TCRAP_Public/161123.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

         Wednesday, November 23, 2016, Vol. 19, No. 232

                            Headlines


A U S T R A L I A

CASTLE TOURISM: First Creditors' Meeting Set for Nov. 30
GRACHT PTY: First Creditors' Meeting Set for Nov. 29
MCALEESE LTD: Havenfresh Ends EGM Push After Board Overhaul
NEXTGEN NETWORKS: S&P Withdraws 'B+' Corporate Credit Rating
PAYLESS SHOES: Collapses Into Voluntary Administration

PUMPKIN PATCH: 1600 Jobs to go by February After No Buyer Found


C H I N A

AOXING PHARMACEUTICAL: Posts $392K Net Income for 3rd Quarter
TIMES PROPERTY: Moody's Retains B1 CFR on Consent Solicitation
WECAST NETWORK: Recurring Losses Casts Going Concern Doubt


I N D I A

AFP MANUFACTURING: CRISIL Suspends 'B' Rating on INR62MM Loan
ALASKA FABTECH: CRISIL Lowers Rating on INR130MM Term Loan to D
ASSAM TIMBER: CRISIL Reaffirms 'B' Rating on INR32.5MM LT Loan
BROWNGOLD PAPER: CRISIL Suspends B- Rating on INR100MM LT Loan
CALCOM CEMENT: CRISIL Suspends 'C' Rating on INR405.8MM Term Loan

DURGAPUR CHEMICALS: CRISIL Suspends 'D' Rating on INR407.9MM Loan
GANESH AGRO: CRISIL Assigns B+ Rating to INR27.5MM Term Loan
INFINITY FAB: ICRA Suspends B- Rating on INR5.69cr LT Loan
KARO COILS: CRISIL Lowers Rating on INR86.5MM Term Loan to 'D'
KTKP SARABARAHKARI: CRISIL Cuts Rating on INR48MM Loan to 'D'
KULJA INDUSTRIES: CRISIL Suspends B- Rating on INR60MM Cash Loan

LAXMI COTTEX: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
NATIONAL MINING: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
NIBBER CASTINGS: CRISIL Cuts Rating on INR120MM Cash Loan to B-
NIRANKAR COTTEX: ICRA Assigns B+ Rating to INR6cr Cash Loan
NORTH MALABAR: ICRA Suspends 'D' Rating on INR7.93cr Loan

ONE UP: CRISIL Suspends B+ Rating on INR70MM Cash Loan
PLAST ALLOYS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
PRITIKA AUTOCAST: CRISIL Lowers Rating on INR210MM Loan to 'C'
RADHEY SHYAM: CRISIL Suspends D Rating on INR10MM New Bank Debt
REAL STRIPS: CARE Lowers Rating on INR76.30cr LT Bank to 'D'

SANDEEP LEAD: ICRA Suspends B+ Rating on INR5.0cr LT Loan
SBIW STEELS: CRISIL Suspends B+ Rating on INR42.7MM LT Loan
SHRIRAM WAREHOUSING: CRISIL Suspends B- Rating on INR112.4MM Loan
SIDDHI VINAYAK: CRISIL Ups Rating on INR50MM Cash Loan to BB-
SINGLA AND SINGLA: CRISIL Suspends 'B' Rating on INR60MM Loan

SREE NARAYANA: ICRA Suspends 'B' Rating on INR9cr Term Loan
SUNTON CERAMICS: CRISIL Lowers Rating on INR60.4MM Loan to 'B'


J A P A N

TAKATA CORP: Narrows Buyer Bids to Autoliv, Key Safety Systems
TOSHIBA CORP: S&P Affirms 'B' CCR; Outlook Remains Negative


M O N G O L I A

MONGOLIA: Moody's Lowers Issuer Rating to Caa1; Outlook Stable


S O U T H  K O R E A

HANJIN SHIPPING: Sells Part of Pacific Business for KRW37BB


T A I W A N

TRANSASIA AIRWAYS: Suspends Flights Amid Financial Troubles


                            - - - - -


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


CASTLE TOURISM: First Creditors' Meeting Set for Nov. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Castle
Tourism and Entertainment Pty Ltd will be held at Level 15, 114
William St, in Melbourne, on Nov. 30, 2016, at 2:30 p.m.

Nathan Deppeler and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Castle Tourism on
Nov. 18, 2016.


GRACHT PTY: First Creditors' Meeting Set for Nov. 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of
Gracht Pty Ltd will be held at the Ocean International Hotel,
1 Bridge Road, in Mackay, Queensland, on Nov. 29, 2016, at
10:00 a.m.

Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Gracht Pty on Nov. 18, 2016.


MCALEESE LTD: Havenfresh Ends EGM Push After Board Overhaul
-----------------------------------------------------------
Daniel Palmer at The Australian reports that the shareholder at
the centre of a bitter battle within McAleese Ltd has agreed not
to press forward with a request for an extraordinary general
meeting after a board overhaul.

The Australian says the news precedes a crucial second meeting of
creditors next month that could force the company into
liquidation.

According to the report, McAleese agreed to call an EGM in
June after lead shareholder Havenfresh expressed its displeasure
at a controversial recapitalisation plan involving Hong Kong-
based fund SC Lowy, with the chief executive and former rich
lister Mark Rowsthorn in the firing line.

A vote slated for August 29 never proceeded after receivers
McGrathNicol were called in and opted against holding the
meeting, the report relays.

The Melbourne-based Mr. Rowsthorn vacated his board seat on
September 30, along with chairman Don Telford, leaving Gilberto
Maggiolo - who also serves as a director of Havenfresh - as the
lone remaining board member, the report says.

According to The Australian, McGrathNicol said at the time
Havenfresh nominees Harold Price and Maurice Smith would be
permitted to claim spots on the board, an option they eventually
took up on Nov. 18.

Ahead of that decision, however, Havenfresh had continued to
pressure McGrathNicol to reconvene the EGM, even pressing
shareholders to make their voices heard while reminding them
value been "decimated" under Mr. Rowsthorn's leadership, the
report says.

The Australian relates that a letter to shareholders urged them
to write to ASIC on the grounds Mr. Rowsthorn had not resigned as
a director from McAleese's subsidiaries.

The Havenfresh letter, obtained by The Australian, derided
Mr. Rowsthorn's actions as "extraordinary at the least", while it
also fired a broadside at his management of the company.

"We are surprised and perplexed as to why he considers himself to
be entitled to continue as director of those subsidiary companies
and why, in all the circumstances, the administrators would allow
that to happen," the October letter from Havenfresh's Antonio
Bosso read, The Australian relays.

"Need I remind you Mr. Rowsthorn was the managing director and
even now remains the chief executive of McAleese Limited while
our shareholder value was decimated."

The Australian notes that while the shareholder meeting issue has
now been resolved, there remains uncertainty around the future of
the business as McGrathNicol weighs the benefits of liquidation,
returning the business to the directors or accepting a fresh deed
of company arrangement from SC Lowy.

The receivers have planned a second meeting of creditors for
December, one that could determine the fate of the business, the
report says.

"Any final DOCA proposal received will be compared against
liquidation and all creditors will receive a detailed report
regarding the affairs of McAleese before the second meeting of
creditors, along with our recommendation on the options available
to creditors," The Australian quotes McGrathNicol as saying.

In the update, the receivers also said there had been interest in
asset sales within all four core business groups at McAleese,
although the auction of some business units will likely be
abandoned should the DOCA get approved, adds The Australian.

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

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


NEXTGEN NETWORKS: S&P Withdraws 'B+' Corporate Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it had withdrawn all ratings on
Nextgen Networks Pty Ltd. at the company's request.  At the time
of withdrawal, the long-term corporate credit rating on Nextgen
Networks was 'B+'.  In addition, the issue ratings on the
company's U.S. dollar term loan B and its Australian dollar
revolving credit facility were 'B+'.  The ratings were on
CreditWatch, where they had been placed with positive
implications on June 29, 2016.  The company has fully repaid the
term loan B facility.


PAYLESS SHOES: Collapses Into Voluntary Administration
------------------------------------------------------
Eloise Keating at SmartCompany reports that Payless Shoes has
collapsed into voluntary administration but its stores are
continuing to trade on a business as usual basis.

Payless Shoes was established in 1980 and survived a previous
voluntary administration three years ago. However, the 131-store
chain is once again in financial trouble, SmartCompany says.

Voluntary administrators from Ferrier Hodgson were appointed to
Payless Shoes Pty Ltd on Nov. 22, with Jim Sarantinos, James
Stewart and Peter Gothard appointed to manage the administration
process, SmartCompany discloses.

According to SmartCompany, Mr. Sarantinos said the administrators
are yet to determine the primary causes of the company's current
financial state, but immediately called for expressions of
interest from potential buyers to purchase the company as a going
concern.

Payless Shoes turns over approximately AUD75 million annually and
employs 870 employees.  SmartCompany says Mr. Sarantinos
confirmed all employees will continue to be paid by the
administrators and all employee entitlements are expected to be
paid in full.

The shoe retailer was previously placed in voluntary
administration in late 2012 and was sold to US company Payless
ShoeSource in early 2013, SmartCompany recalls. Prior to entering
administration the company was operating 220 stores, however,
this number was reduced to 150 as part of the restructure.


PUMPKIN PATCH: 1600 Jobs to go by February After No Buyer Found
---------------------------------------------------------------
Catie Low at The Sydney Morning Herald reports that more than
1,600 jobs at Pumpkin Patch will go by February after the
retailer's receiver failed to secure a buyer for the chain and
announced the immediate loss of more than 60 head office jobs in
Auckland.

Pumpkin Patch prices will be slashed immediately as receiver
Korda Mentha works to claw back as much as it can from the
brand's inventory before the shutters start to come down from
December, according to SMH.

The fire sale will run until February in some stores, however,
Korda Mentha said it was too early to say when individual stores
would close across Australia and New Zealand, SMH relates.

According to the report, receiver Brendon Gibson said all stores
would remain open until the end of December but the restructuring
of Pumpkin Patch's head office would occur immediately, resulting
in the loss of 63 jobs this week.

"Our focus since Pumpkin Patch entered receivership in October
was to sell the business as a going concern," the report quotes
Mr. Gibson as saying.  "Unfortunately, while the brand is
attractive, the business itself ultimately drew no interest at
the conclusion of the sale process.

"We now move to the next phase of the receivership, which is to
sell off stock and begin winding down the business."

In late October, Pumpkin Patch's management said there was
virtually no value left after discussions with its lender, ANZ
Bank New Zealand, faltered, SMH recalls.

SMH relates that in a statement at the time, chairman Peter
Schuyt and managing director Luke Bunt said despite the efforts
of the board and management, it had become evident that "no
solution" was available to the company to address its "over-
leveraged and significantly capital constrained position".

Pumpkin Patch posted a full-year loss of AUD15.5 million for
fiscal 2016, during which time its debt to lender ANZ increased
to AUD46 million from AUD39.1 million, the report discloses.

About 1,000 staff work in Pumpkin Patch's network of 117 stores
in Australia, and about 600 in its 43 New Zealand outlets, adds
SMH.

                        About Pumpkin Patch

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

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

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



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


AOXING PHARMACEUTICAL: Posts $392K Net Income for 3rd Quarter
-------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing net income of $391,757 on $7.56 million of sales
for the three months ended Sept. 30, 2016, compared to net income
of $1.34 million on $8.74 million of sales for the three months
ended Sept. 30, 2015.

As of Sept. 30, 2016, Aoxing had $58.77 million in total assets,
$40.25 million in total liabilities and $18.51 million in total
equity.

The Company's cash balance as of Sept. 30, 2016, was $7,055,974,
compared to $6,912,100 as of June 30, 2016.  Operations during
the three-month period ended Sept. 30, 2016, provided $134,939 in
cash, as compared to $390,145 cash provided by operations during
the three month period ended Sept. 30, 2015.  During this
reporting period, the Company did not make any major investment.

During the quarter ended Sept. 30, 2016, the Company had no major
financing activities, whereas during the quarter ended Sept. 30,
2015, the Company completed a public offering of stock and
warrants for net proceeds of $2,739,000 and borrowed $1,375,511
from related parties, a portion of which the Company used to
satisfy $1,148,507 in short-term debt.  On the balance sheet, the
decline in short-term borrowing and the increase in accrued
expenses and other current liabilities were mainly the result of
accounting reclassification.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/rDpqYt

                         About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products.  In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics.  The Company owns
95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of June 30, 2016, Aoxing had $56.2 million in total assets,
$38.2 million in total liabilities and $18.07 million in total
equity.


TIMES PROPERTY: Moody's Retains B1 CFR on Consent Solicitation
--------------------------------------------------------------
Moody's Investors Service says that Times Property Holdings
Limited's consent solicitation has no immediate impact on its B1
corporate family rating and B2 senior unsecured debt rating.

Times Property is seeking consent from the holders of its senior
notes due 2017, 2019 and 2020 to amend the terms of the notes.
The proposed amendments aim to increase the company's financial
flexibility, and relate to debt incurrence, restricted payments,
limitations on asset sales, limitations on transactions with
shareholders and affiliates, and provisions and definitions.

"The proposed amendments will provide Times Property with more
flexibility in its financial management by loosening restrictions
on its ability to raise debt," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer, and also the International
Lead Analyst for Times Property.

"However, we do not expect the loosening of these restrictions to
change the company's financial policies and profile to an extent
that would pressure its ratings," says Cindy Yang, a Moody's
Analyst and also the Local Market Analyst for Times Property.

Moody's expects Times Property's revenue to adjusted debt will
stay around 75%-80% over the next 12-18 months, and EBIT interest
coverage around 2.8x-3.0x over the same period.  These credit
metrics position the company within the parameters of a B1
corporate family rating.

Times Property's revenue in 1H 2016 increased 41% year-on-year to
RMB5.7 billion.  For the first 10 months of 2016, Times Property
achieved contracted sales of RMB24.0 billion, representing a
strong 73.4% year-on-year increase that should support revenue
growth over the next 1-2 years.

Times Property's maintained its gross margin at 26.3% in 1H 2016
and EBIT/interest coverage at 2.9x for the 12 months ending
June 30, 2016.

Its revenue/adjusted debt weakened to 77% for the 12 months to
June 2016 from 82% in 2015 because of its increased appetite for
lands, resulting in reported debt rising to RMB19 billion at end-
June 2016 from RMB16 billion at end-2015.

Times Property's liquidity position remains strong despite its
increased land investments.  Its cash balance of RMB9.35 billion
at end-June 2016 and strong contracted sales will enable it to
meet its short-term debt of RMB369 million over the next 12
months, as well as committed land premiums.

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

Times Property Holdings Limited is a small- to mid-sized property
developer based in Guangdong Province.  It focuses on meeting
end-user demand for mass-market housing.

At end-June 2016, it had 45 property projects across six cities
in Guangdong Province and Changsha city in Hunan Province.  Its
land bank totaled around 12.1 million square meters at end-June
2016.


WECAST NETWORK: Recurring Losses Casts Going Concern Doubt
----------------------------------------------------------
Wecast Network, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $2.15 million on $1.63 million of revenue for the three
months ended September 30, 2016, compared to a net loss of $2.33
million on $476,165 of revenue for the same period in 2015.

For the nine months ended September 30, 2016, the Company
recorded a net loss of $6.03 million on $4.38 million of revenue,
compared to a net loss of $6.58 million on $2.98 million of
revenue for the same period last year.

The Company's balance sheet at September 30, 2016, showed total
assets of $46.34 million, total liabilities of $7.29 million,
$1.26 million in convertible redeemable preferred stock, and a
stockholders' equity of $37.78 million.

For the nine months ended September 30, 2016 and 2015, the
Company incurred net losses of approximately $6.0 million and
$6.6 million, respectively, and cash used in operations was
approximately $7.9 million and $6.2 million, respectively.
Further, the Company had cash of $2.8 million and net current
liabilities of $7.0 million as of September 30, 2016, including a
$3.0 million convertible note due on demand with the maturity
date of December 31, 2016 and accumulated deficit of
approximately $92.2 million and $84.6 million as of September 30,
2016 and 2015, respectively, due to recurring losses since the
inception of business.

The Company must continue to rely on proceeds from debt and
equity issuances to pay for ongoing operating expenses in order
to execute its business plan.  Although the Company believes it
has the ability to raise funds by issuing debt or equity
instruments, additional financing may not be available to the
Company on terms acceptable to the Company or at all or such
resources may not be received in a timely manner.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

A full-text copy of the Company's Form 10-Q is available at:

                   https://is.gd/kGJPQE

Wecast Network, Inc., is a premium Video On Demand ("VOD")
service provider with primary operations in the People's Republic
of China. Wecast Network, through its subsidiaries and
consolidated variable interest entities, provides enhanced
premium content and integrated value-added service solutions for
the delivery of VOD and paid video programming to digital cable
providers, Internet Protocol Television ("IPTV") providers, Over-
the-Top ("OTT") streaming providers, mobile manufacturers and
operators, as well as direct to customers.



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


AFP MANUFACTURING: CRISIL Suspends 'B' Rating on INR62MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of AFP
Manufacturing Co. Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             53        CRISIL B/Stable
   Term Loan               62        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by AFP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFP is yet to
provide adequate information to enable CRISIL to assess AFP'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 and promoted by Mr. Anil Aggarwal, AFP
manufactures salted snacks (namkeen) and other ready-to-eat
snacks, including bakery items such as rusks, biscuits, sweets,
and confectionary products. The company has two units in Hajipur
(Bihar). AFP has been operating two restaurants, Shri Makhan and
Appointment, in New Delhi since 2010-11 (refers to financial
year, April 1 to March 31). It also undertakes catering orders
for multinational companies, to a limited extent. The company is
based in New Delhi.


ALASKA FABTECH: CRISIL Lowers Rating on INR130MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Alaska Fabtech Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             82.5      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Overdraft Facility      17.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit          20.0      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan              130.0      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects delays in payment of installment
due on term loan due to insufficient cash accrual.

The ratings also factor in small scale of operations amid intense
competition in the textile industry and weak financial risk
profile, marked by high gearing and low accrual. These weaknesses
are partially offset by the extensive industry experience of
AFPL's promoters.

AFPL, based in Derabassi (Punjab), manufactures terry towels,
bath robes, hooded towels, and children's bibs. It was
incorporated in 2011 to take over SR Industries Ltd. In April
2012, after all the legal formalities were completed, the new
management took over and renamed it AFPL.  Mr. Shankar Bansal
manages operations.


ASSAM TIMBER: CRISIL Reaffirms 'B' Rating on INR32.5MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Assam Timber
Store continue to reflect its below average financial risk
profile marked by high total outside liabilities to total net
worth (TOLTNW) ratio and debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            17.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50.0       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     32.5       CRISIL B/Stable (Reaffirmed)

The ratings also factor in ATS's modest scale of operations in
fragmented timber industry leading to low profitability and high
working capital requirements. These rating weaknesses are
partially offset by ATS's longstanding presence in timber
industry.

Outlook: Stable

CRISIL believes ATS's business risk profile will continue to
benefit from its long standing presence in timber industry. Its
financial risk profile will remain constrained over the medium
term on account of high TOLTNW and weak debt protection measures.
The outlook may be revised to 'Positive' in case of substantially
high increase in revenue and operating profitability leading to
higher accruals thereby leading to improvement in financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
there is more than expected increase in the firm's working
capital requirements or considerably low operating profitability
leading to further weakening in its financial risk profile.

ATS was incorporated in 1988, as a partnership firm between Mr.
Pradeep, Mr. Shambunath and Mr. Somnath. The firm is engaged into
trading and processing of timber logs, both softwood and
hardwood.

ATS reported a profit after tax (PAT) of INR1.1 million on sales
of INR114.4 million for 2015-16(refers to financial year, April 1
to March 31), as against a PAT of 1.2 million on sales of
INR132.7 million for 2014-15.


BROWNGOLD PAPER: CRISIL Suspends B- Rating on INR100MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Browngold
Paper Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      100       CRISIL B-/Stable

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

BPI, a partnership firm, was set up in 2013-14 to manufacture
kraft paper in Sibsagar (Assam). The manufacturing facility is
expected to commence operations in June 2016. The day to day
operations of the firm is being managed by Mr. Prasan Kumar
Agarwalla.


CALCOM CEMENT: CRISIL Suspends 'C' Rating on INR405.8MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Calcom
Cement India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest
    Term Loan              50.8      CRISIL C

   Proposed Long Term
   Bank Loan Facility      23.1      CRISIL C

   Term Loan              405.8      CRISIL C

   Working Capital
   Term Loan              134.5      CRISIL C

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

CCIL, incorporated in September 2004, manufactures Portland
Pozzolana Cement (PPC) cement. The company is in the process of
doubling its grinding capacity to 1.72 mtpa and also setting up a
clinker unit of 1 mtpa. CCIL was set up by the BK group, headed
by Mr. Binod Kumar Bawri. However, Dalmia Cement (Bharat) Ltd
acquired 50 per cent stake in the company in January 2012; this
stake was increased to 76 per cent in December 2012. Out of
remaining 24 per cent, 5 per cent is owned by the Government of
Assam, while is the rest is with the initial promoters.


DURGAPUR CHEMICALS: CRISIL Suspends 'D' Rating on INR407.9MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Durgapur Chemicals Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.1       CRISIL D
   Term Loan             407.9       CRISIL D

The suspension of ratings is on account of non-cooperation by DCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DCL is yet to
provide adequate information to enable CRISIL to assess DCL'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 1963, DCL manufactures chlor alkalis such as
caustic soda lye, chlorine, and its derivatives such as bleaching
powder, hydrochloric acid, and bottled hydrogen. These products
find application in paper, textiles, soaps and detergents, and
alumina industries. DCL is promoted and fully owned by the
Government of West Bengal. Since 2010, the director-in-charge,
Mr. Subrata Mukherjee, manages the company's daily operations.


GANESH AGRO: CRISIL Assigns B+ Rating to INR27.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities Ganesh Agro Industries - Nanded (Ganesh).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Rupee Term Loan        27.5      CRISIL B+/Stable
   Cash Credit            17.5      CRISIL B+/Stable
   Proposed Cash
   Credit Limit           15.0      CRISIL B+/Stable

The rating reflects the firm's early stage and small scale of
operations in the intensely competitive and highly regulated gram
processing industry. The rating also factors in a below-average
financial risk profile because of a weak capital structure. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of the promoters and proximity to a
pulse-growing belt.
Outlook: Stable

CRISIL believes Ganesh will continue to benefit from its
proximity to a pulse-growing belt. The outlook may be revised to
'Positive' in case of significant growth in revenue and
profitability, leading to higher cash accrual. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of low cash accrual, a stretched
working capital cycle, or any large, debt-funded capital
expenditure.

Ganesh was established in 2015, promoted by the Kotgire and
Achintalwar families. The firm processes toor dal (lentils). It
started operations from February 2016 and was operational for 45
days in fiscal 2016. Its manufacturing facility in Nanded,
Maharashtra, has a capacity of 25 tonne per day.


INFINITY FAB: ICRA Suspends B- Rating on INR5.69cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR5.69 crore long term fund based facilities of Infinity Fab
Engineering Company Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


KARO COILS: CRISIL Lowers Rating on INR86.5MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Karo Coils Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20.1      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan               86.5      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays in servicing instalment on term
loan. It also reflects delay of more than 30 days in paying
interest on cash credit limit; both the defaults are due to
insufficient cash accrual.

KCPL also has a weak financial profile because of high gearing
and subdued debt protection metrics, small scale of operations,
and customer concentration in revenue. However, the company
benefits from the extensive experience of its promoter in the
coil spring industry.

Incorporated in 2006, by Mr. Savmit Grover, KCPL manufactures
cold-formed coil springs at its facility in Bhivadi, Rajasthan,
which has an installed capacity of 300 tonne per month.


KTKP SARABARAHKARI: CRISIL Cuts Rating on INR48MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded KTKP Sarabarahkari and Babasayi Samitee
Himghar Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.8       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            43.8       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term     48         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Working Capital Loan    6.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Working Capital         3.9       CRISIL D (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

The downgrade reflects instances of delay in servicing principal
obligation on cash credit facility because of weak liquidity.

The ratings also reflect weak financial risk profile because of
modest capital structure and susceptibility to regulatory changes
and intense competition in the West Bengal cold-storage industry.
The company, however, benefits from the promoter's experience.

KTKP was incorporated in 1997 to provide cold storage facility to
potato farmers and traders. The company is promoted by  Mr.
Krishna Gopal Jena and has a facility in Hooghly, West Bengal.


KULJA INDUSTRIES: CRISIL Suspends B- Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kulja
Industries Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             60        CRISIL B-/Stable

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

KIL, promoted by the Solan-(Himachal Pradesh)-based Sharma
family, manufactures and supplies HDPE pipes, telecom ducts,
medium-density polyethylene (MDPE) pipes, duct pipes, drip
irrigation systems, and sprinklers. KIL has capacity to
manufacture 6120 tonnes of HDPE pipes per annum at Chamba Ghat,
Himachal Pradesh.


LAXMI COTTEX: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Laxmi Cottex
continues to reflect modest financial risk profile because of
high gearing, small networth and modest debt protection metrics.
The rating also factors in small scale of operations in the
fragmented and competitive cotton industry, and susceptibility to
regulatory changes.

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

These weaknesses are partially offset by experience or partners
and proximity to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes LC will continue to benefit over the medium term
from the partners' experience. The outlook may be revised to
'Positive' if significant increase in revenue leads to sizeable
cash accrual or capital structure improves because of capital
infusion. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, including liquidity, weakens owing to low
cash accrual, stretched working capital cycle or any large debt-
funded capital expenditure.

LC is a partnership firm engaged in cotton ginning, pressing of
cotton bales, and production of cotton seeds, cotton cakes, and
cotton seed oil. The firm has capacity of around 250 bales per
day. Mr. Mahesh Patel, Mr. Pravin Khunt, Mr. Harshad Viramgama,
Mr. Bhupat Kavathia and Mr. Sanjay Patel are the partners.


NATIONAL MINING: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
National Mining Company Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D
   Cash Credit             80        CRISIL D

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

NMCL undertakes coal mining for APMDCL. Mr. Sanjay Agarwal, Mr.
Bajarang Lal Agarwal, Mr. Ratan Sharma, Mr. Suresh Sharma, and
Mr. Vijay Vyas are NMCL's promoters


NIBBER CASTINGS: CRISIL Cuts Rating on INR120MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nibber Castings Pvt Ltd (NCPL; part of the Pritika group) to
'CRISIL B-/Stable' from 'CRISIL BB/Stable, and assigned its
'CRISIL A4' rating to the short-term facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Reassigned)

   Cash Credit            120        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Term Loan               35.4      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term       6.7      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that the financial risk
profile, particularly liquidity, will remain constrained by large
debt obligation and working capital-intensive operations.

Gross current assets were high at 230-240 days because of
inventory and receivables of 170-180 days and 50-60 days,
respectively, as on March 31, 2016. Inventory was large on
account of lower-than-expected sales to the tractor industry and
built-up in stock for future order book. Hence, working capital
limit was utilised at 99% on average over the 12 months ended May
2016. Dependency on bank borrowings will remain high due to
expected increase in scale of operations, because of revival of
end user industry, given that the accruals will go towards
repayment obligation.

Pritika group has below-average financial risk profile because of
a weak total outside liabilities to tangible networth ratio and
below-average debt protection metrics, large working capital
requirement, and customer concentration in revenue profile. It
however benefits from healthy operating margin due to integrated
operations, extensive experience of promoters, and established
relationship with tractor manufacturers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Pritika Industries Limited (PIL),
Pritika Autocast Pvt Ltd, and NCPL. This is because all the three
companies, together referred to as the Pritika group, are under a
common management, in the same business, and have significant
operational and financial linkages.
Outlook: Stable

CRISIL believes the Pritika group will continue to benefit over
the medium term from the extensive experience of its promoters
and established relationship with key customers. The outlook may
be revised to 'Positive' if the group's liquidity position
improves, most likely driven by substantial equity infusion, or
if the group achieves significant growth in its revenue while
maintaining its profitability, leading to considerable net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the Pritika group's revenue and operating margin decline, or its
working capital cycle stretches, impacting its financial risk
profile, particularly its liquidity.

The Pritika group was promoted by Mr. Raminder Singh Nibber and
his son, Mr. Harpreet Singh Nibber. Incorporated in 1996, PIL is
engaged in machining of automotive and tractor parts in Mohali
(Punjab). It was started as a partnership firm in 1973 with a
machine shop and was reconstituted as a company in 1996 to ensure
adequate sanctioning of bank lines. Incorporated in 1997, NCPL
has a foundry unit at Mohali, and is engaged in the casting of
automotive and tractor parts. PAPL, incorporated in 2005-06
(refers to financial year, April 1 to March 31), manufactures
automotive and tractor components at its facility in Bathri
(Punjab); it is an integrated unit, capable of both casting and
machining.


NIRANKAR COTTEX: ICRA Assigns B+ Rating to INR6cr Cash Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the cash
credit facility of INR6.00 crore and term loan facility of
INR5.00 crore of Nirankar Cottex.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-Term fund based
   Facility-Cash Credit       6.00      [ICRAB+; (Assigned)

   Long-Term fund based
   Facility-Term Loan         5.00      [ICRA]B+;(Assigned)

The rating takes into account the firm's moderate scale of
operations in a highly competitive and fragmented cotton ginning
industry, which is likely to keep its profitability levels low.
The rating also incorporates the firm's exposure to volatility in
prices of raw cotton that are subject to seasonality, crop
harvest and regulatory risks.

The rating also takes cognizance of the firm's high working
capital intensity owing to extended receivables that leads to a
moderately stretched liquidity profile. The rating also reflects
the partnership nature of the firm, wherein any significant
withdrawals from the capital account could affect its net-worth,
and thereby its capital structure.

The rating, however, favorably takes into account the healthy
revenues reported by the firm in FY2016, which was its first full
year of operations on the back of achievement of desired
operating parameters. The rating also favorably factors in the
prior experience of the partners in the trading of raw cotton,
cotton bales and other agro commodities ICRA also notes the
favorable location of the firm's manufacturing facility at Wardha
in Maharashtra, offering it easy access to quality raw cotton.
Going forward, the firm's ability to increase its scale, and
maintain adequate profitability, given the seasonality in the
business, volatility in prices of cotton bales, high competitive
intensity and high working capital requirement, will remain
critical to the credit metrics. Its ability to infuse funds to
trim debt and improve the capital structure will also remain
other credit rating sensitivities.

Nirankar Cottex was established as a partnership firm in 2014 and
started its operations from January 2015. NC is engaged in
ginning and pressing of raw cotton and extraction of oil and cake
from cotton seeds. The firm is jointly managed by the partners,
Mr. Rajesh Roopchand Katyari, Mr. Prakash Roopchand Katyari, Mr.
Pratap Chandrakant Thakur and Mr. Sanjay Chandrakant Thakur.

The firm's registered office and ginning unit are located at
Wardha in Maharashtra. The firm has an installed capacity to
process 172,800 quintals of cotton per annum, along with an oil
extraction capacity of 108,000 quintals per annum.

Recent Results:

NC recorded a net profit of INR0.11 crore on an operating income
of INR54.69 crore as per audited numbers for FY2016.


NORTH MALABAR: ICRA Suspends 'D' Rating on INR7.93cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D and the short
term rating of [ICRA]D assigned to INR7.93 crore bank lines of
North Malabar Educational & Charitable Trust. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the trust.


ONE UP: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facility of One Up
Minerals and Infrastructure Pvt Ltd.

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

The suspension of ratings is on account of non-cooperation by
OUMIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OUMIPL is yet
to provide adequate information to enable CRISIL to assess
OUMIPL'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 2012, OUMIPL trades in domestic coal. The company
is based in Ranchi. Its day-to-day operations are managed by Mr.
Deepak Rungta.


PLAST ALLOYS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Plast
Alloys India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable
   Term Loan                 5       CRISIL B+/Stable

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

PAIL, incorporated in 1992, is promoted by Mr. Hasmukh Jain. The
company manufactures PP compounds, which it sells under its own
brand, PREFIL. PAIL caters to Tier-I manufacturers of automobile
components and to the consumer durables industry. The company's
production facility in Bawal (Haryana) has a current installed
capacity of around 2000 kilograms per hour.


PRITIKA AUTOCAST: CRISIL Lowers Rating on INR210MM Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pritika Autocast Ltd (part of the Pritika group) to 'CRISIL
C/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

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

   Cash Credit             210       CRISIL C (Downgraded from
                                     'CRISIL A4+')

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

   Term Loan                14.1     CRISIL C (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects deterioration in liquidity, marked by
instances of delay in servicing its debt obligations (unrated
exposure) and almost fully utilized bank limits. Deterioration in
liquidity is due to large working capital requirements and
sizeable debt repayments. CRISIL believes that the liquidity will
remain weak over the medium term due to sizeable maturing debt.

Pritika group has below-average financial risk profile because of
a weak total outside liabilities to tangible networth ratio and
below-average debt protection metrics, large working capital
requirement, and customer concentration in revenue profile. It
however benefits from healthy operating margin due to integrated
operations, extensive experience of promoters, and established
relationship with tractor manufacturers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Pritika Industries Ltd (PIL), PAPL and
Nibber Castings Pvt Ltd. This is because all the three companies,
together referred to as the Pritika group, are under a common
management, in the same business, and have significant
operational and financial linkages.

The Pritika group is promoted by Mr. Raminder Singh Nibber and
his son, Mr. Harpreet Singh Nibber. Incorporated in 1996, PIL is
engaged in machining of automotive and tractor parts in Mohali
(Punjab). It was started as a partnership firm in 1973 with a
machine shop and was reconstituted as a company in 1996 to ensure
adequate sanctioning of bank lines. Incorporated in 1997, NCPL
has a foundry in Mohali and is engaged in casting of automotive
and tractor parts. PAPL, incorporated in 2006, manufactures
automotive and tractor components at its facility in Bathri,
Punjab. It is an integrated unit, capable of both casting and
machining.


RADHEY SHYAM: CRISIL Suspends D Rating on INR10MM New Bank Debt
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Radhey
Shyam Trading Co.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL D
   Warehouse Receipts      90        CRISIL D

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

RST was set up as a proprietorship firm by Mr. Shivcharan Bansal
in 2009. Based in Narela (New Delhi), it trades in rice and
paddy.


REAL STRIPS: CARE Lowers Rating on INR76.30cr LT Bank to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Real
Strips Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     76.30      CARE D Revised from
                                            CARE C

   Short-term Bank Facilities    46.50      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Real Strips Limited takes into account the on-going delays in
servicing of its debt obligations due to acute liquidity stress
faced by the company owing to cash losses incurred during FY16
(refers to the period April 1 to March 31) and H1FY17.

Promoted by Mr. A. K. Kataria, Mr. Arvindkumar Sanghvi,
Mr. Ugamraj M. Hundia and Mr. Prakashraj S. Jain, RSL is engaged
in the manufacturing of SS cold rolled (CR) coils & strips having
manufacturing facilities near Ahmedabad (Gujarat). Products
manufactured by RSL find application in automobile, food & dairy,
sugar, watch, pipes & tubes, utensils, furniture industry, etc.
Mr. Jain and Mr. Hundia, Joint Managing Directors, look after
day-to-day operations of the company.

Based on FY16 audited results, RSL registered a total operating
income (TOI) of INR193.52 crore (Rs.342.40 crore in FY15) with a
net loss of INR43.66 crore (net loss of INR4.92 crore in FY15).
Furthermore, during H1FY17, RSL reported a TOI of INR55.39 crore
with net loss of INR4.56 crore.


SANDEEP LEAD: ICRA Suspends B+ Rating on INR5.0cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.00 crore long term fund based facilities and the short
term rating of [ICRA]A4 assigned to the INR1.00 crore short term
non fund based facilities of Sandeep Lead Alloys (India) Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SBIW STEELS: CRISIL Suspends B+ Rating on INR42.7MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SBIW Steels Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         60        CRISIL A4
   Cash Credit            25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     42.7      CRISIL B+/Stable
   Term Loan              33        CRISIL B+/Stable

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

Incorporated in 2006, SBIW was promoted by Mr. Jagdish P Goel and
his family and friends. Its plant became operational in January
2010. It manufactures thermo-mechanically treated (TMT) bars from
billets. In June 2011, it entered into an exclusive job-work
contract with Steel Authority of India Ltd for conversion of
billets into TMT bars.


SHRIRAM WAREHOUSING: CRISIL Suspends B- Rating on INR112.4MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shriram Warehousing Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              112.4      CRISIL B-/Stable

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

SWPL, set up in 1983 by the Kolkata (West Bengal)-based Agarwal
family, is engaged in the warehousing business. The company
currently has one warehouse which has been leased to Whirpool
India Ltd, Berger Paints India Ltd, and J M Warehousing Pvt Ltd.
Its day-to-day operations are managed by Mr. Saurabh Agarwal and
his wife, Mrs. Gaurangi Agarwal.


SIDDHI VINAYAK: CRISIL Ups Rating on INR50MM Cash Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities
of Siddhi Vinayak Roller Flour Mills Private Limited to 'CRISIL
BB-/Stable' from 'CRISIL B+/Stable'.

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

   Proposed Long Term       20       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

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

The rating upgrade reflects CRISIL's belief that Siddhi Vinayak's
business risk profile will continue to improve with the increase
in operating income. In fiscal 2016, operating income was more
than CRISIL's expectation at INR 335 million, which led to more
than expected net cash accrual of Rs 8 million. Operating income
is expected to reach Rs 600 million in fiscal 2017 (Rs 300
million till September 2016) driven by stabilization of
operations.

The rating reflects the extensive experience of its promoters in
the wheat processing industry and comfortable debt protection
metrics and return on capital employed (RoCE). This strength is
partially offset by Siddhi Vinayak's nascent stage of operations
and susceptibility to volatility in raw material prices due to
changes in government policies.
Outlook: Stable

CRISIL believes Siddhi Vinayak will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of an increase in profitability
leading to more than expected cash accruals or improvement in
leverage and networth driven by equity infusion. The outlook may
be revised to 'Negative' if low revenue or profitability weakens
financial risk profile especially liquidity.

Siddhi Vinayak, established in April 2014 by Mr. Inder Sain Jain
and family, processes wheat to produce wheat flour, maida, suzi,
and bran. Its flour rolling mill is located in Delhi and has
installed grinding capacity of 150 tonnes per day. The company
started operations in April 2015.


SINGLA AND SINGLA: CRISIL Suspends 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Singla
and Singla.

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

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

SAS was originally set up as a proprietorship firm in 2008 by Mr.
Rajesh Singla in Sangrur (Punjab). In January 2010, the firm was
reconstituted as a partnership concern with Mr. Rajesh Singla's
son Mr. Deepak Singla, and his nephew Mr. Gagandeep Singla,
joining as partners. SAS trades in molasses, a by-product when
extracting sugar from sugarcane, used in the fermentation process
by distilleries; the firm also trades in broken rice.


SREE NARAYANA: ICRA Suspends 'B' Rating on INR9cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B to the INR9.0
crore term loan and fund-based facilities of Sree Narayana
Gurukulam Charitable Trust. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the trust.


SUNTON CERAMICS: CRISIL Lowers Rating on INR60.4MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sunton Ceramics Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term       9.6      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               60.4      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in SCPL's business risk
profile reflected in significant decline in topline in Fiscal
2016. Intense competition in wall tiles segment and temporary
closure of plant for modernization led to about 40% decline in
revenue estimated at Rs 115 million in Fiscal 2016 (Rs 188
million in previous year). Furthermore the revenue are expected
to record modest growth owing to increasing competition.
Operations are also highly working capital intensive, with
sizeable debtors. Financial risk profile remains below-average,
because of low networth and average capital structure and debt
protection metrics.

The ratings continue to reflect, large working capital
requirement, and susceptibility to intense competition and
volatile raw material prices. These rating weakness are partially
offset by the promoters' extensive experience in the ceramics
business, and healthy relationships with suppliers.
Outlook: Stable

CRISIL believes SCPL will continue to benefit from its promoters'
extensive experience and its established customer relationships.
The outlook may be revised to 'Positive' if substantial and
sustained increase in revenue and cash accrual strengthen
financial risk profile. The outlook may be revised to 'Negative'
if decline in revenue/cash accrual, stretch in working capital
cycle, or any large capital expenditure weakens the financial
risk profile especially liquidity.

SCPL, based in Morbi, Gujarat, was incorporated in 2013. The
company manufactures ceramic wall tiles (largely of sizes 12 x 18
and 12 x 12 inches) under the brand, Sunton, and has capacity of
30,000 tonne per annum.



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


TAKATA CORP: Narrows Buyer Bids to Autoliv, Key Safety Systems
--------------------------------------------------------------
David Welch and Jie Ma at Bloomberg News report that Takata Corp.
has honed in on bids from Autoliv Inc. and Key Safety Systems
Inc. as the air-bag maker behind the biggest auto safety recall
ever progresses toward a final round of negotiating a sale, said
people familiar with the matter.

The two bidders gained an edge because both have technical
expertise in air-bag systems and safety equipment and because
carmakers view them as able to lower costs and improve quality of
Takata parts, said two of the people, who all asked not to be
identified discussing the negotiations, Bloomberg relates. Takata
is working to find a buyer and finalize its restructuring plan by
year-end, the company said this month.

According to Bloomberg, Takata had three other bidders make it to
the most recent round of Takata's sale process: private equity
firm KKR & Co.; Bain & Co. and Daicel Corp. of Japan in a joint
pitch; and auto-parts supplier Flex-N-Gate Corp.  Bloomberg
relates that the sale process has been described as fluid, given
the complex nature of Takata's litigation, and any of the bidders
could come back. Flex-N-Gate has a record of integrating
acquisitions and could still return with a winning bid,
especially if there were antitrust concerns with another suitor,
one of the people said, Bloomberg relays.

Bloomberg notes that the eventual winner faces years of replacing
Takata air bags linked to at least 17 deaths and more than 100
injuries. The buyer will potentially be on the hook for recall
costs and other liabilities while having to ensure a stable
supply of replacement parts to automakers. Regulators have
ordered recalls scheduled through at least 2019 that could
eventually exceed 100 million air bags used by more than a dozen
automakers, including Honda Motor Co., Volkswagen AG and General
Motors Co.

Carmakers prefer Autoliv because it's larger and has more
resources to handle the recall, one of the people said. Key
Safety, which is owned by China's Ningbo Joyson Electronic Corp.,
makes air-bag inflators and has the kind of expertise that could
make a deal work, Bloomberg relays. A deal could still lead to
Takata seeking some form of bankruptcy protection in the U.S., an
option proposed by all bidders, people familiar with the
discussions said in October, according to Bloomberg.

Antitrust scrutiny may be one potential obstacle to Autoliv
because it's already the world's largest air-bag maker and would
end up with more than half the global market share, Bloomberg
relates citing people with knowledge of the talks. Key Safety is
the fourth-largest air-bag maker and would jump to No. 2,
according to Valient Market Research. For Key Safety, a win could
help it earn business from Japanese automakers.

Bloomberg adds that automakers have expressed their preference
for a manufacturer with track record of quality control and
operations in major markets over buyout firms because of concerns
that financial investors will focus on short-term returns over
offering a long-term solution to the global air-bag supply,
people familiar have said.

Citing an October report by Bloomberg News, the Troubled Company
Reporter-Asia Pacific said Takata reportedly hired law firm Weil
Gotshal & Manges LLP to help it weigh options that could include
bankruptcy or a sale, according to people with knowledge of the
matter.  Bloomberg said Takata is evaluating at least five bids
as it confronts the potentially massive cost of recalling 100
million faulty airbag inflators worldwide and lawsuits tied to at
least 16 deaths and numerous injuries.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


TOSHIBA CORP: S&P Affirms 'B' CCR; Outlook Remains Negative
-----------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit and 'BB-' senior unsecured debt ratings on
Japan-based diversified electronics company Toshiba Corp.  S&P
also affirmed its 'B' short-term corporate credit and commercial
paper ratings on Toshiba.  The outlook on the long-term ratings
remains negative.

Toshiba achieved an operating profit for the first time in two
years in the first half of fiscal 2016, making a JPY96.8 billion
profit compared with a JPY89.1 billion operating loss a year
earlier, thanks to strong sales of mainstay flash memory in its
storage business.  The company revised upward its operating
profit forecast for the entire fiscal 2016 to JPY180 billion from
JPY120 billion.  (The company reported a JPY708.7 billion
operating loss in fiscal 2015.)  However, S&P is not confident in
the company's ability to continue to grow its earnings or to
sustain profit contributions from its storage and electronic
devices solutions business.  The business' sales of NAND flash
memory for smartphones and data centers have been robust, but the
risk of sudden changes in demand for such semiconductors and in
foreign currency exchange rates makes these earnings highly
volatile.  In addition, the company faces intense competition for
orders and sales in its core energy system and solutions, and
infrastructure systems and solutions businesses, increasing its
difficulty in securing stable profits as it did in the past.
Furthermore, the company plans JPY60 billion in spending to
restructure businesses in difficulty, such as visual products and
energy transmission and distribution systems.  Accordingly, S&P
expects a full recovery of overall profitability to take a long
time.  Considering all these factors, S&P views the company's
EBITDA margin as likely to remain under 8%.  Consequently, S&P
evaluates the company's business risk
profile as fair.

Key financial indicators for Toshiba, including ratios of its
funds from operations (FFO) to debt and debt to EBITDA, are
likely to remain weak in the next year or two, in S&P's view.
Because the company plans JPY300 billion-JPY350 billion a year in
investment for growth, mainly for three-dimensional NAND flash
memory, S&P estimates the company's free cash flow (FCF) will
turn marginally negative this fiscal year.  Nevertheless, S&P
expects the company to maintain close ties with major creditor
banks and relatively stable financing.  Consequently, S&P
continues to evaluate the company's financial risk profile as
aggressive.

In addition, S&P continues to consider Toshiba's access to
financial markets as restricted.  For this reason, a heavy debt
burden and extremely vulnerable shareholders' equity constrain
S&P's evaluation of the company's creditworthiness.

S&P assumes these in its base-case scenario:

   -- Japan's real GDP will grow 0.7% in 2016 and 1.0% in 2017;

   -- Toshiba's accumulated other comprehensive losses are
      unlikely to grow;

   -- The company will not book huge restructuring costs or
      suffer any asset devaluations or valuation losses;

   -- No major issues will arise in managing working capital or
      costs for its energy and infrastructure systems and
      solutions businesses, which have already received orders;

   -- Annual capital expenditures will total JPY300 billion-
      JPY350 billion, and no major asset sale is planned; and

   -- Major creditor banks will maintain their supportive
      attitudes.

Under this base-case scenario, S&P assumes major financial
indicators for Toshiba will be as:

   -- Operating profit of JPY160 billion-JPY180 billion and a 6%-
      7% EBITDA margin in fiscal 2016;

   -- Net profit of about JPY140 billion in fiscal 2016; and

   -- Marginally negative FCF in fiscal 2016, due to increased
      investment.

"We assess Toshiba's liquidity as less than adequate.  We
estimate the company's liquidity sources will remain below 1.2x
uses over the next 12 months because of the company's heavy
financial burden to service its debt and make investments.  In
addition, the company is likely to continue to face liquidity
constraints because of heavy bank borrowing for funding, in our
view," S&P said.

S&P's long-term senior unsecured debt rating remains two notches
higher than its long-term corporate credit rating on Toshiba.
This reflects S&P's view that the probability of default in
Toshiba's long-term senior unsecured bonds is lower than that in
its bank borrowings because any default is somewhat likely to
take the form of debt forgiveness by banks.  S&P bases this view
on its expectation that Toshiba's main creditor banks will
maintain their supportive stance toward Toshiba.

The negative outlook reflects S&P's view that a higher investment
burden will slow a recovery in Toshiba's profitability and that
the trend in equity and foreign exchange markets could materially
impair already weak shareholders' equity.  S&P thinks stabilizing
Toshiba's position will require sustainable improvements in
profit in fiscal 2017 and onward.  However, S&P sees strong
uncertainties of such a scenario eventuating.

S&P will consider downgrading Toshiba if the company's
performance deviates materially from S&P's base-case scenario,
its profits don't continue to improve, and as a result S&P sees a
higher likelihood of material impairment in shareholders' equity.
Specifically, S&P will consider downgrading Toshiba if the
company logs large additional expenses to restructure its core
businesses; working capital difficulties generate large negative
FCF; or problems develop in the company's liquidity, such as less
supportive attitudes among its major creditor banks.

To revise the rating outlook upward to stable, S&P would need to
see shareholders' equity enhanced through generation of stable
operating profits from core businesses and a steady recovery of
bottom-line profit.  In addition, S&P would need to see the
company maintain FCF to reduce debt and significantly improve its
cash flow indicators.



===============
M O N G O L I A
===============


MONGOLIA: Moody's Lowers Issuer Rating to Caa1; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded Mongolia's government
long-term issuer and senior unsecured ratings to Caa1 from B3 and
the senior unsecured MTN rating to (P)Caa1 from (P)B3 as well as
affirming the NP short-term issuer rating.  A stable outlook was
assigned concluding the review for downgrade opened on Aug. 26,
2016.

Moody's decision to downgrade Mongolia's issuer and bond ratings
to Caa1, from B3, is driven by these factors:

1. Heightened uncertainty regarding the government's ability to
    meet its direct and indirect debt service obligations over
    the next two years and to shore up Mongolia's external
    liquidity

2. Moody's expectation that the budget deficit will remain wider
    for longer than previously expected, which, combined with a
    weaker growth outlook in the coming 2 years, will raise the
    government's debt burden to elevated levels

The stable outlook reflects Moody's view that different factors
potentially affecting Mongolia's credit profile are broadly
balanced.

Moody's has today maintained the local-currency bond and deposit
ceilings at Ba3.  The long-term foreign currency deposit ceiling
is revised to Caa2 from Caa1, while the foreign currency bond
ceiling is also revised to B3 from B1.  All short-term foreign
currency ceilings remain at Not Prime.  These ceilings act as a
cap on ratings that can be assigned to the foreign- and local-
currency obligations of entities domiciled in the country.

                         RATINGS RATIONALE

DETAILED RATIONALE FOR DOWNGRADE TO Caa1

Moody's review period started as a very sharp increase in
government financing needs had become apparent.  The
deterioration in these metrics has raised domestic and external
liquidity pressures and exacerbated the sovereign's already high
exposure to a reversal in investor sentiment.  Moody's review
focused on assessing the government's plans to address the
worsening fiscal position, and their impact on growth and
external liquidity.

Moody's has concluded that the government's fiscal strength, and
the Mongolian economy's external position, have deteriorated
significantly.  Short-term external liquidity risks have
increased further during the review period and will remain
elevated.  To meet its obligations, the government is reliant on
securing external finance from a combination of multilateral and
bilateral sources, the availability of which is not ascertained.

While Moody's recognizes that the authorities have made progress
in recognizing off-budget spending and defining transparent,
short- and medium-term corrective actions, Moody's expects that
Mongolia's debt metrics will continue to deteriorate in the next
two years while fiscal challenges will be compounded by a sharp
slowdown in economic growth which places further pressure on the
fiscal and external positions.

The downgrade to Caa1 reflects the uncertainties surrounding the
government's ability to deal, quickly, with multiple challenges
in order to service its own direct and indirect obligations and
to avoid a balance of payments crisis.

First Driver: Uncertainty on the government's capacity to
refinance upcoming obligations and shore up external liquidity.

The review period has provided further clarity on the
government's means to address the acute fiscal challenges and on
the extent of short-term rollover risks.

Short-term liquidity pressures are acute.  It is likely that the
government will have to support the Development Bank of Mongolia
LLC in meeting a payment of $580 million due in March 2017 on
debt guaranteed by the government.  Overall, the government faces
over $0.8 billion in external debt service obligations in 2017,
or 7.5% of GDP.  Refinancing these debt service obligations would
compound the government's already high reliance on market debt,
in an environment in which demand for its debt has fallen and
interest costs have risen.

This comes at a time when gross borrowing requirements have
considerably increased.  Despite significant fiscal tightening
being implemented, Moody's expects that the government's
financing needs will remain elevated in 2017, as they include the
financing of a fiscal deficit that Moody's expects at around 12%
of GDP, after 19.5% in 2016.  Financing of the deficits and
repayments of existing government debt will push the government's
gross borrowing requirements to more than 26% of GDP in 2016, and
more than 20% of GDP still in 2017.  These are amongst the
highest gross borrowing requirements amongst the sovereigns rated
by Moody's.

The relatively high share of foreign-currency debt among maturing
market debt will exacerbate already severe external pressures,
with falling foreign exchange reserves posing further risks to
the government's own liquidity position.  Reserves have fallen to
a 7-year low of $1.1 billion as of September 2016 (with unrefined
gold and the unutilized portion of a swap line with China's
central bank being additional sources of liquidity) and remain
under pressure.  The current account deficit has widened and we
project it to amount to $1.5 billion (13.1% of GDP) in 2017,
while we estimate that Mongolia has $3.4 billion in short-term
external debt and long-term debt maturing in 2017 although this
includes the swap line with China, which is likely to be rolled
over.

The sustainability of Mongolia's external payments position will
depend on the government's capacity to secure further bilateral
and multilateral funding and roll over existing obligations.
Mongolia receives assistance in the form of a swap line extended
by the People's Bank of China, while the prospect of IMF support
could catalyze further lending by international and bilateral
institutions.  However, it remains unclear whether the
authorities will be able to unlock enough funding to meet their
large and immediate external financing needs.

Such financing needs will impose strains on the domestic banking
system, too.  Mongolian banks have already seen their liquidity
and asset quality profiles deteriorate.  Tighter liquidity is
reflected in a gradual increase in the system's foreign currency
loan-to-deposit ratio, while the ratio of non-performing loans is
relatively high, at 8.6% as of June.

Second Driver: Higher debt burden and weaker debt affordability,
expected to continue well into 2017, compounded by lower growth
prospects.

Mongolia's core economic and fiscal fundamentals have worsened
materially and are no longer commensurate with those of B-rated
countries.  Based on the government's supplementary budget for
2016, Moody's now expects the budget deficit will reach 19.5% of
GDP from just 5% of GDP in 2015, the largest in Moody's sovereign
rating universe.  This, along with the crystallization of
contingent liabilities, is likely to increase the government debt
burden to 81% of GDP from 53.6% of GDP in 2015.  Combined with
weaker GDP growth, Moody's anticipates further increases in the
government's debt burden to around 90% of GDP by 2018, markedly
higher than most B-rated sovereigns.

Despite the authorities' commitment to fiscal consolidation,
including through the cancellation of welfare programs and a
detailed economic stabilization plan, reversal of the
particularly steep fiscal deficit in 2016 will take many years.
With limited room to cut spending or generate revenues until
mining production and exports significantly ramp up, deficits
will remain in double digits in 2017 and 2018.

Meanwhile, real GDP growth will be lower than previously
envisaged in 2016 and 2017, driven by lower private consumption
reflecting fiscal consolidation and monetary tightening, and a
decrease in net exports in 2017 as a result of lower grade
concentrates produced by the Oyu Tolgoi (OT) mine.  Real growth
was -1.6% from January to September 2016 and Moody's expects it
to pick up only slightly in 2017.  Nonetheless, Moody's still
expects mining-related Foreign Direct Investment (FDI) to recover
and lead to a material pick-up in growth from 2018 onwards,
culminating with the coming on stream of Oyu Tolgoi Phase 2.

                   RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects a fine balance between potentially
different outcomes, one of which could improve Mongolia's credit
profile, while the other could further undermine it.

On the one hand, success in securing bilateral and multilateral
support would stabilize the government's liquidity position and
the economy's external position for a period, providing the
government with time to address the decline in its fiscal
strength until mining output comes on stream and supports growth
and the government's finances.  Mongolia's natural resources
wealth is largely untapped and, if effectively harnessed could
generate very strong GDP growth in the medium to long term.  In
turn, as the country's growth potential is realized, government
revenues would rise sharply and the government's debt burden
would fall, possibly at a rapid pace.

On the other, failure to secure financing, particularly in the
context of a further deterioration in growth and debt dynamics,
would raise the risks of a balance of payments crisis and debt
restructuring.  With uncertainty about the impact on growth of
the marked fiscal and monetary tightening currently implemented,
market financing may only be available at very high costs for the
government, leading to further liquidity and external
constraints.

                  WHAT COULD MOVE THE RATINGS UP

Upward pressure on the rating could build if the government is
able to rollover short-term obligations and secure concessional
financing to finance its deficit, combined with fiscal
consolidation measures that place government debt on a downward
trend in the near to medium term.  These developments would be
accompanied by a rebound in international reserves and increased
certainty about the government's ability to meet public-sector
debt repayments.

                  WHAT COULD MOVE THE RATINGS DOWN

The rating may come under additional downward pressure if the
government's ability to service its debt worsens, or it faces
challenges in rolling over maturing debt.  Continued pressure on
foreign exchange reserves may also trigger a negative rating
action.  These risks would likely arise if the government fails
to secure sufficient support from multilateral and bilateral
donors.

  GDP per capita (PPP basis, US$): 12,179 (2015 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 2.4% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 1.9% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -5.0% (2015 Actual) (also
  known as Fiscal Balance)
  Current Account Balance/GDP: -4.8% (2015 Actual) (also known as
   External Balance)
  External debt/GDP: 185.6% (2015 Actual)
  Level of economic development: Low level of economic resilience
  Default history: At least one default event (on bonds or loans)
   has been recorded since 1983.

On Nov. 16, 2016, a rating committee was called to discuss the
rating of the Mongolia, Government of.  The main points raised
during the discussion were: The issuer's institutional strength,
including its debt profile, has materially increased.  The
issuer's susceptibility to event risks has materially increased.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



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


HANJIN SHIPPING: Sells Part of Pacific Business for KRW37BB
-----------------------------------------------------------
Reuters reports that Hanjin Shipping Co Ltd said on Nov. 22 it
decided to sell part of its container ship business to Korea Line
Corp for KRW37 billion ($31.38 million).

Korea Line will buy Hanjin's Pacific routes shipping business,
relevant client management information, units in seven countries
including the United States, China and Vietnam, as well as assets
and manpower related to logistics systems, Hanjin said in a
regulatory filing, Reuters relays.

Reuters adds that Hanjin said the sale, which will be completed
on Jan. 5, 2017, is to secure funds to pay off creditors.

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

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

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

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

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

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



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


TRANSASIA AIRWAYS: Suspends Flights Amid Financial Troubles
-----------------------------------------------------------
Nikkei Asian Review reports that Taiwanese regional carrier
TransAsia Airways will suspend trading and flights on Nov. 22
amid speculation that the company has run into financial troubles
after two crashes in July 2014 and February 2015.

Nikkei relates that the airlines said in a statement on Nov. 21
that it would halt flights on all routes for a day on Nov. 22,
but declined to offer any further details on its finances. The
Taiwan Stock Exchange said shares of the carrier will stop
trading from Nov. 22 "as the company has some material
information to announce."

After a day of chaos during which TransAsia declined repeatedly
to clarify its financial position, the company eventually
announced on the evening of Nov. 21 that it would hold a press
conference the next day, says Nikkei.

TransAsia shares shed more than 7% to close at NT$5.2 on Nov. 21,
the report discloses.

TransAsia is Taiwan's third largest airlines after China Airlines
and Eva Airways. It mainly operates routes to China and Japan and
also flights between mainland Taiwan and some outer Taiwanese
islets.

According to Nikkei, the airline's reputation was damaged after
it suffered two major crashes that led to 91 deaths in less than
a year. Taiwan's Aviation Safety Council later blamed both
crashes on pilot errors.

Nikkei says the first accident happened in heavy rain near Magong
Airport on the outer Taiwanese island of Penghu on July 23, 2014,
killing 48 and injuring another 10.

The second accident happened when a TransAsia aircraft clipped a
bridge in Taipei and crashed into the Keelung River on Feb. 4,
2015, leaving 43 people dead and 14 injured.

Following the tragedies, TransAsia lost NT$1.15 billion
($36.06 million) in 2015. Its losses deepened this year, bleeding
more than NT$2.2 billion in the first nine months, Nikkei
discloses.



                             *********

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
to be reliable, but is not guaranteed.

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



                 *** End of Transmission ***