TCRAP_Public/161121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, November 21, 2016, Vol. 19, No. 230

                            Headlines


A U S T R A L I A

CHICKRAN PTY: First Creditors' Meeting Set for Nov. 24
ELITE GRAINS: Senator Culleton Owes Creditors AUD6 Million
NATIONAL DAIRY: First Creditors' Meeting Set for Nov. 28
PDC URBAN: First Creditors' Meeting Slated for Nov. 29
SIMPLY BETTER: First Creditors' Meeting Set for Nov. 28


C H I N A

COUNTRY GARDEN: Moody's Assigns Ba1 Rating to Sr. Unsecured Notes


I N D I A

AGRAWAL OIL: ICRA Lowers Rating on INR10cr LT Loan to 'D'
AMAR ENTERPRISES: CRISIL Assigns B- Rating to INR35MM Loan
BRIGHT STAR: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
CELOGEN PHARMA: Ind-Ra Suspends B+ Long-Term Issuer Rating
COASTAL OIL: Ind-Ra Withdraws D Rating on INR6.418.5BB Facilities

COMMUNICATION WORLD: Ind-Ra Assigns BB- Long-Term Issuer Rating
CONSTRUCTION CATALYSERS: CRISIL Ups Rating on INR125M Loan to BB-
COTTON BLOSSOM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
CREVITA GRANITO: CRISIL Assigns B+ Rating to INR255MM Term Loan
D.V. EXPORTS: Ind-Ra Suspends BB- Long-Term Issuer Rating

DECCAN FERRO: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
G R R INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR80MM Loan
GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR70MM Loan
GLOBAL PROPERTIES: Ind-Ra Assigns BB- Long-Term Issuer Rating
GOPAL KRISHNA: Ind-Ra Affirms B Long-Term Issuer Rating

HEENA ENTERPRISES: Ind-Ra Assigns BB- Long-Term Issuer Rating
HITAISHI KK: CRISIL Suspends B+ Rating on INR60MM Loan
IDT CLOTHING: Ind-Ra Suspends B+ Long-Term Issuer Rating
INCA HAMMOCK: CRISIL Hikes Rating on INR111MM Loan to BB-
INVENTION INDIA: CRISIL Reaffirms 'B' Rating on INR60MM Loan

J. K. RICE: CRISIL Reaffirms 'B' Rating on INR140MM Cash Loan
JAMUL INDIAN: S&P Affirms 'B' ICR, Outlook Stable
JYOTI ENTERPRISES: Ind-Ra Suspends B+ Long-Term Issuer Rating
KARNIMATA COLD: ICRA Assigns 'B' Rating to INR6.22cr Cash Loan
KAYTX INDUSTRIES: CRISIL Suspends B+ Rating on INR390MM Loan

KNOTT FASHION: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
KSR COTTON: CRISIL Reaffirms B+ Rating on INR51MM LT Loan
LANGLEIGH TEA: ICRA Suspends 'D' Rating on INR10cr Loan
LAXVEER CERAMIC: ICRA Assigns 'B' Rating to INR8.0cr Cash Loan
MANISHA TEXTILES: CRISIL Hikes Rating on INR40MM Cash Loan to BB-

MAYUR SEEDS: Ind-Ra Suspends B+ Long-Term Issuer Rating
MUTHA INDUSTRIES: ICRA Assigns 'B' Rating to INR7.89cr Loan
N A R INFRA: CRISIL Reaffirms B+ Rating on INR40MM Loan
NARENDRA DEV: CRISIL Suspends B+ Rating on INR110MM Cash Loan
NITIN FIRE: CRISIL Lowers Rating on INR1.70BB Loan to 'D'

SANTHIRAM WIND: CRISIL Hikes Rating on INR75MM Loan to B+
SHARADA FLOUR: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
SHREE DURGA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
STEELMAN INDUSTRIES: CRISIL Suspends B+ Rating on INR80MM Loan
SUYOG DEVELOPMENT: CRISIL Reaffirms B+ Rating on INR247.5MM Loan

TROPICOOL FOODS: CRISIL Raises Rating on INR45MM Cash Loan to B
VEGGIECRAFT FOOD: CRISIL Reaffirms B Rating on INR75MM LT Loan
VINAYAK ULTRAFLEX: CRISIL Ups Rating on INR75MM Cash Loan to BB-
VISHWANATH SPINNERZ: CRISIL Cuts Rating on INR497.9MM Loan to D
YASH PAPERS: Ind-Ra Raises Long-Term Issuer Rating to BB


I N D O N E S I A

MNC INVESTAMA: Moody's Confirms Caa1 Corporate Family Rating


N E W  Z E A L A N D

NEW ZEALAND OIL: Analyst at Odds Over Company's Future


S I N G A P O R E

KRISENERGY LTD: Launches Restructuring Offer on SGD330-Mil. Bonds
SINGAPORE: Technical Recession Looms as Non-Oil Exports Slide 12%


S O U T H  K O R E A

ILSUNG CORP: Completes Rehabilitation, Exits Court Receivership


                            - - - - -


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


CHICKRAN PTY: First Creditors' Meeting Set for Nov. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Chickran
Pty. Ltd, trading as NightOwl Convenience Store New Farm, will be
held at the offices of SM Solvency Accountants, Level 8/490 Upper
Edward Street, in Spring Hill, Queensland, on Nov. 24, 2016, at
11:30 a.m.

Brendan Nixon and Leon Lee of SM Solvency Accountants were
appointed as administrators of Chickran Pty on Nov. 15, 2016.


ELITE GRAINS: Senator Culleton Owes Creditors AUD6 Million
----------------------------------------------------------
Australian Associated Press reports that a group of people owed
more than AUD6 million by One Nation Senator Rod Culleton have
faced him at a creditors meeting in Perth, with one man saying
the newly sworn in politician tried to bully and discredit
'everyone in the room'.

Liquidators were appointed to his company Elite Grains, which is
one of at least three linked to Senator Culleton, in November
2013, AAP discloses.

The report says some attended the meeting in person on Nov. 3,
while others dialled in.

AAP relates that one creditor, who did not want to be named, said
Elite Grains officially owed dozens of people more than AUD6
million but other suppliers and service providers had written
their debts off.

According to the report, the creditor said he did not believe
Senator Culleton's claim that he was not insolvent and he had
AUD34 million to transfer into Elite Grains.

He said the creditors held little hope of getting a cent back
from the liquidation but pursuing Senator Culleton was a matter
of principle and 'trying to stop him doing this to other people,'
AAP says.

Senator Culleton 'bullied the meeting from the start', he said,
the report relays.

"Every time someone went to ask a question, half-way through,
he'd give his opinion," the creditor told AAP.

"He sort of sat in the middle and controlled everything from
there. The liquidator had trouble getting him under control.

"He basically did his normal thing: accused everyone of not being
owed money and tried to discredit everyone in the room.

"He was all over the place. It's bizarre, the way he talks. He
bulldozes people and they get confused.

"At the end, he asked for his company back so he could trade
himself out. Everyone just looked at each other and thought 'how
are you going to trade yourself out when you've got nothing?'"

Attorney-General George Brandis announced on Nov. 2 that Senator
Culleton would likely face a High Court challenge to his
eligibility to be a member of parliament because he had been
convicted of larceny when the federal election was called in May,
adds AAP.


NATIONAL DAIRY: First Creditors' Meeting Set for Nov. 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
National Dairy Products Pty Ltd will be held at the offices of
Deloitte Touche Tohmatsu, Level 10, 550 Bourke Street, in
Melbourne, Victoria, on Nov. 28, 2016, at 3:00 p.m.

Glen Kanevsky, Salvatore Algeri and Glen Kanevsky of Deloitte
were appointed as administrators of National Dairy on Nov. 17,
2016.


PDC URBAN: First Creditors' Meeting Slated for Nov. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of PDC URBAN
PTY LTD and PDC DESIGN PTY LTD will be held at the offices of
Chartered Accountants Australia and New Zealand, Level 11, 2 Mill
Street, in Perth, on Nov. 29, 2016, at 11:00 a.m.

Dino Travaglini and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of PDC URBAN on Nov. 17, 2016.


SIMPLY BETTER: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Simply
Better Outdoors Pty Ltd will be held at the offices of Worrells
Solvency and Forensic Accountants, Level 15, 114 William Street,
in Melbourne, on Nov. 28, 2016, at 3:30 p.m.

Paul Burness and Matthew Jess of Worrells Solvency were appointed
as administrators of Simply Better on Nov. 16, 2016.



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


COUNTRY GARDEN: Moody's Assigns Ba1 Rating to Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Country
Garden Holdings Company Limited's proposed USD senior unsecured
notes.

The outlook on the company's Ba1 corporate family rating remains
stable.

The company plans to use the bond proceeds to refinance existing
indebtedness and for general working capital purposes.

RATINGS RATIONALE

"Country Garden's Ba1 ratings reflect its large scale and good
geographic coverage, as well as its established track record in
suburban property development in China," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Its business model aims at developing attractively priced
housing, with value-added services in integrated townships to
meet the needs of China's growing middle class. This market
segment benefits from a positive long-term growth outlook,
thereby supporting Country Garden's business growth.

On the other hand, the ratings are constrained by the challenges
that Country Garden faces in lower-tier cities, where inventory
levels are generally high. The ratings also consider profit
margin pressure in its mass-market portfolio, as well as its
weakened credit metrics, due in part to its fast business
expansion.

Country Garden's debt leverage -- as measured by revenue/adjusted
debt -- weakened to around 96.8% for the 12 months to 30 June
2016 from 101.5% in 2015.

Nevertheless, Moody's expects the ratio to recover to 110%-120%
over the next 12-18 months on the back of robust contracted
sales. Its contracted sales grew by 170% year-on-year to around
RMB271.5 billion in the first ten months of 2016, already
exceeding its full-year target of RMB220 billion.

Moody's also expects the company's gross margin to improve
moderately over the next 12-18 months, because it will recognize
higher-margin properties sold in 2016. This factor, together with
its decreasing borrowing costs and the planned repayment of its
perpetual capital securities, should result in an improvement in
its EBIT/interest coverage to close to 3.5x from 3.2x for the 12
months to June 30, 2016.

These levels of ratios are consistent with its Ba1 ratings.

Country Garden maintains a robust liquidity position. Its cash
holdings including restricted cash -- remained stable at RMB49.4
billion at end-June 2016 when compared with RMB47.9 billion at
end-2015.

But the company had also reduced its short-term borrowings to
RMB17.8 billion at end-June 2016 from RMB22.8 billion at end-
2015.

Moody's estimates that Country Garden's cash holdings and its
projected operating cash flows are sufficient to cover its
committed land payments, repayment of maturing debt, and payments
of dividends over the next 12 months.

The proposed notes will improve Country Garden's debt maturity
profile, as the majority of the proceeds will be used to
refinance the company's existing debt.

The stable rating outlook reflects Moody's expectation that
Country Garden will maintain its strong sales execution, and
improve its current gross profit margins and debt leverage by
continuing to achieve growth in revenue and controlling the
growth in debt.

Upward rating pressure could emerge if Country Garden: (1)
maintains a strong liquidity profile, such that cash/short-term
debt exceeds 1.5x-2.0x; and (2) maintains strong credit metrics,
such that EBIT/interest coverage stays consistently above 5x and
revenue/debt exceeds 120%-130%.

On the other hand, downward ratings pressure could arise if
Country Garden's: (1) sales and liquidity position weaken, such
that cash/short-term debt falls below 1.25x; (2) its gross profit
margins weaken below 20%; or (3) debt leverage deteriorates, as
evidenced by revenue/debt below 110% or EBIT/interest coverage
below 3.5x on a sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Country Garden Holdings Company Limited is a leading Chinese
integrated property developer. It is listed on the Hong Kong
Stock Exchange. At end-June 2016, its land bank totaled a
sizeable 140.1 million square meters (sqm) in attributable gross
floor area (GFA).

The company owned and operated 59 hotels with a total of 13,819
rooms at June 30, 2016. The hotels are located mainly in
Guangdong Province and complement its township development
projects.



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


AGRAWAL OIL: ICRA Lowers Rating on INR10cr LT Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.00
crore bank lines of Agrawal Oil and General Industries from
[ICRA]B to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund         10.00        Revised from [ICRA]B
   based limits-                        to [ICRA]D
   Cash Credit

The rating revision takes into account overutilization in cash
credit limits for more than 30 days during last six months on
account of stretched liquidity conditions resulted from working
capital mismatch. The rating is also constrained by leveraged
capital structure and weak coverage indicators due to working
capital intensive nature of operations and low profit margins in
line with low value adding nature of business. The rating is
further constrained by modest scale of operations in an intensely
competitive industry and vulnerability associated with agro
climatic conditions, which has direct bearing on profitability of
the firm. ICRA has taken a note of substantial experience of
promoters in cotton seed oil business with established relations
with customers and easy availability of raw material by virtue of
favourable location. Going forward, improvement in liquidity
profile by managing working capital efficiently will remain key
rating sensitivity factor.

Established in 1982, AOGI is a partnership firm promoted by Mr.
Sanjay Agrawal. The firm is engaged in crushing of cotton seeds
to produce cotton seed wash oil and cotton seed cake. The
manufacturing facility of the firm is located in Amravati
district of Maharashtra with an installed crushing capacity of
100 quintal per day.


AMAR ENTERPRISES: CRISIL Assigns B- Rating to INR35MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Amar Enterprises and assigned 'CRISIL B-
/Stable/CRISIL A4' ratings to the bank facilities. CRISIL had, on
December 25, 2015, suspended the ratings, as the firm had not
provided adequate information for a rating review. It has now
shared the requisite information, enabling CRISIL to assign
ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Overdraft Facility      35        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect Amar's low order book limiting revenue
visibility and its modest scale of operations in the highly
fragmented construction industry. The ratings also reflect large
working capital requirements. These rating weaknesses are
partially offset by Amar proprietor's extensive experience in the
industry.

Outlook: Stable

CRISIL believes that Amar will continue to benefit over the
medium term from its proprietor's extensive experience in the
civil construction industry. The outlook may be revised to
'Positive' if Amar generates higher-than-expected cash accruals
while achieving higher than expected revenues with improved
geographical diversification and profitability and improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm reports lower-than-expected sales on
account of delay in execution of order book or there is
deterioration in working capital management, thereby affecting
its liquidity.

Amar is a proprietorship firm and was established in the year
1984 by Mr. Mana Ram Bishnoi. The firm is engaged in civil
construction and executes projects for state government
authorities such as PWD, Jodhpur Development Organisation (JDA)
and Rajasthan Housing Board (RHB). The scope of construction
encompasses construction of Residential Complexes, Buildings and
road construction. It is AA class contractor (registered with
PWD) and is based out of Jodhpur (Rajasthan).


BRIGHT STAR: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bright Star
Global Trading Corporation (BSGTC) a Long-Term Issuer Rating of
'IND B-'.  The Outlook is Stable.  Ind-Ra has also assigned the
company's INR80 mil. fund-based facilities a Long-term 'IND B-'
rating with a Stable Outlook and a Short term 'IND A4' rating.

                         KEY RATING DRIVERS

The ratings reflect BGSTC's small scale of operations and weak
credit metrics. Provisional FY16 financials indicate revenue of
INR436 mil. (FY15: INR355 mil.).  EBITDA interest coverage
(operating EBITDA/gross interest expense) was 0.6x in FY16 (FY15:
0.9x) and net financial leverage (total Ind-Ra adjusted net
debt/operating EBITDA) was 10.8x (8.0x).  BGSTC's ratings are
constrained by its volatile EBITDA margin over FY14-FY16
(FY16:1.7%, FY15:2.6% and FY14:1.7%) due to trading nature of
business.

The ratings factor in the company's tight liquidity position as
indicated by its near-full working capital utilization during the
12 months ended September 2016.

The ratings, however, are supported by the promoters' more than
two decades of experience in cashew trading.

                        RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2002, BSGTC is a sole proprietorship business
engaged in the processing of cashew kernels and trading of raw
cashew nuts.  The entity imports raw cashew nuts primarily from
the African countries and also from Indonesia and exports the
processed kernels to the Middle Eastern countries (such as
Kuwait, U.A.E and Qatar), Netherlands and Japan.  BSGTC also
sells the products domestically in the states of Karnataka, and
Maharashtra.


CELOGEN PHARMA: Ind-Ra Suspends B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Celogen Pharma
Private Limited's (CPPL) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.  The
agency has also migrated the ratings on CPPL's INR60 mil. fund-
based working capital limits to 'IND B+(suspended)' from 'IND
B+'/Stable and 'IND A4 (suspended)' from 'IND A4'.

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

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


COASTAL OIL: Ind-Ra Withdraws D Rating on INR6.418.5BB Facilities
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'IND D(suspended)' rating on Coastal Oil and Gas Infrastructure
Pvt Limited's (COGIPL) INR6,418.5 mil. bank loan facilities.

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of COGIPL's bank loans.

The agency suspended COGIPL's bank loan rating on Feb. 8, 2016.


COMMUNICATION WORLD: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Communication
World Informatic Private Limited (CWIPL) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect CWIPL's moderate credit metrics along with
low EBITDA margin due to trading nature of business.  Interest
coverage (operating EBITDAR/gross interest expense) stood at 1.7x
in FY16 (FY15:2.2x), net financial leverage (total adjusted net
debt/operating EBITDAR) at 4.4x (3.8x) and EBITDA margins at 2.2
% (1.9%).  The ratings are constrained by stiff decline in the
scale of operation as revenue decreased to INR322 mil. in FY16
(FY15: INR645 mil.) on account of decline in sale volumes of
mobiles.

The ratings, however, are supported by the company's association
with reputed brands such as Apple and Micromax.

                        RATING SENSITIVITIES

Positive: Improvement in the interest coverage could positive for
the ratings.

Negative: Any deterioration in the interest coverage could be
negative for ratings.

COMPANY PROFILE

CWIPL was established as a partnership firm named M/s
Communication World. Later in September 2016, the firm was
converted into a private limited company.  The company is
operating as distributor for mobile phones and air cooler in
Madhya Pradesh.

CWIPL ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR45 mil. fund-based limits: assigned 'IND BB-'/Stable
   -- INR20 mil. non-fund-based limits: assigned 'IND A4+'
   -- Proposed INR55 mil. fund-based limits: assigned
      'Provisional IND BB-'Stable*
   -- Proposed INR30 mil. non-fund-based limits: assigned
      'Provisional IND A4+'*

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


CONSTRUCTION CATALYSERS: CRISIL Ups Rating on INR125M Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on bank facilities of
Construction Catalysers Private Limited (CCPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         240        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit            125        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        24.5      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long Term       5.5      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                5.0      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that the company will
sustain its improved business risk profile over the medium term,
supported by steady revenue growth, stable operating profit
margin and better working capital management. Operating income
grew by 51% to INR494 million in fiscal 2016, and is further
expected to grow by 15-20% in fiscal 2017, supported by healthy
order book of over INR830 million as on September 30, 2016.
Operating margin, though declined to 11.2% in fiscal 2016, from
15.1% in the previous fiscal, owing to higher trading sales, may
remain steady at 14-15% over the medium term. Working capital
cycle has improved gradually over past two years, as reflected in
gross current assets of 250 days as on March 31, 2016, from 318
and 371 days, respectively, in fiscals 2015 and 2014, supported
by better management of inventory and receivables. However,
sustaining the healthy operating margin along with efficient
working capital management will be a key monitorable.

The ratings reflect the extensive experience and technical
knowledge of CCPL's promoters, healthy order book and established
relationships with customers and suppliers. The ratings also
factor in the moderate financial risk profile, because of
comfortable capital structure and adequate debt protection
metrics. These rating strengths are partially offset by
susceptibility of demand to cyclicality in end-user industries
and working capital-intensive nature of operations.

CRISIL has treated promoter-extended unsecured loans of INR70.3
million as on March 31, 2016, as neither debt nor equity, as
these are subordinate to bank facilities and are expected to be
retained in the business over the medium term.

Outlook: Stable

CRISIL believes CCPL will benefit over the medium term from its
promoters' extensive experience and knowhow. The outlook may be
revised to 'Positive' if higher-than-expected revenue growth,
stable profitability and better working capital cycle, help
improve liquidity. The outlook may be revised to 'Negative' if a
stretch in the working capital cycle or significant decline in
profitability, resulting in modest cash accrual, weakens
liquidity.

CCPL was established as a partnership firm in 1988 and
reconstituted as a private limited company in 2007. The Pune-
based company erects steel structures, which entails design,
fabrication and installation. It offers several products used in
the commercial real estate industry (such as rooftops, sunshades,
and facades), available in various forms such as curtain walls,
suspended glasses, skylights, canopies, windows and doors.


COTTON BLOSSOM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cotton Blossom
(India) Private Limited (CBIPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The rating reflects CBIPL's moderate credit profile and tight
liquidity position.  Net leverage (adjusted net debt/operating
EBITDAR) was 5.11x in FY16 (FY15: 4.62x), EBITDA interest cover
was 1.96x (2.15x) and EBITDA was INR245 mil. (INR270 mil.).
Revenue grew at a CAGR of 10% over FY13 to FY16 to INR2.9 bil.
while EBITDA margin fluctuated in the range of 8% and 12.9%
during FY13-FY16, on cotton price movements.  The company nearly
fully utilized its fund-based facilities during the 12 months
ended August 2016.

Any improvement in the credit metrics in FY17 will be a factor of
profitability.  The credit metrics are likely to remain at around
the FY16 levels in FY17, because of the positive impact of
scheduled term loan repayments will be offset by any decline in
the EBITDA margins due to cotton price movements.  No major capex
has been planned for the next three years.

The ratings are supported by the promoter's more than a decade-
long experience in the garment manufacturing business.

                       RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the profitability leading to a sustained
improvement in the credit metrics will be positive for the
ratings.

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

COMPANY PROFILE

CBIPL is a Tirupur-based integrated garment manufacturer.  It is
backward integrated into spinning, knitting, dyeing, printing and
embroidery.  CBIPL manufactures garments and sells them globally.
It exports to countries such as Germany, the US, the UK, and
Dubai.

CBIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable

   -- INR804 mil. fund-based facilities: assigned 'IND BB'/Stable
      and 'IND A4+'

   -- INR319.36 mil. long-term loans: assigned 'IND BB'/Stable


CREVITA GRANITO: CRISIL Assigns B+ Rating to INR255MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Crevita Granito Private Limited (CGPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              255        CRISIL B+/Stable
   Bank Guarantee          40        CRISIL A4
   Cash Credit            100        CRISIL B+/Stable

The ratings reflect the company's exposure to risks related to
project implementation, timely stabilisation, and steady ramp-up
in sales during initial phase of operations; and expected average
financial risk profile because of high gearing. These weaknesses
are partially offset by the extensive experience of its
promoters, their funding support, and strategic location of plant
that ensures availability of raw material and labour.

Outlook: Stable

CRISIL believes CGPL will benefit over the medium term from the
extensive experience and funding support of its promoters. The
outlook may be revised to 'Positive' if timely implementation and
stabilisation of project leads to anticipated revenue,
profitability, and cash accrual during initial phase of
operations. The outlook may be revised to 'Negative' if delay in
implementation or stabilisation of project results in low revenue
or cash accrual, or if a stretch in working capital cycle further
weakens financial risk profile, especially liquidity.

Incorporated in 2016, CGPL has undertaken a green field project
to manufacture double charge vitrified and digital tiles at an
installed capacity of 10,000 box per day. Manufacturing facility
is in Wankaner taluka, Morbi, and commercial operations are
likely to start from April 2017.


D.V. EXPORTS: Ind-Ra Suspends BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated D.V. Exports'
(DVE) 'IND BB-' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.  The agency has
also migrated the rating on DVE's INR190 mil. fund-based working
capital limits to 'IND BB-(suspended)' from 'IND BB-'.  The
Outlook was Stable.

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

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


DECCAN FERRO: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank loan
facilities of Deccan Ferro Alloys Private Limited (DFAPL) and
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to DFAPL's bank
facilities. CRISIL had, on June 30, 2016, suspended the ratings
as DFAPL had not provided the necessary information for rating
review. DFAPL has now shared the requisite information, enabling
CRISIL to assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           20       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             150       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        280       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect a modest scale of operations, working
capital-intensive nature of operations, susceptibility of
profitability margins to volatility in raw material prices. These
rating weaknesses are partially offset by promoters' extensive
industry experience in ferro alloy industry, moderate financial
risk profile because of moderate gearing and debt protection
metrics.

Outlook: Stable

CRISIL believes DFAPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant and sustained increase in
scale of operations and operating profitability, leading to
improvement in the financial risk profile. The outlook may be
revised to 'Negative' if there is a decline in revenue and
operating profitability, or larger-than-expected, debt-funded
capital expenditure, weakening the financial risk profile.

DFAPL was set up in 2006 by Mr. P S R Raju and his family, who
have an experience of 26 years in the same line of business. The
company manufactures bulk ferroalloys such as ferromanganese and
silico manganese.


G R R INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G R R
Industries Private Limited (GIPL) continues to reflect the
company's subdued financial risk profile because of small
networth, and weak gearing and debt protection metrics.

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

   Proposed Fund-Based
   Bank Limits              10       CRISIL B/Stable (Reaffirmed)

The rating also factors in its susceptibility to volatility in
cotton prices and to regulatory changes, and exposure to intense
competition in the cotton ginning industry. These weaknesses are
partially offset by the extensive industry experience of the
company's promoters.

Outlook: Stable

CRISIL believes GIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of a substantial and sustained increase in
revenue and profitability, or a considerable improvement in
capital structure because of sizeable equity infusion. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability, or significant weakening of capital structure
because of a stretch in working capital cycle, or large, debt-
funded capital expenditure.

GIPL, incorporated in 2008 by Mr. Nageswara Rao, gins and presses
raw cotton. Its ginning unit is in Khammam, Telangana.


GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Galco
Extrusions Private Limited (GEPL) reflects GEPL's below-average
financial risk profile marked by a modest net worth, high gearing
and moderate debt protection metrics and its modest scale of
operations in an intensely competitive industry. These rating
weaknesses are partially offset by the promoter's extensive
experience in the aluminium extrusions industry and their funding
support.

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

   Proposed Long Term
   Bank Loan Facility       66.5    CRISIL B+/Stable (Reaffirmed)

   Term Loan                20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the
medium term from its promoters' extensive industry. The outlook
may be revised to 'Positive' in case of significantly better cash
accruals or substantial equity infusion along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' in case of further pressure on the company's
liquidity emanating from  lower than expected cash accruals, or
larger than expected working capital requirements, or large debt-
funded capital expenditure.

Incorporated in 2007, GEPL manufactures aluminium extrusions
since 2010. The company is headquartered in Ahmednagar
(Maharashtra) and is owned and managed by Mr. Sandesh Lodha and
family.


GLOBAL PROPERTIES: Ind-Ra Assigns BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Global
Properties (GP) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  The agency has also assigned GP's proposed
INR400 mil. long-term loans at 'Provisional IND BB-' rating with
a Stable Outlook.

The assignment of final rating on long-term loans is contingent
upon the execution of sanction letter for the above facility.

                          KEY RATING DRIVERS

The ratings reflect GP's execution risk for the ongoing project.
The ratings factor in the risk of customer advance booking as the
firm expects to meet 64.11% of the total project cost from
customer advances.  So any delay in customer advances may affect
the progress of the project.

The ratings, however, continue to benefit from over two decades
of experience of the firm's partner in the real estate sector and
the project's strategic location in Bhopal (capital city of
Madhya Pradesh) in terms of its proximity to hospitals, schools,
colleges, malls, and markets.  The ratings further factor in the
ongoing construction work which is 54.46% complete as on October
2016 and the project is likely to be completed by March 2019.

                       RATING SENSITIVITIES

Positive: The timely completion of the project and the sale of a
substantial number of housing units leading to a strong
visibility of cash flow could be positive for the ratings.

Negative: Any slowing down in bookings leading to cash flow
shortfall could be negative for the ratings.

COMPANY PROFILE

Bhopal-based, GP is a registered partnership firm which was
founded in June, 2005.  The firm is engaged in the real estate
business.  It is promoted by Mr. Arvind Agrawal and Mr. Ayush
Agrawal.

The current project of the firm is "Maple High Street" which is a
multi-storied (Gr+5) commercial complex, situated in Bhopal,
Madhya Pradesh.  The construction of the project started in
January, 2014 and expected to complete by March 2019.  The total
area of the project is 3,48,286 sq. ft. which includes 369 units
of shops/offices and the total project cost is INR1,487.93 mil.


GOPAL KRISHNA: Ind-Ra Affirms B Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gopal Krishna
Rice Mills'(GKRM) Long-Term Issuer Rating at 'IND B'.  The
Outlook is Stable.  The agency has also affirmed GKRM's INR70
mil. fund-based facilities at Long-term 'IND B' rating with
Stable Outlook and Short-term 'IND A4' rating.

                         KEY RATING DRIVERS

The ratings continue to remain constrained by GKRM's small scale
of operations and weak credit metrics.  FY16 financials indicate
revenue of INR110.42 mil. (FY15: INR118.26 mil.) with net
financial leverage (total adjusted net debt/operating EBITDAR) of
10.65x (9.47x) and EBITDA gross interest coverage (operating
EBITDA/gross interest expense) of 1.14x  (1.13x).

The ratings factor in the fragmented nature of the basmati rice
processing industry, its susceptibility to government
interventions and seasonality of operations.  The ratings further
factor in GKRM's moderate liquidity profile with the average peak
utilization of 84.54% of its working capital limits during the 12
months ended October 2016.

The ratings, however, derive strength from its satisfactory
EBITDA margins of 7.92% in FY16 (FY15: 7.91%) and over a decade
of experience of GKRM's partners in the rice milling business.
The ratings are supported by the entity's strong relationship
with its customers and suppliers.

                        RATING SENSITIVITIES

Negative: Any further dip in revenue along with deterioration in
credit metrics could be negative for the ratings.

Positive: A substantial growth in revenue along with improvement
in credit metrics could be positive for the ratings.

COMPANY PROFILE

GKRM is partnership entity engaged in rice milling and sorting.
The entity's unit is located in Saharanpur (U.P.) with an
installed capacity of 8MT /Hour.  The entity is purely engaged in
basmati rice processing wherein the finished product is majorly
exported to the Middle east countries through export brokers.




HEENA ENTERPRISES: Ind-Ra Assigns BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Heena
Enterprises a Long-Term Issuer Rating of 'IND BB-'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

The ratings reflect Heena's weak credit profile.  FY16
Provisional financials indicate revenue of INR1,808 mil. (FY15:
INR1,527 mil.), net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 10.8x (10.9x) and gross interest cover
(operating EBITDA/gross interest expense) of 1.2x (1.1x).  EBITDA
margins were low at 1.4% in FY16 and remained volatile between
2.5%-1.4% during FY12-FY16 on account the trading nature of
business.

The firm has a current order book of INR30 mil., which will be
executed by the end of November 2016.  The firm has indicated
revenue of INR250 mil. in 1QFY17.

The ratings, however, draw support from promoter's combined
experience of more than five decades in the steel and iron
trading business.  Liquidity of the firm was comfortable with the
average maximum utilization of 73% of fund-based working capital
facilities for the 12 months period ended September 2016.

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 1977, Heena is engaged in the trading of iron and
steel products, with more than 95% of its revenue being derived
from the trading of steel products.  It is the authorised dealer
for reputed manufactures of steel such as JSW Steel Limited (IND
AA- /Negative), Rashtriya Ispat Nigam Limited (IND A /Negative),
and Steel Authority of India Limited (IND AA/Negative) in the
Maharashtra region.

Heena's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR260 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable/ 'IND A4+'
   -- Proposed INR100 mil. fund-based working capital limits:
      'Provisional IND BB-'/Stable/'Provisional IND A4+'*

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


HITAISHI KK: CRISIL Suspends B+ Rating on INR60MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hitaishi KK Manufacturing Company Private Limited (HKK).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Bill Purchase     60        CRISIL B+/Stable

   Inland/Import Letter
   of Credit                 25        CRISIL A4

   Packing Credit           100        CRISIL A4

   Term Loan                 10.8      CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HKK and Hitaishi Creative Enterprises
Pvt Ltd (HCEPL). This is because the two companies, together
referred to as the Hitaishi group, have a common management and
there are significant business transactions between them.

In 1974, Mr. Om Prakash Prahladka and his family members set up
Hitachi KK Manufacturing Company, a partnership firm. The
promoters later set up HKK, which took over the partnership firm
as a going concern in 2010. HKK manufactures percussion
instruments and accessories for violins, guitars, and other
musical instruments; it also manufactures handicraft items from
wood, horn, fabric, jute, metal, and other materials. HCEPL, set
up in 1992, manufactures jute and fabric handicraft items.


IDT CLOTHING: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated IDT Clothing Pvt
Ltd's (IDT) 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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

IDT's ratings:

   -- Long-Term Issuer rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR125 mil. fund-based working capital limit: migrated to
      'IND B+(suspended)' from 'IND B+'/Stable and
      'IND A4(suspended)' from 'IND A4'
   -- INR7.50 mil. non-fund-based working capital limit: migrated
      to 'IND A4(suspended)' from 'IND A4'


INCA HAMMOCK: CRISIL Hikes Rating on INR111MM Loan to BB-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Inca
Hammock Manufacturing and Export Private Limited (INCA) to
'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

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

   Export Packing
   Credit                  111       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill
   Discounting              64       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         15       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

The upgrade reflects improvement in INCA's business risk profile,
with higher-than-expected revenue, while sustaining its
profitability, leading to improvement in the financial risk
profile. Revenue grew 60% year-on-year in fiscal 2016, to Rs 406
million, while operating profitability remained stable at 13-14%.
Steady, albeit moderate, accretion to reserves resulted in better
a financial risk profile. Gearing improved to 0.79 time as on
March 31, 2016 (1.03 times the previous year), and interest
coverage ratio rose to 2.27 times in fiscal 2016 (1.33 times in
fiscal 2015). CRISIL believes that sustenance in operating
performance supported by increasing offtake from existing
customers and absence of large, debt-funded capital expenditure
plans will continue to support key financial metrics over the
medium term.

The ratings continue to reflect INCA's established clientele and
repute as supplier of quality hammocks in the overseas markets
supported by the extensive experience of promoters. These
strengths are partially offset by a modest scale of operations,
large working capital requirement, exposure to downturns in end-
user markets, and fluctuations in foreign exchange rates.
Outlook: Stable

CRISIL believes INCA will continue to benefit from its promoters'
extensive experience and established relationships with
customers. The outlook may be revised to 'Positive' if
significant scaling up operations while maintaining operating
profitability, or better working capital management strengthens
the business risk profile. Conversely, the outlook may be revised
to 'Negative' if a decline in accrual, or higher-than-expected
working capital requirement weakens the financial risk profile.

Incorporated in 1994, Chennai-based INCA manufactures and exports
hammocks. Operations are managed by director Mr. D S Bhatt.


INVENTION INDIA: CRISIL Reaffirms 'B' Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Invention India
(Exports) Private Limited (IIL) continue to reflect IIL's small
scale of operations, limited revenue diversity, and
susceptibility to volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting             60        CRISIL B/Stable (Reaffirmed)

   Letter of Credit        10        CRISIL A4 (Reaffirmed)

   Packing Credit          25        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.5      CRISIL B/Stable (Reaffirmed)

The ratings also reflect an average financial risk profile,
constrained by working capital-intensive operations. These
weaknesses are partially offset by the extensive experience of
promoters in the textile industry and their established
relationships with customers.

Outlook: Stable

CRISIL believes IIL's liquidity will remain constrained over the
near term because of large inventory. The outlook may be revised
to 'Positive' if decline in inventory or significantly large cash
accrual, most likely on account of higher-than-expected revenue
or profitability, strengthens liquidity. Conversely, the outlook
may be revised to 'Negative' if deterioration in liquidity or
inability to liquidate inventory or considerable decline in
revenue or any large, debt-funded capital expenditure weakens the
financial risk profile.

Set up in 1978 by Mr. Harbhajan Singh and Mr. Kulbir Singh, IIL
manufactures ready-made garments at its plant in Sonipat
(Haryana). IIL has manufacturing capacity of 1.8 million pieces
per annum. The company derives most of its revenue from exports
to Europe.


J. K. RICE: CRISIL Reaffirms 'B' Rating on INR140MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of J. K. Rice
Mills (JKRM) continues to reflect the firm's below-average
financial risk profile because of high total outside liabilities
to tangible networth and weak interest coverage ratios, and
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of promoters in the
rice industry and their funding support.

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

Outlook: Stable

CRISIL believes JKRM will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a significant improvement in
scale of operations, operating margin, or working capital cycle
leads to better debt protection metrics and capital structure.
The outlook may be revised to 'Negative' if decline in operating
margin or sizeable increase in working capital requirement
further weakens financial risk profile.

Set up in 1998 as a partnership firm, JKRM processes paddy into
basmati rice at its facility in Jalalabad, Punjab. Operations are
managed by Mr. Vijay Kumar and Mr. Amit Kumar.


JAMUL INDIAN: S&P Affirms 'B' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings said it affirmed its 'B' issuer-credit rating
on Jamul, Calif.-based Jamul Indian Village Development Corp.
(JIVDC).  The outlook is stable.  JIVDC is a wholly owned,
unincorporated instrumentality of the Jamul Indian Village of
California (the tribe).

At the same time, S&P assigned a 'B' issue-level rating to
JIVDC's $458 million credit facility.  The $458 million credit
facility consists of a $5 million revolver due 2022, a $340
million term loan B due 2022, a $98 million term loan C due 2022,
and a $15 million delayed draw term loan due 2022.

S&P Global Ratings does not assign recovery ratings to Native
American debt issues, as there are significant uncertainties
surrounding the exercise of creditor rights against a sovereign
nation.  These include whether the U.S. Bankruptcy Code would
apply, whether a U.S. court would ultimately be the appropriate
venue to settle such a matter, and to what extent a creditor
would be able to enforce any judgment against the sovereign
nation.  The notching of S&P's issue-level ratings from its
issuer credit rating on a given Native American issuer reflects
the relative position of each security in the capital structure,
incorporating the amount of higher-ranking debt ahead of each
issue.  JIVDC's revolver and term loans are pari passu and are
the highest ranking debt in the capital structure.  As a result,
the 'B' issue-level rating is the same as S&P's issuer-credit
rating on JIVDC.

"Our 'B' issuer credit rating on JIVDC reflects our forecast for
adjusted debt to EBITDA to be in the mid-5x area and EBITDA
coverage of interest in the high-1x area over the next year,"
said S&P Global Ratings credit analyst Ariel Silverberg.

S&P calculates its measure of EBITDA by removing distributions
paid to the tribe since distributions are not available for debt
service.  Distributions support tribal governments' operating
expenses and S&P expects them to be paid even in the event of a
default.

The stable rating outlook reflects S&P's forecast that in the
first two years of operation, the casino will generate sufficient
cash flow to modestly reduce debt balances.  Nevertheless, S&P is
forecasting adjusted interest coverage to stay in the high-1x
area, and for adjusted debt to EBITDA to be around 5x or above,
through the first two years.


JYOTI ENTERPRISES: Ind-Ra Suspends B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jyoti
Enterprises' (JE) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

JE's ratings:

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

   -- INR40 mil fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+'/Stable

   -- INR60 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


KARNIMATA COLD: ICRA Assigns 'B' Rating to INR6.22cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR11.80
crore (enhanced from INR9.80 crore) fund based facilities of
Karnimata Cold Storage Limited. ICRA also has an outstanding
short term rating of [ICRA]A4 to the INR0.20 crore non fund based
bank facility of KCSL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based Limit-
   Term Loan               4.58      [ICRA]B assigned/outstanding

   Fund Based Limit-
   Cash Credit             6.22      [ICRA]B outstanding

   Fund Based Limit-
   Working Capital Loan    1.00      [ICRA]B outstanding

   Non Fund Based
   Limit-Bank Guarantee    0.20      [ICRA]A4 outstanding

Rating Rationale

The reaffirmation of the ratings take into account KCSL's small
scale of current operations, and its weak financial risk profile
as reflected by low profits, high gearing and depressed level of
coverage indicators. The ratings also consider significant debt
repayment obligations of the company going forward and the high
working capital intensive nature of operations (on account of
upfront advances to be extended to the farmers at the time of
loading of potatoes), which exerts pressure on the liquidity
position. The ratings are further constrained by the regulated
nature of the industry, making it difficult to pass on the
increase in operating costs, exerting pressure on the
profitability and KCSL's exposure to agro-climatic risks as its
business performance depends upon a single agro commodity, i.e.
potato. ICRA notes that the company remains exposed to the
counterparty risk due to loans extended to farmers, given the
chances of default, if potato prices fall significantly.
The ratings, however, derive comfort from the experience of the
promoters in the industry and locational advantage of KCSL, as
its cold storage unit is situated in West Medinipur, a district
where a large quantity of potato is produced.

In ICRA's opinion, the ability of the company to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Karnimata Cold Storage Limited had set up its cold storage unit
at West Medinipur, West Bengal in 2012, to carry out the business
of storage and preservation of potatoes. KCSL has a storage
capacity of 25,814 metric tonnes (MT) at present.

Recent Results

During 2015-16, KCSL posted a net profit of INR0.08 crore on an
operating income of Rs.4.37 crore. The company reported a net
profit of INR0.06 crore on an operating income of INR5.56 crore
in 2014-15.


KAYTX INDUSTRIES: CRISIL Suspends B+ Rating on INR390MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaytx
Industries Pvt Ltd (KIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             390       CRISIL B+/Stable
   Letter of Credit        150       CRISIL A4

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

KIPL, based in Mandi Gobindgarh (Punjab), is engaged in trading,
manufacturing, fabrication, and galvanisation of steel
structures. Its product profile includes angles, channels,
joints, and H-beams, which find application in railway
electrification, hydroelectric power projects, power
transmission, construction, bridges, and other works. The current
management includes Mr. Parshotam Aggarwal, Mr. Salil Aggarwal,
and Mr. Namit Aggarwal. KIPL has an integrated plant with the
capability for rolling, fabrication, and galvanisation.


KNOTT FASHION: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Knott Fashion Studio (KFS).

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

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

Incorporated in 2007, Knott Fashion Studio is a New Delhi-based
proprietorship firm that is primarily engaged export of readymade
garments, woollen garments, home furnishing items, handicrafts
and leather products such as wallets and purses. The concern's
administrative office is located in New Ashok Nagar, Delhi.


KSR COTTON: CRISIL Reaffirms B+ Rating on INR51MM LT Loan
---------------------------------------------------------
CRISIL rating on the long term bank loan facilities of KSR Cotton
Agencies (KSR) continues to reflects KSR's modest scale of
operations and low operating profitability margins due to limited
value additions in the intensely competitive cotton ginning
industry. The rating also reflects KSR's weak financial risk
profile marked by its modest networth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by extensive experience of the promoter in cotton ginning
industry and its established relationships with its customers.

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

   Proposed Long Term
   Bank Loan Facility      51       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes aggressive, debt-
funded expansions, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Established in 2007, KSR is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based out of
Guntur (Andhra Pradesh, the firm is promoted by Mr. Kondaveeti
Srinivasa Rao.


LANGLEIGH TEA: ICRA Suspends 'D' Rating on INR10cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR10.00 crore LOC of Langleigh Tea and Enterprises Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


LAXVEER CERAMIC: ICRA Assigns 'B' Rating to INR8.0cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to the INR8.00 crore cash
credit facility and INR3.00 crore of term loan facility of
Laxveer Ceramic LLP. ICRA has also assigned the [ICRA]A4 rating
to the INR3.00 crore short-term non-fund based facility of LCL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based limits-
   Cash Credit              8.00        [ICRA]B assigned

   Fund based limits-
   Term Loan                3.00        [ICRA]B assigned

   Non-Fund based
   Limits-Bank Guarantee    3.00        [ICRA]A4 assigned

Rating Rationale

The assigned ratings are constrained by LCL's start-up nature of
operations as the same is still in the project phase and the risk
associated with stabilisation of the plant as per the expected
operating parameters. The ratings also remain constrained by the
highly fragmented nature of the tiles industry, which results in
intense competitive pressures, the cyclical nature of the real
estate industry, which is the main consuming sector, and exposure
of the company's profitability to volatility in raw material and
gas prices as well as to adverse foreign exchange fluctuations.
Further, the assigned ratings take into account the financial
profile of the company which is expected to remain stretched in
the near term, given the debt-funded nature of the project and
the impending debt repayment.

The ratings favorably take into account the experience of the
promoters in the ceramic industry and favorable location of the
plant, which allows easy access to raw materials.

Going forward, the timely commissioning of operations within the
estimated cost will remain important from a credit perspective.
The firm's ability to establish a market for its products; scale
up its operations in a profitable manner amidst intense
competition and maintain a healthy financial risk profile will be
some of the key rating sensitivities.

Established in April 2016, as a limited liability partnership,
Laxveer Ceramic LLP (LCL) is setting up a unit at Morbi in
Gujarat to manufacture vitrified tiles in two sizes viz. 600mm X
1200mm and 800mm X 800mm. The firm will sell its products under
the brand name, "Laxveer". The commercial operations are expected
to commission from January 2017. The unit has an estimated
installed capacity of producing 72,000 metric tonnes per annum
(MTPA). The firm is promoted by Jaydeep Patel and other four
promoters who have significant experience in ceramic industry
through their association with Lovato Ceramic Private Limited and
Giriraj Sales Agency, who are involved in similar businesses.


MANISHA TEXTILES: CRISIL Hikes Rating on INR40MM Cash Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Manisha
Textiles Private Limited (MTPL) to 'CRISIL BB-/Stable/ CRISIL
A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Overdraft Facility       10       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

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

The upgrade reflects expected improvement in credit risk profile,
supported by ramp-up in sales and net cash accrual. Topline is
likely to be healthy, reflected in sales of INR140 million till
October 31, 2016, coupled with sustained profitability and
efficient working capital management. This will lead to an
increase in net cash accrual and hence, improvement in gearing to
1-5-1.6 times as on March 31, 2017, from above 2 times as on
March 31, 2016. Debt protection metrics are also expected to
improve over the medium term.

The ratings reflect the extensive experience of MTPL's promoters,
established relationship with customers, and improved capital
structure. These strengths are partially offset by modest scale
of operations in the intensely competitive textile industry and
small networth.

Outlook: Stable

CRISIL believes MTPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a significant and sustained
increase in revenue, while maintaining profitability, leads to a
better business risk profile. The outlook may be revised to
'Negative' if a sharp decline in cash accrual, stretch in working
capital cycle, or large, debt-funded capital expenditure weakens
financial risk profile.

Incorporated in 2008 and promoted by Mr. Ashok Kukreja and his
son, Mr. Girish Kukreja, MTPL manufactures grey fabric used to
make uniforms with a manufacturing facility based in Bhiwandi,
Maharashtra.


MAYUR SEEDS: Ind-Ra Suspends B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mayur Seeds and
Agritech's (MSA) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's Website.

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

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

MSA's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR90 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+'/Stable
   -- INR10 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


MUTHA INDUSTRIES: ICRA Assigns 'B' Rating to INR7.89cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR7.89
crore term loan, INR2.75 crore cash credit and INR0.26 crore
unallocated limits of Mutha Industries Private Limited. ICRA has
also assigned a short term rating of [ICRA]A4 to the INR0.40
crore bank guarantee and [ICRA]B/[ICRA]A4 to INR0.26 crore
unallocated limits of MIPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loan               7.89         [ICRA]B Assigned

   Fund based Limit-
   Cash Credit             2.75         [ICRA]B Assigned

   Non Fund Based
   Limit-Bank Guarantee    0.40         [ICRA]A4 Assigned

   Unallocated Limits      0.26         [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into account MIPL's limited operational
track record with promoters having limited experience in the
industry and its small scale of current operations due to low
off-take. ICRA takes note of MIPL's dependence on external
financing from group entities to meet its debt obligations due to
insufficient internal cash accruals, as it is in its initial year
of operations. The ratings are also constrained by MIPL's low
capacity utilisation and its weak financial profile characterised
by cash losses suffered in the last two years, resulting in
depressed coverage indicators and negative tangible net worth
coupled with high project debt, which led to an adverse capital
structure. However, ICRA notes that the interest-free unsecured
loan from group entities, part of which cannot be withdrawn
without the repayment of bank term loans, provides some comfort.
The ratings also take note of the stretched liquidity profile on
account of significant inventory built up, as also reflected by
high utilisation of working capital limits, though the inventory
position is expected to witness an improvement, going forward,
with higher off-take.

The ratings, however, derive comfort from MIPL's presence in a
major bamboo-growing area, resulting in easy availability as well
as low landed cost of input materials. The ratings take note of
the recent marketing initiatives for geographical diversification
along with registrations with various government departments,
resulting in an increase in inflow of orders which is expected to
support revenue growth, in the near to medium term. The ratings
also take note of MIPL's entitlement to various fiscal benefits,
which is likely to support cash flows, going forward.
In ICRA's opinion, the ability of the company to acquire adequate
orders and improve its capacity utilisation while generating
adequate cash accruals for debt obligations would remain key
rating sensitivities, going forward.

Incorporated in 2012, Mutha Industries Private Limited
manufactures bamboo flooring tiles, beams and furniture. The
company's manufacturing facility is located at Bamboo Park Area,
Agartala, Tripura. MIPL has an annual installed capacity of
manufacturing 1,41,360 square metre of bamboo floorings and 2,280
cubic meter of bamboo beams in a single shift. The company
commenced its commercial operations in April, 2014. Besides, MIPL
installs the flooring tiles based on customer requirement. The
products are sold under the brand 'Epitome'.

Recent Results

MIPL reported an operating income of INR2.15 crore (Provisional)
in 7MFY2017. During FY2016, MIPL reported a net loss of INR3.23
crore on an operating income of INR1.01 crore.


N A R INFRA: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of N A R Infra Private
Limited (NAR) continue to reflect its modest scale of operations
in the intensely competitive construction industry and working
capital intensive operations. This rating weakness is partially
offset by the promoter's extensive industry experience and the
moderate financial risk profile marked by a moderate gearing and
comfortable debt protection metrics albeit constrained by a
modest net worth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          90       CRISIL A4 (Reaffirmed)
   Overdraft Facility      40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NAR will continue to benefit over the medium term
from the promoter's extensive industry experience and a healthy
order book. The outlook may be revised to 'Positive' in case of a
significant increase in the scale of operations and profitability
or a large equity infusion by the promoter, leading to
improvement in the capital structure. Conversely, the outlook may
be revised to 'Negative' in case of any delay in completing
projects or in receipt of payments from customers, or any large,
debt-funded capital expenditure, weakening the financial risk
profile.

NAR, incorporated in 2009, is a civil contractor involved in
laying pipelines and electrical poles and lines, mainly on
national highways. The company's operations are managed by the
promoter, Mr. Anil Reddy.


NARENDRA DEV: CRISIL Suspends B+ Rating on INR110MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Narendra Dev (Railways) (NDR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          95        CRISIL A4
   Cash Credit            110        CRISIL B+/Stable

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

NDR was established in 1960 by members of the Agarwal family. The
firm undertakes turnkey projects such as construction of
buildings, railway lines, bridges, and related activities mainly
for Northern Railway in Uttar Pradesh.


NITIN FIRE: CRISIL Lowers Rating on INR1.70BB Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nitin Fire Protection Industries Limited (NFPIL; part of the
Nitin group) to 'CRISIL D/CRISIL D' from 'CRISIL
BBB+/Stable/CRISIL A2'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          390       CRISIL D (Downgraded from
                                     'CRISIL A2')

   Cash Credit            1125       CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Letter of Credit       1700       CRISIL D (Downgraded from
                                     'CRISIL A2')
   Proposed Cash
   Credit Limit            125       CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')
   Proposed Letter
   of Credit               100       CRISIL D (Downgraded from
                                     'CRISIL A2')

   Standby Letter
   of Credit              1060       CRISIL D (Downgraded from
                                     'CRISIL A2')

The downgrade follows the devolvement of letters of credit, which
were outstanding for over 30 days as of September 2016, as per
feedback from NFPIL's bankers. The irregularities are in contrast
to declarations provided by the company's management to CRISIL
regarding timely servicing of debt.

The Nitin group has a weak financial risk profile on account of
tight liquidity because of continued large incremental working
capital requirement, reflected in almost fully utilised working
capital limit. NFPIL is in the process of enhancing its working
capital limit, which will help ease the pressure on its
liquidity.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NFPIL and its wholly owned
subsidiaries: Eurotech Cylinders Pvt Ltd, Nitin Ventures FZE, and
Nitin Global Pte Ltd. All the companies, collectively referred to
as the Nitin group, have operational and financial linkages, and
common promoters.

The Nitin group is promoted by Mr. Nitin Shah and his sons, Mr.
Rahul Shah and Mr. Kunal Shah. It is an end-to-end solutions
provider for fire protection and safety equipment. It provides
gas- and water-based fire protection systems, and caters mainly
to the telecommunications, information technology, banking, and
manufacturing industries. The group manufactures and trades in
high-pressure seamless cylinders and industrial cylinders.

NFPIL, incorporated in 1995, provides fire detection and fire
suppression systems, and manufactures fire extinguishers. It
entered the UAE by acquiring a majority stake in New Age Co LLC
(New Age), which was an associate before April 2010. New Age is
an approved vendor for all seven emirates of the UAE, and has a
strong track record of providing fire protection services and
maintenance. The Nitin group has presence in the Middle East
through Nitin Ventures FZE, and in Singapore through Nitin Global
Pte Ltd. Eurotech Cylinders Pvt Ltd trades in high-pressure
compressed natural gas cylinders and valves, and caters mainly to
the domestic market. NFPIL remains part of a non-integrated, non-
incorporated joint venture for an oil block in Rajasthan, in
which it has 11.1% equity ownership.

On a consolidated basis, for fiscal 2016, operating income was
INR14.79 billion and profit after tax (PAT) of INR985.34 million,
against operating income of INR11.46 billion and PAT of INR671.14
million for the previous fiscal. For the six months ended
September 30, 2016, operating income was INR9.83 billion and PAT
INR626.81 million, against operating income of INR7.83 billion
and PAT of INR600.71 million for the corresponding period of the
previous year.


SANTHIRAM WIND: CRISIL Hikes Rating on INR75MM Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating to the long-term bank facility of
Santhiram Wind Power Private Limited (SWPPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           75       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects stabilization of its operations and
improvement in its liquidity reflected in prepayment on its debt
obligations and maintenance of debt service reserve account
(DSRA) corresponding to 2 quarters of interest and principal
obligations.

The rating continues to reflect SWPPL's exposure to regulatory
risk and the company's dependence on favorable climatic
conditions for power generation, and to risks related to customer
concentration in revenue profile. These rating weaknesses are
partially offset by SWPPL's healthy revenue visibility aided by
long-term power purchase agreement (PPA), its moderate debt
service coverage ratio and the benefits derived from need based
fund support from promoters.

Outlook: Stable

CRISIL believes that SWPPL will continue to benefit over the
medium term from its stable cash accruals backed by its PPA The
outlook may be revised to 'Positive' if SWPPL maintains higher-
than-expected plant load factor (PLF) over the medium term
leading to higher cash surplus. Conversely, the outlook may be
revised to 'Negative' if SWPPL reports lower-than-expected
accruals because of low PLF or any further debt funded capex
leading to deterioration in its financial risk profile.

Incorporated in June 2013, SWPPL generates wind energy. The
company operates a windmill with capacity of 2 megawatts at
Vajrakarur in Ananthpur (Andhra Pradesh). The company is promoted
by Mr. P Ravi Babu and Mrs. M Madhavilatha.


SHARADA FLOUR: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sharada Flour
Products India Private Limited (SFPIPL) continues to reflect the
below-average financial risk profile, marked by a modest
networth, weak debt protection metrics, and modest scale of
operations in the highly fragmented wheat processing industry.
These rating weaknesses are partially offset by extensive
experience of the promoters and their funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B/Stable (Reaffirmed)
   Term Loan               15        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SFPIPL will continue to benefit from
extensive experience of its promoters and funding support
received from them. The outlook may be revised to 'Positive' if
the company reports substantial growth in cash accrual or a
sizeable capital infusion, and efficient working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, stretch in the working capital
cycle or any unanticipated debt-funded capital expenditure.

SFPIPL was established in 2010 at Kollam (Kerala), by promoter,
Mr. Muraleedharan Nair and his family members. The company
processes wheat into different products such as maida, suji, and
aata.


SHREE DURGA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Durga
Fibers (SDF) continues to reflect the moderate scale of
operations, and exposure to intense competition, volatile raw
material prices and risks relating to adverse regulatory changes
in the cotton ginning industry. The rating also reflects the
moderate financial risk profile, marked by a small networth, and
modest gearing and debt protection metrics. These rating
weaknesses are mitigated by extensive experience of the
promoters.

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

Outlook: Stable

CRISIL believes that SDF will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial improvement in cash accrual or capital
infusion, strengthens the capital structure and liquidity. The
outlook may be revised to 'Negative' if low cash accrual, stretch
in the working capital cycle or a debt-funded capital
expenditure, weakens liquidity.

SDF, established in 2008 at Shahada (Maharashtra), gins and
presses cotton, and trades in cotton bales. Operations are
managed by the promoter, Mr. Ajay Goyal and his family members.
SDF is part of a group of companies, promoted by the Goyal
family, which is based in Sendhwa (Madhya Pradesh). The group has
interests in the cotton and sugar industries.


STEELMAN INDUSTRIES: CRISIL Suspends B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Steelman Industries (SMI).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     35        CRISIL B+/Stable

   Packing Credit            30        CRISIL A4

   Proposed Long Term
   Bank Loan Facility        80        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SMI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMI is yet to
provide adequate information to enable CRISIL to assess SMI'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 1995, SMI is a sole proprietorship firm of Mr.
Sham Sunder Gupta that manufactures and trades in bicycle parts
and corrugated galvanised steel sheets. It also exports biscuits,
candies, liquid glucose, and corn starch to African countries.
Moreover, the firm started importing and trading in polyvinyl
chloride (PVC) resin and PVC panels in 2014-15 (refers to
financial year, April 1 to March 31). SMI is based in Ludhiana,
Punjab.


SUYOG DEVELOPMENT: CRISIL Reaffirms B+ Rating on INR247.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Suyog
Development Corporation Limited (SDCL) continues to reflect high
reliance on customer advances, leading to exposure to funding
risks, susceptibility to risks and cyclical demand inherent to
the Indian real estate sector, and geographic concentration in
revenue.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     247.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan              172.5     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters in the real estate sector and their
funding support, an established brand, and the advantageous
location of ongoing projects.

Outlook: Stable

CRISIL believes SDCL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
However, it remains sensitive to the timeliness of customer
advances to meet a significant part of funding requirement. The
outlook may be revised to 'Positive' in case of better-than-
expected bookings and receipt of customer advances, resulting in
substantial cash inflow. The outlook may be revised to 'Negative'
in the event of significant deterioration in liquidity, driven
most likely by time or cost overrun in the project, or lower-
than-expected or delays in receipt of customer advances.

SDCL, established in 2004, is a part of the Pune, Maharashtra-
based Suyog group, promoted by Mr. Bharat Shah. The company
undertakes residential and commercial real estate development,
primarily in Pune. It is presently executing two projects, Suyog
Center (commercial complex) and Suyog Nisarg (residential-cum-
commercial complex).


TROPICOOL FOODS: CRISIL Raises Rating on INR45MM Cash Loan to B
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Tropicool Foods Private Limited (TFPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              45       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility        8.7     CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                41.3     CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The ratings upgrade reflects improvement in the business risk
profile of the company. The revenues of the company improved by
20 per cent in 2015-16 to around INR209 million on account of
improved orders from its existing customers. The business risk
profile of the company is also marked by improvement in the
company's operating margins to 6.3 per cent in 2015-16 from 5.8
per cent in 2014-15. CRISIL believes that the company's business
risk profile will continue to improve on the back of stable
business from the company's customers. The rating also reflects
the moderately intensive working capital cycle of the company
marked by Gross Current Assets days of around 130 days as on 31st
March 2016, thus reflecting in high utilization of bank limits of
97 per cent through the 12 months ending September 2016. The
company is expected to generate healthy net cash accruals of
INR6-8 million against term debt obligations of INR3 million over
the medium term. The financial risk profile of the company is
marked by modest capital structure and weak debt protection
metrics.

The rating upgrade also reflects extensive experience of its
promoters in the food-processing industry. These rating strengths
are partially offset by the company's small scale of operations
in the highly fragmented food-processing industry, and exposure
to risks associated with the agrarian nature of its business. The
rating also factors in a weak financial risk profile because of a
small net worth and high gearing.
Outlook: Stable

CRISIL believes TFPL will maintain its business risk profile over
the medium term given the robust demand for processed food
products. CRISIL also believes the company will get funding
support from the promoters to meet debt obligations in a timely
manner. The outlook may be revised to 'Positive' in case of a
substantial increase in accrual, resulting in better liquidity.
Conversely, the outlook may be revised to 'Negative' if there is
a delay in funding support from promoters leading to delay in
servicing term debt obligations, or if liquidity deteriorates
further on account of lower-than-expected cash accrual.

TFPL was set up in 2006 by Mr. Vivek Nayak, Mr. Prakash Kanoor,
Mr. Pradeep Kanoor, and Mr. Georges Jan Marie Olbrechts. Ardo NV,
based in Belgium and manufacturing processed food, holds around
16 per cent stake in the company. TFPL processes vegetables and
fruits through the individually quick frozen-based method. It is
based in Hubli (Karnataka).


VEGGIECRAFT FOOD: CRISIL Reaffirms B Rating on INR75MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Veggiecraft
Food Private Limited continues to reflect the company's modest
scale of operations in the highly competitive food processing
industry, and its subdued financial risk profile because of high
gearing. These weaknesses are partially offset by its promoters'
experience in the fast-moving consumer goods and food processing
segments.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Reaffirmed)
   Long Term Loan          75        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VFPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of significantly large cash accrual and efficient working
capital management during the initial phase of operations. The
outlook may be revised to 'Negative' if cash accrual is lower
than expected, or if working capital requirement increases,
exerting pressure on liquidity.

VFPL, promoted by Mr. Chander Prakash Chabra, Ms. Karuna Rawat,
Mr. Param Dhanot, and Mr. Kunal Malik in 2014, harvests,
processes, stores, packs, and cans mushrooms, and has a dairy
plant in Mathura, Uttar Pradesh.


VINAYAK ULTRAFLEX: CRISIL Ups Rating on INR75MM Cash Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Vinayak
Ultraflex Private Limited (VUPL) to 'CRISIL BB-/Stable/CRISIL
A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              75       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill Purchase    10       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

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

   Proposed Long Term       25       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                10       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that VUPPL's business risk
profile and liquidity will improve over the medium term. VUPL is
likely to report significant revenue growth on account of
addition of customers in the domestic and overseas markets.
Capacity expansion should help cater to repeat orders. CRISIL
believes the company's business risk profile will be supported by
established relationships with customers and addition of overseas
customers.

The improvement in liquidity is indicated by high cash accrual
against debt obligation. However, the liquidity is constrained by
large receivables of 111 days as on March 31, 2016, leading to
high bank line utilisation of 90% on an average. CRISIL believes
VUPL's liquidity will improve over the medium term, driven by low
term debt obligation.

The ratings reflect the extensive experience of VUPL's promoters
in the flexible packaging industry. This strength is partially
offset by the company's below-average financial risk profile on
account of high gearing, its modest scale of operations in a
highly fragmented industry, and its large working capital
requirement.

Outlook: Stable

CRISIL believes VUPL will continue to benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' if capital structure
improves significantly, and working capital management is
efficient. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, or larger-than-expected working
capital requirement, or large, debt-funded capital expenditure,
leading to considerable pressure on liquidity.

VUPL, incorporated in 1996 and based in Kanpur, Uttar Pradesh,
manufactures flexible packaging materials such as polyester
laminated rolls and pouches. The company is promoted by the
Paliwal family.


VISHWANATH SPINNERZ: CRISIL Cuts Rating on INR497.9MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vishwanath Spinnerz India Limited (VSIL) to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Funded Interest
   Term Loan                62.1     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Long Term Loan          497.9     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects instances of delay in servicing its debt
on account of stretched liquidity because of large working
capital requirement.

VSIL also has a below-average financial risk profile because of
weak debt protection metrics, and working capital-intensive
operations. Moreover, it is susceptible to volatility in raw
material prices. However, VSIL benefits from the extensive
experience of its promoters in the cotton spinning industry.

Established in 2010, VSIL manufactures cotton yarn. Promoted by
Mr. Sridhar Reddy and his family, the company's spinning mill is
at Pedavuru in Nalgonda, Telangana.


YASH PAPERS: Ind-Ra Raises Long-Term Issuer Rating to BB
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Yash Papers
Limited's (YPL) Long-Term Issuer Rating to 'IND BB' from 'IND
B+'. The Outlook is Stable.

                         KEY RATING DRIVERS

The upgrade reflects an improvement in the liquidity profile of
the company coupled with improvement in the net working capital
cycle.  The liquidity improved to comfortable level as evident
from 73% average utilization of the working capital facilities
during the 12 months ended October 2016 as compared to 95%
average utilization during the 12 months ended December 2015.
Net working capital cycle improved to 150 days in FY16 (FY15: 162
days; FY14: 171 days) on the back of improvement in inventory
holding period.

The ratings continue to draw support from moderate to stable
operating margins of 13.90% in FY16 (FY15: 14.38%, FY14: 14.41%).

The rating further draws comfort from established track record of
more than three decades of business operations.

The ratings, however, reflect constant revenue in FY16 which
stood at INR1,726.82 mil. (FY15: INR1,716.21 mil., FY14: INR1,469
mil.) on account of dip in the realization despite growth in
sales volume.  Credit metrics of the company continue to remain
weak with interest coverage (operating EBITDA/gross interest
expense) of 1.69x in FY16 (FY15: 1.62x, FY14: 1.58x) and high
leverage (total adjusted net debt/operating EBITDAR) of 4.16x
(3.92x, 5.07x).

The ratings factor in the additional revenue stream and healthy
operating margin support from FY18 onwards accruing from
manufacturing of biodegradable tableware products for which YPL
has an ongoing capex to the tune of around INR534 million which
it expects to be completed by FY17 . The entity is expected to
start commercial production of these products from April 2017

                         RATING SENSITIVITIES

Positive: Timely completion of ongoing capex leading to
significant improvement in operating margins and credit metrics
on a sustained basis will be positive for the ratings.

Negative: Delay in the ongoing capex or the benefits falling
below Ind-Ra's expectations and/or deterioration in the credit
metrics could be negative for the ratings.

COMPANY PROFILE

Founded in 1981, YPL is engaged in manufacturing of low grammage
MG industrial bleached and unbleached grades of paper which
provides industrial and protective packaging solutions.
Currently, the paper production capacity stands at 39,100 MT PA.

According to 1HFY17 financials, the company generated revenue of
INR844.77 mil.

YPL's ratings:

   -- Long Term Issuer Rating: upgraded to 'IND BB'/Stable from
      'IND B+'/Stable
   -- INR500 mil. fund-based working capital limits: upgraded to
      'IND BB'/Stable/'ND A4+' from 'IND B+'/Stable/'IND A4'
   -- INR139.3 mil. non-fund based limits: upgraded to 'IND A4+'
      from 'IND A4'
   -- INR701.7 mil. term loans: upgraded to 'IND BB'/Stable from
      'IND B+'/Stable
   -- Proposed INR410 mil term loans: assigned 'Provisional
      IND BB'/Stable*

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



=================
I N D O N E S I A
=================


MNC INVESTAMA: Moody's Confirms Caa1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has confirmed the Caa1 corporate family
rating (CFR) of PT MNC Investama Tbk. (BHIT) and the Caa2 senior
secured rating of the bonds issued by its wholly-owned subsidiary
Ottawa Holdings Pte. Ltd. and which are unconditionally and
irrevocably guaranteed by BHIT.

The outlook on the ratings is negative.

This rating action concludes the review for downgrade Moody's
initiated on Sept. 5, 2016.

Through its 52.84% stake in PT Global Mediacom Tbk (BMTR), BHIT
has stakes in media operating companies PT Media Nusantara Citra
Tbk (MNC), Indonesian's leading free to air broadcast company,
and PT MNC Sky Vision Tbk (Sky Vision), Indonesia's leading pay-
TV operator. BHIT also has a significant interest in PT MNC
Kapital Indonesia Tbk, a leading financial services company in
Indonesia.

RATINGS RATIONALE

"The rating action reflects the announcement on November 11 from
Sky Vision that it has signed a new syndicated loan facility to
refinance the balance of the company's existing three-year loan
maturing in mid-December," says Annalisa Di Chiara, a Moody's
Vice President and Senior Credit Officer.

Sky Vision announced that it had previously paid 25% of the
company's existing $243 million dollar loan and has signed a new
three-year loan for $170 million loan facility agreement with an
option to increase the limit to $190 million. The proceeds from
the new loan will be used to refinance the $182.2 million balance
remaining on the existing loan, which falls due in December.

"This announcement is positive, as it addresses the imminent
refinancing risk present at Sky Vision. Still, upcoming debt
maturities throughout the BHIT group are substantial over the
next 18 months and weigh on the company's ratings," adds
DiChiara, also Moody's lead analyst for BHIT.

As of September 30, BHIT's short-term and other current debt
totaled IDR8.3 trillion, or around IDR 6.0 trillion pro forma for
Sky Vision's refinancing. Most of the maturities are at the
operating subsidiary level, including a $250 million bank loan
maturing at MNC and an IDR999 billion bond payable at BMTR.

In addition, the $365 million senior secured notes - issued by
BHIT's wholly-owned subsidiary Ottawa Holdings Pte. Ltd. and
unconditionally and irrevocably guaranteed by BHIT- mature in May
2018.

At the same time, the Caa1 CFR continues to reflect BHIT's
complex organizational structure and holding company status. A
principal source of BHIT's income is dividends from its
subsidiaries, particularly its media operating companies, BMTR
and MNC.

However, BHIT owns less than 100% of its these key media
subsidiaries. As a result, Moody's also analyzes BHIT on a
standalone basis whereby the company's EBITDA consists primarily
of the cash dividends it receives from its subsidiaries, based on
its effective equity ownership.

For example, although fully consolidated, as of September 30,
BHIT's effective interest in MNC -- which Moody's estimates
contributes around 70% of BHIT's consolidated EBITDA -- was only
around 34%. This is because BHIT owns around 52.8% of BMTR, which
then owns around 64.3% of MNC.

Moody's believes this standalone analysis results in
significantly higher leverage and weaker interest coverage then
than the 4.4x adjusted debt/EBITDA and 3.0x EBITDA/interest BHIT
recorded on a Moody's adjusted consolidated basis for the 12
months ended June 30, 2016.

However, Moody's also notes that the debt service account for the
$365 million senior secured bonds was fully funded at $10.7
million at September 30.

Finally, although on a consolidated basis, unrestricted cash and
current financial assets totaled IDR8.2 trillion at September 30,
a portion of this amount is at operating subsidiaries, including
BMTR and MNC, which are less than 100% owned. Moody's is also
cognizant that a portion of consolidated cash and financial
assets is either deposited in, or held in financial securities
issued by, related parties, and so may not be immediately
realizable.

The outlook is negative, reflecting the persistent level of
refinancing risk present throughout the BHIT group over the next
18 months, including the $365 million senior secured bond
maturity in May 2018.

Further ratings pressure could emerge should BHIT's operating
subsidiaries fail to pay the principal or interest on their
maturing loans.

On the other hand, upward rating pressure is unlikely over the
near term, given the significant level of refinancing risk
associated with bank loans maturing at its key operating
subsidiaries and its own bond maturity in May 2018.

However, the outlook could return to stable should BHIT refinance
its upcoming bank and bond maturities in a timely manner and
without a significant increase in interest costs.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Jakarta, P.T. MNC Investama Tbk. (BHIT) is a
listed investment holding company with strategic investments in
operating companies in media, financial services, energy and real
estate. BHIT is controlled by Mr. Hary Tanoesoedibjo.



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


NEW ZEALAND OIL: Analyst at Odds Over Company's Future
------------------------------------------------------
Simon Hartley at Otago Daily Times reports that analysts are at
odds over the business path of New Zealand Oil & Gas, with one
picking potential asset sell-off and liquidation and another a
new emphasis on expansion through joint ventures.

ODT relates that while no one can agree on whether NZOG got true
value in selling the Kupe field, NZOG's value is now largely
determined by the cash it holds, but its future plans are yet to
be spelled out.  In a surprise move, NZOG sold its 15% stake in
the Kupe oil and gas field last week to Genesis Energy for
NZ$168 million; an obvious buyer wanting to underpin its lpg
division, which lifted its stake in Kupe to 46%.

While NZOG said the NZ$168 million sale was at the top end of its
value expectations, brokerage Forsyth Barr said the sale price
was at a 21% discount to its Kupe valuation of NZ$206 million,
while brokerage Craigs Investment Partners estimated it was sold
at an 11% discount, against its Kupe valuation of NZ$190 million,
according to ODT.

NZOG has said subject to gaining shareholder approval in
December, it would be returning N$100 million from the sale
process to shareholders, and using the cash balance to pursue
"investment opportunities," ODT relays.

ODT notes that NZOG's cash in hand stood at NZ$98.6 million at
the end of September, with a further NZ$68 million retained from
the Kupe sale, plus NZOG's entitlement to overriding royalty
interests until the January settlement date.

According to ODT, Forsyth Barr broker Damian Foster said, in
Kupe's sale, NZOG was selling its most valuable asset, it being
its largest operating cash flow and by valuation, leaving it
"effectively a cash box".

"The sale of Kupe is a surprise and may signal the beginning of
the end for NZOG . . . we wonder whether this is the first step
towards NZOG's liquidation," ODT quotes Mr. Foster as saying.

ODT adds that Craigs Investment Partners broker Peter McIntyre
said liquidation of NZOG was now "problematic", because of its
stake in the Tui field, and believed joint ventures in brownfield
(existing) operations would be its new focus.

"A full unwind of the company will be difficult due to its stake
in Tui," he said, ODT relays.

The Tui field needed remediation work in the next two to three
years, with cost uncertainties, which in turn would not be tax-
deductable, the report says.

"This scenario makes a full exit problematic," the report quotes
Mr. McIntyre as saying.

New Zealand Oil & Gas (NZO) has production and exploration
interests in New Zealand, Indonesia, Australia and the US.



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


KRISENERGY LTD: Launches Restructuring Offer on SGD330-Mil. Bonds
-----------------------------------------------------------------
Marissa Lee at The Strait Times reports that KrisEnergy has
launched a formal process to ask bond holders to defer payment on
SGD330 million worth of bonds by five years -- and at a lower
interest rate.

The Strait Times relates that the final terms put out on Nov. 17
represent a slight improvement on the terms initially proposed,
after bond holders voiced misgivings.

According to the report, KrisEnergy still wants to reduce the
annual coupon on its SGD130 million bonds originally due in 2017
and SGD200 million bonds due in 2018 to 4% from 6.25% and 5.75%
respectively over the next five years. However, it will make a
larger portion of the payments in cash under the latest proposal
now the subject of what is called a "consent solicitation
process".

Bond holders would get a 2% cash coupon in the first two years
(the other 2% would be accrued or paid at KrisEnergy's
discretion), and would start receiving the full 4% coupon in cash
from the third year, The Strait Times says.

The Strait Times adds that the oil and gas explorer is also
dangling more "upside" for bond holders in the form of a 1% cash
coupon if Brent crude shoots above US$70 a barrel; 2% if it rises
above US$80; and 3% if it tops US$90. Brent crude traded below
US$47 a barrel on Nov. 17.

The report says KrisEnergy needs a "yes" vote from more than 75%
of bond holders before majority shareholder Keppel Corp will
agree to commit to an equity injection of up to SGD140 million
and lender DBS will extend its credit headroom.

Many bond holders read the latest offer in dismay, says The
Strait Times.  "The revised terms are disappointing, because it
doesn't seem to show that the company has listened to our
feedback," the report quotes Terence Lin, assistant director of
bonds and portfolio management at iFast Corp, which is
representing some individual investors, as saying.

The oil price-linked coupon banks on "blue-sky projections" that
are way above long-term forecasts, he said. "If oil prices go
back to US$70 or US$80 a barrel, KrisEnergy will be fairly cash-
generative and the 1% upside note holders get is low compared
with equity upside," Mr. Lin, as cited by The Strait Times,
added.

He was also concerned that new financiers like Keppel would come
in on a secured basis, meaning that bond holders would be
subordinated in a liquidation event, adds The Strait Times. "We
want the company to survive, definitely, but people are very
concerned because they expected their life savings back in 2017,
not 2022."

The Strait Times says bond holders may yet block the
restructuring plan. According to the report, Mr. Lin said an
informal group of bond holders has grown steadily, with a number
of other institutional investors joining up with iFast after the
consent solicitation was launched on Nov. 17.

But interim chief executive Jeffrey MacDonald told The Straits
Times that the purpose of that meeting is to explain the offer
only, not to negotiate new terms. "We are not planning to have a
second consent solicitation exercise. We have a very critical
liquidity situation. We have put together a SGD50 million bridge
which will effectively put us through to the end of January.
SGD15 million of that has already been drawn, but we are not
allowed to draw the remaining SGD35 million unless we get this
consent solicitation passed."

A consent solicitation meeting will be held on Dec. 9, the same
day KrisEnergy is due to make a SGD4.06 million coupon payment.
KrisEnergy had US$37 million in unused sources of liquidity as at
Sept. 30, the report discloses.

Chief financial officer Kiran Raj said: "It will be a default
situation if we don't pay that coupon. But at this point in time
we are looking to meet all of our obligations," The Strait Times
adds.

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.


SINGAPORE: Technical Recession Looms as Non-Oil Exports Slide 12%
-----------------------------------------------------------------
Chia Yan Min at The Strait Times reports that Singapore's
exporters suffered yet another bleak month in October as a hoped-
for lift towards the end of the year failed to materialise.

Economists warned the outlook for trade remains cloudy, and the
latest numbers raise the spectre of a technical recession for
Singapore's small, open economy this year, the report says.

Non-oil domestic exports (Nodx) sank 12% last month over a year
earlier, substantially worse than economists' expectations of a
3% slide, according to the Strait Times.

The report notes that much of last month's sharp decline was
attributed to the volatile pharmaceuticals sector and might be a
one-off.

But trade-dependent sectors, such as manufacturing, have already
been hit hard by the lacklustre global outlook and there appear
to be few prospects for an upturn, the report relates.

According to The Strait Times, advance estimates showed the
economy shrank 4.1% in the July-to-September period compared with
the previous quarter - the biggest slump since 2012. Finalised
numbers will be released on Nov. 24.

Another quarter of contraction would push the Republic into a
technical recession, defined as two consecutive quarters of
decline in economic output, the report states.



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


ILSUNG CORP: Completes Rehabilitation, Exits Court Receivership
---------------------------------------------------------------
Ilsung Corporation on Nov. 14, 2016, announced the Termination of
its Court Administered Rehabilitation and Reorganization Program.
The company submitted a revised operating plan on October 12,
2016 to the Ulsan District Court.  This operating plan was
approved on October 27, 2016 effectively discharging Ilsung
Corporation from any judicial supervision or oversight, and
normalizing business operations.

Ilsung Corporation, founded in July, 1984, is based in Ulsan,
Korea with a satellite sales office in Houston, specializes in
Oil & Gas and Power processing equipment and Module fabrication.

The Commencement of the company's Rehabilitation began in April,
2012 and its Revised Rehabilitation Plan was agreed with the
assembly of the related creditors and later approved by the Ulsan
District Court on August 8, 2016.

Despite the court protection status during the past 4 years and 7
months, Ilsung has achieved sales revenue of $75 million USD and
has accomplished significant improvements to its operations by
streamlining procedures to operate the company more efficiently,
with less overhead and continuing to delivery extremely
high-quality products, delivered on-time that are competitively
priced.

Ilsung successfully attracted new investment capital from UAMCO
and has repaid its debts in accordance with the court approved
Revised Rehabilitation Plan.  These procedural steps effectively
ended the Rehabilitation Procedure and court supervision.

CEO, Jae-Hyuk Chang said, "I truly appreciate the tremendous
effort put forth by all of our stakeholders.  Diligent work from
our creditors, sub-vendors, executives, and all staff members
during this difficult period were instrumental in successfully
completing the company's rehabilitation and normalization of
operations.  It is truly a touching and significant milestone for
every one of us at Ilsung.  Now it is time to make another great
history for the new Ilsung as we celebrate our rebirth as a
stronger, wiser and more efficient organization."

It is expected that Ilsung, as a new independent company without
any external constraints, will be a major player as a global
leader in the Oil & Gas and Power industry for its world-wide
clients, such as Shell, UOP, Bechtel, Fluor, CB&I, Technip,
Chiyoda, KBR and many other esteemed customers.



                             *********

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, Ivy B. Magdadaro, 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
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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