TCRAP_Public/161111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, November 11, 2016, Vol. 19, No. 224

                            Headlines


A U S T R A L I A

ENGAGE CAPITAL: First Creditors' Meeting Set for Nov. 18
GLOBAL RULE: Former Director Gets 4-Year Jail Sentence
JAGONAL PTY: First Creditors' Meeting Slated for Nov. 17
MCALEESE LIMITED: Assets Put Up for Sale by GraysOnline
POLES & UNDERGROUND: First Creditors' Meeting Set for Nov. 18

QUEENSLAND NICKEL: High Court Rules Against Clive Palmer Bid
TDA INTERIORS: First Creditors' Meeting Set for Nov. 17


C H I N A

GOLDEN WHEEL: Fitch Rates USD100MM Sr. Unsec. Notes 'B'
SKYPEOPLE FRUIT: Gets Extended Stay of Nasdaq Listing Suspension
YINGDE GASES: Fitch Puts 'B+' LT Issuer Default Rating on RWP


I N D I A

AAKAF STEEL: CRISIL Suspends B+ Rating on INR150MM Cash Loan
AG CONVEYING: CRISIL Reaffirms D Rating on INR28.5MM Term Loan
ALIN CASHEWS: CRISIL Reaffirms B- Rating on INR40MM Cash Loan
ARYA FIN-TRADE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
ASHUTOSH FIBRE: CRISIL Reaffirms B+ Rating on INR86.8MM Loan

BABA NAGA: CRISIL Reaffirms 'B' Rating on INR156MM Term Loan
BAGWAN COTEX: CRISIL Reaffirms B+ Rating on INR40MM Term Loan
CHANDRA AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR46.5MM Loan
CICB - CHEMICON: CRISIL Reaffirms 'D' Rating on INR454.8MM Loan
CREATIVE HEALTH: Ind-Ra Withdraws 'B' Long-Term Issuer Rating

DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR130MM Loan
DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
EARTH TRUST: CRISIL Assigns B Rating to INR200MM LT Loan
EAST END: CRISIL Assigns 'B+' Rating to INR40MM Cash Loan
FILM FARM: CRISIL Assigns B+ Rating to INR80MM Cash Loan

GEETASHREE PULSES: Ind-Ra Assigns 'B' Long-Term Issuer Rating
GM REDDY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GOEL ROAD: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
GOPI FABRICS: CRISIL Lowers Rating on INR45MM LT Loan to 'D'
GURU KIRPA: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan

H. K. TIMBERS: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
INDO AMERICAN: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
K. K. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR26.5MM Loan
KAUSHAL FERRO: CRISIL Reaffirms 'D' Rating on INR212MM LT Loan
LAMANE INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

MAA BHAWANI: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
MAA KALI: CRISIL Lowers Rating on INR246.5MM Term Loan to 'D'
MANDIRA FASHIONS: Ind-Ra Suspends 'D' Long-Term Issuer Rating
MJR RICE: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
NAVDURGA AGRO: CRISIL Reaffirms 'B' Rating on INR80MM Loan

PHOENIIX: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
R. J. TRADELINKS: CRISIL Suspends B- Rating on INR40MM Cash Loan
RAJPAL COTTON: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
RR COTTONS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
S.M. RAM: CRISIL Reaffirms B+ Rating on INR52.5MM LT Loan

S. R. SHIPPING: CRISIL Suspends B- Rating on INR250MM LT Loan
SALEM AUTOMECH: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
SANSHU GREEN: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SELECT EXIM: CRISIL Suspends 'B' Rating on INR62MM LT Loan
SFPL CROP: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan

SHILPA ELECTRICAL: CRISIL Suspends B+ Rating on INR35MM Cash Loan
SHIVA AGRO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
SHOWTIME SYNDICATORS: CRISIL Reaffirms B Rating on INR70MM Loan
SHREE GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SHREE SALASAR: CRISIL Lowers Rating on INR126MM Term Loan to D

SHRI SHAKUMBARI: CRISIL Suspends 'B' Rating on INR43MM Term Loan
SIDDHI VINAYAK: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
SJLT TEXTILES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
SOUTHERN AUTO: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
STYLEONE RETAIL: CRISIL Cuts Rating on INR282.5MM Loan to 'D'

T4 TAPES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
THAMANIAN AGRO: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
TIME RESEARCH: CRISIL Suspends B+ Rating on INR35MM Cash Loan
VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
VINIL TRADING: CRISIL Reaffirms 'B' Rating on INR180MM Loan


S O U T H  K O R E A

HANJIN SHIPPING: Hyundai Merchant Marine Submits Final Bid


T H A I L A N D

SAHAVIRIYA STEEL: Updates on Judicial Proceedings


X X X X X X X X

* Fitch Says APAC Mortgage Cover Pool Loss Rate Among the Lowest


                            - - - - -


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A U S T R A L I A
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ENGAGE CAPITAL: First Creditors' Meeting Set for Nov. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Engage
Capital Pty Ltd will be held at 22 Market Street, in Brisbane,
Queensland, on Nov. 18, 2016, at 11:00 a.m.

Stefan Dopking and Joanne Dunne of FTI Consulting were appointed
as administrators of Engage Capital on Nov. 8, 2016.


GLOBAL RULE: Former Director Gets 4-Year Jail Sentence
------------------------------------------------------
Following an Australian Securities and Investments Commission
investigation, Mr. Frederick Leslie Hansen, formerly of Clear
Island Waters on the Gold Coast, has been sentenced in the
Southport District Court to 4 years imprisonment.

On Oct. 14, 2016, Mr. Hansen pleaded guilty to two counts of
dishonestly using his position as a director of Global Rule Pty
Ltd and was remanded into custody.

ASIC alleged that between October 2008 and September 2010,
Mr. Hansen dishonestly used his position as director of Global
Rule with the intention of causing a detriment to the company.

The defendant knowingly caused an unrelated personal debt in the
amount of AUD8,423,333 million to be incurred by Global Rule.
During the period, the defendant then used AUD5,721,424 of Global
Rule investors' funds to commence repaying the debt.

Mr. Hansen will be eligible for parole after serving 2 years
imprisonment, taking into account time already served in custody.

ASIC Commissioner Greg Tanzer said: "Mr. Hansen's actions
betrayed the trust of his investors and caused them significant
hardship. Today's decision shows that this type of behavior will
be met with serious consequences."

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Global Rule operated an unregistered managed investment scheme on
the Gold Coast. Investment in Global Rule was made available by
various scheme promoters located in Queensland and New South
Wales.

Global Rule was described as a company that created wealth,
provided outstanding financial benefits to its partners and
delivered humanitarian aid throughout Australia. What it offered
was for investors to participate in an unsecured loan agreement
that would supposedly return 1.8% per month (21.6% per annum) in
interest payments.

Investment was available to individuals, trusts, businesses and
self-managed superannuation funds.

The recent criminal proceedings against Mr. Hansen follows
earlier ASIC proceeding brought in the Supreme Court of
Queensland appointing Mr. Michael McCann, of Grant Thornton, as
liquidator of Global Rule Pty Ltd and as trustee of the Global
Rule Trust.

The Liquidators of Global Rule Pty Ltd reported that it is
estimated that around 170 individuals loaned money to Global Rule
and approximately AUD16.3 million was owed to lenders.


JAGONAL PTY: First Creditors' Meeting Slated for Nov. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Jagonal
Pty Ltd will be held at the offices of McGrathNicol, Level 12/20
Martin Place, in Sydney, on Nov. 17, 2016, at 12:00 p.m.

Barry Frederic Kogan and Joseph David Hayes of McGrathNicol were
appointed as administrators of Jagonal Pty on Nov. 7, 2016.


MCALEESE LIMITED: Assets Put Up for Sale by GraysOnline
-------------------------------------------------------
Jenny Wiggins at the Australian Financial Review reports that
cranes from collapsed transport group McAleese Limited could be
shipped as far afield as Europe after trucks, trailers and
lifting equipment were put up for sale by GraysOnline.

According to the report, the online auction group has been hired
by McAleese administrators McGrathNicol to sell vehicles, cranes
and office equipment from the company's heavy haulage and lifting
division after it went into administration in late August.

Andrew Cotton, who is managing the sale for GraysOnline, said
demand for transport equipment was "reasonably strong" because it
could be used in several industries, including construction and
agriculture, AFR relates.

"We think there's enough scope in the market to sell all of this
equipment," the report quotes Mr. Cotton as saying.

There was a large market in Australia for the trucks and
trailers, and McAleese's cranes are expected to appeal to
overseas buyers, including Europeans, Mr. Cotton, as cited by
AFR, said.

"With those large capacity cranes, it truly is a global market,"
he said, adding that while demand for cranes in Australia had
dropped following the resources slump, they were needed by other
countries that had more project activity, the report relays.

AFR says more than 100 trucks and more than 250 trailers are
being sold, as well as more than 50 cranes. McAleese's equipment
is scattered in cities around the country, including Mackay,
Perth and Adelaide, the report says.

Before going into administration, McAleese had taken impairments
on equipment in its heavy haulage and lifting division due to
falling demand for its services from the resources sector, market
over-capacity and a weak pipeline of new projects, relates AFR.

According to the report, McGrathNicol are selling off some of
McAleese's assets, but are evaluating whether the company will be
able to restructure via a deed of company arrangement, if one is
formally proposed by chief executive Mark Rowsthorn and Hong Kong
investment group SC Lowy.

AFR relates that the administrators have until the end of March
to hold a second meeting of creditors and propose the best option
for the transport group, which may be liquidation if a
satisfactory restructuring plan does not emerge.

If McAleese does go into liquidation, sale proceeds from trucks
and cranes could also be less than their book value and may not
be enough to cover its debts, AFR notes.

AFR adds that Mr. Cotton said the McAleese brand was well known
in the transport industry and the equipment disposal was "one of
the most anticipated sales in recent times". The multimillion-
dollar sale process, which will include direct sales and
auctions, is expected to take around four months.

McAleese Limited (ASX:MCS) -- http://www.mcaleese.com.au/news/--
is an Australia-based company, which is engaged in the provision
of heavy haulage and craneage, bulk haulage, liquid fuels
distribution, and transport and logistics services. The Company
operates in four segments: the Heavy Haulage & Lifting division,
which provides heavy haulage and lifting solutions for equipment
required in the construction, operation and maintenance of
resources, energy and infrastructure projects; the Bulk Haulage
division, which provides bulk commodities haulage across off-road
and on-road routes and ancillary onsite services in the mining
sector; the Oil & Gas division, which includes Cootes Transport,
a provider of liquid and gaseous fuel transportation services in
Australia for oil and gas companies and Refuel International,
which designs and manufactures of refueling and handling
equipment, and the Specialised Transport division, which includes
the operations of WA Freight Group, including the movement of
less than truck load freight.

On Aug. 29, 2016, Joseph Hayes, Jason Preston, Jamie Harris and
Keith Crawford of McGrathNicol were appointed Voluntary
Administrators of McAleese Limited and each of its wholly owned
subsidiaries with the exception of Sunshine Refuellers Pty Ltd.


POLES & UNDERGROUND: First Creditors' Meeting Set for Nov. 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Poles &
Underground Pty Ltd and Icon Plant Pty Ltd, will be held at
Sydney Masonic Centre, 66 Goulburn Street, in Sydney, on
Nov. 18, 2016, at 2:00 p.m.

Mark Robinson, Philip Carter, and Daniel Walley of PPB Advisory
were appointed as administrators of Poles & Underground on Nov.
9, 2016.


QUEENSLAND NICKEL: High Court Rules Against Clive Palmer Bid
------------------------------------------------------------
9NEWS.com.au reports that the High Court has thrown out a bid by
former MP Clive Palmer to stall questioning by the liquidators of
his collapsed company, Queensland Nickel.

Liquidators are trying to determine whether Mr. Palmer was acting
as a shadow director when the company collapsed, the report says.

9NEWS.com.au relates that Mr. Palmer was challenging the validity
of the law the liquidators were using to compel him to answer
questions about the company.

Hundreds of jobs were lost when the company collapsed earlier
this year, the report says.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.


TDA INTERIORS: First Creditors' Meeting Set for Nov. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of TDA
Interiors Pty Ltd will be held at Melbourne Business Centre Level
9, 440 Collins Street, in Melbourne, Victoria, and CRS Insolvency
Services Level 5, 379 Kent Street, in Sydney, on Nov. 17, 2016,
at 11:30 a.m.

Anthony John Warner of CRS Insolvency Services was appointed as
administrator of TDA Interiors on Nov. 8, 2016.



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C H I N A
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GOLDEN WHEEL: Fitch Rates USD100MM Sr. Unsec. Notes 'B'
-------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH; B/Stable) USD100m 8.25%
senior unsecured notes a final 'B' rating and a Recovery Rating
of 'RR4'.

The notes are rated at the same level as GWTH'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 26 October 2016.

KEY RATING DRIVERS

Niche Positioning: GWTH is focused on developing small commercial
and residential projects linked to metro stations. The company
has seven projects under development and launched presales for
six projects in 2016. Such projects usually fetch higher average
selling prices because of their convenient location and better
foot traffic for commercial property components. Potential
competition from large national developers for metro-linked
projects may squeeze GWTH's margin over the longer-term, although
volume-driven developers are less likely to participate in small
niche projects.

Negative Margins Temporary: "We expect GWTH's EBITDA margins to
stay around 25% over the medium term, supported by existing
integrated projects connected to metro stations, which have
historical gross margins of around 40%." Fitch said. The
company's EBITDA turned negative in the last 12 months, mainly
because GWTH delivered only a limited stock of properties during
the year, and the majority of property sold will be delivered in
2H16 and 2017. EBITDA was also squeezed by higher expenses driven
by rising sales activities. GWTH may face margin pressure from
2018 as well-located metro-linked land sites are usually
expensive.

Limited Headroom for Land Acquisition: Fitch expects GWTH's
leverage, as measured by net debt/adjusted inventory, to trend
towards 40% (end-1H16: 26%), with a land replenishment rate of
around 1x in the next two to three years. The company plans to
spend around 40% of total contracted sales for the next two years
on development to increase its saleable resources. This will
restrict its ability to make large land acquisitions. Fitch
expects GWTH to maintain a land acquisition budget of 35%-40% of
yearly contracted sales from 2H16.

Rising Recurring Income: Fitch expects GWTH's investment property
and metro-leasing divisions to expand steadily over the medium
term, with new investment property assets opening from 2017 and
the business of leasing out shops in metro stations starting to
contribute to profit from 2018. These divisions will provide
recurring income for interest servicing, which will mitigate cash
flow volatility in the development property business. Fitch
expects the company's recurring gross profit/gross interest to
increase to around 0.7x in 2018, from 0.4x in 1H16.

Expansion in Metro Leasing: The metro-leasing division's gross
profit margin was 11.7% in 1H16 (2015: -19%; 2014: 27%; 2013:
44%), beating Fitch's expectation of breakeven in full-year 2016.
The company is expanding its metro-leasing business and plans to
open four to five metro malls a year for the next two years. "We
expect the average breakeven period for a new mall is around nine
months." Fitch said. The metro-leasing business is likely to
contribute a stable portion of profit from 2018 as more malls
mature. A failure to turn in profit for this segment could
negatively affect GWTH's ratings, as the company has already
signed the long-term master lease contract with local government.

KEY ASSUMPTIONS

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

   -- annual contracted sales value (excluding JVs) to remain
      above CNY2bn, with an average selling price above CNY15,000
      per square metre over 2016-2017

   -- substantial sales from the second to third year after land
      is acquired

   -- only investment properties that are completed or under
      development and existing metro-leasing businesses to
      contribute to recurring gross profit

   -- land replenishment rate of 1.0x over 2016-2018

RATING SENSITIVITIES

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

   -- net debt/adjusted inventory rising above 40% on a sustained
      basis (end-1H16: 26%)

   -- deviation from the current focus on metro-linked projects

   -- EBITDA margin falling below 25% on a sustained basis (1H16:
      -3.2%)

   -- Metro leasing business suffering sustained losses

Positive: No positive rating action is expected over the next 12-
18 months due to the company's small scale. However, over the
long- term, positive rating action may result from:

   -- investment property value exceeding CNY5.0bn (end-1H16:
      CNY4.8bn) and annual development property sales sustained
      above CNY3.0bn on an attributable basis (1H16: CNY1.4bn)

   -- recurring gross profit/ interest coverage rising over 1.0x
      on a sustained basis (2015: 0.6x)


SKYPEOPLE FRUIT: Gets Extended Stay of Nasdaq Listing Suspension
----------------------------------------------------------------
SkyPeople Fruit Juice, Inc., a producer of fruit juice
concentrates, fruit juice beverages and other fruit-related
products, on Nov. 7, 2016, disclosed that it has been granted an
extended stay as to the suspension of the Company's shares from
trading by the NASDAQ Hearings Panel (the "Panel") until the
Company's scheduled hearing before the Panel on December 15, 2016
and issuance of a final Panel decision.

On Oct. 19, 2016, the Company requested a hearing before the
Panel to appeal the delisting determination from the staff of the
Listing Qualifications Department of NASDAQ (the "NASDAQ Staff"),
which request automatically stayed the delisting of the Company's
securities for 15 calendar days or until November 3, 2016.  At
the time of the request, the Company also requested an extension
of the stay beyond the 15-day period.  On November 2, 2016, the
Panel notified the Company that it will extend the stay and
maintain the status quo with respect to the Company's listing on
the NASDAQ Global Market until it fully reviews the facts of the
matter and makes a final determination regarding the Company's
listing status following the December 15, 2016 hearing.  The
Panel also indicated that it will continue to monitor corporate
events, and may revisit its determination at any time.

The Company's scheduled hearing before the Hearings Panel is to
appeal a delisting determination letter received on October 12,
2016 from NASDAQ Staff.  The letter notified the Company that
since it had not filed its Annual Report on Form 10-K for the
fiscal year ended December 31, 2015 and its Quarterly Reports on
Form 10-Q for the quarterly periods ended March 31, 2016 and
June 30, 2016, respectively, by October 11, 2016, the deadline by
which the Company was to file all reports in order to regain
compliance with NASDAQ Listing Rule 5250(c)(1) (the "NASDAQ
Rule"), the Company's common stock is subject to delisting from
the NASDAQ Global Market.

The Company is working assiduously to complete its delayed SEC
filings of its financial statements and to regain compliance with
the NASDAQ Rule as soon as possible.

                  About SkyPeople Fruit Juice

SkyPeople Fruit Juice, Inc. (NASDAQ: SPU), a Florida company,
through its wholly-owned subsidiary Pacific Industry Holding
Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the
People's Republic of China and a wholly owned subsidiary of
Pacific, holds 73.42% ownership interest in SkyPeople Juice Group
Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in
SkyPeople Foods (China) Co., Ltd. ("SkyPeople Foods China").
SkyPeople (China) and ("SkyPeople Foods China"), together with
their operating subsidiaries in China, are engaged in the
production and sales of fruit juice concentrates, fruit
beverages, and other fruit related products in the PRC and
overseas markets.  The Company's fruit juice concentrates are
sold to domestic customers and exported directly or via
distributors.  Fruit juice concentrates are used as a basic
ingredient component in the food industry.  Its brands,
"Hedetang" and "SkyPeople," which are registered trademarks in
the PRC, are positioned as high quality, healthy and nutritious
end-use juice beverages.


YINGDE GASES: Fitch Puts 'B+' LT Issuer Default Rating on RWP
-------------------------------------------------------------
Fitch Ratings has placed Yingde Gases Group Company Limited's
(Yingde) Long-Term Issuer Default Rating (IDR) of 'B+' on Rating
Watch Positive (RWP). The company's senior unsecured rating of
'B+', with Recovery Rating of 'RR4', has also been placed on RWP.

Fitch also placed on RWP the 'B+' ratings, with Recovery Rating
of 'RR4', on the USD425m 8.125% senior notes due 2018 and USD250m
7.25% senior notes due 2020 issued by Yingde Gases Investment
Limited, which is wholly owned by Yingde.

Fitch's action follows the 6 November 2016 announcement that
Yingde has agreed to issue new shares to water solution provider
Originwater Hong Kong Environmental Protection Co., Limited, a
subsidiary of Beijing OriginWater Technology Co., Ltd. (Beijing
OriginWater). The transaction, which will raise net proceeds of
HKD1.2bn, is subject to a number of approvals, including those of
the Hong Kong Stock Exchange and relevant government authorities.

KEY RATING DRIVERS

Significant Balance-Sheet Improvement: The proposed equity
placement will immediately improve Yingde's balance sheet, if the
company sticks to its stated objective of using the proceeds to
reduce debt and increase working capital. Fitch said, "Under that
scenario, we estimate that Yingde's 2016 FFO-adjusted net
leverage could improve to around 3.9x, compared with our forecast
of 4.3x prior to the placement."

Management Change: The transaction has resulted in changes to
Yingde's board and senior management. One of the founders has
replaced another as the chairman, while the CFO of Beijing
OriginWater has been appointed as the CEO. Fitch said, "We expect
the new management team to steer the company on the current
business trajectory while expanding into new areas such as
environmental protection and energy." Any rapid change that leads
to a worsening of the company's business risk profile could
result in negative rating changes.

No Trigger of CoC: The transaction does not appear to trigger the
change of control (CoC) clause in the indenture on Yingde's
outstanding bonds as the founders jointly will continue to own a
larger stake in the company compared to Originwater and remain on
the board. Even if these thresholds are breached at a later
point, Yingde's ratings have to be downgraded by a rating agency
as a result in order for the CoC clause to be triggered. If the
CoC clause is triggered, Yingde may be required to redeem the
bonds immediately. It currently does not have the liquidity to
meet an early redemption of the offshore bonds but we view the
probability of the need to do so remaining low in the near term.

KEY ASSUMPTIONS

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

   -- Completion of the equity placement, with proceeds will be
      used for debt reduction

   -- No further deterioration in working capital

   -- No significant deviation from current business trajectory

RATING SENSITIVITIES

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

   -- Completion of the transaction

   -- Confirmation that new management will not take actions that
      may worsen company's business profile

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

   -- If the transaction is not completed, Fitch will likely
      affirm Yingde's current ratings with a Stable Outlook



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AAKAF STEEL: CRISIL Suspends B+ Rating on INR150MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aakaf Steel Private Limited (Aakaf).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B+/Stable
   Letter of Credit         30       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       20       CRISIL B+/Stable

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

Aakaf was originally set up as a sole proprietorship firm, Aakaf
Industrial Corporation, in 1992; the firm was reconstituted as a
private limited company with the current name in 2000 after it
was merged with its associate concern, Aakar Steels. Aakaf trades
in hot-rolled plates, mild-steel plates, beams, channels, round
bars, and square bars. The company sells its products primarily
in Ahmedabad (Gujarat).


AG CONVEYING: CRISIL Reaffirms D Rating on INR28.5MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of AG Conveying Systems
Private Limited (AGCSPL) continue to reflect instances of delay
in debt servicing owing to weak liquidity driven by large working
capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL D (Reaffirmed)
   Cash Credit             10       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       8.5     CRISIL D (Reaffirmed)
   Term Loan                8       CRISIL D (Reaffirmed)
   Working Capital
   Term Loan               28.5     CRISIL D (Reaffirmed)

AGCSPL has a weak financial risk profile because of small
networth and high gearing, and small scale of operations in the
highly fragmented material-handling equipment industry. The
company, however, benefits from its promoters' experience.

AGCSPL was originally set up 1971 as a proprietorship firm by Mr.
Gopal Apte. In 1983, Mr. Shripad Apte (son of Mr. Gopal Apte)
joined the firm and it was reconstituted as a partnership firm;
in 2008, the firm was again reconstituted as a private limited
company. Until 1975, the company was only providing consultation
services but later started manufacturing material-handling
equipment. Currently, AGCSPL manufactures fuel-handling equipment
(conveying systems).


ALIN CASHEWS: CRISIL Reaffirms B- Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings continue to reflect Alin Cashews (AC) modest
scale of operations in the intensely competitive cashew industry,
and below-average financial risk profile, marked by modest
networth and high total outside liabilities to tangible networth
(TOLTNW) ratio. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters in the cashew
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B-/Stable (Reaffirmed)
   Foreign Bill Purchase   10       CRISIL A4 (Reaffirmed)
   Packing Credit          40       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes AC will benefit over the medium term from its
promoters' extensive experience in the cashew industry. The
outlook may be revised to 'Positive' if considerable increase in
revenue and profitability leads to stronger cash accrual and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low revenue or profitability, decline in working
capital management, or any large capital expenditure weakens the
financial metrics, especially liquidity.

Set up as a partnership firm in 2006, AC processes raw cashew
nuts and sells cashew kernels. AC operates 7 facilities in
Kollam, Kerala with capacity to process around 10 tonnes of
cashew kernel per day. The operations are managed by the partners
Mr. Shihanshah and Mrs Shiny Shihanshah.


ARYA FIN-TRADE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arya Fin-trade
Services (India) Private Limited (Arya) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable. The agency has also assigned
Arya's INR70 mil. non-fund-based working capital facility a
Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect the small scale of operations and moderate
credit profile of Arya. Revenue according to FY16 financials was
INR22 mil. (FY15: INR26 mil.) with an EBITDA of INR4 mil. (INR9
mil.). Gross interest coverage (operating EBITDA/gross interest
expense) during FY16 was 2.8x (FY15: 1.8x) with net leverage
(total adjusted net debt/operating EBITDAR) of 49.7x (7.7x). The
ratings also factor in the intense competitive environment on
Arya's  broking business.

The ratings, however, are supported by the more than two decades
of experience of the promoters in the broking and trading
segment.

RATING SENSITIVITIES

Positive: Substantial increase in the scale of operations with an
ability to earn profit leading to improvement in the overall
credit profile could lead to a positive rating action.

Negative: Inability to scale up operations while maintaining
profitability at similar levels leading to deterioration in the
credit metrics could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, Arya is engaged the broking services and
trading of derivatives and equity on both the Bombay Stock
Exchange and the National Stock Exchange.


ASHUTOSH FIBRE: CRISIL Reaffirms B+ Rating on INR86.8MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashutosh Fibre Private
Limited (AFPL) continue to reflect a constrained financial risk
profile because of a small networth and a leveraged capital
structure, and a modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the yarn manufacturing and processing industry
and their funding support. The ratings also factor in a
diversified product mix and healthy operating profitability.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              35      CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit    15      CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                  17.3    CRISIL A4 (Reaffirmed)

   Letter of Credit          7.3    CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       18.6    CRISIL B+/Stable (Reaffirmed)

   Term Loan                86.8    CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loans
of INR105.2 million extended by promoters and their affiliates as
neither debt nor equity. That's because these loans bear a
nominal interest rate and are expected to remain in the business
over the medium term.
Outlook: Stable

CRISIL believes AFPL will continue to benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' in case of significantly
higher-than-expected revenue while operating profitability is
maintained, leading to sizable cash accrual, or significant
equity infusion resulting in a better capital structure. The
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, a stretched working capital cycle, or high
debt-funded capital expenditure, further weakening the financial
risk profile, especially liquidity.

Update
In fiscal 2016, revenue was INR271.8 million and operating margin
around 16.2% against INR267.3 million and 17.6%, respectively, in
the previous fiscal. The operating performance in fiscal 2016 was
broadly in line with expectation. Revenue growth of about 20%
along with healthy operating profitability is expected in fiscal
2017.

The financial risk profile remains constrained by a small
networth and leveraged capital structure; gearing and adjusted
networth were at 3.10 times and INR40 million, respectively, as
on March 31, 2016. Debt protection metrics were moderate with
interest coverage and net cash accrual to total debt ratios at
2.15 times and 0.16 time, respectively, in fiscal 2016, backed by
healthy profitability. Liquidity remains stretched due to barely
sufficient cash accrual to meet scheduled debt repayment.
However, bank limit utilisation was moderate at an average of
around 67% during the 12 months through September 2016. Liquidity
was also supported by unsecured loans from promoters.

AFPL was founded in 1985 by Mr. Purushottamdas Patel. In 1995,
the current management took over operations; the company has
remained fully operational since 2000. It manufactures different
types of technical yarn as well as traditional cotton and
synthetic yarns. Its manufacturing and processing units are at
Petlad, Gujarat.


BABA NAGA: CRISIL Reaffirms 'B' Rating on INR156MM Term Loan
------------------------------------------------------------
CRISIL's rating on long-term bank loan facilities of Baba Naga
Agro Private Limited (BNAPL) continues to reflect the below-
average financial risk profile, marked by modest networth, high
total outside liabilities to tangible networth ratio and moderate
debt protection metrics. These rating weaknesses are partially
offset by extensive experience of the promoter in the rice
processing industry and proximity to suppliers in Punjab.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             150      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       39      CRISIL B/Stable (Reaffirmed)

   Term Loan               156      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BNAPL will benefit from extensive experience
of its promoter, over the medium term. The outlook may be revised
to 'Positive' if the company reports significantly higher cash
accrual, efficient working capital management and a stronger
capital structure. The outlook may be revised to 'Negative' if
substantially low cash accrual or sizeable working capital
requirement, weakens liquidity.

BNAPL, promoted by Mr. Sunil Chadha, processes rice at Tarn Taran
(Punjab), with an installed capacity of 18 MT per hour.
Commercial production has commenced since April 2015.


BAGWAN COTEX: CRISIL Reaffirms B+ Rating on INR40MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bagwan Cotex
(BC) continues to reflect the firm's modest scale of operations
in the fragmented cotton industry, and susceptibility of
profitability to volatility in cotton prices. The rating also
factors in its below-average financial risk profile because of a
modest net worth, high gearing, and sub-par debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the partners and funding support
received from them.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan         40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BC will continue to benefit over the medium term
from its partners' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
significantly better-than-expected cash accrual or substantial
capital infusion. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the financial risk
profile, particularly liquidity, owing to lower-than-expected
cash accrual, larger-than-anticipated working capital
requirement, or debt-funded capital expenditure.

Set up in 2013, BC undertakes cotton ginning and pressing. It
commenced commercial operations in January 2014. The firm, owned
and managed by Mr. Sayyad Yunus and his family members, is
headquartered at Aurangabad (Maharashtra).


CHANDRA AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR46.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chandra
Automobile India Private Limited (CAPL) continues to reflect
CAPL's below-average financial risk profile, marked by high total
outside liabilities to tangible net worth ratio and weak debt
protection metrics. The rating also factors in the company's
susceptibility to intense competition in the automotive
dealership business. These rating weaknesses are partially offset
by CAPL's established regional market position aided by its
promoters' extensive industry experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          46.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability or any
equity infusion by its promoters, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if CAPL generates low cash accruals or undertakes a
large debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Set up in 1992, CAPL is an authorised dealer for passenger cars
of Hyundai Motor India Ltd and two-wheelers of Honda Motorcycle &
Scooter India Pvt Ltd in Coimbatore (Tamil Nadu). The company is
promoted by Mrs. R Nandini and her family members.


CICB - CHEMICON: CRISIL Reaffirms 'D' Rating on INR454.8MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of CICB - Chemicon
Private Limited (CICB-Chemicon) continue to reflect a
continuously overdrawn cash credit facility; this was due to weak
liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          80        CRISIL D (Reaffirmed)

   Cash Credit             30        CRISIL D (Reaffirmed)

   Letter of Credit        95        CRISIL D (Reaffirmed)

   Packing Credit          22.5      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     454.8      CRISIL D (Reaffirmed)


The company has a weak financial risk profile because of low debt
protection metrics. Moreover, it has a small scale, and working-
capital-intensive nature, of operations, constraining operating
efficiency. However, it benefits from its technology tie-ups with
global players, FS-Elliott Co LLC (USA) and Hangzhou-Chinen Steam
Turbine Power Co Ltd (China).

CICB-Chemicon, established in 1971 and based in Bengaluru,
primarily manufactures engineering goods, including compressors,
heat exchangers, and pressure vessels.


CREATIVE HEALTH: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Creative Health
Care Pvt Ltd's (CHCPL) '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 CHCPL.

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

VCPL's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR120 mil. fund-based limits: 'IND B(suspended)'; rating
      withdrawn
   -- INR24.7 mil. term loans: 'IND B(suspended)'; rating
      withdrawn
   -- INR20 mil. non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR130MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Ceramics Pvt
Ltd (part of the Durable group) continue to reflect the Durable
group's modest financial risk profile because of high total
outside liabilities to tangible networth (TOLTNW) ratio and weak
debt protection metrics. The ratings also factor in the group's
large working capital requirement, and customer concentration in
its revenue. These weaknesses are partially offset by favourable
demand for insulators.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit            130       CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCPL and Durable Transformers Pvt Ltd
(DTPL). The two companies, together referred to as the Durable
group, have common teams managing key functions such as finance,
marketing, and procurement at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.
Outlook: Stable

CRISIL believes the Durable group's business risk profile will
remain constrained over the medium term by its significant
dependence on Punjab State Power Corporation Ltd for revenue,
although supported by healthy demand. The outlook may be revised
to 'Positive' if there is more-than-expected cash accrual due to
significant and sustainable increase in revenue and
profitability, and an improvement in working capital cycle or
capital structure. The outlook may be revised to 'Negative' if
operating margin or turnover declines, resulting in low net cash
accrual, or if the group contracts more-than-expected working
capital debt, leading to deterioration in its capital structure.

Update
Operating revenue declined to INR870 million in fiscal 2016 from
INR1.24 billion in the previous fiscal, due to delay in order
execution till June 2016. Hence, revenue was INR280 million for
the first half of fiscal 2017. However, orders of INR1.2 billion
will lead to moderate growth of 8-10% in topline in the near
term. Operating margin improved to 7.9% in fiscal 2016 from 6.1%
in the previous fiscal because of fall in prices of key raw
materials, and is expected at 7-7.5% over the medium term.

The financial risk profile remained modest because of high TOLTNW
ratio of 3 times as on March 31, 2016. The ratio is expected to
improve over the medium term in the absence of debt-funded
capital expenditure. Debt protection metrics remained weak'
interest coverage ratio was 1.4 times and net cash accrual to
adjusted debt ratio was 0.05 times in fiscal 2016, and will
remain at similar levels over the medium term.

Working capital requirement remained large, indicated by gross
current assets of 232 days as on March 31, 2016, due to increase
in receivables to 117 days from 73 days a year earlier, and
sizeable inventory of 120 days. Resultantly, bank limit has
remained fully utilised in fiscal 2016, in line with past trend.
The gross current assets are expected at 200-220 days over the
medium term. In fiscal 2017, net cash accrual is expected at
INR16 million, and will be just adequate to meet debt obligation
of INR15 million. However, funds from promoters, in the form of
unsecured loans of INR69.4 million as on March 31, 2016, support
the liquidity.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. It manufactures bushings (used in transformers),
pin insulators, disc insulators, post insulators, high-tension
and low-tension insulators, and plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1000
kilovolt ampere, and sells 10% of its output to DCPL.

The Durable group supplies most of its products to PSPCL, either
directly or through vendors.

DCPL's profit after tax (PAT) and sales fell to INR12.1 million
and INR607.6 million, respectively, in fiscal 2016, from INR16.8
million and INR831.2 million the previous year. Provisional
turnover was around INR80 million for the six months through
September 2016.

DTPL had PAT and sales of INR6 million and INR324.9 million in
fiscal 2016 (Rs 9.9 million and INR495.5 million, respectively,
in fiscal 2015). Its provisional turnover was INR200 million in
the six months through September 2016.


DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Transformers
Pvt Ltd (DTPL; part of the Durable group) continue to reflect the
Durable group's modest financial risk profile because of high
total outside liabilities to tangible networth (TOLTNW) ratio and
weak debt protection metrics. The ratings also factor in the
group's large working capital requirement, and customer
concentration in its revenue. These weaknesses are partially
offset by favorable demand for insulators.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             140      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         40      CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). The two companies, together referred to as the Durable
group, have common teams managing key functions such as finance,
marketing, and procurement at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.
Outlook: Stable

CRISIL believes the Durable group's business risk profile will
remain constrained over the medium term by its significant
dependence on Punjab State Power Corporation Ltd (PSPCL) for
revenue, although supported by healthy demand. The outlook may be
revised to 'Positive' if there is more-than-expected cash accrual
due to significant and sustainable increase in revenue and
profitability, and an improvement in working capital cycle or
capital structure. The outlook may be revised to 'Negative' if
operating margin or turnover declines, resulting in low net cash
accrual, or if the group contracts more-than-expected working
capital debt, leading to deterioration in its capital structure

Update
Operating revenue declined to INR870 million in fiscal 2016 from
INR1.24 billion in the previous fiscal, due to delay in order
execution till June 2016. Hence, revenue was INR280 million for
the first half of fiscal 2017. However, orders of INR1.2 billion
will lead to moderate growth of 8-10% in topline in the near
term. Operating margin improved to 7.9% in fiscal 2016 from 6.1%
in the previous fiscal because of fall in prices of key raw
materials, and is expected at 7-7.5% over the medium term.

The financial risk profile remained modest because of high TOLTNW
ratio of 3 times as on March 31, 2016. The ratio is expected to
improve over the medium term in the absence of debt-funded
capital expenditure. Debt protection metrics remained
weak'interest coverage ratio was 1.4 times and net cash accrual
to adjusted debt ratio was 0.05 times in fiscal 2016, and will
remain at similar levels over the medium term.

Working capital requirement remained large, indicated by gross
current assets of 232 days as on March 31, 2016, due to increase
in receivables to 117 days from 73 days a year earlier, and
sizeable inventory of 120 days. Resultantly, bank limit has
remained fully utilised in fiscal 2016, in line with past trend.
The gross current assets are expected at 200-220 days over the
medium term. In fiscal 2017, net cash accrual is expected at
INR16 million, and will be just adequate to meet debt obligation
of INR15 million. However, funds from promoters, in the form of
unsecured loans of INR69.4 million as on March 31, 2016, support
the liquidity.
About the Group

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. It manufactures bushings (used in transformers),
pin insulators, disc insulators, post insulators, high-tension
and low-tension insulators, and plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1000
kilovolt ampere, and sells 10% of its output to DCPL.

The Durable group supplies most of its products to PSPCL, either
directly or through vendors.

DCPL's profit after tax (PAT) and sales fell to INR12.1 million
and INR607.6 million, respectively, in fiscal 2016, from INR16.8
million and INR831.2 million the previous year. Provisional
turnover was around INR80 million for the six months through
September 2016.


EARTH TRUST: CRISIL Assigns B Rating to INR200MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Earth Trust. The rating reflects Earth Trust's
small scale of operations characterised by geographic
concentration, modest risk management systems and exposure to
risks inherent in the microfinance industry. These rating
weaknesses are partially offset by the experienced management and
financial support received from Trustees.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      200       CRISIL B/Stable

Outlook: Stable

CRISIL believes that Earth Trust's scale of operations will
continue to remain small and geographically concentrated and its
risk management systems will develop, as the business scales,
though at a slow pace. The outlook could be revised to 'Positive'
if Earth Trust significantly improves its scale of operations and
risk management practices thereby reducing the risks to asset
quality. Conversely, the outlook could be revised to 'Negative'
if Earth Trust's asset quality and profitability deteriorate
thereby impacting its capitalisation.

Earth Trust (Education for Awareness and Rural Transmittable
Humanitarian Trust), came in to being in the year 1995 after
being registered with the Trust Registration Act 1975, as a brain
child of Mr. Ponn Selvaraj. The organization was setup with the
idea of promoting welfare policing. The company conducts
vocational training and Social empowerment training programmes.
After training, the trainees are encouraged to form SHGs on their
own. The trust, thereafter, lends to such groups for undertaking
any business activity like dairy farming, poultry or brick
making. Under the social empowerment category, the training
programmes are on environmental education, women empowerment,
family counselling, rural and urban development, health,
HIV/AIDS, environment. The Trust earns sizable fee income through
these training programmes. It has a 20 member strong trainers
team.


EAST END: CRISIL Assigns 'B+' Rating to INR40MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of East End Technologies Private Limited
(EETPL). The ratings reflect a modest scale and working capital-
intensive operations. These weaknesses are partially offset by
the extensive experience of the promoters in the steel
fabrication industry, healthy unexecuted order book, and reputed
clientele.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Standby Fund-
   Based Limits             5        CRISIL B+/Stable
   Proposed Cash
   Credit Limit            40        CRISIL B+/Stable
   Proposed Bank
   Guarantee               30        CRISIL B+/Stable
   Bank Guarantee          45        CRISIL A4
   Cash Credit             20        CRISIL B+/Stable

Outlook: Stable

CRISIL believes EETPL will maintain its business risk profile
over the medium term, backed by the extensive experience of
promoters and a healthy order book. The outlook may be revised to
'Positive' if significant improvement in scale of operations and
profitability leads to higher-than-expected cash accrual, along
with better working capital management. Conversely, the outlook
may be revised to 'Negative' in case of a decline in operating
income and cash accrual, or weak financial risk profile,
particularly liquidity, most likely because of large, debt-funded
capital expenditure or a stretched working capital cycle.

EETPL, established in 1999 and promoted by Mr. Sandeep Patnaik,
is engaged in fabrication of mild steel and stainless steel
products such as ladders, industrial columns, chimneys, heat
exchangers, agitators, commercial fans, and ladles. Besides, it
undertakes projects for laying of underground and above-ground
pipelines, and repair and maintenance jobs. The company's
manufacturing facility is at Choudwar, Odisha.


FILM FARM: CRISIL Assigns B+ Rating to INR80MM Cash Loan
--------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Film Farm India Private Limited and has assigned
its 'CRISIL B+/Stable' rating to the firm's bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan           3.6      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      16.4      CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

CRISIL had suspended the rating on the long-term facility on
July 28, 2016, as FFIPL had not provided the necessary
information for a rating review. The firm has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

The rating reflects the risks pertaining to concentration in
FFIPL's revenue profile, its moderate scale of operations and its
below average financial risk profile, marked by modest interest
coverage. These weaknesses are partially offset by its promoters'
extensive experience in the media and entertainment industry.
Outlook: Stable

CRISIL believes FFIPL will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected accruals, backed by
diversification in revenue and efficient working capital
management leading to improvement in liquidity. The outlook may
be revised to 'Negative' if there is a greater than expected
decline in revenue or profitability, or a stretch in working
capital cycle, significantly impacting the financial risk
profile.

FFIPL was incorporated in 2001 by Mr. Kalyan Guha and his wife Ms
Rupali Guha in Mumbai. The company produces television serials
and advertisement films. It started film production in 2013 and
released a Marathi film, Narbachi Wadi, in September 2013. The
company has one on-air show, Goth, on Star Pravah.


GEETASHREE PULSES: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Geetashree
Pulses (GP) a Long-Term Issuer Rating of 'IND B'.  The Outlook is
Stable. The agency has also assigned the company's INR100 mil.
fund-based working capital limits an 'IND B' rating with a Stable
Outlook.

                          KEY RATING DRIVERS

The ratings reflect GP's small scale of operations and weak
credit metrics.  Its revenue in FY16 was INR393 mil. (FY15:INR429
mil.), interest coverage (operating EBITDA/gross interest
expense) was 1.2x (0.9x) and net financial leverage (total
adjusted net debt/operating EBITDAR) was high at 12.3x (3.3x).

The ratings are constrained by the partnership nature of
business.

The liquidity profile of the company has been moderate with
average utilization of its working capital being 89% during the
12 months ended October 2016.

The ratings, however, derive support from GP's partners' more
than two decades of experience in the trading business.

                       RATING SENSITIVITIES

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

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

                         COMPANY PROFILE

Incorporated in 2013, GP is a partnership firm engaged in the
trading of coriander seeds.  The firm has its registered office
at Kumbhraj in Madhya Pradesh and is managed by Mr. Ram Kasat and
family.


GM REDDY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GM Reddy Cotton
Industries Private Limited (GMRCIPL), a Long-Term Issuer Rating
of 'IND B+'.  The Outlook is Stable.  The agency has also
assigned GMRCIPL's INR75 mil. fund-based working capital limit a
Long-term 'IND B+' rating with a Stable Outlook and a Short-term
'IND A4' rating.

                         KEY RATING DRIVERS

The ratings reflect GMRCIPL's weak credit metrics, moderate scale
of operations and EBITDA margins.  According to FY16 provisional
financials the company's net financial leverage (Ind-Ra adjusted
net debt/operating EBITDA) was 6.4x (FY15:6.7x) and EBITDA
interest coverage was 1.4x (1.1x). GMRCIPL's revenue was
INR216.7 mil. in FY16 (FY15: INR295.6 mil.); EBITDA margins were
moderate in the range of 4% -5.3% in FY12-FY16.

The ratings factor in the company's presence in the highly
fragmented and competitive cotton ginning business along with raw
material price fluctuations subject to the seasonal nature and
the government policies.  Liquidity remains moderate with average
peak cash credit utilization of 91% during the 12 months ended
September 2016.

The ratings, however, are supported by GMRCIPL's locational
advantage as it's located at Parkal in Warangal where the
company's main raw material cotton is available in abundance.
The ratings are further supported by the promoter's experience of
around two decades in various industries.

                       RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations
and/or improvement in profitability leading to sustained
improvement in the credit metrics could lead to positive rating
action.

Negative: Decline in the scale of operations and/or operating
profitability leading to deterioration in the credit metrics
and/or liquidity could lead to negative rating action.

COMPANY PROFILE

Incorporated in July 2010, GMCIPL is engaged in cotton ginning
and pressing at its plant located in Parkal, Warangal (equipped
with 36 ginning machines and one pressing machine) with a
processing capacity of 320 bales/day.


GOEL ROAD: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Goel Road Carriers
Private Limited Earlier~R.D. Goel and Company Private Limited)
continue to reflect the company's modest scale of operations in a
fragmented industry, large working capital requirement, and
susceptibility to economic cycles. The ratings also factor in the
company's subdued financial risk profile. These weaknesses are
partially offset by the extensive experience of its promoters in
the road transport industry.

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

   Cash Credit             65        CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       45.4      CRISIL B/Stable (Reaffirmed)

   Term Loan               29.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GRCPL will continue to benefit from its
promoters' extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
if there is a substantial and sustained increase in revenue and
profitability, or considerable improvement in liquidity because
of sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in profitability, or
significant deterioration in capital structure because of a
stretch in working capital cycle.

Update
GRCPL reported net profit of INR4.4 million on net sales of
INR420.0 million in fiscal 2016, against a net profit of INR3.3
million on net sales of INR428.6 million in fiscal 2015. GRCPL
added Maruti Suzuki India Ltd ('CRISIL AAA/Stable/CRISIL A1+') to
its clientele by entering into a one-year contract in July 2015.
Also, the company increased its fleet of owned vehicles from 88
vehicles in fiscal 2015 to 97 in fiscal 2016. The management
focus will remain on increasing owned vehicles vis-a-vis rented
ones through regular capital expenditure. Operating income is
estimated at INR420.00 million in fiscal 2016, in line with
CRISIL's expectation. Operating margin was low, at 5% in fiscal
2016, as the company reduced its prices due to increased
competition. The company's working capital requirement, remained
large, reflected in gross current assets of 115 days as on
March 31, 2016, and was in line with the CRISIL's expectation.

GRCPL's capital structure was average, reflected in estimated
gearing of 1.14 times and modest networth of INR67.3 million as
on March 31, 2016. Interest coverage and net cash accrual to
total debt ratios were subdued, at 1.84 times and 0.11 time,
respectively, in fiscal 2016. GRCPL's net cash accrual is
estimated at INR8.1 million in fiscal 2016 against debt
obligation of INR17.9 million, and the shortfall was funded
through unsecured loans from promoters. Its bank limit
utilization remained high, averaging 94% in the 12 months through
March 2016.

GRCPL was set up by Mr. Ashok Goel and his family members in
1988. The company provides road transport services, and operates
a fleet of trucks and trailers. It is based in New Delhi.


GOPI FABRICS: CRISIL Lowers Rating on INR45MM LT Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gopi Fabrics (P) Ltd. to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan           45       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delays in servicing debt; the delays were
due to stretched liquidity following lack of timely realisation
from customers.

The company has a below-average financial risk profile because of
weak debt protection metrics and a modest networth. Moreover, it
has working capital-intensive, and a small scale of, operations.
However, it benefits from the extensive experience of its
promoters in the textile industry and their funding support.

GFPL was incorporated in 1992, promoted by the Amritsar, Punjab-
based Mr. Naresh Aggarwal and his family. The company
manufactures knitted fabric.


GURU KIRPA: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Guru Kirpa Rice Mills
continues to reflect GKRM's modest scale of operations in the
intensely competitive rice milling industry, and weak financial
risk profile marked by a small net worth, a high TOLTNW, weak
debt protection metrics and susceptibility to climate change.
These rating weaknesses are partially offset by the extensive
experience of GKRM's partners in the rice milling industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            140       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility                40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GKRM will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm's cash
accruals improve because of significant improvement in its scale
of operations or capital structure. Conversely, the outlook may
be revised to 'Negative' in case GKRM registers pressure on its
profitability, or if it undertakes a larger-than-expected
increase in its working capital requirements or it undertakes any
debt funded capex which deteriorates its capital structure even
further.

GKRM, established in 2002, was set up as a partnership firm by
Mr. Bhupinder Singh, Mr. Jatinder Singh, and Mr. Partap Singh.
The firm is into milling and processing of basmati rice (Pusa
1121 quality). It has one processing unit at Jalalabad (Punjab),
with milling and processing capacity of 30 tonnes per day. GKRM
primarily sells rice and its by-products in the domestic market.
The majority of its customers are merchant exporters, who export
the rice to the Middle East.


H. K. TIMBERS: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of H. K. Timbers Private
Limited continue to reflect a modest financial profile,
susceptibility of profitability to intense competition, exposure
to risks related to regulatory changes in the timber business and
to fluctuations in foreign exchange (forex) rates, and working
capital-intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        87.5      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters, and established
relationship with customers and suppliers.

For arriving at its ratings, CRISIL has considered the standalone
business and financial risk profiles of HKTPL, as its group
entity, HK Timbers (HKT), does not have major revenue.
Outlook: Stable

CRISIL believes HKTPL will continue to benefit from the extensive
industry experience of its promoters and established relationship
with customers and suppliers. The outlook may be revised to
'Positive' in case of higher-than-expected cash accrual backed by
an increased scale of operations and a higher operations margin,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' in case of low cash accrual due to any
adverse movement in forex rates or raw material prices, or large
debt contracted to meet working capital requirement, resulting in
deterioration in the financial risk profile, particularly
liquidity.

HKTPL, set up in December 2012, is promoted by the Rudani family.
It has taken over the business of its group entity, HKT, engaged
in processing and sale of timber. HKTPL has a timber processing
facility in Gandhidham, Gujarat.


INDO AMERICAN: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Indo American
Electricals Limited's (IAEL) '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 IAEL.

Ind-Ra suspended IAEL's ratings on 3 March 2016.

IAEL's ratings:

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

   -- INR69.5 mil. term loan: Long-term 'IND D(suspended)';
      rating withdrawn,

   -- INR450 mil. fund based limits: Long-term
      'IND D(suspended)'; rating withdrawn


K. K. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR26.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of K. K. Construction
Company (KKCC) continue to reflect a small, though improving,
scale of operations in the highly competitive electrical contract
industry, and geographical concentration in revenue. The rating
also factors in large working capital requirement due to
stretched debtors.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          27       CRISIL A4 (Reaffirmed)

   Cash Credit             26.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      18.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan                2.9     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters, a moderate financial risk
profile supported by equity infusion by promoters during fiscal
2016, and limited external debt.
Outlook: Stable

CRISIL believes KKCC will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue along
with improvement in working capital management, leading to higher
cash accrual. The outlook may be revised to 'Negative' in case of
delay in project execution leading to further stretch in the
working capital cycle, a slowdown in revenue growth, or a decline
in profitability, weakening the financial risk profile,
particularly liquidity.

KKCC, a partnership firm, was formed by the Khoobchandani and
Daryani families in 2002. The firm is an electrical contractor,
primarily for the Chhattisgarh State Electricity Board. It has
two factories, in Mova and Nainpur (both in Chhattisgarh), for
manufacturing plain cement-concrete poles. Its operations are
managed by Mr. Ashok Khoobchandani.


KAUSHAL FERRO: CRISIL Reaffirms 'D' Rating on INR212MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaushal Ferro Metal
Private Limited (KFMPL) continue to reflect instances of delay by
KFMPL in servicing its debt, on account of working-capital-
intensive operations and cash flow mismatch.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee           20       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      212       CRISIL D (Reaffirmed)

   Term Loan                 8       CRISIL D (Reaffirmed)

KFMPL also has a below-average financial risk profile,
constrained by weak liquidity and vulnerability to cyclicality in
the steel industry. These rating weaknesses are partially offset
by KFMPL's average business risk profile, with proximity to its
end-user industry.

Set up in 2004, KFMPL started commercial production in 2007. The
company manufactures sponge iron and has its manufacturing
facilities at Sundargarh (near Bhubaneswar, Odisha). The company
has an installed capacity of 60,000 tonnes per annum. KFMPL's
overall operations are managed by Mr. Sitaram Agarwal, Mr. Ganesh
Agarwal, and Mr. Rambihari Upadhayay.


LAMANE INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lamane
Infrastructure Private Limited (LIPL) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable. The agency has also assigned
LIPL's INR200 mil. term loan an 'IND BB-' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect LIPL's risk of time and cost overruns in its
on-going residential project 'Imperial Heights'. The ratings are
constrained by lack of established brand name.

The ratings, however, benefit from around two decades of
experience of the promoter in residential and commercial real
estate projects within and nearby Dehradun area. Imperial Heights
has easy connectivity in the Dehradun city. The ratings benefit
from the fact that the number of Imperial Heights'flats already
booked is 219 i.e. 83% of the total flats, and the project is 74%
complete as on September 2016.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of booked units
leading to stressed cash flows could lead to a negative rating
action.

Positive: An improvement in sales along with timely receipt of
advances from customers, leading to stronger cash flows could
lead to a positive rating action.

COMPANY PROFILE

LIPL (formerly known as Hindon Pharma Private Limited) was
incorporated in 1980 and acquired in 2014 by the promoters of
"Imperial Heights" project real estate development business.
Imperial Heights is located at Mussoorie Road in Dehradun and
offers a mix of one, two and three BHK condominium. The total
number of flats to be constructed in Imperial Heights in an area
of 0.35million sq. ft. is 264.


MAA BHAWANI: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maa Bhawani
Ginning & Pressing continues to reflect its modest but improving
scale of operations in highly fragmented cotton industry,
susceptibility to volatile raw material prices and adverse
government regulations, and below-average financial risk profile
marked by small networth. These weaknesses are partially offset
by the partners' extensive experience in the cotton industry and
the unit's proximity to the cotton growing belt.

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

   Proposed Long Term
   Bank Loan Facility      29.3     CRISIL B+/Stable (Reaffirmed)

   Term Loan               18.7     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MBGP will benefit from the partners' industry
experience over the medium term. The outlook may be revised to
'Positive' if significant and sustainable improvement in scale of
operations and profitability resulting in sizeable cash accrual,
or substantial fund infusion by the partners, strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accrual, large working capital
requirement, or any major debt-funded capital expenditure or
capital withdrawal, weakens financial risk profile, particularly
liquidity.

MBGP is a partnership firm set up by Mr. Sachin Madamwar, Mr.
Mangesh Madamwar, Mr. Sanjay Madamwar, and Mr. Ashok Kanchalwar.
The firm gins and presses cotton at its unit in Hinganghat near
Wardha (Maharashtra). It started operations in January 2014.


MAA KALI: CRISIL Lowers Rating on INR246.5MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the rating of Maa Kali Alloys Udyog Private
Limited to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.
The downgrade reflects the instances of delays in the servicing
of its debt caused by the company's weak liquidity.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            242.5     CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Corporate Loan          47.5     CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term       1.0     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Standby Line of         37.5     CRISIL D (Downgraded from
   Credit                           'CRISIL B+/Stable')

   Term Loan              246.5     CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The ratings continue to reflect MKPL's vulnerability to
cyclicality in the steel industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience
and established relationships with customers and suppliers.

Incorporated in 2002, MKAUPL manufactures sponge iron and billet.
Its plant is located in Raigarh(Chhattisgarh). The company's
operations are looked after by its promoter director, Mr.
Rajendra Kumar Poddar.


MANDIRA FASHIONS: Ind-Ra Suspends 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mandira Fashions
Pvt Ltd 'IND D' Long-Term Issuer Rating to the suspended
category. The rating will now appear as 'IND D(suspended)' on the
agency's website.  The agency has also migrated the rating on the
company's INR100 mil. fund-based working capital limits (cash
credit) to Long-term 'IND D(suspended) from 'IND D'.

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 Mandira.

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.


MJR RICE: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of MJR
Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL D
   Proposed Long Term
   Bank Loan Facility       35       CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MJR, Rama Krishna Rice Industries
(RRI) and MSR Rice Industries (MSR). This is because these three
firms, together referred to as the RRI group, have common
promoters, are in the same line of business, and have operational
linkages and fungible cash flows.

RRI was set up as a proprietorship firm in 2005 by Mr. K Jagga
Rao; the entity was reconstituted as a partnership firm in 2011
with family members included as partners. Subsequently Mr. K
Jagga Rao, also set up two other partnership firms- MJR and MSR
in 2007 and 2009, respectively.


NAVDURGA AGRO: CRISIL Reaffirms 'B' Rating on INR80MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Navdurga Agro
Industries (NAI) continues to reflect modest scale of operations
in the highly competitive agricultural commodities industry and
weak financial risk profile because of high gearing and below-
average debt protection metrics. These weaknesses are partially
offset by the proprietor's experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             80       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NAI will continue to benefit over the medium term
from the proprietor's experience. The outlook may be revised to
'Positive' if cash accrual is sizeable or if capital structure
improves due to large capital infusion. Conversely, the outlook
may be revised to 'Negative' if cash accrual is low because of
reduced revenue or profitability or if financial risk profile
weakens due to stretched working capital cycle or large
unanticipated debt-funded capital expenditure.

Set up in 2009, NAI is a proprietorship firm promoted by Unjha
(Gujarat)-based Ms. Dakshaben Patel. The firm processes melon
seed kernels and trades in cattle feed.


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

KEY RATING DRIVERS

The ratings reflect Phoneiix's moderate credit profile.
Provisional FY16 financials indicate revenue of INR384 mil.
(FY15: INR488 mil.). The management attributes the revenue
decline to decrease in export orders from Phoeniix's key
customers - Primark Stores Limited (Primark) and Mother Care UK
Limited (Mother Care) - which contributed 90% to the firm's
revenue during FY16. EBITDA margin also declined over FY13-FY16
(FY13:17.8%, FY14:12.4%, FY15:10.6%, FY16: 9.4%) on account of
increased raw material costs.

The firm indicated INR103.3 mil. revenue during 1QFY17 and has
orders worth INR134 mil. that will be executed by December 2016.
Net leverage (total Ind-Ra adjusted net debt/operating EBITDA)
was 5.7x during FY16 (FY15: 0.5x) and interest coverage
(operating EBITDA/gross interest expense) was 9.1x (5.5x). Ind-Ra
believes the deterioration in the credit metrics is temporary due
to stretched working capital cycle of 229 days in FY16 (FY15: 27
days) on account of delay in payment by Primark and Mother Care
during 4QFY16.

The ratings factor in the sole proprietorship form of
organisation. The ratings are constrained by the high customer
concentration risk with two of its main customers contributing
around 90% to its total revenue; however, this is partly
mitigated by its long-standing relationships with these clients.

The ratings, however, are supported by the promoters' two decades
of experience in the textile industry. The firm's liquidity is
comfortable with the average maximum utilisation of its fund-
based facilities at around 45% over the 12 months ended October
2016.

RATING SENSITIVITIES

Positive: Sustained improvement in the profitability leading to
sustained improvement in the credit profile could lead to a
positive rating action.

Negative: Substantial decline in revenue and profitability
resulting in a sustained deterioration in the credit profile
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1994, Phoeniix is a Tamilnadu-based
proprietorship concern set up by Mr. T.M. Muthukumar. It is
engaged in manufacture and export of knitted garments for men,
women and children. It supplies predominantly to reputed
customers such as Primark and Mother Care.

Phoeniix's ratings:

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

   -- INR3.4 mil. Long-term loans: assigned Long-term
      'IND B+'/Stable

   -- INR160 mil. fund-based facilities: assigned Long term-Term
      'IND B+'/Stable and Short-Term 'IND A4'

   -- INR3 mil. non-fund-based facilities: assigned Short-Term
      'IND A4'


R. J. TRADELINKS: CRISIL Suspends B- Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. J. Tradelinks.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1         CRISIL A4
   Cash Credit            40         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      9         CRISIL B-/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of RJTL, Mehadia & Sons, and Mehadia &
Sons (MS). This is because, the three entities, together referred
to as the Mehadia group, are under a common management, are
engaged in related lines of business, and have financial
fungibility.

The Mehadia group is promoted by the Nagpur (Maharashtra)-based
Mehadia family. The group is primarily engaged in two lines of
business: trading in pharmaceuticals and fabrics.
The group started operations in 1935 with the establishment of MS
as a proprietorship firm; the firm was reconstituted as a
partnership firm in 1997. MS is a distributor/stockiest for over
35 pharmaceutical companies in Nagpur and operates 6 wholesale
shops. It also trades in fabric.

MSCF was established in 1981. The firm is a cost and freight
agent in Nagpur for several pharmaceutical companies, and also
trades in fabric.

RJTL was established in 1999. The firm is a commission agent for
Zydus Wellness Ltd in the Vidarbha region. It is also a
distributor of Aditya Birla Nuvo Ltd's (rated CRISIL AA+ (Placed
on 'Rating Watch with Developing Implications')Peter England
garments in the Vidarbha and Marathwada regions.


RAJPAL COTTON: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rajpal Cotton
Industries' (RCI) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The agency has also affirmed RCI's INR84 mil.
fund-based working capital limit at Long-term 'IND BB' rating
with a Stable Outlook.

                         KEY RATING DRIVERS

The affirmation reflects RCI's continued modest scale of
operations and moderate credit profile.  FY16 audited financials
indicate revenue of INR542 mil. (FY15: INR675 mil.), interest
coverage (operating EBITDA/interest) of 1.2x (1.3x) and net
financial leverage (adjusted net debt/ operating EBITDA) of 4.2x
(5.8x).  Operating EBITDA margins remained narrow and ranged
between 1%-2% over FY13-FY16 on account of the raw cotton price
fluctuations and the highly competitive cotton trading business.
The firm's liquidity was comfortable with average utilization of
the fund-based working capital limits being around 71% for the 12
months ended September 2016.

The ratings continue to remain constrained on account of the
firm's low-margin cotton trading business which is vulnerable to
fluctuations in the price of raw cotton.

The ratings, however, continue to benefit from RCI's founders'
experience of around two decades in the cotton trading business
and their established customer base.

                        RATING SENSITIVITIES

Positive: Substantial improvement in the scale of operations
along with improvement in the profitability leading to overall
improvement in the credit metrics could be positive for the
ratings.

Negative: Negative rating action could result from deterioration
in the profitability resulting in the deterioration of the credit
metrics.

COMPANY PROFILE

RCI is a partnership firm established in 1997 and is involved in
the cotton trading business.  The firm is based in Barwani
(Madhya Pradesh) and promoted by Mr. Deepak Singh Rajpal and his
mother Swarn Kaur Rajpal.


RR COTTONS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned RR Cottons (RRC)
a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the under-construction status of RRC's 500
bales/day cotton ginning and pressing unit in Adilabad, Andhra
Pradesh. The total project cost is INR95 mil. (funded by INR30
mil. of term loans from the bank and remaining from the
promoters). Production is likely to start by end-November 2016
while the repayment of debt is scheduled to start from June 2017.

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

RATING SENSITIVITIES

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

Negative: Failure in scaling up operations leading to stress on
the liquidity position could be negative for the ratings.

COMPANY PROFILE

RRC was established in July 2016. It is engaged in ginning and
processing of cotton bales and cotton seed oil in Adilabad,
Andhrapradesh.

RRC's Ratings:

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

   -- INR30 mil. long term loans: assigned 'IND B'/ Stable

   -- INR150 mil. fund-based working capital limits: assigned
      'IND B'/Stable and 'IND A4'


S.M. RAM: CRISIL Reaffirms B+ Rating on INR52.5MM LT Loan
---------------------------------------------------------
CRISIL's ratings continue to reflect the modest scale of
operations in the coal trading business and large working capital
requirement of S.M. Ram Coal Importers Pvt. Ltd. (SMR; formerly
known as S.M. Ram Coal Importers). The ratings also factor in the
average financial risk profile, marked by modest net worth, high
total outside liabilities to tangible net worth ratio and average
interest coverage ratio. These weaknesses are mitigated by
extensive experience of the proprietor.

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

   Inland/Import
   Letter of Credit       100       CRISIL A4 (Reaffirmed)

   Letter of Credit        12.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      52.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SMR will continue to benefit from extensive
experience of its proprietor and favourable demand for coal in
India. The outlook may be revised to 'Positive' if higher cash
accrual, arising from better scale of operations and
profitability, and prudent working capital management, strengthen
the financial risk profile. The outlook may be revised to
'Negative' in case of a sharp drop in revenue, or if low cash
accrual, stretch in the working capital cycle, or significant
capital withdrawal, weakens the financial risk profile,
especially liquidity.

SMR was established in 2009 as a proprietorship concern by Mr. SM
Ramar. The company trades in steam coal and is based in
Thoothukudi, Tamil Nadu.


S. R. SHIPPING: CRISIL Suspends B- Rating on INR250MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S. R. Shipping Co.

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

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

SRS was established in 2007 as a proprietorship concern by Mr.
Rashad Mujawar. The firm is engaged in barge chartering, and
primarily operates in Maharashtra.


SALEM AUTOMECH: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on Salem Automech - Salem (SA) continue to
reflect small scale of operations, exposure to fluctuations in
foreign exchange rates, and below-average financial risk profile
because of modest networth. These weaknesses are mitigated by the
extensive experience of promoters in the steel fabrication and
scrap trading segments.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          40      CRISIL A4 (Reaffirmed)
   Cash Credit             80      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         8      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SA will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if increased scale of operations along with
improved profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
substantial debt-funded capital expenditure or stretched working
capital cycle weakens financial risk profile.

Established in 1971, SA fabricates structural steel components
and trades in ferrous scrap. Mr. M V Sellamuthu and his sons, Mr.
Sidesh Kumar and Mr. Rajesh Kumar, are the promoters.


SANSHU GREEN: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sanshu Green
Corn Private Limited a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SGCPL's weak credit metrics and the risks
associated with an agricultural commodity processing business.
The company started commercial operations in 4QFY15 and FY16 was
its first full year of operations. The company posted a revenue
of INR905.1 mil. in FY16 (FY15: INR272.3 mil.), net leverage
(Ind-Ra adjusted total net debt/operating EBITDAR) of 7.3x (7.0x)
and interest coverage of 2.0x (4.2x). EBITDA margin was 2.2% in
FY16 (FY15: 1.7%) on account of the commoditised nature of the
end product and volatility in raw wheat prices.

The ratings also take into account the company's tight liquidity
position due to the working capital intensive nature of the
operations, as reflected in its 98% average use of the cash
credit facilities during the 12 months ended September 2016. The
ratings also take in to account SGCPL's presence in a highly
competitive industry.

However the ratings are supported by the company's promoters'
more than five years of experience in the agri-processing
business and also the plant's locational advantage since it is in
proximity to the major wheat cultivating areas in Maharashtra and
Madhya Pradesh.

RATING SENSITIVITIES

Positive: Substantial growth in revenue and/or improvement in
profitability leading to a sustained improvement in credit
metrics will lead to a positive rating action.

Negative: Decline in profitability, leading to liquidity stress
and/or deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2013, SGCPL procures raw wheat from
farmers/traders and processes it by cleaning, and separating the
wheat and husk, grading along with maintaining the moisture at
the desired level and packing the same at its plant in
Chalisgaon, Maharashtra. The plant has a processing capacity of
200 tons per day. The company is promoted by Mr. Gaurav Kashyap.
According to the provisional results for 1HYFY17, the company has
earned a revenue of INR715 mil. which is about 79% of FY16
revenue.

SGCPL's ratings:

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

  -- INR172.5 mil. fund-based working capital limits: assigned
     'IND BB'/Stable/ 'IND A4+'

  -- INR7.7 mil. long term loan limits: assigned 'IND BB'/Stable


SELECT EXIM: CRISIL Suspends 'B' Rating on INR62MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Select Exim.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       62       CRISIL B/Stable
   Rupee Term Loan          43       CRISIL B/Stable

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

Select, incorporated in 2011, manufactures dish antenna for
various Direct to Home (DTH) service providers. The Chennai-based
firm is promoted by Mr. A R Azam Khan and his brother Mr. A R
Mohammed Salaieh.


SFPL CROP: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of SFPL Crop Life
Science Private Limited continues to reflect below-average
financial risk profile because of modest net worth, and average
capital structure and debt protection metrics.

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

The rating also factors in large working capital requirement,
small scale of operations, susceptibility to risks related to the
regulated nature of India's seed and fertilizer industry, and
vulnerability to monsoon. These weaknesses are partially offset
by promoters' extensive industry experience and funding support,
and established distribution and sales network.

For arriving at its rating, CRISIL has treated SFPL's unsecured
loans of INR90 million from parent Krishidhan Seeds Pvt Ltd
(KSPL) as neither debt nor equity as the loans are non-interest
bearing and have been subordinated to bank debt.
Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium
term from its promoters' extensive experience in seed trading and
fertilizer manufacturing businesses. The outlook may be revised
to 'Positive' in case of significant ramp-up of operations and
improvement in profitability resulting in substantial cash
accrual, and thus, better liquidity. Conversely, the outlook may
be revised to 'Negative' if financial risk profile, especially
liquidity, deteriorates because of larger-than-expected working
capital requirement or pressure on cash accrual.

SFPL was incorporated in 1999 as Subhash Fertilizers Pvt Ltd and
was later renamed as SFPL. The company is a fully owned
subsidiary of KSPL, which produces and markets seeds for the
commercial seed market. SFPL manufactures nitrogen, phosphorus,
and potassium mixed fertilizers. It is the sole distributor of
hybrid vegetable seeds of group company Krishnadhan Vegetable
Seeds India Pvt Ltd across India.


SHILPA ELECTRICAL: CRISIL Suspends B+ Rating on INR35MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shilpa Electrical Engineers India Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4
   Cash Credit             35        CRISIL B+/Stable
   Letter of Credit        15        CRISIL A4

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

Incorporated in 2007, Shilpa is engaged in the erection of high
tension electrical transmission lines, substations and electrical
contracts for industrial and residential buildings. The company
is promoted by Mr.G Sudhakar Reddy and Mrs.G.Sailaja and is
headquartered in Hyderabad in Andhra Pradesh.


SHIVA AGRO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shiva Agro
Industries - Haryana (SAI) continues to reflect a weak financial
risk profile because of a small networth, a high total outside
liability to tangible net worth (TOLTNW) ratio, and average debt
protection metrics. Moreover, working capital requirement is
large while it continues to have a modest scale of operations.
These rating weaknesses are partially offset by the extensive
experience of the partners in the basmati rice industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan         20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SAI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability increase
substantially, leading to substantial cash accrual and a better
financial risk profile. The outlook may be revised to 'Negative'
if the capital structure and liquidity weaken, most likely due to
low cash accrual or substantial debt-funded capital expenditure
(capex).

Update
Operating revenue is estimated to have declined by 22% to INR304
million in fiscal 2016 from INR391 million in fiscal 2015, on
account of a fall in sales volume and rice prices. CRISIL expects
a modest revenue growth of 5-8% over the medium term. Operating
profit margin is estimated at around 4.33 per cent for fiscal
2016 and is expected to remain at a similar level over the medium
term.

The financial risk profile is weak because of small net worth
estimated at around INR22.4 million as on March 31, 2016; thus
limiting its financial flexibility to meet any exigency. The
total outside liability to tangible net worth (TOLTNW) ratio is
estimated at around 5.65 times as on March 31, 2016, and is
expected to be in the range of 4.5-5.0 times over the medium
term, due to considerable reliance on external borrowing, despite
the absence of any debt-funded capex plans. Interest coverage
ratio, estimated at 1.55 times for fiscal 2016, is expected to
remain moderate at 1.45-1.50 times over medium term.

Operations are working capital-intensive as indicated by gross
current assets of about 139 days as on March 31, 2016. As a
result, the bank limit was utilised at an average of 98.7% over
the 13 months through April 2016. Liquidity is supported by
unsecured loans of INR53.0 million outstanding as on March 31,
2016 from promoters and net cash accrual, which is expected to
remain in range of INR4.5-4.3 million per annum over medium term,
against annual term-debt repayment obligation of INR1.8-2.0
million.

Set up in 2009 by Mr. Naresh Kumar and Renu Garg, SAI mills and
sorts basmati and non-basmati rice. Its manufacturing facility is
in Kaithal, Haryana.


SHOWTIME SYNDICATORS: CRISIL Reaffirms B Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Showtime
Syndicators Pvt Ltd continues to reflect the company's moderate
financial risk profile due to modest net worth, adequate debt
protection metrics and moderate risk coverage, modest scale of
operations, customer concentration in revenue profile, and
susceptibility to risks on leased content assets. These
weaknesses are partially offset by the extensive experience of
its promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       30       CRISIL B/Stable (Reaffirmed)

   Term Loan                70       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if infusion of sizeable long-term funds or
substantial cash accrual improves liquidity and capital
structure. The outlook may be revised to 'Negative' if revenue or
profitability declines, working capital cycle gets stretched, or
the company makes unanticipated investment.

Incorporated in March 2012, SSPL is a 100% subsidiary of
investment company, Assent Trading Pvt Ltd, which is promoted by
Mr. Ramchandra Purohit and Mr. Kaustubh Purohit. SSPL trades in
television content.


SHREE GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Gajanan
Fiber Private Limited continues to reflect a small scale of
operations in the highly fragmented cotton ginning industry,
susceptibility to volatility in cotton prices and to regulatory
changes, and large working capital requirement. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters and a moderate financial risk profile
because of moderate gearing, though the networth is small.

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

   Proposed Long Term
   Bank Loan Facility      15      CRISIL B+/Stable (Reaffirmed)

   Term Loan                5      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loans
of INR19.9 million as on March 31, 2016, extended by promoters,
as 'neither debt nor equity' as these bear nominal interest and
will be maintained in the business over the medium term.
Outlook: Stable

CRISIL believes SGFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant improvement in revenue along
with stable profitability, leading to sizeable cash accrual. The
outlook may be revised to 'Negative' in case of lower-than-
expected revenue or profitability, a stretched working capital
cycle, or any major debt-funded capital expenditure, thus
weakening the financial risk profile, particularly liquidity.

Incorporated in 2007, SGFPL is promoted by Mr. Ashok Chaudhari
and his family members. The company gins and presses cotton, and
commenced operations in 2009 at its unit in Nandurbar,
Maharashtra. The Chaudhari family has been engaged in the
agricultural commodities business for three decades through group
entities.


SHREE SALASAR: CRISIL Lowers Rating on INR126MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Salasar Industries Private Limited (SSIPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4.' The rating downgrade reflects
delays by SSIPL in servicing its term loan repayment obligations.

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

   Proposed Short Term       1.7    CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL A4')

   Term Loan               126      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

SSIPL's financial risk profile remains average, and liquidity
stretched. Intense competition in the ferrosilicon industry, and
working capital intensity in operations constrain business risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters.

SSIPL, incorporated in September 2013, manufactures ferrosilicon.
The manufacturing facility at Naharlagun, Arunachal Pradesh, has
a capacity of 8800 tonne per annum. The company took over the
operations of Shree Salasar Industries (a partnership firm set up
in 2008) with effect from September 10, 2013.


SHRI SHAKUMBARI: CRISIL Suspends 'B' Rating on INR43MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Shakumbari Cotspin Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B/Stable
   Term Loan               43        CRISIL B/Stable

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

Incorporated in 2000, SSCL, promoted by Mr. Prem Goyal,
manufactures cotton yarn. The company currently has a capacity of
4800 spindles at its manufacturing unit in Saharanpur, Uttar
Pradesh.


SIDDHI VINAYAK: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Siddhi Vinayak Cotton Industries (Bhavnagar) [SVCI] continues to
reflect exposure to intense competition in the cotton ginning
industry, and vulnerability to any changes in government policy.
These rating weaknesses are partially offset by improvement in
the financial risk profile backed by better profitability,
absence of long-term debt, and funding support from proprietor.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              55      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        1.8    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SVCI will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case liquidity improves driven by higher
profitability, reduction in working capital requirement, or
equity infusion. The outlook may be revised to 'Negative' in case
the financial risk profile weakens, most likely because of
stretched working capital requirement or large, debt-funded
capital expenditure.

Update
In fiscal 2016, sales reduced to around Rs266.3 million from
INR365.1 million in the previous year, on account of decline in
average realisation. Sales growth is expected to be modest at 8-
10% per fiscal over the medium term. In fiscal 2016, operating
profitability improved to around 3.5% from 2.76% in the previous
fiscal, and is expected to be in the range of 3.0-3.5% over the
medium term.

Over this period, gross current assets are expected at 90 to 100
days as working capital requirement will be higher with an
increase in scale of operations. As on March 31, 2016, gearing
was high at 2.38 times due to larger working capital debt coupled
with a modest net worth. Over the medium term, the gearing is
expected at 1.8-2.0 times on account of high reliance on bank
limit to fund incremental working capital requirement. Debt
protection metrics too are expected to remain average with
interest coverage ratio at 1.7-2.0 times and net cash accrual to
total debt ratio at 0.05-0.07 time due to modest profitability
against debt obligations. Liquidity continues to be comfortable
due to sufficient cash accrual against term debt obligation,
absence of any debt-funded capital expenditure over the medium
term, and funding support from proprietor.

In fiscal 2016, profit after tax was INR1.6 million on operating
income of INR266.3 million, against INR2.01 million and INR365.1
million, respectively, in fiscal 2015.

SVCI, established in 2007, is owned and managed by Mr. Bharatbhai
Kukadiya. The firm operates a cotton ginning and pressing unit in
Palitana, Gujarat.


SJLT TEXTILES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SJLT Textiles
Private Limited's (SJLT) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SJLT's continued volatile profitability
and moderate credit profile, due to the commodity nature of its
business which exposes the company to volatile raw material
(cotton) prices and intense competition.

According to the FY16 provisional financials, revenue grew 10%yoy
to INR2.03 bil. while EBITDA margins declined to 6.2% from 10.1%
in FY15 on account of raw material price fluctuations. Net
debt/EBITDA was 6x in FY16 (FY15: 3.4x) and EBITDA interest
coverage was 1.4x (2.5x).

The ratings, however, are supported by the more than two decades
of founders' experience and their longstanding relationships in
the yarn manufacturing industry. The ratings are also supported
by SJLT's comfortable liquidity position. Its use of the fund-
based working capital facilities was 60% on an average over the
12 months ended September 2016.

Also, the company owns four windmills with a total capacity of
4.8MW.

RATING SENSITIVITIES

Negative: Any further decline in the profitability leading to
material worsening of the credit metrics will be negative for the
ratings.

Positive: A substantial increase in the revenue with improved
profitability and favourable credit metrics will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 1994, SJLT is a Namakkal-based yarn manufacturer
with an installed capacity of 91,000 spindles.

SJLT's ratings:

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

   -- INR450 mil. fund-based working capital facilities
      (increased from INR325 mil.): affirmed at 'IND
       BB+'/Stable/'IND A4+'

   -- INR180.4 mil. non-fund based working capital facilities
      (increased from INR50 mil.): affirmed at 'IND A4+'

   -- INR467.7 mil. term loan facilities (increased from INR225
      mil.): affirmed at 'IND BB+'/Stable


SOUTHERN AUTO: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' to Southern Auto
Products Co.  The ratings reflect modest scale of operations and
weak financial risk profile. These weaknesses are partially
offset by promoter's experience in the automobile industry.

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

Outlook: Stable

CRISIL believes SAPC will continue to benefit over the medium
term from the promoter's experience. The outlook may be revised
to 'Positive', if increase in scale of operations and cash
accrual strengthens liquidity and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue or operating profitability, stretched working capital
cycle, or debt-funded capital expenditure weakens financial risk
profile.

Established in 2000 and promoted by Mr. James Emmanuel, Kerala-
based SAPC manufactures automobile spring leaf.


STYLEONE RETAIL: CRISIL Cuts Rating on INR282.5MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Styleone Retail Private Limited (SRPL) to 'CRISIL D' from 'CRISIL
BB-/Stable'. The rating downgrade reflects instances of delay by
SRPL in servicing its term debt; the delays were because of the
company's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            282.5      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan         230.0      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Working        30.0      CRISIL D (Downgraded from
   Capital Facility                  'CRISIL BB-/Stable')

SRPL has a below average financial risk profile, because of a
highly leveraged capital structure and working capital intensive
operations. However, the company benefits from its extensive
experience of SRPL's promoters in the apparel retail industry.

Set up in 2008, SRPL retails ready-made garments, sarees,
cosmetics, toys and accessories. It has two multi-brand outlets
in Chennai with total built-up area of around 70,000 square feet.
Its day-to-day operations are managed by Mr. Vinod Sharma.

SRPL, on a provisional basis, reported profit after tax (PAT) of
INR15.36 million on net sales of INR529.87 million for 2015-16
(refers to financial year, April 1 to March 31), against PAT of
INR18.14 million on net sales of INR510.18 million for 2014-15.


T4 TAPES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
-------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' to the long-term bank
facilities of T4 Tapes Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             45       CRISIL B+/Stable
   Term Loan               30       CRISIL B+/Stable

The rating reflects average financial risk profile because of
modest networth and capital structure, increasing-yet-small scale
of operations coupled with modest profitability and presence in
the competitive tape manufacturing industry. These weaknesses are
partially offset by the promoters' extensive business experience
and their funding support.

For arriving at the rating, CRISIL has treated unsecured loans
from promoters and family members worth INR2.2 million as neither
debt nor equity as they bear a nominal interest rate and are
expected to remain in the business over the medium term.
Outlook: Stable

CRISIL believes TTPL will benefit over the medium term from the
promoters' experience and their funding support. The outlook may
be revised to 'Positive' if revenue and profitability improve,
leading to large cash accrual, or a sizable fresh capital
infusion strengthens capital structure. Conversely, the outlook
may be revised to 'Negative' if low profitability resulting in
modest cash accrual or stretched working capital cycle weakens
financial risk profile, especially liquidity.

Incorporated in 2007 and managed by Mr. Sandip Shah and his
family, TTPL manufactures adhesive tape rolls and electrical tape
rolls used for packaging. It commenced manufacturing operations
in 2014 and has the tape manufacturing unit in Surendranagar,
Gujarat.


THAMANIAN AGRO: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Thamanian Agro Foods
(TAF) continue to reflect TAF's weak financial risk profile,
marked by high gearing and weak debt protection metrics, modest
scale of operations, and exposure to intense competition in the
rice milling industry. These rating weaknesses are partially
offset by the extensive experience of TAF's promoter in the rice
milling business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             95       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TAF will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if TAF undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially, or if the promoter withdraws capital from
the firm, leading to weakening in its financial risk profile.

Set up in 1983 as a proprietorship firm, and reconstituted as
partnership firm in 2014, TAF is engaged in milling and
processing of paddy into rice, rice bran, broken rice and husk.
The firm is promoted by Mr. S. Ganesa Pandian and his son Mr. G.
Karthik.


TIME RESEARCH: CRISIL Suspends B+ Rating on INR35MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Time Research & Breeding Farm (TRBF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable
   Term Loan               23        CRISIL B+/Stable

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

Established in 2012, TRBF is a Karnal (Haryana)-based partnership
firm engaged in the hatchery business. The firm is promoted by
Mr. Ravi Sabarwal and Mr. Inderjeet Singh, and has farms in
village Nagla Megha , Karnal with a parent bird capacity of 0.1
million layer birds per annum.


VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Varun
Fertilizers Private Limited (VFPL) continues to reflect the
company's working capital-intensive operations, susceptibility to
changes in government policy and uneven monsoon, and average
financial risk profile because of moderate gearing and muted debt
protection metrics. These weaknesses are partially offset by the
extensive experience of management.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             80      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      37.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VFPL will continue to benefit over the medium
term from the extensive experience of its management. The outlook
may be revised to 'Positive' if ramp-up in operations,
substantial cash accrual, and a shorter working capital cycle
improve liquidity. The outlook may be revised to 'Negative' if a
stretched working capital cycle, lower-than-anticipated cash
generation, or any debt-funded capital expenditure further
weakens financial risk profile, or if any regulatory change
affects business risk profile.

Incorporated in 2005 in Indore VFPL manufactures fertilisers such
as nitrogen-phosphorous-potassium (NPK) and SSP at its unit that
has capacity to manufacture 150,000 tonne per annum (tpa) and
120,000 tpa, respectively. Operations are managed by Mr. Ashish
Tiwari and Mr. Abhishek Tiwari.


VINIL TRADING: CRISIL Reaffirms 'B' Rating on INR180MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vinil Trading
Pvt Ltd (VTPL) continues to reflect steady growth, healthy
margins, and moderate financial risk profile. Liquidity is
comfortable, with cash accrual sufficient to repay debt
obligation. The rating also factors in a modest scale of
operations, customer concentration in revenue, and susceptibility
to risks on leased content assets. These weaknesses are partially
offset by the extensive experience of promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               180       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VTPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if infusion of significant long-term funds or
substantial cash accrual leads to sustainable improvement in
liquidity and capital structure. Conversely, the outlook may be
revised to 'Negative' if revenue or profitability declines,
working capital cycle gets stretched, or the company makes
unanticipated investments.
About the Firm

Incorporated in August 2011, VTPL is a fully owned subsidiary of
Keynote Enterprises Pvt Ltd, which is promoted by Mr. Rashesh
Purohit and his wife, Ms Sonal Purohit. It leases old content for
television (TV), primarily TV series, movies, and music from
content owners, and sells it to other broadcasters and content
aggregators. It also trades in content.



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


HANJIN SHIPPING: Hyundai Merchant Marine Submits Final Bid
----------------------------------------------------------
In-Soo Nam at The Wall Street Journal reports that Hyundai
Merchant Marine Co. said Nov. 10 it has submitted its final
proposal to acquire the assets of Hanjin Shipping Co.'s Asia-U.S.
route, as Hanjin is broken up as part of a restructuring plan.

The Journal relates that Hyundai Merchant also said in the
proposal that it has expressed its intention to purchase Hanjin's
54% stake in Total Terminals International LLC, which runs Long
Beach Terminal in California.

A Hyundai Merchant spokesman declined to provide details, such as
its bidding price for the trans-Pacific assets.

A judge at the Seoul Central District Court, which is handling
Hanjin's insolvency proceedings, said two companies have made
final bids, but declined to identify them, according the Journal.

He said the court plans to choose a preferred buyer by Nov. 14
and sign a formal contract by Nov. 21, the Journal says.

According to the Journal, the court said last month a total of
five shipping companies and equity funds had presented their
initial bids to acquire Hanjin's trans-Pacific assets, including
its container ships, business network and the workforce involved
in running the Asia-U.S. route.

The sale process may herald the beginning of the end of Hanjin,
which filed for receivership in late August, disrupting supply
chains around the world, the Journal states.

Hanjin, once the world's seventh-largest container operator by
capacity, is under court order to cut its workforce, sell its own
ships and return chartered ships to their owners.

A Hanjin spokeswoman said on Nov. 10 it plans to fire almost all
of its 700 seafarers by the end of the year and reduce its land-
based workforce of 700 by nearly 60%, adds the Journal.

                      About Hanjin Shipping

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

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

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

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

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

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



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


SAHAVIRIYA STEEL: Updates on Judicial Proceedings
-------------------------------------------------
Reuters reports that Sahaviriya Steel Industries PCL has received
objections raised by five creditors.

This refers to prior report that central bankruptcy court has
issued order for rehabilitation of the company, the report says.

The court allowed the company to file a closing statement within
15 days and has set the date for hearing the court's order on
Dec. 15, 2016, adds Reuters.

As reported in Troubled Company Reporter-Asia Pacific on Oct. 7,
2015, Nikkei Asian Review said Sahaviriya Steel Industries has
gone into bankruptcy, hit by falling steel prices.  The company
said its application for business rehabilitation has been
accepted by the Central Bankruptcy Court of Thailand, Nikkei
related.  According to the report, Sahaviriya Steel slid into
insolvency after a British subsidiary, Sahaviriya Steel
Industries UK, stopped making slab, an intermediate material for
steel sheet, due to the market slump.

Based in Bangkok, Thailand, Sahaviriya Steel Industries PLC (SSI)
-- http://www.ssi-steel.com/-- engages in manufacturing and
distributing of hot rolled coils. The Company has four segments:
manufacture of hot rolled coils, maintenance services, deep-sea
port services, and coke manufacturing and steel making plants.
SSI supplies steel sheets to various sectors, such as automobile,
energy, transportation and construction sectors. SSI owns SSI
Teesside, a 3.6 million tons per annum iron-steel making plant
located in Redcar in the northeast of UK, through its subsidiary,
Sahaviriya Steel Industries UK Limited.



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


* Fitch Says APAC Mortgage Cover Pool Loss Rate Among the Lowest
----------------------------------------------------------------
Fitch Ratings' 'B' portfolio loss rate for Asia-Pacific mortgage
covered bond programmes ranks at the lower end of all countries
that issue Fitch-rated mortgage covered bonds, the agency says,
reflecting the stable credit quality of the mortgages held as
cover assets in the programmes.

The strong performance is driven by active pool management by
issuers and the region's stable economic environment. Fitch uses
the 'B' portfolio loss rate measure to compare cover pools across
jurisdictions.

The result and comparisons of the 'B' portfolio loss rates are
outlined in the latest edition of Fitch's APAC Covered Bonds
Quarterly - 3Q16, which contains aggregate information on the 13
programmes publicly rated by Fitch, grouped by country and each
programme's individual statistics. The report also includes
commentary on covered bond rating actions, the quarter's covered
bond issuance in the region and highlights of Fitch's recent
research on conditional pass-through covered bond programmes,
with links to individual covered-bond programme research.

The current edition still references Fitch's old covered bond
criteria, which was superseded on Oct. 26, 2016. The next edition
of the APAC Covered Bonds Quarterly will reference Fitch's new
covered bond criteria components.

Data in the APAC Covered Bonds Quarterly - 3Q16 is at Sept. 30,
2016.



                             *********

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

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

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


                            *********


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

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

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

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

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



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