---

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

                      A S I A   P A C I F I C

          Wednesday, November 9, 2016, Vol. 19, No. 222

                            Headlines


A U S T R A L I A

BETON PUMPING: First Creditors' Meeting Set for Nov. 17
SAPPHIRE XV: Fitch Assigns 'Bsf' Rating to Class F Notes
SUGAR BEAT: First Creditors' Meeting Set for Nov. 17
SUPERFERT DONGBU: Goes Into Liquidation


C H I N A

CHINA GRAND: Fitch Publishes 'BB-' LT FC Issuer Default Rating
CHINA GRAND: Moody's Assigns B1 CFR; Outlook Stable
SPI ENERGY: Announces New Director and Management Appointments


I N D I A

79 DEVELOPERS: CARE Assigns B+ Rating to INR10cr Long Term Loan
ADITYA PROMOTERS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
ADITYA TIMPACK: CARE Reaffirms B+ Rating on INR8.42cr LT Loan
ADVANTAGE ORGANIC: CRISIL Assigns 'D' Rating to INR100MM Loan
ALLIANCE FIBRES: CRISIL Cuts Rating on INR457.3MM Cash Loan to D

BABA MALLESHWAR: ICRA Suspends B- Rating on INR5.18cr Loan
BETTERMAN ENGINEERS: ICRA Reaffirms 'B' Rating on INR6cr Loan
BHARAT COTTON: CRISIL Suspends B+ Rating on INR40MM Cash Loan
COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR130MM Loan
CYNOSURE MANIK: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating

G.S. ALLOY: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
GAURISHANKER ELECTRO: CARE Reaffirms B+ Rating on INR8.26cr Loan
H.L. PASSEY: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
H. P. RAJYAGURU: CARE Reaffirms B+ Rating on INR6cr LT Loan
HRM OVERSEAS: ICRA Assigns 'B' Rating to INR25cr Cash Loan

IA ENERGY: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
IFMR CAPITAL: ICRA Assigns C+ Rating to INR5.62cr Issue
KOPPAL SOLAR: CRISIL Assigns B+ Rating to INR100MM Term Loan
LAKHO AGRICULTURAL: CRISIL Ups Rating on INR49MM Cash Loan to B+
LEKH RAJ: CRISIL Reaffirms B- Rating on INR150MM Cash Loan

LOHCHAB MOTOR: CRISIL Reaffirms B+ Rating on INR70MM Loan
MAA KALI: ICRA Assigns B+ Rating to INR10cr Cash Loan
MADHAV COLD: CARE Assigns 'B' Rating to INR7.95cr Long Term Loan
MADHU JAYANTI: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
MAPLE HOTELS: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating

MARGO PLYWOOD: CARE Reaffirms B+ Rating on INR0.30cr LT Loan
MEHTA STAR: CRISIL Assigns 'B' Rating to INR51.7MM Term Loan
MEWAR FABRICS: CARE Reaffirms B+ Rating on INR7.28cr LT Loan
PARAS FROZEN: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
R.S. FOODS: CRISIL Assigns 'B' Rating to INR165MM Term Loan

RAHIL COLD: CARE Assigns 'B' Rating to INR3.25cr Long Term Loan
RAJSHRI CONSTRUCTIONS: CRISIL Reaffirms B+ INR42.5M Loan Rating
RALCO EXTRUSION: CRISIL Suspends B- Rating on INR38MM Term Loan
ROBOSOFT TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR4cr Loan
ROLEX CYCLES: CARE Lowers Rating on INR18cr LT Loan to 'D'

SANGAT PRINTERS: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
SARADAMBIKA POWER: CRISIL Raises Rating on INR266MM Loan to B+
SATRAMDAS AND CO: CRISIL Assigns C Rating to INR100MM Term Loan
SATYANARAYAN COLD: CARE Assigns 'B' Rating to INR7.65cr LT Loan
SHAKTHI TECH: CRISIL Suspends B+ Rating on INR65MM Term Loan

SHEIKH FARID: CRISIL Suspends B+ Rating on INR90MM Cash Loan
SHIVSHAKTI BARRELS: CRISIL Reaffirms 'B' Rating on INR45MM Loan
SKS POWER: CARE Reaffirms 'D' Rating on INR4,301.89cr LT Loan
SOCIAL CHANGE: CRISIL Reaffirms 'D' Rating on INR335MM Cash Loan
SRI MURARI: ICRA Assigns B+ Rating to INR9.0cr Cash Loan

STARBURST MOTORS: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
SUDHIR FOOD: CRISIL Reaffirms B+ Rating on INR120MM LT Loan
TECHNICO STRIPS: CRISIL Ups Rating on INR177.5MM Loan to B+
TEKNOTUFF GLASS: CARE Hikes Rating on INR6.39cr LT Loan to BB-
THERMOSOL GLASS: CRISIL Reaffirms B+ Rating on INR293.6MM Loan

UNICORN PETROLEUM: CRISIL Reaffirms B+ Rating on INR80MM Loan
URBANEDGE HOTELS: CRISIL Suspends 'D' Rating on INR1.42BB Loan
VINAYAK INTERNATIONAL: ICRA Rates INR20cr Cash Loan at B+
VKN LAKSHMI: CRISIL Assigns 'B' Rating to INR50MM LT Loan
WALLCERA TILES: CRISIL Suspends B+ Rating on INR71.5MM Loan


J A P A N

ARCH FINANCE 2007-1: Moody's Cuts Rating on Repack Deal to Ba3


N E W  Z E A L A N D

CANTERBURY LEATHER: Former Ugg Boot Manufacturer in Receivership
PUMPKIN PATCH: Receivership Sparks Dispute Over Entitlements


S I N G A P O R E

SINGAPORE: Defaults Show Weak Points in City State Bond Plumbing


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Speeds Up Process to Sell More Assets
HANJIN SHIPPING: 94 Out of 97 Container Ships Completed Unloading
SK HYNIX: Moody's Revises Outlook to Positive & Affirms Ba1 CFR


T A I W A N

YANG MING: Unveils Capital Reduction Plan to Offset Losses


T H A I L A N D

TMB BANK: Fitch Affirms 'BB+' Support Rating Floor


V I E T N A M

PETROVIETNAM: Ex-Unit Exec Disappears as Vietnam Probes Breaches


                            - - - - -


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


BETON PUMPING: First Creditors' Meeting Set for Nov. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Beton
Pumping Group Pty Ltd will be held at the offices of Grant
Thornton Australia Limited, The Rialto, Level 30, 525 Collins
Street, in Melbourne, on Nov. 17, 2016, at 11:00 a.m.

Stephen Dixon and Andrew Hewitt of Grant Thornton were appointed
as administrator of Beton Pumping on Nov. 7, 2016.


SAPPHIRE XV: Fitch Assigns 'Bsf' Rating to Class F Notes
--------------------------------------------------------
Fitch Ratings has assigned expected ratings to Sapphire XV Series
2016-2 Trust's residential mortgage-backed floating-rate notes.
The issuance consists of notes backed by Australian non-
conforming first-ranking residential loans originated by
Bluestone Group Pty Limited and Bluestone Mortgages Pty Limited.
The ratings are as follows:

   -- AUD140m Class A1 notes: 'AAA(EXP)sf'; Outlook Stable

   -- AUD22m Class A2 notes: 'AAA(EXP)sf'; Outlook Stable

   -- AUD7.8m Class B notes: 'AA(EXP)sf'; Outlook Stable

   -- AUD10.5m Class C notes: 'A (EXP)sf'; Outlook Stable

   -- AUD8.1m Class D notes: 'BBB(EXP)sf'; Outlook Stable

   -- AUD3m Class E notes: 'BB(EXP)sf'; Outlook Stable

   -- AUD3m Class F notes: 'B(EXP)sf'; Outlook Stable

   -- AUD3.6m Class G notes: 'NR(EXP)sf'; Outlook Stable

   -- AUD2m Class H notes: 'NR(EXP)sf'

   -- AUD5m Class X1 notes*: 'NR(EXP)sf'.

*Class X1 note volume to be determined on the pricing date.

The notes will be issued by Permanent Custodians Limited in its
capacity as trustee of Sapphire XV Series 2016-2 Trust.

At the cut-off date of Sept. 18, 2016, the total collateral pool
with a balance of AUD210.7 mil. consisted of 558 loans and 493
obligors, with an average borrower balance of AUD427,465.

KEY RATING DRIVERS

Sufficient Credit Support: The class A1 and A2 notes benefit from
credit enhancement (CE) of 30% and 19%, respectively, provided by
the subordinate class B, C, D, E, F, G and H notes; from the
liquidity facility; and Bluestone's servicing and underwriting
capabilities.

Experienced Originator/Servicer: Bluestone Mortgages Pty Limited
is a specialist non-conforming originator and servicer. Bluestone
Servicing Pty Limited is a wholly owned subsidiary of Bluestone.
Bluestone Group has originated more than AUD6.0bn worth of loans,
and completed 21 residential mortgage securitisations in
Australia and New Zealand.

Delinquent Loans Included: The portfolio contains loans that were
in arrears at the cut-off date. The 30+ day arrears were 3.2%,
with 90+ day arrears totalling 1.0% of the pool. Portfolio
arrears increased after the cut-off date, Fitch has incorporated
this into its analysis. The weighted-average (WA) seasoning of
the portfolio is 5 months, with a WA indexed loan/value ratio
(LVR) of 66%. Low-documentation loans make up 55.2% of the
portfolio and credit-impaired loans comprise 37.3%. Loans with
greater than 80% LVR comprise 10.5%.

EXPECTED RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case and are likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Decreased CE may make certain note ratings susceptible to
negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis of the
ratings by stressing the transaction's initial base-case
assumptions.

Its analysis found that the Class A1 notes were only impacted
under a combination stress of 30% increase in defaults and 30%
decrease in recoveries, in which the rating deteriorated to 'AA-
sf'.

The ratings on the remaining rated classes would deteriorate by
one notch under all stressed default rate scenarios tested,
including Fitch's moderate and severe (15% increase and 30%
increase) default rate scenarios.

The remaining rated classes also were also sensitive to weakening
recovery rates with the ratings on the class A2, B, C, D, E and F
notes vulnerable to deterioration by at least two notches under
all stressed recovery rate scenarios tested, including Fitch's
moderate and severe (15% reduction and 30% reduction) stressed
recovery rates.

Under combination stress scenarios of 15% increase in defaults
and 15% decrease in recoveries, and 30% increase in defaults and
30% decrease in recoveries, the ratings on the Class A2, B, C, D,
E, and F notes deteriorated by several notches.

Portfolio arrears increased subsequent to the cut-off date.
Bluestone has provided the closing portfolio where arrears are
in-line with the pool at cut-off date and Fitch has assessed that
this is commensurate with the expected ratings.

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

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

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties
and enforcement mechanisms (RW&Es) that are disclosed in the
offering document and which relate to the underlying asset pool
is available by accessing the appendix referenced under "Related
Research" below. The appendix also contains a comparison of these
RW&Es to those Fitch considers typical for the asset class as
detailed in the Special Report titled "Representations,
Warranties and Enforcement Mechanisms in Global Structured
Finance Transactions," dated 31 May 2016.

DATA ADEQUACY

Fitch conducted a review of a small targeted sample of
Bluestone's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Fitch sought to receive a third party assessment conducted on the
asset portfolio information, but none was available for this
transaction.

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

Key Rating Drivers and Expected Rating Sensitivities are further
discussed in the corresponding presale report entitled "Sapphire
XV Series 2016-2 Trust", published today.

SOURCES OF INFORMATION

The information below was used in the analysis:

   -- Loan-by-loan data provided by Bluestone as at 21 September
      2016

   -- Legal documentation provided by Clayton Utz, the issuer's
      counsel.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.


SUGAR BEAT: First Creditors' Meeting Set for Nov. 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sugar Beat
Cafe Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, 8th Floor 102 Adelaide St, in Brisbane,
Queensland, on Nov. 17, 2016, at 10:30 a.m.

Raj Khatri and Jason Bettles of Worrells Solvency & Forensic
Accountants were appointed as administrators of Sugar Beat on
Nov. 7, 2016.


SUPERFERT DONGBU: Goes Into Liquidation
---------------------------------------
Matt Mckenzie at Business News reports that Superfert Dongbu has
gone into liquidation, 18 months after it had been put into
voluntary administration.

Business News reported last year that farmers and other unsecured
creditors could expect 7 cents in the dollar in a deed of company
arrangement in which the major secured creditor, South Korean
company Dongbu Farm Hannong, agreed to allow unsecured creditors
get the first tranche of payments.

Unsecured creditors were returned around AUD800,000 when it was
executed, or 8 cents in the dollar, while employees were returned
around AUD400,000, according Business News.

That DOCA included provisions to wind up Supefert after that
payment had been finalized, with Dongbu Farm Hannong expected to
receive about AUD900,000, or around 3 cents in the dollar after
liquidation, Business News relates.

It had been owed more than AUD30 million, Business News
discloses.

On Nov. 2, notice was given to the Australian Securities and
Investments Commission to wind-up the company.

Superfert Dongbu was involved in importing and distributing bulk
fertilisers to broad acre farmers in Western Australia.  The
company entered into administration on May 13, 2015 with Dino
Travaglini of Cor Cordis being appointed administrator of the
company.

When the company entered administration, it had a net asset
deficit of more than AUD31 million while sales had been as high
as AUD82 million annually, Business News discloses.

Almost 200 farming entities were listed as unsecured creditors
who had prepaid for fertilizer. In total, around AUD1.6 million
was owed to the farmers, according to Business News.



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


CHINA GRAND: Fitch Publishes 'BB-' LT FC Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has published China Grand Automotive Services Co.,
Ltd's (China Grand Auto) Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'BB-' with Stable Outlook. Fitch has also
published the auto dealer's foreign-currency senior unsecured
rating of 'BB-'.

Fitch has also assigned Baoxin Auto Finance I Limited's (Baoxin
Finance) proposed US dollar-denominated senior perpetual
securities a 'B+(EXP)' rating. Baoxin Finance is 100% owned by
China Grand Auto's 75% owned subsidiary, Baoxin Auto Group
Limited. The securities will be unconditionally and irrevocably
guaranteed by China Grand Auto.

Fitch expects to accord no equity credit to the proposed
securities in its evaluation of China Grand Auto's capital
structure and leverage as this instrument ranks pari passu with
the company's senior unsecured obligations. The final rating and
assessment of equity credit are contingent upon the receipt of
final documents conforming to information already received.

The proposed perpetual securities are rated one notch below China
Grand Auto's 'BB-' senior unsecured rating in accordance with
Fitch's "Treatment and Notching of Hybrids in Non-Financial
Corporate and REIT Credit Analysis" criteria. This one-notch
difference reflects the proposed securities' coupon deferral
feature.

KEY RATING DRIVERS

Large Scale, Strong Market Position: China Grand Auto's ratings
are supported by its large operating scale and leading market
position. The company is the largest auto dealership in China,
with more than 600 outlets in 27 provinces, covering more than 50
brands. China Grand Auto has been a consolidator in the market
and the recent of acquisition of Baoxin Auto further expanded
China Grand Auto's offerings in the luxury car segment. Fitch
expects the auto dealer's strong brand and geographical
diversification to reduce earnings volatility. In addition, the
large operating scale allows China Grand Auto to more efficiently
use its store network to develop new revenue sources, such as its
used-car sales platform.

Robust Long-Term Prospects: China is the largest passenger
vehicle market in the world. Despite the deceleration in growth,
the long-term growth drivers for passenger vehicles remain
intact, given low vehicle ownership penetration and density.
Fitch expects passenger vehicle sales to grow in the mid-single
digit percentages over the medium term, a pace that is healthy
and higher than the developed-market average.

In addition to a solid outlook for new-car sales, Fitch expects
increasing revenue contribution from other segments, including
after-sales services, commission income, leasing, and used-car
sales. Used-car sales are at a nascent stage in China, but have
substantial growth potential in the next 5-10 years due to
increasing car ownership, changing consumer behaviour, and
favorable policy.

Competitive Industry, Weak Bargaining Power: China's auto
dealership industry is highly fragmented and competitive.
Although China Grand Auto is the largest dealership in China, it
has only 3%-4% market share by sales volume across the country.
Margins are low for the whole industry due to dealers' weak
bargaining power and a regulatory environment that favours
automakers over dealers. "However, we do not expect dealer
margins to substantially deteriorate from current levels because
automakers and dealers are dependent on each other. Chinese auto
dealers generally have EBITDA margins in the low to mid-single
digits, which is comparable to peers in the US." Fitch said.

High Leverage Constrains Ratings: China Grand Auto's financial
leverage is high after acquiring Baoxin. The dealer's FFO-
adjusted net leverage was 6x and net debt to EBITDA was 4.7x at
end-2015 (pro-forma Baoxin, excluding leasing subsidiary). China
Grand Auto's board has approved an equity placement plan to raise
up to CNY8bn, which is still pending regulatory approval. If the
equity placement is successful, Fitch estimates that FFO-adjusted
net leverage may drop to a healthier level of below 4x.

China Grand Auto is an acquisitive company and has expanded by
acquiring smaller car dealers over the last few years. The
company views the current market downturn as an opportunity to
consolidate the industry, thus further M&A is possible. Excluding
M&A, Fitch expects China Grand Auto to generate FCF margin of
around 1% over the next few years, which will allow gradual
deleveraging.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto leasing services via its leasing subsidiary, Huitong
Xincheng. Fitch has deconsolidated Huitong Xincheng for the
purpose of our analysis. Fitch said, "Huitong Xincheng had a
debt-to-equity ratio of 1.5x at the end of 2015, which we view as
adequate."

No Linkage to Xinjiang Guanghui: China Grand Auto's largest
shareholder is Xinjiang Guanghui Industry Investment (Group).,
Ltd (Xinjiang Guanghui), which owns a 37% stake. Although
Xinjiang Guanghui's credit profile is weak, Fitch has not linked
China Grand Auto's ratings to Xinjiang Guanghui for several
reasons:

   -- China Grand Auto is separately listed and Xinjiang Guanghui
      cannot easily access China Grand Auto's cash flows except
      via dividends;

   -- The management team is separate, and only two out of nine
      of China Grand Auto's board members are affiliated with
      Xinjiang Guanghui;

   -- China Grand Auto has many institutional shareholders; and

   -- Xinjiang Guanghui has pledged a large portion of its shares
      in China Grand Auto, further reducing its influence on
      China Grand Auto

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for China Grand
Auto include:

   -- Mid to high single-digit revenue growth in new car sales,
      mainly driven by store additions, over 2016-18

   -- Consolidated EBITDA margin of 4%-5% over 2016-18

   -- Maintenance capex at 1%-1.5% of revenues over 2016-18

   -- No common dividends

RATING SENSITIVITIES

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

   -- FFO-adjusted net leverage (excluding leasing subsidiary)
      sustained below 3.5x

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

   -- Sustained decline in market share and/or revenues

   -- FFO-adjusted net leverage (excluding leasing) sustained
      above 5x (2016E: 5.3x)

   -- FFO fixed-charge coverage sustained below 2x (2016E: 2.1x)

   -- EBITDA margin sustained below 3.5% (2016E: 4.5%)


CHINA GRAND: Moody's Assigns B1 CFR; Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to China Grand Automotive Services Co., Ltd.

The rating outlook is stable.

                         RATINGS RATIONALE

"The B1 rating reflects China Grand Auto's strong position in
China's auto dealership market, as well as its large dealership
network, brand diversity, growing service-related revenues and
broad geographic coverage," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

China Grand Auto was the largest auto dealer in China in terms of
revenue and unit sales in 2015, according to the China Automobile
Dealers Association.  The company posted revenues of RMB94
billion and new vehicle sales of 632,626 units, representing 2.6%
of China's auto unit sales, in 2015.

The company operated 670 locations at end-June 2016, including
609 4S (sales, spare parts, services and survey) dealership
stores and 57 brands.  Headquartered in Shanghai, it maintains a
presence in 27 regions across China, with particularly strong
market positions in West and Central China.

China Grand Auto has been growing its service-related revenues
over the past few years, including from auto maintenance,
commissions and auto leasing.  Such revenues accounted for 12% of
the company's total revenues in 2015.  The gross margin for its
service-related operations of 46.6% is higher than the 4.2% for
new vehicle sales.  Moody's believes the company will continue to
grow its service-related revenues, supported by its large
customer base.

"However, China Grand Auto's B1 rating is constrained by its
moderately high debt leverage, which stems from its acquisitive
growth, weak liquidity position, and exposure to regulatory
risk," adds Ho, also the Lead Analyst for China Grand Auto.

China Grand Auto had grown its number of 4S dealership stores to
609 at end-June 2016 from 405 at end-2013.  Specifically, it
acquired 101 4S dealership stores between 2013 and 2015, and
another 110 stores during 1H2016, including from the acquisition
of Hong Kong-listed Baoxin Auto Group Limited (unrated) in June
2016.

The company's robust growth and entry into auto leasing, however,
raise significant funding needs.  As such, any weakening in its
ability to secure banking facilities for working capital purposes
will limit its growth.  Moody's expects adjusted debt to reach
around RMB51.5 billion by end-2017, up 73% from RMB29.7 billion
at end-2015.

China Grand Auto's debt leverage -- as measured by adjusted
debt/EBITDA -- was 5.2x at end-2015, and Moody's expects that it
will rise to around 6.5x-6.7x over the next 12-18 months, with
EBITDA/interest around 2.7-2.9x.  These metrics position the
company at the single-B rating level.

The company faces regulatory risks related to vehicle ownership
controls, vehicle fuel economy and emission standards, as well as
with regard to its financial services and used vehicle sales.
Any further tightening of related regulations could slow the
company's sales.

China Grand Auto's liquidity position is weak and its refinancing
risk is high.  The company has a high level of short-term debt,
including borrowing it raised to fund the RMB9.8 billion
acquisition of Baoxin in June 2016.

At end-June 2016, its restricted and unrestricted cash of RMB20
billion was insufficient to cover its short-term debt of RMB40
billion.

Nonetheless, we expect that the company will be able to roll over
its debt with domestic banks, given its profitable operations,
strong market position, and inventory of branded cars.

In addition, the company has two public equity funding channels
via China Grand Auto's listing in Shanghai and 75% owned
subsidiary Baoxin's listing in Hong Kong.

The stable outlook reflects Moody's expectation that China Grand
Auto will: (1) maintain its strong market position in the auto
dealership market in China; and (2) be able to refinance its
short-term debt.

Upward rating pressure is limited in the near term, because China
Grand Auto has to integrate and bring out the benefits of the
Baoxin acquisition and improve its debt maturity profile.

Nevertheless, upward rating pressure could emerge in the medium
term if the company improves (1) its liquidity position and debt
maturity profile; (2) debt leverage; and (3) the contribution of
revenue from its auto maintenance business.

Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA below 4.5x-5.0x on a sustained basis.

On the other hand, the rating could be downgraded if: (1) revenue
and/or margins decline due to deteriorating market conditions, or
the termination of contracts with vehicle OEM suppliers; (2) the
asset quality of its auto lease receivables deteriorates, leading
to a capital call; or (3) its liquidity position further weakens.

Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA above 6.5x-7.0x on a sustained basis.

The principal methodology used in this rating was Retail Industry
published in October 2015.

China Grand Automotive Services Co., Ltd. was the largest auto
dealer in China in terms of revenue and unit sales in 2015.  It
had 670 locations in China at end-June 2016, including 609 4S
dealership stores.

Established in 2006, China Grand Auto is listed on the Shanghai
Stock Exchange and 37.3% owned by the unlisted Xinjiang Guanghui
Industry Investment (Group) Co., Ltd. (B2 stable) as of end-June
2016.


SPI ENERGY: Announces New Director and Management Appointments
--------------------------------------------------------------
SPI Energy Co., Ltd., announced changes to the senior management
team and board of directors of the Company, effective on Oct. 29,
2016.

Mr. Roger Dejun Ye has resigned as executive vice president in
charge of the Company's solar business but will remain as a
non-executive director of the Board.

Mr. Minghua Zhao, who currently serves as joint chief operating
officer of the Company's China domestic business, has been
appointed as a director to the Board.

Mr. Fei Yun, who previously served as general manager of Xinghang
PV Technology (Suzhou) Co., Ltd., has joined the Company as
senior vice president in charge of R&D and Solar Technology
Development.

"I would like to thank Roger for his contributions to the
development of Company's solar business during his tenure and we
look forward to continuing to work closely with Roger in his role
as a director of the Board. On behalf of the management team and
the Board, I also would like to extend our warm welcome to
Minghua in joining the Board and Fei in joining the Company,"
said Xiaofeng Peng, chairman and chief executive officer of SPI
Energy.

Mr. Minghua Zhao currently serves as Joint COO of the Company's
China domestic business and previously served as Senior Vice
President of the Company's finance service business between
February 2015 and June 2016. Before he joined the Company in
February 2015, Mr. Zhao served as general manager of Suzhou
Industrial Park Chengcheng Enterprises Guarantee Co., Ltd., a
financial services company, and from 2003 to 2009 as president of
Suzhou Industrial Park Branch of Suzhou Bank. Prior to that, he
worked at CITIC Bank for six years. Mr. Zhao graduated from
Jiangsu Province Business School in 1997 with a degree in
Business Administration and from Southwestern University of
Finance and Economics in 2008 with a degree in Business
Management.

Mr. Fei Yun has more than 30 years of experience in the research
and development of solar cells, PV systems and senior management
role in the industry in Australia and China. Mr. Fei Yun joined
SPI from Xinghang PV Technology (Suzhou) Co., Ltd. where he has
served as general manager since July 2014. Previously, Mr. Yun
held senior management positions at various solar companies,
including as vice president of Technology at LDK Solar Co., Ltd.
from February 2010 to June 2013; chief technology officer at
Solar Enertech Corp. from December 2007 to January 2010; vice
president of Technology at SolarFun (Now Hanwha Solar One) from
July 2006 to November 2007; general manager and chief engineer at
Tera Solar Technologies from March 2004 to June 2006. Mr. Yun
received his bachelor's degree in Physics from Jinan University,
his master's degree in Solar Energy from the Asian Institute of
Technology (AIT) in Bangkok, Thailand. He also had nearly 10
years of research and development experience in silicon-based
solar cells at the ARC Photovoltaics Centre of Excellence at the
University of New South Wales in Sydney, Australia, his expertise
is focused on the high efficiency silicon solar cell.

                     About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors. SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America. The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/,a B2B e-commerce platform offering a
range of PV products for both upstream and downstream suppliers
and customers. The Company has its operating headquarters in
Shanghai and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014. As of Dec. 31, 2015, SPI Energy had $710
million in total assets, $493 million in total liabilities and
$216.6 million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. These factors raise substantial
doubt about the Group's ability to continue as a going concern.



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


79 DEVELOPERS: CARE Assigns B+ Rating to INR10cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of 79
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or of the unsecured loans brought in by the partners, in
addition to the changes in the financial performance and other
relevant factors.

Rating Rationale

The rating assigned to bank facilities of 79 Developers is
constrained on account of risk associated with implementation of
its ongoing project and salability risk associated with the same,
its constitution as a partnership firm, regional concentration of
operations and inherent risks associated with the real estate
sector.

The rating, however, favorably takes into account experience of
partners of 79Dev in real estate development along with
established track record of operations of the Vasupujya group in
the real estate market of Surat.

79Dev's ability to successfully complete its ongoing project
within envisaged cost and time parameters along with timely
receipt of booking advances and sale of units at envisaged price
are the key rating sensitivities.

79Dev, formed in September 2011, is a Special Purpose Vehicle
(SPV) of the Vasupujya Group. The key partners of 79Dev are Mr.
Dipesh Shah, Mr. Sunilbhai Shah and Mr. Piyush Vadera. The firm
was formed for the development of Vasupujya Group's real estate
project 'Vasupujya Solitaire', a residential cum commercial
project located at Chala, Vapi, Gujarat.

Vasupujya Solitaire is a residential cum commercial project
located at Chala, Vapi, Gujarat. The project scope includes total
34 residential units and 29 commercial units aggregating to a
total saleable area of 1.35 lakh square feet (lsf). The project
also has various facilities and amenities of which major ones
include a temple, gym, splash pool, club house, volleyball court,
multipurpose banquet hall etc. The project is envisaged to be
completed by July 2018 at a total project cost of INR29.00 crore,
which is envisaged to be funded in the ratio (Partner's Funds:
Bank Debt: Customer Advance) = (24: 35: 41). By March 31, 2016,
firm has incurred total expenditure of INR21 crore towards the
project implementation which largely includes INR15 crore towards
payment for acquisition of land for the project and balance
towards project development.


ADITYA PROMOTERS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aditya Promoters Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable
   Letter of Credit        80        CRISIL A4

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

APL, incorporated in 1987 by Mr. Anand Kumar Khemka,
manufactures, and trades in, gift articles, glasswares,
plasticwares, and other crockery products.  APL is actively
managed by Mr.  Anand Kumar Khemka, Mr. Aruna Khemka Mr.
Vikramaditya Khemka and Mr. Pradeep Kumar Gupta.


ADITYA TIMPACK: CARE Reaffirms B+ Rating on INR8.42cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Aditya Timpack Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.42      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Aditya Timpack
Private Limited continues to remain constrained on account of its
leveraged capital structure, moderately weak debt coverage
indicators and elongated operating cycle. The rating is further
constrained by its operations in the competitive and fragmented
industry as well as susceptibility of profit margins to
fluctuations in raw material prices.

The rating, however, continues to derive strength from the
diversified experience of the promoters and successful
commencement of operations.

ATPL's ability to increase scale of operations, improve
profitability, capital structure, debt coverage indicators and
liquidity position in light of high competitive intensity in the
industry and managing risk associated with fluctuation in the raw
material prices would be the key rating sensitivities.

Navsari-based (Gujarat) ATPL was incorporated in February 2014 as
a private limited company by Mr. Parsottam Patel and Mr. Vasant
Patel. The company has set up a plant for manufacturing of
plastic jumbo bags with an installed capacity of 2,100 metric
tonne per annum (MTPA). The commercial production has started
from August 2015 and FY16 (refers to the period April 1 to
March 31) was first year of operation. Other group entities are
involved into manufacturing of wooden boxes & pallets.

As per the audited results of 8MFY16 (refers to the period
August 1 to March 31), ATPL reported net profit of INR0.03 crore
on a total operating income (TOI) of INR7.48 crore. As per the
provisional results till October 14, 2016, ATPL has achieved a
TOI of INR14.61 crore.


ADVANTAGE ORGANIC: CRISIL Assigns 'D' Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to bank facilities of
Advantage Organic Naturals Technologies Private Limited. The
ratings reflect instances of delay in servicing the term-debt
obligation stemming from weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      18        CRISIL D

   Cash Credit             30        CRISIL D

   Long Term Loan         100        CRISIL D

AONTPL was incorporated in 2007 as a private limited company by
New Delhi based Sachdev family. AONTPL is engaged in setting up
of unit to manufacture organic ready made garments. Mr. Rajiv Rai
Sachdev is the key promoters and is actively engaged in managing
day-to-day operations of the company.


ALLIANCE FIBRES: CRISIL Cuts Rating on INR457.3MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Alliance Fibres Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Negative/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.2       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit           457.3       CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Proposed Long Term    194.7       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Negative')

   Term Loan             150.8       CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

The rating downgrade reflects instances of delay by AFL in
servicing its debt. The defaults were caused by the firm's weak
liquidity on account of decline in scale of operations amid pile
up in inventory levels.

AFL has not cooperated with CRISIL in the surveillance process.
The rating action is based on information from secondary sources,
which CRISIL believes to be reliable.

Incorporated in 2006, AFL manufactures polyester staple fibre
(PSF) and partially-oriented yarn (POY) from waste PET bottles.
The company also manufactures regenerated PET flakes. The Surat-
based company is promoted by Mr. Ashwin Patel and his family
members, and is a part of the Gujarat-based Khodiyar group.


BABA MALLESHWAR: ICRA Suspends B- Rating on INR5.18cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR5.18 crore term loan and INR4.62 crore cash credit
facility of Baba Malleshwar Rice Mill Private Limited. ICRA has
also suspended the short term rating of [ICRA]A4 assigned to the
INR0.2 crore bank guarantee facility and letter of credit
facility (sub-limit of the term loan) of INR2.5 crore of BMRMPL.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BETTERMAN ENGINEERS: ICRA Reaffirms 'B' Rating on INR6cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR6-crore (enhanced from INR5 crore) cash-credit facility of
Betterman Engineers Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 assigned to the INR10-crore
(enhanced from INR8 crore) non-fund based bank limits of BCPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit               6          [ICRA]B reaffirmed

   Non Fund Based
   Limits-Bank Guarantee    10          [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the continued
stretched liquidity position of the company as evident from the
frequent overutilisation of the working capital limits over the
recent past. The ratings are also constrained by low value
addition in the fabrication business, limited bargaining power of
BEPL against large and strong suppliers and customers and stiff
competition in the industry which keeps margins of all the
players, including BEPL, under check. ICRA also notes that BEPL
is exposed to high customer concentration risks, with top three
clients contributing around 94% of the total sales during FY2016.
The ratings, however, positively factor in the increase in
turnover and profits of the company in FY2016 on the back of
higher demand of its products, experience of the promoters in the
fabrication of air pollution control equipments and furnace
components and its established relationship with key customers,
which generate repeat orders. Going forward, the ability of the
company to improve its profitability and prudently manage its
working capital requirements will be the key rating
sensitivities.

Incorporated in 2002, BEPL is involved in the fabrication of air
pollution control equipments and furnace components which are
primarily used in power plants, integrated iron and steel plants,
sugar plants etc. In addition, the company also does fabrication
work on job-work basis. The company has two manufacturing units
at Chamrail and Uluberia in West Bengal.

Recent Results
The company has reported a net profit of INR1.26 crore
(provisional) on an operating income of INR60.07 crore in FY2016
(provisional) compared to a net profit of INR0.31 crore on an
operating income of INR33.81 crore in FY2015.


BHARAT COTTON: CRISIL Suspends B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bharat Cotton Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            40         CRISIL B+/Stable
   Long Term Loan         12.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     27.5       CRISIL B+/Stable

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

Set up in 1998, BCI gins, presses and sells oil seeds. It has a
manufacturing capacity of 300 bales per day at Bhavnagar
(Gujarat). Its day-to-day operations are managed by Mr. Poptabhai
Bhimjibhai Dodiya.


COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR130MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Coastal Consolidated
Structures Private Limited continue to reflect its modest scale
of operations, large working capital requirement and exposure to
intense competition in the civil construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        330        CRISIL A4 (Reaffirmed)
   Cash Credit           130        CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the average financial risk profile,
marked by moderate net worth, moderate gearing and average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of promoters in the civil construction
industry.
Outlook: Stable

CRISIL believes CCSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in the company's revenues and
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in the capital structure
caused most likely by a large, debt-funded capital expenditure or
a stretch in the working capital cycle.

CCSPL, established in 1996 by Mr. M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road
and ports work. It is headquartered in Vijayawada (Andhra
Pradesh).


CYNOSURE MANIK: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cynosure Manik's
Auto Centre (CMAC) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned CMAC's INR70 mil.
fund-based working capital limits a long-term 'IND BB' rating
with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect CMAC's moderate credit profile and narrow
operating EBITDA margins. CMAC's EBITDA margin was 2.8% in FY16
(FY15: 2.3%), net financial leverage (total adjusted net
debt/operating EBITDA) was 5.6x (6.1x) and EBITDA interest
coverage (operating EBITDA /gross interest expenses) was 1.2x
(1.2x). The ratings also take into account CMAC's moderate scale
of operations with a revenue base of INR636 mil. in FY16 (FY15:
INR621m). According to the discussions with the management, the
company recorded revenue of INR394.7 mil. for 6MFY17.

The ratings further reflect CMAC's weak liquidity profile as
indicated by its 101.1% average working capital utilisation
during the 12 months ended September 2016.

The ratings, however, are supported by the promoter's over a
decade of experience in the automobile dealership business. The
ratings also factor in the company's dealership with Maruti
Suzuki Limited as CMAC is its authorised dealer.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: Sustained revenue growth with an improvement in the
EBIDTA margins and credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2003, CMAC is a proprietorship concern engaged in
the dealership of two wheelers. CMAC is an authorised dealer of
Hero Moto Corp Ltd. based in West Bengal. It has a showroom cum
workshop and an additional workshop. The company is managed by
Mr. Samir Kumar Bose.


G.S. ALLOY: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of G.S. Alloy Castings
Limited (GSAC) continues to reflect GSAC's exposure to intense
competition in the castings industry, susceptibility of
profitability margins to volatility in raw material prices, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of its promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4 (Reaffirmed)
   Cash Credit           50          CRISIL B/Stable (Reaffirmed)
   Letter of Credit       2.5        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes GSAC will continue to benefit over the medium
term from the promoter's extensive experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of higher-than-expected cash accrual because
of ramp-up of operations or improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens, most
likely because of decline in profitability, stretch in the
working capital cycle, or larger-than-expected debt-funded
capital expenditure.

Established in 1987 by Mr. Prasad Rao, GSAC manufactures alloy
and steel castings that are used in the heavy engineering
industry. Its plant is in Vijayawada, Andhra Pradesh.


GAURISHANKER ELECTRO: CARE Reaffirms B+ Rating on INR8.26cr Loan
----------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of Gaurishanker Electro Castings Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.26     CARE B+ Suspension
                                           revoked and reaffirmed

Rating Rationale

The rating of Gaurishanker Electro Castings Pvt Ltd continues to
be constrained by small scale of operations, lack of backward
integration vis-a-vis volatility in prices, low profitability
margins and moderately leveraged capital structure, working
capital intensive nature of operations and cyclicality in the
steel industry. The rating, however, continues to draw comfort
from the experience of the promoter with moderate track record of
operations and strategic location of the plant.

Going forward, the ability to improve the scale of operations and
profitability margins and ability to manage working capital
effectively would be the key rating consideration.

GEPL, incorporated in 2001 by Mr. Ramjeet Prasad and Mr. Sunil
Kumar based out of Jharkhand with the objective of manufacturing
of iron & steel products. Since inception, the company is engaged
in the manufacturing of mild steel (MS) bars and the facility of
the company is located at Giridih, Jharkhand, with an annual
installed capacity of 17000 Metric Tonnes per annum for M.S. Bar,
24,000 Metric Tonnes per annum for M.S. Ingot and 2000 Metric
Tonnes per annum for M.S. Scrap.

GEPL, as a part of backward integration initiative, has setup a
MS ingot manufacturing unit on the compound of the existing
plant. MS ingot is the main raw material used for manufacturing
MS bar.

The plant was setup at an aggregate cost of INR5.92 crore, which
was funded at a debt equity mix of 1.03:1. The company has
already incurred the entire cost and at present trial-run is in
process. The plant is likely to commence operation from November
2016.
Mr Sunil Kumar, the Managing Director, looks after the day-to-day
operations of the entity along with experienced personnel.

In FY16 (Audited) (refers to the period April 1 to March 31), the
company has reported a total operating income of INR24.35 crore
(as against INR28.61 crore in FY15) and PAT INR0.08 crore (as
against PAT of INR0.09 crore in FY15). Furthermore, the
management is stated to have achieved total operating income of
INR7.00 crore during 3MFY17.


H.L. PASSEY: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn H.L. Passey
Engineering Pvt Ltd's (HLPEPL) 'IND BB(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended HLPEPL's ratings on 29 February 2016.

HLPEPL's Ratings

   -- Long-Term Issuer Rating: 'IND BB(suspended)' ; rating
      withdrawn

   -- INR55 mil. fund-based limits: 'IND BB(suspended) ; rating
      withdrawn

   -- INR35 mil. non-fund based limits: 'IND A4+(suspended);
      rating withdrawn



H. P. RAJYAGURU: CARE Reaffirms B+ Rating on INR6cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
H. P. Rajyaguru.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B+ Reaffirmed
   Short-term Bank Facilities      4        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of H. P. Rajyaguru
continue to remain constrained on account of its financial risk
profile marked by modest scale of operations, low profit margins,
leveraged capital structure, modest debt coverage indicators and
moderate liquidity during FY16 (refers to the period April 1 to
March 31). The ratings further remained constrained on account of
modest work order book with modest net worth and proprietorship
nature of constitution along with geographical concentration
risk.

The ratings, however, continue to derive benefits from the
extensive experience of proprietor in civil construction and
established track record of operations.

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

Rajkot-based (Gujarat) H.P. Rajyaguru (HPR), incorporated in June
2002 as a proprietorship firm by Mr. Hetalbhai Pravinchandra
Rajyaguru is engaged in civil construction work for various state
government departments located in Gujarat state. The firm is a
registered 'AA' class contractor and is a special category 'I'
class contractor with the government of Gujarat R & B department
for construction work.

During FY16 (A), HPR reported PAT of INR0.89 crore on a TOI of
INR28.52 crore as against PAT of INR0.86 crore on a TOI of
INR27.07 crore during FY15. During H1FY17 (provisional), HPR has
reported TOI of INR13 crore.


HRM OVERSEAS: ICRA Assigns 'B' Rating to INR25cr Cash Loan
----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR25.00 crore
fund based cash credit limits (enhanced from INR10.00 crore) of
HRM Overseas. ICRA also has an outstanding long-term rating of
[ICRA]B on INR4.35 crore term loans (reduced from INR6.00 crore)
and INR0.65 crore (reduced from 1.77 crore) unallocated fund
based limits.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           25.00      [ICRA]B; Assigned/Outstanding
   Term Loans             4.35      [ICRA]B; Outstanding
   Unallocated fund
   based limits           0.65      [ICRA]B; Outstanding


ICRA's ratings continue to be driven by increase in HRM's
operating income in FY2016. However, increase in OI is volume
driven as indicated by decline in realization of basmati rice,
resulting in some erosion of margins in FY2016. ICRA's ratings
continue to factor in HRM's limited track record of operations,
its modest scale, the highly competitive nature of the rice
milling industry and the vulnerability of the firm's
profitability to fluctuations in raw material prices. The rating
continues to be constrained by the firm's leveraged capital
structure due to the firm's large working capital requirements,
which have primarily been funded by working capital borrowings as
indicated by high gearing of 12.35 times as on 31st March 2016
and interest coverage ratio of 1.23 times in FY2016. ICRA's
rating also factors in the partnership constitution of the firm
which exposes it to risks related to capital withdrawal,
dissolution etc. ICRA also takes into account agro climatic
risks, which can impact the availability of the basic raw
material, namely paddy. The ratings, however, derive comfort from
the proximity of the mill to a 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.

Going forward, the firm's ability to bring about a sustained
improvement in profitability and liquidity, will be the key
rating sensitivities.

HRM is a partnership firm and was set up in 2013 by Mr. Mukesh
Kumar, Mr. Ashwani Kumar, Mr. Himanshu Goyal and Mr. Mohit Goyal,
and is engaged in milling of basmati rice. It has a fully
automated plant at Nissing in Haryana, which has a milling
capacity of 12 tonnes per hour and one sortex machine with a
capacity of 8 tonnes per hour. The by-products of the process viz
husk, rice bran and 'phak' are sold in the domestic market.

Recent Results
HRM reported a net profit of INR0.03 crore on an operating income
of INR66.98 crore in FY2016, as against a net profit of INR0.03
crore on an operating income of INR48.66 crore in FY2015.


IA ENERGY: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn IA Energy's
'IND B+(suspended)' Long-Term Issuer Rating. The agency has also
withdrawn the 'IND B+(suspended)' rating on IAE's INR2,305.5
million term loan.

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

Ind-Ra suspended IAE's ratings on 15 February 2016.


IFMR CAPITAL: ICRA Assigns C+ Rating to INR5.62cr Issue
-------------------------------------------------------
ICRA had assigned Provisional [ICRA]A-(SO) rating and Provisional
[ICRA]C+(SO) rating to proposed PTC A1 and PTC A2 issuance by
IFMR Capital Mosec Enigma 2016 backed by micro loan receivables
originated by Intrepid Finance and Leasing Private Limited
(Intrepid), Pahal Financial Services Private Limited (Pahal),
Samasta Microfinance Limited (Samasta), Sambandh Finserve Private
Limited (Sambandh), S.M.I.L.E Microfinance Limited (SMILE),
Svasti Microfinance Private Limited (Svasti), and S V Creditline
Private Limited (SVCL) (collectively referred to as Originators).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   PTC Series A1         106.83         [ICRA]A-(SO)
   PTC Series A2           5.62         [ICRA]C+(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


KOPPAL SOLAR: CRISIL Assigns B+ Rating to INR100MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Koppal Solar Power Projects Pvt Ltd (KSPP).

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

The ratings reflect exposure to risks relating to stabilisation
of its project and dependence on favorable climatic conditions
for power generation. These rating weaknesses are partially
offset by a stable business risk profile supported by a 25-year
power-purchase agreement (PPA) with Gulbarga Electricity Supply
Ltd (GESCOM) and low technology risk.
Outlook: Stable

CRISIL believes KSPP will continue to benefit from its long-term
PPA with customers. The outlook may be revised to 'Positive' if
the project is completed and stabilised in a timely manner and
within the budgeted cost, leading to improvement in the business
risk profile. The outlook may be revised to 'Negative' if there
are delays in execution of the project or lower-than-expected
cash accrual lead to stretched liquidity.

Incorporated in June 2016, KSPP is based in Koppal, Karnataka.
The company is in the process of setting up a 2-megawatt solar
photovoltaic power plant at Sultanpura village, Koppal district.
The project is expected to be commissioned by January 2017. The
company has entered into a 25-year PPA with GESCOM at a price of
INR8.4 per unit.


LAKHO AGRICULTURAL: CRISIL Ups Rating on INR49MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Lakho Agricultural and Food Products Private Limited to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             49        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Cash           46        CRISIL B+/Stable (Upgraded
   Credit Limit                      from 'CRISIL B/Stable')


The upgrade reflects the improvement in LAFPL's business risk
profile driven by increase in revenue and operating margin. The
revenue rose 37% to INR290.6 million in fiscal 2016 from INR212.6
million in fiscal 2015. The operating margin improved to 3.6%
from 3.0%, aided by improved realisation and increase in capacity
utilisation to 70% from 55-60% earlier. CRISIL believes LAFPL
will sustain the improvement in its business risk profile over
the medium term.

The rating reflects LAFPL's small scale of operations, and its
susceptibility to volatility in raw material prices, to changes
in regulations, and to the extent of rainfall. The rating also
factors in the company's below-average financial risk profile
because of small networth and modest debt protection metrics.
These weaknesses are partially offset by its promoters' extensive
experience in the rice milling industry, and its diversified
clientele.
Outlook: Stable

CRISIL believes LAFPL will continue to benefit from its
promoters' extensive industry experience and its diversified
customer base. The outlook may be revised to 'Positive' if the
company substantially scales up operations and improves its
profitability, or if its networth increases, supported by equity
infusion. The outlook may be revised to 'Negative' if there is a
decline in profitability, or significant deterioration in capital
structure on account of larger-than-expected working capital
requirement or large debt-funded capital expenditure.

LAFPL, incorporated in 2011, mills non-basmati parboiled rice.
Its manufacturing facility is in Buxsar, Bihar. Its operations
are managed by its promoter-directors, Mr. Uma Nand Singh and Mr.
Vishal Kumar Singh. LAFPL markets its product under the Lakho
brand.


LEKH RAJ: CRISIL Reaffirms B- Rating on INR150MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lekh Raj Auto
Plaza Private Limited continues to reflect the company's below-
average financial risk profile, a small scale of operations, and
exposure to intense competition in the automotive dealership
business. These weaknesses are partially offset by its strong
track record in the dealership of vehicles of Mahindra & Mahindra
Ltd (M&M; 'CRISIL AAA/Stable/CRISILA1+').

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           150        CRISIL B-/Stable (Reaffirmed)
   Proposed Term Loan      0.5      CRISIL B-/Stable (Reaffirmed)
   Rupee Term Loan        16.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LRPL will continue to benefit from its
association with M&M and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
substantial cash accrual and improvement in capital structure,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' if working capital management deteriorates,
or if the company undertakes large, debt-funded capital
expenditure, adversely impacting its financial risk profile.

LRPL, promoted by Mr. Varun Miglani and his family members, was
incorporated in 2012, and started commercial operations in 2013.
The company is based in Jind and is an authorized dealer for M&M
in Jind. It recently obtained dealership of Hyundai Motors India
Limited (HMIL) in Kaithal and Jind.


LOHCHAB MOTOR: CRISIL Reaffirms B+ Rating on INR70MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lohchab Motor
Company Private Limited continues to reflect below-average
financial risk profile, with small networth, high total outside
liabilities to tangible networth ratio, weak debt protection
metrics and stretched liquidity. These weaknesses are partially
offset by long-term association with Mahindra & Mahindra Ltd
(M&M; rated 'CRISIL AAA/Stable/CRISIL A1+') and Honda Motorcycle
& Scooters India Pvt Ltd (HMSI).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Channel Financing      70       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Lohchab will continue to benefit from its
association with M&M and HMSI. The outlook may be revised to
'Positive' if increase in cash accrual and enhanced capital
structure improve the financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if
substantial debt-funded capital expenditure or inefficient
working capital management weakens the financial risk profile.

Update
Operating revenue is estimated to have declined 16% in fiscal
2016 on account of lockdown because of violence in Rohtak and
temporary order from Supreme Court on banning diesel cars of 2000
cc. Operating income is expected to grow 5-10% over the medium
term driven by the launch of new models by HMSI and M&M; however,
growth will remain moderate as there are no plans to open new
showrooms or workshops. Operating margin - estimated at 2.29% in
fiscal 2016 owing to the trading nature of business - is expected
to remain at 2.30-2.50% over the medium term.

Financial risk profile is below average because of modest
networth, weak debt protection metrics, and high total outside
liabilities to tangible networth ratio. The outsidde liability
ratio - at 3.77 times as on March 31, 2016 - is expected at
3.5-4.0 times over the medium term, due to considerable reliance
on external borrowing, despite the absence of debt-funded capital
expenditure plans. Interest coverage ratio, estimated at 1.36
times for fiscal 2016, is expected to remain moderate at 1.39-1.4
times.

Liquidity is adequate, backed by moderate working capital
requirement; gross current assets are estimated at around 71 days
as on March 31, 2016, driven by moderate inventory and low
debtors of 49 days and 17 days, respectively, leading to average
bank limit utilisation at around 88% over the 16 months ended
March 31, 2016. However, on account of incremental working
capital requirement, utilisation is expected to remain high over
the medium term. Net cash accrual is expected to remain at
INR6.2-7.0 million over this period, against term-debt obligation
of INR4.8 million annually.

Current ratio was weak at around 1 time as on March 31, 2016,
indicating high dependence on external borrowing.

Lohchab was set up in 2009 by Mr. Jitesh Lohchab, and commenced
operations in fiscal 2011. The company is an authorised dealer
for M&M, and has showrooms in Rohtak, Jhajjar and Bahadurgarh
(all in Haryana). It also has a dealership for HMSI motorcycles
and scooters, with showrooms in Rohtak, Sampla and Lakhan Majra
(all in Haryana).


MAA KALI: ICRA Assigns B+ Rating to INR10cr Cash Loan
-----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.58-
crore1 term loan and INR10.00-crore cash credit facility of Maa
Kali Alloys Udyog Private Limited. ICRA has also assigned a
short-term rating of [ICRA]A4 to the INR0.50-crore non-fund based
facility of MKAUPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Term Loan               5.58       [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit            10.00       [ICRA]B+ assigned

   Non Fund Based
   Limit-Bank Guarantee    0.50       [ICRA]A4 assigned

Rating Rationale

The assigned ratings take into account significant debt repayment
obligations in comparison to current cash accruals levels, which
necessitate funding support from the promoters. The ratings are
also constrained by the cyclicality inherent in the steel
industry, which is passing through a weak phase, and has
adversely impacted the average realisation and top-line of the
company in FY2016. Further, the profitability and cash flows
would remain susceptible to inherent volatility in the raw
materials and finished goods prices. The client base of the
company is highly concentrated, with the top ten customers
accounting for more than 60% of the total sales in FY2016. ICRA
also notes that MKAUPL has to face intense competition from large
integrated steel manufacturers and subdued demand from consuming
sectors.

The ratings, however, consider the experience of the promoters in
the steel industry for more than two decades. Besides, MKAUPL's
manufacturing facility in located in close proximity to raw
material sources and its customer base, which provides the
company with a cost advantage in terms of lower freight costs.
ICRA further notes MKAUPL has linkage with the South Eastern
Coalfields Limited, which ensures steady supply of coal.

In ICRA's opinion, the company's ability to improve its
profitability and increase scale of operation and manage its
working capital requirements efficiently would be the key rating
sensitivities going forward.

Incorporated in 2002, Maa Kali Alloys Udyog Private Limited
manufactures sponge iron and MS billets with an annual installed
capacity of 60,000 MT and 56,000 MT, respectively. The
manufacturing facility, located in Raigarh, Chhattisgarh, also
consists of a captive power plant of 8 MW. The sponge iron plant
was started in 2005, whereas the billet and power units were
started in December, 2013.


MADHAV COLD: CARE Assigns 'B' Rating to INR7.95cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Madhav
Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.95       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Madhav Cold Storage
is constrained on account of implementation and stabilization
risk associated with ongoing project along with MCT's presence
into highly fragmented and competitive nature of business. The
rating is also constrained due to its partnership nature of
constitution; risk of delinquency in loans extended to farmers
and business prospects depends on vagaries of nature and
seasonality of business.

The rating, however, derive strength due to experienced partners
in the agricultural industry, proximity to the potato growing
region of Gujarat and eligibility of various fiscal benefits from
the government.

MCS's ability to complete project within envisaged timeline and
cost parameters, quick stabilization of operations along
with achieving envisaged level of sales and profitability will
remain the key rating sensitivities.

MCS was established in April 2016 by Mr.  Sagarbhai Desai and
other farmers of the region. MCS will set up cold storage
facilities at Deesa with total proposed installed capacity of
8700 metric tonne per annum (MTPA). The main objective of setting
up MCS is to preserve potatoes for longer duration. The plant
will be located at Banaskantha which contributes significantly to
agricultural production of the state and ranks first in
production of potatoes in Gujarat. MCS proposes to invest total
cost of INR7.02 crore towards the project which will be funded
through debt-equity mix of 2.9 times.  Commercial production of
the unit will start from February 2017 onwards.


MADHU JAYANTI: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Madhu Jayanti
International Limited's 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended MJIL's ratings on 15 February 2016.

MJIL's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn,

   -- INR450 mil. fund-based limits: 'IND BB(suspended)' and 'IND
      A4+(suspended)'; ratings withdrawn

   -- INR30 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


MAPLE HOTELS: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Maple Hotels &
Resorts Private Limited's 'IND B+(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND B+ (suspended)'
rating on the company's INR142.5 mil. term loan.

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

Ind-Ra suspended MHRPL's ratings on March 2, 2016.


MARGO PLYWOOD: CARE Reaffirms B+ Rating on INR0.30cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
MARGO Plywood Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      0.30      CARE B+ Reaffirmed

   Long-term/Short-term Bank     10.00      CARE B+/CARE A4
   Facilities                               Reaffirmed

   Short-term Bank Facilities     4.21      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Margo Plywood
Private Limited continues to remain constrained on account of its
financial risk profile marked by moderate scale of operations,
moderate profit margins, moderate capital structure and debt
coverage indicators and stressed liquidity position during FY16
(refers to the period April 1 to March 31). The ratings further
remained constrained on account of susceptibility of its profit
margins to volatility in prices along with fortunes of the
company linked to the cyclical real estate sector and any adverse
change in export policy and its presence in the highly fragmented
and competitive wood and wood products industry.

The ratings, however, continue to derive benefits from the
experience of the promoters in wood and wood products industry.

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

Kutch-based (Gujarat) MPPL, incorporated on August 26, 2008 is
promoted by Mr. Sandeep Gupta and Mr. Ajay Gupta. It is engaged
in manufacturing of plywood, block board and flush door with an
installed capacity of 20,00,000 square meters per month as on
March 31, 2016. The company procures raw material (timber logs)
from Taiwan and sells its final products in local market in the
state of Gujarat, Rajasthan, Punjab, Uttar Pradesh andMaharashtra
etc.

MPPL has a team of over 15 marketing professionals in different
states of India to support sales and marketing of its products.

During FY16 (A), MPPL reported PAT of INR0.58 crore on a TOI of
INR35.78 crore as against PAT of INR0.87 crore on a TOI of
INR35.99 crore during FY15. During H1FY17 (provisional), MPPL has
reported TOI of INR27.44 crore.


MEHTA STAR: CRISIL Assigns 'B' Rating to INR51.7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mehta Star Hotels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            2.7        CRISIL B/Stable
   Term Loan             51.7        CRISIL B/Stable

The rating reflects exposure to project implementation-related
risks and to timely stabilisation and commensurate ramp-up in
hotel occupancy during the initial phase. The rating also factors
in expectation of an average financial risk profile because of
the debt-funded project. These weaknesses are mitigated by the
extensive and diversified entrepreneurial experience of promoters
and their funding support.
Outlook: Stable

CRISIL believes MSHPL will continue to benefit from the extensive
and diversified entrepreneurial experience of promoters. The
outlook may be revised to 'Positive' if timely implementation and
stabilisation of the project leads to anticipated revenue,
profitability and cash accrual during the initial phase of
operations. The outlook may be revised to 'Negative' if delay in
the implementation or stabilisation of the project leads to lower
revenue, cash accrual or elongated working capital cycle, thereby
weakening the financial risk profile, especially liquidity.

Established in February 2015, MSHPL is establishing a three-star
hotel along with banquet, gym and club facility in Gaya, Bihar.
Mr. Anup Mehta and Mr. Anil Mehta are its promoters. The hotel
will be named Sukhdeo Palace and is expected to commence
occupancy from December 2016.


MEWAR FABRICS: CARE Reaffirms B+ Rating on INR7.28cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Mewar Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.28       CARE B+ Reaffirmed

Rating Rationale

The rating of Mewar Fabrics Private Limited continues to remain
constrained on account of its modest scale of operations in the
highly competitive and fragmented textile industry and its
financial risk profile marked by continuous decline in the total
operating income (TOI) during the last four financial years ended
FY16 (refers to the period March 31 to April 1), volatile
profitability, weak solvency position and moderate liquidity
profile. The rating is, further, constrained due to stabilization
risk associated with its recently completed project and
susceptibility of the company's profitability to fluctuations in
the raw material prices.

The rating, however, continues to derive strength from long-
standing experience of the promoters in the textile industry
with its established track record of operations and location
advantage by way of proximity to the raw material as well as
customers.

The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient management of working capital
shall be the key rating sensitivities.

Bhilwara-based (Rajasthan) MFPL, was incorporated in 1985, by Mr.
Jagdish Agarwal along with Ms. Kusum Nenavati. MFPL was set up to
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing
work required for the manufacturing of finished fabrics on job
work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics as well as undertakes job work activity for other textile
players. The manufacturing facility ofMFPL is located at Bhilwara
with total of 28 looms having an installed capacity of 13.80
LakhMeters Per Annum (LMPA) as on November 30, 2015. The company
caters to domestic market and sells its products through the
network of its agents located all over India under the brand
name of "Swagat". It procures Polyester Viscose (PV) yarn, key
raw material, from the local Bhilwara market and nearby areas.

During FY16, MFPL has reported a total operating income of
INR7.61 crore (FY15: INR8.18 crore) with a net profit of INR0.30
crore (FY15: INR0.08 crore).


PARAS FROZEN: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Paras Frozen India Foods Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B/Stable

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

Incorporated in 2006, PFFL is a Kashipur-based company engaged in
processing and packaging frozen peas, under its brand, Paras. The
company's operations are currently being managed by Mr. Ashwani
Chabbra, who is the Secretary of All India Frozen Fruits &
Vegetables Manufacturing Association.


R.S. FOODS: CRISIL Assigns 'B' Rating to INR165MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R.S. Foods. The rating reflects the firm's
below-average financial risk profile, weak liquidity and nascent
stage of operations. These weaknesses are partially offset by the
partners' extensive experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Term Loan              165        CRISIL B/Stable

Outlook: Stable

CRISIL believes RSF will continue to benefit over the medium term
from the extensive experience of the promoters. The outlook may
be revised to 'Positive' in case of a timely ramp-up in sales and
higher-than-expected cash accruals during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
in case of lower revenue and cash accrual, a stretched working
capital cycle, or additional, large debt-funded capital
expenditure, adversely impacting the financial risk profile.

Set up in 2015, RSF is setting up a milk processing and milk
powder plant with a capacity of 1 lakh litres per day (lpd) in
Ranchi.


RAHIL COLD: CARE Assigns 'B' Rating to INR3.25cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Rahil Cold
Storage LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.25       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Rahil Cold Storage
LLP is primarily constrained on account of implementation and
stabilization risk associated with ongoing debt funded project
and presence into fragmented and competitive nature of industry.

The rating, however, derive comfort from the experience of the
partners in the agriculture industry, location advantage having
presence into raw material procurement region and availability of
various fiscal benefits from the government.

RCSL's ability to complete project within envisaged time and cost
parameters and achieving envisaged level of sales and
profitability upon quick stabilization of operations will be the
key rating sensitivity.

RCSL was established in July 2013 by Mr. Kaushikbhai Shukla and
Mr. Rahilbhai Shukla. RCSL proposes to set up its cold storage
facilities at Bagodra with total installed capacity of 3500
metric tonne per annum (MTPA). The main objective of setting up
RCSL is to preserve fruits and food produces for longer duration.
The plant will be located at Bagodra which is near to entry point
of Gujarat and Maharashtra. RCSL will complete its green field
project in November 2016 with total cost of INR28.38 crore which
will be funded through debt to equity mix of 2.04 times.
Commercial operations are envisaged to commence from December
2016 onwards.


RAJSHRI CONSTRUCTIONS: CRISIL Reaffirms B+ INR42.5M Loan Rating
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Rajshri Constructions
continues to reflect firm's small scale of operations in the
highly fragmented industry and low operating profitability. It
also factors in average financial risk profile marked by moderate
debt protection metrics and low networth. These weakenesses are
partially offset by the extensive experience of RJC's partners in
the civil construction industry and moderate working capital
requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         42.5      CRISIL A4 (Reaffirmed)

   Overdraft Facility     20.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term      7.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes RJC will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if capital structure improves either through equity
infusion or substantial cash accrual, backed by increase in scale
of operations or profitability or efficient working capital
management. The outlook may be revised to 'Negative' if decline
in revenue and profitability or any large debt-funded capital
expenditure, or increase in working capital requirement or
capital withdrawal weakens the financial risk profile,
particularly liquidity.

Update
Operating income, on provisional basis increased to INR163
million in fiscal 2016 from INR113 million in fiscal 2015 driven
by execution of orders in Uttrakhand and Uttar Pradesh. Revenue
growth is expected to be moderate at 5-7% per annum over the
medium term on account of outstanding orders of INR140 million as
on September 30, 2016. The firm's operating margin for the year
also decreased to 5.8 per cent from 6.3 per cent, on account of
increase in prices of raw material and limited ability to pass on
the higher cost to its clients. Going forward, the operating
margins are expected to remain low due to tender based business.

Working capital requirement is moderate, with gross current
assets of 59-65 days as on March 31, 2016, due to low receivables
and moderate inventory of 1 day and 7 days, respectively.

The financial risk profile remains  average because of high total
outside liabilities to adjusted networth ratio of around 3.2
times as on March 31, 2016 (on provisional basis). Going forward,
the debt protection metrics are expected to remain average as the
firm does not plan any debt-funded capital expenditure over the
medium term.

Cash accrual of INR6-7 million will be sufficient to meet debt
obligation of INR2.4 million in fiscal 2017. Furthermore during
fiscal 2016, funding support from partners reduced to INR9.1
million from INR10.5 million the previous year. The unsecured
loans from partners have been treated as neither debt nor equity.
About the Firm

Set up in 2009 as a partnership firm by Ghaziabad (Uttar
Pradesh)-based Mr. Deepak Goel and Mr. Sanjeev Goel, RJC
undertakes road construction works for municipal authorities and
public works departments. It is a class 'A' contractor for road
projects in Uttar Pradesh and Uttarakhand.


RALCO EXTRUSION: CRISIL Suspends B- Rating on INR38MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ralco
Extrusion Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B-/Stable
   Letter of Credit        15        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      26.9      CRISIL B-/Stable
   Term Loan               38.0      CRISIL B-/Stable

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

REPL, incorporated in 2011, manufactures aluminum panels and
channels that are used in the residential, construction,
transport, power, and consumer goods industries, among others. It
has its manufacturing facility, with capacity of 1800 tonnes per
month (tpm) at Palghar (Maharashtra).


ROBOSOFT TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR4cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR4.0 crore term loan and the short term rating of [ICRA]A4
assigned to the INR4.0 crore fund based facilities of Robosoft
Technologies Private Limited. ICRA has also reaffirmed the long
term rating of [ICRA]B and the short term rating of [ICRA]A4
assigned to the INR5.0 crore proposed facilities of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan                4.0        [ICRA]B reaffirmed

   Fund based limits-
   short term               4.0        [ICRA]A4 reaffirmed

   Proposed facilities      5.0        [ICRA]B and [ICRA]A4
                                       Reaffirmed

The reaffirmation in the ratings takes into account the
vulnerable financial profile of the company marked by low profit
margins, inadequate coverage indicators and high working capital
intensity owing to elongated payment cycle with the customers,
notwithstanding the improvement achieved in the current year
2015-16 with the company turning profitable following the
infusion of private equity of US $ 12.0 million into RTPL and two
other group companies 99Games Online Private Limited and Global
Delight Technologies Private Limited. The ratings also continue
to be constrained by the company's moderate scale of operations
restricting financial and operational flexibility to an extent
and the exposure of the company's profitability to adverse
movements in foreign exchange rates, in view of its sizable
export revenues.

Nevertheless, the reaffirmation of the ratings takes comfort from
the long standing presence of the promoters in the information
technology business and strong relationship with the customers
built over the years that support growth prospects. ICRA also
takes into consideration the strong order book in hand and
growing demand for mobile application developers that support the
revenue visibility going forward. Going forward, the ability of
the company to achieve the targeted improvements in its
profitability and operating cash flows would be the key rating
monitorables.

Robosoft Technologies Private Limited, promoted as a
proprietorship firm in 1996 by the managing director Mr. Rohith
Bhat, was incorporated as a private limited company in July 2005.
The company is engaged in the development of mobile applications,
games software, software for Windows and Macintosh platforms and
enterprise applications among others with mobile applications
contributing to the majority of the revenues in the recent years.
The company had two wholly owned subsidiaries - 99Games Online
Private Limited and Global Delight Technologies Private Limited -
which have been hived off into independent entities after the
private equity infusion by Kalaari Capital (US$2.0 million) and
Ascent Capital (US$10.0 million) in April 2015. The company is
based out of Udupi, Karnataka and has branch offices in Bangalore
and Mumbai.

Recent Results
During 2014-15, the company reported a net loss of INR0.9 crore
on an operating income of INR33.8 crore. As per the unaudited
financials, the company reported a net profit of INR0.06 crore on
an operating income of INR31.9 crore during 9 months 2015-16.


ROLEX CYCLES: CARE Lowers Rating on INR18cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Rolex
Cycles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       18       CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities       6       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Rolex Cycles Private Limited takes into account the ongoing
overdrawals in the fund-based working capital limits and
devolvement of the Letter of Credit limit availed, for a period
exceeding 30 days, due to the stressed liquidity position of the
company.

Rolex Cycles Private Limited incorporated in 1999 is being
promoted by Mr. Ashwini Prabhakar and his wife, Mrs Kanchan
Prabhakar. The company is engaged in the manufacturing of bicycle
components which mainly includes cycle hubs, at its manufacturing
facility located in Ludhiana, Punjab with an installed capacity
of 4 crore units per annum as on September 30, 2015. The major
raw material for manufacturing of hubs is steel rod and nickel
which are procured from local manufacturers and traders in
Ludhiana, Punjab. The company sells its main product i.e. cycle
hubs mainly in the state of Punjab directly to bicycle
manufacturers. Besides RCPL, the group consists of Prabhakar
Cycle Industries which is a partnership firm established in the
year 1954 and engaged in manufacturing of fasteners.

In FY15 (refers to the period April 01 to March 31), RCPL
reported a total operating income of INR108.80 crore with PAT of
INR0.75 crore, as against a total operating income of INR92.95
crore with PAT of INR0.65 crore in FY14. In 6MFY16 (Provisional),
the company had achieved a total operating income of INR58.61
crore.


SANGAT PRINTERS: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sangat Printers
Private Limited (SPPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SPPL's small scale of operations and moderate
credit metrics. FY16 financials indicate revenue of INR197.77
mil. (FY15: INR185.05 mil.). Net leverage (total Ind-Ra adjusted
net debt/operating EBITDAR) was 3.83x in FY16 (FY15:3.50x) and
interest cover (operating EBITDA/gross interest expense) was
2.59x (2.27x).

The ratings factor in SPPLS's tight liquidity position as evident
from its full utilisation of the working capital limits for the
12 months ended August 2016. The company had elongated operating
cycle of 117 days during FY16 (FY15: 84 days).

The ratings, however, are supported by SPPL's comfortable EBITDA
margins of 14.52% (FY15:14.62%) coupled with  promoters'
experience of two decades in the paper and packing industry
leading to strong and reputed customer base.

RATING SENSITIVITIES

Negative: Deterioration in the overall credit metrics and any
further stretch on liquidity could lead to negative rating
action.

Positive: Significant improvement in revenue along with
sustaining/improvement its credit profile could be positive for
the ratings.

COMPANY PROFILE

SPPL was incorporated in 1994 by Mr. Sarabjit Singh and Ms.
Malveen Kaur. SPPL is engaged in printing of food packaging
materials, magazines, banners, and cartons. The company has two
servicing facilities in Haryana and one each in Delhi and
Hyderabad.

SPPL achieved revenue of INR100 mil. in 1HFY17.

SPPL's ratings:

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

   -- INR16 mil. term loan: assigned 'IND BB-'/Stable

   -- INR45 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable/'IND A4+'

   -- Proposed INR1 mil. fund-based limits: assigned 'Provisional
      IND BB-'/Stable/'Provisional IND A4+'*

*the ratings are provisional and the final rating will be
assigned subject to execution of sanction letter for the above
facilities.


SARADAMBIKA POWER: CRISIL Raises Rating on INR266MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term facilities of
Saradambika Power Plant Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and assigned a short-term rating of
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       5.2        CRISIL A4 (Reassigned)
   under Letter of
   Credit

   Funded Interest       43.6        CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

   Long Term Loan       266.0        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Open Cash Credit      35.0        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital       51.2        CRISIL B+/Stable (Upgraded
   Demand Loan                       from 'CRISIL B/Stable')

   Working Capital       49.0        CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

The upgrade reflects larger-than-expected revenues and
profitability aided by large plant load factor (PLF) supported by
the stabilisation of biomass power plant. Also, increased tariff
has resulted in improved operating efficiencies. Revenues
improved to INR333.9 million in fiscal 2016 from INR37 million in
fiscal 2015 on account of improved PLF to 85% from 74%, increase
in tariff from INR6.1 to INR6.7 per unit in fiscal 2017 and
availability of working capital. Over the medium term, SPPPL is
expected to sustain its healthy revenues aided by healthy PLF and
improved tariff.

The ratings reflect SPPPL's modest scale and working capital
intensive nature of operations, geographical and customer
concentration in revenue profile, exposure to volatility in raw
material prices and weak financial risk profile marked by high
gearing, weak debt protection metrics and modest networth. These
weaknesses are partially offset by the benefits derived from the
extensive experience of the promoters in the power generation
industry and the revenue visibility supported by its power
purchase agreement with the Maharashtra State Electricity Board.
Outlook: Stable

CRISIL believes SPPPL will benefit over the medium term from its
experienced promoters and long-term offtake agreement. The
outlook may be revised to 'Positive' in case of an improvement in
revenue, profitability and working capital cycle. The outlook may
be revised to 'Negative' if low revenue and profitability or
large debt-funded capital expenditure programme, or stretch in
working capital cycle weakens the financial risk profile.

Incorporated in August, 2004 and based in Srikakulam (Andhra
Pradesh), SPPPL operates a biomass power plant with installed
capacity of 10 megawatt-located in Chandrapur district
(Maharashtra). The company commenced commercial operations in
June 2008 and is promoted by Mr. B Govinda Rajulu. His son Mr. B
Satya Srinivasa manages the operations.


SATRAMDAS AND CO: CRISIL Assigns C Rating to INR100MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Satramdas and Co. (SAC; part of the Agicha
group) and has assigned its 'CRISIL C/CRISIL A4' ratings to the
firm's bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        70        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Working Capital        100        CRISIL C (Assigned;
   Term Loan                         Suspension Revoked)

CRISIL had suspended the rating on the long-term facility on
September 30, 2013, as SAC had not provided the necessary
information for a rating review. The firm has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

The rating reflects the Agicha group's weak financial risk
profile because of subdued capital structure and debt protection
metrics, its large working capital requirement, and modest scale
of operations in the highly fragmented timber trading business.
The ratings also factor SAC's relatively small scale of
operations, and weak liquidity with cash accrual expected to be
insufficient to meet debt obligations over the medium term. These
weaknesses are partially offset by the extensive industry
experience of the group's promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAC and Jawahar Saw Mills Pvt Ltd
(JSMPL). The entities, together referred to as the Agicha group,
are managed by the same promoter family, and trade in the same
product. There have been instances of financial transactions
between them, and they share infrastructure, and procurement,
finance, and management teams.

The Agicha group, founded by the Agicha family in 1956, trades in
timber logs. Its operations are managed by Mr. Manohar Agicha.


SATYANARAYAN COLD: CARE Assigns 'B' Rating to INR7.65cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Satyanarayan Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.65      CARE B Assigned

Rating Rationale

The ratings assigned to the bank facilities of Satyanarayan Cold
Storage is constrained on account of implementation and
stabilization risk associated with the ongoing project along with
SCS's presence into highly fragmented and competitive nature of
business. The rating is also constrained due to its partnership
nature of constitution; risk of delinquency in loans extended to
farmers and business prospects depends on vagaries of nature and
seasonality of business.

The ratings, however, derive strength due to experienced partners
in the agricultural industry, proximity to the potato growing
region of Gujarat and eligibility of various fiscal benefits from
the government.

SCS's ability to complete project within envisaged timeline and
cost parameters, quick stabilization of operations along with
achieving envisaged level of sales and profitability will remain
the key rating sensitivities.

SCS was established in April 2016 by Mr.  Dineshkumar Shankhala
and other farmers of the region. SCS will set up its cold storage
facilities at Deesa with total proposed installed capacity of
8,100 metric tonne per annum (MTPA). The main objective of
setting up SCS is to preserve potatoes for longer duration. The
plant will be located at Banaskantha which contributes
significantly to agricultural production of the state and ranks
first in production of potatoes in Gujarat. SCS will complete its
green field project in February 2017 with total cost of INR6.66
crore which will be funded through debt-equity mix of 2.08 times.
Commercial operations of the unit will start from February 2017
onwards.


SHAKTHI TECH: CRISIL Suspends B+ Rating on INR65MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shakthi Tech Manufacturing Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable
   Packing Credit          10        CRISIL A4
   Term Loan               65        CRISIL B+/Stable

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

Incorporated in June 2013, STMPL is engaged in machining and sale
of automotive and valve components. The company derives around 50
per cent of its revenue from exports to the USA, Italy, and
Belgium and the remaining 50 per cent from domestic sales.
STMPL's daily operations are managed by its managing director,
Ms. Usha Angou.


SHEIKH FARID: CRISIL Suspends B+ Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sheikh
Farid Automobiles Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable

   Rupee Term Loan         40        CRISIL B+/Stable

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

SFAL, set up in 2011 by Mr. Vivek Garg, started operations in May
2012. The company is an authorised dealer of M&M's entire range
of passenger and utility vehicles, including XUV500, Scorpio,
Xylo, Bolero, Verito, Maxximo, Quantro, and Rexton. SFAL operates
two showrooms on the 3S format (sales, service, and spares) in
Ferozepur and Abohar, and three sales outlets in Faridkot,
Bathinda, and Fazilka (all in Punjab).


SHIVSHAKTI BARRELS: CRISIL Reaffirms 'B' Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL's ratings on bank facilities of Shivshakti Barrels Private
Limited continues to reflect SBPL's large working capital
requirement, small scale of operations, and weak financial risk
profile because of average gearing and subdued debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive experience in the steel barrels industry and its
established relationships with customers and suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        13.5       CRISIL A4 (Reaffirmed)
   Cash Credit           45.0       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SBPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if scale of operations
increases significantly and operating margin remains steady,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates because of large debt for capital expenditure or
working capital requirement, or decline in operating
profitability.

Incorporated in 2000, SBPL manufactures steel barrels. Its
manufacturing facility is at Halol in Vadodara (Gujarat). The
company is promoted and managed by Parihar family and has
capacity to produce 25,000 barrels per months.


SKS POWER: CARE Reaffirms 'D' Rating on INR4,301.89cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and
instruments of SKS Power Generation (Chhattisgarh) Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   4,301.89     CARE D Reaffirmed

   Long-term/Short-term Bank
   Facilities (NFB- LC/BG)       301.00     CARE D Reaffirmed

   Non-Convertible Debentures     31.00     CARE D Reaffirmed

   Proposed Non-Convertible
   Debentures                    227.74     CARE D Reaffirmed

Rating Rationale
The ratings of SKS Power Generation (Chhattisgarh) Limited
continue to reflect the on-going delays in servicing of debt
obligations by the company on account of delays in project
completion along with cost over-run.

SPGCL promoted by the SKS group is a 51% subsidiary of SKS Ispat
and Power Limited. SPGCL is setting up a thermal power plant with
capacity of 1,200 MW(4x300 MW) in the State of Chhattisgarh based
on domestic coal in two phases of 600 MW each.

SPGCL is currently executing Phase I (600 MW) of the project.
Phase II of the project has currently been delayed because
of non-availability of full form (PPA) and pending tie-up of
equity funding.

Status of project

Total project cost stood at INR5,240 crore (Rs.8.73 crore/MW) in
FY16 (refers to the period April 1 to March 31; which is funded
by senior debt of INR3,751 crore, sub debt of INR551 crore and
balance equity). However, the revised project cost stands at
INR5,700 crore (Rs.9.5 crore/MW) which the lenders are yet to
approve. Original project cost was INR3,787.2 crore. The project
is expected to be completed by June 2017 as against the original
scheduled completion date of June 2014.


SOCIAL CHANGE: CRISIL Reaffirms 'D' Rating on INR335MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Social Change and
Development Trust (SCAD) continue to reflect instances of delay
in servicing its term debt; the delays have been caused by the
SCAD's weak liquidity arising from mismatches in its cash flows.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit/
   Overdraft facility      335       CRISIL D (Reaffirmed)

   Long Term Loan          148       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       15.2     CRISIL D (Reaffirmed)

The trust is also susceptible to regulatory changes, intense
competition in the education sector, and geographical
concentration in its revenue profile. However, it benefits from
its established market position in Tamil Nadu.

SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr Cletus
Babu. It operates various institutes offering graduate and
postgraduate courses.


SRI MURARI: ICRA Assigns B+ Rating to INR9.0cr Cash Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR9.00
crore cash credit facility of Sri Murari Pavan Agrotech.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             9.00         [ICRA]B+ assigned

The rating are constrained by the weak financial profile
characterized by low profitability on account of limited value
additive nature of the business, high gearing levels (5.34 times
as on 31st March 2015) and low coverage indicators. The ratings
are further constrained by highly fragmented nature of the
ginning industry resulting in limited pricing power of the firm,
vulnerability of profitability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton, crop harvest and government regulations on minimum
support price (MSP) and risk arising from partnership nature of
the firm.

The rating, however, is supported by the established track record
of the promoters with about two decades of experience in cotton
ginning industry and proximity of the manufacturing unit to
cotton growing areas thereby aiding in easy availability of raw
cotton and lower transportation costs.

Going forward, ability of the firm to maintain its scale of
operations while improving profitability and effectively manage
working capital requirements would remain key rating
sensitivities.

Sri Murari Pavan Agrotech was incorporated in 2015 as a
partnership firm and is based out in Nandyal town of Kurnool
district, Andhra Pradesh and is involved in the ginning &
pressing of raw cotton to produce cotton lint & seeds. The firm
has 24 gins and one pressing unit. The current capacity of the
plant is 48000 bales of lint per annum. The operations are
currently managed by Mr. B. Srihari and his family members who
have more than 20 years of experience in ginning Industry.

Recent results
SMPA has reported an operating income of INR88.37 crore and net
profit of INR0.11 crore in FY2016


STARBURST MOTORS: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Starburst Motors
Private Limited a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SMPL's moderate credit profile and low
operating EBITDA margins. SMPL's EBITDA margin was 3.5% in FY16
(FY15: 5.3%), net financial leverage (total adjusted net
debt/operating EBITDA) was 10x (9.2x) and EBITDA interest
coverage (operating EBITDA /gross interest expenses) was 1.1x
(1.2x). The ratings also take into account SMPL's moderate scale
of operations with a revenue base of INR707 mil. in FY16 (FY15:
INR398 mil.). According to the discussions with the management,
the company recorded revenue of INR315 mil. for 6MFY17.

The ratings also reflect SMPL's moderate liquidity profile as
indicated by its 96.82% average working capital utilisation
during the 12 months ended September 2016.

The ratings, however, are supported by the promoters' over a
decade of operating experience in the automobile dealership
business. The ratings also factor in the company's dealership
with Maruti Suzuki India Limited as SMPL is its authorised
dealer.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: Sustained revenue growth with an improvement in the
EBIDTA margins and credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2012, West Bengal based SMPL is an authorised
dealer of Maruti Suzuki. SMPL undertakes the sale of new and used
passenger motor vehicles. The company has nine rented showrooms
and two owned service centres.

The company is managed by two of its experienced directors
namely, Samir Kumar Bose and Shantanu Bose.

SMPL's ratings

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

   -- INR46.31 long-term loan: assigned 'IND B+'/Stable

   -- INR100 mil. fund-based facilities: assigned 'IND B+'/Stable


SUDHIR FOOD: CRISIL Reaffirms B+ Rating on INR120MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Sudhir Food Products India Ltd (SFPIL) to CRISIL B+/Stable.
CRISIL is withdrawn its rating on the proposed long term bank
loan facility of Rs120 million in line with CRISIL's policy.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     120       CRISIL B+/Stable (Withdrawal)

CRISIL's ratings on the bank facilities of SFPIL continue to
reflect moderate operating profit leading to adequate cash
accruals. The rating also factors in SFPIL's modest financial
risk profile, marked by moderate net worth and average debt
protection metrics, its small scale of operations in the
fragmented wheat processing industry, and high dependence on its
key raw material, wheat. These rating weaknesses are partially
offset by its promoters' extensive industry experience, and
established and extensive network of suppliers, dealers, and
customers.
Outlook: Stable

CRISIL believes that SFPIL's financial risk profile will remain
modest on account of low profitability leading to low accretion
to reserves over the medium term. However, SFPIL's business risk
profile will benefit from its promoters' extensive experience.
The outlook may be revised to 'Positive' in case SFPIL reports
substantially better-than-expected revenue and profitability
leading to sizeable accretion to reserves. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
any large debt-funded capital expenditure programme or it faces
significant pressure on its profitability, thereby weakening its
financial risk profile.

Update
Operating income increased to INR327 million in fiscal 2016 from
INR255 million in fiscal 2015, driven by a increase in the price
of raw material (wheat) and consequently higher realization on
finished goods. Sales growth is expected to be moderate at 3-5%
per annum per annum over the medium term on account of an
established industry presence and clientele base. Operating
margin was at 3.5% in fiscal 2016, and is likely to remain at
this level.

The financial risk profile remains average because of a moderate
interest cover of 2.2 times as on March 31, 2016 & low networth
of INR4.4 million as on March 31, 2016. Working capital
requirement is moderate, as indicated by gross current assets of
65-80 days as on March 31, 2016, driven by substantial inventory
of 40-50 days and receivables of 30-45 days.

Liquidity is adequate because of sufficient cash accrual of INR5-
6 million as against nil debt obligation in fiscal 2017. The cash
credit facility was utilised at an average of 75% over the 12
months through July 2016.

Incorporated in 1996 and managed by Mr. Subodh Kumar Agarwal,
SFPIL processes wheat to manufacture maida (refined flour), suji
and atta (unrefined flour). The products are sold in packages
weighing 25 kilogrammes (kg), 50 kg, and 90 kg under the Bharat
No 1 and Bharati Rani brands. The company is based in Etah.


TECHNICO STRIPS: CRISIL Ups Rating on INR177.5MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Technico Strips and Tubes Private Limited (TSTPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the short-
term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            177.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       112.5      CRISIL A4 (Reaffirmed)

   Term Loan               90.0      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')


The rating upgrade reflects CRISIL's belief that the company will
sustain its improved business and financial risk profiles,
particularly liquidity, over the medium term. Liquidity improved
because of sufficient cash accrual to meet repayment obligation.
Liquidity was further supported by enhancement in the fund-based
limit by INR47 million. Operating profitability improved 10.8% in
fiscal 2016 from 10.1% in the previous fiscal. The business risk
profile will remain supported by the extensive experience of the
promoters in the steel forgings and automotive ancillary
industry, and established relationship with clients.

The ratings continue to reflect weak liquidity because of low
cash accrual vis-a-vis debt obligation and large working capital
requirement. The ratings also factor in a small scale of
operations and limited track record in the steel tubes and pipes
industry. These rating weaknesses are partially offset by the
extensive industry experience of the promoters, established
relationship with customers, and a moderate capital structure.

For arriving at the ratings, CRISIL has considered unsecured
loans of INR154 million from promoters as on March 31, 2016, as
neither debt nor equity. This is because the loans are interest-
free and will be retained in the business over the medium term.
Outlook: Stable

CRISIL believes TSTPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' in case of substantial
and sustained increase in revenue, while profitability margins
are sustained. The outlook may be revised to 'Negative' if the
financial risk profile weakens substantially because of large
debt-funded capital expenditure or working capital requirement.

TSTPL, promoted by Mr. Ajay Gupta, commenced commercial
production of electric-resistance welded steel tubes in September
2008 and of cold-drawn welded steel tubes in the third quarter of
fiscal 2010.


TEKNOTUFF GLASS: CARE Hikes Rating on INR6.39cr LT Loan to BB-
--------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Teknotuff Glass Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.39      CARE BB- Revised from
                                            CARE B+
   Short-term Bank Facilities     0.30      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of Teknotuff Glass Pvt. Ltd. takes
into cognizance improvement in the financial risk profile in FY16
(refers to the period April 1 to March 31) vis-a-vis FY15 (refers
to the period December 1, 2014 to March 31, 2015) marked by
improvement in total operating income, gross cash accruals,
profit margin, capital structure and debt service coverage
indicators on the back of the first full year of operation of the
company. However, the ratings continue to be constrained by
nascent stage of operations, operating margins being susceptible
to changes in raw material prices and fuel prices, presence in
highly competitive and fragmented industry and working capital
intensive
nature of operations. The ratings, however, continue to draw
comfort from the experience of the promoters and moderate
marketing network.

Going forward, the ability of the entity to improve its scale of
operations along with profit margins and effective working
capital management would be the key rating consideration.

TGPL was incorporated in July 2013 by the Agarwal family of
Patna, Bihar, with Mr. Arun Kumar Agarwal being the main
promoter. The company is engaged in the manufacturing of
toughened glass with an installed manufacturing capacity of
2,073,600 square feet per annum and the product is primarily used
in the real estate industry. TGPL has undertaken a project to set
the unit at Didarganj, Patna, and the unit started commercial
operation since December 2014.

In FY16 (A), the company has reported a total operating income of
INR13.96 crore (as against INR1.85 crore in FY15) and PAT of
INR0.28 crore (as against net loss of INR0.58 crore in FY15).
Furthermore, the management is stated to have achieved a total
operating income of INR4.00 crore during 3MFY17.


THERMOSOL GLASS: CRISIL Reaffirms B+ Rating on INR293.6MM Loan
--------------------------------------------------------------
CRISIL has revised its rating outlook on long-term bank
facilities of Thermosol Glass Pvt Ltd to 'Negative' from
'Stable', while reaffirming the rating at 'CRISIL B+'; the rating
on the short-term facilities has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4 (Reaffirmed)

   Cash Credit            130        CRISIL B+/Negative (Outlook
                                     revised from 'Stable' and
                                     rating reaffirmed)

   Long Term Loan         293.6      CRISIL B+/Negative (Outlook
                                     revised from 'Stable' and
                                     rating reaffirmed)

The outlook revision reflects significant delay in commencement
of commercial operations,  as the ongoing concentrated solar
power (CSP) project of a group company, Cargo Solar Power
(Gujarat) Pvt Ltd (Cargo Solar; rated 'CRISIL BB-/Negative') was
not commissioned on time.  Cargo Solar, a key customer for TGPL,
has postponed the expected commercial operation date for the CSP
plant to December 2018, from the earlier estimate of June 2016.
The parabolic mirrors manufacturing plant was commissioned in
August 2014, but operations are yet to reach a significant scale.
While TGPL is making efforts to secure orders from other CSP
plants, it could take longer time for operations to break-even
and for generation of adequate cash flows. However, CRISIL
believes that promoters will continue to extend financial support
until operations stabilise, and thus ensure that debt obligations
are serviced on time.

The ratings also reflects the weak demand scenario for parabolic
mirrors,  given the limited development in concentrating solar
technologies. The ratings also factor in susceptibility to risks
related to debt contracted for the project. These rating
weaknesses are partially offset by timely financial support from
promoters.
Outlook: Negative

CRISIL believes that the credit risk profile will remain
constrained, owing to increased risks related to stabilisation of
plant operations. Nevertheless, continued funding support from
promoters could help mitigate such risks. The ratings may be
downgraded in case of the company's inability to garner orders
for parabolic mirrors, extended delays in scale-up of operations,
or continued cash losses. The outlook may be revised to 'Stable'
in case of better-than-expected operating performance, most
likely aided by better capacity utilisation. The rating will also
remain sensitive to continued support extended by promoters to
ensure timely servicing of debt obligations.

TGPL was incorporated in March 2011 to set up a glass-processing
unit in the Kutch district of Gujarat, primarily to supply
parabolic mirrors to CSP plants. The unit is estimated to have
installed capacity of 1.1 million square metres (sqm) per annum.

The project has been commissioned at an estimated cost of INR864
million, funded through debt of around INR460 million, promoters'
contribution of around INR280 million, and the remaining through
credit from suppliers. External debt is likely to be replaced
with contribution from promoters over the medium term. As on June
30, 2016 external debt and credit from suppliers was around
INR204 million and INR84 million respectively.

TGPL is a part of Ahmedabad-based Cargo group, and a wholly-owned
subsidiary of flagship company, Cargo Motors Pvt Ltd (CMPL). The
Cargo group is promoted by Mr. Jayant Nanda and his family
members. CMPL, established in 1959, is one the largest dealers of
commercial vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+') in Gujarat.


UNICORN PETROLEUM: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unicorn Petroleum
Industries Pvt Ltd continue to reflect the company's modest scale
of operations, and susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rates.
These weaknesses are partially offset by its promoters' extensive
experience in the refined petroleum products industry, and its
healthy financial risk profile because of comfortable debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      120        CRISIL A4 (Reaffirmed)
   Packing Credit          5        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes UPIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports higher-than-expected
cash accrual, backed by increase in revenue and profitability,
and maintains its working capital cycle, resulting in a better
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile deteriorates because of a decline
in revenue and profitability, or a stretch in working capital
cycle, or larger-than-expected debt-funded capital expenditure,
leading to pressure on liquidity.

UPIPL was originally established in 1967 as a partnership firm by
Mumbai-based Rathi family, and was reconstituted as a private
limited company in 1993. The company manufactures and trades in
petroleum jelly, liquid paraffin, waxes, and aromatic solvents,
primarily used in the pharmaceuticals, cosmetics, pesticide, and
agrochemicals industries. Its operations are managed by Mr.
Pramod Rathi and Mr. Rajesh Rathi.


URBANEDGE HOTELS: CRISIL Suspends 'D' Rating on INR1.42BB Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Urbanedge Hotels Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             72        CRISIL D
   Long Term Loan        1428        CRISIL D

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

UHPL was jointly set up in 2006 by Citigroup Property Investors
and Auromatrix Hotels Pvt Ltd. The company operates four hotels -
one each in Chennai, Bengaluru, Coimbatore (Tamil Nadu), and
Ahmedabad (Gujarat) - under the brand, Aloft.


VINAYAK INTERNATIONAL: ICRA Rates INR20cr Cash Loan at B+
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 to the INR30 Crore bank limits of Vinayak
International.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash credit             20.00       [ICRA]B+ (assigned)
   Letter of credit        10.00       [ICRA]A4 ( assigned)

ICRA's assigned ratings take into account Vinayak International's
moderate scale of operations and its financial profile
characterised by high gearing (2.97 times as on March 31, 2016),
moderate profitability and weak coverage indicators (interest
coverage of 1.84 times in FY2016). ICRA notes that the firm faces
high client concentration risk, with top five customers
contributing 54% of the total sales in FY2016, along with stiff
competition because of low technological complexity of the
manufacturing process and low capital intensity of the industry.
However, ICRA draws comfort from the long experience of the
promoter in the steel industry and healthy return indicators as
on March 31, 2016.

The ability of the company to increase its scale of operations in
a profitable manner and effectively manage its working capital
requirement will be the key rating sensitivity.

Incorporated in the year 2005, Vinayak International is a
proprietorship concern of Mr. Vikas Agarwal. It manufactures and
processes (i) cold rolled sheets (CR sheets/coils) used in
manufacturing of bicycles, furniture, electrical panels etc (ii)
hot-rolled sheets (HR sheets/coils) used in construction
industry, manufacturing of bicycles frames, engineering and
military equipments, LPG cylinders, shuttering plates etc and
(iii) galvanized plain coils (GP Coils) used in manufacturing of
automobiles, washers etc. Along with this, the firm also
generates wind energy. Located at Khala site in Jaisalmer, the
unit has an installed capacity of 600 Kw and was established in
November, 2015.

Recent Results
In FY2016, Vinayak International reported a net profit of INR0.40
crore on an operating income of INR49.02 crore, as against a net
profit of INR0.18 crore on an operating income of INR42.75 crore
in the previous year.


VKN LAKSHMI: CRISIL Assigns 'B' Rating to INR50MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of VKN Lakshmi Agro Foods Private Limited (VKN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          50        CRISIL B/Stable
   Secured Overdraft
   Facility                50        CRISIL B/Stable

The rating reflects exposure of the company, to risks inherent in
implementation of its ongoing project and the below average
financial risk profile marked by low net worth and high gearing.
These rating weaknesses are partially offset by extensive
experience of the promoters in the dairy industry.
Outlook: Stable

CRISIL believes that VKN will continue to benefit over the medium
term from the promoters' extensive industry and entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company records higher than expected revenues profitability
resulting in improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is any time or
cost overrun in the project or if the ramp up in operations is
slower than expected, leading to deterioration in financial
profile.

VKN was incorporated in the year 2015 in order to set up a dairy
farm with 1000 cows and sell organic milk. The company is based
out of Chennai. VKNis promoted by Mr. Natesan Krishnan and his
family members and expects to commence commercial operations from
April 2017.


WALLCERA TILES: CRISIL Suspends B+ Rating on INR71.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Wallcera Tiles Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        12.5        CRISIL A4
   Cash Credit           40          CRISIL B+/Stable
   Term Loan             71.5        CRISIL B+/Stable

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

WTPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Dhaval Padsumbia, Mr. Manish Savsani, and Mr. Divyesh
Patel. The company manufactures wall tiles at its facilities, in
Morbi. It commenced commercial operations in September 2014.



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


ARCH FINANCE 2007-1: Moody's Cuts Rating on Repack Deal to Ba3
--------------------------------------------------------------
Moody's Japan K.K. has downgraded to Ba3 (sf) from Ba2 (sf) the
rating on Arch Finance Limited's repackaged deal.

The affected rating is:

Deal Name: Arch Finance Limited Series 2007-1 Reverse Dual
Currency Loan

  JPY12,363,538,000 Series 2007-1 Reverse Dual Currency Loan,
   Downgraded to Ba3 (sf); previously on Sept. 27, 2016, Ba2 (sf)
   Placed Under Review for Downgrade

                         RATINGS RATIONALE

Today's rating action follows Moody's rating action on the
collateral asset on Nov. 1, 2016.  The rating on the collateral
asset has been downgraded by one notch.

The rating on the deal had been under review for downgrade since
Sept. 27, 2016, due to Moody's review of the rating on the
collateral.

The rating of the transaction mainly reflects the credit quality
of the collateral asset, the credit quality of the swap
counterparty, and the strength of the transaction structure.

If the ratings on the collateral asset and swap counterparty
change, the rating on the loan may also change.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" (Japanese) published in
June 2015.

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

Factors that could lead to a ratings downgrade or upgrade are a
deterioration or improvement in the credit quality of the
collateral asset and the swap counterparty.

Loss and Cash Flow Analysis:

Moody's quantitative analysis focuses on the risks relating to
the credit quality of the assets backing the repack and of the
counterparties.  Moody's generally determine the expected loss
posed to securities holders by adding together the severities for
loss scenarios arising from either collateral asset default, and
if applicable, swap counterparty risk, each weighted according to
its respective probability.  Moody's then translates the expected
loss to a rating using its idealized loss rates.



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


CANTERBURY LEATHER: Former Ugg Boot Manufacturer in Receivership
----------------------------------------------------------------
Amanda Cropp at Stuff.co.nz reports that a company that was once
New Zealand's largest producer of so-called "ugly boots" is in
receivership.

A Canterbury Leather International (CLI) newsletter to customers
advertised a receivership sale as a last chance to buy the
discounted product and said all stock had to go, Stuff.co.nz
says.

According to the report, Companies Office said Canterbury Leather
International was placed in receivership on October 17.

A CLI staff member referred Stuff to receiver Geoff Brown at
Rodgers Reidy, but he was unavailable to comment.

In its hey day the Christchurch factory custom-made 40 pairs of
boots for talk show host Oprah and her team, and its fluffy
footwear found favor with celebrities such as Tom Cruise, Pierce
Brosnan and Cher, Stuff.co.nz says.

The company was founded in 1974 by Doug and Gill Price to
manufacture sheepskin items, primarily for the export market. In
the 1980s CLI formed an alliance with Brian Smith, the original
founder of UGG Holdings and the UGG Australia brand, which was
later bought by Deckers.

Ian Hunter bought CLI in 2009 and the following year launched
premium handcrafted sheepskin apparel under the Dominion brand in
Italy, Korea, Japan, Russia and the US.

But 55 staff were laid off from the Christchurch factory after it
lost a major contract in 2011.

Stuff.co.nz relates that the company made its last boots for UGG
Australia after Decker Outdoor Corporation, which trade marked
the word "ugg" and owns the UGG Australia brand, moved New
Zealand production to China.

CLI continued to sell the popular sheepskin boots under the
Canterbury Sheepskin and Dominion brands, but could not use the
word ugg in its branding or advertising, Stuff.co.nz adds.



PUMPKIN PATCH: Receivership Sparks Dispute Over Entitlements
------------------------------------------------------------
Emily Stewart at ABC News reports that a dispute around
entitlements is growing at clothing retailer Pumpkin Patch.

The New Zealand-based board admitted the company was 'over-
leveraged', and in the interest of stakeholders put the company
into voluntary administration. The same day, its major creditor
ANZ bank appointed receivers Korda Mentha, the reports says.

ABC News relates that Pumpkin Patch still has a large Australian
footprint, with 1,000 staff across 117 stores. It has 43 retail
stores and 600 workers in New Zealand.

But a complicated company structure means 170 workers in its
Auckland head office and the distribution centre are likely to
miss out on their entitlements, according to ABC News.

Under New Zealand law, stock must be sold to cover employee
entitlements which are capped at NZ$22,000 per person, ABC News
discloses.

But Pumpkin Patch Originals owns the stores and stock, while head
office workers are employed by Pumpkin Patch Limited, which owns
nothing.

"Numbness and shock turned to absolute anger," ABC News quotes
First Union secretary Robert Reid as saying. "They are really
pissed off that those people who work in head office here are not
going to get entitlements they should get under New Zealand law
because of the way the company has structured itself."

But the receivers Korda Mentha said the "structure is not
unusual" and does not believe there was an intention to defeat
any people's interests, the report relates.

According to ABC News, the union said the retail workers are not
unionised and will not be entitled to redundancy payments either.
In another blow, many had bought company share options worth
thousands of dollars.

"Some have been here almost since the beginning, some have got
16-20 years service," Mr. Reid, as cited by ABC News, said.
"They're a pretty loyal group of workers and certainly many of
them have taken the companies share options. Now they're holding
shares which they have paid for out of their own money and are
now worthless."

The company's value has dwindled from NZ$230 million in 2013 to
just NZ$10 million. Last year, in the first year of a four-year
turnaround plan, it made a NZ$15 million dollar loss, down
70%, adds ABC News.

                       About Pumpkin Patch

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

On Oct. 26, the Board of Pumpkin Patch has placed the company
into Voluntary Administration under Part 15A of the Companies Act
1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.



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


SINGAPORE: Defaults Show Weak Points in City State Bond Plumbing
----------------------------------------------------------------
Daniel Stanton at Reuters reports that a recent spate of defaults
in the Singapore bond market has triggered calls for a reform of
the city state's depository system, which makes it harder for
bondholders to enforce their rights than in the global market.

Investors have struggled to demand immediate repayment from
issuers in default, and many have blamed trustees for seemingly
delaying the process, Reuters says.

Holders of Swissco Holdings' SGD100 million ($72 million) bonds,
on which a SGD2.9 million October 16 coupon payment remains
unpaid, wrote to the Monetary Authority of Singapore last month
to complain that "the notes trustee does not seem to have an
established process for noteholder verification that works",
according to a letter seen by IFR, Reuters relays. The trustee is
DB International Trust (Singapore), a unit of Deutsche Bank.

Reuters notes that much of the delay comes from efforts to verify
that those demanding an acceleration of payment are really
bondholders, and that part of the process has proved to be a
bottleneck. Trustees do not keep names of bondholders, so they
have to request them from the bond depository, which in Singapore
is the Central Depository (CDP), under the Singapore Exchange,
the report says.

"The manner in which the CDP system is set up can cause some
additional complexities," Reuters quotes Andy Ferris, a partner
at Hogan Lovells Lee & Lee, as saying. "For example, the trustee
may have difficulty obtaining the list of bondholders from CDP,
which can make verifying holders' positions difficult. Only the
issuer is seemingly entitled to that list on request."

This differs from the process for international bonds, in which
it is more straightforward for trustees to verify bondholder
information, Reuters states.

"Euroclear or Clearstream can provide a statement of account for
the purpose of proving holdings and custodians can provide
holdings information via SWIFT. That streamlines the verification
process," Mr. Ferris, as cited by Reuters, said.

Market sources said the CDP had changed its stance in recent
weeks, and indicated that it could disclose bondholder lists to
trustees if they could show good cause for requiring it, and pay
a fee, adds Reuters.

"The bond trustee is authorised under the trust deed agreement
between bondholders and the bond issuer to obtain the list of
bondholders from CDP," Reuters quotes a spokesperson for CDP as
saying. "A bond trustee can do so by producing the trust deed to
CDP. Upon verification of the bond trustee as identified in the
trust deed, CDP will release the list of bondholders as at a
specific date within two business days."



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


DAEWOO SHIPBUILDING: Speeds Up Process to Sell More Assets
----------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is ratcheting up efforts to sell its assets to
secure cash amid a protracted slump, industry sources said on
Nov. 8.

According to the report, sources said the troubled shipyard has
recently named a preferred bidder for Welliv Co., one of its
money-making units, which is involved in the food service, hotel
and travel businesses. Earlier this month, the shipyard also
inked a deal to sell its ship-design affiliate, DSEC Co., to a
local private equity fund. Daewoo Shipbuilding will be able to
pocket some KRW150 billion (US$132 million) in cash if the two
deals are completed, the sources said, Yonhap relays.

"Asset sales are gathering pace, and we are speeding up the
process to sell more assets," Yonhap quotes a Daewoo Shipbuilding
official as saying.

Daewoo Shipbuilding is seeking to raise some KRW340 billion by
selling its affiliates, the report says.

Last month, the shipyard also sold off its headquarters building
in downtown Seoul for KRW170 billion to a local asset manager, as
part of its broader efforts to cut costs amid a protracted
industrywide slump, Yonhap recalls.

According to the report, Daewoo Shipbuilding said earlier it
plans to secure an additional KRW700 billion through asset sales
this year, raising the total amount prepared as part of its self-
rescue measures to KRW6 trillion, since it is widely expected to
miss its annual new order target.

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

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


HANJIN SHIPPING: 94 Out of 97 Container Ships Completed Unloading
-----------------------------------------------------------------
Yonhap News Agency reports that Hanjin Shipping Co. has had some
95 percent of its container ships complete cargo unloading so far
with its five ships still seized for failing to meet unpaid
service fees, the South Korean government said Nov. 8.

According to the report, Ministry of Oceans and Fisheries said
94 out of the shipper's 97 container ships had completed
unloading as of Nov. 7, which represents 378,000 TEUs, out of
Hanjin Shipping's contracted shipping deals totaling 396,000
TEUs.

"The remaining container ships will be able to complete cargo
unloading in the near future through consultation with port
authorities around the globe," said the ministry, Yonhap relays.

According to the ministry, a total of 771 crew members are still
on board, with foods and other daily necessities being supplied
to them, says Yonhap.

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.


SK HYNIX: Moody's Revises Outlook to Positive & Affirms Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service has revised SK Hynix Inc.'s rating
outlook to positive from stable.

At the same time, Moody's has affirmed the company's Ba1
corporate family rating.

                        RATINGS RATIONALE

"The positive outlook reflects the increasing resilience of SK
Hynix's credit profile through industry cycles, underpinned by
the company's solid market position in the global DRAM market,
very low leverage, and excellent liquidity," says Gloria Tsuen a
Moody's Vice President and Senior Analyst.

"Moreover, the consolidation of the memory chip industry means
that an upcoming downcycle, if any, would not be as severe as the
previous ones," adds Tsuen.

SK Hynix is the second largest supplier by revenue in the global
DRAM market, which has undergone consolidation and in which the
top three players have over 90% of the total share.  This
segment, which accounted for 69% of revenue in 3Q 2016, provides
key support to its robust profitability and cash flow, and
mitigates its relatively moderate competitive position in the
global NAND market.

The improved stability in the memory chip industry is evidenced
by the fact that SK Hynix maintained reported operating margins
of at least 11% in the most recent DRAM industry downcycle during
mid-2015 to 2Q 2016, which was significantly better than the
negative 12% at the bottom of the last cycle in 2011.

In addition, Moody's expects the overall industry fundamentals to
be supportive over the next 12-18 months, underpinned by steady
demand growth and disciplined capacity expansions by major
manufacturers.

In particular, Moody's expects SK Hynix's operating margin to
increase to about 18%-20% over the next 12-18 months from 16.8%
for the 12 months to Sept. 30, 2016.

In addition, despite its sizeable investment requirements,
Moody's expects that SK Hynix's financial leverage - as measured
by adjusted debt/EBITDA - will stay healthy, at below 1.0x over
the next 12-18 months.

This level of leverage, together with its sizeable cash and
short-term investments of KRW3.6 trillion at end-September 2016,
provides significant buffers against uncertainties in the
external environment.

SK Hynix has excellent liquidity.  Its liquidity holdings are
more than enough to cover KRW679 billion in short-term debt and
any negative free cash flow.  The company also has strong access
to domestic loan and bond markets.

SK Hynix's Ba1 rating includes a one-notch uplift to its
standalone credit strength, reflecting Moody's expectation of
financial support from SK Hynix's largest shareholder, SK Telecom
Co., Ltd. (SKT, A3 stable), in case of need.

Upward rating pressure could arise if SK Hynix sustains its
position in the memory market and stability of earnings through
cycles.  Credit metrics that would support a rating upgrade
include sustained operating margins above 10%, and adjusted
debt/EBITDA below 1.0x, both over the course of a cycle.

SK Hynix's rating outlook could return to stable if its financial
metrics deteriorate, owing to: (1) a significant erosion of its
market positions or delays in technological migrations, or (2)
changes in its investment and shareholder distribution policies,
such that its cash balance declines substantially.

Other specific financial metrics for a downgrade include an
operating margin below 10%, a cash balance below KRW2.5 trillion,
or an adjusted debt/EBITDA above 2x on a sustained basis.

In addition, an adverse change in the relationship between SK
Hynix and SKT could result in a negative rating action.

The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture, and sale of memory chips, such as DRAM and NAND
flash memory.  It is 20.1% owned by SK Telecom Co., Ltd.



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


YANG MING: Unveils Capital Reduction Plan to Offset Losses
----------------------------------------------------------
Lauly Li at Taipei Times reports that Yang Ming Marine Transport
Corp. on Nov. 7 announced a capital reduction plan to offset the
company's accumulated net losses and issue 1 billion new shares
for a capital injection in an effort to improve the company's
finances.

Taipei Times says the decision came on the same day the company
reported an unprofitable quarter ending on Sept.30, its sixth
unprofitable quarter.

Last quarter's net loss was NT$4.65 billion (US$147.53 million),
with a negative gross margin of minus-6.62 percent and negative
operating margin of minus-16.17 percent, Taipei Times discloses
citing the company's filing with the Taiwan Stock Exchange.

That brought the company's combined net losses to NT$16.14
billion in the past six quarters, according to the filing cited
by Taipei Times.

Yang Ming plans to cut its capitalization by 53.27 percent, or
NT$16 billion, to raise its book value per share from NT$5.76 to
NT$12 per share, company president Vicent Lin told a news
conference at the Taiwan Stock Exchange in Taipei, the report
relates.

According to Taipei Times, Lin said Yang Ming is to use its
capital reserve to offset the remaining NT$140 million of net
losses.

Taipei Times adds that the company plans to issue 1 billion new
common shares via private placement, Lin said, adding that Yang
Ming is in talks with some strategic and state-owned investors.
However, the price of the new common share has not yet been
decided, Lin said.

Yang Ming is to initiate the capital reduction scheme before the
end of this year and the capital injection program at the
beginning of next year, after it receives shareholder approval at
a provisional shareholders' meeting on Dec. 22, Lin said, Taipei
Times adds.

Yang Ming Marine Transport Corp. -- http://www.yangming.com/--
is a Taiwan-based company principally engaged in shipping
business. The Company operates its businesses primarily through
the provision of domestic and overseas marine shipment services,
domestic and overseas marine passenger services, warehouse, pier,
tug boat, barge, container freight station and terminal
operations, maintenance and repairs, chartering, sales and
purchase of ships, maintenance and repairs, lease, sale and
purchase of containers as well as chassis, shipping agency, as
well as ocean freight forwarding services, among others. The
Company operates various ship routes, such as Asia- North
America, North America-South America, Asia-Northwest Europe,
Asia-Mediterranean, Asia-Black Sea, as well as Intra-Asia, among
others.



===============
T H A I L A N D
===============


TMB BANK: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Bank of Ayudhya Public Company Limited (BAY) and TMB
Bank Public Company Limited (TMB). Fitch has also affirmed the
National Long-Term Ratings of BAY, TMB, Thanachart Bank Public
Company Limited (TBANK) and Thanachart Capital Public Company
Limited (TCAP).

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

BAY's IDRs, National Ratings and senior debt ratings are driven
by institutional support. Fitch sees BAY as a strategically
important subsidiary of the Bank of Tokyo-Mitsubishi UFJ, Ltd.
(BTMU; A/Negative), which owns 76.9% of BAY. The Negative Outlook
on BAY's Long-Term IDR reflects the Negative Outlook on its
parent.

TMB's IDRs, National Ratings and senior debt ratings are driven
by its standalone strength, as reflected in its Viability Rating.

TBANK's National Ratings reflect its moderate domestic franchise
as Thailand's sixth-largest commercial bank and its leading
market position in auto hire purchase. TBANK's overall credit
profile has strengthened further at the current rating,
particularly on asset quality and capital. These improvements
have narrowed the gap between TBANK and larger domestic peers.
The Stable Outlook on its National Long-Term Rating reflects
Fitch's expectation that TBANK will maintain its improved
financial profile and strengthened buffers, in term of reserve
coverage and capital, allowing the bank to cope with cyclical
economic slowdowns without affecting its ratings.

TCAP's National Ratings are notched down from its core operating
subsidiary, TBANK, reflecting the structural subordination of the
holding company and the presence of large minority interests. The
Stable Outlook on its National Long-Term Rating is in line with
that of TBANK.

VIABILITY RATINGS

BAY's Viability Rating reflects its satisfactory credit profile,
reasonable franchise as Thailand's fifth-largest commercial bank,
proven earnings record and acceptable asset quality buffers. BTMU
also provides important ordinary support to BAY, for example, in
funding, marketing, management and operational controls.

TMB's Viability Rating reflects its stable asset quality and
profitability and its sound capital and liquidity positions. TMB
is Thailand's seventh-largest commercial bank, with a market
share of around 6% in loans and 5% in deposits at end-June 2016.
The bank's improving loan loss provisions should allow it to
negotiate external challenges over the near-term, although Fitch
expects the weak operating environment to pressure its asset
quality.

SUPPORT RATING AND SUPPORT RATING FLOOR

BAY's Support Rating is based on Fitch's view of an extremely
high probability of extraordinary support from its parent, BTMU.

TMB's Support Rating and Support Rating Floor are based on
sovereign support. Fitch believes TMB to be systemically
important, though to a lesser degree than the country's four
largest commercial banks.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The Tier 2 subordinated notes, which include legacy and Basel III
notes, of BAY and TMB are rated one notch below the banks'
National Long-Term Ratings. This reflects loss-severity risks
arising from their subordinated status and a lack of mandatory
full write-down features. There is no notching for non-
performance risk as the notes' key terms exclude going-concern
loss absorption features.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

BAY's IDRs, National Ratings and senior debt ratings would be
affected by changes in Fitch's assumptions about the ability or
propensity of BTMU to support BAY. No upside is possible to the
IDR, which is at Thailand's (BBB+/Stable) Country Ceiling, or the
National Ratings, which are already at the highest-end on the
Thai national scale. There could be downside to the ratings if
BTMU is downgraded or BAY's strategic importance to BTMU is
reduced, leading to a lower propensity to support.

TMB's IDRs and senior debt ratings are sensitive to changes in
its Viability Rating. Its National Long-Term Rating is also
sensitive to changes in its Viability Rating, but may be upgraded
with a constant Viability Rating if the bank's key financial
metrics significantly improve relative to Thai peers.

TBANK's National Rating may be upgraded if it maintains its
improving performance, particularly on asset quality and
capitalisation, narrowing the gap with its larger peers. However,
a large and sustained reversal of TBANK's improving financial
profile could lead to a downgrade.

Any change in TBANK's National Ratings would be likely to have a
corresponding effect on TCAP.

VIABILITY RATINGS

BAY's Viability Rating could face downside pressure if there is a
severe weakening in asset quality and core capitalisation or a
large decline in liquidity. There could be upside to its
Viability Rating if the bank can leverage its integration with
BTMU into sustained improvements in its franchise and
capitalisation.

TMB's Viability Rating could face downward pressure if the bank's
asset quality, profitability, liquidity or capitalisation
deteriorate sharply. Conversely, sustained improvements in these
factors may lead to an upgrade of its Viability Rating.

SUPPORT RATING AND SUPPORT RATING FLOOR

BAY's Support Rating could be affected by any decline in BTMU's
propensity to support BAY. This could be indicated by a large
reduction in shareholding or a reversal of recent integration
measures. However, Fitch believes this is unlikely to occur in
the short term. BAY's Support Rating could also be affected by
any downward shift in BTMU's Long-Term IDR.

A significant change to TMB's market shares in loans or deposits
could affect the bank's Support Rating and Support Rating Floor,
although this is unlikely in the short term.

SUBORDINATED DEBT

BAY and TMB's subordinated debt ratings are broadly sensitive to
the same factors affecting their National Long-Term Ratings.

The rating actions are as follows:

BAY

   -- Long-Term IDR affirmed at 'A-'; Outlook Negative

   -- Short-Term IDR affirmed at 'F2'

   -- Viability Rating affirmed at 'bbb'

   -- Support Rating affirmed at '1'

   -- National Long-Term Rating affirmed at 'AAA(tha)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(tha)'

   -- National long-term senior unsecured debt affirmed at
      'AAA(tha)'

   -- Legacy Basel II subordinated debt affirmed at 'AA+(tha)'

   -- Basel III Tier 2 subordinated debt affirmed at 'AA+(tha)'

TMB

   -- Long-Term IDR affirmed at 'BBB-'; Outlook Stable

   -- Short-Term IDR affirmed at 'F3'

   -- Viability Rating affirmed at 'bbb-'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor affirmed at 'BB+'

   -- National Long-Term Rating affirmed at 'A+(tha)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1(tha)'

   -- USD3.0bn senior unsecured medium-term note programme
      affirmed at 'BBB-'

   -- Long-term foreign-currency senior unsecured debt affirmed
      at 'BBB-'

   -- Basel III Tier 2 subordinated debt rating affirmed at
      'A(tha)'

   -- Legacy Basel II subordinated debt rating affirmed at
      'A(tha)'

TBANK

   -- National Long-Term Rating affirmed at 'A+(tha)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(tha)'

TCAP

   -- National Long-Term Rating affirmed at 'A(tha)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1(tha)'



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


PETROVIETNAM: Ex-Unit Exec Disappears as Vietnam Probes Breaches
----------------------------------------------------------------
VnExpress reports that a former executive of a nearly bankrupt
fiber plant has been questionably absent for days, soon after
government inspectors detected violations at the $325 million
project.

Vu Dinh Duy served as general director at PVTex, a textile unit
of state-owned oil group PetroVietnam, between 2009 and 2014, the
report says. His company built and run Dinh Vu polyester
synthetic fiber plant in the northern city of Hai Phong, which
has incurred hugh losses and is on the verge of bankruptcy.

Duy, 41, is now a board member of state-owned chemical giant
Vinachem, VnExpress discloses.

According to VnExpress, the Government Inspectorate said in a
report on October 20 that it had detected several violations in
the construction and operation of the PVTex plant. It proposed
police investigate the case.

Only four days after that, Duy stopped showing up at his current
office at Vinachem, VnExpress relates. He had been seeking a
leave for medical treatment overseas, but the request was not
approved by the company.

Failing to contact Duy for days, Vinachem's management reported
his absence to their supervisors at the Ministry of Industry and
Trade.  VnExpress says the ministry has dispatched a team to
track him down.

VnExpress notes that Dinh Vu, the fiber plant, was meant to
supply about 30-40 percent of Vietnam's annual polyester
synthetic fiber demand and help reduce the country's reliance on
imported raw materials.  The actual operation, however, went
uneasy. The plant began running in May 2014 but suspended
production three times, with the latest in September last year.

PVTex planned to resume production in the first quarter of 2016,
but the plant has not been reopened since, VnExpress relates.

VnExpress, citing a PetroVietnam report, discloses that PVTex
incurred losses of VND1.255 trillion ($55.5 million) in 2015, up
from VND1.085 trillion the previous year.



                             *********

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 ***