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

                      A S I A   P A C I F I C

          Thursday, November 10, 2016, Vol. 19, No. 223

                            Headlines


A U S T R A L I A

ACTION SALES: First Creditors' Meeting Set for Nov. 17
ARK MODULAR: First Creditors' Meeting Scheduled for Nov. 17
EMECO HOLDINGS: Seeks U.S. Recognition of Australian Proceeding
HOME AUSTRALIA: Homestead Homes Sold to Metro Property
MESOBLAST LIMITED: Had $60.3 Million in Cash as of Sept. 30

MISSION NEWENERGY: BDO Audit Expresses Going Concern Doubt
NATKO INVESTMENTS: First Creditors' Meeting Set for Nov. 17
OBERHARDT TRANSPORT: First Creditors' Meeting Set for Nov. 18


C H I N A

YUZHOU PROPERTIES: Fitch Assigns BB- Rating to Sr. Unsecured Debt


I N D I A

A.N.E. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR240MM Loan
AJIT INDIA: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
AMBICA TIMBER: ICRA Lowers Rating on INR27cr Loan to 'D'
APS HYDRO: CRISIL Lowers Rating on INR90MM Cash Loan to B+
ARJUNA SOLVENT: ICRA Suspends 'C' Rating on INR16cr Cash Loan

ATLANTIS LIFESCIENCES: ICRA Suspends B+ Rating on INR2cr Loan
BULLAND BUILDTECH: CARE Reaffirms B+ Rating on INR45cr LT Loan
DALLU CONSTRUCTION: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
DESIGNMATE INDIA: CRISIL Cuts Rating on INR80MM Loan to 'D'
ETHOS POWER: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating

FLY CERAMIC: ICRA Reaffirms 'B' Rating on INR5cr Term Loan
GAYATRI BIO-ORGANICS: CARE Reaffirms D Rating on INR21.96cr Loan
GOYUM SCREW: CRISIL Reaffirms 'B' Rating on INR50MM LT Loan
H. K. INDUSTRIES: CRISIL Ups Rating on INR50MM Cash Loan to B+
HARE KRISHNA: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan

JAGANNATH RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
JAGNATH COLD: CARE Assigns 'B' Rating to INR7.75cr Long Term Loan
KAMLESHKUMAR BALUBHAI: CRISIL Cuts Rating on INR62.5MM Loan to B
LABH COLD: CARE Assigns 'B' Rating to INR7.65cr Long Term Loan
MANSAROVER ROLLER: CARE Reaffirms B+ Rating on INR5.6cr LT Loan

MANSI INDUSTRIES: CRISIL Cuts Rating on INR375MM LT Loan to B+
MATHURA FIBRES: Ind-Ra Affirms 'IND BB-' Long Term Issuer Rating
MATOSHRI LAXMI: ICRA Lowers Rating on INR61.40cr Loan to 'D'
MEHTA INTERTRADE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
MINI HOTELS: ICRA Assigns B/A4 Rating to INR6.5cr Unallocated

MOHAN PROJECT: CARE Ups Rating on INR10cr Long Term Loan to BB-
NANDINI IMPEX: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating
NARESH CLOTH: CRISIL Lowers Rating on INR65MM LT Loan to 'B'
NATIONAL INDIA: ICRA Lowers Rating on INR6cr Cash Loan to B+
NAVAGIRI APPAREL: Ind-Ra Withdraws 'IND BB' LT Issuer Rating

PLATINUM FABRICS: CRISIL Reaffirms 'B' Rating on INR205.6MM Loan
PRISM LAMINATES: ICRA Suspends B- Rating on INR4.65cr Loan
RADHA KRISHNA: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
RAMANI HOTELS: ICRA Assigns 'B' Rating to INR18.64cr Term Loan
RP RESORTS: ICRA Suspends 'D' Rating on INR10cr Term Loan

RS GHUMMAN: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
SANMAAN AGRO: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan
SHALINI PUBLICITY: ICRA Suspends D Rating on INR10cr Loan
SHARDA TIMBERS: ICRA Lowers Rating on INR19cr Loan to 'D'
SHIV AUM: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating

SHREE SANYEEJI: CRISIL Assigns 'D' Rating on INR215.2MM Loan
SHRIDHAR INDUSTRIES: ICRA Suspends B+ Rating on INR5.5cr Loan
SILVER OAK: CRISIL Reaffirms B+ Rating on INR180.8MM Term Loan
SOLID STATE: ICRA Hikes Rating on INR4.75cr LT Loan to BB-
SRI LAKSHMIKANTHA: ICRA Suspends D Rating on INR157.58cr Loan

SRI SHRIDEVI: CRISIL Reaffirms 'D' Rating on INR700MM Term Loan
SURYAVANSHI SPINNING: ICRA Suspends D Rating on INR117.41cr Loan
TIRUPATI AGENCIES: Ind-Ra Withdraws 'IND D' LT Issuer Rating
VITTHAL TEXTILES: CRISIL Reaffirms B+ Rating on INR72MM Loan


N E W  Z E A L A N D

INTAGR8 LTD: Sole Director Declared Bankrupt in Australia


S I N G A P O R E

EZRA HOLDINGS: Gets SGX Extension to Release Results by Nov. 29
STATS CHIPPAC: Moody's Retains B3 CFR on Improved Q3 Results


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Union Pressed to Accept Self-Rescue Plan


                            - - - - -


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


ACTION SALES: First Creditors' Meeting Set for Nov. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Action
Sales Pty Ltd, trading as Garry Saunders Real Estate, will be
held at the offices of Worrells Rockhampton, Suite 5A, Level 5,
34 East Street, in Rockhampton City, Queensland, on Nov. 17,
2016, at 10:30 a.m.

Paul Nogueira and Morgan Lane of Worrells Solvency were appointed
as administrators of Action Sales on Nov. 7, 2016.


ARK MODULAR: First Creditors' Meeting Scheduled for Nov. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ark
Modular Structures Pty Ltd will be held at the offices of
PPB Advisory, Level 27, 345 Queen Street, in Brisbane,
Queensland, on Nov. 17, 2016, at 10:00 a.m.

Martin Ford and Michael Owen of PPB Advisory were appointed as
administrators of Ark Modular on Nov. 7, 2016.


EMECO HOLDINGS: Seeks U.S. Recognition of Australian Proceeding
---------------------------------------------------------------
Emeco Holdings Limited, a rental provider of heavy mining
equipment, has sought U.S. Chapter 15 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 16-13080), blaming the slowdown in the
global mining industry which resulted in the decline of its
revenues.

Emeco Holdings' board of directors authorized Ian Matthew
Testrow, managing director and chief executive officer, to
commence the Chapter 15 proceeding by written resolution.

Concurrently with the Chapter 15 petition, Emeco seeks
recognition in the United States of a scheme of arrangement
pursuant to the Corporations Act 2001 (Commonwealth of Australia)
currently pending before the Federal Court of Australia, New
South Wales District Registry, in Sydney, Australia.

Emeco asserted that it is eligible to be a debtor under Chapter
15 of the Bankruptcy Code because it has property in the United
States in the form of the Client Trust Account placed in a bank
located in New York City, prior to the filing of the Petition.

"If the Restructuring as contemplated by the Scheme and other
Restructuring Documents is not given full force and effect in the
United States, there is a risk that dissident Scheme Creditors
could bring proceedings in the U.S. against Emeco Holdings, Emeco
P/L, the Guarantors and/or other parties protected by the Scheme
and the Restructuring Documents based upon the Indenture's
consent to jurisdiction in New York clause," Mr. Testrow
maintained.

Similar to Chapter 11, a creditors' scheme of arrangement's
purpose is to provide a mechanism for overcoming the
impossibility or impracticability of obtaining the individual
consent of every member of the class or classes of creditors
intended to be bound by the proposed arrangement. A scheme of
arrangement requires approval by the creditors that represent a
majority in number of creditors of the affected class and whose
debts or claims against the debtor company aggregate at least 75%
of the total amount of the debts and claims of that class of
creditors.

Headquartered in Perth, Western Australia, Emeco claims to have
maintained a strong competitive position in the mining equipment
rental sector since 1972. Emeco currently has more than 250
employees and owns over 400 pieces of earth moving equipment.

As of Oct. 31, 2016, Emeco's capital structure included a
principal amount of approximately US$282.7 million and accrued
but unpaid interest in the amount of approximately US$3.5 million
under the Emeco Notes issued by Emeco Pty Limited, the Debtor's
Australian subsidiary. Emeco P/L is also the borrower under an
asset-backed loan facility of up to A$75 million that includes a
bank guarantee sub-facility of up to A$14 million. Emeco has
certain finance lease liabilities of roughly $7.4 million as of
Oct. 31, 2016.

"The prolonged weakness in the global commodity markets in recent
years has had an impact on Emeco's profitability, cash flow, and
ability to service its debt load," Mr. Testrow said in a
declaration filed with the U.S. Court. "Emeco's current debt
levels and cash interest obligations restrict Emeco's ability to
properly invest in its fleet going forward, resulting in
significantly increased risk to Emeco's operating and financial
performance and a deteriorated equipment fleet upon the maturity
of the existing Emeco Notes," he added.

According to Mr. Testrow, after several months of considering a
wide range of restructuring alternatives and engaging in
negotiations with its stakeholders, Emeco entered into a binding
restructuring agreement on Sept. 23, 2016, with, among others, an
ad-hoc group of holders of Emeco's 9.875% Senior Secured Notes
due 2019 issued by Emeco P/L and guaranteed by certain of Emeco
Holdings' other subsidiaries.

The RSA provides for a comprehensive restructuring that includes
an exchange of the approximately USD$282.7 million in principal
amount outstanding of Emeco Notes for new debt and equity in
reorganized Emeco Holdings as well as strategic mergers with two
mining rental competitors based in Australia -- Orionstone
Holdings Pty Ltd and Andy's Earthmovers (Asia Pacific) Pty Ltd.

The RSA requires the exchange of the Emeco Notes to be
implemented through a scheme of arrangement under Part 5.1 of the
Corporations Act.

                       Scheme of Arrangement

Pursuant to the proposed terms of the Scheme, the claims of the
beneficial holders of the Emeco Notes will be released and
discharged in exchange for a proportionate share of: (a)
approximately 54% of the ordinary shares in reorganized Emeco
Holdings and approximately A$473 million of new 9.25% secured
notes due 2021 if the Noteholder elects such treatment; or (b) a
cash payment equal to 50% of the principal amount of the
Noteholder's Emeco Notes if a Noteholder fails to make an
election for the foregoing treatment or if the Noteholder fails
to provide the necessary information to receive the Tranche B
Notes and New Shares.

To fund the cash payments, Emeco Holdings and Emeco P/L have
agreed to enter into an agreement with certain parties whereby
the Scheme funders will fund the Cash Payments of up to US$80
million in exchange for repayment in a combination of Tranche B
Notes and New Shares.

The Restructuring will allow existing shareholders to retain
approximately 25% of the equity in reorganized Emeco Holdings.
Current equity holders will also have the right to subscribe and
participate in a partially underwritten (to 50%) A$20 million
offering of up to 10% of the New Shares.

Any other unsecured claims against Emeco Holdings will not be
subject to any compromise and, if the Scheme becomes effective,
are expected to be paid in full by Emeco Holdings in the ordinary
course of its business.

On Oct. 31, 2016, to effectuate the restructuring of the Emeco
Notes contemplated by the RSA, Emeco Holdings filed an
application seeking, inter alia, approval of the Scheme with the
Australian Court.

On Nov. 2, 2016, the Australian Court held a hearing to consider
the application and ordered, among other things, that a meeting
of the Scheme Creditors will be convened and held on Dec. 13,
2016 (Australian Eastern Time) and a second hearing willl be held
on Dec. 15, 2016, for the Australian Court to consider the
results of the Scheme Meeting and, if it considers appropriate,
enter an order approving the Scheme.

The Sanction Order becomes effective once it is registered with
the Australian Securities and Investment Commission (the
Australian companies regulator), which is expected to occur on or
around Dec. 16, 2016 (Australian Eastern Time).

The Scheme is anticipated to be fully implemented on or around
Jan. 5, 2017 (Australian Eastern Time).


HOME AUSTRALIA: Homestead Homes Sold to Metro Property
------------------------------------------------------
Simon Evans at the Australian Financial Review reports that the
first of the assets from the collapsed Bob Day home building
empire, Homestead Homes, has been sold by liquidator McGrath
Nicol to Queensland-based Metro Property Developments.

Metro Property is a national company which operates in five
states and has a project pipeline valued at AUD2 billion-plus.

Homestead Homes is the South Australian business, which formed
the centrepiece of Mr. Day's building operations and was the
springboard from which he launched an ill-fated national
expansion with the acquisition of other home building operations
in other states, including Huxley Homes in NSW, the report says.

But the sale won't bring any good news for the 180 unsecured
creditors of Homestead Homes owed a combined AUD4.8 million,
according to AFR.  A spokesman for McGrath Nicol on Nov. 9
declined to comment on the sale price, the report notes.

It is understood to have been minimal; McGrath Nicol's lead
liquidator Matthew Caddy told a creditors meeting on November 4
the firm's total realisable assets were just AUD600,000, reports
AFR.

According to AFR, Metro will take over the construction of about
70 homes in South Australia which were incomplete or due to start
construction.

There had been eight separate parties which had made offers for
the remnants of the Homestead Homes business, but Metro, which
already has a small operation in South Australia and employs 33
people in the state, has been successful, the report states.

AFR says Metro has bought all contracted and non-contracted
Homestead Homes client files and the related intellectual
property.

It will work with insurance firm QBE Insurance on incomplete
homes after the parent company Home Australia went into
liquidation, and is also working with other Homestead Homes
customers who had signed contracts but hadn't started building
yet, AFR relates.

According to AFR, Metro said on Nov. 9 that it was a top 10
builder in Australia and that local staff in Adelaide would be in
contact with Homestead Homes customers.

Bob Day, who was elected as a Family First Senator in the Federal
parliament in September, 2013, officially resigned on November 1
in the wake of the collapse of his Home Australia business and
controversy over an alleged Constitutional breach concerning the
lease on his electoral office in Adelaide, says AFR.

                       About Home Australia

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

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

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


MESOBLAST LIMITED: Had $60.3 Million in Cash as of Sept. 30
-----------------------------------------------------------
Mesoblast Limited filed with the Securities and Exchange
Commission a quarterly report for entities subject to Listing
Rule 4.7B for the period ended Sept. 30, 2016.

At the beginning of the quarter, the Company had US$80.93 million
in cash and cash equivalents.

For the current quarter, Mesoblast reported net cash used in
operating activities of US$20.82 million, net cash used in
investing activities of US$290,000 and net cash used in financing
activities of US$55,000.

At the end of the quarter, the Company had US$60.35 million in
cash and cash equivalents.

A full-text copy of the Quarterly Report is available for free
at:

                       https://is.gd/0O6nry

                       About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) is a global leader in developing innovative cell-
based medicines. The Company has leveraged its proprietary
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a broad
portfolio of late-stage product candidates. Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target
advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders,
and oncologic/hematologic conditions.

As of June 30, 2016, Mesoblast had $684.0 million in total
assets, $155.9 million in total liabilities and $528.2 million in
total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MISSION NEWENERGY: BDO Audit Expresses Going Concern Doubt
---------------------------------------------------------
Mission NewEnergy Limited filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of AUD2.33 million on AUD41,960 of total revenue for the
fiscal year ended June 30, 2016, compared with net income
AUD28.36 million on AUD7.27 million of total revenue for the
fiscal year ended June 30, 2015.

BDO Audit (WA) Pty. Ltd. issued a "going concern" qualification
on the consolidated financial statements for the fiscal year
ended June 30, 2016, stating that the consolidated entity has
suffered recurring losses from operations that raises substantial
doubt about its ability to continue as a going concern.

At June 30, 2016, the Company had total assets of AUD6.17
million, total liabilities of AUD1.40 million, all current, and
AUD4.76 million in total stockholders' equity.

A full-text copy of the Form 20-F is available at:

                      http://bit.ly/2e5vGDS

Mission NewEnergy Limited is an Australia-based renewable energy
company. The Company operates a biodiesel plant in Malaysia. The
Company's segments include Biodiesel Refining and Corporate. The
Company owns an interest in a biodiesel refinery in Malaysia,
which has a nameplate capacity of approximately 250,000 tons per
year. The Company's subsidiaries include Mission Biofuels Sdn Bhd
and M2 Capital Sdn Bhd.


NATKO INVESTMENTS: First Creditors' Meeting Set for Nov. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Natko
Investments Pty Ltd will be held at the offices of William Buck,
Level 20, 181 William Street, in Melbourne, on Nov. 17, 2016, at
9:30 a.m.

Laurence Andrew Fitzgerald & Michael James Humphris of William
Buck were appointed as administrators of Natko Investments on
Nov. 9, 2016.


OBERHARDT TRANSPORT: First Creditors' Meeting Set for Nov. 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Oberhardt
Transport Pty Ltd will be held at Burke and Wills Hotel, 554
Ruthven Street, in Toowoomba, Queensland, on Nov. 18, 2016, at
11:00 a.m.

Stephen Dixon and Shaun McKinnon of Grant Thornton were appointed
as administrators of Oberhardt Transport on Nov. 8, 2016.



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C H I N A
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YUZHOU PROPERTIES: Fitch Assigns BB- Rating to Sr. Unsecured Debt
-----------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(Yuzhou; BB-/Stable) USD250 mil. 6% senior unsecured notes a
final 'BB-' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute the company's direct and
senior unsecured obligations. The assignment of the final rating
follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on Oct. 17, 2016.

The China homebuilder's ratings are supported by its strong
contracted sales growth, region diversification and favourable
margin compared with its peers. Its recent expansion into the
Yangtze River Delta will increase its leverage, but Fitch
believes a rise to around 40% of net debt-to-adjusted inventory
in the next 12 months will be reasonable, as it has acquired
quality sites and achieved a larger operating scale.

KEY RATING DRIVERS

Expansion on Track: Fitch believes Yuzhou's recent expansion in
Shanghai, Nanjing and Hangzhou will help it set up core markets
in two regions - the West Strait Economic Zone and the Yangtze
River Delta - as well as improve the company's inventory quality
and diversify its portfolio. Yuzhou is a leading property
developer in Fujian province and Hefei city, but has acquired
eight land parcels in Shanghai and Nanjing since 2015. Contracted
sales in the latter two cities reached CNY5.3bn in January-
September 2016, or 28% of total contracted sales, compared with
CNY1bn, or 7% of total contracted sales, in 2015. Yuzhou has also
acquired sites in Hangzhou through the purchase of a company for
CNY4.1bn in July 2016. Fitch expects the company's operation
scale to continue increasing in the Yangtze River Delta.

Leverage Increase to be Reasonable: Fitch expects Yuzhou's
leverage, measured by net debt-to-adjusted inventory, to increase
to 35%-40% by end-2016 (1H16: 35%). The increase will be driven
by high land premiums as the company expands. The attributable
land cost-to-contract sales ratio was over 65% in 1H16, which was
higher than its peers' average of 40%-50%. However, a rise in
leverage to about 40% by end-2016 would still be reasonable
because of the sound quality of its recent land purchases and
Yuzhou's enlarged scale. Yuzhou's contracted sales jumped 116%
yoy to CNY18.7bn in January-September 2016.

Margin Under Pressure; Still Robust: Yuzhou's consistently high
EBITDA margin of over 30% is likely to come under pressure due to
the significant rise in land costs. However, Fitch expects the
company to maintain a robust margin because most of the land
purchased is in major cities in the Yangtze River Delta with high
sales potential; the company has a record of achieving higher-
than-average selling prices and has low selling, general and
administrative expenses. Yuzhou's margin has been high mainly
because of its low unit land costs of about 22% of average
selling prices in 2014. However, this ratio quickly increased to
30% in 2015 as land costs climbed and it is likely to rise
further in 2016.

Healthy Liquidity: Yuzhou had total cash of CNY15.7bn at end-
1H16, which is more than enough to cover its short-term debt of
CNY5.7bn and support its planned expansion. The company has
diversified funding channels to ensure the sustainability of its
liquidity. Besides bank loans, it has established channels for
both onshore and offshore bond issuance, as well as equity
placement.

KEY ASSUMPTIONS

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

   -- Attributable contracted sales to increase by around 50% in
      2016 as Yuzhou continues its expansion into the Yangtze
      River Delta and West Strait Economic Zone

   -- Higher average selling prices and unit land costs as Yuzhou
      increases exposure in tier 1 and tier 2 cities like
      Shanghai, Nanjing and Hangzhou

   -- Land acquisitions in line with contracted sales growth in
      2016 and accounting for around 60% of total contract sales

RATING SENSITIVITIES

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

   -- Net debt-to-adjusted inventory sustained above 45% (1H16:
      35%)

   -- Contracted sales-to-net inventory sustained below 0.6x
      (1H16: 0.8x)

   -- EBITDA margin sustained below 20% (1H16: 33%)

   -- Significant drop in contracted sales from current scale
      (9M16: CNY18.7bn)

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

   -- Sustaining a leading status in core markets of both the
      West Strait Economic Zone and the Yangtze River Delta

   -- Net debt-to-adjusted inventory sustained below 40%

   -- Contracted sales-to-net inventory sustained above 0.8x

   -- EBITDA margin sustained above 25%



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I N D I A
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A.N.E. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR240MM Loan
---------------------------------------------------------------
CRISIL's ratings on bank facilities of A.N.E. Industries Private
Limited continue to reflect high customer and geographic
concentration in the revenue profile, volatility in operating
profitability and working capital-intensity of operations. These
rating weaknesses are partially offset by extensive experience of
promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         300       CRISIL A4 (Reaffirmed)
   Cash Credit            240       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     100       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ANEIPL will continue to benefit from
extensive experience of its promoters. The outlook may be revised
to 'Positive' if substantial improvement in revenue,
profitability and cash accrual, or efficient working capital
management, strengthens the financial risk profile, especially
liquidity. The outlook may be revised to 'Negative' if a stretch
in working capital cycle, or substantial debt-funded capital
expenditure, weakens liquidity.

ANEIPL, set up in 2003 by Mr. Soham Singh, is based in Punjab.
The company executes open-cast mining contracts, entailing
overburden removal and mineral excavation. ANEIPL also operates a
stone quarry in Narnaul, Haryana with lease contract up to 2025.


AJIT INDIA: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ajit India
Enterprises (AIE; an entity of INRGhumman Group) 'IND
B(suspended)' Long-Term Issuer Issuer Rating. The agency has also
withdrawn the 'IND B(suspended)' rating on AIE's INR90 million
long-term loans.


AMBICA TIMBER: ICRA Lowers Rating on INR27cr Loan to 'D'
--------------------------------------------------------
ICRA has revised its rating on the INR35.0-crore bank facilities
of Ambica Timber Trade Private Limited (ATPL) to [ICRA]D  from
[ICRA]B+ and [ICRA]A4. The suspension done in July 2016 has also
been revoked now.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Fund-based facilities         5.0     [ICRA]D; Revised from
                                         [ICRA]B+

   Non-fund based facilities    27.0     [ICRA]D; Revised from
                                         [ICRA]A4

   Unallocated non-fund          3.0     [ICRA]D; Revised from
   based facilities                      [ICRA]A4

ICRA's rating action is driven by continued over utilisation of
the fund-based limits and instances of devolvement of the Letters
of Credit (LC) over the last two months, on account of the
company's stretched liquidity profile. Its financial profile has
deteriorated significantly in FY2016 due to adverse foreign
exchange movements and provision for bad and doubtful debts.
This, coupled with a material decline in net worth (owing to
losses), has seen increased leverage and deterioration in
coverage indicators.

Going forward, the company's ability to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity.

ATPL is a privately-owned company incorporated in 2010. The firm
imports timber, mainly from Malaysia, Singapore and New Zealand,
which primarily finds application in furniture-making and light
construction work. ATPL's factory at Gandhidham, Gujarat cleans
and saws logs to make clean squared timber blocks, which are
thereafter sold from the firm's offices in Nangloi, Haryana and
Gandhidham, Gujarat.

Recent Results
The company incurred a net loss of INR2.62 crore on an operating
income of INR69.60 crore in FY2016, as against a net profit of
INR0.02 crore on an operating income of INR61.59 crore in the
previous year.


APS HYDRO: CRISIL Lowers Rating on INR90MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of APS
Hydro Private Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              90       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening liquidity on account of
increased working capital requirement, driven by higher debtor
days following entry into the road construction business in
fiscal 2016. This resulted in full utilisation of the bank limit
during the 12 months ended March 31, 2016. Liquidity has also
weakened: the gap between cash accrual and repayment obligation
is expected to reduce to about 1.78 times in fiscal 2017. CRISIL
expects debtors to remain high and hence liquidity to be
stretched over the medium term. Due to the increased scale of
operations and lower operating margin in fiscal 2016, liquidity
has been impacted and with incremental working capital
requirement, it is expected to remain weak, despite support from
the promoters.

The ratings reflect large working capital requirement and a
modest scale of operations in the highly competitive civil
construction industry. These rating weaknesses are partially
offset by an average financial risk profile and established
relationship with customers and suppliers.
Outlook: Stable

CRISIL believes APS will continue to benefit from the extensive
experience of its promoters in the hydro-electric works and road
construction segments. The outlook may be revised to 'Positive'
in case of significant improvement in the working capital cycle
and scale of operations while the operating profitability and
financial risk profile are maintained. The outlook may be revised
to 'Negative' in case of a slowdown in revenue growth or decline
in profitability. Weakening of the financial risk profile, most
likely due to significant incremental working capital requirement
or large debt-funded capital expenditure, may also result in a
'Negative' outlook.

APS was incorporated in 2003, promoted by Mr. Sanjeev Kumar, Mr.
Avadhesh Kumar, Mr. Devender Singh, and Mr. Subhash Singh, who
also manage operations. The company undertakes civil construction
works and hydro-electric projects mainly in Uttarakhand and
Himachal Pradesh.

Net profit is estimated at INR30.9 million on net sales of
INR857.7 million for fiscal 2016; net profit was INR20 million on
net sales of INR600 million in fiscal 2015.


ARJUNA SOLVENT: ICRA Suspends 'C' Rating on INR16cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C outstanding on
the INR13.00 crore term loans and the INR16.00 crore cash credit
facilities of Arjuna Solvent Extraction Private Limited. ICRA has
also suspended the short term rating of [ICRA]A4 outstanding on
the INR2.00 crore non-fund based facilities of your company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ATLANTIS LIFESCIENCES: ICRA Suspends B+ Rating on INR2cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding
on the INR2.00 crore fund based facilities of Atlantis
Lifesciences Private Limited. ICRA has also suspended the short
term rating of [ICRA]A4 outstanding on the INR3.00 crore non-fund
based facilities of your company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


BULLAND BUILDTECH: CARE Reaffirms B+ Rating on INR45cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Bulland Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       45       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Bulland Buildtech
Private Limited continues to be constrained by residual project
execution risk coupled with debt funding not tied up, marketing
risk associated with the on-going project and weak financial risk
profile marked by low profitability and leveraged capital
structure. The rating also factors in intense market competition
with cyclical and seasonality associated with real estate
industry and exposure to local demand-supply dynamics. The
rating, however, continues to derive strength from experienced
promoters of BBP.

Going forward, the ability of the company to execute the project
as per schedule, timely sales at envisaged prices along with
timely realization of customer advances would be the key rating
sensitivities.

Delhi-based BBP was incorporated by Mr. Rajneesh Nagar,
Mr. RamKesh Basist and Mr. Krishan Pal Singh. The company is
engaged in real estate development. Currently, BBP is developing
'Bulland Elevates' residential project with 10.95 lsf of saleable
area.

The promoters of BBP have other business interests such as
dealership of Lohia Machinery Limited (LML), dealership of TVS
Motor Company; which is being carried out through associate
concerns, namely, M/s Bulland Automobile and M/s Bulland Motors,
andM/s Flash Express Courier Services engaged in courier
business.

During FY15 (refers to the period April 1 to March 31), BBP has
achieved a TOI of INR44.85 crore with PBILDT and PAT of INR2.19
crore and INR0.67 crore, respectively, as against TOI of INR29
crore with PBILDT and PAT of INR1.44 crore and INR0.64 crore,
respectively, for FY14. Furthermore, the company has achieved TOI
of INR38.34 crore for FY16 (Prov.) with PBILDT and PAT of INR2.70
crore and INR0.14 crore, respectively, for FY16 (prov.).


DALLU CONSTRUCTION: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dallu
Construction Company's 'IND B-(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 DCC.

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

BSPL's ratings:

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

   -- INR30 million fund-based limits: 'IND B-(suspended)';
      rating withdrawn

   -- INR45 million non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


DESIGNMATE INDIA: CRISIL Cuts Rating on INR80MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Designmate India Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      80        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan               30        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects instances of delay in servicing
term debt; the delays are primarily because of weak liquidity and
non-execution of orders in the past two years.

The company also has a below-average financial risk profile, with
working capital-intensive, and a small scale of, operations.
However, it benefits from the extensive experience of the
promoters in the content development industry and presence in a
niche segment.

DIPL, founded in 1988 and incorporated in 2002, is promoted by
Capt Kamaljeet Singh Brar and his wife, Mrs Ragini Brar. It is a
3D production house, developing creative eLearning content for
the K12 segment. DIPL started as a production facility
specialising in 3D animation for films, television, and video
games. However, the company now exclusively develops digital
learning (eLearning) content, mainly for the K12 segment.

In fiscal 2016, on provisional basis, net loss was INR61.9
million on net sales of INR98.4 million; net profit was INR6.2
million on net sales of INR222.2 million in fiscal 2015.


ETHOS POWER: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ethos Power
Private Limited a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect EPPL's small scale of operations. In FY16 its
revenue was INR237.85 million (FY15: INR201.32 million). Ind-Ra,
however, expects the overall revenue to improve in FY17 on
account of strong order book worth around INR830 million,
providing revenue visibility in FY17 and FY18. The operating
margin of the company stood moderate at 5.10% in FY16 (FY15:
5.29%).

The ratings also reflect the company's weak credit metrics with
net financial leverage (total adjusted net debt/operating
EBITDAR) of 3.14x in FY16 (FY15: 2.26x) and EBITDA gross interest
coverage (operating EBITDAR/gross interest expense) of 1.41x
(1.56x). Ind-Ra expects financial leverage and interest coverage
to improve in FY17 to around 2.5x and 2x, respectively, on
account of higher absolute EBITDA contribution due to improvement
in the company's top-line.

The ratings, however, are supported by more than three decades of
experience of the company's highly experienced and professional
directors in working in various state electricity boards.

RATING SENSITIVITIES

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

Positive: A significant improvement in overall revenue and
operating profitability leading to improvement in the credit
metrics could be positive for the ratings.

COMPANY PROFILE

EPPL was established in 2012 with a registered office at Gurgaon
in Haryana. The company is engaged in the business of project
management where they undertake turnkey projects for developing
transmission and distribution (T&D) infrastructure including
procurement, installation/erection and testing services for state
electricity boards. They also provide energy efficient products
and solutions for reducing T&D losses ensuring viability of power
distribution.

EPPL's ratings:

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

   -- INR90 million fund-based limits: assigned
      'IND BB-'/Stable/'IND A4+'

   -- INR240 million non-fund-based limit: assigned 'IND A4+


FLY CERAMIC: ICRA Reaffirms 'B' Rating on INR5cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating to [ICRA]B to the
INR5.00-crore term loan facility and INR3.00-crore cash credit
facility of Fly Ceramic. ICRA has also reaffirmed the [ICRA]A4
rating to the INR0.95-crore short-term non-fund based facility of
FC.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               5.00       [ICRA]B; Reaffirmed
   Cash Credit Limit       3.00       [ICRA]B; Reaffirmed
   Bank Guarantee          0.95       [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by FC's small scale of
operations, characterised by significant de-growth in operating
income by 36.0% in FY2016, resulting from an unfavourable demand
scenario and limited diversification in product portfolio. The
ratings are further constrained by the weak financial profile of
the firm, reflected by losses at the net level as well as weak
coverage indicators. The working capital intensity of the firm
remained stretched, as reflected by NWC/OI of 53.7% during
FY2016, resulting from a delay in realisations from debtors as
well as high inventory holding as on year-end. The ratings also
take into account the highly competitive nature of the ceramic
tile industry with the presence of large established organised
tile manufacturers and unorganised players. ICRA also takes note
of the dependence of operations and cash flows on the performance
of the real estate industry and to the adverse movements in
prices of key input materials and gas.

The ratings, however, favorably factor in the extensive
experience of the promoters in the ceramics business as well as
FC's locational advantage, giving it easy access to raw
materials. ICRA further notes that the declining gas prices will
result in considerable savings in fuel cost, going forward, and
is expected to alleviate cost pressures to some extent.

ICRA expects FC's turnover to remain stagnant over the next two
to three years, considering the current demand scenario and lower
realisations in the ceramic industry, mainly in the wall tiles
segment. The profitability at net levels is expected to improve,
however, resulting from lower depreciation and lower finance
costs due to repayment of term loans. FC's capital structure is
likely to improve with an improvement in the company's net worth,
accompanied by a decline in debt levels and no major capex
likely. ICRA expects FC's working capital intensity to remain
high in the near term due to stretched receivables. Furthermore,
the company's ability to increase the scale of operations and
manage its working capital efficiently would be the key rating
sensitivities.

Established in December 2016, Fly Ceramic (FC) is a partnership
firm which manufactures digitally printed ceramic glazed wall
tiles. The manufacturing unit of the firm is located in Morbi,
Gujarat, with an installed capacity of 30,000 MTPA. It began
commercial production from July 2013. The firm is promoted and
managed by Mr. Deepak Kanjiya, along with other family members
and relatives. FC currently manufactures digitally-printed wall
tiles of three sizes - 10"X15", 12"X18" and 12"X24" - that find
wide application in commercial as well as residential buildings.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR8.5 crore with net losses of INR0.3 crore.


GAYATRI BIO-ORGANICS: CARE Reaffirms D Rating on INR21.96cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Gayatri Bio-Organics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     21.96      CARE D Reaffirmed
   Short term Bank Facilities    10.00      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Gayatri Bio-
Organics Limited continue to factor in delays in the servicing of
debt obligations at the back of stretched liquidity position of
the company.

GBL was originally incorporated as Starchkem Industries Ltd in
December 1991 by Mr. T. Sandeep Kumar Reddy (Present Chairman).
GBL is a part of Hyderabad-based Gayatri Group, which is in the
business of infrastructure and civil constructions, sugar and
hospitality.

GBL is engaged in the business of manufacturing of Maize, Starch,
sorbitol (Sugar Alcohol), Liquid Glucose and other allied
products having an installed capacity of 135,000 MTPA for maize
crushing as on March 31, 2016.

In FY16 (refers to period April 01 to March 31), GBL has reported
a total operating income of INR138.27 crore (Rs.255.62 crore in
FY15) and loss of INR38.73 crore (PAT INR3.83 crore in FY15).
Further in Q1FY17 (refers to the period April 1 to June 30)
(Provisional), the company has reported a revenue of INR13.47
crore and a loss of INR22.15 crore.


GOYUM SCREW: CRISIL Reaffirms 'B' Rating on INR50MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Goyum Screw Press
(GSP; part of the Goyum group) continue to reflect the group's
below average financial risk profile, large working capital
requirement, small scale of operations, and limited pricing power
because of intense competition in the oil mill machinery
industry. These weaknesses are partially offset by the extensive
experience of promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit in
   Foreign Currency         70       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       50       CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSP and Goyum Technical Holdings Pvt
Ltd. This is because the two entities, together referred to as
the Goyum group, have common management, brand, and customers.
Outlook: Stable

CRISIL believes the Goyum group will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if substantial ramp-up in
operations and improvement in operating margin lead to a better
financial risk profile. The outlook may be revised to 'Negative'
if scale of operations or profitability declines or if the
capital structure deteriorates on account of higher-than expected
debt funded capex or stretch in working capital requirements.

Set up in 2005 in Ludhiana as a proprietorship concern by Mr.
Vinod Jain, GSP manufactures oil mill machinery for oil and
solvent extraction plants and is a 100% export-oriented unit
(EOU). It sells products under the Goyum brand.

GTPL was set up as a partnership firm in 2005 by Mr. Vinod Jain
and Mr. Harbhajan Singh and was reconstituted as a private
limited company in 2010. It manufactures and trades in oil mill
machinery and is also a 100% EOU.

GSP reported net profit and net sales of INR22.41 million and
INR447.3 million, respectively, for fiscal 2016, against a net
profit of INR5.2 million on net sales of INR427.6 million for
fiscal 2015.


H. K. INDUSTRIES: CRISIL Ups Rating on INR50MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
H. K. Industries to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects significant improvement in HK's business
risk profile, led by revenue growth, steady profitability, and
stable working capital cycle. Revenue grew 74% in fiscal 2016,
while operating margin increased to 6.5% from 4.4% the previous
fiscal. Working capital requirement has reduced, with gross
current assets moderating to 75 days as of March 2016, from 155
days a year earlier, and inventory to 50 days from 117 days.
Debtors continue to be low around 22 days. Business risk profile
should remain supported by steady revenue and stable operating
margin over the medium term.

The rating factors in HK's low networth, exposure to intense
competition and modest scale of operations. These ratings
weaknesses are partially offset by the proprietor's extensive
experience.
Outlook: Stable

CRISIL believes HK will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' if improved scale of operations and
operating profitability results in stronger cash accrual; or if
capital infusions strengthen financial risk profile. Conversely,
the outlook may be revised to 'Negative' if a substantial decline
in revenue and profitability, or stretch in working capital cycle
weakens financial risk profile.

HK, set up in 2014 by Mr. Anil Anand as a proprietorship firm,
trades in copper and its allied products. The firm is based in
Delhi.


HARE KRISHNA: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Hare Krishna Industries continues to reflect HKI's modest scale
of operations and below-average financial risk profile, marked by
weak capital structure. These rating weaknesses are partially
offset by the promoters' considerable experience in manufacturing
of blankets.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          40        CRISIL B+/Stable (Reaffirmed)
   Term Loan            32.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HKI will continue to benefit over the medium term
from the promoters' considerable experience on manufacturing of
blankets. The outlook may be revised to 'Positive' if the
financial risk profile improves, most likely because of better
profitability and revenues, or capital infusion. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
revenue or profitability, or a stretch in the working capital
cycle, or larger-than-expected debt-funded capital expenditure.

Set up in 2012, HKI manufactures polar and mink blankets. It has
two manufacturing units, one each at Panipat and Karnal (both in
Haryana). The firm was set up by Mr. Gourav Goyal, Mr. Lalit
Gupta, and Mr. Pramod Kumar, who manage the operations.


JAGANNATH RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jagannath Rice
Mills continues to reflect the firm's weak financial risk profile
because of a small networth, high gearing, and average debt
protection metrics, modest scale of operations, and
susceptibility to changes in government policy. These weaknesses
are partially offset by the extensive experience of its promoters
in the flour mill industry.

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

Outlook: Stable

CRISIL believes JRM will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if higher-than-expected cash accrual due
to significant ramp-up in operations improves capital structure
and liquidity. The outlook may be revised to 'Negative' if delay
in realisation of receivables, large capital withdrawal, or
substantial cash outflow to related parties weakens liquidity.

Set up in 1974 as a partnership firm by Odisha-based Gupta
family, JRM manufactures milled wheat products such as flour,
maida, and suji at its mills in Bhubaneswar.


JAGNATH COLD: CARE Assigns 'B' Rating to INR7.75cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jagnath
Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Jagnath Cold
Storage is constrained on account of implementation and
stabilization risk associated with the ongoing project along with
competition from other local players and seasonality associated
with cold storage business. The rating is further constrained on
account of risk associated with delinquency in loans extended to
farmers along with JCS's constitution as a partnership firm.

The rating, however, derive benefits from experience of partners
into the agricultutre industry, location advantage and JCS's
eligibility for various fiscal benefits from the government.

JCS's ability to complete the project within envisaged cost and
time parameters along with achievement of envisaged level of
sales and profitability would remain the key rating
sensitivities.

Deesa-based (Gujarat) JCS was formed in May 2016 as a partnership
firm by eight partners to undertake greenfield project to provide
cold storage facilities to farmers for storing potatoes on a
rental basis. The cold storage will have potato storage capacity
of 5523.24 MT per annum i.e. 167,400 bags. Besides providing cold
storage facility, the firm will also provide interest bearing
advance to farmers for potato farming purposes against the stock
of potato stored. JCS has envisaged commencing commercial
operations from February 2017.


KAMLESHKUMAR BALUBHAI: CRISIL Cuts Rating on INR62.5MM Loan to B
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kamleshkumar Balubhai Lad to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          52.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             62.5      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects weakening of business risk profile due to
decline in revenue to INR139.1 million in fiscal 2016 from
INR306.5 million in the previous fiscal following sluggish order
flow. Hence, cash accrual fell to zero from INR6.4 million.
Though turnover is expected to improve in fiscal 2017, backed by
an order book of INR170 million as on August 31, 2016, it will
remain below expectation. The downgrade also factors in stretch
in working capital cycle, reflected in increase in gross current
assets to 399 days as on March 31, 2016, from 181 days in the
previous year on account of high receivables level.

The ratings reflect KBL's modest scale of, and working capital-
intensive, operations and exposure to intense competition in the
road construction industry. These weaknesses are partially offset
by the extensive experience of its promoter.
Outlook: Stable

CRISIL believes KBL will benefit over the medium term from the
extensive experience of its promoter and moderate capital
structure. The outlook may be revised to 'Positive' if sustained
increase in scale of operations and profitability leads to a
better financial risk profile. The outlook may be revised to
'Negative' if decline in revenue and operating margins, large,
debt-funded capital expenditure, or further stretch in working
capital cycle weakens financial risk profile.

Established in 1983 as a proprietorship firm by Mr. Kamlesh Lad,
KBL undertakes contracts to construct roads in Gujarat.


LABH COLD: CARE Assigns 'B' Rating to INR7.65cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Labh Cold
Storage.

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

Rating Rationale

The rating assigned to the bank facilities of Labh Cold Storage
is constrained on account of implementation and stabilization
risk associated with the ongoing project along with competition
from other local players and seasonality associated with cold
storage business. The rating is further constrained on account of
risk associated with delinquency in loans extended to farmers
along with LCS's constitution as partnership firm.

The rating, however, derive benefits from experience of partners
into the agriculture industry, location advantage and LCS's
eligibility for various fiscal benefits from the government.

LCS's ability to complete the project within envisaged cost and
time parameters along with achievement of envisaged level of
sales and profitability would remain the key rating
sensitivities.

Deesa-based (Gujarat) LCS was formed in May 2016 as a partnership
firm by seven partners to undertake green field project to
provide cold storage facilities to farmers for storing potatoes
on a rental basis. The cold storage will have potato storage
capacity of 5523.24 MT per annum i.e. 165,000 bags. Besides
providing cold storage facility, the firm will also provide
interest bearing advance to farmers for potato farming purposes
against the stock of potato stored. LCS has envisaged commencing
commercial operations from February 2017.


MANSAROVER ROLLER: CARE Reaffirms B+ Rating on INR5.6cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Mansarover
Roller Flour Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.60      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Mansarover Roller
Flour Mills Private Limited continues to be constrained by its
small scale of operations with low net worth base; weak financial
risk profile marked by low profitability margins, weak debt
coverage indicators and elongated operating cycle. The rating is
further constrained by susceptibility of the company's
profitability margins to fluctuation in raw material prices and
presence in a highly competitive industry.

The rating, however, derives strength from the experienced
management and long track record of operations of the company.

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

Mansarover Roller Flour Mills Private Limited was incorporated in
1989 and is currently being managed by Mr. Amrik Singh and Mr.
Kamaljeet Singh. The company is engaged in processing of wheat
with an installed capacity of 58000 quintal per annum as on
March 31, 2016 at its manufacturing facility located in Samrala,
Punjab. MRL sells wheat flour to retailers and wholesalers mainly
in Punjab and Himachal Pradesh while the refined flour (white
flour) is sold to institutional customers under the brand 'Neel
Kamal' and 'Brasno'. MRL procures the raw material i.e. wheat on
cash basis from various sources like local grain markets, Food
Corporation of India (FCI) and also directly from farmers.

In FY16 (refers to the period April 1 to March 31), MRL has
achieved a total operating income of INR10.23 crore with PAT
of INR0.09 crore, as against the total operating income of
INR10.36 crore with PAT of INR0.02 crore in FY15. In H1FY17
(Provisional), company achieved TOI of INR8.30 crore.


MANSI INDUSTRIES: CRISIL Cuts Rating on INR375MM LT Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mansi Industries Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      375       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Working Capital          75       CRISIL B+/Stable (Downgraded
   Demand Loan                       from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Mansi's business
risk profile marked by sharp decline in revenues in fiscal 2016.
On account of management plan to wind down the operations of
Mansi, its revenues declined from INR531 million in FY15 to
INR276 million in FY16. This has also impacted the cash accruals
of the company which have declined to INR18 million in FY16 from
INR25 million in 2015.  The company sold fixed assets amounting
to INR62.7 million in FY 16 and has paid off all its term debt as
on Sep 30, 2016.  The company's operations remain working capital
intensive, marked by gross current assets of 335 days as on March
2016.

CRISIL's rating reflects Mansi's weak business risk profile,
marked by reducing scale and  working-capital-intensive
operations .These weakness are partially offset by Mansi's
experienced promoters and its moderate financial risk profile.
Outlook: Stable

CRISIL believes Mansi will maintain its credit risk profile,
backed its low capital structure. The outlook may be revised to
'Positive' if Mansi's significantly increases its scale of
operation and profitability, along with improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' if Mansi's financial risk profile weakens due to
decline in scale or further stretched working capital cycle.

Mansi, established as a partnership firm in 2007, was
reconstituted as a private-limited company in 2008. The company
manufactures dyed fabrics and beam yarn, and also undertakes
embroidery work at its facility in Surat. Mansi sold its grey
fabric manufacturing machineries in fiscal 2014 and purchased
additional machineries to manufacture beam yarns.


MATHURA FIBRES: Ind-Ra Affirms 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mathura Fibres &
Cotton Industries' Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The agency has also affirmed MFCI's INR200
million fund-based working capital limit at Long-term 'IND BB-'
rating with a Stable Outlook and Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The affirmation factors in MFCI's continued weak credit metrics
on reduced profitability while the operating scale doubled. Net
leverage (net debt/EBITDA) deteriorated to 9.2x at FYE16 (FY15:
7.5x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.1x (1.2x). MFCI's revenue was INR1,369
million in FY16 (FY15: INR694 million). The top-line growth was
supported by increased business from new customers. EBITDA margin
declined to 2.0% in FY16 (FY15: 4.4%) on account of increase in
the raw material price (40% increase in the cotton price). FY16
numbers are provisional in nature.

The firm's liquidity position remained tight with almost full
utilisation of its fund-based working capital facilities over the
12 months ended October 2016.

The ratings, however, are supported by more than three decades of
experience of the firm's promoters in cotton ginning and pressing
business.

RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability
leading to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: Any deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2013, MFCI is a partnership firm engaged in
cotton ginning and pressing to produce cotton bales and cotton
seeds. It has a manufacturing facility in Adilabad, Telangana.


MATOSHRI LAXMI: ICRA Lowers Rating on INR61.40cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating on the INR61.40 crore1
term loans of Matoshri Laxmi Sugar Co-Generation Industries
Limited to [ICRA]D from [ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              61.40       [ICRA]D/ downgraded from
                                       [ICRA]B+

The rating revision takes into account the ongoing delays in debt
servicing by the company due to its stretched liquidity position.
ICRA also notes the highly leveraged capital structure of the
company owing to significant debt-funded capex and the high
working capital intensity of operations.

Matoshri Laxmi Sugar Co-Generation Industries Limited
incorporated in May 2008, operates a 3500 TCD (Tonnes Crushed Per
Day) sugar plant, which is forward integrated with co-generation
unit of 10 MW. The plant has been setup at village Rudhewadi in
Solapur district of Maharashtra. The sugar plant was commissioned
in April 2012 though commercial operations began from October
2012 while the co-generation unit was commissioned in January
2014.


MEHTA INTERTRADE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mehta Intertrade
Steels Private Limited's 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for MISPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

MISPL's ratings:

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

   -- INR100 million fund-based limits: migrated to Long-term
      'IND BB(suspended)' from 'IND BB' and Short-term 'IND
      A4+(suspended)' from 'IND A4+'

   -- INR700 million non-fund-based limits: migrated to 'IND
      A4+(suspended)' from 'IND A4+'

   -- INR45 million term loan: migrated to 'IND BB(suspended)'
      from 'IND BB'


MINI HOTELS: ICRA Assigns B/A4 Rating to INR6.5cr Unallocated
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B and short term
rating of [ICRA]A4 to INR6.50 crore unallocated limits of Mini
Hotels & Projects.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Unallocated              6.50      [ICRA]B/[ICRA]A4 assigned

The assigned rating is constrained by limited operational track
record of the hotel with commercial operations starting in August
2016; risks inherent to single hotel property with presence only
in Vijayawada of Andhra Pradesh; and likely pressure on Average
Room Revenue (ARR) and the occupancy levels of hotels due to
increasing room supply in Vijayawada in the near term. Further,
the expected cash accruals for FY2017 are likely to be
insufficient for term loan repayments with shortfall likely to be
funded by partner funds. The rating is further constrained by
exposure of performance of hotel to the cyclicality inherent in
the hospitality business and risks inherent in the partnership
nature of the firm. However, the rating favourably factors in
strategic location of the hotel at Benz Circle, Vijayawada, being
proximity to major trading and business centres of Andhra
Pradesh; and favourable demand prospects for hospitality industry
in Vijayawada, which is expected to improve going forward.
Going forward, the ability of the firm to improve its occupancy
levels and margins, timely infusion of funds to support term loan
repayments would be the key rating sensitivities from credit
perspective.

Mini Hotels & Projects is promoted by Mr.P.Ravi Kumar and
M/s.P.Padma in June, 2014 and is operating a hotel situated in
Benz circle, Vijayawada. The firm has renovated a multi storied
building into a Hotel and branded as "Hotel Aira". The renovation
of multi-storeyed building was started in October, 2014 and has
commenced commercial operations in August, 2016. The hotel
comprises of 7 standard rooms, 29 executive rooms, 4 Royal Suite,
a banquet hall and conference room. The total project cost is
INR11.39 crore which is funded by term loan of INR6.50 crore
(57%) and remaining INR4.89 crore (43%) from partners
contribution.


MOHAN PROJECT: CARE Ups Rating on INR10cr Long Term Loan to BB-
---------------------------------------------------------------
CARE revises rating assigned to bank facilities of Mohan Project
Contractors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE BB-(SO) Revised
                                            from CARE D

Rating Rationale

The above rating is based on the credit enhancement in the form
of corporate guarantee extended by Gayatri Projects Limited
(rated CARE BB-/CARE A4) for the bank facilities of Mohan Project
Contractors Private Limited.  The ratings assigned to the bank
facilities of GPL continue to be constrained by the increasing
debt levels resulting in the highly leveraged capital structure,
high exposure towards group companies albeit decrease in the same
and continued strained liquidity position due to working capital
intensive nature of business with high debtor collection period
despite improvement in same during FY16 (refers to the period
April 1 to March 31). The ratings, however, are underpinned by
the track record of the company and promoters' experience,
healthy and diversified order book position, improvement in total
income, profits and profitability margins during FY16. The
ability of the company to improve its liquidity profile, capital
structure and successful execution of all its existing orders
along with effective management of its cash flow are the key
rating sensitivities.

Mohan Project Contractors Pvt. Ltd. was incorporated on Sept. 3,
1998, for undertaking construction activities. The company is
engaged in the execution of civil works, including
concrete/masonry dams, earth filling dams, highways, bridges,
canals, aqueducts, etc.

The company primarily undertakes sub-contracting works for
Gayatri Projects Limited. GPL has extended corporate guarantee
towards the bank facilities of MPCPL.

MPCPL has an outstanding order book of INR544.82 crore as on
March 31, 2016 comprising of road works and irrigation project
works from GPL.

During FY16 (refers to the period April 01 to March 31), MPCPL
earned a total operating income of INR40.60 crore (INR46.69 crore
in FY15) and a PAT of INR1.05 crore (Loss of INR2.06 crore in
FY15).


NANDINI IMPEX: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nandini Impex
Private Limited's (NIPL) 'IND D(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 NIPL.

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

NIPL's ratings:

   -- Long Term Issuer rating: Long-term 'IND D(suspended)';
      rating withdrawn,

   -- INR350 million fund-based limits: Long-term
      'IND D(suspended)'; rating withdrawn

   -- INR50 million non fund-based limits: Short-term
      'IND D(suspended)';rating withdrawn

   -- INR401.2 million Term loan: Long-term 'IND D(suspended)';
      rating withdrawn


NARESH CLOTH: CRISIL Lowers Rating on INR65MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Naresh Cloth Store to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term      65        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the firm's
financial risk profile, especially liquidity, driven by increased
dependence on external borrowing to fund incremental working
capital due to a stretched working capital cycle coupled with
subdued operating levels and absence of funding support from the
promoters. The fund based bank limit was fully utilised during
the 12 months through September 2016.

Its financial flexibility is constrained because of weak capital
structure reflected in total outside liabilities to tangible net
worth of around 9-10 times. Its scale of operations is expected
to remain modest at current levels keeping its cash accruals low
and interest cover marginal.

The ratings also factor in low net profitability, and muted
growth in turnover with a modest scale of operations owing to
intense competition, geographic concentration in revenue. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the textile industry and
established relationship with the key supplier, Raymond Ltd.
Outlook: Stable

CRISIL believes NCS will continue to benefit over the medium term
from its established relationship with its key supplier. The
outlook may be revised to 'Positive' in case of an increase in
scale of operations and profitability while working capital
requirement is efficiently managed, leading to substantial cash
accrual and improvement in the financial risk profile. The
outlook may be revised to 'Negative' if the financial risk
profile weakens because of below-average working capital
management or deterioration in the capital structure.

NCS is a proprietorship firm promoted and managed by Mr. Naresh.
The firm trades in fabric manufactured by Raymond Ltd. Its
corporate office is in Sangrur, Punjab.

For fiscal 2016, net profit is estimated at INR1.4 million on net
sales of INR354.1 million; net profit was INR1.0 million on net
sales of INR343.7 million in fiscal 2015.


NATIONAL INDIA: ICRA Lowers Rating on INR6cr Cash Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB- to [ICRA]B+
assigned to the INR6.00 crore fund based cash credit limit of
National India Contractors and Engineers. ICRA has reaffirmed the
short-term rating at [ICRA]A4 assigned to the INR18.50 crore non-
fund based limit of National India Contractors and Engineers.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based-Cash Credit     6.00       [ICRA]B+; revised from
                                         [ICRA]BB- (Stable)/
                                         Suspension Revoked

   Non Fund Based            18.50       [ICRA]B+/A4; revised
from
                                         [ICRA] BB- (Stable)/A4/
                                         Suspension Revoked

The revision in rating takes into account the deterioration in
the financial profile of the company, characterized by decline in
revenues and cash accruals, coupled with sharp rise in debt
levels due to working capital requirements leading to rise in
gearing levels and weakening of debt coverage indicators. The
rating also factors in the risk of capital withdrawal faced by a
partnership firm and high client and geographical concentration
risk.
The ratings, however, favourably factor in the long-standing
experience of the promoters in the construction industry, and the
healthy order book position of INR148.48 (~3.34 times of FY2016
OI) as on September 30, 2016, which provides medium term revenue
visibility.

National (India) Contractors & Engineers was set up in the year
1962 by Mr. Usmangani Khatri and is engaged in the business of
construction of buildings (residential and commercial), factories
(sugar and spinning mills), townships and universities etc. The
firm is based out of Mumbai and executes construction projects in
the states of Maharashtra and Rajasthan.


NAVAGIRI APPAREL: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Navagiri
Apparel'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 Nava.

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

Nava's ratings:

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

   -- INR100 million fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn

   -- INR10.7 million long-term loans: 'IND BB(suspended)';
      rating withdrawn


PLATINUM FABRICS: CRISIL Reaffirms 'B' Rating on INR205.6MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Platinum Fabrics
Private Limited continue to reflect the company's modest scale of
operations and large working capital requirement.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          12.5      CRISIL A4 (Reaffirmed)
   Corporate Loan          96        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     205.6      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the susceptibility of the company's
profitability to volatility in raw material prices, and its
exposure to intense competition in the textile industry. PFPL has
a below-average financial risk profile, because of modest
networth, moderate gearing, and subdued debt protection metrics.
Furthermore, with insufficient cash accrual to meet term debt
obligation in fiscal 2016, it continues to depend on funds from
promoters. These weaknesses are partially offset by its
promoters' extensive experience in the textile industry.

For arriving at the ratings, CRISIL has treated interest-free
unsecured loans of INR149.1 million from the promoters as neither
debt not equity as they will be retained in the business over the
medium term.
Outlook: Stable

CRISIL believes PFPL will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' if
there is a substantial increase in revenue and profitability,
leading to higher cash accrual. The outlook may be revised to
'Negative' if the financial risk profile weakens, because of
large debt-funded capital expenditure or a stretch in working
capital cycle.

PFPL was incorporated in 2005 as DK Apparels Industries Pvt Ltd
by Mr. Dilip Karania and his brothers, Mr. Praful Karania and Mr.
Khirish Karania. The company got its present name in December
2009. It started operations in September 2008. PFPL manufactures
cotton fabric from grey and dyed cotton yarn. Its manufacturing
unit in Silvassa has installed capacity of 4.8 million metre of
fabric per annum.


PRISM LAMINATES: ICRA Suspends B- Rating on INR4.65cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- outstanding
on the INR3.50 crore cash credit facilities and the INR4.65 crore
non fund based facilities of Prism Laminates Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RADHA KRISHNA: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Radha Krishna
Industries 'IND BB(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND BB(suspended)' rating on RKI's
INR60m fund-based limits.

Ind-Ra suspended RKI's ratings on 17 February 2016.

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


RAMANI HOTELS: ICRA Assigns 'B' Rating to INR18.64cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B assigned to the
INR18.64 crore (enhanced from INR12.50 crore) Term loan of Ramani
Hotels Limited. ICRA has also assigned a long-term rating of
[ICRA]B to the INR15.50 crore Fund based limits and long term
rating of [ICRA]B and short term rating of [ICRA]A4 to the
unallocated limit of INR3.86 crore.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Fund
   Based-Term Loan       18.64      [ICRA]B Assigned/Outstanding

   Long term Fund
   Based-Cash Credit     15.50      [ICRA]B Assigned

   Long Term/Short
   Term-Unallocated       3.86      [ICRA]B/[ICRA]A4 Assigned

The assigned rating is constrained by weak financial profile of
the company characterised by net losses in the last few fiscal
years, moderate debt coverage indicators and stretched liquidity
position as reflected by high utilization of working capital bank
limits in the past. The rating is further constrained by moderate
occupancy levels of Tirupati & Bangalore Hotel properties and
weakness in demand from travellers due to intensely competitive
hotel market resulting in muted revenue growth. Moreover, the
hospitality industry is cyclical in nature and is vulnerable to
general economic slowdown and exogenous shocks.

The rating however, draws comfort from RHL being a part of the
Ramee Group, established experience of the promoters in the hotel
industry, and the favourable location of the hotel properties.
ICRA also notes that the high F&B (Food and Beverage) income from
its Juhu property provides comfort to the revenues and is likely
to support revenue growth for the company, going forward. The
rating also positively factors in the gradual improvement in the
ARR (Average Room Revenue) across all the hotels in the last one
year. ICRA notes the continued support of promoters in the form
of unsecured loans and equity infusion in the past.

Going forward, the company's ability to improve operating metrics
and achieve adequate accruals to meet the debt servicing
requirements, will be the key rating sensitivity. Meanwhile,
timely infusion of funds by promoters to meet cash shortfalls
will be critical to ensure debt servicing.

Ramani Hotels Limited is a part of Ramee Group with other group
companies being Ramee Hotels Private Limited and Creative Hotels
Private Limited, together referred to as the Ramee India group.
The operations of all the three companies are under the brand
name Ramee GuestLine Hotel. The three companies have a common
management and brand (Ramee GuestLine Hotel), and derive
considerable synergy from intra group operational and financial
linkages. Ramani Hotels have four properties in India, namely
Ramee GuestLine Hotel - Juhu, Ramee GuestLine Hotel - Bangalore,
Ramee GuestLine Hotel - Tirupati and Ramee Mall - Chennai.

The Ramee India group is part of the larger Ramee group of
hotels, which has number of hotels worldwide. The Ramee Group of
Hotels is promoted by Mr. V M Raj Shetty who is also the chairman
of the group.


RP RESORTS: ICRA Suspends 'D' Rating on INR10cr Term Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR10.00 crore term loan facilities and the INR10.00 crore
proposed term loan facilities of RP Resorts Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

RP Resorts Private Limited operates a single 117 room five-star
resort-Welcom Hotel Raviz Kadavu located near Kozhikode. The
Company has a marketing tie up under the Welcom brand of ITC
group of hotels. The resort was acquired by the current promoters
in 2010. The resort has three restaurants, a bar, an
amphitheatre, three conference/banquet halls, an Ayurveda centre
with four rooms, a tennis court, health club and a swimming pool.
The company is part of the RP Group of companies founded by Dr.
Ravindran Pillai. The group has several companies operating under
various divisions like construction & infrastructure, real estate
development, hotels & hospitality, travel & tourism, healthcare &
wellness, education, information technology, trading and retail
and malls operating in India as well as in the Middle East.


RS GHUMMAN: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn INRGhumman
India Enterprises' (RSGIE; an entity of INRGhumman Group) 'IND
B(suspended)' Long-Term Issuer Rating. The agency has also
withdrawn the 'IND B(suspended)' rating on RSGIE's INR90 million
long-term loans.

Ind-Ra suspended RSGIE's ratings on 1 March 2016.

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


SANMAAN AGRO: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanmaan Agro
Industries continues to reflect SAI's weak financial risk
profile, marked by moderate total outside liabilities to tangible
net worth ratio and weak interest coverage ratio.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             85       CRISIL B/Stable (Reaffirmed)
   Warehouse Receipts      15       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's modest scale and working
capital intensity in operations in the intensely competitive rice
industry, and susceptibility to fluctuations in raw material
prices. These rating weaknesses are partially offset by the
promoters' extensive experience and funding support, and the
firm's moderate profitability.
Outlook: Stable

CRISIL believes SAI will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if sizeable equity infusion, prudent
working capital management, or considerable ramp-up in scale of
operations and cash accrual strengthens financial metrics.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates on account of decline in revenue and
profitability, increase in working capital management, or any
large debt-funded capital expenditure.

SAI is a partnership firm set up by Mr. Zora Singh in Jalalabad,
Punjab, in 2000. The firm mills basmati and non-basmati rice.


SHALINI PUBLICITY: ICRA Suspends D Rating on INR10cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR10.00 crore
fund based and non fund based facilities of Shalini Publicity &
Creative Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in FY 2009 by Mr. Manobhaw Tripathi, Shalini
Publicity & Creative Private Limited is an INS (Indian Newspaper
Society) accredited advertising agency, in Mumbai. The promoter
was operating a proprietorship firm from 1994-2008 in Kalyan on
similar business lines, under the name Shalini Advertising
Agency. SPCPL generates 90% of its revenues from newspaper
advertising in multiple languages; and over the years, the
company has established relationships with all major newspaper
publishing houses in India. The company also has accreditation
from All India Radio and Doordarshan. SPCPL has offices in
Mumbai, Kalyan and Delhi.


SHARDA TIMBERS: ICRA Lowers Rating on INR19cr Loan to 'D'
---------------------------------------------------------
ICRA has revised its rating on the INR25.00-crore (reduced from
INR30.00 crore) bank facilities of Sharda Timbers to [ICRA]D from
[ICRA]B+ and [ICRA]A4. The suspension done in July 2016 has also
been revoked now.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund-based facilities     5.85      [ICRA]D; Revised from
                                       [ICRA]B+

   Non-fund based           19.00      [ICRA]D; Revised from
   Facilities                          [ICRA]A4

   Unallocated non-          0.15      [ICRA]D; Revised from
   fund based facilities               [ICRA]A4

ICRA's rating action is driven by continued over utilisation of
the fund-based limits and instances of devolvement of Letters of
Credit (LC) over the last two months on account of the firm's
stretched liquidity profile. The firm's financial profile has
deteriorated significantly in FY2016 due to adverse foreign
exchange movements and provision for bad and doubtful debts.
This, coupled with a material decline in net worth (owing to
losses), has increased leverage and caused deterioration in debt
coverage indicators.

Going forward, the company's ability to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity.

Sharda Timbers, established in 1995, is a proprietorship firm
owned by Mr. Raj Kumar Bansal. The firm imports timber mainly
from Malaysia, Singapore and New Zealand and this primarily finds
application in furniture-making and light construction work. Its
factory at Gandhidham, Gujarat cleans and saws logs to make clean
squared timber blocks, which are thereafter sold from the firm's
offices in Nangloi, Haryana and Gandhidham, Gujarat.

Recent Results
The firm incurred a net loss of INR4.02 crore on an operating
income of INR53.64 crore in FY2016 as against a net profit of
INR0.16 crore on an operating income of INR50.31 crore in the
previous year.


SHIV AUM: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiv Aum Steels
Private Limited a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by SASPL's moderate financial and
credit profile. According to the provisional FY16 financials,
revenue was INR2.9 billion (FY15: INR3.5 billion; FY13: INR2.8
billion), EBITDA was INR70.7 million (INR79.55 million; INR87.4
million), net financial leverage (net adjusted debt/operating
EBITDAR) was 5.3x (4.5x; 6.6x) and net interest coverage was 1.4x
(1.45x; 1.38x). Its EBIDTA/MT declined at 14.3% over FY13-FY16,
on account pricing pressures due to a challenging operating
environment since FY13.

The ratings also reflect the moderate working capital intensity
of the company's business as well as inventory risk, since part
of the inventory may not be backed by orders in hand. Its net
cash conversion cycle was 67 days in FY16 (FY15: 63 days). The
company essentially operates as a trader, involving low/no value
addition and thus earns thin EBITDA margins in the 2.5%-3% range.

Moreover, SASPL faces supplier concentration risk, with the top
five suppliers accounting for almost 73% of overall purchases.
However, its strong relationships with them enable it to avail
higher discounts than other steel traders in Maharashtra.

The ratings reflect SASPL's moderate liquidity profile with its
fund-based facilities being utilised at an average of 40% over
the 12 months ended August 2016.

The ratings are supported by SASPL's founders' experience of more
than three decades in trading long and flat steel products and
its strong customer relationships.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue and EBITDA
resulting leading to an improvement in the credit metrics will be
positive for the ratings.

Negative: Sustained deterioration in the EBITDA and/or working
capital cycle resulting in liquidity pressures and material
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1982, SASPL primarily trades in long and flat
products. These include structural steel products (channel beam,
angles), thermo-mechanically treated bars and plates.

SASPL's ratings:

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

   -- INR500 million fund-based limits: assigned 'IND BB+'/Stable

   -- INR150 million non-fund-based limits: assigned 'IND A4+'


SHREE SANYEEJI: CRISIL Assigns 'D' Rating on INR215.2MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Shree Sanyeeji Rolling Mills (SSRM) and assigned
its 'CRISIL D' rating to the long-term bank facilities. CRISIL
had, on April 6, 2016, suspended the rating as SSRM had not
provided necessary information required to maintain a valid
rating. SSRM has now shared the requisite information, enabling
CRISIL to assign rating to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            194.8      CRISIL D (Assigned;
                                     Suspension Revoked)

   Funded Interest         61.1      CRISIL D (Assigned;
   Term Loan                         Suspension Revoked)

   Long Term Loan         138.9      CRISIL D (Assigned;
                                     Suspension Revoked)

   Working Capital        215.2      CRISIL D (Assigned;
   Term Loan                         Suspension Revoked)

The rating reflects delays in servicing debt due to continued
cash losses following low sales.

The firm is also exposed to intense competition and cyclicality
in end-user industry, and has a weak capital structure. However,
SSRM benefits from the extensive experience of its promoters in
the steel industry.

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures thermo-
mechanically treated (TMT) bars at its unit in Guwahati (Assam).


SHRIDHAR INDUSTRIES: ICRA Suspends B+ Rating on INR5.5cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR5.50 Crore bank
facilities of Shridhar Industries Katni Private Limited. The
suspension follows lack of co-operation from the company.


SILVER OAK: CRISIL Reaffirms B+ Rating on INR180.8MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Silver Oak
Shops and Office Co-Operative Housing Society Ltd continues to
reflect the company's limited track record in the education
sector, and its subdued financial risk profile because of high
gearing. These weaknesses are partially offset by its promoters'
funding support and the near full occupancy at its educational
institutes.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             180.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Silver Oak will continue to benefit from its
promoters' funding support and the healthy demand for education
in India. The outlook may be revised to 'Positive' if the
company's scale of operations or profitability increases
significantly, leading to a better capital structure. The outlook
may be revised to 'Negative' if there is a significant decline in
cash accrual, leading to deterioration in the debt protection
metrics.

Update
Operating income, estimated at INR250 million in fiscal 2016, was
lower than CRISIL's expectation despite 100% occupancy. Operating
margin declined to 31% in fiscal 2016 from 41% in fiscal 2015 due
to expenditure for upgrade of faculty and higher advertising
expense.

The financial risk profile remained subdued, because of high
gearing of 3.6 times as on March 31, 2016. However, debt
protection metrics remained comfortable, with interest coverage
ratio estimated at 3.09 times for fiscal 2016 (3.30 times in the
previous fiscal) and net cash accrual to total debt ratio at 0.17
time. CRISIL expects the debt protection metrics to remain
steady. Liquidity is expected to remain comfortable, with
sufficient cash accrual to meet debt obligation, and strong
support from promoters in the form of unsecured loans.

Silver Oak, incorporated in 2006, manages Silver Oak College of
Engineering and Technology (SOCET), which was set up in 2009, and
the recently formed Aditya Silver Oak Institute of Technology
(ASOIT), in Ahmedabad, Gujarat. Fiscal 2015 was ASOIT's first
year of operations. The colleges offer professional programmes in
engineering and technology in five specialisations. All the
courses are approved by All India Council of Technical Education
and affiliated to Gujarat Technological University.

For fiscal 2016, Silver Oak's profit after tax (PAT) is estimated
at INR12.7 million on revenue of INR249.8 million, against a PAT
of INR7.9 million on revenue of INR189.6 million for fiscal 2015.


SOLID STATE: ICRA Hikes Rating on INR4.75cr LT Loan to BB-
----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR3.20
crore term loan facilities (previously INR0.86 crore) and the
INR4.75 crore fund based facilities of Solid State Systems
Private Limited from [ICRA]B+ to [ICRA]BB-. ICRA has re-affirmed
the short-term rating for the non-fund based facilities of
INR3.51 crore (previously INR2.75 crore) at [ICRA]A4 (pronounced
ICRA A four). The outlook on the long-term rating is stable.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Long Term-Term Loan     3.20     [ICRA]BB- (Stable); Upgraded
                                    from [ICRA]B+

   Long Term-Fund Based    4.75     [ICRA]BB- (Stable); Upgraded
                                    from [ICRA]B+

   Short Term-Non Fund
   Based                   3.51     [ICRA] A4 Reaffirmed

Rating Rationale
The long-term rating upgrade takes into account the healthy
growth in revenues of SSSPL during 2015-16 due to increase in its
market share in the domestic business where it has several
reputed clients including Voltas Limited, C.R.I. Pumps Private
Limited, Crompton Greaves Limited, Kirloskar Brothers Limited
etc. The rating, moreover, derives support from the improvement
in SSSPL's capacity utilization owing to efficiency in production
with further increase in production capacity expected by Q3 2016-
17 and increase in its net profitability during 2015-16 (owing to
lower interest costs), leading to improvement in coverage
indicators. The ratings also consider the continued
decentralisation of operations during 2015-16 with opening of two
new depots in Dehradoon and Mumbai and a branch in Vasai which
are likely to improve scalability and provide better controls on
contract execution and costs. The ratings continue to take into
account SSSPL's long track record of operations, spanning over
more than 4 decades, its established brand image with strong
market share in business segments like capacitors for control
panel of water pumps and capacitors for air conditioners, among
others.

The ratings are, however, constrained by the continued decline in
SSSPL's operating profitability in 2015-16, increase in working
capital intensity owing to increase in debtor days and with high
utilization of its working capital limits during 2015-16.
However, enhancement in working capital facilities in Q2 2016-17
and further enhancement in these facilities by March 2017 will
provide some liquidity cushion to the company. The ratings are
also constrained by the company's moderate scale of operations,
and susceptibility of operating profit margins to raw material
price fluctuations, given the 'fixed-price' nature of most of its
supply contracts. The ratings consider the expected deterioration
in SSSPL's capital structure due to additional term loans
amounting to INR3.20 crore taken in Q1 and Q2 2016-17. However,
planned equity infusion of INR0.50 crore and consistent cash
accruals will support the gearing level in the near term. The
ratings take note of the competition from the other established
capacitor manufacturing concerns, which keeps profitability under
check.

Going forward, SSSPL's ability to improve its profitability,
maintain its capital structure and optimally manage its working
capital requirements while increasing its scale of operations
will be the key rating sensitivities.

Solid State Systems Private Limited, founded in 1972 by the Late
Mr. Irshad Basith, is engaged in manufacturing metalized
polypropylene film capacitors. It also manufactures aluminum
cans, poly urethane resin and Metalized Polypropylene (MPP) film,
which are raw materials for manufacturing capacitors. It has
quality certifications, including the ISO 9001-2000, ISO 14000
and ISO 18000, the American UL Certification, the European ENEC
Certification (for lighting capacitors) and the S2 Certification
from International Electrotechnical Commission (IEC). Currently
the company is run by its directors, Mr. Omer Basith, Mr. Jawad
Basith, Mr. Naushad Hasan, and Mrs. Iqbal Basith. The company
currently has an installed capacity to manufacture 10 million
pieces per annum at its manufacturing facility located at
Hoskote, Bangalore.

Recent Results
During 2015-16, the company reported a net profit of INR0.56
crore on an operating income of INR37.69 crore, as against a net
profit of INR0.20 crore on an operating income of INR33.08 crore
during 2014-15.


SRI LAKSHMIKANTHA: ICRA Suspends D Rating on INR157.58cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D  outstanding
for INR157.58 crore bank facilities of Sri Lakshmikantha Spinners
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI SHRIDEVI: CRISIL Reaffirms 'D' Rating on INR700MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Shridevi
Charitable Trust continues to reflect instances of delay by SSCT
in servicing its debt; the delays have been caused by weak
liquidity resulting from irregular cash inflows and large, debt-
funded capital expenditure undertaken by the trust over the past
few years.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               700       CRISIL D (Reaffirmed)

SSCT is also exposed to regulatory risks associated with the
education sector and to intense competition from other
educational institutes in its region of operations. However, the
trust benefits from the extensive experience of its promoters in
the education sector and its diversified course offerings.
SSCT (previously known as Sri Shridevi Charitable Trust (R.)),
established in 1992, provides education from primary school to
graduation in engineering; it also has a medical college which
became operational in 2013-14 (refers to financial year, April 1
to March 31). The trust's operations are managed by its managing
trustee, Dr. M R Hulinaykar.


SURYAVANSHI SPINNING: ICRA Suspends D Rating on INR117.41cr Loan
----------------------------------------------------------------
ICRA has suspended rating of [ICRA]D  for INR117.41 crore bank
facilities of Suryavanshi Spinning Mills Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


TIRUPATI AGENCIES: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tirupati
Agencies Pvt. Ltd's 'IND D(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 TAPL.

Ind-Ra suspended TAPL's ratings on 26 February 2016.

TAPL's ratings:

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

   -- INR80 million fund-based limits: Long-term
      'IND D(suspended)'; rating withdrawn

   -- INR6 million non-fund-based limits: Short-term
      'IND D(suspended)'; rating withdrawn


VITTHAL TEXTILES: CRISIL Reaffirms B+ Rating on INR72MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vitthal Textiles Pvt
Ltd continue to reflect the company's below-average financial
risk profile because of high gearing, modest networth, and weak
debt protection metrics. The ratings also factor in the company's
small scale of operations in the competitive textiles industry.
These weaknesses are partially offset by its promoters' extensive
industry experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.4       CRISIL A4 (Reaffirmed)

   Cash Credit           72         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    28.8       CRISIL B+/Stable (Reaffirmed)

   Term Loan              3.8       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VTPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company significantly scales up operations or
increases profitability, and maintains its financial risk
profile. The outlook may be revised to 'Negative' if VTPL
undertakes large, debt-funded capital expenditure, or records
significantly low revenue or profitability.

VTPL was set up in 2005 by Mr. Ashish Gujarathi, Mr. Prasant
Gujarathi, and Mr. Shah Govardhandas Bhikharidas (Hindu Undivided
Family). The company manufactures wide-width grey cloth, used to
manufacture bed sheets and curtains. Its manufacturing facility
is in Shirpur, Maharashtra.



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


INTAGR8 LTD: Sole Director Declared Bankrupt in Australia
---------------------------------------------------------
Sunday Star Times reports that the boss of Intagr8 Ltd, a
controversial New Zealand telecommunications company that
collapsed owing creditors millions of dollars, has been
bankrupted in Australia.

Murray Taylor was the sole director and shareholder of Auckland-
based Intagr8 Ltd, which was placed into voluntary liquidation
owing about NZ$4 million in December last year.

An investigation by the Commerce Commission later found the
company, which sold bundled telecommunications deals, had likely
breached the Fair Trading Act by making false or misleading
statements to customers, according to the report.

Mr. Taylor, who flew to Melbourne shortly after Intagr8's
collapse, was declared bankrupt in Australia last month, the
report says citing official documents.

Sunday Star Times relates that the bankruptcy manager, Nicholas
Giasoumi, said a New Zealand creditor, who Taylor had given a
personal guarantee to in relation to his business, registered the
debt in Australia.

Mr. Taylor "saw no other option" but to declare himself bankrupt,
Mr. Giasoumi, as cited by Sunday Star Times, said.

Intagr8 liquidator Damien Grant, of Waterstone Insolvency in
Auckland, said the adjudication meant there was little point
proceeding further with the liquidation of Intagr8, the report
says.

It was very unlikely the company's unsecured creditors would
recover any of the NZ$3.7 million they were owed, Mr. Grant said,
the report relays.

"[Taylor's bankruptcy] reduces the appetite of the liquidators to
pursue the director [of Intagr8] for any breach of duties.
There's no point re-drowning a drowned rat."

Intagr8 Ltd was a telecommunication company based in New Zealand.



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


EZRA HOLDINGS: Gets SGX Extension to Release Results by Nov. 29
---------------------------------------------------------------
Business Times reports that EZRA Holdings Limited has been
granted an extension of time from the Singapore Exchange (SGX) to
announce its unaudited financial results for the full year ended
Aug 31. As a result of the extension, the group will be
announcing its results by Nov. 29, Ezra said on Nov. 5.

According to the report, the beleaguered firm had sought an
extension as its Malaysian associate Perisai Petroleum Teknologi
Bhd landed in further trouble, raising the question of whether
Ezra needed additional impairment in its investment in Perisai;
the vessels jointly owned by the group and Perisai; as well as
the existing contracts performed by these vessels.

Kuala Lumpur-listed Perisai is facing a winding-up petition from
an unhappy bondholder while its 51 per cent-owned unit SJR Marine
(L) Ltd received legal notice from a bank requiring repayment on
a loan, the report relates.

Business Times notes that Perisai has declared itself insolvent
after defaulting on SGD125 million worth of 6.875 per cent bonds
due earlier on Oct 3; its bondholders had on the same day
rejected its proposal to restructure the notes.

Ezra is Perisai's largest shareholder with a 19.47 per cent stake
through two units. With the Perisai bond default, Ezra's joint-
venture loan facilities with Perisai have also reportedly been
affected through cross-default clauses, the report adds.

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


STATS CHIPPAC: Moody's Retains B3 CFR on Improved Q3 Results
------------------------------------------------------------
Moody's Investors Service says that STATS ChipPAC Pte. Ltd.'s
improved operating performance in Q3 2016 is credit positive, but
will not impact its B3 corporate family rating and negative
outlook.

"After four consecutive quarters of operating losses, the company
reported a $4 million operating profit in 3Q 2016, largely
reflecting an increase in advanced packaging revenues, which also
carry higher margins than the company's wirebond packaging and
test product lines," says Annalisa DiChiara, a Moody's Vice
President and Senior Credit Officer.

Consolidated revenue grew 15% quarter over quarter to $313
million in Q3 2016, driven primarily by growth in the company's
advanced packaging products, which accounted for 54% of revenues
or $169 million, compared to $137 million in Q2 2016.

Moody's estimates adjusted EBITDA of $72 million for 3Q 2016 --
compared to $64 million in the prior quarter -- and of around
$260 million for the 12 months through September 2016.

At the same time, the company's cash position increased to $97
million at Sept. 30, 2016, from $54 million at June 30, 2016.
However, this rise largely reflected the $30 million received
from its parent, Jiangsu Changjiang Electronics Technology Co.
Ltd (JCET, unrated), in conjunction with JCET's expected $100
million sale-lease-back transaction with Sino IC Leasing Co. Ltd
(unrated) -- a subsidiary of the National Integrated Circuit Fund
(unrated).

"We view positively the receipt of cash from JCET as it bolsters
STATS ChipPAC's liquidity position.  However, the company's
profitability will remain under pressure.  Given the company's
high capex and debt-service requirements, we believe that STATS
ChipPAC will need an additional $200 million to $300 million in
2017 to support both, as well as its liquidity profile," adds
DiChiara.

Moody's will continue to evaluate JCET's ability to provide
direct financial support to STATS ChipPAC.  JCET's consolidated
leverage stood around 9.5x at Sept. 30, 2016, based on Moody's
estimates.

However, Moody's also understands that JCET's application to the
CSRC -- with respect to its share-swap agreement with Siltech
Semiconductor (Shanghai) Corporation Limited (unrated) -- a
wholly owned subsidiary of Semiconductor Manufacturing Int'l
Corp. (Baa3 stable) -- remains in progress.

JCET's $400 million private placement with Siltech -- of which
$200 million is earmarked to fund a portion of STATS ChipPAC's
capex -- is expected to follow the closure of the share swap.
STATS ChipPAC expects both transactions will complete in Q1 2017.

In the meantime, STATS ChipPAC's total debt levels - including
the $200 million perpetual security - remained stable at around
$1.1 billion at Sept. 30.  As a result, we estimate leverage --
as measured by estimated adjusted debt/EBITDA -- was around 4.6x
at end-September 2016 and trending below our expectations of 5.5x
for year-end 2016.

Still the ratings outlook is negative, reflecting the company's
weak liquidity position and weak operating performance.  Further
downward rating pressure will build if cash levels fall below
$50 million, as result of weak profitability, or if additional
funding from the sale-lease-back transaction falls through.

In addition, downward pressure could arise if profitability
remains muted, such that EBITDA on a rolling 12-month basis
trends below $200 million.

Upward rating pressure is unlikely over the near term, given the
negative outlook.  However, the outlook could return to stable if
expected capital injections from JCET continue to materialize.

Moreover, Moody's would need to see the company restore its
liquidity position or obtain financing to meet its cash
obligations through 2017, while maintaining a sufficient cushion
under its bank loan covenants.

To that end, based on announcements filed by JCET with the
Shanghai Stock Exchange on Oct. 27, 2016, Moody's understands
that JCET is seeking shareholder approval to provide a guarantee
of up to $175 million to STATS ChipPAC should the latter fail to
meet the amended leverage covenants governing its $315 million
bank loan facility.

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

STATS ChipPAC Pte. Ltd. is a leading player in the global
semiconductor assembly and test (OSAT) industry.  The company
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers (IDMs), and
fabless companies in the US, Asia and Europe.



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


DAEWOO SHIPBUILDING: Union Pressed to Accept Self-Rescue Plan
-------------------------------------------------------------
Yonhap News Agency reports that creditors of Daewoo Shipbuilding
& Marine Engineering Co. have demanded that the shipbuilder's
labor union accept the company's large-scale restructuring scheme
in return for helping the shipyard stay afloat, industry sources
said Nov. 9.

The creditors, led by the state-run Korea Development Bank, is
set to announce a debt-for-equity swap worth KRW3.2 trillion
($2.83 billion) for Daewoo Shipbuilding this week, in order to
help it avert delisting from the local stock market, Yonhap
relates.

According to the report, sources said the KDB-led creditors have
said that the shipyard's labor union should not launch any
strikes and must accept a wage freeze and a workforce reduction
plan.

If the labor union does not accept their demands, the lenders
said they would not provide any financial help to the stuttering
shipyard, the sources said, Yonhap relays.

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

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

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

After the debt-for-equity swap, Daewoo Shipbuilding will seek to
reduce its capital base, with the details to be announced later
this month, according to the sources.

According to Yonhap, sources said Daewoo Shipbuilding will hold a
board meeting this week to discuss a capital reduction proposal.

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.



                             *********

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
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                 *** End of Transmission ***