of management conflict with business
partners, an expensive lease and cashflow issues, the report
said, Stuff.co.nz relays.

Stuff.co.nz relates that the liquidators had received a
preferential claim from the Inland Revenue totalling NZ$70,585
for overdue PAYE, GST and other deductions.  They also received a
claim for NZ$3,690 from the petitioning creditor for costs, as
claims from unsecured creditors for NZ$87,525.

No distributions have been made to preferential or unsecured
creditors.

Stuff.co.nz says the liquidators were still undertaking
investigations to determine whether there are any claims, and/or
other assets which can be recovered.

A summary of known creditors includes: ACC, IRD, BNZ, Marquise
Properties, two shareholders and a former director, Stuff.co.nz
discloses.


WYNYARD GROUP: Administrators Cut More Than Half Jobs
-----------------------------------------------------
BusinessDesk reports that more than half the staff at crime-
fighting software company Wynyard Group have been made redundant
by the company's administrators.

The Auckland-based company went into voluntary administration
last week after it gave up on seeking a NZ$10 million loan from
one of its major shareholders, the UK's Skipton Building Society,
NBR discloses.

BusinessDesk notes that some 72 management and staff positions
have been shelved in Auckland, Wellington, Christchurch and
Dubai. That leaves 60 people at the company. Nineteen people lost
their jobs in Auckland, two in Wellington, 41 in Christchurch and
10 in Dubai.

"We have worked through Wynyard New Zealand's operating prospects
and its continuing cash burn," BusinessDesk quotes KordaMentha
partner and administrator Grant Graham as saying in a statement.
"In its existing form, the New Zealand operation is not
profitable, which limits our options in terms of sales prospects
and processes."

According to BusinessDesk, Mr. Graham said they had received
interest in a number of the group's assets but the lack of cash
meant they were unable to maintain the cost of all the existing
staff.

"Our priority now is to reduce the cost base and work with
parties to realise value for Wynyard Group's intellectual
property embedded in various products. Unfortunately, as
administrators, we cannot justify incurring continuing costs
without confidence in a successful outcome."

A first meeting of creditors is due to be held on November 4,
BusinessDesk says.

                       About Wynyard Group

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

On Oct. 26, Wynyard Group Limited was placed into voluntary
administration (VA), along with its trading subsidiary Wynyard
NZ.  KordaMentha partners, Grant Graham and Neale Jackson were
appointed Administrators. The Administrators have taken full
control of the company.

KordaMentha partner and Wynyard Group Administrator, Mr. Graham
said the company has effectively exhausted its options to secure
its working capital needs.

"As Administrators, we are focused on identifying any strategies
to realise value for the intellectual property Wynyard has
built," Mr. Graham said.

The Administrators are now working with the company to prepare an
independent report for creditors within the statutory timeframes.



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


SWIBER HOLDINGS: Reprimanded for Breach of SGX Listing Rules
------------------------------------------------------------
Channel News Asia reports that the Singapore Exchange (SGX) on
Oct. 31 issued a public reprimand to Swiber Holdings for
breaching listing rules, after it failed to provide a "balanced
and fair announcement" in relation to a US$710 million (SGD990
million) project in West Africa.

According to CNA, SGX said Swiber failed to provide investors,
including shareholders and bondholders, with sufficient
information to enable them to have a proper understanding of the
impact the project would have on the company.

"Swiber presented favourable possibilities as certain, or as more
probable than is actually the case," SGX said, adding that the
company "failed to disclose the material conditions that are pre-
requisites to the progress of the project," CNA relays.

CNA notes that Swiber was the biggest local name to fall victim
to the global slump in oil prices and dwindling contracts.

In July, it stunned investors when it announced that it had filed
to wind up the company and that a court had appointed provisional
liquidators, the report notes. Swiber later applied to place
itself under judicial management instead, allowing the troubled
firm to be kept under a process through which it could be nursed
back to health.

Laying out the basis for its decision, SGX said that on Dec 15,
2014, Swiber announced that it had secured a US$710 million
project from a Houston-based oil and gas company to provide
services in West Africa, according to CNA.

CNA relates SGX noted that the US$710 million was an indicative
price that Swiber said would be reviewed after the conclusion of
an engineering design study for the project. Shareholders and
bondholders were not aware that the amount was only an estimate
and was subject to review.

In addition, the study was never completed due to persistent
weakness in the sector and so the parties did not progress to
formalising the contract document, CNA relates.

On July 8 this year, Swiber announced that the project was not
able to continue according to schedule, and that Swiber and its
subsidiaries have not recognised any revenue from the project,
the report recalls. Prior to that announcement, SGX said Swiber
had not provided any updates on the project since Dec. 15, 2014.

                           About Swiber

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

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

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



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


DAEWOO SHIPBUILDING: Creditors Mull KRW3 Tril. Debt-Equity Swap
---------------------------------------------------------------
Yonhap News Agency reports that creditors of Daewoo Shipbuilding
& Marine Engineering Co. are set to announce a debt-for-equity
swap and other measures, worth KRW3 trillion (US$2.62 billion),
for the embattled shipbuilder next week, to help one of the
country's big three shipyards avoid a possible delisting from the
local stock market, industry sources said Nov. 1.

Yonhap relates that the country's two policy lenders -- the Korea
Development Bank (KDB) and the Export-Import Bank of Korea (EXIM
Bank) -- have said they would provide a combined KRW4.2 trillion
worth of financial aid to Daewoo Shipbuilding, which breaks down
to KRW2.6 trillion from KDB and KRW1.6 trillion from the other
lender.

Yonhap says the financial support includes a debt-for-equity swap
and the purchase of stocks to be issued by the shipbuilder.

According to Yonhap, the KDB has originally planned to spend
KRW2 trillion for a debt-for-equity swap and a capital increase
for the shipbuilder, and EXIM Bank had not planned to join a
capital increase for the shipyard.

But the thorny issue facing the creditors is that Daewoo
Shipbuilding's new shipbuilding orders have been smaller than
what they had expected, Yonhap states.

They expect this year's new order for Daewoo Shipbuilding to be
around $3 billion, far short of their initial estimate of $10.8
billion, says Yonhap.

"The two lenders are working to finalize the detailed plan," the
report quotes an industry source as saying. "But they have to
narrow differences on the amount that they should chip in."

According to the report, sources said EXIM Bank may buy debts to
be sold by Daewoo Shipbuilding, which can be counted as capital,
but the debt sale should meet a set of strict criteria.

Daewoo Shipbuilding's capital base has been eroded due to
mounting losses, facing the risk of being delisted from the local
stock market, Yonhap discloses.

In the first half of the year, Daewoo Shipbuilding suffered a net
loss of KRW1.19 trillion with its debt ratio exceeding 7,000%,
Yonhap notes.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


HANJIN SHIPPING: Stock Soars on Korea's Industry Rescue Plan
------------------------------------------------------------
Keiichiro Moriyasu at Nikkei Asian Review reports that South
Korea's announcement of massive rescue measures for its marine
transport industry sent shares in troubled player Hanjin Shipping
surging on Oct. 31.

Hanjin's stock closed the day at KRW998, up 24.8%, or 198 won,
from Oct. 28, Nikkei discloses. The price briefly hit KRW1,040,
an increase of 30% from last week. The company effectively went
bust in August, but investors took the government's move as a
sign the country's largest shipping line might get back on track
earlier than expected. The issue's trading volume was the largest
in the South Korean market on Oct. 31, Nikkei relates.

Nikkei notes that South Korea's shipping and shipbuilding sector
is reeling from excessive debt and dwindling orders. But the
government will set up an entity to assist shipping companies in
raising funds to purchase ships, according to Yonhap News Agency
and Western media reports.

Initially, this entity will be capitalized at KRW1 trillion ($874
million), with plans to increase that figure up to KRW6.5
trillion, says Yonhap. The government will also spur KRW11
trillion worth of public-sector orders for at least 250 vessels
for South Korean shipbuilders.

Nikkei notes that amid an ongoing slump in worldwide shipping,
Hanjin gave up on restructuring on its own, having been denied
financial support from lenders including Korea Development Bank.
On Aug. 31, the company filed for court receivership with the
Seoul Central District Court. Trading of its shares continues,
however.

Reports that Hyundai Merchant Marine, another major South Korean
shipping company, has decided to participate in open bidding for
Hanjin's Asia-U.S. route also helped buoy the shipper's stock,
adds Nikkei.

                      About Hanjin Shipping

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

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

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

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

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

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



                             *********

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,
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Information contained herein is obtained from sources believed
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