TCRAP_Public/161107.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

          Monday, November 7, 2016, Vol. 19, No. 220

                            Headlines


A U S T R A L I A

ARRIUM LTD: Sells Moly-Cop to American Industrial for AUD1.6BB
CALIBURN POTTER: First Creditors' Meeting Set for Nov. 14
CENTRE ROAD: First Creditors' Meeting Set for Nov. 14
EMECO HOLDINGS: Chapter 15 Case Summary
HOME AUSTRALIA: Homestead Homes' Creditors to Lose AUD4.9 Million

MONNIF PTY: First Creditors' Meeting Slated for Nov. 15
PEABODY ENERGY: Unit Enters Into Metropolitan Mine Sale Agreement
RISELEY LEISURE: First Creditors' Meeting Set for Nov. 14
SLATER & GORDON: Hit with 'First Strike' on Remuneration News


C H I N A

CHINA CINDA: Moody's Affirms B1(hyb) FC Preferred Stock Ratings


I N D I A

A.A. SNACK: ICRA Lowers Rating on INR5.25cr ST Loan to 'D'
ADVANCE STEEL: ICRA Suspends B- Rating on INR6cr LT Loan
ARUPPUKOTTAI SHRI: ICRA Reaffirms 'B' Rating on INR20cr Loan
BABA HEALTHCARE: Ind-Ra Hikes Long term Issuer Rating to 'IND BB'
BARAKA OVERSEAS: ICRA Reaffirms B+ Rating on INR10cr Credit Loan

BAVA MINES: ICRA Suspends 'D' Rating on INR8cr Loan
BHADRA INTERNATIONAL: ICRA Rates INR304.53cr Term Loan at 'D'
BRAHMANI DEVELOPERS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
D. K. ELECTRICAL: Weak Financial Strength Cues ICRA SP3D Grading
DINESH ENTERPRISES: Weak Financial Strength Cues ICRA SP3D Grade

DOLL CERAMIC: ICRA Raises Rating on INR3.06cr Term Loan to B
EYE-Q VISION: ICRA Reaffirms B+ Rating on INR3cr NCD Programme
FLEXPACK FIBC: CARE Assigns 'B' Rating to INR9cr Long Term Loan
GAJANAND FOODS: Ind-Ra Assigns 'IND B+' Long term Issuer Rating
GANGA DIAGNOSTIC: ICRA Ups Rating on INR13.99cr Term Loan to B+

GMR RAJAHMUNDRY: CARE Reaffirms 'D' Rating on INR2,419.41cr Loan
HUNSUR PLYWOOD: ICRA Reaffirms B+ Rating on INR5.25cr LT Loan
INDERA ETHNIC: ICRA Lowers Rating on INR4.97cr Loan to 'D'
MAHAKALI CHANDRAPUR: ICRA Assigns 'C' Rating to INR7cr LT Loan
MORAJ BUILDING: ICRA Assigns B+/A4 Rating to INR11cr Term Loan

MURUGAN TEXTILES: ICRA Suspends 'B' Rating on INR7cr Loan
MUTHULAXMI SPINNING: ICRA Suspends B/A4 Rating on INR8.61cr Loan
NAGPAL EXPORTS: Ind-Ra Assigns 'IND B+' Long term Issuer Rating
NEELKANTH PROPERTIES: ICRA Reaffirms B+ Rating on INR18cr Loan
NOOLI JEWELLERS: ICRA Reaffirms B+ Rating on INR12cr Loan

RSV RICE: ICRA Reaffirms 'B' Rating on INR15cr Term Loan
S.P. AUTOMOBILES: CARE Assigns B+ Rating to INR5cr Long Term Loan
SADANAND GUPTA: ICRA Suspends 'B' Rating on INR2cr Loan
SAGARSHREE HOSPITAL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
SAKTHI ACCUMULATORS: ICRA Suspends 'B' Rating on INR7cr Loan

SANDEEP RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
SATHYA SHANMUKHA: ICRA Suspends B+ Rating on INR5cr LT Loan
SINGHANIA BUILDCON: ICRA Suspends B- Rating on INR21.72cr Loan
SRI GAYATRI: Ind-Ra Assigns 'IND B' Long term Issuer Rating
SVS FOOD: ICRA Reaffirms B- Rating on INR5.5cr Cash Loan

TARAWADE LOGISTICS: CARE Rates INR1cr Long Term Loan at B+
VADIVEL PYROTECHS: ICRA Lowers Rating on INR15cr Loan to B+
VARDHMAN POLYTEX: ICRA Reaffirms 'D' Rating on INR464cr LT Loan
VARIDHI HYGIENE: Ind-Ra Affirms 'IND B' Long term Issuer Rating
VIKAS COTTON: CARE Assigns 'B' Rating to INR8.82cr LT Loan


J A P A N

MITSUI O.S.K: Merger Will Not Affect Ba1 Rating, Moody's Says
TAKATA CORP: Readies Bankruptcy Filing for U.S. Unit


N E W  Z E A L A N D

ORIGINAL CHILDREN'S BOOKSHOP: Goes Into Liquidation


P H I L I P P I N E S

COMMUNITY RURAL: PDIC to Takeover and Liquidate Bank


S O U T H  K O R E A

HANJIN SHIPPING: Number of Ships Seized Rises to Five
STX OFFSHORE: French Gov't to Defend Interests in Shipyard Sale


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A U S T R A L I A
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ARRIUM LTD: Sells Moly-Cop to American Industrial for AUD1.6BB
--------------------------------------------------------------
Prashant Mehra at the Australian Associated Press reports that
Arrium's creditors have waved through a plan to sell the troubled
company's steel and mining assets after its administrators signed
a AUD1.6 billion deal to sell the Moly-Cop grinding media
business.

Moly-Cop -- the world's largest supplier of grinding media used
in mining and construction -- will be acquired by US private
equity firm American Industrial Partners for US$1.23 billion
(AUD1.64 billion), AAP says.

"The sale is a great step forward for all creditors of Arrium. It
is probably AUD300 million to AUD400 million more than what was
offered last year," administrator Mark Korda of KordaMentha told
reporters after a creditors meeting in Sydney, the report relays.

Proceeds from the sale of the profitable division, which was not
under administration, will be used to reduce Arrium's total debt
of AUD2.8 billion, according to AAP.

The sale is likely to be finalised by January, says AAP.

In a resolution passed at a creditors meeting in Sydney on
Nov. 4, Arrium's financers agreed to put the current
administrators KordaMentha in charge of realising the remaining
assets and distributing the proceeds.

According to AAP, KordaMentha said in a report last month that it
was better to sell the individual businesses held by the South
Australian group than to wind it up, as this would provide a
better return to creditors.

And the administrator on Nov. 4 took the first step in realising
value for creditors by signing an agreement to sell Moly-Cop -
the company's only profit making division, AAP notes.

Arrium's other assets include the flagship Whyalla steelworks and
port, an east coast steel business, and an iron ore mine in South
Australia, the report discloses.

AAP relates that the administrators have currently received a
handful of non-binding indicative proposals for the remaining
business, Mr. Korda said, but declined to indicate their identity
or the likely size of the bids.

Recent media reports have named South Korean steel giant POSCO
and UK steelmaker Liberty House as among the possible bidders.

"Arrium's steel business has 6000 employees and holds strong
market share. It is a big company. So the bidder will have to be
a substantial company," the report quotes Mr. Korda as saying.

The administrators expect to complete the sale process for the
remaining businesses by end of January 2017, adds AAP.

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

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


CALIBURN POTTER: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Caliburn Potter Pty Limited, 'Caliburn Potter' and 'Caliburn
Potter Asset Services', will be held at Suite 1, Level 15,
9 Castlereagh Street, in Sydney, on Nov. 14, 2016, at 11:00 a.m.

Christopher Darin of Worrells Solvency & Forensic Accountants was
appointed as administrator of Caliburn Potter on Nov. 2, 2016.


CENTRE ROAD: First Creditors' Meeting Set for Nov. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of
Centre Road Pty Ltd will be held at the offices of BRI Ferrier
Western Australia, Unit 3, 99-101 Francis Street, in Northbridge,
Western Australia, on Nov. 14, 2016, at 10:00 a.m.

Giovanni Maurizio Carrello of BRI Ferrier was appointed as
administrator of Centre Road on Nov. 2, 2016.


EMECO HOLDINGS: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Ian Matthew Testrow
                       Level 3
                       71 Walters Drive
                       Western Australia, 6017
                       Osborne Park
                       Australia

Chapter 15 Debtor: Emeco Holdings Limited

Chapter 15 Case No.: 16-13080

Type of Business: Rental provider of heavy mining equipment

Chapter 15 Petition Date: November 2, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15 Petitioner's Counsel: Erin Elizabeth Broderick, Esq.
                                 BAKER & MCKENZIE LLP
                                 300 East Randolph, Suit 5000
                                 Chicago, IL 60601
                                 Tel: 312-861-8000
                                 Fax: 312-861-2899
                                 E-mail:
erin.broderick@bakermckenzie.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


HOME AUSTRALIA: Homestead Homes' Creditors to Lose AUD4.9 Million
-----------------------------------------------------------------
The Australian Associated Press reports that more than 150
unsecured creditors of former senator Bob Day's failed building
company in South Australia will not be paid the money they are
owed.

These 157 unsecured creditors are owed a total of AUD4.9 million
by Homestead Homes and include tradesmen and subcontractors as
well as customers who have paid deposits to build homes,
according to AAP.

"It owes people in this room and people that might not be here
today about AUD4.9 million," liquidator Matthew Caddy told a
creditors meeting in Adelaide on Nov. 4.  "It is almost certain
that there will be no money available for insecure creditors.  It
will essentially be a bad debt."

AAP relates that the meeting came after Mr. Day formally resigned
from the Senate on Nov. 1, effective immediately, after an
investor interested in buying his collapsed home-building empire
Home Australia decided not to proceed.

The company operates under different brand names in five states,
including as Homestead Homes in South Australia.

According to the report, Mr. Caddy said Home Australia lost about
AUD12 million in the final three years before it was declared
insolvent.

When the former Family First senator called in the liquidators
the companies had "no money".

"We had to cease construction of any homes," he said.  "We had no
money to pay tradesmen."

AAP notes that there are 28 unsecured creditors in SA who paid
deposits on homes and 75 across the whole group, which consists
of five companies.

According to AAP, the liquidator said when Mr Day entered
politics he did not appoint anyone else to run the business and
it went downhill.

He said money was being moved between separate businesses in SA,
Victoria, NSW, Queensland and Western Australia but they were
being run without cohesion.

"They were left to run themselves," the report quotes Mr Caddy as
saying.  "There was limited integration of the businesses. They
were operating within their own silos."

He said the demise of the NSW business Huxley Homes was most
significant in the downfall of the group.

Mr. Day has also been referred to the High Court for potentially
breaching the Constitution by having an indirect financial
interest through a lease agreement on a building in Adelaide,
adds AAP.

Home Australia is a residential new home building group operating
in five Australian States under the brands Homestead Homes;
Collier Homes; Newstart Homes; Ashford Homes; and Huxley Homes.

On Oct. 17, 2016, Mathew Caddy and Barry Kogan of McGrathNicol
were appointed as joint and several Liquidators of Home Australia
Pty Ltd and wholly owned subsidiaries:

     -- Homestead Homes Pty Ltd
     -- Collier Homes Pty Ltd
     -- Newstart Homes (SE QLD) Pty Ltd
     -- Ashford Homes Pty Ltd
     -- Huxley Homes Pty Ltd
     -- Nationwide Australian Investments Pty Ltd
     -- Smart Road Property Rentals Pty Ltd


MONNIF PTY: First Creditors' Meeting Slated for Nov. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
Monnif Pty Ltd, trading As Monty's Plant Hire, will be held at
the Conference Room, Level 4, 16 St Georges Terrace, in Perth, on
Nov. 15, 2016, at 10:00 a.m.

Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of Monnif Pty on Nov. 3, 2016.


PEABODY ENERGY: Unit Enters Into Metropolitan Mine Sale Agreement
-----------------------------------------------------------------
Peabody Energy on Nov. 2, 2016, announced that one of its
Australian subsidiaries has entered into a definitive agreement
to sell Metropolitan Mine in New South Wales, Australia, and its
associated 16.67 percent interest in the Port Kembla Coal
Terminal to a subsidiary of South32 Limited for US$200 million in
cash, subject to customary working capital adjustments.  The
transaction also includes a contingent value right that enables
Peabody to realize additional cash proceeds should future
metallurgical coal prices remain in excess of an agreed forward
curve for a period of approximately 12 months following
completion.  The sale also is expected to release Peabody of
approximately A$20 million in financial assurances, in the form
of bank guarantees and cash, that will be replaced by South32
upon completion.

"This sale supports our actions to strengthen the Australian
portfolio, which remains core to Peabody, and is consistent with
the strategy outlined in our business plan," said President and
Chief Executive Officer Glenn Kellow.  "We expect the transaction
to be accretive to the value reflected in the business plan,
generate meaningful proceeds for the Australian business,
decrease future capital expenditure needs, and reduce risk to the
Australian platform as we pursue a smaller but more profitable
portfolio going forward."

South32 Chief Executive Officer Graham Kerr said: "The
Metropolitan Colliery is a natural fit within our portfolio and
the acquisition is consistent with our strategy to invest in high
quality mining operations where we can create value.  The mine's
recently upgraded infrastructure and close proximity to Illawarra
Metallurgical Coal will enable us to further optimize performance
and unlock unique blending and resource synergies.  We look
forward to the Metropolitan team joining South32."

The transaction is not expected to have any impacts on the mine
staff, workforce, or community, as South32 shares similar core
values as Peabody from a safety, operations and sustainability
perspective.  The mine employs approximately 250 mine-site
employees and as of December 31, 2015 has approximately 28
million tons of proven and probable reserves.

The contingent value right enables Peabody to share equally with
South32 in any revenue above an agreed metallurgical coal price
forward curve after taxes, royalties and appropriate discounts on
all coal sold for the 12 months following completion, subject to
extension if a minimum amount of coal is not sold in that period.
Transaction closing is anticipated to occur in the first quarter
of 2017, subject to clearance by the Australian Competition and
Consumer Commission.  The sale is not subject to a financing
condition as South32 intends to fund the transaction using
existing cash on hand.

South32 Limited is a globally diversified mining and metals
company with high quality operations in Australia, Southern
Africa and South America.

                 About Peabody Energy Corporation

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company.  As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia.  The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount
Mine in Australia.  In addition to its mining operations, the
Company markets and brokers coal from other coal producers, both
as principal and agent, and trade coal and freight-related
contracts through trading and business offices in Australia,
China, Germany, India, Indonesia, Singapore, the United Kingdom
and the U.S.

Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net
loss in 2013.

At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.

On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code.  The 154 cases are pending joint
administration before the Honorable Judge Barry S. Schermer under
Case No. 16-42529 (Bankr. E.D. Mo.).

As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.

The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.

The Office of the U.S. Trustee on April 29, 2016, appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors.  The Committee retained
Morrison & Foerster LLP as counsel, Spencer Fane LLP as local
counsel, Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts
counsel, Blackacre LLC as its independent expert, and Berkeley
Research Group, LLC, as financial advisor.


RISELEY LEISURE: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Riseley Leisure Investments Pty Ltd will be held at
Level 2, 55 Carrington St, in Nedlands, on Nov. 14, 2016, at
10:30 a.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Riseley Leisure on Nov. 2, 2016.


SLATER & GORDON: Hit with 'First Strike' on Remuneration News
-------------------------------------------------------------
Eli Greenblat and Daniel Palmer at The Australian report that
Slater & Gordon has attracted a "first strike" against its
remuneration report, after shareholders revolted against the
company's payment of lucrative bonuses to key executives despite
last year's AUD1.02 billion loss flowing from its calamitous UK
acquisition.

The Australian says the law firm, which specialises in personal
injury cases and class action law suits, is facing its own
shareholder class action from investors.

Investors pushed the firm lower on the news, with shares closing
2.78% weaker at 35 cents, the report says.

It followed a massive 43.15% vote against adoption of the group's
remuneration report, at the Melbourne AGM, The Australian
relates.

According to The Australian, votes disclosed to the AGM showed
27.9 million shares voted against the remuneration report, while
30.3 million, or 46.95% in favor.

Later in the meeting when a vote was called on the awarding of
485,673 performance rights to CEO Andrew Grech, on top of his
AUD637,000 pay, more than 25% voted against it. There was also a
30.88% vote against the awarding of service rights to Mr Grech,
the report says.

The Australian says shareholders voiced their anger over the
decision to buy UK professional services business Quindell that
later triggered a billion dollar write-off that crunched Slater &
Gordon's accounts, terminated its dividend and saw its share
price collapse by 90%.

Ratcheting up the anger of investors, Slater & Gordon decided to
pay bonuses to executives just at a time the company is on its
knees, the report states. A AUD189,000 cash bonus was awarded to
CFO Bryce Houghton and a AUD93,750 cash bonus to COO Felicity
Pantelidis, The Australian discloses.

Proxy advisory group ISS Governance advised its clients to vote
against the adoption of the remuneration report, according to the
report. The Australian Shareholders Association was also expected
to advise a similar "no" vote, The Australian add.

In his opening speech to shareholders, Slater & Gordon chairman
John Skippen said it was likely the remuneration report would
earn a first strike, The Australian relates that.

If Slater & Gordon earns a "second strike" next year it will
cause a spill of the board.

"In light of this we will review our remuneration structure and
this will be reported to shareholders in our fiscal 2017
remuneration report," The Australian quotes Mr Skippen as saying.
"We understand shareholder concerns about the current value
ascribed to their shares, but we aimed to balance that against
the need for us to provide market competitive remuneration
packages to attract and retain staff and to address some of the
critical matters that faced the business last year."

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2016, The Sydney Morning Herald said struggling listed
law firm Slater & Gordon has suffered another blow after the
Australian Securities Exchange dumped the stock from its top 200
list.  SMH said the removal of Slater & Gordon from the ASX 200
is significant because it means some of the index funds which are
required under their self-imposed mandates to hold shares in ASX
200 stocks will exit the stock.  According to the report, the law
firm is in a fight for survival following a horror 2015 that saw
its market capitalisation plummet from more than AUD2.7 billion
to AUD121.6 million on March 11 following an accounting scandal
in its UK arm and weaker-than-expected growth in both its British
business and its Australian arm.  Slater & Gordon has until
April 30 to satisfy its bankers it can remain as a viable
organization, SMH relayed. Its financial advisers from insolvency
firm McGrath Nicol are delivering weekly cash-flow updates to the
firm's bankers, the report stated.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.



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C H I N A
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CHINA CINDA: Moody's Affirms B1(hyb) FC Preferred Stock Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed the A3 long-term and P-2
short-term issuer ratings of four Chinese distressed asset
management companies (AMCs):

   -- China Cinda Asset Management Co., Ltd. (Cinda AMC)

   -- China Huarong Asset Management Co., Ltd. (Huarong AMC)

   -- China Orient Asset Management Co., Ltd. (Orient AMC)

   -- China Great Wall Asset Management Corporation (Great Wall
      AMC)

Their baseline credit assessments (BCAs) remain unchanged.

At the same time, Moody's has changed the outlook on the four
companies to stable from negative.

Moody's has also affirmed the medium term note (MTN) program
ratings and note ratings issued by the companies' offshore
subsidiaries and changed the outlook to stable from negative.

RATINGS RATIONALE

The primary drivers for the change in the outlooks to stable from
negative on the big four AMCs' A3 long-term issuer ratings are:

   -- Government support for these companies is unlikely to
      change over the medium term

   -- Each company's rating is resilient to a hypothetical
      downside scenario in which the sovereign rating is
      downgraded by one notch. Moody's said, "We considered this
      scenario in view of the current negative outlook on the
      sovereign rating, and which is a key input into the ratings
      of the four AMCs' respective support providers"

   -- The companies' standalone credit profiles, as indicated by
      their BCAs in the case of GRIs are appropriate at current
      levels

The Chinese government (Aa3, negative) -- through the Ministry of
Finance (MOF) -- is the single largest shareholder of these big
four AMCs, which have been going through different stages of
commercialization. This majority shareholding by MOF will likely
continue.

Moody's believes that the big four AMCs have a strategic role in
economic rebalancing and maintaining the stability of the
financial system. Their important role -- in relation to
distressed asset management, the banking system and the overall
economy -- is likely to increase as China's economy continues to
restructure.

In 1H2016, the regulators enhanced the capacity of the big four
AMCs to absorb the distressed assets of financial institutions by
lowering the risk weighting of traditional distressed assets and
restructuring distressed assets acquired from financial
institutions to 50% and 75% respectively, from 100%.

Moreover, the new market-based debt-to-equity swap policy -- as
announced by the National Development and Reform Commission on 10
October 2016 -- has reiterated the important role of the AMCs in
the deleveraging of Chinese corporates. Moody's said, "While
regulators have allowed more local AMCs to be established, we
believe these local AMCs are not directly competing with the big
four AMCs due to their limitations on business scope and funding
source."

As a result, Moody's believes the big four AMCs' ratings will
continue to incorporate five to six-notch uplift based on the
likelihood of very high support from the Chinese government; an
important consideration in their rating affirmation, despite
pressure on the sovereign rating. Moody's said, "Given that the
sovereign rating currently has a negative outlook, we conducted a
hypothetical stress test in which we considered the impact on the
AMCs' ratings if the sovereign rating was lowered by one notch.
We concluded that their ratings have sufficient headroom -- under
our JDA approach -- to withstand such a development."

Cinda AMC

Cinda AMC's BCA of ba2 is unchanged. While the company's
consolidated leverage has increased due to its acquisition of
Nanyang Commercial Bank, Ltd., it issued USD3.2 billion in
preference shares in late September 2016 to replenish its
capital. Moreover, it adjusted its business strategy to manage
growth in 1H2016, which could also ease capital adequacy
pressures; an important consideration in the affirmation of its
ba2 standalone credit strength.

Huarong AMC

Huarong AMC's BCA of ba3 is unchanged. While the company
completed its initial public offering in Hong Kong and raised
HKD18 billion (USD2.3 billion) in gross new capital, it also
showed rapid growth in 1H2016. Total assets in 1H2016 increased
by 24% from end-2015 to RMB1,073 billion, driven by 29% growth in
its distressed asset management business, as well as 43% growth
in its investment and asset management business. These
developments have pressured its capital adequacy.

Orient AMC

Orient AMC's BCA of ba3 is unchanged. In 1H2016, the company
completed its RMB15 billion acquisition of a 50.23% stake in the
Bank of Dalian (unrated) and the RMB10 billion purchase of the
bank's non-performing loans. This acquisition could drag down the
overall asset quality and capital adequacy of Orient AMC.
However, the company completed a reform of its shareholding
structure in late September 2016. A RMB1.1 billion additional
capital injection from the Social Security Fund could slightly
enhance capital adequacy. The company could potentially raise
capital from strategic investors.

Great Wall AMC

Great Wall AMC's BCA of ba3 is unchanged. The company's core
business is distressed asset management. While it has also
established multiple financial services subsidiaries to
facilitate its core business, the sizes of these subsidiaries are
relatively small when compared with the other three AMCs. Great
Wall AMC has not yet completed its joint-stock restructuring. At
end-June 2016, it reported a capital adequacy ratio of 15.9% at
the parent company level.

MTN Programs of AMCs

For all four AMCs, the rating affirmations on their MTN programs
and the notes of their offshore platforms under keepwell
structures reflect the consideration that Moody's is likely to
maintain a one-notch difference between the four AMCs' long-term
issuer ratings and their respective offshore platforms' notes and
programs' ratings. This is because the latter are only supported
by keepwell agreements.

The one-notch differential also reflects the uncertainty
regarding (1) the priority of claims for note holders -- relative
to the AMCs' senior unsecured creditors -- in the absence of a
guarantee from the AMCs, and (2) the ability of the keepwell
provider to obtain approval to transmit resources to the offshore
platform, given China's capital controls.

What Could Make the Ratings Go Up/Down

The ratings for these distressed asset management companies could
be upgraded if: (1) Moody's believes that support from the
central government will strengthen in the event that their
activities assume greater strategic importance; and/or (2) their
standalone credit profiles significantly strengthen (please refer
to each issuer's Credit Opinion for further detail).

On the other hand, their ratings could be downgraded if: (1)
Moody's believes that support from the central government will
weaken in the event that these companies become engaged in more
commercial-type activities and face more concrete competition
from potentially growing number of platforms or companies engaged
in similar distressed asset management business, therefore
weakening their strategic importance; and/or (2) their standalone
credit profiles significantly deteriorate.

The methodologies used in these ratings were Finance Companies
published in October 2015, and Government-Related Issuers
published in October 2014.

China Cinda Asset Management Co., Ltd. is one of four major
distressed asset management companies in China. Headquartered in
Beijing, it reported consolidated assets of RMB1,009 billion at
end-June 2016.

China Huarong Asset Management Co., Ltd. is one of four major
distressed asset management companies in China. Headquartered in
Beijing, it reported consolidated assets of RMB1,073 billion at
end-June 2016.

China Orient Asset Management Co., Ltd. is one of four major
distressed asset management companies in China. Headquartered in
Beijing, it reported consolidated assets of RMB411 billion at
end-2015.

China Great Wall Asset Management Corporation is one of four
major distressed asset management companies in China.
Headquartered in Beijing, it reported consolidated assets of
RMB365.7 billion at end-2015.

LIST OF AFFECTED RATINGS

Issuer: China Cinda Asset Management Co., Ltd. (Lead analyst:
Sean Hung)

   -- Local currency and foreign currency long term issuer rating
      affirmed at A3, Outlook changed to stable from negative

   -- Local currency and foreign currency short term issuer
      rating affirmed at P-2

   -- Foreign currency preferred stock rating affirmed at B1(hyb)

   -- Outlook changed to stable from negative

Issuer: China Cinda Finance (2014) Limited (Lead analyst: Sean
Hung)

   -- BACKED senior unsecured local currency long term note
      rating affirmed at Baa1, Outlook changed to stable from
      negative

   -- Outlook changed to stable from negative

Issuer: China Cinda Finance (2015) I Limited (Lead analyst: Sean
Hung)

   -- BACKED senior unsecured local currency long term note
      rating affirmed at Baa1, Outlook changed to stable from
      negative

   -- BACKED senior unsecured long term and short term local
      currency MTN program ratings affirmed at (P)Baa1/(P)P-2

   -- Outlook changed to stable from negative

Issuer: China Cinda Finance (2015) II Limited (Lead analyst: Sean
Hung)

   -- BACKED senior unsecured long term and short term local
      currency MTN program ratings affirmed at (P)A3/(P)P-2

   -- Outlook changed to stable from negative

Issuer: China Huarong Asset Management Co., Ltd. (Lead analyst:
Sean Hung)

   -- Local currency and foreign currency long term issuer rating
      affirmed at A3, Outlook changed to stable from negative

   -- Local currency and foreign currency short term issuer
      rating affirmed at P-2

   -- Outlook changed to stable from negative

Issuer: Huarong Finance Co. Ltd. (Lead analyst: Sean Hung)

   -- BACKED senior unsecured local currency long term note
      rating affirmed at Baa1, Outlook changed to stable from
      negative

   -- Outlook changed to stable from negative

Issuer: Huarong Finance II Co., Ltd (Lead analyst: Sean Hung)

   -- BACKED senior unsecured local currency long term perpetual
      bond rating affirmed at Baa1(hyb), Outlook changed to
      stable from negative

   -- BACKED senior unsecured local currency long term note
      rating affirmed at Baa1, Outlook changed to stable from
      negative

   -- BACKED senior unsecured long term local currency MTN
      program ratings affirmed at (P)Baa1

   -- Outlook changed to stable from negative

Issuer: China Orient Asset Management Co., Ltd. (Lead analyst:
Sean Hung)

   -- Local currency and foreign currency long term issuer rating
      affirmed at A3, Outlook changed to stable from negative

   -- Local currency and foreign currency short term issuer
      rating affirmed at P-2

   -- Outlook changed to stable from negative

Issuer: Charming Light Investments Ltd. (Lead analyst: Sean Hung)

   -- BACKED senior unsecured local currency long term note
      rating affirmed at Baa1, Outlook changed to stable from
      negative

   -- BACKED senior unsecured long term and short term local
      currency MTN program ratings affirmed at (P)Baa1/(P)P-2

   -- Outlook changed to stable from negative

Issuer: United Wealth Development Ltd. (Lead analyst: Sean Hung)

   -- BACKED senior unsecured long term and short term local
      currency MTN program ratings affirmed at (P)A3/(P)P-2

Issuer: China Great Wall Asset Management Corporation (Lead
analyst: David Yin)

   -- Local currency and foreign currency long term issuer rating
      affirmed at A3, Outlook changed to stable from negative

   -- Local currency and foreign currency short term issuer
      rating affirmed at P-2

   -- Outlook changed to stable from negative

Issuer: China Great Wall International Holdings III Limited (Lead
analyst: David Yin)

   -- BACKED senior unsecured local currency long term note
      rating affirmed at Baa1, Outlook changed to stable from
      negative

   -- BACKED senior unsecured long term and short term local
      currency MTN program ratings affirmed at (P)Baa1/(P)P-2

   -- Outlook changed to stable from negative



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


A.A. SNACK: ICRA Lowers Rating on INR5.25cr ST Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating for the INR0.25 crore fund
based facilities of A.A. Snack from [ICRA]B+ to [ICRA]D. ICRA has
also revised the short term rating for the INR5.25 crore fund
based facilities of the firm from [ICRA]A4 to [ICRA]D. The
ratings for the INR4.50 crore unallocated facilities have also
been revised to [ICRA]D.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term-Fund Based       0.25       [ICRA]D; revised from
   Facilities (CC)                       [ICRA]B+

   Short term-Fund Based      5.25       [ICRA]D; revised from
   Facilities                            [ICRA]A4

   Long term/Short term       4.50       [ICRA]D; revised from
   Unallocated                           [ICRA]B+/[ICRA]A4

The revision in the ratings considers the delays observed in
servicing of debt obligations by the firm.

AA Snack is a partnership firm engaged in the business of
processing of RCNs (Raw Cashew Nuts) and exporting of cashew
kernels. In addition to this, the company also engages in high
seas RCN sales. The concern is promoted by Mr. M A Anzar, who has
over three decades of experience in processing and marketing of
cashew kernels. He is also one of the directors of Cashew Export
Promotion Council of India (CEPCI). The company currently does
its procurement of raw cashew nuts from Africa and Indonesia.
High quality raw nuts are also procured from Kerala and
Karnataka. The processed nuts are then exported to USA, Middle
East and Singapore. The firm's registered office is located in
Kilikolloor, Kollam and their factory, with an installed capacity
of 1,400 MT RCNs, is located in Kuttichira, at a distance of 5
Kms from the office.


ADVANCE STEEL: ICRA Suspends B- Rating on INR6cr LT Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.00
crore long term working capital facilities and the [ICRA]A4
rating assigned to the INR4.00 crore short term non-fund based
bank facilities of Advance Steel & Tube Mills. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Established in 2001, ASTM is a part of the Purohit Group. The
firm is managed by Mr. Rakesh Purohit and Mr. Mukesh Purohit. The
firm is engaged in the business of manufacturing stainless steel
seamless and welded pipes and tubes. The firm has manufacturing
units located in Vadodara (Gujarat) with a total capacity of
6,000 mtpa, inclusive of fabrication works.


ARUPPUKOTTAI SHRI: ICRA Reaffirms 'B' Rating on INR20cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding
on the INR4.86 crore (revised from INR5.32 crore) term loan
facilities, the INR20.00 crore fund based facilities and the
INR0.11 crore (revised from INR12.65 crore) proposed facilities
of Aruppukottai Shri Ramalinga Spinners Private Limited. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 outstanding on
the INR1.84 crore non-fund based facilities and has assigned a
short- term rating of [ICRA]A4 for the INR13.00 crore fund based
facilities of the company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-Term Loans      4.86       [ICRA]B/reaffirmed

   Long-term-Fund based
   facilities               20.00       [ICRA]B/reaffirmed

   Long-term-Unallocated     0.11       [ICRA]B/reaffirmed

   Short-term-Fund based
   facilities               13.00       [ICRA]A4/assigned

   Short-term-Non-fund
   based facilities          1.84       [ICRA]A4/reaffirmed

The ratings reaffirmation factors in the decline in operating
income by ~14.8% in FY2016 on account of sluggish demand for yarn
leading to a decline in volumes coupled with lower realization
for yarn during the period. Further, the operating margin
continued to remain suppressed leading to losses at the net level
for the second consecutive year in FY2016. While the company
would benefit from the significant amount of low cost inventory
held as on March 31, 2016 following the increase in cotton and
yarn prices during the first half of FY2017, the margin would
come under pressure during H2, FY2017 due to low contribution
margin with cotton prices ruling high on account of tight
availability amidst tepid yarn demand. The ratings remain
constrained by the weak financial profile of the company
characterized by highly leveraged capital structure and
inadequate debt protection metrics. Further, the company's scale
of operations remains moderate and its presence in a highly
fragmented industry characterized by intense competition
restricts the company's pricing flexibility thereby exposing the
margins to volatility in cotton and yarn prices. Nonetheless, the
ratings continue to favorably factor in the significant
experience of the promoters in the spinning industry and the
continuous financial support extended by the group company, Shri
Ramalinga Mills Limited (rated [ICRA]BB (stable)/[ICRA]A4+).

Aruppukottai Shri Ramalinga Spinners Private Limited was
incorporated as a private limited company in June 1999 with an
object of establishing spinning and textile mills. ASRSPL is one
of the sister concerns of Shri Ramalinga Mills Limited. The
Company commenced its production in November 2003 and currently
operates as a cotton spinning unit in Aruppukottai, Tamil Nadu
with an installed capacity of 68,016 spindles.

Recent Results
ASRSPL reported a net loss of INR1.5 crore on an operating income
of INR77.1 crore for the financial year 2015-16 against a net
loss of INR1.4 crore on an operating income of INR90.5 crore for
the financial year 2014-15.


BABA HEALTHCARE: Ind-Ra Hikes Long term Issuer Rating to 'IND BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Baba Healthcare
Private Limited's Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable. The agency has also upgraded
the Long-term rating on BHPL's INR330 million fund-based limits
(increased from INR150 million) to 'IND BB'/Stable from 'IND BB-
'/Stable and affirmed the Short-term rating at 'IND A4+'.

KEY RATING DRIVERS

The upgrade reflects BHPL's improved scale of operations and
credit metrics. In FY16 its revenue rose to INR1,127.62 million
from INR695.68 million in FY15 on account of rising sales. Its
net leverage (total Ind-Ra adjusted net debt/operating EBITDAR)
improved to 3.04x in FY16 (FY15: 4.59x) while net interest
coverage (operating EBITDA/net interest expense) improved to
1.53x (1.50x). The improvement in credit metrics was due to
improved absolute EBITDA.

The ratings factor in BHPL's comfortable liquidity profile as
evident from its average working capital utilisation of around
67.89% during the 12 months ended September 2016. The ratings are
supported by the company's strong relationships with customers
and suppliers.

The ratings reflect the company's operating EBITDA margins of
3.08% in FY16 (FY15: 3.06%); margins remained moderate on account
of decrease in the administrative expenses of the company.

RATING SENSITIVITIES

Positive: Improved profitability leading to improvement in the
overall credit metrics could be positive for the ratings.

Negative: Any fall in profitability leading to deterioration in
the overall credit metrics could be negative for the ratings.

COMPANY PROFILE

BHPL was incorporated in June 2009 by Dinesh Aggrawal. It is a
distributor for Patanjali Ayurved Limited


BARAKA OVERSEAS: ICRA Reaffirms B+ Rating on INR10cr Credit Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR18.00 crore long term fund based facilities of Baraka
Overseas Traders.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Packing Credit Loan        10.00     [ICRA]B+/reaffirmed
   Foreign Documentary
   Bills Purchase              8.00     [ICRA]B+/reaffirmed

The reaffirmation of the rating takes into account the high
working capital intensity of the firm on account of high debtors
and inventory days leading to stretched cash flows and increase
in gearing level during FY2016 end on account of withdrawals by
one of the partners. The rating is also constrained by client
concentration risks, with about 85% of the revenue dependent on
the top five customers. However, the risk is mitigated to an
extent on account of long standing relationship with the clients.

ICRA also notes the inherent risks present in the seafood
industry such as susceptibility to diseases, climate changes and
government regulations. The rating reaffirmation, however,
continues to derive comfort from the long track record of the
promoters in the sea food processing business for more than three
decades. The rating continues to favorably factor in the
proximity of the firm's processing plant to west coast ensuring
adequate supply of sea food with low delivery time and
transportation cost. The rating also positively factors in the
healthy growth in operating income by 20% during FY2016 on
account of orders received from newly acquired customers, and
improvement in margins owing to better price realization on sales
made to the new customers.

Going forward, the company's ability to scale up its operations
while improving its margins and optimizing the working capital
requirements would remain the key rating sensitivities.

Baraka Overseas Traders, established in the year 1979, is engaged
in the export of sea foods. The firm procures raw material (raw
fish) from the fishermen through agents, does cleaning,
processing and packaging and then exports it to different
countries such as USA, UK, France, Mauritius and Germany, among
others. The firm's plant is located in Ullal in Mangalore
district of Karnataka with an installed capacity of 300 tons per
day. The firm employs around 50 workers on permanent basis and
150 workers on temporary basis. The major varieties of seafood
exported by the firm include Shrimp, Mackerel, King Fish and
Ribbon Fish among others.

Recent Results
The firm reported an operating income of INR47.09 crore and a net
profit of INR1.17 crore for the financial year 2015-16 as against
an operating income of INR39.08 crore and a net profit of INR0.13
crore for the financial year 2014-15.


BAVA MINES: ICRA Suspends 'D' Rating on INR8cr Loan
---------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR8.00
crore fund based facilities, and to the INR2.00 crore non fund
based facilities of Bava Mines and Minerals. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


BHADRA INTERNATIONAL: ICRA Rates INR304.53cr Term Loan at 'D'
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR304.53
crore term loans and INR30.00 crore long-term fund based working
capital facilities of Bhadra International (India) Private
Limited. ICRA has also assigned a short term rating of [ICRA]D to
the INR78.00 crore short-term non fund based working capital
facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              304.53       [ICRA]D assigned

   Long-term Fund-Based
   Working Capital
   Facilities               30.00       [ICRA]D assigned

   Short-term Non-Fund
   Based Working Capital
   Facilities               78.00       [ICRA]D assigned

The assigned ratings reflect the delay in debt servicing by
Bhadra International towards interest and principal repayments on
outstanding term loans due to stretched liquidity. Having won the
license to operate as the sole third party agency (other than the
Airport operator and Air India) at seven airport locations, the
company made sizeable debt-funded investments in anticipation of
healthy business growth. However, the impasse on the
implementation of the policy has resulted in weaker-than-expected
business performance, thereby impacting the financial health of
the company. Bhadra International's profitability indicators and
cash accruals remain weak due to high interest costs on
outstanding debt, high fixed operating overheads, large royalty
commitments to AAI and low capacity utilization rates. Low profit
coupled with an eroded net worth and significant debt (availed in
the past for funding investments) continues to weigh on the
company's financial profile.

ICRA takes note of the company's exposure to regulatory risks
given the impasse on the implementation of the erstwhile ground
handling policy, resulting in competition from non-entitled
players and thereby constraining the company's ability to scale
up operations and also restricting its pricing power.
However, the business profile of the company derives strength
from its presence in two of the top five busiest airports
(Kolkata and Chennai) in India; reputed client base comprising
leading international airlines; strong infrastructure and state-
of-the-art equipment which has supported the healthy growth in
operating revenues over the last three years, despite delay in
implementation of the policy.

Going forward, conversion of outstanding term loans to foreign
currency term loans will support savings on interest cost and
provide a natural hedge to the company given that over 90% of its
revenues are from international clients. The ability of the
company to regularize delays in debt servicing and improve its
cash flows, with higher operating leverage, in line with further
scale up in operations will remain the key rating drivers. While
ICRA acknowledges the suit filed by the company against AAI for
losses caused due to failure to implement the policy, the timely
and favorable conclusion of arbitrage proceedings on the same
will remain a rating sensitivity.

Bhadra International (India) Private Limited is promoted by Mr.
Prem Bajaj who holds 62.5% of the total equity of the company
while the remaining is held by GPC Mauritius IX LLC. Incorporated
in 2000, Bhadra International provides ground handling services,
ramp services and allied services at airports across India. The
company entered into a technical collaboration with Novia
International Consulting ApS (Denmark) in 2007 and was awarded
concession from Airport Authority of India (AAI) to provide
comprehensive ground handling services at seven airports
including, Chennai, Trichy, Coimbatore, Kolkata, Calicut,
Trivandrum and Mangalore.


BRAHMANI DEVELOPERS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brahmani
Developers Private Limited a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BDPL's low revenue base and moderate credit
metrics. In FY16, revenue was INR211 million (FY15: INR230
million) with net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) of 3.1x (3.5x) and interest coverage (operating
EBITDA/gross interest expense) of 2.7x (2.9x).

BDPL's liquidity profile remains moderate with its fund-based
facilities being utilised at an average of 95% over the 12 months
ended September 2016.

The ratings remain constrained by BDPL's regional concentration,
as more than 90% of its contracts are executed in Odisha.

The ratings, however, are supported by BDPL's outstanding order
book of INR1,810.06 million (8.57x of FY16 revenue) as at end-
September 2016.

The ratings also benefit from its founders' experience of over
two decades in the civil construction and real estate business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
overall credit metrics could be positive for the ratings.

Negative: Further deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Rourkela (Odisha)-based BDPL was incorporated in 2007. The
company executes civil construction contracts for various public
and private sector parties and is also engaged in the real estate
(residential and commercial) development business.

The company is promoted by Mr. Ramesh Kumar Agarwal, Mr. Binay
Kumar Giri and Mrs. Alka Kadmawala.

BDPL's ratings:

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

   -- INR45 million fund-based working capital limits: assigned
      'IND BB+'/Stable

   -- INR25 million non-fund-based working capital limits:
      assigned 'IND A4+'


D. K. ELECTRICAL: Weak Financial Strength Cues ICRA SP3D Grading
----------------------------------------------------------------
ICRA has assigned 'SP3D' grading to D. K. Electrical Industries.
The grading indicates 'Moderate Performance Capability and Weak
Financial Strength' of the channel partner to undertake solar
projects.

The grading is valid for a period of two years from Oct. 24,
2016, after which it will be kept under surveillance.

Grading Drivers

Strengths

  * Technically sound promoter with relevant experience in
    running business
  * Healthy order book position with projects of 198kW in
    pipeline
  * Positive feedback from customers, suppliers and banker.

Risk Factors
  * Relatively new player in the solar domain - ability to scale
    up its operations and achieve operational efficiency remains
    to be seen
  * Large number of unorganized players indicating high level of
    competition may lead to pressure on margins.
  * Low financial flexibility: Continuous drawings have limited
    the firm's tangible net worth at INR1.25 crore as on
    March 2016. However comfort maybe drawn from the healthy
    personal net worth of the partners
  * Low profitability as reflected in net profit margin of 0.91%
    in FY2016
  * Weak coverage indicators with NCA/adjusted debt at 2%, and
    interest coverage of 0.95 times as on March 2016

Fact Sheet

Year of establishment
1983 (registered as partnership in 2004)

Registered Office Address
132 Ganjipura
Jabalpur - 482 002, Madhya Pradesh

Managing partner
Mr. Dinesh Kumar Gupta

Dinesh Enterprises and DK Electrical Industries are partnership
firms, and form a part of the DK Group. D. K. Electrical
Industries, established in 1983, and subsequently registered as a
partnership firm in 2004, was promoted by Mr. Dinesh Kumar Gupta
and Mrs. Shail Agrawal. Since inception, the firm is engaged in
the business of manufacturing and trading of low tension power
cables, conductors, and other telecom and electrical components.
The firm was promoted by Mr. Dinesh Kumar Gupta, Mechanical
Engineer by qualification, having a relevant experience of ~30
years.

In FY2014, the firm has ventured into solar business and has
executed up to 159kW of solar projects since then, and has
projects of 198kW in pipeline.

SI Related Business - Moderate Performance Capability

Promoter Track Record: The firm was promoted by Mr. Dinesh Kumar
Gupta, Mechanical Engineer by profession having a relevant
experience of ~30 years. His prior strong experience has resulted
in maintaining good relations with reputed customers including
Madhya Pradesh State Electricity Board (MPSEB), Maharashtra State
Electricity Board (MSEB) etc.

Technical competence and adequacy of manpower: The firm is
relatively new in the solar domain; however the group has an
extensive experience of 30 years in the power and telecom
industry. At a consolidated level, the group has commissioned
off-grid solar projects of 357 kW in the past, and has ongoing
on-grid projects of 291kW. The firm, at present, has a modest
scale of operations with 81 permanent employees handling areas of
administration, engineering, operation and management. The
employee base for the company is adequate for the size of
operations for the firm. The group has an employee base of ~100.
Quality of suppliers and tie ups: The key materials required for
the process includes solar panels, power conditioning unit (PCU),
batteries, and other consumables which are procured from reputed
suppliers such as Zodiac Energy Private Limited, Thrive Solar
Energy Private Limited etc.

Customer and O&M Network: Till now, the firm has executed off-
grid roof top solar projects; however has ongoing on-grid
projects which are in advanced stage of competition. As indicated
by the management, the group is the first to commission an on-
grid residential solar project in Jabalpur. The operations and
maintenance is for a period of five years from the date of
commissioning.


DINESH ENTERPRISES: Weak Financial Strength Cues ICRA SP3D Grade
----------------------------------------------------------------
ICRA has assigned 'SP3D' grading to Dinesh Enterprises. The
grading indicates 'Moderate Performance Capability and Weak
Financial Strength' of the channel partner to undertake solar
projects.

The grading is valid for a period of two years from October 24,
2016, after which it will be kept under surveillance.

Grading Drivers

Strengths

  * Technically sound promoter with relevant experience in
    running business
  * Healthy order book position with projects of 198kW in
    pipeline
  * Positive feedback from customers, suppliers and banker

Risk Factors
  * Relatively new player in the solar domain- ability to scale
    up its operations and achieve operational efficiency remains
    to be seen
  * Large number of unorganized players indicating high level of
    competition may lead to pressure on margins
  * Low financial flexibility: Continuous drawings have limited
    the firm's tangible net worth at INR3.15 crore as on
    March 2016. However comfort maybe drawn from the healthy
    personal net worth of the partners
  * Low profitability as reflected in net profit margin of 1.04%
    in FY2016
  * Weak coverage indicators with NCA/Total debt at 3%, and
    interest coverage of 1.09 times as on March 2016

Fact Sheet
Year of establishment
1981 (registered as partnership in 2010)

Registered Office Address
New Shed 1, Industrial Area, Richhai
Jabalpur - 482 002, Madhya Pradesh

Managing partner
Ms. Ranjana Gupta

Dinesh Enterprises and DK Electrical Industries are partnership
firms, and form a part of the DK Group. Dinesh Enterprises
established in 1981, and subsequently registered as a partnership
firm in 2010. The current partners are Ms. Ranjana Gupta and Ms.
Tanesha Gupta. Since inception, the firm is engaged in the
business of manufacturing of low tension power cables, self
supporting drop wires, LT distribution boxes, galvanized tower
components etc. The firm mainly caters to the power and telecom
industry. Over the years, the firm has catered to reputed
customers including Madhya Pradesh State Electricity Board
(MPSEB), Maharashtra State Electricity Board (MSEB) etc. In
FY2014, the firm has ventured into solar business and has
executed upto 98kW of off-grid solar projects since then, and has
on grid projects of 193kW in pipeline.

SI Related Business - Moderate Performance Capability

Promoter Track Record: Ms. Tanesha Gupta is a second generation
entrepreneur. The group was promoted by Mr. Dinesh Kumar Gupta,
Mechanical Engineer by profession having a relevant experience of
~30 years. His prior strong experience has resulted in
maintaining good relations with reputed customers including
Madhya Pradesh State Electricity Board (MPSEB), Maharashtra State
Electricity Board (MSEB) etc.
Technical competence and adequacy of manpower: The firm is
relatively new in the solar domain; however the group has an
extensive experience of 30 years in the power industry. At a
consolidated level, the group has commissioned off-grid solar
projects of 357 kW in the past, and has ongoing on-grid projects
of 291kW. The company at present has a modest scale of operations
with 20 permanent employees handling areas of administration,
engineering, and operations. The employee base for the company is
adequate for the size of operations for the firm. The group has
an employee base of ~100.

Quality of suppliers and tie ups: The key materials required for
the process includes solar panels, power conditioning unit (PCU),
batteries, and other consumables which are procured from reputed
suppliers such as Zodiac Energy Private Limited, Thrive Solar
Energy Private Limited etc.

Customer and O&M Network: Till now, the firm has executed off-
grid roof top solar projects; however has ongoing on-grid
projects which are in advanced stage of competition. As indicated
by the management, the group is the first to commission an on-
grid residential solar project in Jabalpur. The operations and
maintenance is for a period of five years from the date of
commissioning.


DOLL CERAMIC: ICRA Raises Rating on INR3.06cr Term Loan to B
------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B from [ICRA]B-
to the INR3.06 crore (reduced from INR4.23 crore) term loan
facility, INR3.00 crore cash credit facility and INR2.94 crore
unallocated limits of Doll Ceramic Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR1.00 crore
non-fund based facilities of DCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               3.06       [ICRA]B; upgraded from
                                      [ICRA]B-

   Cash Credit             3.00       [ICRA]B; upgraded from
                                      [ICRA]B-

   Unallocated Limits      2.94       [ICRA]B; upgraded from
                                      [ICRA]B-

   Bank Guarantee          1.00       [ICRA]A4; reaffirmed

The rating upgrade primarily factors in the improvement in the
operating profitability, supported by the decline in power and
fuel cost and improvement in the capital structure. The ratings
also favorably take into account the extensive experience of the
promoters in the ceramic industry and the favorable location of
the plant ensuring easy availability of quality raw material at
reasonable prices.

The ratings are, however, constrained by DCPL's relatively small
scale of operations and its weak financial risk profile
characterized by low net margins, adverse capital structure and
moderate debt protection metrics. The rating is further
constrained by the vulnerability of the company's profitability
to cyclicality inherent in the real estate industry and to the
adverse fluctuations in raw material prices and other input
costs. ICRA also takes into account the highly competitive
domestic ceramic industry with presence of large, established and
organised tile manufacturers as well as many unorganised players,
resulting in limited pricing flexibility.

Incorporated in April 2013, Doll Ceramic Private Limited (DCPL)
manufactures ceramic wall tiles of two sizes, 10" X 15" and 12" X
18". The manufacturing facility is located at Morbi in Gujarat
and has an installed capacity of manufacturing ~7,800 sqr. mtr.
per day. DCPL started its commercial production in November 2013
and is currently managed by four directors namely Mr. Ankit
Bavarva, Mr. Manoj Panchotiya, Mr. Dilip Kavar and Mr. Durlabhji
Chhaniyara along with other shareholders. The promoters of the
company have vast experience in the ceramic industry by virtue of
their association with other companies engaged in manufacturing
and trading of tiles.

Recent Results
During FY2016, DCPL reported an operating income of INR12.29
crore and profit after tax of INR0.10 crore as against operating
income of INR12.01 crore and net losses of INR3.76 crore during
FY2015.


EYE-Q VISION: ICRA Reaffirms B+ Rating on INR3cr NCD Programme
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the USD 3-million, non-convertible debenture (NCD) programme of
Eye-Q Vision Private Limited. Further, ICRA has also assigned a
fresh long-term rating of [ICRA]B+ to the proposed USD 1-million,
non-convertible debenture (NCD) programme of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   NCD Programme            3.0        [ICRA]B+; reaffirmed
   NCD Programme            1.0        [ICRA]B+; assigned

Instruments with [ICRA]B rating are considered to have high risk
of default regarding timely servicing of financial obligations.
The modifiers {"+"(plus)/"-"(minus)} used with the rating
symbols, reflect the comparative standing within the rating
category.
The rating reaffirmation takes into account Eye-Q's continued
sub-optimal operating performance, as reflected in the operating
losses being reported by the company primarily in light of high
corporate overheads and initial gestation period of the new
centres in its portfolio, though the centre-level profitability
of mature centres has been improving year-on-year. An improvement
in scale of operations supported by increased number of centres,
together with cost-control initiatives and amortisation of fixed
expenses over a larger revenue base resulted in a decline in
operating losses of the company in FY2016. The improvement,
however, has been slower than expected; and the company remained
reliant on debt refinancing and private equity proceeds (pending
deployment)for funding its cash losses. In light of this, steps
taken by the company to maintain adequate liquidity in the system
by issuing NCDs, while keeping private equity proceeds partially
un-deployed, provide comfort.

Although the company has moderated its incremental centre-
addition plans for the next 3-5 years, its ability to rationalize
corporate overheads, which were planned to support a larger
number of centres, will be a critical determinant of its
profitability going forward. Further, continued expansion coupled
with short-debt maturity profile and high repayment obligations
are expected to continue to put pressure on the company's cash
flows. Stretched cash flows coupled with continuing cash losses
from operations is likely to keep the company reliant on debt
refinancing for meeting its repayment obligations.

During FY2016 to H1'FY2017, the company opened three new centres
in tier-II and tier-III cities of Maharashtra, and four new
centres in Haryana and Gujarat, thus continuing with its strategy
of focusing on lower tier cities in Northern and Western regions
of the country where it faces limited competition from other
organised players. However, the company has to compete with these
players to attract skilled manpower and retain talent at a
reasonable cost; the success of which will be an important
determinant of its operating performance going forward. The
company has also set up an overseas centre in a 50:50 joint
venture. Considering the high capital as well as the operating
expenditure of the venture and the lack of operational track
record in international markets, the company's ability to
profitably operate the centre, remains to be seen.

Nevertheless, the rating continues to derive comfort from Eye-Q's
experienced founders, who have established track record of
operations in the domestic eye-care sector; and its strong
investor base that has demonstrated commitment by participating
in its multiple rounds of funding over the years. The ratings
also derive comfort from the improving profitability margins of
mature hospitals in company's portfolio, which together with
initiatives taken to optimize the overall cost structure, are
expected to improve the company's return metrics going forward.

In ICRA's view, the company's ability to achieve a break-even at
cash profit level and report consistent improvement in operating
profit margins despite the capex incurred by new centre launches
(as planned), would be the key rating sensitivity. Further, the
company's ability to mobilize longer-tenor debt funding with
back-ended repayments for refinancing its existing debt
obligations in order to reduce the interim pressure on cash flows
and to provide timely opportunity for exit to the investors as
agreed, would also be a critical determinant of its credit
profile going forward.

Incorporated in 2006, by Mr. Ajay Sharma and Mr. Rajat Goel, Eye-
Q Vision Private Limited owns and operates a chain of 37 super-
specialty eye-care hospitals and four vision centres in India and
employs over 65+ ophthalmologists. Hospitals operated by Eye-Q
provide specialty services in cataract, cornea and refractive,
retina, orbit and oculoplasty, glaucoma, optical and medicines
among others.

Geographically, the company has presence in 28 cities in North
and West India (Delhi NCR, Haryana, UP, Uttarakhand, Gujarat and
Maharashtra). While 33 centres are located in North India, the
remaining 8 centres are located in West India (Gujarat and
Maharashtra). The company aims at providing high-quality eye-care
services at affordable prices. As a business strategy, it is
largely present in tier-III and IV cities that have limited to no
access to quality eye-care services.

Over the years, the company has received multiple rounds of
funding by reputed Private Equity investors such as Song Fund
(sponsored by Soros Economic Development Fund, Google & the
Omidyar Network), Helion Ventures, Nexus and International
Finance Corporation.

Recent Results
Eye-Q reported an operating income of INR72.2 crore and a net
loss of INR19.2 crore in FY2016 as compared to an operating
income of INR65.9 crore and a net loss of INR22.2 crore in
FY2015.


FLEXPACK FIBC: CARE Assigns 'B' Rating to INR9cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Flexpack
FIBC.

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

Rating Rationale

The rating assigned to the bank facilities of Flexpack FIBC (FPF)
is constrained on account of its proprietorship nature of
constitution, implementation and stabilization risk associated
with ongoing debt funded capex, susceptibility of operating
margins to volatility in raw material prices and high bargaining
power of suppliers coupled with foreign exchange fluctuation
risk. The rating is further constrained on account of its
presence in the highly competitive and fragmented industry.

The above constraints, however, outweigh the comfort derived from
the experienced proprietor.

The ability of FPF to successfully commission its ongoing
manufacturing plant within specified timeline and cost
parameters, achieving envisaged level of sales and profitability
in light of competition from other players and managing
raw material price fluctuation risk would remain the key rating
sensitivities.

Silvassa-based FPF is a proprietorship firm, established in 2016
by the proprietor Mr. Vinayak Sheshrao Sanap. The entity is
currently undertaking a greenfield project with proposed
installed capacity of 1,800 MT of plastic tapes per annum to
manufacture Polypropylene (PP)/ High-density polyethylene (HDPE)
yarn, container liners, tarpaulin sheets, plastic woven sacks,
Flexible Intermediate Bulk Containers (FIBC's) like bulk bags and
jumbo bags which are used as plastic packaging products for
transportation and storage of goods as well as utilized for
water-proofing purposes. The products manufactured by FPF would
find application primarily in industries like construction,
agriculture and food-packaging.

The total project cost is estimated at INR12.98 crore (including
margin for working capital of INR0.86 crore) with a proposed
debt-equity mix of 2.20 times.

While, FPF will purchase PP/HDPE granules from local players or
import them, it will export majority of the finished goods to
U.S.A and various European and Latin American countries via
dealers or direct sales agents under the brand name of
"Flexpack". Also, its group entity Flexpack, established in
October 2015 is in a similar line of business.


GAJANAND FOODS: Ind-Ra Assigns 'IND B+' Long term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gajanand Foods
Pvt. Ltd a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect GFPL's small scale of operations and weak
credit metrics. Revenue was INR255 million in FY16 (FY15: INR209
million). EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.5x in FY16 (FY15: 0.8x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 7.1x
(12.2x). EBITDA margin improved to 10.1% in FY16 (FY15: 5.5%) on
account of a drop in the advertising and marketing expenses. The
company has already booked revenue of INR147.2 million in 6MFY17.

The ratings are supported by the company's comfortable liquidity
position with the fund-based facilities being utilised at an
average of 65.9% over the 12 months ended September 2016.

The ratings derive support from the promoter's over a decade long
experience in processing spices.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and profitability
leading to a sustained improvement in the overall credit metrics
will be positive for the ratings.

Negative: A substantial decline in profitability resulting in
sustained deterioration in the company's credit profile, will
lead to a negative for the ratings.

COMPANY PROFILE

GFPL, was established by Mr. Natvarbhai Patel and Mr. Vijaybhai
Patel, in 1982. GFPL was incorporated as a private limited
company in 1995. GFPL is engaged in manufacturing spices such as
chilli, turmeric, premium garam masala, and instant food
products.

GFPL's ratings:

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

   -- INR52.46 million long term loan: assigned 'IND B+'/ Stable

   -- INR20.00 million fund-based facilities: assigned
      'IND B+'/Stable/'IND A4'


GANGA DIAGNOSTIC: ICRA Ups Rating on INR13.99cr Term Loan to B+
---------------------------------------------------------------
ICRA has revised upwards the long-term rating assigned to the
INR13.99-crore term-loan facility of Ganga Diagnostic and Medical
Research Centre Private Limited from [ICRA]B to [ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               13.99        [ICRA]B+/ Upgraded

The upward revision of rating takes into account the consistent
growth in the top-line and operating profits of the company
witnessed over the past few years. The revision also derives
comfort from the strong profile of the promoters as well as
demonstrated funding support from the group, and comprehensive
range of diagnostic services including radiology, pathology,
microbiology and cardiology being provided at the centre.

The rating, however, continues to be constrained by GDMRCPL's
small scale of current operations and single diagnostic centre,
which lead to stiff competition arising out of low-cost
laboratories within hospitals as well as other diagnostic centres
in the city. Besides, the company has a weak financial profile
characterized by a highly leveraged capital structure and subdued
level of coverage indicators. The rating continues to be impacted
by the tight liquidity profile of the company. ICRA also notes
that GDMRCPL has significant debt repayment obligations, which
are likely to keep its cash flows under pressure in the near to
medium term.

In ICRA's opinion, the ability of the company to scale up its
operations and generate adequate cash accruals from the business
to service its debt obligations, while improving its capital
structure would remain key rating sensitivities, going forward.

Incorporated in 2010, Ganga Diagnostic and Medical Research
Centre Private Limited (GDMRCPL) provide radiology and pathology
diagnostic services in Raipur. The diagnostic service centre
started its commercial operations in 2012. Mr. Subhash Agarwal
and Mr. Ashok Agarwal, Raipur-based promoters of the company, are
also part of the Vandana Group of Companies, which is involved in
the steel-manufacturing business.

Recent Results
During FY2016, GDMRCPL reported a net profit of INR0.73 crore on
an operating income (OI) of INR9.11 crore against a net loss of
INR1.06 crore and OI of INR7.27 crore during FY2015.


GMR RAJAHMUNDRY: CARE Reaffirms 'D' Rating on INR2,419.41cr Loan
----------------------------------------------------------------
CARE assigns/reaffirms the rating to the and facilities of GMR
Rajahmundry Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities   2,419.41     CARE D Reaffirmed
   Short-term bank facilities
   Non fund based                138.02     CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of GMR Rajahmundry
Energy Limited takes into account the ongoing delays in servicing
of its debt obligations.

Incorporated in November 2009, GMR Rajahmundry Energy Limited is
a Special Purpose Vehicle (SPV) promoted by GMR Energy Limited
[GEL, rated CARE BBB-(SO)] to set up a 768 MW (2x384 MW) gas-
based Combined Cycle Power Plant (CCPP) at Vemagiri, Dist. East
Godavari, Andhra Pradesh. GREL has been set up adjacent to the
existing 389 MWgasbased CCPP of GMR Vemagiri Power Generation
Limited, the project achieved Commercial Operations Date (COD) on
October 22, 2015. Due to the delay in project commissioning, less
gas available (under e-RLCNG scheme) no long term Fuel Supply
Agreement (FSA) and long term Power Purchase Agreement (PPA) in
place, the plant operated at sub-optimal level Plant Load Factor
(PLF) which led to deterioration in financial risk profile and
impacted cash accruals which were not adequate to service the
debt obligations. The lenders decided to invoke Strategic Debt
Restucturing (SDR) and was approved by all the lenders in May
2016. As per Q1FY17 (prov) (period from April 1 to June 30) the
lenders held 55% of equity in GREL and the balance was held by
GEL. The lenders also undertook the flexible restructuring (under
5/25 scheme of RBI) to increase the tenor of the debt. The
flexible restricting has been approved by majority of lenders and
approval from pending lenders are under process and at an
advanced stage.

GEL is a subsidiary of GMR Infrastructure Limited (GIL, rated
CARE BBB-/A3) which is the holding company for all Infrastructure
activities of GMR group.

In FY16, the company reported a total operating income of
INR384.92 crore and reported loss at net level of INR-234.24
crore. As per Q1FY17 (prov) the company reported total operating
income of INR89.01 crore and loss at net level of INR134.14
crore.


HUNSUR PLYWOOD: ICRA Reaffirms B+ Rating on INR5.25cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR5.25 crore fund based cash credit limits and INR0.31 crore
term loan of Hunsur Plywood Works Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR9.50 crore non fund based limits.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based (CC)               5.25        [ICRA]B+; reaffirmed

   Long Term-Fund
   Based (TL)               0.31        [ICRA]B+; reaffirmed

   Short Term-Non
   Fund Based (LC)          9.50        [ICRA]A4; reaffirmed

The reaffirmation of the ratings take into account the HPWPL's
modest scale of operations restricting operational and financial
flexibility, with further decline in turnover over last two years
owing to slowdown in demand of timber. The ratings also factor in
the weak financial profile as reflected by thin profitability and
moderate return and coverage indicators; the high working capital
intensity of operations on account of high inventory holding and
the increased dependence on creditor funding resulting in high
TOL/TNW of 4.3 times as on March 31, 2016. The profitability
continues to remain exposed to fluctuations in raw material
prices as well as currency exchange rates as majority of the raw
materials are imported. The ratings also consider the highly
competitive and fragmented industry which limits the bargaining
power of the company. The ratings, however, take comfort from the
long standing experience of the promoters in the timber industry
and diversified client base which mitigates counter party risk to
an extent and lends stability to revenues. The ratings also
positively factor in the stable demand outlook for timber given
the demand from furniture, real estate and infrastructure
sectors. Going forward, the ability of the firm to improve its
scale of operations and profitability while efficiently managing
working capital requirements would remain the key credit
monitorables.

HPWL is located at Hunsur, Karnataka in an area spread over 26
acres of land, with an installed capacity of 1.0 msft per annum.
The company is promoted by Mr. Moiz S Vagh, and his family
members and is engaged in the manufacturing of Hardwood Plywood,
Block Boards, Flush Doors and Decorative Veneers. The company's
products are marketed under the brand "Hunsply".

Recent Results
The company reported a net profit of INR0.3 crore on an operating
income of INR35.2 crore during FY2016, as against a net profit of
INR0.6 crore on an operating income of INR36.5 crore during
FY2015.


INDERA ETHNIC: ICRA Lowers Rating on INR4.97cr Loan to 'D'
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.97 crore1 cash credit, INR0.42 crore term loan and INR0.35
crore untied limit of Indera Ethnic & Designs Private Limited
from [ICRA]B to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              4.97        [ICRA]D downgraded

   Fund Based Limit-
   Term Loan                0.42        [ICRA]D downgraded

   Fund Based Limit-
   Untied Limit             0.35        [ICRA]D downgraded

The rating action takes into account the recent delays made by
the company in meeting its debt service obligations.

Incorporated in 2005, IEDPL is engaged in the apparel retailing
business in Rourkela, Odisha. The company's promoters have an
experience of around two decades in the apparel retailing
business. The company runs three showrooms under the name
'Inderas Lifestyle', offering outfits for men, women and kids
along with other accessories. It deals in both branded and non-
branded ready-made apparels and also provides tailoring services.


MAHAKALI CHANDRAPUR: ICRA Assigns 'C' Rating to INR7cr LT Loan
--------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]C to the cash credit
facility of INR2.00 crore and term loan facility of INR7.00 crore
of Mahakali Chandrapur Polytex Private Limited. ICRA has also
assigned [ICRA]C/[ICRA]A4 ratings to the unallocated amount of
INR1.00 crore.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-fund-based
   facility - CC            2.00        [ICRAC; (Assigned)

   Long-fund-based
   facility - TL            7.00        [ICRA]C; (Assigned)

   Unallocated Amount       1.00        [ICRA]C/[ICRA]A4;
                                        (Assigned)

ICRA takes into account the adverse financial risk profile of the
company as reflected by negative networth, net losses as well as
weak coverage indicators. The rating further takes into account
the lack of track record of company's operation as well as risk
associated with stabilization of operations. The ratings also
take cognizance of the high working capital intensive nature of
MCPL's operations, which has adversely impacted its liquidity
position and has led to irregularities in the debt servicing
track record in the past. MCPL's high sectoral concentration risk
is another concern, since almost the entire revenue is generated
by the cement industry which in turn is under pressure due to
weak construction and real estate market. The ratings also take
into account the highly fragmented nature of the industry,
characterized by a large number of players; the limited product
differentiation, which in turn leads to intense competition and
keeps margins under check; and vulnerability of MCPL's
profitability to adverse fluctuations in raw material prices
which are subject to volatility in crude oil prices.

The rating, however, favorably takes into account the past
experience of the promoters in the plastic packaging industry and
reputed client profile which minimizes counterparty risks to a
large extent.

Going forward, ICRA expects the operating income of the company
to witness moderate growth, however, the ability of the company
to scale up operations, improve profitability and manage input
costs given the volatility associated with raw material prices
and high competitive intensity, ability to infuse funds in-order
to trim debt and improve the capital structure will remain the
key rating sensitivities.

Mahakali Chandrapur Polytex Pvt. Ltd. was incorporated in 2011
and started its operations from FY 15. The company has its
registered office and manufacturing facility in Chandrapur,
Maharashtra. The company is mainly engaged in manufacturing of
high Density Polyethylene (HDPE)/Poly Propylene (PP) multi colour
fabric and woven sacks (non-laminated). The key products include
PP Woven sacks, PP Woven Fabric, Industrial woven fabric, PP
Woven valve type bags, PP woven gusseted bags. The company has an
installed capacity of 3000 MTPA per annum to manufacture HDPE/PP
woven fabric.

Recent Results:
MCPL recorded a net loss of INR0.21 crore on an operating income
of INR18.80 crore as per audited numbers of FY 16 and a net loss
of INR0.66 crore on an operating income of INR6.61 cr as per
provisional numbers of FY 17 (5M).


MORAJ BUILDING: ICRA Assigns B+/A4 Rating to INR11cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and a short-term
rating at [ICRA]A4 to the INR11.00-crore bank facilities of
Moraj Building Concepts Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based limits
   Term Loans              11.00      [ICRA]B+/[ICRA]A4; Assigned

The ratings assigned to Moraj Building Concepts Private Limited
are primarily constrained by the relatively high execution and
residual regulatory risk of the project, given that a
considerable portion of construction is yet to be achieved. ICRA
also takes into consideration the relatively high funding risk as
a substantial part of the pending project work and the debt
servicing are planned to be funded through customer advances,
which are contingent on the timing of the bookings and efficiency
of collections from the customers while the pace of bookings has
been sluggish, given the ongoing slowdown and weak consumer
sentiment existing in the real estate industry. The ratings also
factor in significant unsold inventory, the exposure of the
firm's revenue to the falling property prices, inherent
cyclicality in the real estate sector and the competition from
other ongoing projects from established developers in the
surrounding areas.

Nevertheless, the assigned rating, favorably factors in MBCPL's
affiliation to an established group, based in Mumbai, with an
experienced management, having a long-standing history in the
real estate industry. The rating also draws comfort from the
clear land title for the project as well as the receipt of key
regulatory approvals - mainly plan approval and commencement
certificate for all floors of seven buildings which alleviate the
regulatory risks to some extent. The rating also draws comfort
from the favorable project location near Khopoli, one of the
upcoming areas near Mumbai and Navi Mumbai and also in proximity
to key industrial areas.

Going forward, the firm's ability to execute the project without
any cost overruns and achieve timely bookings and collections
from the same, would be critical to generate sufficient cash flow
to meet the residual project cost and repayment obligations and
hence, it remains the key credit rating driver from a credit
perspective. Conversely, any significant delays in construction
may lead to cost overruns or delays in realization of sales and
booking amounts, which could lead to refinancing risks.

Established in 1994, Moraj Infratech Private Limited is a part of
the Moraj Group of Companies, involved in the real estate
development of residential and commercial undertakings. The group
has an extensive history in the real estate sector and has
executed several residential and commercial projects in Navi
Mumbai and Nagpur. Mr. Mohan Gurnani is the key management
personnel of the firm.

Recent Results
The company recorded a profit after tax of INR0.94 crore on an
operating income of INR2.85 crore for the year ending March 31,
2016 (Provisional), as against a profit of INR1.30 crore on an
operating income of INR11.29 crore for the year ending March 31,
2015.


MURUGAN TEXTILES: ICRA Suspends 'B' Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR7.00 crore fund based facilities and INR3.00 crore
proposed facilities of Murugan Textiles. 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.


MUTHULAXMI SPINNING: ICRA Suspends B/A4 Rating on INR8.61cr Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR8.61 crore bank facilities
of Muthulaxmi Spinning Mills Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the Company.


NAGPAL EXPORTS: Ind-Ra Assigns 'IND B+' Long term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagpal Exports a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect NGPE's long track record of operations and
weak credit profile. FY16 financials indicate revenue of
INR265.79 million, (FY15: INR272.39 million), net leverage (total
Ind-Ra adjusted net debt/operating EBITDAR) of 5.45x (4.02x),
interest cover (operating EBITDA/gross interest expense) of 1.62x
(1.47x) and EBITDA margins of 6.79% (9.36%). The EBITDA margin
declined mainly on account of an increase in the raw material
prices.

The ratings factor in NGPE's tight liquidity position as evident
from its 97.81% average utilisation of the working capital limits
for the 12 months ended September 2016 coupled with an elongated
operating cycle of 144 days during FY16.

However, the ratings are supported by the partners' experience of
two decades in manufacturing readymade garments.

RATING SENSITIVITIES

Negative: Deterioration in the working capital cycle will lead to
a negative rating action.

Positive: A significant improvement in revenue along with an
improvement the credit profile will be positive for the ratings.

COMPANY PROFILE

NGPE was established in 1995 and manufactures hosiery goods for
kids and adults. The firm is also engaged in manufacturing
various types of yarns such as acrylic yarn and polyester yarn.
NGPE is managed by Mr. Bahadur Chand Nagpal, Mr. Gurinder Nagpal,
Mr. Satish Nagpal, and Mr. Abi Nagpal. The firm's manufacturing
facility is located in Ludhiana, Punjab.

NGPE posted revenue of INR152.50m from April 2016 till September
2016.

NGPE's ratings:

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

   -- INR55 million fund-based working capital limits: assigned
      'IND B+'/Stable/'IND A4'

   -- INR10.50 million non fund-based limits: assigned 'IND A4'

   -- Proposed INR34.50 million fund-based limits: assigned
      'Provisional IND B+'/Stable/'Provisional IND A4'


NEELKANTH PROPERTIES: ICRA Reaffirms B+ Rating on INR18cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR18.00 crore fund based limits of Neelkanth Properties.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund
   based limits            18.00        [ICRA]B+; Reaffirmed

The rating reaffirmation continues to factor in the decade long
experience of the partners in residential real estate development
and clear land title of the project. The rating also draws
comfort from the fact that debt tie up of project is in place.
Also, as the project is almost complete with 96% cost incurred as
on
Aug. 31, 2016, the project is exposed to low execution risk.

The rating is, however, constrained by the exposure to market
risk with only 30% of the total saleable area sold till August
31, 2016. The project is located at Khopoli, Raigad which is
still developing; coupled with the competition from upcoming
residential projects in the vicinity, this accentuates the sales
risk, impacting the marketability of the project. Further, the
constitution of the entity as a partnership firm also renders it
susceptible to capital withdrawals by the partners which could
adversely impact its credit metrics. The firm is also exposed to
the industry related risk of slowdown in the real estate sector
and competition from other projects in the vicinity. ICRA notes
that the repayment of cash credit facility is scheduled to begin
shortly and hence healthy increment in sales and collections from
customer's remains critical for timely debt servicing failing
which there exists a refinancing risk.

Neelkanth Properties, incorporated in November 2010 is a
partnership firm promoted with the main objective of undertaking
real estate development in and around Navi Mumbai. The company is
managed by three of the partners Mr. Hemant Gapatbhai Gaudani,
Dinesh Dalpat Bahi Tarapura and Mr. Rameshbhai Rajivbhai Patel
who have over a decade long experience in the real estate
development. The partners have developed eleven projects in and
around Navi Mumbai aggregating to 3.42 lakh sq ft of saleable
area.

Recent Results
Firm reported a profit after tax (PAT) 0.33 crore on an operating
income of INR0.45 crore in FY2016 as compared to a PAT of INR0.47
crore on an operating income of INR4.11 crores in FY2015.


NOOLI JEWELLERS: ICRA Reaffirms B+ Rating on INR12cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR12.00 crore fund based limits of Nooli Jewellers.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       12.00       [ICRA]B+/Reaffirmed

The reaffirmation of rating is constrained by the weak capital
structure with gearing of 5.11 times as on March 31, 2016 and
interest coverage ratio of 1.16 times and Debt/OPBITDA of 8.86
times for FY2016 on account of higher working capital borrowings
coupled with thin profitability levels; and stretched liquidity
profile of the firm as reflected by high utilization of working
capital limits due to higher inventory levels required for the
jewellery retailing business. The rating is further constrained
by the high competitive intensity owing to fragmented nature of
jewellery retailing industry which puts the margins under check;
exposure to volatility in gold prices in the absence of formal
hedging mechanism; and risks arising from the proprietorship
nature of the firm. ICRA also notes the high geographic
concentration risk given that the firm runs only one store at
Tanuku spread across 1500 sq. ft. The rating however favourably
factors in the substantial growth in scale of operations over the
past two years with revenues increasing from INR19.91 crore in
FY2014 to INR57.66 crore in FY2016 owing to increased sales
volume; long track record of the promoters in jewellery
retailing; and established position of the firm in Tanuku region.

Going forward, the company's ability to improve financial profile
and effectively manage working capital requirements would be the
key rating drivers from a credit perspective.

Nooli Jewellers was formerly known as Nooli Venkatratnam, and was
promoted by Mr. Nooli Venkatranam 70 years back. In the year
1979, name of entity changed to Nooli Jewellers. The firm is
engaged in manufacturing and trading of gold, silver and stone
studded jewellery. The firm's jewellery collection ranges from 22
karat gold jewellery to 18 karat jewellery studded with diamonds,
gemstones like rubies, emeralds, sapphires, semi precious stones.
NJ sells all forms of jewellery including earrings, necklaces,
bangles, rings, anklets etc. The retail show room of the firm is
at Tanuku, East Godavari district of Andhra Pradesh spread across
1500 sq. ft.

Recent Results
As per the provisional results for FY 2016, the company reported
profit after tax of INR0.41 crore on turnover of INR57.66 crore
as against profit after tax of INR0.37 crore on turnover of
INR37.35 crore during FY2015.


RSV RICE: ICRA Reaffirms 'B' Rating on INR15cr Term Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B to INR7.50
crore cash credit, INR15.00 crore term loan and INR9.00 crore
(enhanced from INR0.50 crore) unallocated limits of RSV Rice
Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   CC                       7.50       [ICRA]B reaffirmed

   Fund Based Limits-
   Term Loan               15.00       [ICRA]B reaffirmed

   Unallocated Limits       9.00       [ICRA]B reaffirmed

The rating reaffirmation considers the modest scale of
operations, constrained liquidity position marked by high working
capital intensity, high reliance on debt funding and significant
debt repayments. The rating is also constrained by volatility of
prices in the export market, high competition in the open market
post the reduction of levy percentage from 25% to 0% in October
2015, risks in terms of policy decisions of the Government in
terms of Minimum Support Price (MSP) for paddy, export quota,
etc., and risks arising from the partnership nature of the firm.
The rating, however, favorably factors in the proximity of the
proposed milling facility to the major rice growing regions of
Telangana and Andhra Pradesh; and the presence of 0.75MW captive
power unit, reducing the dependence on state utility for power.
The rating also factors in the longstanding experience of the
partners in the rice milling industry.

Going forward, ability of the firm to improve its scale of
operations, margins and accruals with effective management of
working capital requirements is the key rating sensitivity.

RSV Rice Industries is a partnership firm established in 2015,
with the objective of setting up a paddy milling unit to produce
non-basmati, raw and boiled rice. The milling unit is located in
the Nalgonda district of Telangana. The 57,600 MTPA capacity
mill, with a 0.75MW captive power unit and 2000 tonne capacity
silos, commenced operations in August 2015. The partners, Ranga
Srikar, Ranga Ranzith Kumar and Gouru Rama Murthy, have
longstanding experience in the industry through their association
with other entities.


S.P. AUTOMOBILES: CARE Assigns B+ Rating to INR5cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings assigned to the bank
facilities of S.P. Automobiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned
   Short term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to S.P. Automobiles (SPA) are primarily
constrained by small scale of operations with low partners'
capital base and weak financial risk profile characterized by low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by high
inventory holding period coupled with intense competition in the
industry and partnership nature of its constitution.

The ratings, however, draw comfort from experienced partners and
growing scale of operations.

Going forward, the ability of the firm to increase its scale of
operations while registering improvement in its profitability
margins and capital structure shall be the key rating
sensitivities.

S.P. Automobiles was established in 1992 as a partnership concern
and is currently being managed by Mr. Rajesh Kumar Dubey and Mr.
Akhilesh Kumar Dubey sharing profits and losses equally. SPA is
an authorized dealer for Hero Motocorp Limited and John Deere
vehicles. The firm manages its operations from two showrooms {3S
(sale, service, spares) facility} located in Uttar Pradesh.

In FY15 (refers to the period April 1 to March 31), the firm
achieved a total operating income (TOI) and PAT of INR47.53
crore and INR0.32 crore respectively. Furthermore, in FY16
(refers to the period April 1 to March 31), the firm achieved
total sales of INR56.91 crore (as per the provisional results).


SADANAND GUPTA: ICRA Suspends 'B' Rating on INR2cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2 crore overdraft facility of M/s. Sadanand Gupta. ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
the INR6 crore bank guarantee facility of SG. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SAGARSHREE HOSPITAL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sagarshree
Hospital & Research Institute Private Limited a Long-Term Issuer
Rating of 'IND B+'. The Outlook is Stable. The agency has also
assigned SHRIPL's INR140 million long-term loan limits an 'IND
B+' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SHRIPL's nascent stage of the hospital
project which is going to be completed by end of March 2017. The
estimated cost of the project is INR206.71 million which has been
funded through a mixture of debt and equity.

The ratings benefit from the locational advantage of the proposed
hospital in terms of its proximity to Raipur. The ratings are
supported by the company's promoters' experience of close to one
and half decade in the health care sector and diversified
business.

RATING SENSITIVITIES

Positive: Timely completion of project and commencement of
operations from April 2017 could be positive for the ratings.

Negative: Any major delay (beyond April 2017) in the commencement
of commercial operations could be negative for the ratings.

COMPANY PROFILE

SHRIPL was incorporated in 2014 for setting up of multispecialty
hospital with 138 bed capacity, and advance machinery equipment
to provide better services to patients. Presently the hospital is
under completion stage, and commercial operation is expected to
start from April 2017.

The company is managed by its four directors, Dr. Santosh Kumar
Rai, Abhishek Bhargava, Saurabh Singhai and Akash Bajaj.


SAKTHI ACCUMULATORS: ICRA Suspends 'B' Rating on INR7cr Loan
------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B assigned to the INR7.00
crore fund based facilities, and rating of [ICRA]A4 assigned to
the INR3.60 crore non fund based facilities of Sakthi
Accumulators Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SANDEEP RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR10.00 crore long term fund based limits of Sandeep Rice Mills.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based Limits           10.00       [ICRA]B; Reaffirmed

ICRA's ratings favorably take into account the long standing
experience of SRM's promoters, with strong relationships with
various customers and suppliers, coupled with proximity of the
mill to major rice growing area which results in easy
availability of paddy and stable demand outlook given that India
is a major consumer (rice being an important staple of the Indian
diet) and exporter of rice. However, the ratings continue to be
constrained by SRM's declining operating profitability with
operating profit margin of 3.58% in FY2016 as against 3.64% in
FY2015 on account of decline in realization. The ratings are
further constrained by the firm's leveraged capital structure as
indicated by gearing level of 8.13 times as on 31st March 2016
due to the firm's large working capital requirements, which have
been primarily funded by working capital borrowings and unsecured
loans. The low margins coupled with high gearing have resulted in
weak coverage indicators as reflected in interest coverage of
1.32 times during FY2016 as against 1.47 times in FY2015. The
ratings are also constrained by the high intensity of competition
in the rice milling industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
ICRA's ratings also factors in the partnership constitution of
the firm which exposes it to risks related to capital withdrawal,
dissolution etc.

SRM was established in 2000 as a partnership firm by Mr. Amarjeet
Goyal, Mrs. Meena Devi and Mr. Jai Bhagwan Goyal. The firm is
engaged in milling and trading of basmati rice. The firm's
milling unit is based out of Cheeka and has an installed capacity
of 6 ton/hour for milling of rice. The key raw material for the
firm is basmati paddy which is mostly procured from the "mandi"
of Karnal and Cheeka (Haryana) during the paddy buying season
i.e. September to December every year. However, if required firm
also buys paddy from the market in off season period.

Recent Results
SRM reported a net profit (PAT) of INR0.06 crore on an operating
income of INR33.81 crore in FY 2016 as compared to net profit
(PAT) of INR0.06 crore on an operating income of INR38.60 crore
in the previous year.


SATHYA SHANMUKHA: ICRA Suspends B+ Rating on INR5cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.0
crore long term fund based facilities of Sathya Shanmukha
Traders. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SINGHANIA BUILDCON: ICRA Suspends B- Rating on INR21.72cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR21.72-crore term loan and INR20.08-crore unallocated limit
of Singhania 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.


SRI GAYATRI: Ind-Ra Assigns 'IND B' Long term Issuer Rating
-----------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Sri Gayatri
Cotton Mills (SGCM) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the under-construction status of SGCM's 350
bales/day cotton ginning and pressing unit in Adilabad, Andhra
Pradesh. The total project cost is INR56.8 million (funded by
INR38.5 of terms loans from the bank and remaining from the
promoters) Production is scheduled to start by end-October 2016
while the repayment of debt is likely to start from June 2017.

The ratings, however, factor in the unit's locational advantage
which ensures availability and abundance of raw materials. The
ratings are supported by the firm's partners' more than three
decades of experience in the field of cotton ginning and
pressing.

RATING SENSITIVITIES

Positive: Stabilisation of operations leading to substantial
improvement in revenue and profitability could lead to positive
rating action

Negative: Failing to scale up operations leading to stress on
liquidity position could be negative for the ratings

COMPANY PROFILE

SGCM was established in April 2016. It is engaged in ginning and
processing of cotton bales in Adilabad, Andhrapradesh.

SGCM's Ratings

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

   -- INR38.5 million long term loans: assigned 'IND B'/ Stable

   -- INR15 million fund-based working capital limit: assigned
      'IND B'/Stable and 'IND A4'


SVS FOOD: ICRA Reaffirms B- Rating on INR5.5cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B- to INR5.50
crore (revised from 3.00) cash credit and INR1.50 crore (revised
from INR3.58) term loan facilities of SVS Food Processors Private
Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.50      [ICRA]B- reaffirmed
   Term Loan                1.50      [ICRA]B- reaffirmed

The reaffirmation takes into account the weak financial profile
of the company characterized by net losses incurred in FY2016
resulting from low capacity utilizations and higher interest
costs with higher debt, highly geared capital structure and
stretched liquidity position, given significant repayment
obligations in the near term. The rating continues to be
constrained by inherently low value additive nature of food
processing industry; and risks inherent in an agro based business
like flour milling including vulnerability towards the changes in
government policies and raw material supply risks as the level of
harvest and quality of wheat are highly dependent on agro
climatic conditions. The rating, however, favorably factors in
the demand outlook of wheat products in India and the location of
plant in proximity to end user industry with sales profile
dominated by institutional customers.

Going forward, ability of the company to improve its scale of
operations, operating and net margins, and capital structure,
with effective working capital management and timely debt
servicing is the key rating sensitivity from credit perspective.

SVS Food Processors Private Limited is incorporated as a private
limited company in the year 2012. The company had set up a flour
mill with 60000 TPA capacity and the unit is located on a 3 acres
land at Singannaguda Village, Medak district, Telangana, which is
around 43 kms from the Hyderabad. The company is promoted by Mr.
D. Narendra Reddy and Mr.CH. Narsimha Reddy.

Recent Results
According to audited results, the company reported net loss of
INR0.50 crore on an operating income of INR49.85 crore for FY2016
as against net loss of INR0.57 crore on an operating income of
INR22.99 crore during FY2015.


TARAWADE LOGISTICS: CARE Rates INR1cr Long Term Loan at B+
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Tarawade Logistics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       1        CARE B+ Assigned
   Short term Bank Facilities      5        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tarawade Logistics
Private Limited is constrained on account of moderate scale of
operations with fluctuating profitability, leveraged capital
structure, weak debt coverage indicators along with revenue
concentration risk and weak liquidity position with elongated
collection period. The ratings also take into account its
presence in fragmented and highly competitive industry with
susceptibility to economic downturn.

The above weaknesses are partially offset by experienced
promoters with wide experience in logistics sector and long
association with reputed clientele.

The ability of the company to increase its scale of operations
along with regular receipts of orders and improve profitability
amidst increasing competition and manage its working capital
requirement efficiently is a key rating sensitivity.

Pune-based TLPL was incorporated in December 2010 and is led by
Mr. Avinash Tarawade. TLPL has taken over operations from M/s P.
D. Tarawade (PDT) in 2014. PDT, promoted by the Tarawade family,
was established in 1968 and was engaged in clearing and
forwarding activity since inception. TLPL has continued with the
carrying
and forwarding services and operates out of a facility spread
over area of almost 4 acre located in Kunjirwadi (Pune). The
entity owns a fleet of over 9 trucks having an average capacity
of 20 tonne each.

The company is the clearing and forwarding agent of
RashtriyaIspat Nigam Limited (RINL) [rated 'CARE A+'] for Pune
District; with RINL contributing over 70% of the total revenues
in FY16 (refers to the period April 1 to March 31). The company
enters into a contract having tenure of 7 years. The contract has
been renewed previously 2 times and is next due for renewal in
2021.

Furthermore, the company also undertakes transportation of goods
for private clients primarily comprising Kalyani Steel limited
and Gerdau Steel India Private Limited.

A group concern of TLPL, Tarawade Transport Private Limited
operates in transportation and logistics sector as well.


VADIVEL PYROTECHS: ICRA Lowers Rating on INR15cr Loan to B+
-----------------------------------------------------------
ICRA has downgraded the long-term rating to the INR15.00 crore
fund based facility (enhanced from INR8.50 crore) of Vadivel
Pyrotechs Private Limited from [ICRA]BB- to [ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash credit             15.00       [ICRA]B+ Downgraded from
                                       [ICRA]BB-(Stable)

The rating revision considers the company's small scale of
operations, which limits its pricing flexibility in a highly
competitive market with much larger players, exposing the
company's margins to volatility in raw material prices; highly
geared capital structure and moderate coverage indicators; high
working capital intensity and high labour churn due to hazardous
nature of fireworks manufacturing and associated risks, despite
stringent Government regulations/safety standards. Nevertheless,
the rating factors in the longstanding track record of promoters
in fireworks manufacturing business with healthy customer
relationships.

VPPL is primarily engaged in manufacturing of fireworks. It
sources raw materials indigenously and a majority of its
customers are located in North India. It was formed in 2011, by
consolidating the businesses of four entities managed by the
promoter group. The Company, which has four manufacturing
facilities in and around Sivakasi, has leased six more
manufacturing facilities since April 2013 from the promoter
group. The promoters of the company are Mr. V Arumugasamy and Mr.
A Vasantha Vikash.

Recent results
VPPL reported a net profit of INR0.50 crore on an operating
income of INR31.6 crore during 2015-16 (unaudited), against a net
profit of INR0.02 crore on an operating income of INR33.6 crore
during 2014-15.


VARDHMAN POLYTEX: ICRA Reaffirms 'D' Rating on INR464cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the INR514.00-
crore bank facilities of Vardhman Polytex Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term fund-based      464.00       [ICRA]D/reaffirmed
   Short-term non fund-
   based                      50.00       [ICRA]D/reaffirmed

The rating reaffirmation takes into account the continued
irregularities in debt servicing by VPL because of its weak
liquidity position and inadequate cash accruals. As profitability
and hence cash accruals of VPL's textile business had remained
weak, the debt servicing in the past two years was largely
supported by monetisation of its erstwhile acrylic yarn
manufacturing unit's land as per the terms of the Corporate Debt
Restructuring (CDR) scheme (approved in May 2013). With no
incremental proceeds expected from asset monetisation currently,
significant improvement in profitability of core operations would
be necessary to regularize the debt servicing.

The credit profile of VPL continues to remain stretched because
of its highly leveraged capital structure (Total Debt/Tangible
Net Worth of 4.4x and Total debt/ OPBDITA of 7.1x in FY2016, at
the standalone level), significant debt repayments and weak
profitability. While the leverage has remained high because of
sizeable debt-funded investments in subsidiaries and past capital
expenditure, profitability has been weak because of constrained
raw material procurement ability. Longer credit period availed
from suppliers due to weak liquidity has affected the company's
raw material procurement costs. Besides, the company's
profitability continues to remain susceptible to the cyclicality
inherent in the spinning industry and volatility in cotton prices
given its seasonal availability. Also, the commoditised nature of
yarn and high competition in the spinning industry due to its
fragmented nature exert pressure on the company's profitability.
Further, the credit profile of VPL also remains constrained by
the contingent liability of ~INR82.3 crore on account of the
corporate guarantee given to its subsidiary, F.M. HÑmmerle
Textiles Ltd., which was declared a 'sick company2' in FY2016.

Going forward, regularisation of debt servicing supported by
improvement in VPL's liquidity profile will be the key rating
sensitivity. The improvement in liquidity, in-turn, will remain
dependent on infusion of long-term funds and significant
improvement in the profitability.

Incorporated in 1981, VPL primarily manufactures cotton and
cotton polyester blended spun yarn. Its manufacturing facilities
in Ludhiana, Bathinda (both in Punjab) and Nalagarh (Himachal
Pradesh) together have installed capacity of 1.95 lakh spindles.
VPL also has a yarn dyeing unit in Ludhiana, with an installed
capacity of 15.0 tons per day (tpd). It has a small presence in
garmenting, with an installed capacity of manufacturing 7 lakh
pieces per annum. VPL also manufactures yarn-dyed shirting fabric
though its subsidiary, F.M. HÑmmerle Textiles Ltd, which has a
manufacturing facility in Kohlapur (Maharashtra).

VPL has invested INR91.50 crore in its two subsidiaries, F.M.
HÑmmerle Textiles Ltd. and F.M. HÑmmerle Verwaltungs GmbH,
Austria. F.M. HÑmmerle Textiles Ltd. falls under 'Sick Company'
under the Sick Industrial and Companies (Special Provision) Act
of 1985 and has been referred to Board for Industrial and
Financial Reconstruction (BIFR).


VARIDHI HYGIENE: Ind-Ra Affirms 'IND B' Long term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Varidhi Hygiene
Products Private Limited's Long-Term Issuer Rating at 'IND B'.
The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects Varidhi's lack of operational track
record and delay in starting commercial operations. Commercial
production started in July 2014, however, there was a delay in
installation of machinery and the entire installation was
completed during FY16.

In FY16, the company recorded revenue of INR49m (FY15: INR13
million) and a net loss of INR56 million (INR64 million).
Operations are likely to stabilise during FY17 with exports
contributing 45%-50% to the revenue.

The ratings continue to benefit from Varidhi's comfortable
liquidity position with the average utilization of fund-based
facilities at around 85% over the 12 months ended September 2016.
The ratings are also supported by the over two decades of
experience of the promoters in the corrugated boxes manufacturing
segment.

RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining the
profitability leading to a sustained improvement in the credit
profile will lead to a positive rating action.

Negative: Inability to achieve revenue or generate profits
leading to further deterioration in the credit metrics could lead
to a negative rating action.

COMPANY PROFILE

Incorporated in 2011, Varidhi manufactures tissue paper jumbo
rolls made from recycled paper and virgin pulp. Its manufacturing
facility is in Vadodara, Gujarat. Varidhi has an installed
capacity of 25 metric tonnes per day.

Varidhi's facilities:

   -- Long-Term Issuer Rating: affirmed at 'IND B'; Outlook
      Stable

   -- INR20 million fund-based working capital limits: affirmed
      at 'IND B'/Stable

   -- INR25 million non-fund-based working capital limits:
      affirmed at 'IND A4'

   -- INR70 million (reduced from INR84.1 million) long term
      loans: affirmed at 'IND B'/Stable


VIKAS COTTON: CARE Assigns 'B' Rating to INR8.82cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Vikas
Cotton Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.82      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Vikas Cotton
Industries Private Limited (VCIPL) is primarily constrained due
to
declining turnover, thin profit margins, seasonality associated
with raw material availability and exposure to adverse changes in
the government regulations. The rating is further constrained on
account of its weak financial risk profile marked by moderate
capital structure, weak debt coverage indicators and moderate
liquidity position.

The aforementioned constraints far outweigh the benefits derived
from the vast experience of the promoters in the cotton ginning &
pressing business and VCIPL's presence in the cotton producing
belt of Gujarat.

VCIPL's ability to increase the scale of operations along with
improvement in the capital structure and better working capital
management are the key rating sensitivities.

Incorporated in the year 2005, VCIPL is promoted by two promoters
Mr. Bhavin kumar Patel and Ms Palakben Patel. Mr. Bhavin Kumar
Patel has industry experience of more than 10 years. VCIPL is
engaged into the business of cotton ginning, pressing, seed
crushing with an installed capacity of 350 cotton bales per day
as on March 31, 2016 at its facilities located at Mehsana-
Gujarat.

As per the audited results for FY16, VCIPL reported net profit of
INR0.10 crore on a total operating income (TOI) of INR41.85
crore as against net profit of INR0.09 crore on a TOI of INR53.09
crore during FY15 (Audited). During 5MFY17 VCIPL registered TOI
of INR10 crore.



=========
J A P A N
=========


MITSUI O.S.K: Merger Will Not Affect Ba1 Rating, Moody's Says
-------------------------------------------------------------
Moody's Japan K.K. says that the announcement of the merger of
the container shipping businesses of Mitsui O.S.K. Lines, Ltd.
(MOL, Ba1 corporate family rating, negative), Nippon Yusen
Kabushiki Kaisha (Baa3 negative) and Kawasaki Kisen Kaisha, Ltd.
(unrated) has no immediate impact on MOL's Ba1 rating and
negative outlook.

"The move highlights the very negative market conditions that
continue to plague the containership industry," says Mariko
Semetko, a Moody's Vice President and Senior Analyst.

Moody's expects the integration of the three businesses could
prove credit positive over time if it leads to more discipline in
managing capacity. However, the potential cash flow synergies and
balance sheet impact remain uncertain for now, including (1)
whether the companies will transfer their vessels to a new joint
venture and (2) the capital structure.

According to the companies' announcement of 31 October 2016, the
combined joint venture will hold a 7% share of the global
containership market and will rank sixth in terms of container
ship capacity globally. The potential economies of scale
resulting from the merger could result in higher profits and cost
competitiveness. In Moody's view, economies of scale in shipping
could lead to lower operating costs, discounts on new buildings
and on dry-docking expenses, and lower funding costs.

The combined entity's enlarged size could also enable it to offer
more frequent and reliable services, and optimize routes and
capacity utilization. In addition, the larger fleet should
increase the new entity's flexibility in reacting to shifts in
geographical trade patterns, laddering out scheduled docking, and
adapting to changing regulations.

The companies target synergies of JPY110 billion annually,
although little detail has been provided on how and when the
joint venture will achieve this.

"MOL's rating remains under significant pressure, and we estimate
that debt/EBITDA will materially exceed 9x this year, which will
provide it with very little, if any, cushion," adds Semetko.

MOL will need to materially increase profitability and cash flow
and reduce leverage over the coming 12-18 months in order to
maintain its rating.

In its 31 October 2016 earnings release, the company once again
lowered its earnings guidance for the year ending 31 March 2017.
It now expects an ordinary loss of JPY3 billion for the fiscal
year, compared to its previous guidance of a JPY10 billion
ordinary profit.

Among MOL's various business segments, the Containerships segment
remains the largest laggard in terms of profitability, with the
company now expecting the segment to report JPY44 billion in
ordinary losses for the fiscal year due to lower freight rates
and persistent excess capacity.

This will mark the sixth consecutive year for the segment to
report ordinary losses, as significant and prolonged excess
supply globally has kept rates low for container shipping
companies.

MOL also lowered its profit expectations for its Bulkships
segment by JPY6.5 billion to JPY28 billion for the fiscal year,
as the combined impact from the supply-demand gap widening in
tankers caused by new deliveries and temporary demand decreases
(e.g. reductions in vegetable oil trade and Nigeria's crude
exports), and low demand for car carriers in resource-rich
countries will offset a modest recovery in dry bulk.


TAKATA CORP: Readies Bankruptcy Filing for U.S. Unit
----------------------------------------------------
Asia Nikkei Review reports that Takata Corp. is preparing for a
possible bankruptcy protection filing in the U.S. amid the
mounting costs related to the company's defective air bags, which
have been linked to some deaths.

The move could help the Tokyo-based company find a financial
backer to ensure its parts-supplying operations remain ongoing as
it seeks an out-of-court reorganization -- an important
consideration for its automaker customers, Nikkei says.

According to the report, the subsidiary eyed for a Chapter 11
filing, Michigan-based TK Holdings, contributed just over 30% of
Takata's group sales for the year ended in March. But the unit
suffered a fourth consecutive annual net loss, hit by the rising
cost of air bag recalls, Nikkei relates.

As of the end of March, TK Holdings had roughly JPY145 billion
($1.4 billion) in liabilities, surpassing its assets by some
JPY30.5 billion. Sales for the year to March totaled JPY236.6
billion, Nikkei discloses.

Takata already faces recall costs exceeding JPY1 trillion, with
69 million air bags on recall in the U.S. alone. TK Holdings
likely will have to shoulder even more recall expenses as well as
damage payouts down the road. A Chapter 11 filing would clarify
the unit's liabilities and possibly lead to reductions, Nikkei
states.

Nikkei relates that the Japanese parent, through its financial
adviser, has urged would-be sponsors to propose turnaround plans
based on the assumption that the U.S. unit would file for
bankruptcy protection. Global air bag leader Autoliv of Sweden,
U.S. private equity funds and other potential backers have
submitted proposals on this premise, the report says.

Honda Motor, Toyota Motor and other customers that have
shouldered some of the recall costs for Takata are also believed
to be leaning in favor of TK Holdings entering bankruptcy
protection, according to Nikkei. The automakers are expected to
seek repayment of recall costs and other claims, but not to the
extent that it would compromise Takata's ability to supply parts,
adds Nikkei.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 11, 2016, Bloomberg News, said Takata Corp., whose defective
airbag inflators triggered the biggest recall in auto industry
history, hired law firm Weil Gotshal & Manges LLP to help it
weigh options that could include bankruptcy or a sale, according
to people with knowledge of the matter.

The Japanese manufacturer might choose to seek court protection
just for its U.S. unit, said one of the people, who asked not to
be named because the discussions are private, according
Bloomberg.  No final decisions have been made and Tokyo-based
Takata continues to seek buyers, the people said, the report
related.

Takata is evaluating at least five bids as it confronts the
potentially massive cost of recalling 100 million faulty airbag
inflators worldwide and lawsuits tied to at least 16 deaths and
numerous injuries, the Bloomberg report said.  The airbags tend
to degrade over time and erupt, sending shrapnel through the
vehicle's cabin, the report noted.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


ORIGINAL CHILDREN'S BOOKSHOP: Goes Into Liquidation
----------------------------------------------------
stuff.co.nz reports that the Original Children's Bookshop goes
into liquidation after 37 years of trading

The bookshop, which traded on Victoria St for about 35 years
before moving to Riccarton after the 2011 earthquakes, went into
voluntary liquidation on October 21, according to stuff.co.nz.

Creditors are owed about NZ$295,000, including NZ$6,900 in
employee claims and NZ$288,000 to unsecured creditors, according
to the liquidator's first report, stuff.co.nz notes.

The report states the bookshop has assets of about NZ$100,000,
including NZ$46,000 worth of stock, stuff.co.nz relays.

Liquidator Murray G. Allott's report states the company has
struggled because it has "not achieved the level of sales
necessary to be able to trade profitably," stuff.co.nz says.

"The company's working capital has been expended to meet
operating expenses and the ability to maintain stocks has
diminished as a consequence," the creditor report states,
stuff.co.nz relays.

The bookshop has been put up for sale as a going concern.

Long-time staff member Mary Sangster purchased the bookshop from
former owner Sheila Sinclair last year, stuff.co.nz notes.

The liquidator's report states the sale was delayed by a few
months.

"The purchase of the business was expected to settle in late
2014. However, due to issues arising over the lease of the
premises, final settlement did not occur until April 2015.
Trading in the intervening period was undertaken by the company
pending settlement," the report stated, stuff.co.nz says.

It is not clear if the bookshop will continue trading beyond
Saturday, Oct. 29.



=====================
P H I L I P P I N E S
=====================


COMMUNITY RURAL: PDIC to Takeover and Liquidate Bank
----------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Community Rural Bank of Dingras (Ilocos Norte), Inc.
from doing business in the Philippines. Under Resolution No.
1956. A dated Nov. 3, 2016, the MB directed the Philippine
Deposit Insurance Corporation (PDIC) as Receiver to proceed with
the takeover and liquidation of the bank. PDIC took over the bank
on Nov. 4, 2016.

Community Rural Bank of Dingras is a three-unit rural bank with
head office located at Medina St., cor. Puruganan St., Brgy.
Madamba (Pob.), Dingras, Ilocos Norte. Its two branches are
located in Batac and Paoay, both in Ilocos Norte. Based on the
Bank Information Sheet filed by the bank with the PDIC as of
June 30, 2016, Community Rural Bank of Dingras is owned by
Teresita P. Villa (35.98%), Caridad U. Villa (18.28%), Jose S.
Salasac (3.61%), Rolando Unciano (2.69%), Marino Unciano (2.41%),
Evelyn G. Unciano (2.24%), Trinidad N. Nagum (2.12%), and Rene A.
Hermano (2.09%).

Latest available records show that as of June 30, 2016, Community
Rural Bank of Dingras had 1,859 accounts with total deposit
liabilities of PHP75.6 million. Total insured deposits amounted
to PHP74.5 million involving 98.5% of total deposit accounts.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. The schedule of claims settlement operations will
be announced as soon as finalized. PDIC also reminded borrowers
to continue paying their loan obligations with the closed
Community Rural Bank of Dingras and to transact only with
designated PDIC representatives at the bank premises.

Meanwhile, PDIC enjoined all depositors and borrowers to attend
the Depositors-Borrowers' Forum on Nov. 17, 2016 for information
on requirements and procedures of filing claims and settlement of
loan obligations.



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


HANJIN SHIPPING: Number of Ships Seized Rises to Five
-----------------------------------------------------
Yonhap News Agency reports that five ships operated by Hanjin
Shipping have been seized after South Korea's No. 1 shipping line
was put under court receivership in early September, according to
industry sources on Nov. 4.

According to the report, sources said the Hanjin China cargo ship
was seized in Shanghai on Nov. 3 after unloading its cargo, as
Hanjin Shipping failed to pay its terminal service fee estimated
at KRW1 billion ($875,000). The Hanjin China had planned to
return to Busan.

Consequently, a total of five Hanjin ships have been seized, as
the embattled shipper has failed to meet payments. The other four
were seized in Singapore in August, in Canada in September and in
South Korea in October, Yonhap says.

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

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

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

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

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

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


STX OFFSHORE: French Gov't to Defend Interests in Shipyard Sale
---------------------------------------------------------------
Emmanuel Jarry and Dominique Vidalon at Reuters report that the
French government has told South Korea it will oppose any
solution for shipbuilder STX France that is against national
industrial interests, Industry Minister Christophe Sirugue told
Reuters on Nov. 3 on the eve of a deadline for bids.

STX France is 66.7% owned by failed South Korean shipbuilding
group STX, Reuters discloses.

An insolvency court in South Korea ruled last month that the
French arm could be sold either separately from the parent, or as
part of a bigger sale, Reuters recounts.  Bids were due by
Nov. 4, Reuters discloses.

According to Reuters, the French government, which owns the
remaining 33.3% of STX France, hopes to strike a deal that
separates the French arm from its South Korean parent and leaves
the French state with a blocking minority stake.  Aside from the
stake ownership, France also has special bid-blocking powers
related to strategic industries such as defense, Reuters notes.

"We have two intervention tools and should there be offers that
do not fit our industrial aspirations we will not hesitate to use
them," Mr. Sirugue told Reuters.

Mr. Sirugue, as cited by Reuters, said he spoke by phone with
Korea's Industry Minister and met with the country's ambassador
to France to tell them that Italian shipbuilder Fincantieri and a
consortium led by Dutch group Damen were likely to be among the
bidders.

He said French state-controlled naval shipbuilder DCNS would be
involved as well in the rescue of STX France, regardless of the
solution found, Reuters relays.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business.  The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very
large ore carriers (VLOCs), bulk carriers as well as pure cars
and truck carriers. The cruise segment provides cruise ships. The
OSV segment engages in the manufacture of offshore patrol
vessels, corvettes and others. The vessel apparatus segment
produces vessel engines, deck houses and others. The other
segment mainly engages in the plant construction business, rental
business, crane business and others.





                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***