TCRAP_Public/161117.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

          Thursday, November 17, 2016, Vol. 19, No. 228

                            Headlines


A U S T R A L I A

ARRIUM LTD: KordaMentha Wins Case Over GSO Disputed Fees
BAZZA'S BLASTING: First Creditors' Meeting Set for Nov. 23
JAMEL INTERNATIONAL: First Creditors' Meeting Set for Nov. 24
OUTBACK PLUMBING: First Creditors' Meeting Set for Nov. 23
QUEENSLAND NICKEL: Court Slams Palmer Cos for Document Delays

WORLD RUGBY: In Administration; Creditors Meeting Set for Nov. 23


C H I N A

CHINA COMMERCIAL: Receives Noncompliance Notice from Nasdaq
CHINA EVERGRANDE: Bourse Suspends Trading Accounts of Units
YANLORD LAND: Moody's Confirms Ba3 CFR; Outlook Positive
YINGDE GASES: S&P Affirms 'BB' CCR; Outlook Negative


I N D I A

A. B. V. GOVINDU: CRISIL Reaffirms 'B' Rating on INR85MM Loan
ACUTE CERAMIC: CRISIL Suspends B+ Rating on INR66MM Term Loan
ARPORA PROJECTS: CRISIL Cuts Rating on INR105MM Loan to 'D'
ASG LEATHER: CRISIL Ups Rating on INR80MM Packing Loan to BB-
BTM FABRICS: CARE Assigns B+ Rating to INR11cr Long Term Loan

CONCORD CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR100MM Loan
G.M.R. SPINTEX: CRISIL Reaffirms 'D' Rating on INR280MM Loan
GIRIRAJ GINNING: CRISIL Suspends B+ Rating on INR640MM Cash Loan
GUPTAJI BROTHERS: CRISIL Suspends 'D' Rating on INR40MM Loan
HIMATSINGKA RESORTS: CRISIL Suspends B- Rating on INR70MM Loan

M S TEXTILES: CRISIL Assigns B+ Rating to INR32.8MM Cash Loan
MARUTII QUALITY: CRISIL Ups Rating on INR69.7MM Loan to 'B'
MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR550MM Loan
NARMADA AGROBASE: CRISIL Suspends 'B+' Rating on INR40MM Loan
P.P RICE: CRISIL Assigns 'B' Rating to INR48MM Long Term Loan

RADHIKA COTEX: CRISIL Reaffirms 'B' Rating on INR45MM Cash Loan
RAJNI EXPORTS: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan
RAMKRISHNA COTSPIN: CRISIL Assigns B+ Rating to INR610MM Loan
RN RICE: CARE Reaffirms 'B' Rating on INR15cr Long Term Loan
RUPAL PLASTICS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan

S. R. COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
SHARWIN COTTEX: CARE Assigns B+ Rating to INR14.5cr LT Loan
SHREE CONSTRUCTION: CARE Assigns B+ Rating to INR14.30cr LT Loan
SHREY SOFTWARE: CRISIL Suspends 'B' Rating on INR130MM LT Loan
SHRI KRISHNA: CARE Assigns B+ Rating to INR12cr Long Term Loan

SHRI KRISHNA: CRISIL Suspends B+ Rating on INR28MM Term Loan
SREE NARAYANA: CRISIL Suspends 'B' Rating on INR100MM Term Loan
SRI VYJAYANTHI: CRISIL Assigns 'D' Rating to INR40MM LT Loan
SUDHIR MANDKE: CRISIL Lowers Rating on INR200MM Term Loan to D
THENPANDIAN TEXTILE: CRISIL Reaffirms B+ Rating on INR93MM Loan

TRACO CABLE: CRISIL Ups Rating on INR100.5MM Cash Loan to 'C'
VELVET RESORTS: CRISIL Ups Rating on INR67MM Term Loan to 'C'


M A C A U

STUDIO CITY: S&P Affirms 'BB-' CCR; Outlook Negative


S I N G A P O R E

JASON HOLDINGS: High Court to Hear Wind Up Petition on Dec. 2
KRISENERGY LTD: Note Holders Press for Better Terms


                            - - - - -


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A U S T R A L I A
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ARRIUM LTD: KordaMentha Wins Case Over GSO Disputed Fees
--------------------------------------------------------
Bridget Carter at The Australian reports that Arrium Ltd's
administrator, KordaMentha won a victory in the Federal Court of
Victoria on Nov. 15 against Blackstone's credit arm GSO over
disputed fees attached to a AUD100 million loan that was recently
repaid to the New York buyout firm.

The Australian relates that GSO put the money into Arrium in the
past year when it was pursuing a controversial US$927 million
refinancing of the troubled steelmaker, in what was a loan-to-own
plan that did not win support from the company's lending
syndicate.

When the loan was repaid by lenders to Arrium, GSO demanded
additional fees, prompting Arrium's voluntary administrator
KordaMentha to launch legal proceedings, says The Australian.

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

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


BAZZA'S BLASTING: First Creditors' Meeting Set for Nov. 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bazza's
Blasting Pty Ltd will be held at the offices of SV Partners,
SV House, 138 Mary Street, in Brisbane, Queensland, on Nov. 23,
2016, at 11:00 a.m.

Anne Meagher and Richard John Cauchi of SV Partners were
appointed as administrators of Bazza's Blasting on Nov. 11, 2016.


JAMEL INTERNATIONAL: First Creditors' Meeting Set for Nov. 24
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Jamel
International Pty Ltd will be held at the offices of BRI Ferrier
Western Australia, Unit 3, Level 1, 99-101 Francis Street, in
Northbridge, on Nov. 24, 2016, at 11:30 a.m.

Giovanni Maurizio Carrello of BRI Ferrier was appointed as
administrator of Jamel International on Nov. 14, 2016.


OUTBACK PLUMBING: First Creditors' Meeting Set for Nov. 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Outback
Plumbing Australia Pty Ltd will be held at the offices of Shaw
Gidley, Level 6, 384 Hunter Street, in Newcastle, on Nov. 23,
2016, at 11:00 a.m.

Paul William Gidley of Shaw Gidley was appointed as administrator
of Outback Plumbing on Nov. 14, 2016.


QUEENSLAND NICKEL: Court Slams Palmer Cos for Document Delays
-------------------------------------------------------------
The Australian reports that a Federal Court judge has slammed
Clive Palmer's companies for months of delays in handing over
documents relating to the collapse of Queensland Nickel.

In a stern rebuke, Justice James Edelman told solicitor Sam
Iskander, representing Mr. Palmer's QNI Metals and QNI Resources,
that months of delays in disclosing documents to liquidators was
unacceptable, The Australian says.

"This process has been taking months," the report quotes Justice
Edelman as saying in the Federal Court Nov. 16.  "There's just
constant refusal or absence of response (from your clients)."

Mr Iskander, a migration solicitor from Sydney was representing
QNI Metals and QNI Resources, the parent companies of Queensland
Nickel, which collapsed into liquidation in April, the report
discloses.  According to the report, special purpose liquidators
PPB Advisory months ago successfully applied to the Federal Court
to have reams of documents relating to the company handed over,
to help inform a public examination of current and former
directors.

The Australian relates that Justice Edelman said: "The
respondents (PPB Advisory) are, one can understand, fairly
exasperated".

He said the effect of Mr. Iskander's clients' conduct was
"geometrically multiplying costs in this court".

According to The Australian, Barrister Tom Sullivan QC, for PPB
Advisory, said there had been months of obfuscation and delays
from Mr. Palmer's companies as liquidators sought to obtain the
necessary documentation.

The Australian relates that Mr. Sullivan said "very few"
documents had been handed over.

Originally, the Palmer parties said the disclosure requirements
were "oppressive" given the scale of material. When the
liquidators tried to meet to narrow the categories required, they
were unsuccessful, The Australian says.

Justice Edelman said this should not be so difficult, relays The
Australian.

"It's not rocket science, it ought to be a meeting, rather than
correspondence," the report quotes Mr. Sullivan as saying.

According to the report, Mr. Iskander, who has only recently
begun representing QNI Metals and QNI Resources in Mr. Palmer's
many-fronted court battles with two sets of liquidators, said
accounting firm PwC had been appointed to negotiate with the
liquidators.

He said a meeting between PwC and liquidators would take place by
the end of the week, though admitted he had no evidence of that,
the report relays.

Justice Edelman set down a review of the matter for next Tuesday
[Nov. 22].

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.


WORLD RUGBY: In Administration; Creditors Meeting Set for Nov. 23
-----------------------------------------------------------------
Andrew Hamilton, Peter Badel and Liam Walsh at The Courier-Mail
report that Australian apparel company BLK, which supplies kit to
the Gold Coast Titans, the Brisbane Lions, Gold Coast Suns and a
host of other sporting clubs, has gone into administration.

The Gold Coast company's financial plight will have widespread
ramifications across the entire Australian sporting landscape,
the report says.

Both World Rugby Specialists, whose director is listed as Tyron
Brant, and World Rugby Specialists Group, whose director is named
as Kim Brant, are in receivership, according to The Courier-Mail.
These companies trade as BLK, who supply training and playing
gear to the Lions, Suns, Titans and Queensland Reds, has been
placed under external administration, the report relates.

According to the report, the companies' directors called in
voluntary administrators Hall Chadwick on Nov. 14 and this
triggered the appointment of receivers Jamie Harris and Anthony
Connelly from McGrathNicol.

Calls were left with Hall Chadwick and McGrathNicol has indicated
it will not be answering questions yet, says The Courier-Mail.

The Courier-Mail relates that in a statement from a public-
relations firm, McGrathNicol said they had assumed control of the
companies' assets and were "undertaking an urgent appraisal of
BLK's operations to determine the best course of action".

McGrathNicol said it would liaise with stakeholders including
staff and suppliers, the report relays.

A first meeting of the creditors in the proceedings of
World Rugby Specialists Pty Ltd will be held at Hilton Hotel
Brisbane, 190 Elizabeth Street, in Brisbane, Queensland, on
Nov. 23, 2016, at 11:30 a.m.

World Rugby Specialists Group operates a national sports apparel
wholesale and retail trade business that provides branded apparel
to a range of customers including pro-teams, sporting
associations, schools and major retailers.



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CHINA COMMERCIAL: Receives Noncompliance Notice from Nasdaq
-----------------------------------------------------------
China Commercial Credit, Inc., received a written notice from The
Nasdaq Stock Market stating that the Company is no longer in
compliance with the minimum Market Value of Listed Securities
requirement for continued listing on the Nasdaq Capital Market.
Nasdaq 5550(b)(2) requires listed companies to maintain a minimum
Market Value of Listed Securities of at least $35 million.
Further, as of Nov. 4, 2016, the Company did not meet the
alternative compliance standards under Nasdaq Listing Rule
5550(b) of (i) net income from continuing operations of $500,000
in its last completed fiscal year or in two of the last three
fiscal years, or (ii) stockholders' equity of at least $2.5
million.

The notification letter has no immediate effect on the Company's
listing on the Nasdaq Capital Market.  Nasdaq provided the
Company a compliance period of 180 calendar days, or until May 3,
2017, to regain compliance.

The Company intends to promptly evaluate options available to
regain compliance and to timely submit a plan to regain
compliance with Nasdaq's minimum stockholders' equity standard.
There can be no assurance that the Company's plan will be
accepted or that, if it is, the Company will be able to regain
compliance with the applicable Nasdaq listing requirements.

               About China Commercial Credit, Inc.

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

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

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

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


CHINA EVERGRANDE: Bourse Suspends Trading Accounts of Units
-----------------------------------------------------------
South China Morning Post reports that the Shenzhen Stock Exchange
(SSE) said on Nov. 11 it has suspended the share trading accounts
of units under China Evergrande Group, the nation's largest
property developer, for "abnormal trading behavior".

SCMP says Evergrande and its affiliated companies have been
snapping up publicly traded stocks of other companies on the
secondary market. This short term trading activity, including
Evergrande's accumulation of a bigger stake in rival Vanke, were
defined as "abnormal" and called out by the regulator. The
accounts these companies use to trade shares have been suspended.

"Abnormal trading behaviour of accounts under the Evergrande
Group has been severely affecting the trade volume and share
price of Vanke," the announcement said, SCMP relays.

The report relates that Shenzhen listed Vanke, another major
domestic property developer, has been fighting a hostile takeover
from emerging insurance company Baoneng since last year.

Evergrande joined the battle after it bought 161.9 million Vanke
shares between August 16 and November 9, boosting its stake to
8.3 per cent, relays SCMP.

According to the report, Evergrande, controlled by Chinese
billionaire Hui Ka Yan, is one of the most indebted developers in
China's property industry with a net gearing ratio of about 430%
at the end of June.

However, it has been on a debt-funded buying spree since last
year, acquiring land plots all over China, and has also invested
heavily in the soccer club business, seen as a politically
correct move in China as president Xi Jinping is a big soccer
fan. SCMP relates that recent media reports said Hui would
sponsor the salary for Marcello Lippi, the newly appointed
Chinese national team coach, whose annual salary is reported to
be as much as EUR20 million.

Guangzhou, China-based Evergrande Real Estate Group Limited is
principally engaged in property development. The Company operates
its business through four segments: Property Development,
Property Investment, Property Management and Other Businesses.
The Other Businesses segment is engaged in property construction,
the provision of hotel and other property development related
services, insurance and fast consuming products business. Through
its subsidiaries, the Company is also engaged in mineral water
production and food production.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2016, Moody's Investors Service said China Evergrande
Group's disposal of its non-core grains and edible oils, dairy
products and spring water businesses is credit positive, but will
not immediately affect its B2 corporate family rating or B3
senior unsecured bond rating.  The rating outlook remains
negative.


YANLORD LAND: Moody's Confirms Ba3 CFR; Outlook Positive
--------------------------------------------------------
Moody's Investors Service has confirmed Yanlord Land Group
Limited's Ba3 corporate family and senior unsecured debt ratings.

The ratings outlook is positive.

This concludes the ratings review which commenced on Aug. 18,
2016.

                         RATINGS RATIONALE

"Yanlord has demonstrated strong contracted sales growth and a
financial profile better than its Ba3 Chinese property peers,
factors which are reflected in its positive rating outlook.  This
outlook also accounts for the consideration that the business
environment could become less favorable with the introduction of
regulatory measures that are intended to cool the property
market," says Anthony Lee, a Moody's Analyst.

The additional measures were implemented in the last two months
in cities, such as Shanghai, Suzhou Nanjing and Tianjin, where
property prices have surged rapidly since late 2015.  Such cities
contributed about 80% of Yanlord's contracted sales in 1H 2016.

The effects of such measures on developers are yet to be seen.

Yanlord achieved a strong performance in 1H 2016, supported by
the robust growth in revenues and contracted sales.  Moody's has
been informed by Yanlord that some of its projects in Nanjing and
Shanghai posted strong contracted sales in October and November
2016 despite the regulatory measures.

In addition, the company has exercised a very disciplined
approach to financial management, containing debt growth, while
enjoying success in contracted sales growth.

It has learnt from the experience of the last down-cycle.

As a result, for the 12 months ending June 2016, adjusted
EBIT/Interest improved to 4.3x from 3.8x in 2015 and adjusted
revenue/debt to 114% from 85%.  These ratios are strong compared
with its rated Ba3 Chinese property peers.

Yanlord's Ba3 corporate family rating reflects its good brand
name and high-quality properties, providing it with strong
pricing power and supporting its healthy gross margin.  In
addition, its sales execution strategy -- adjusted to cater to a
broad spectrum of market demand -- supports its robust level of
sales and its current operating scale.

The Ba3 rating also considers its good ability to access the debt
and capital markets, and its history of raising equity to fund
its development projects.

On the other hand, the rating is constrained by Yanlord's
geographic concentration, the small size of its land bank, and
the potential impact of tightening measures in key operating
cities.

Upward rating pressure could emerge if the company: (1)
demonstrates the ability to sustain stable sales growth, while
maintaining strong balance sheet liquidity; and (2) maintains its
prudent financial management, such that debt leverage is kept at
adjusted revenue/debt at 90%-100% and EBIT/interest coverage is
in excess of 3.5x on a sustained basis.

On the other hand, the ratings outlook could return to stable if
the company's business operations and liquidity are negatively
impacted by the latest regulatory measures; that is, contracted
sales growth slows and credit metrics weaken -- EBIT/interest
coverage falls below 3.0x, or adjusted revenue/debt falls below
80%.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in April 2015.

Yanlord Land Group Limited is a major property developer in
China. It operates in the major Chinese cities of Shanghai,
Nanjing, Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu,
Tangshan, Zhongshan and Sanya.  The company was established in
1993 and listed on the Singapore Stock Exchange in 2006.  Its
land bank totaled 5.2 million square meters at end-June 2016.


YINGDE GASES: S&P Affirms 'BB' CCR; Outlook Negative
----------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB' long-term
corporate credit rating on Yingde Gases Group Co. Ltd., a China-
based industrial gases manufacturer.  The outlook is negative.
At the same time, S&P affirmed its 'cnBB+' long-term Greater
China regional scale rating on the company.  S&P also affirmed
its 'BB-' long-term issue ratings and 'cnBB' long-term Greater
China regional scale ratings on Yingde's guaranteed senior
unsecured U.S.-dollar notes due 2018 and 2020.

S&P affirmed the ratings following a change in Yingde's largest
shareholder and senior management. On Nov. 5, 2016, Beijing
OriginWater Technology Co. Ltd. (OriginWater), a China-based
environmental protection service provider, emerged as strategic
investor and Yingde's largest shareholder.  There are also
changes in Yingde's senior management and the composition of the
company's board of directors.

"We expect that Yingde's business and operations will not change
materially in the next 12 months because the company's existing
gas business underpins the new management's strategy," said S&P
Global Ratings credit analyst Danny Huang.  It is less clear how
the company's expansion into the more specialized gas business
and shifting to a contracting model will affect its credit
profile.  S&P believes this will likely take time to execute.

The ratings do not factor in any support from OriginWater because
S&P do not believe it has absolute control over Yingde and its
cash flows.  Minority shareholders, former chairman and CEO Mr.
Zhongguo Sun and former COO Mr. Trevor Raymond Strutt, still have
significant total shareholdings of 24.57%.  S&P do not expect a
negative influence from OriginWater, given the company has a
stronger credit profile than Yingde, with a larger business
scale, lower leverage, and a net cash position.

Visibility on Yingde's new strategic plans to enter into the
engineering, procurement, and construction (EPC) business is low.
This transition from Yingde's current build-own-operate (BOO)
model to the EPC model may bring an asset-light model but will
increase revenue volatility, especially if the company's target
market remains in the steel industry without diversifying into
other industries.  S&P expects Yingde's existing onsite
industrial gas business to remain its dominant business.  That is
because it is highly uncertain how successful the new senior
management would be in executing the new business plan and how
significant the EPC segment would be.  S&P believes the company's
position in the niche onsite gas market in China remains strong
but with industry and customer concentration as rating
constraints.

The share placement has improved Yingde's financial strength
through debt reduction.  However, S&P believes the improvement is
offset by the uncertainties on future financial policy and risk
tolerance brought by the change in the largest shareholder and
management.  In S&P's view, Yingde's expansion into new
businesses may result in higher-than-expected debt-funded
acquisitions that will increase the company's leverage.
OriginWater may also inject more assets into Yingde to raise its
shareholding where Yingde has to partly fund such acquisitions
with debt in addition to issuing shares to OriginWater.
Nonetheless, S&P views OriginWater's plan to reduce Yingde's
finance costs and foreign exchange loss on debts by replacing
foreign currency-denominated debt with Chinese renminbi (RMB)-
denominated debt as credit positive.  S&P also anticipates that
Yingde could leverage on OriginWater's own financial strength in
obtaining financing at a lower cost.

S&P expects Yingde's current operations to remain intact despite
the change in senior management.  In S&P's view, the new
management has considerable expertise and experience in operating
the company's business.  S&P do not expect the step-down of
former Chairman and CEO Mr. Sun and former COO Mr. Strutt to
disrupt operations because they will remain independent directors
of Yingde.

S&P affirmed the ratings on Yingde's guaranteed notes because the
change in the largest shareholder does not trigger the "change of
control clause" in the notes.

"The negative outlook on Yingde reflects the uncertain risk
tolerance and financial policy following the change in Yingde's
largest shareholder and management team," said Mr. Huang.

S&P continues to assess the company's high exposure to China's
steel sector, which is struggling with overcapacity, as a
negative factor.  Yingde's profitability and working capital
could come under pressure over the next 12 months due to order
cancellations and increased delinquency in customer payments.

S&P could lower the rating if the new management pursues debt-
funded acquisitions for new businesses or Yingde has to fund
asset injections by OriginWater at least partly by debt.  S&P
could also lower the ratings if Yingde's FFO-to-debt ratio is
below 20% for a prolonged period.  This could happen if the
company's profitability weakens because of a larger-than-expected
decline in average selling prices or sales volume.  S&P could
also lower the ratings if Yingde's working capital management
weakens significantly, or its access to funding in the capital
market or banks weakens such that it does not secure new funding
in the next 12 months.

S&P could revise its outlook to stable if: (1) the new management
can demonstrate a concrete business execution plan or financial
policy which enables Yingde to develop new business without
further increasing leverage; or (2) OriginWater raises its
shareholding in Yingde through equity injection by cash.  S&P
could also revise the outlook to stable if Yingde can maintain
its FFO-to-debt ratio above 25 % consistently either by further
cutting costs or faster revenue growth or margin improvement due
to recovery in the steel sector.



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A. B. V. GOVINDU: CRISIL Reaffirms 'B' Rating on INR85MM Loan
-------------------------------------------------------------
CRISIL's rating on long-term bank facilities of A. B. V. Govindu
continues to reflect the weak financial risk profile, marked by
high gearing, below-average debt protection metrics, and modest
networth. The rating also reflects the small scale of operations,
and exposure to intense competition and geographical
concentration risk in revenue profile. These rating weaknesses
are partially offset by extensive experience of the proprietor in
the civil construction industry and the healthy order book.

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

   Proposed Long Term
   Bank Loan Facility      45       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ABVG will continue to benefit from extensive
experience of its proprietor. The outlook may be revised to
'Positive' if the firm reports significant growth in scale of
operations and profitability, leading to better-than-expected
cash accrual, and demonstrates efficient working capital
management. The outlook may be revised to 'Negative' if low cash
accrual, large working capital requirement or debt-funded capital
expenditure, constrains liquidity.

Update
The firm reported lower sales of INR11 million in fiscal 2016,
vis-a-vis INR86 million in fiscal 2015, as execution of projects
slowed down after the government halted work to check
irregularities in awarding of irrigation projects. However, as
the government has now given permission to start work, sales of
INR25 million were reported for the first half of fiscal 2017,
Major portion of work in irrigation projects gets executed in the
second half of the year, post monsoon. The order book worth
INR500 million has to be executed over next 12-24 months, which
should help the scale of operations improve over the medium term.

Financial risk profile remains below-average, with modest
networth and high gearing of INR12.8 million and 3.5 times,
respectively, as on March 31, 2016 and weak debt protection
metrics, with interest coverage and net cash accrual to total
debt ratios of 1.5 times and 0.04 time, respectively, for fiscal
2016. Liquidity is adequate, with expected cash accrual of over
INR6 million against modest debt of INR0.7 million in fiscal
2017. Bank limit utilisation was low, averaging 30% over 12
months through June 2016, mainly due to unsecured loans from the
proprietor (INR42.9 million as on March 31, 2016) and limited
work executed, during the year.

ABVG, headquartered in Palghar (Maharashtra), is a sole
proprietorship firm, set up in 1983 by Mr. Govindu. The firm is a
'Class 1-B' civil contractor and executes contracts for various
departments of the government of Maharashtra; these contracts
include construction of dams and reservoirs, canals, and other
projects related to irrigation. However, revenue is derived only
from operations within Maharashtra.


ACUTE CERAMIC: CRISIL Suspends B+ Rating on INR66MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Acute Ceramic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         13         CRISIL A4
   Cash Credit            20         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      1         CRISIL B+/Stable
   Term Loan              66         CRISIL B+/Stable

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

ACPL is a Morbi-based company incorporated in 2013. The company
manufactures ceramic wall-glazed tiles. Its promoters, Mr.
Jayantilal Vansjaliya, Mr. Mahadevbhai Bhoraniya, and Mr. Bhavesh
Kankasaniya, have been engaged in the ceramic tiles industry for
more than five years. The company has commenced commercial
operations in August 2014.


ARPORA PROJECTS: CRISIL Cuts Rating on INR105MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Arpora Projects Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term     20        CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL A4')

   Term Loan              105        CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects instances of delays by APPL in servicing
its term loan because of weak liquidity due to seasonal revenue
leading to cash flow mismatches.

The ratings also reflect APPL's susceptibility to cyclicality and
to intense competition in the hospitality industry. However, it
benefits from its promoters' extensive experience in the real
estate industry, and healthy demand prospects for its hotel due
to its advantageous location.

APPL was incorporated by Mr. Pawan Yadav and Mr. Bhupendra Yadav
in 2014. The company manages a holiday resort, Aromiaa,
comprising 15 villas, at Arapora in Goa.

APPL had a loss of INR0.04 million and sales of INR18.6 million
in fiscal 2016, against a loss of INR0.087 million and sales of
INR0.08 million in fiscal 2015.


ASG LEATHER: CRISIL Ups Rating on INR80MM Packing Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
ASG Leather Private Limited to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit      80      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit            5      CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Proposed Short Term        25      CRISIL A4+ (Upgraded from
   Bank Loan Facility                 'CRISIL A4')

   Standby Line of Credit      5      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Term Loan                   5      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in ASG's business risk
profile, with increase in scale of operations and operating
margin. The upgrade also factors in stronger debt protection
metrics. Business performance has improved in recent years, with
healthy offtake of its leather bags globally, and sales under its
own brand and retail stores in the domestic market. Revenue has,
therefore, grown at a comfortable compound annual rate of 38% to
INR324 million in fiscal 2016, from INR123 million in fiscal
2013. Operating profitability also improved to 10.6% during the
period. Revenue and operating margin are likely to remain stable,
supported by opening of several more stores during the current
fiscal.

Higher operating profitability and cash accrual have strengthened
debt protection metrics: interest coverage and net cash accrual
to total debt ratios improved to 2.5 times and 17% in fiscal
2016, from 2.0 times and 9% respectively in fiscal 2014. CRISIL
believes that the metrics should remain stable over the medium
term supported by the stable operating margins.

The rating reflects the extensive experience of ASG's promoters
in the leather bags export business, and established customer
relations with diversification in domestic markets. These rating
strengths are partially offset by modest scale of operations and
high working capital requirements.
Outlook: Stable

CRISIL believes ASG will benefit from its promoters' extensive
experience in the leather industry. The outlook may be revised to
'Positive' if sustained improvement in revenue and profitability
leads to improved cash accrual and debt protection metrics, and
stronger liquidity. Conversely, the outlook may be revised to
'Negative' if low cash accrual, or large working capital
requirement or sizeable debt-funded capital expenditure
constrains liquidity considerably.

Set up in 2002 by Mr. Alok Kumar Sengupta, ASG manufactures and
exports leather bags and wallets. The company also sells under
its own brand, Kompanero, from its retail outlets.


BTM FABRICS: CARE Assigns B+ Rating to INR11cr Long Term Loan
-------------------------------------------------------------
CARE assigned rating to bank facilities of BTM Fabrics Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       11       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of BTM Fabrics Private
Limited is constrained by modest scale of operations albeit
healthy growth over last 2 years ended FY16 (refers to the period
April 1 to March 31), moderately low & declining profit margins
coupled with susceptibility to volatile input prices, leveraged
capital structure & weak debt coverage indicators, working
capital intensive nature of operations with high collection
period, exposure to foreign exchange fluctuation & geopolitical
risks and presence in highly competitive & fragmented industry.

The rating, however, derives strength from the company's long
track record of over four decades of operations in trading & job-
work of fabrics, highly experienced promoters with over three
decades of experience in trading & job-work of fabrics and their
financial support in the form of interest-free unsecured loans,
established market presence with diversified customer base &
geographical reach and diversified supplier base.

BTM's ability to increase the scale of operations and profit
margins amidst highly competitive scenario, along with improving
capital structure and liquidity position with efficient
management of working capital requirement is the key rating
sensitivity.

Established in 1980 as a proprietorship entity by Mr. Atmaram
Agarwal, BTM Fabrics was later converted into a private limited
company as BTM Fabrics Private Limited (BTM) in 2000 by Mr.
Atmaram Agarwal along with his sons, Mr. Rajesh Agarwal and Mr.
Amit Agarwal. The company is engaged in trading & job-work of
ready-to-stitch fabrics, which are sold to semi-wholesalers and
garment manufacturers. On the other hand, the procurement of
fabrics is largely met by way of imports from China which
accounted for ~70% of the total raw material purchase requirement
in FY16 (vis-a-vis ~20% in FY15), whereas the balance is procured
from the local manufacturers/suppliers of the same.

During FY16, the total operating income of the company stood at
INR21.33 crore (vis-a-vis INR14.37 crore in FY15), whereas the
PAT during the same year stood at INR0.21 crore (vis-a-vis
INR0.16 crore in FY15).


CONCORD CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Concord Construction
continue to reflect the firm's subdued operating performance in
fiscal 2016, small scale of operations, and large working capital
requirement, which constrains overall financial risk profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          390      CRISIL A4 (Reaffirmed)
   Cash Credit             100      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the partners in the civil construction industry, their funding
support and moderate outstanding orders that provide revenue
visibility over the medium term.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR52.6 million as on March 31, 2016, extended by partners, as
'neither debt nor equity' as these bear nominal interest and will
be maintained in the business over the medium term.

CRISIL had downgraded its rating on the bank facilities of CC to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'
through its rating rationale dated May 25, 2016.
Outlook: Stable

CRISIL believes CC will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if increase in revenue results in sizeable cash
accrual and working capital management is prudent. The outlook
may be revised to 'Negative' if decline in cash accrual or
stretch in working capital cycle or large debt-funded capital
expenditure weakens financial risk profile.

Set up in 1997, CC undertakes civil construction works in
Karnataka and Kerala. Mr. Mahin Kallatra manages the operations.


G.M.R. SPINTEX: CRISIL Reaffirms 'D' Rating on INR280MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G.M.R.
Spintex Pvt Ltd continues to reflect instances of delay by GSPL
in servicing its debt; the delays have been caused by the
company's weak liquidity. The weak liquidity is on account of its
high working capital intensity in its operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      177.5     CRISIL D (Reaffirmed)

   Term Loan               280.0     CRISIL D (Reaffirmed)

GSPL has working-capital-intensive nature of operations   owing
to stretched receivables or large inventory holdings, and its
profitability margins are susceptible to volatility in raw
material prices. The company is also exposed to intense
competitive pressures in the cotton yarn industry. However, the
company benefits from the extensive experience of its promoters
in the textile industry and efficient supply linkages.

GSPL, established by Mr. G Vinod Kumar in 2006 commenced
operations in 2008. The company manufactures cotton yarn. The
company's plant is based in Adilabad district in Telangana.


GIRIRAJ GINNING: CRISIL Suspends B+ Rating on INR640MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Giriraj
Ginning and Pressing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             640       CRISIL B+/Stable
   Standby Letter of
   Credit                   30       CRISIL B+/Stable
   Term Loan                17.8     CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
GGPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GGPPL is yet to
provide adequate information to enable CRISIL to assess GGPPL'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 September 1998 and promoted by Mr. Naresh Lotiya,
GGPPL is based in Rajkot (Gujarat). The firm undertakes cotton
ginning and pressing operations and has capacity to process 250
tonnes of raw cotton per day.


GUPTAJI BROTHERS: CRISIL Suspends 'D' Rating on INR40MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Guptaji
Brothers Rice Mill Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D
   Term Loan               40        CRISIL D

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

GJB was set up in 2011 by Mr. Rajeev Ranjan. Operations, however,
started in July 2013. The company is engaged in milling of
parboiled brown rice in Patna.


HIMATSINGKA RESORTS: CRISIL Suspends B- Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Himatsingka Resorts Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               70        CRISIL B-/Stable

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

Incorporated in June 2008, HRPL was initially promoted by North-
East India-based Mr. Rajesh Kumar Himatsingka, and was taken over
by the Kalita group in December 2014. The company operates a
four-star hotel at Dekargoan in Tezpur (Assam). The hotel
commenced commercial operations in 2013-14 (refers to financial
year, April 1 to March 31). Mr. Bhagya Kalita, Mrs. Gitika
Kalita, and Mr. Kaushik Kalita are the directors of HRPL.


M S TEXTILES: CRISIL Assigns B+ Rating to INR32.8MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of M S Textiles.

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

   Proposed Cash
   Credit Limit            32.8       CRISIL B+/Stable

   Term Loan               17.2       CRISIL B+/Stable

   Warehouse Receipts      30.0       CRISIL B+/Stable

The ratings reflect MST's modest scale of operations in a highly
fragmented textile industry and susceptibility of operating
margins to raw material prices, its below average financial risk
profile and its working capital intensive operations. These
weaknesses are partially offset by the extensive experience of
promoters in the textile industry.
Outlook: Stable

CRISIL believes that MST is expected to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to "Positive" in case of an increase in
scale of operations while sustaining its operating margins
resulting in higher than expected cash accruals. Conversely, the
outlook may be revised to "Negative" in case of a decline in
revenues or operating margins; or in case of an elongation in its
working capital cycle resulting in weakening of its financial
risk profile.

MST, a firm based out of Pallagoundapalayam, in Erode district of
Tamil Nadu is engaged in the manufacture of cotton yarn in the
counts of 40's to 60's and conversion of the same into grey
fabric. The firm was set up in 2012 by Mr.Keshavamoorthy, the
proprietor.


MARUTII QUALITY: CRISIL Ups Rating on INR69.7MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Marutii Quality Products Private Limited to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      66        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               69.7      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects the improvement in the company's business
and financial risk profiles. Its revenue rose 22% to INR349
million in fiscal 2016 driven by the increased sales contribution
from PVC pipes division. Further, MQPPL's noodle brand has also
become well established which has resulted in improvement in the
operating margins.

Healthy operating profitability margin resulted in increase in
cash accrual to INR29.5 million in fiscal 2016 from INR18.2
million in fiscal 2014. Networth rose to INR125.9 million as on
March 31 2016 driven by capital infusion and steady accretion to
reserves. Debt protection metrics improved, with interest
coverage and net cash accrual to total debt ratios at 3.33 times
and 16%, respectively, in fiscal 2016, against 2.8 times and 12%,
respectively, in fiscal 2014. CRISIL believes the improvement in
the financial risk profile will sustain over the medium term,
supported by the repayments of the term debt and the increase in
cash accruals.

The rating reflects MQPPL's modest scale of operations, and large
working capital requirement. These weaknesses are partially
offset by its promoters' extensive experience in the packaged
food industry.
Outlook: Stable

CRISIL believes MQPPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of more-than-expected operating
income and cash accrual, and improved working capital management,
leading to further improvement in financial risk profile going
forward. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of a decline in operating income and cash accrual, or a stretch
in working capital cycle, or higher than expected debt-funded
capital expenditure.

MQPPL was established by Mr. Deepak Agarwal and his father Mr.
Shyam Sunder Agarwal in 2009. The company manufactures noodles
and wheat flour in Guwahati. It also has capacity to manufacture
ready-to-eat food and polyvinyl chloride (PVC) pipes.


MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR550MM Loan
----------------------------------------------------------
CRISIL's ratings on bank facilities of The Mysore Paper Mills Ltd
(MPML) continue to reflect instances of overdrawing in the cash
credit account for over 30 consecutive days. The overdrawing has
been on account of the stretched liquidity, driven by large
operating losses.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL D (Reaffirmed)
   Cash Credit            450       CRISIL D (Reaffirmed)
   Letter of Credit       550       CRISIL D (Reaffirmed)

Financial risk profile is also weak, because of stretched
liquidity and below-average debt protection metrics. The company
has reported weak operating efficiency, and continues to face
risks arising from the intensely competitive and commoditised
nature of the paper industry. It, however, benefits from
financial support extended by the Government of Karnataka (GoK)

MPML was founded in May 1936 by the then Maharaja of Mysore
(Karnataka). GoK, which acquired a controlling stake in November
1977, held 64.7% of equity shares as on September 30, 2016; the
remainder was held by financial institutions and the general
public.

MPML is an ISO-14001-certified company, producing newsprint,
writing and printing paper, and sugar at its plant at Bhadravati
in the Shimoga district of Karnataka.


NARMADA AGROBASE: CRISIL Suspends 'B+' Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Narmada
Agrobase Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Term Loan               13.5      CRISIL B+/Stable

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

NAPL is a Gujarat-based company and manufactures de-linted cotton
seeds and cattle feed. The company is promoted by Mr.
Sureshchandra Gupta and his son Mr. Neeraj Agarwal. It commenced
commercial operations in February 2014.


P.P RICE: CRISIL Assigns 'B' Rating to INR48MM Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of P.P Rice Mill Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.9       CRISIL A4
   Cash Credit            47         CRISIL B/Stable
   Long Term Loan         48         CRISIL B/Stable

The ratings reflect exposure to risks related to below-average
financial risk profile, stretched liquidity and nascent stage of
operations. These weaknesses are partially offset by promoters'
extensive experience and stable demand for rice.
Outlook: Stable

CRISIL believes PRMPL will benefit over the medium term from the
healthy prospects for the rice processing industry. The outlook
may be revised to 'Positive' if timely stabilisation of
operations and better-than-expected revenue improve liquidity.
The outlook may be revised to 'Negative' if substantially low
capacity utilisation or a significant stretch in working capital
requirement further weakens the financial risk profile,
particularly liquidity.

Incorporated in November 2011, PRMPL has set up a rice mill unit
with an installed capacity of 5 tonne per hour, at Burdwan, West
Bengal, for processing non-basmati parboiled rice. The project
has been completed and the production has started from July 2016
onwards. The firm is promoted by Mr. Sourav Bhodhak, Ms Pompiya
Bodhak, Mr. Papiya Das, and Mr. Surajit Kr. Das. Operations are
managed by Mr. Sourav Bhodhak.


RADHIKA COTEX: CRISIL Reaffirms 'B' Rating on INR45MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radhika Cotex
continues to reflect its below average financial risk profile,
marked by high gearing and average debt-protection metrics,
susceptibility of operations to changes in regulations, and
working capital intensive operations. These weaknesses are
partially offset by the extensive experience of its partners in
the cotton ginning business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23.8      CRISIL B/Stable (Reaffirmed)

   Term Loan               11.2      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RC will continue to benefit from the extensive
experience of its partners in the cotton ginning business. The
outlook may be revised to 'Positive' if higher accrual coupled
with improved working capital management leads to improved
liqudity. The outlook may be revised to 'Negative' if low accrual
or stretch in working capital cycle or any large debt-funded
capital expenditure weakens financial risk profile, particularly
liquidity.

Set up in 2005, RC is a partnership firm based in Amreli
(Gujarat) that gins and presses raw cotton and sells cotton lint
and cotton seeds. Mr. Ramesh Vadera and Mr. Sharad Vadera are the
partners.


RAJNI EXPORTS: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rajni Exports
& Imports continues to reflect REI's below-average financial risk
profile, marked by a modest net worth, and exposure to intense
competition in the agro commodities trading industry. These
rating weaknesses are partially offset by the extensive
experience of REI's partners in the agro commodities trading
business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             210      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REI will continue to benefit over the medium
term from its promoters' extensive experience in the agro
commodities trading business. The outlook may be revised to
'Positive' in case the firm significantly scales up its
operations and improves its profitability, while it maintains its
working capital requirements. Conversely, the outlook may be
revised to 'Negative' in case  the cash accruals decline
significantly or if its working capital management deteriorates,
leading to weakening of its financial risk profile.

REI, set up in 2010, is based in Chennai. It trades in agro
commodities, mainly pulses. Its operations are managed by Mr.
Munirathnam and Mr. Rajiv Naaram.

For fiscal 2016, REI reported a profit after tax (PAT) of INR8.7
million on net sales of INR1.71 billion against a PAT of INR6.53
million on net sales of INR1.09 billion for fiscal 2015.


RAMKRISHNA COTSPIN: CRISIL Assigns B+ Rating to INR610MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ramkrishna Cotspin Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         37.5       CRISIL A4
   Cash Credit            75         CRISIL B+/Stable
   Long Term Loan        610         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      7.5       CRISIL B+/Stable

The ratings reflect the company's start-up phase of operations
amid intense competition and exposure to stabilisation risks.
These weaknesses are partially offset by the extensive experience
of the promoters in the cotton ginning and agri trading business,
favourable location of manufacturing unit, and an established
distribution channel.

Outlook: Stable

CRISIL believes RCPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if earlier-than-expected stabilisation of
operations leads to sizable cash accrual and better financial
risk profile in the initial phase. The outlook may be revised to
'Negative' if lower cash accrual due to delayed ramp up in sales/
low operating margin orstretched working capital cycle weakens
the financial risk profile and liquidity.

Incorporated in 2015, RCPL is promoted by Mr. Hasmukhbhai Patel
'with two decades of experience in the cotton ginning and trading
industry. RCPL is setting up a plant for the manufacture of
cotton yarn, primarily 30s count, used for knitting and weaving.
The plant is expected to commence production in December 2016.


RN RICE: CARE Reaffirms 'B' Rating on INR15cr Long Term Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
RN Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B Reaffirmed

Rating Rationale

The rating assigned to R.N. Rice Mill is primarily constrained by
modest scale of operations, weak financial risk profile as
characterized by low profitability margins, leveraged capital
structure, weak coverage indicators and elongated operating
cycle. The rating is further constrained by susceptibility to
fluctuation in exchange rate and raw material prices, fragmented
and competitive nature of industry and partnership nature of its
constitution.  The rating, however, draws comfort from
experienced partners in trading and processing of rice and
favorable manufacturing location.

Going forward, the ability of the firm to increase its scale of
operations while improving profitability margin and capital
structure shall be the key rating sensitivities.

RNRM was established in 2003 as a proprietorship firm byMr Rajesh
Kumar Bansal. In 2008, the proprietorship firm was converted into
partnership firm with Mr. Rajesh Kumar Bansal and Mr. Mange Ram
as its partners; sharing profit and loss in the ratio of 65% and
35%, respectively. RNRM is engaged in milling, processing and
trading of rice. The manufacturing unit is located at Kaithal,
Haryana, having installed capacity of processing 6 tonnes of
paddy/hour as on March 31, 2016.

The firm procures raw material i.e. paddy from local grain
markets located in Haryana, Delhi, Punjab and nearby states.

The firm derives nearly 60% of its sales through exports in
Canada, Gulf and South African countries and the rest is through
direct supply to the wholesalers in the states of Haryana, M.P,
U.P, Punjab, Bihar and Delhi.

In FY16 (refers to the period April 1 to March 31), RNRM achieved
a total operating income (TOI) of INR77.88 crore with PAT of
INR0.03 crore as against total operating income of INR64.59 crore
with PAT of INR0.03 crore, respectively, in FY15. Furthermore, in
6MFY16 (refers to the period April 1 to September 30; based on
provisional results), the firm has achieved total sales of
INR40.00 crore.


RUPAL PLASTICS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rupal Plastics Private
Limited continue to reflect RPPL's modest scale and working-
capital-intensive nature of operations, and its below-average
financial risk profile, marked by a modest net worth and subdued
debt protection metrics.

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

   Cash Credit            57.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       87.5      CRISIL A4 (Reaffirmed)

   Overdraft Facility      2.5      CRISIL A4 (Reaffirmed)

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

These rating weaknesses are partially offset by the extensive
experience of RPPL's promoter in the polymers trading industry
and the company's established relationships with suppliers.
Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with suppliers. The outlook may be
revised to 'Positive' if RPPL achieves significant and sustained
improvement in its revenue and profitability, while it maintains
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the company's
revenue or margins, or deterioration in its financial risk
profile, most likely because of a substantial increase in its
working capital requirements.

RPPL was incorporated in 1988, promoted by Mr. Hemant Mehta. The
company trades in engineering polymers, which have applications
in white goods, automobile parts, and electrical components. Its
head office is in Mumbai.


S. R. COTTON: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. R. Cotton
continues to reflect SRC's modest scale of operations in the
highly competitive and fragmented cotton ginning industry, and
exposure of margins to volatility in cotton prices and to
regulations governing the industry.

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

   Proposed Long Term
   Bank Loan Facility       4.2     CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                  10       CRISIL B+/Stable (Reaffirmed)

   Term Loan               10.8     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial
risk profile, marked by small networth, high gearing, and weak
debt protection metrics. These weaknesses are partially offset by
the extensive industry experience of SRC's proprietor, and the
financial support that it receives from him in the form of
interest-bearing unsecured loans.
Outlook: Stable

CRISIL believes SRC will continue to benefit from the extensive
industry experience of it proprietor. The outlook may be revised
to 'Positive' if efficient working capital management and
increased profitability, or capital infusion improves financial
risk profile. The outlook may be revised to 'Negative' if large
working capital requirement or low cash accrual weakens
liquidity.

Set up in 2006 as a proprietorship firm by Mr. Vinit Tayal, SRC
is engaged in cotton ginning and pressing at its two units in
Beed (Maharashtra) and Sendhwa (Madhya Pradesh).


SHARWIN COTTEX: CARE Assigns B+ Rating to INR14.5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Sharwin Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      14.50     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sharwin Cottex
(SRC) is primarily constrained on account of implementation risk
associated with its new project. The rating also remains
constrained due to its constitution as a partnership firm,
heavy dependence on short term funds due to procurement of
seasonal raw material results, susceptibility of profit margins
to volatility in cotton prices and presence in the lowest segment
of textile value chain.

The rating, however, derives strength from the experience of the
promoters, location advantage with presence in Gujarat and fiscal
benefits from Government.

The ability of SRC to complete the project in time within
envisaged cost parameters along with achieving projected scale
of operations and profitability with maintaining moderate
financial risk profile are the key rating sensitivities.

Ahmedabad-based (Gujarat), SRC was formed in February 2016 by Mr.
Sukhdev Prajapati, Mrs. Manisha Purohit and Mr. Soham Purohit.
The firm is setting up a greenfield plant for cotton ginning and
pressing near Mehsana district in the area of 19425 square
meters. The firm will operate with 36 double roller jumbo gin
machines of 54" size for ginning and 5 cotton stripper machines
for pressing. Total installed capacity for ginning will be
45,619.20 MTPA for raw cotton. For oil extraction process, 12
extruders of 33*6" will be installed and its installed capacity
will be of 24192 MTPA of cotton seeds.

Total proposed project cost is INR14.93 crore which is proposed
to be funded through term loan of INR4.50 crore, unsecured loans
from relatives of INR4.43 crore and balance by partners' capital.
Total project cost incurred as on October 4, 2016, was INR13.84
crore (92.70% of the project cost) which was financed through
term loan of INR4.50 crore, capital contribution of INR6 crore
and remaining amount through unsecured loans from the promoters.
The commercial production is expected to commence from November
2016.

Mrs. Manisha Purohit and Mr. Soham Purohit are also associated
with  another partnership firm, namely, Shiv ShaktiIndustries,
engaged in cotton ginning and oil extraction.


SHREE CONSTRUCTION: CARE Assigns B+ Rating to INR14.30cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Construction and Leisure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.30      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Construction
and Leisure Private Limited is primarily constrained by SCL's
short track record of operations of debt funded newly setup hotel
coupled with limited experience of promoters its presence in the
highly competitive nature and seasonal nature of industry.

The rating constraints are partially offset by the location
advantage of the hotel.

Going forward, the ability of the company to achieve the
envisaged average room rent and occupancy level shall be the key
rating sensitivity.

Lucknow-based, Shree Construction and Leisure Private Limited was
incorporated in September 2010 by Mr. Ranjeet Singh and Mrs
Kiranjeet Kaur. SCL operates a hotel under the brand name of
'Rajnes's Hotel' at Lucknow, Uttar Pradesh.  The hotel has 61
rooms, banquet hall (400 person capacity), mini banquet hall (100
person capacity), conference room and restaurant. The hotel has
commenced its commercial operations in May, 2015.

SCl achieved a total operating income (TOI) of INR11.92 crore in
FY16 (refers to the period April 1 to March 31, based on
provisional). The company has achieved total operating of INR5.75
crore in 5MFY17 (refers to the period April 1 to August 31, based
on provisional results).


SHREY SOFTWARE: CRISIL Suspends 'B' Rating on INR130MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shrey
Software Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      130       CRISIL B/Stable

   Term Loan                70       CRISIL B/Stable

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

SSPL, incorporated in 2005, is part of the Ninex group, which has
been in the commercial and residential real estate development
business in and around the National Capital Region of Delhi for
nearly two decades. The key promoters of the company are Mr.
Sandeep Garg and his father, Mr. Ram Mehar Garg. SSPL is setting
up an information technology/software park in Noida (Uttar
Pradesh).


SHRI KRISHNA: CARE Assigns B+ Rating to INR12cr Long Term Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shri Krishna Kripa Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facility of Shree Krishan Kirpa
Rice Mills continues to remain constrained by its small scale of
operations, weak financial risk profile marked by low
profitability margins, highly leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The rating is further constrained by its presence in
the highly fragmented and competitive nature of industry,
dependence on vagaries of nature, high level of government
regulation and partnership nature of its constitution.

The rating, however, draws comfort from experience of the
partners in trading & processing of rice and favorable
manufacturing
location.

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

Kurukshetra-based (Haryana) Shree Krishan Kripa Rice Mills (SKRM)
established in 2007 as partnership concern by Mr. Sat Pal, Mr.
Ved Prakash, Ms. Sunita Rani and Ms. Sushama Rani sharing profit
and losses equally. SKRM is engaged in milling, processing of
both basmati and non-basmati rice with installed capacity of 12
tonnes per hour (MTPH) as on March 31, 2016. The firm is also
engaged in trading of rice. The firm procures the raw material
(unprocessed rice/de-husked paddy) from grain markets located in
Delhi, Haryana and Uttar Pradesh through commission agents and
sells its product to export houses located in Punjab, Haryana and
Delhi.

In FY16 (refers to the period April 1 to March 31), SKRM achieved
a total operating income (TOI) of INR40.91 crore with PAT of
INR0.05 crore, as against total operating income of INR28.28
crore with PAT of INR0.03 crore, in FY15. Furthermore, the firm
has achieved total operating income of INR20.00 crore in 6MFY17
(refers to the period April 1 to September 30; based on
provisional results).


SHRI KRISHNA: CRISIL Suspends B+ Rating on INR28MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Krishna Ginning & Pressing - Hinganghat.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             27       CRISIL B+/Stable
   Term Loan               28       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SKGP with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKGP is yet to
provide adequate information to enable CRISIL to assess SKGP'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 June 2014, SKGP is a partnership firm established
by Mr. Deepak Batra and family. The firm has set up a cotton
ginning and pressing unit having capacity of producing around 700
quintals per day at Hinganghat in Wardha (Maharashtra). It has
commenced operations from January 2015.


SREE NARAYANA: CRISIL Suspends 'B' Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sree
Narayana Gurukulam Charitable Trust.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B/Stable
   Term Loan              100       CRISIL B/Stable

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

SNGCT was established in 2001 as a charitable trust by
Kunnathunadu Sree Narayana Dharma Paripalana Union. The trust
currently manages two institutes, Sree Narayana Gurukulam College
of Engineering (SNGCE) and Sree Narayana Gurukulam Institute of
Management (SNGIM) in Ernakulum District (Kerala).


SRI VYJAYANTHI: CRISIL Assigns 'D' Rating to INR40MM LT Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sri Vyjayanthi Labs Private Limited and has
assigned its 'CRISIL D/CRISIL D' ratings to SVLPL's bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL D (Assigned;
                                     Suspension Revoked)

   Foreign Letter of        10       CRISIL D (Assigned;
   Credit                            Suspension Revoked)

   Long Term Loan           10       CRISIL D (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       40       CRISIL D (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating had earlier been 'Suspended' by CRISIL vide the rating
rationale dated March 23, 2016 as SVLP did not provide the
information required to undertake a rating review. SVLPL has now
shared the requisite information, enabling CRISIL to assign a
rating to the company's bank facilities.

The ratings reflect instances of delay by SVLPL in servicing its
maturing debt obligations; the delays have been caused by the
company's weak liquidity.

SVLPL also has a weak financial risk profile, marked by its
modest net worth and weak capital structure and a modest scale of
operations in the fragmented pharmaceutical industry. However,
the company benefits from the extensive industry experience of
its promoters and its established customer relationships.

SVLPL is promoted by Mr. V Satyanarayana Raju and Mrs. M.
Sridevi. The company has its manufacturing facility at Parvada
(Andhra Pradesh). It manufactures mineral and drugs, which are
supplied to various pharmaceutical companies.


SUDHIR MANDKE: CRISIL Lowers Rating on INR200MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sudhir Mandke Developers to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       50       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan               200       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects instances of delay by SMD in servicing its
debt because of weak liquidity, driven by slower customer
advances on account of poor sales in its real estate project.

SMD is also exposed to risks related to demand and funding of its
project, geographic concentration in operations, leveraged
capital structure, and fragmentation and cyclicality in the real
estate sector. However, it benefits from the experience of its
promoters in the real estate industry.

Established in 2002, SMD, based in Pune (Maharashtra), is a
proprietorship firm of Mr. Sudhir Mandke. The firm develops real
estate and is presently implementing a residential project,
Mandke Advantage Homes, near Bibwewadi in Pune. The firm has
almost completed phase I of the project (saleable units of 231).


THENPANDIAN TEXTILE: CRISIL Reaffirms B+ Rating on INR93MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thenpandian
Textile India Pvt Ltd continues to reflect TTIPL's modest scale
of operations in the intensely competitive textile industry, and
average financial risk profile with small networth. These rating
weaknesses are partially offset by the extensive experience of
promoters in the textile industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           21       CRISIL B+/Stable (Reaffirmed)
   Term Loan             93       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TTIPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if a considerable increase
in scale of operations and stable profitability strengthen the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in cash accrual or stretch in working
capital cycle, or any large, debt-funded capital expenditure
leads to deterioration in the financial risk profile.

Incorporated in 2005, TTIPL manufactures grey fabric. It is based
in Namakkal, Tamil Nadu. Operations are managed by Mr. K
Nallusamy, Mr. P Pandian, and their family members.


TRACO CABLE: CRISIL Ups Rating on INR100.5MM Cash Loan to 'C'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Traco Cable Company Limited from 'CRISIL B/Stable' to 'CRISIL
D', while simultaneously upgrading the rating to 'CRISIL C'. The
short-term facilities have been reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         68        CRISIL A4 (Reaffirmed)

   Cash Credit           100.5      CRISIL C (Revised from
                                    'CRISIL B/Stable' to
                                    'CRISIL D' and simultaneously
                                    upgraded to 'CRISIL C')

   Letter of Credit      226.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term      5.0      CRISIL C (Revised from
   Bank Loan Facility               'CRISIL B/Stable' to
                                    'CRISIL D' and simultaneously
                                    upgraded to 'CRISIL C')

The rating downgrade takes into account the continuously
overdrawn working capital limit for more than 30 days in June
2016. However, the rating has been upgraded following timely debt
servicing over the past 90 days.

The ratings reflect a below-average financial risk profile
because of weak debt protection metrics, and large working
capital requirement. These rating weaknesses are partially offset
by an established market position in the electrical and
telecommunication cables and wires segment, and continuous
financial support from the Government of Kerala (GoK).

Traco, set up in 1960 in Kochi, Kerala, is wholly owned by GoK
and its nominees. Operations are managed by Shri. Santhosh Koshy
Thomas. The company manufactures electrical and telecommunication
cables and wires.


VELVET RESORTS: CRISIL Ups Rating on INR67MM Term Loan to 'C'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Velvet Resorts Private Limited to 'CRISIL C' from 'CRISIL D', and
has assigned its 'CRISIL A4' rating on the short-term bank
facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      20        CRISIL A4 (Reassigned)
   Term Loan               67        CRISIL C (Upgraded from
                                     'CRISIL D')

The upgrade reflects a track record of timely repayments of debt
obligation. Liquidity will remain constrained on account of
insufficient net cash accrual against debt obligation and VRPL
will continue to depend on the timely infusion of funds by
promoters.

The ratings continue to reflect a below-average financial risk
profile because of a weak capital structure & debt protection
metrics and its small scale of operations. These weaknesses are
partially offset by the extensive experience of promoters in the
hospitality industry.

Incorporated in 2009 and promoted by Mr. Bhagwant Singh, Mr.
Dilraj Sohi, and Ms Parminder Pal Kaur, VRPL runs an 84-room
resort, Velvet Resort, in Zakirpur, Punjab.



=========
M A C A U
=========


STUDIO CITY: S&P Affirms 'BB-' CCR; Outlook Negative
----------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB-' long-term
corporate credit rating on Macau-based casino operator Studio
City Co. Ltd.  The outlook is negative.  S&P also affirmed its
'cnBB' long-term Greater China regional scale rating on the
company.

At the same time, S&P affirmed its 'B' long-term issue rating and
'cnB+' long-term Greater China regional scale rating on the
senior unsecured notes that Studio City Finance Ltd. issued.
Studio City Finance's existing and future restricted
subsidiaries, including Studio City, guarantee the notes.

S&P also assigned its 'BB-' long-term issue rating and 'cnBB'
long-term Greater China regional scale rating to Studio City's
proposed issue of two U.S. dollar-denominated senior secured
notes.  The issue ratings are subject to S&P's review of the
final issuance documentation.

"We affirmed the rating on Studio City because we anticipate that
the ramp-up of the company's new casino, and our expectation of
potential extraordinary parental support will mitigate the impact
of a possible material deterioration in liquidity position over
the next six months," said S&P Global Ratings credit analyst
Sophie Lin.

Studio City is likely to breach the financial covenants on its
Hong Kong dollar (HK$) 10.86 billion senior credit facilities on
the first test date for compliance, which commences on March 31,
2017.  This may trigger a technical default and accelerated
payment of the senior loan, if the company fails to obtain a
waiver from its bank creditors or refinance the outstanding loan
on time.

Studio City's proposed issuance of two senior secured notes to
refinance its existing senior credit facilities, if completed on
time, would resolve the near-term liquidity risk and extend the
company's maturity profile to beyond 2018.  However, S&P sees
uncertainties on the timing of completion of the transaction.  As
a result, S&P continues to assess Studio City's liquidity as less
than adequate, without factoring in net proceeds from the
proposed notes or prepayment of the existing senior credit
facilities.

An accelerated ramp up of Studio City's new casino benefitting
from the recovery of the Macau gaming industry mitigates the
risk, in S&P's view.

Nevertheless, the company's debt leverage is likely to remain
high over the next two to three years, given its weak operating
cash flow and high debt balance.  As a result, S&P continues to
assess the company's stand-alone credit profile (SACP) as 'b-'.

The rating affirmation also reflects S&P's assessment that Studio
City remains a strategically important subsidiary of Melco Crown
Entertainment Ltd. (MCE group).  The MCE group allocated 33 "VIP"
(or high roller) gaming tables to Studio City from its 100%-owned
casinos to help drive gaming revenue and profit at the new
casino. This is despite Studio City being a 60%-owned subsidiary
and its debt being nonrecourse to its parent.  Studio City's
close linkage with the MCE group's brand image, common panel of
management, and operation under MCE's gaming sub-concession also
underpin S&P's assessment.  S&P's expectation of potential
extraordinary group support to Studio City results in a three-
notch rating uplift from the company's SACP.

"We have equalized the issue ratings on the proposed senior
secured notes with the corporate credit ratings on Studio City,
reflecting our view of limited subordination risk.  The notes
will rank pari passu with all existing and future senior
indebtedness of Studio City, and will be secured by the company's
major assets, including mortgage over its land concession in
Macau and the assignment of its services agreement with Melco
Crown (Macau) Ltd. We rate the proposed notes two notches higher
than the company's outstanding US$825 million senior unsecured
notes, given that the proposed notes are senior secured debt,"
S&P said.

"The negative outlook reflects our view that Studio City could
face substantial refinancing risks if the company fails to
refinance its existing senior credit facilities over the next
six-12 months," said Ms. Lin.

S&P may lower the ratings if Studio City fails to refinance its
senior secured credit facilities on time, or if the company's
liquidity deteriorates, such that S&P views its financial
commitments to be unsustainable.

S&P could also downgrade Studio City if the company's importance
to the MCE group diminishes or if the group credit profile
weakens.

S&P could revise the outlook to stable if Studio City completes
the refinancing of its existing senior credit facilities before
the covenant testing date of March 31, 2017, and S&P believes the
company has improved its liquidity to adequate.

S&P could also revise the outlook to stable or upgrade Studio
City if the company's importance to the MCE group increases.



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


JASON HOLDINGS: High Court to Hear Wind Up Petition on Dec. 2
-------------------------------------------------------------
The Business Times reports that an application to wind up Jason
Holdings will be heard in the High Court on Dec 2.

This was revealed in a filing to the Singapore Exchange on
Nov. 16, the report says. The application was served by Australia
and New Zealand Banking Group (ANZ) on the Catalist-listed
company.

ANZ has proposed that Chan Yee Hong from Nexia TS Risk Advisory
Pte Ltd be appointed the liquidator, according to the Business
Times.

On Sept. 26, Jason received a statutory demand from the
solicitors of ANZ for a claim of about SGD1.74 million that is
due to the bank, The Business Times says.

"The company has failed and/or neglected to pay or satisfy in
full (or any part of) the demanded sums, or make any offer to ANZ
to secure or compound the same or any part thereof," wrote
Wednesday's [Nov.16] release, the report relays.

Jason Holdings Limited (SGX:513) operates through segments,
Projects and Distribution. The Company is engaged in the supply
and installation of timber flooring to its Projects customers,
which consists of main contractors and retail customers. The
Company is also involved in the sale of timber products and
flooring accessories to its Distribution customers. Jason Parquet
Specialist (Singapore) Pte Ltd (JPS) is the subsidiary of the
Company.


KRISENERGY LTD: Note Holders Press for Better Terms
---------------------------------------------------
Marissa Lee at The Strait Times reports that bond holders of
KrisEnergy are ready to block a move by the oil and gas explorer
to defer SGD230 million of repayments for five years and at a
lower interest rate.

According to the report, KrisEnergy has not yet begun the process
to get consent for its financial restructuring plan but
preliminary terms it tabled at a feedback session last week did
not sit well with note holders.

They have since joined forces to press for better terms, the
report says.

"It's not equitable," the report quotes Terence Lin, assistant
director of bonds and portfolio management at iFast Corp, which
is representing some individual investors, as saying.  "If they
do manage to pass this somehow, shareholders will end up with a
very clean company (debt-free in seven years) subsidised by note
holders. It sets a nasty precedent for the market to say that
bond holders can be taken advantage of."

KrisEnergy has SGD130 million 6.25% notes due in 2017. Another
SGD200 million notes due in 2018 have a 5.75% coupon.

Note holders holding SGD38.75 million or 29.8% in principal value
of the 2017 notes have come together and will vote down the
restructuring unless the terms are improved, according to one of
the note holders, The Strait Times relays.

Note holders holding about SGD33.75 million or 16.9% in principal
value of the 2018 series have joined forces so far, the report
says.

Keppel Corp has a 40% stake in KrisEnergy and private equity firm
First Reserve holds 37.5%, The Strait Times relates.

The rest is in public hands, the report notes.

According to the report, note holders gripe that KrisEnergy is
using them to lock in a cheap borrowing rate of 4% per annum for
the next five years, of which only 2% will be received in cash.

In fact, the implied cost of borrowing for KrisEnergy taking into
account the market price of its bonds is closer to 12-15%,
Mr. Lin said, the report relays.

SCMP adds that note holder C. T. Ong said that shares of
KrisEnergy surged as much as 12% on Nov. 3 when the restructuring
was announced and closed 1.4% higher at 14.7 cents, whereas bond
prices fell. The shares closed 0.1% up at 17.8 cents on Nov. 15.

"The market is bullish because the offer is good for equity
holders," the report quotes Mr. Ong as saying.

Mr. Lin also flagged that the offer could make bond holders
worse-off than equity investors, since the preferential offering
of zero-coupon secured notes to shareholders come with warrants
that have been priced to be "in-the-money" by around 31%, adds
SCMP.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 16, 2016, Bloomberg News said KrisEnergy Ltd bonds are
showing strain as the Singapore-based oil and gas producer said
the industry slump could put its debt covenants to the test, as
distress in the local-currency debt market spreads.

Bloomberg said the company's SGD130 million of June 2017 notes
were at 79.95 US cents on the dollar yielding 37% as of
11:24 a.m. local time on Aug. 15, based on indicative bids
compiled by iFast Corp, which operates a retail and wholesale
bond portal. Investors traded the 2017 notes at 89.55 US cents on
July 28, its data show, Bloomberg disclosed.

According to Bloomberg, KrisEnergy said on Aug. 14 it is
exploring equity issuance, refinancing and asset sales to
strengthen its capital structure as debt covenants may come under
stress after energy prices crashed in the past two years.

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in
Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a
gross acreage of approximately 60,750 square kilometers.



                             *********

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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