TCRAP_Public/161125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, November 25, 2016, Vol. 19, No. 234

                            Headlines


A U S T R A L I A

360 JOINERY: First Creditors' Meeting Set for Dec. 2
AQUATIC NO 4: First Creditors' Meeting Slated for Dec. 2
BIS INDUSTRIES: Loan Defaults seen likely by Christmas
CPW SERVICES: First Creditors' Meeting Set for Dec. 2
GGA FRANCHISING: First Creditors' Meeting Set for Dec. 2

GRG INTERNATIONAL: First Creditors' Meeting Slated for Dec. 1
PIE FACE: Closes All Company-Owned Stores Ahead of Possible Sale
TODAY'S HOMES: First Creditors' Meeting Scheduled for Dec. 1
TZ LIMITED: Former Director Found Guilty of Dishonest Conduct


C H I N A

DELTA TECHNOLOGY: Centurion ZD CPA Raises Going Concern Doubt
JIANGSU HANRUI: Fitch Assigns 'BB+' Rating to Sr Unsecured Notes


H O N G  K O N G

DAH SING: Fitch Assigns BB+ Perpetual Jr Subordinated Debt Rating


I N D I A

AMAR GINNING: CRISIL Reaffirms B+ Rating on INR67.5MM Cash Loan
AMBICA IRON: CRISIL Suspends 'B+' Rating on INR60MM Cash Loan
AMIT BUILDWELL: ICRA Reaffirms 'B+' Rating on INR6cr LT Loan
ANNAPURNA CONSTRUCTIONS: CRISIL Reaffirms B+ Cash Credit Rating
BABBAR AGRO: CRISIL Hikes Rating on INR55MM Cash Loan to B-

BHAGATJEE STEELS: CRISIL Suspends 'B' Rating on INR161.5MM Loan
COTTON BLOSSOM: CRISIL Suspends B+ Rating on INR637MM Cash Loan
DOLPHIN OFFSHORE: CRISIL Cuts Rating on INR750MM Loan to 'B'
GANESH GINNING: CRISIL Suspends 'B+' Rating on INR18.5MM Loan
JAJOO SURGICAL: CRISIL Suspends B+ Rating on INR35MM Cash Loan

JAYASWAL NECO: ICRA Assigns 'D' Rating to INR3,086.70cr Loan
KALINGA PACKERS: CRISIL Suspends B+ Rating on INR35MM Term Loan
KANDUKURI INDUSTRIES: ICRA Reaffirms B+ Rating on INR11.8cr Loan
KARUN RICE: ICRA Reaffirms 'B' Rating on INR6.5cr Cash Loan
KINGFISHER AIRLINES: High Court Enters Winding Up Order

KISAN MOULDINGS: CRISIL Cuts Rating on INR1.07BB Loan to 'D'
KTC THREADS: ICRA Suspend B/A4 Rating on INR14.55cr Loan
LAKSHMANAN ISOLA: ICRA Reaffirms B- Rating on INR7.75cr Loan
M. NAGI: CRISIL Reaffirms B- Rating on INR100MM Overdraft Loan
MAHARSHEE GEOMEMBRANE: CRISIL Cuts Rating on INR60.3MM Loan to D

MAITHAN ISPAT: ICRA Assigns 'C' Rating to INR357.66cr Loan
MUKESH BALVANTRAI: Ind-Ra Assigns 'IND BB' LT Issuer Rating
ORGANIC COATINGS: CRISIL Cuts Rating on INR45MM Cash Loan to B
OSHINA EXPO: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
P. VENKATESWARA: CRISIL Cuts Rating on INR80MM Bank Loan to 'D'

PATWARI STEELS: ICRA Assigns 'D' Rating to INR1.17cr Loan
RADHE KRISHNA: ICRA Suspends B+ Rating on INR4.90cr Cash Loan
RAMKY PHARMA: ICRA Withdraws C+ Rating on INR15cr Bank Loan
RECKON DIAGNOSTICS: CRISIL Suspends B- Rating on INR46MM Loan
RURAL INSTITUTE: CRISIL Hikes Rating on INR103.4MM Loan to 'B'

S.R.S. EXPORTS: ICRA Reaffirms B+ Rating on INR2.0cr LT Loan
SAMARTH DEVCON: ICRA Suspends 'B' Rating on INR15cr Bank Loan
SANJAY INDUSTRIAL: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
SASI EDUCATIONAL: CRISIL Suspends B- Rating on INR85MM LT Loan
SAVITON LIVING: ICRA Suspends B+ Rating on INR10.75cr Loan

SAVITON METPLAST: ICRA Suspends B+ Rating on INR7.74cr Loan
SAVITRI STEELS: CRISIL Assigns B+ Rating to INR180MM Cash Loan
SHAKTHI KNITTING: Ind-Ra Cuts LT Issuer Rating to 'IND BB+'
SHANKU'S BIOSCIENCES: ICRA Suspends B+/A4 INR8.11cr Loan Rating
SHREE GEETA: ICRA Revises Rating on INR43.46cr LT Loan to 'B'

SHRESHT INDUSTRIES: CRISIL Ups Rating on INR110MM Loan to BB-
SHRSHREE BHAGWATI: CRISIL Reaffirms 'B' Rating on INR60MM Loan
SPEED AUTOTECH: CRISIL Suspends 'D' Rating on INR87.7MM Loan
SREE RAJESWARI: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
SUKRITHA BUILDMANN: ICRA Assigns B+ rating to INR30cr Term Loan

SUNMARK CERAMIC: ICRA Suspends 'B' Rating on INR5.58cr Loan
SUNNY STAR: CRISIL Suspends B+ Rating on INR149.8MM Term Loan
SUVARNA LAKSHMI: ICRA Reaffirms B+ Rating on INR18cr LT Loan
TARINI MOTORS: ICRA Reaffirms 'B+' Rating on INR3.25cr Loan
TIRUMALA COMPRINTS: CRISIL Reaffirms B+ Rating on INR82.5MM Loan

TML INDUSTRIES: CRISIL Reaffirms FB+ Fixed Deposits Rating
TRIDENT METAL: CRISIL Suspends B- Rating on INR67.7MM Term Loan
USHA SPINNERS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
VIBRANT CONTENT: CRISIL Reaffirms B+ Rating on INR218.5MM Loan
VIZEBH COMPOSITECH: CRISIL Suspends 'B' Rating on INR172.3MM Loan


M O N G O L I A

MONGOLIA: Fitch Cuts LT Currency Issuer Default Ratings to 'B-'


N E W  Z E A L A N D

HANSA LTD: Court Placed Company Into Liquidation
PUMPKIN PATCH: Workers' Insurance Premiums Not Paid, Union Says


                            - - - - -


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A U S T R A L I A
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360 JOINERY: First Creditors' Meeting Set for Dec. 2
----------------------------------------------------
A first meeting of the creditors in the proceedings of 360
Joinery Pty. Ltd. will be held at the offices of PKF Melbourne,
Level 13, 440 Collins Street, in Melbourne, on Dec. 2, 2016, at
11:30 a.m.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne
were appointed as administrators of Joinery on Nov. 22, 2016.


AQUATIC NO 4: First Creditors' Meeting Slated for Dec. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Aquatic
No 4 Pty Ltd (formerly VTS IT Pty Ltd) will be held at Jones
Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, NSW, on Dec. 2, 2016, at 9:30 a.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Aquatic No 4 on Nov. 22, 2016.


BIS INDUSTRIES: Loan Defaults seen likely by Christmas
------------------------------------------------------
Bridget Carter at The Australian reports that a stand-off is
understood to be unfolding at Kohlberg Kravis Roberts owned Bis
Industries surrounding an up-coming loan repayment due by
Christmas, as the mining services company continues to fight for
survival.

It is understood that the group may default on loans to two
lenders -- said to be Taiwan Bank and Aozora Bank and worth about
AUD70 million -- by the end of the year, The Australian says.

While the group has working capital available to pay the loans,
the concern is that legal action will be taken by other lenders,
according to the report.

Bis has declined to comment.

The Australian says the mining services group battling to survive
amid tough conditions in the resources industry and wrestling
with loans worth about $1bn.

Fort Street and PPB are advising Bis, while Moelis is advising
its lenders, the report notes.

Recently, Japanese lender Mizuho Bank sold about AUD50 million of
debt for about 68c in the dollar to Metrics, despite restrictions
from lenders trading their loans imposed by KKR, The Australian
relates.  However, the restrictions did not apply to banks
already in the syndicate.

The price was lower than the 73c that Macquarie and CarVal
Investors paid two years ago, adds The Australian.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2016, The Australian said KordaMentha is the latest
advisory firm to emerge around the Kohlberg Kravis Roberts' BIS
Industries situation, as analysts are warning that the distressed
mining services provider is increasingly at the mercy of its
syndicate of at least 20 lenders, owed about AUD1 billion.

According to The Australian, the restructuring and insolvency
firm is working alongside boutique investment bank Moelis and law
firm Gilbert + Tobin for KKR via its subsidiary, as PPB and Fort
Street Advisers help the lenders.

BIS Industries specializes in custom off-road heavy haulage
services for the mining industry.


CPW SERVICES: First Creditors' Meeting Set for Dec. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CPW
Services WA Pty Ltd, trading as CPW Services WA, will be held at
HLB Mann Judd (Insolvency WA), Level 3, 35 Outram Street, in West
Perth, on Dec. 2, 2016, at 1:30 p.m.

Kimberley Wallman of HLB Mann Judd was appointed as administrator
of CPW Services on Nov. 22, 2016.


GGA FRANCHISING: First Creditors' Meeting Set for Dec. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of GGA
Franchising Pty Ltd will be held at the Boardroom of Chifley
Advisory, Suite 3.04, Level 3, 39 Martin Place, in Sydney, on
Dec. 2, 2016, at 3:00 p.m.

Gavin Moss and Trent Aaron McMillen of Chifley Advisory Pty Ltd
were appointed as administrators of GGA Franchising on Nov. 22,
2016.


GRG INTERNATIONAL: First Creditors' Meeting Slated for Dec. 1
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of GRG
International Limited will be held at the offices of Jirsch
Sutherland, Melbourne, Level 12, 460 Lonsdale Street, in
Melbourne, on Dec. 1, 2016, at 10:00 a.m.

Glenn Anthony Crisp of Jirsch Sutherland was appointed as
administrator of GRG International on Nov. 21, 2016.


PIE FACE: Closes All Company-Owned Stores Ahead of Possible Sale
----------------------------------------------------------------
Emma Koehn at SmartCompany reports that receivers have closed 11
of Pie Face's remaining company-owned stores after being
appointed to one of the company's entities late last month, and
the group could be facing a new owner in the near future with a
number of parties expressing interest to receivers as part of a
tender process for the business.

It is the latest development in a checkered two years for the Pie
Face group, which was operating 70 company-owned and franchised
stores when it fell into voluntary administration in 2014, the
report says. The business was restructured and emerged from
voluntary administration in early 2015 with around 50 stores, but
it now has just 28 franchised outlets.

On October 31, receivers from insolvency firm O'Brien Palmer were
appointed to one of the embattled food chain's entities, Pie Face
Pty Ltd. The appointment was made by the business' primary
funder, TCA Global Credit Master Fund, according to The
Australian.

The receivers told SmartCompany on Nov. 24 there are now no
company-owned Pie Face stores in operation after 11 "loss-making
company owned stores" were closed after their appointment.

A notice lodged with the Australian Securities and Investments
Commission on November 23 shows Pie Face Pty Ltd entered
liquidation on November 18, the report discloses.

Liquidator Sule Arnautovic of Jirsch Sutherland, who oversaw the
voluntary administration of the chain in 2014, told SmartCompany
Pie Face Pty Ltd was the main employing and trading entity of the
Pie Face Group, however there are two other entities of the group
that are not affected by the winding up of the company.

"Pie Face Holdings Pty Ltd (holding company where most the assets
are owned) and Pie face Franchising Pty Ltd (where most
franchisees are involved with) are not in insolvency and [are]
under control of the Board of Directors," Mr. Arnautovic said.

Receivers O'Brien Palmer confirmed to SmartCompany the Pie Face
business is continuing to trade but said they anticipate their
appointment will be extended to the rest of the Pie Face Group at
some time. If this takes place, O'Brien Palmer will be co-
ordinating a sale or tender process for the group as whole.

"It is correct that we anticipate the extension of the
appointment to the whole of the group at some time, either to
secure the businesses or to effect a transfer in due course," the
report quotes O'Brien Palmer partner Liam Bailey as saying.

Mr. Bailey told SmartCompany the now franchise-only business,
which recently brought on a new senior management team including
Bruce Feodorhoff as chief executive and Michael Craig as chief
financial officer, has "good prospects and is developing growth
opportunities".

"And we have to date received expressions of interest from a
number of parties to participate in an information
memorandum/tender process," Mr. Bailey, as cited by SmartCompany,
said.

There are now 28 franchise Pie Face stores in operation in
Australia, although this number may increase slightly as Bailey
says that there have been expressions of interest from new
franchisees for two of the company-held sites that receivers have
closed down, SmartCompany discloses.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies,
pastries, cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland
were appointed as Joint Administrators of Pie Face Holdings Pty
Ltd, Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to
a number of key Pie Face assets.

The TCR-AP, citing The Australian, reported on Jan. 2, 2015, Pie
Face founder Wayne Homschek has stood down as chief executive of
the fast food chain a day after creditors agreed to a funding
deal that will see it rescued from administration.

The Australian said that following a meeting of the new Pie
Face board on December 31, Kevin Waite, who was head of
Australian operations, has been appointed chief executive of Pie
Face's entire group, replacing the sometimes controversial
Mr. Homschek.


TODAY'S HOMES: First Creditors' Meeting Scheduled for Dec. 1
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Today's
Homes & Lifestyle Pty Ltd will be held at the Brindabella
Conference Centre, 33-35 Brindabella Circuit, Brindabella
Business Park, in Canberra Airport ACT, on Dec. 1, 2016, at
11:00 a.m.

Neil Robert Cussen & Ezio Senatore of Deloitte Financial Advisory
Pty Ltd were appointed as administrators of Today's Homes on Nov.
21, 2016.


TZ LIMITED: Former Director Found Guilty of Dishonest Conduct
-------------------------------------------------------------
Former TZ Limited director, Andrew John Sigalla, was late
yesterday found guilty on 24 counts of dishonest conduct,
following a 22-day trial before a jury in the Supreme Court of
New South Wales.

The court found that Mr. Sigalla used his position as a director
dishonestly to gain an advantage for himself or others, by
causing over AUD8.7 million in company funds to be transferred to
either himself, his related entities or others.

The jury took three days to reach their verdict in relation to
the charges, brought under section 184(2) of the Corporations Act
2001, following an investigation by ASIC that commenced in 2009.

The offences related to transfers of funds from the accounts of
TZ Limited between December 2006 and March 2009. In relation to
one of the counts, there was a transfer of TZ Limited shares
worth approximately AUD500,000 to a company based in Hong Kong.
The funds transferred to Mr. Sigalla's various accounts were then
largely used to reduce his debt with bookmaker Tom Waterhouse or
to make mortgage payments on behalf of one of his personal
companies.

ASIC Commissioner John Price said, 'this verdict sends an
important signal to all companies that the performance and
behaviour of a director in carrying out their duties must be
beyond reproach. They are in a position of critical
responsibility and must act in the best interests of the
company.'

The matter has been listed for sentencing submissions before the
Supreme Court of New South Wales on Friday, 3 February 2017. A
detention application was made by the Crown and bail was revoked
by the Court. Mr. Sigalla faces a maximum of five years'
imprisonment and/or a fine of AUD220,000 for each count.

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



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DELTA TECHNOLOGY: Centurion ZD CPA Raises Going Concern Doubt
-------------------------------------------------------------
Delta Technology Holdings Limited filed with the U.S. Securities
and Exchange Commission its annual report on Form 20-F,
disclosing a net loss of $6.75 million on $53.42 million of
revenue for the fiscal year ended June 30, 2016, compared to a
net loss of $1.41 million on $202.01 million of revenue for the
fiscal year ended June 30, 2015.

Centurion ZD CPA Ltd. raises substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has an accumulated deficit, has suffered losses from
operations and its ability to continue as a going concern is
dependent upon its ability to develop additional sources of
capital, generate income, and ultimately, achieve profitable
operations.

The Company's balance sheet at June 30, 2016, showed total assets
of $176.14 million, total liabilities of $132.64 million, and a
stockholders' equity of $45.50 million.

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

                    https://is.gd/NyOPr4

Headquartered in Zhenjiang City, China, Delta Technology Holdings
Limited is a fast-growing fine and specialty chemical
manufacturer, primarily engaged in manufacturing and selling of
organic compound including para-chlorotoluene ("PCT"), ortho-
chlorotoluene ("OCT"), PCT/OCT downstream products, unsaturated
polyester resin ("UPR"), maleic acid ("MA") and other by-product
chemicals and distributing fine and specialty chemicals to end
application markets including automotive, pharmaceutical,
agrochemical, dye & pigments, aerospace, ceramics, coating-
printing, clean energy and food additives.


JIANGSU HANRUI: Fitch Assigns 'BB+' Rating to Sr Unsecured Notes
----------------------------------------------------------------
Fitch Ratings has assigned Jiangsu HanRui Investment Holding Co.,
Ltd's (Hanrui, BB+/Stable) USD190 million senior unsecured notes
due 2019 a final rating of 'BB+'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 11
November 2016.

The offshore notes were issued by Hanrui Overseas Investment Co.,
Ltd. and are unconditionally and irrevocably guaranteed by Hanrui
International Investment Company Limited (HII), which is Hanrui's
direct, wholly owned subsidiary. The notes are HII's senior
unsecured obligations and rank pari passu with all its other
senior unsecured obligations. The net proceeds will be used for
general corporate purposes.

In place of a guarantee, Hanrui has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure HII has sufficient assets and liquidity to
meet its obligations under the guarantee for the US dollar notes.

The notes are rated at the same level as Hanrui's Issuer Default
Ratings due to the strong linkage between HII and Hanrui. This
linkage is enhanced by the keepwell and liquidity support deed
and deed of equity interest purchase undertaking granted by
Hanrui, which transfers the ultimate responsibility of payment to
Hanrui. Fitch believes the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from Hanrui to ensure HII has sufficient funds
to meet its obligations for the notes.

KEY RATING DRIVERS

Linked to Zhenjiang Municipality: Hanrui's ratings are credit-
linked with, but not equalised to, Fitch's assessment of
Zhenjiang municipality's credit profile. The link reflects strong
oversight and supervision of Hanrui by the Zhenjiang municipal
government, integration of multi-year funding for the company
with the municipal budget and the strategic importance of
Hanrui's public-sector construction projects and social housing
construction to the municipality. Hanrui is classified as a
credit-linked public-sector entity under Fitch's criteria.

Zhenjiang's Creditworthiness: Zhenjiang had the fifth-highest
gross regional product per capita among all 13 municipalities in
Jiangsu in 2014. Zhenjiang municipality has a healthy budgetary
performance and diversified socio-economic profile. However, the
strengths are mitigated by its heavy contingent liabilities
arising from its public-sector entities.

Legal Status Attribute Mid-Range: Hanrui is registered as a
wholly state-owned limited liability company under Chinese
company law and is under the direct supervision of Zhenjiang
State-Owned Assets Supervision and Administration Commission
(Zhenjiang SASAC). The Zhenjiang New Zone Management Committee
supervises Hanrui on behalf of Zhenjiang SASAC in daily
operational matters. The government has no plans to dilute its
shareholding in Hanrui.

Strategic Importance to Municipality: Hanrui is the only public-
sector entity operating within Zhenjiang New Zone - a flagship
national-level economic development zone in Zhenjiang
municipality. Hanrui is responsible for urban development and
social welfare in the zone through the construction of
infrastructure and social housing. Hanrui is also the only
government-linked entity that promotes the economic development
of Zhenjiang New Zone by attracting international corporations to
locate in the zone. Fitch assesses Hanrui's strategic importance
attribute as Stronger.

Government Fiscal Support: Being a key public-sector entity in
Zhenjiang, Hanrui has received support from the municipal
government via capital injections, subsidies and payment for
infrastructure construction costs and interest expenses and
rebates of land development cost. The support provided by the
municipal government aims to partly fund Hanrui's capital
expenditure and debt servicing. Fitch views Hanrui's integration
into the municipal government's budget as a Stronger attribute.

Tight Control and Supervision: Hanrui is controlled directly by
Zhenjiang SASAC. Hanrui's financing plan and debt are closely
monitored by the government and the company regularly reports its
budget performance. Hanrui's board members, except for employee
representatives, are appointed by the government. Fitch assesses
the Control attribute at Stronger.

RATING SENSITIVITIES

Any rating action on Hanrui will result in a similar rating
action on the rated bond issued by Hanrui Overseas Investment
Co., Ltd.

A stronger or more explicit support commitment from Zhenjiang
municipality may trigger positive rating action on Hanrui.
Significant changes to Hanrui's strategic importance to the
municipality, dilution of the municipality's shareholding or
reduced explicit and implicit municipality support could lead to
a wider rating gap between Hanrui and Zhenjiang.

An upgrade of Fitch's internal credit view on Zhenjiang may
trigger positive rating action on Hanrui. A weaker fiscal
performance or heightened indebtedness of the municipality could
lead to a lowering of Fitch's internal assessment of Zhenjiang's
creditworthiness and may therefore trigger negative rating action
on Hanrui.



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DAH SING: Fitch Assigns BB+ Perpetual Jr Subordinated Debt Rating
-----------------------------------------------------------------
Fitch Ratings has assigned Hong Kong-based Dah Sing Bank's (DSB;
BBB+/Stable) proposed Basel III-compliant Tier-2 dated
subordinated notes an expected 'BBB(EXP)' rating.

The USD200 million to USD250 million notes will be issued under
DSB's USD2 billion euro medium-term note programme. The notes
will have maturity of 10 years and will be callable by DSB after
five years and semi-annually thereafter. They include a non-
viability clause and will qualify as Tier-2 capital upon approval
from the Hong Kong Monetary Authority (HKMA). Fitch expects the
bank to use the proceeds to support business expansion and
replace legacy obligations that will become callable in 2017.

The final rating is contingent on the receipt of the final
documents conforming to information already received.

KEY RATING DRIVERS

"Fitch rates the notes one notch below DSB's Viability Rating,
which equivalent to its Issuer Default Rating as we do not expect
the bank to benefit from sovereign support in times of stress,"
Fitch said. The one-notch difference reflects the notes' below-
average recovery prospects relative to senior unsecured
instruments, as well as the contractual partial loss feature. The
notes could be written down or converted into equity, in full or
in part, if the HKMA considers this step necessary to restore the
bank's viability.

"We apply no additional notching for non-performance as the point
of non-viability broadly coincides with what we express in the
anchor rating," Fitch said.

"We expect the new issue to increase DSB's total capital adequacy
ratio by 1.1-1.3pp (end-1H16: 16.7%), which would help offset the
impact of the regulatory phase-out or an outright call of Tier-2
instruments without non-viability clauses," Fitch said.

RATING SENSITIVITIES

The rating on the notes is sensitive to any changes in DSB's
Viability Rating, which in turn is sensitive to the performance
of its China-related activities, maintenance of sufficient loss-
absorption buffers and stringent risk controls.

The other ratings of DSB remain unchanged and are as follows:

   -- Long-Term IDR: 'BBB+'; Outlook Stable

   -- Short-Term IDR: 'F2'

   -- Viability Rating: 'bbb+'

   -- Support Rating: '5'

   -- Support Rating Floor: 'No Floor'

   -- Lower Tier-2 subordinated debt without non-viability
      clauses: 'BBB'

   -- Subordinated notes with non-viability clauses: 'BBB'

   -- Perpetual junior subordinated debt without non-viability
      clauses: 'BB+'



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AMAR GINNING: CRISIL Reaffirms B+ Rating on INR67.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on Amar Ginning Factory continue to reflect its
modest scale of operations in the highly competitive cotton
industry, large working capital requirements, and weak financial
risk profile marked by high gearing and average debt protection
metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          67.5       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of AG's promoters and proximity of its
manufacturing facilities to raw material and labour sources.
Outlook: Stable

CRISIL believes AG will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations, operating margin and cash accruals, leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low accruals because of reduced
profitability, or the firm undertakes any substantial debt-funded
expansion programme or its working capital management weakens,
significantly constraining its financial risk profile.

AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who has over 10 years of
experience in the cotton industry. The firm in processes raw
cotton to produce cotton bales and crushing of cotton seed to
produce cotton seed oil and cotton seed oil cake.

For 2015-16 (refers to financial year, April 1 to March 31), AG
has estimated a profit after tax (PAT) of INR1.7 million on net
sales of INR427 million, against a PAT of INR2.4 million on net
sales of INR479.8 million for 2014-15.


AMBICA IRON: CRISIL Suspends 'B+' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ambica
Iron and Steel Pvt Ltd.

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

The suspension of ratings is on account of non-cooperation by
AISPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AISPL is yet to
provide adequate information to enable CRISIL to assess AISPL'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 1982, AISPL manufactures structured steel
products such as rounds, channels, angles, bars, and others. The
company has its manufacturing facility in Rourkela (Odisha). Its
day-to-day operations are being managed by Mr. Kaur Sain Bansal,
Mr. Sanjay Bansal, and Mr. Akhil Gupta.


AMIT BUILDWELL: ICRA Reaffirms 'B+' Rating on INR6cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR6.00-crore fund-based facilities and the INR4.00-crore non-
fund based facilities of Amit Buildwell Private Limited. The
long-term non-fund based limits can also be availed as short-term
non-fund based limits with a short-term rating of [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund-
   based facilities         6.00       [ICRA]B+; reaffirmed

   Long-term/Short-         4.00       [ICRA]B+/[ICRA]A4;
   term (interchangeable)              reaffirmed
   non-fund based
   facilities

ICRA's ratings continue to take into account ABPL's modest scale
of operations and the concentration in the order book on a few
projects, increasing the risk of execution delays. While the
current order book position is healthy; the company's ability to
convert the order book into sales within the stipulated time
frame will be crucial. ICRA's ratings also takes into account the
concentration of the company's current projects in the National
Capital Region (NCR); however, the risk is partially mitigated as
the company has established relationship with a large number of
clients, given the extensive track record of the promoters in
executing civil construction contracts in the region.
The ability of the company to ease its liquidity position by
accessing timely funding from promoters; grow its revenues by
executing the current order book within the stipulated time frame
and also secure fresh orders while maintaining adequate
profitability will be the key rating sensitivity.

Incorporated in 2005, ABPL is promoted by Mr. R.K. Yadav and his
family members. The company is headquartered in Delhi and has
branch offices in Noida, Gurgaon and Mohali. The company
undertakes civil construction projects for residential and
industrial buildings. The company also undertakes projects,
involving erection of RCC structures, sanitary and electrical
installations and site development works such as drainage
systems, boundary walls, roads, horticulture and water
harvesting. It is a registered Class-I contractor with the
Central Public Works Department (CPWD).

Recent Results

ABPL reported, on a provisional basis, a profit after tax (PAT)
of INR1.62 crore on an operating income of INR45.05 crore in
FY2016, as compared to a PAT of INR1.41 crore on an operating
income of INR35.58 crore in FY2015.


ANNAPURNA CONSTRUCTIONS: CRISIL Reaffirms B+ Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on Annapurna Constructions and Transmissions
Private Limited continue to reflect modest scale and working
capital intensity of operations, and susceptibility to intense
competition in the power transmission segment. These weaknesses
are partially offset by the extensive experience of promoters,
and an above-average financial risk profile because of low
gearing and modest debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Proposed Bank
   Guarantee               27       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes ACTPL will continue to benefit over the medium
term from the established track record, supported by experience
of promoters. The outlook may be revised to 'Positive' if
execution of more-than-expected projects leads to sustained
increase in revenue and operating profitability, thereby
strengthening the business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' if revenue
and operating profitability decline, or working capital
management weakens because of delay in realisation of receivables
from principal contractors. Substantial debt-funded capital
expenditure weakening the financial risk profile may also result
in a 'Negative' outlook.

ACTPL was originally established in 1987 as a partnership firm,
which was later reconstituted as a private-limited company in
June 2012. The company undertakes civil and mechanical works for
installation of extra-high voltage transformers on a turnkey
basis. It is promoted by two brothers, Mr. T Muralidhar and Mr.
T.Kaladhar.


BABBAR AGRO: CRISIL Hikes Rating on INR55MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Babbar Agro Industry to 'CRISIL B-/Stable' from 'CRISIL D'. The
upgrade reflects timely servicing of debt since August 2016,
backed by capital infusion of INR5.3 million between April and
September 2016.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan          15        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Warehouse Receipts      30        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

While cash accrual is likely to increase over the medium term
supported by moderate growth in its operating income, it will
remain barely sufficient to meet debt obligation, necessitating
timely financial support from partners. Also, financial
flexibility remains constrained as reflected in almost fully
utilised bank limits.

The ratings continue to reflect BAI's modest scale and working
capital-intensive operations, barely adequate cash accrual
vis-a -vis debt obligation, and weak financial risk profile
because of high total outside liabilities to tangible networth
ratio and weak debt protection metrics. These weaknesses are
partially offset by the extensive experience of partners.
Outlook: Stable

CRISIL believes BAI will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of a significant increase in revenue and
profitability, leading to rise in net cash accrual, and
consequently, a better financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates, because of large, debt-funded capital
expenditure or a stretch in working capital cycle.

Established in 2010 as a proprietorship firm by Mr. K L Babbar,
BAI, on April 1, 2016, was reconstituted as a partnership between
Mr. Babbar and his son Mr. Anmol Babbar. It processes both
basmati and non-basmati rice at its facility in Fazilka, Punjab.


BHAGATJEE STEELS: CRISIL Suspends 'B' Rating on INR161.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagatjee Steels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           161.5       CRISIL B/Stable
   Letter of Credit        5.0       CRISIL A4

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

BJEE was incorporated in 2010, promoted by Mr. Rakesh Kumar
Agarwal and his family members. It commenced operations in 2012.
The company manufactures MS ingots and MS sections, for which it
has installed capacity of 24,000 and 50,000 tonnes per annum,
respectively.


COTTON BLOSSOM: CRISIL Suspends B+ Rating on INR637MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cotton
Blossom India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1         CRISIL A4
   Cash Credit            70         CRISIL B+/Stable
   Packing Credit        637         CRISIL A4
   Packing Credit        100         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    393.4       CRISIL B+/Stable
   Term Loan             386.6       CRISIL B+/Stable
   Working Capital
   Term Loan              92         CRISIL B+/Stable

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

CBIPL was established as a partnership firm in 1997 by Mr. Milton
Ambrose John, his brother Mr.Joseph Antony John and their sister
Ms. Philomena; the firm was reconstituted as a private limited
company in 2004. CBIPL manufactures and exports knitted ready-
made garments.


DOLPHIN OFFSHORE: CRISIL Cuts Rating on INR750MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on FD programme of Dolphin
Offshore Enterprises India Limited (DOEIL; part of the Dolphin
group) to 'FB/Stable' from 'FB+/Stable' and on long term bank
facilities to 'CRISIL B/Stable' from 'CRISIL BB+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            540        CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Fund & Non Fund        750        CRISIL B/Stable (Downgraded
   Based Limits                      from 'CRISIL BB+/Stable')

   Fixed Deposits          20        FB/Stable (Downgraded from
                                     'FB+/Stable')

The downgrade reflects the sharp deterioration in the Dolphin
group's liquidity and business risk profile on account of a
stretch in its working capital cycle. Gross current assets
increased to over 800 days as on March 31, 2016, from 570 days as
on March 31, 2014, primarily because of increase in receivables
to 550 days from 300 days. The proportion of receivables
outstanding for more than six months increased to 70-75% as on
March 2016 from 42-45% as on March 31, 2015, on account of
delayed payments by key customers. The stretched working capital
cycle led to near full bank line utilisation.

The group's scale of operations declined over the past three
years, driven by fall in revenue to INR1.65 billion in fiscal
2016 from INR4.41 billion in fiscal 2013 in the EPC (engineering,
procurement, and construction) segment due to reduced orders.
Revenue in the chartering business is expected to drop 50-60% in
the near term from INR1.2 billion in fiscal 2015 on account of
repair and maintenance of a charter ship. However, total revenue
should remain at INR1.6-1.7 billion in the near term supported by
healthy order book of INR780 million in the EPC segment as of
June 2016.

Operating profitability is likely to fall steeply in fiscal 2017
on account of large write-offs of receivables and reduced
contribution from the high-margin chartering business, which
supported the group's profitability in the past three years.

The ratings reflect weakening of the Dolphin group's business
risk profile in the offshore services/EPC segment because of
pressure on profitability, and its working capital-intensive
operations. Also, the group is exposed to risks related to high
dependence on its vessel-chartering business for revenue, and
vulnerability of its operating margin to volatility in charter
rates. These weaknesses are partially offset by its promoters'
extensive experience in the offshore services and vessel
chartering industry, and its established relationships with
customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DOEIL [Dolphin Offshore Enterprises
India Limited] and its wholly owned subsidiaries DOSL (Dolphin
Offshore Shipping Limited) and DOEMPL (Dolphin Offshore
Enterprises (Mauritius) Private Limited). The companies,
collectively referred to as the Dolphin group, have significant
financial and operational linkages.
Outlook: Stable

CRISIL believes the Dolphin group will continue to benefit from
its promoters' extensive experience in the offshore services and
vessel chartering industry. The outlook may be revised to
'Positive' if there is a sustainable improvement in working
capital cycle, leading to better liquidity. The outlook may be
revised to 'Negative' if the financial risk profile weakens,
because of a stretch in working capital cycle, or lower-than
expected cash accrual, or less-than-expected support from DOEMPL
to DOEIL, resulting in deterioration in liquidity.
DOEIL, incorporated in 1979, is the flagship company of the
Dolphin group. It provides the complete range of offshore support
services to oil and gas exploration companies, including diving
and underwater engineering, marine operations and management
(vessel management), fabrication and installation, ship repair,
geo-technical services, and EPC activities. The company is listed
on the Bombay Stock Exchange and the National Stock Exchange.

DOSL and DOEMPL charter vessels and tugs to oil and gas
exploration companies.


GANESH GINNING: CRISIL Suspends 'B+' Rating on INR18.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ganesh
Ginning Factory.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable
   Term Loan               16.5      CRISIL B+/Stable
   Warehouse Financing     18.5      CRISIL B+/Stable

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

GGF was set up in 1998 as a partnership firm by Mr. Shiv Gangani,
Mr. Amba D Nakrani, Mr. Mukesh B Gangani, and Mr. Prem Gangani.
It is engaged in ginning and pressing of cotton, and in sale of
cotton bales, cotton seed, and cotton seed oil as well as their
by-products. The firm's manufacturing facilities are in Bhavnagar
(Gujarat).


JAJOO SURGICAL: CRISIL Suspends B+ Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jajoo
Surgical Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit       20       CRISIL B+/Stable
   Cash Credit              35       CRISIL B+/Stable
   Inland/Import
   Letter of Credit         10       CRISIL A4

The suspension of ratings is on account of non-cooperation by
JSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSPL is yet to
provide adequate information to enable CRISIL to assess JSPL'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 1993 and promoted by members of the Jajoo family,
JSPL manufactures medical and surgical disposable products such
as absorbent cotton and gloves. The company's manufacturing
facility is in Dewas (Madhya Pradesh). The company also exports
its products to African and Middle East countries.


JAYASWAL NECO: ICRA Assigns 'D' Rating to INR3,086.70cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR3086.7
crore term loans and the INR653.04 crore long-term fund-based
bank facilities of Jayaswal Neco Industries Limited. ICRA has
also assigned a short-term rating of [ICRA]D to the INR435.26
crore non-fund based bank facilities of JNIL.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Term loans Facilities    3,086.70      [ICRA]D assigned

   Long-term Fund-based
   limits                     653.04      [ICRA]D assigned

   Short-term Non-fund
   based limits               435.26      [ICRA]D assigned

Rating Rationale

The assigned ratings take into account the ongoing delays in debt
servicing by JNIL with the bank account having been classified as
a non-performing asset (NPA) by most of its lenders. The
company's account was earlier classified as a technical NPA due
to delay in achieving the commercial operation date (CoD) for its
sponge iron and power plant project being set up in Bilaspur,
Chhattisgarh. De-allocation of coal blocks and payment of
additional levy in FY2015 @Rs. 295 per metric tonne of coal mined
since inception on the operational coal blocks coupled with loss-
making operations in FY2016 due to a sharp fall in steel prices
led to a steep deterioration in the company's liquidity profile.
With the capitalisation of most of its expansion projects in the
current year, the company's finance cost increased significantly
and exerted further pressure on the company's liquidity. As a
result, the company could not service its debt for more than
three months and has been classified as an NPA account by most of
its lenders.

Tight liquidity and tepid demand has resulted in a low capacity
utilisation of the recently commissioned steel melting shop and
rolling mill. The ratings are also constrained by a leveraged
capital structure and depressed coverage indicators of the
company due to its elevated debt levels and loss making
operations. ICRA also notes that the profitability of the company
remains exposed to volatility in raw material prices. Sharp rise
in coking coal prices in the current year accentuates the price
risks for JNIL unless the increase in costs is accompanied by
commensurate price hikes by JNIL. The ratings also take into
account JNIL's foundry division's susceptibility to intense
competition due to the fragmented nature of the industry.

The ratings, however, favorably factor in long track record of
its promoters in the steel and casting businesses, benefits from
scale economies and locational advantage of the company's plants.
The ratings also take into account improved operating profile
post commissioning of debottlenecking and pellet projects in
FY2015. While the company has access to captive iron ore mines,
out of which a few are already operational, the current
production capacity of the same is low in comparison to the
overall iron ore requirement of the company.

Withdrawal of protection measures by the Indian Government upon
expiry could exert pricing pressures on domestic steel and affect
JNIL's profitability in the medium term. In addition, any further
time or cost overrun for its greenfield project at Bilaspur would
adversely impact JNIL's operating profile and thus would remain a
key rating sensitivity. Ability of the company to monetise some
of its non-core assets would also remain a key credit
monitorable.

JNIL, incorporated in 1972, began operations with foundry units
at Nagpur and subsequently integrated backward by setting up a
pig iron (with captive power) manufacturing unit at Raipur in
1995. Following a number of mergers, expansions and group
restructurings, JNIL currently operates a 0.75 million tonnes per
annum (mtpa) blast furnace unit, 0.2 mtpa coke oven plant, 0.8
mtpa sinter plant, 0.255 mtpa sponge iron unit, 1.2 mtpa Pellet
Plant, 0.98 mtpa billet making unit, 0.95 mtpa rolling mills and
54.5 MW captive thermal/waste heat recovery based power plants.
The company has also been allocated multiple iron ore mines out
of which a few are already operational. JNIL also has an iron and
steel casting capacity of 0.2 mtpa, with its facilities located
in Nagpur, Bhilai and Anjora. Further, the company is setting up
0.3 mtpa sponge iron and 50 MW captive power plants, which are
yet to be completed.

Recent Results

During Q1 FY2017, JNIL reported a net loss of INR118.76 crore on
an operating income of INR582.17 crore. In FY2016, JNIL reported
a net loss of INR86.54 crore on an operating income of INR2632.62
crore.


KALINGA PACKERS: CRISIL Suspends B+ Rating on INR35MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kalinga
Packers Private Limited.

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

   Proposed Long Term
   Bank Loan Facility      19.5      CRISIL B+/Stable

   Term Loan               35.0      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
KPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KPPL is yet to
provide adequate information to enable CRISIL to assess KPPL'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 1988 by Mr. Abani Kumar Kanungo, KPPL
manufactures corrugated boxes. The company's production units are
in Jagatpur (Odisha) and have total capacity of 1400 tonnes per
month. KPPL also has an in-house printing facility. KPPL's
products are used by companies manufacturing fast-moving consumer
goods. KPPL's promoter has industry experience of over 25 years.


KANDUKURI INDUSTRIES: ICRA Reaffirms B+ Rating on INR11.8cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR11.80
crore (enhanced from 8.80 crore) cash credit, INR6.50 crore term
loan and INR2.70 crore (revised from 4.70 crore) unallocated
limits of Kandukuri Industries Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to INR9.00 crore
(enhanced from 5.00 crore) non fund based limits of (KIPL).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             11.80      [ICRA]B+ reaffirmed
   Term Loan                6.50      [ICRA]B+ reaffirmed
   Non fund based           9.00      [ICRA]A4 reaffirmed
   Unallocated              2.70      [ICRA]B+ reaffirmed

The ratings reaffirmation takes into account the company's
moderate scale of operation of each division in a highly
competitive and fragmented textile and construction industry
limiting the financial flexibility. The ratings are further
constrained by the susceptibility of profitability and revenues
to agro-climatic risks which can impact the availability of the
raw materials in adverse weather conditions and constrained
liquidity position with high working capital requirements owing
to stretched receivables from its customers resulting in high
average working capital utilization.

The ratings however, positively factor in long track record of
promoters in textile industry resulting in established
relationships with the customers and raw material suppliers. The
ratings also favourably factor in diversified revenue base of the
company with its presence in four segments and location advantage
of the textile unit due to its presence in major cotton growing
areas of Andhra Pradesh providing easy access for cotton yarn
procurement.

Going forward, ability of the company to improve its scale of
operations while improving profitability and effectively manage
working capital requirements would remain key rating
sensitivities.

Kandukuri Industries Private Limited was incorporated by Mr. K V
Satyanarayana in 1995. The company operates four divisions - i)
Weaving, which is into manufacturing of fabric, ii) Readymade
garments (RMG), which is involved in manufacturing and sales of
men's garments, iii) Healthcare, operates a 50 bedded hospital,
and iv) construction, where KIPL executes projects for canal,
roads and construction buildings. Weaving, RMG, Construction and
Hospital divisions account for 60.06%, 27.59%, 6.53% and 5.85%
respectively of total revenue for FY2016.

Recent results
KIPL has reported an operating income of INR54.66 crore and net
profit of INR0.79 crore in FY2016 as against an operating income
of INR48.23 crore and net loss of INR1.69 crore in FY2015.


KARUN RICE: ICRA Reaffirms 'B' Rating on INR6.5cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B to the
INR7.00-crore fund-based facilities of Karun Rice & General
Mills. The suspension done in June 2016 has also been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        [ICRA]B Reaffirmed/
                                      Suspension Revoked

   Unallocated            0.5        [ICRA]B Reaffirmed/
                                      Suspension Revoked

ICRA's rating factors in decline in sales and cash accruals of
the firm in FY2016 and also takes into account the improvement in
gearing level and operating profit margin.

The rating continues to factor in the firm's modest scale of
operation in the rice milling and sorting business, which coupled
with high competition, has led to low profitability and weak debt
coverage indicators. Working capital is primarily funded through
bank borrowings, leading to a highly leveraged capital structure.
The rating also continues to take into account the working
capital intensive nature of the rice milling business, arising
from the need to maintain inventories (paddy is procured
seasonally and rice is stocked for aging purposes) in line with
the industry trends. The rating also takes into account the agro
climatic risks, which can affect paddy availability. ICRA,
however, continues to draw comfort from the long experience of
promoters in rice industry; the proximity of the mill to major
rice growing area, resulting in easy availability of paddy; and
the stable demand outlook in both Indian and foreign markets.

Going forward, the firm's ability to scale up its operations,
while maintaining adequate profitability, a prudent capital
structure and an optimal working capital cycle, will be the key
rating sensitivity.

Incorporated in the 1996, Karun Rice & General Mills is a
partnership firm promoted by Mr. Suraj Bhan and Mr. Karun Singla.
The firm is engaged in milling, sorting and trading of basmati
and non basmati rice. The manufacturing unit of the firm is
located in Cheeka (Haryana), with milling capacity of 3.25
ton/hour and sorting capacity of 2 ton/hour.

Recent Results
The firm reported a net profit after tax of INR0.02 crore on an
operating income of INR19.05 crore in FY2016 as against a net
profit of INR0.02 crore on an operating income of INR21.34 crore
in the previous year.


KINGFISHER AIRLINES: High Court Enters Winding Up Order
-------------------------------------------------------
The Times of India reports that the Karnataka high court has
ordered the winding up of the now-defunct Kingfisher Airlines
(KFA).

Justice Vineet Kothari gave this direction on Nov. 18, while
allowing a petition filed in 2012 by Aerotron, a UK-based
company, for recovery of a little over $6 million due to it for
supply of rotable aircraft components to KFA, TOI relates.

According to TOI, the judge further directed the official
liquidator to submit a report in this regard within four weeks
after taking possession of the assets of KFA. The court indicated
that a detailed order would be released within a short period on
the issue.

TOI relates that Aerotron had claimed that KFA, which was
required to pay the amount as on July 4, 2012, had failed to
clear it, despite the admitted liability and despite being
signatory to a settlement agreement of about $5.5 million. The
petitioner said KFA ignored repeated reminders, the report says.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has
grounded planes since October 2012.  The airline lost its
operating license in January 2013 after failing to convince
authorities it has enough funds to restart flights.

As reported in the TCR-AP on Aug. 26, 2016, CRISIL has revised
its ratings on the bank facilities of Kingfisher Airlines Ltd to
(NM) Not Meaningful from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8940      NM (Revised from 'CRISIL D')

   Funded Interest
   Term Loan               2260      NM (Revised from 'CRISIL D')

   Long Term Loan          5970      NM (Revised from 'CRISIL D')

   Rupee Term Loan        35270      NM (Revised from 'CRISIL D')

   Short Term Loan          390      NM (Revised from 'CRISIL D')

   Working Capital
   Term Loan               2990      NM (Revised from 'CRISIL D')

The rating revision is because KFAL's creditors (including
bankers) have filed winding up petitions against the company;
furthermore, it remains in deep financial distress following the
cessation of operations in fiscal 2013 and complete erosion of
networth.

In accordance with CRISIL's criteria, since the rated entity's
lenders have requested for liquidation of its secured
assets/securities, the outstanding ratings are rendered
meaningless.


KISAN MOULDINGS: CRISIL Cuts Rating on INR1.07BB Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kisan Mouldings Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           1,070       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Funded Interest         151.5     CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Stable')

   Letter of Guarantee      62.5     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit        497.5     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan          618.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term        0.5     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Working Capital         470.0     CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Stable')

The downgrade reflects delays in servicing of interest
obligations on the term loans due to significantly low business
performance leading to weak liquidity. Further, the company has
high working capital requirement resulting in fully utilised cash
credit limit. Hence, interest on term loans is being serviced
within 10-15 days.

The ratings also reflect weak financial risk profile because of
below-average capital structure and debt protection metrics and
working capital-intensive operations. The ratings also factor in
sound track record, established distribution network and brand,
and moderate scale of operations in the polyvinyl chloride pipes
and fittings industry.

Incorporated in 1989 as a private-limited company, Sanwaria
Synthetics Pvt Ltd, KML was converted into a public-limited
company under the current name in 1993. It manufactures a variety
of moulded and plastic pipes and fittings, irrigation systems,
moulded furniture, solvent cement, and rubber lubricants. The
company has manufacturing facilities in Silvassa (Dadra and Nagar
Haveli), Tarapur (Maharashtra), Baddi (Himachal Pradesh), Dewas
(Madhya Pradesh), Raipur (Chhattisgarh) and Tumkur (Karanataka).
The company is currently listed on Bombay Stock Exchange.

KML reported loss of INR153 million on net sales of INR4.6
billion for fiscal 2016, against a loss of INR378 million on net
sales of INR4.4 billion for fiscal 2015. KML reported loss of
INR54 million on net sales of INR1.1 billion for the first half
of fiscal 2017.


KTC THREADS: ICRA Suspend B/A4 Rating on INR14.55cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 ratings assigned to the
INR14.55 crore limits of KTC Threads LLP. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

KTC Threads LLP (KTC) incorporated in November 2010 as a limited
liability partnership firm is engaged in the trading and
processing of viscose yarns. With two knitting machines installed
in April 2015, the firm has started manufacturing nylon net
fabrics which were earlier traded from its associate concern. The
partners of the firm have been associated with the textile
industry for over a decade through their associate concerns
engaged in trading of embroidery machines and manufacturing of
sarees.


LAKSHMANAN ISOLA: ICRA Reaffirms B- Rating on INR7.75cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- for the
INR7.75 crore fund based facility of Lakshmanan Isola Private
Ltd. ICRA has also reaffirmed the short-term rating of [ICRA]A4
for the INR0.50 crore fund based facility and the INR0.70 crore
non-fund based facility of Laksola.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term scale-
   Cash Credit              7.75      [ICRA]B-;reaffirmed

   Short-term-Fund
   Based                    0.50      [ICRA]A4;reaffirmed

   Short-term-Non-
   fund Based               0.70      [ICRA]A4;reaffirmed

The ratings reaffirmation takes into account the small scale of
operations of the company restricting the financial and the
operating flexibilities to an extent, the weak financial profile
characterized by high gearing , low net worth due to losses
incurred over the past three years, and weak coverage indicators.
The ratings factor in the high customer concentration; the top
five customers contributed to 64% of the revenue during FY 2016.
However, the risk is mitigated by the long standing association
of the company with these reputed customers such as BHEL, Indian
Railways, Von Roll and Crompton Greaves, among others. ICRA takes
note of the susceptibility of profitability to volatility in raw
material prices as the company mostly has long-term fixed price
contracts with customers such as BHEL. The ratings also factor in
the vulnerability of margins to foreign exchange fluctuations
with exports being un-hedged. The ratings, however, positively
factor in the established track record of the firm in the
industry for about 40 years.

Lakshmanan Isola Private Limited was established in 1976 in
collaboration with Swiss Insulating Works (Isola) to manufacture
mica-based insulating materials. The shares of Isola were bought
back by the promoters later, and currently Laksola is a part of
the Senapathy Group of companies, which has over four decades of
experience in the field of electrical insulation. Laksola's mica
tapes are used for insulation needs of high-voltage equipments
such as power generators, AC and DC motors, traction motors, wind
turbine generators and fire resistant cables. The firm has its
manufacturing unit in Karnataka.

Recent Results

Laksola reported a net loss of INR0.96 crore on an operating
income of INR19.75 crore in FY 2016 as compared to a net loss of
INR1.12 crore on an operating income of INR19.53 crore in FY
2015.


M. NAGI: CRISIL Reaffirms B- Rating on INR100MM Overdraft Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of M. Nagi Reddy and
Company continue to reflect a small scale of operations in the
intensely competitive construction industry, high degree of
geographical and customer concentration in revenue, working
capital-intensive nature of operations, and a small networth
limiting financial flexibility. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the construction industry, and an above-average financial risk
profile because of low gearing and moderate debt protection
metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility               100       CRISIL B-/Stable (Reaffirmed)

CRISIL had earlier, on November 21, 2016, upgraded its rating on
the bank facilities to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.
Outlook: Stable

CRISIL believes MNRC will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
revenue while profitability margins are maintained, or sustained
improvement in the working capital cycle. The outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in the capital structure
caused most likely by any large, debt-funded capital expenditure
or a stretched working capital cycle.

MNRC, set up as a partnership firm in 1973, currently has four
partners ' Mr. M Nagi Reddy, Mr. M V Rama Reddy, Mr. M Sai Kiran,
and Mrs. N Suryavathi. The firm constructs buildings, mainly for
state government entities in Andhra Pradesh.


MAHARSHEE GEOMEMBRANE: CRISIL Cuts Rating on INR60.3MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Maharshee Geomembrane India Private Limited to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            50.0       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Inland/Import          35.0       CRISIL D (Downgraded from
   Letter of Credit                  'CRISIL A4')

   Proposed Long Term     60.3       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The downgrade reflects devolvement of letters of credit for more
than 30 days because of stretched receivables; this was due to
weak liquidity following slowdown in the construction industry.

MGPL also has working capital-intensive operations and below-
average financial risk profile because of a small networth.
However, the company benefits from the extensive experience of
its promoters.

Incorporated in 2005 in Vadodara and promoted by Mr. Rajnikant
Swain, MGPL manufactures HDPE, LDPE, and polypropylene films
known as geomembrane, geotextiles, and geo-composite.


MAITHAN ISPAT: ICRA Assigns 'C' Rating to INR357.66cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C to the INR357.66-
crore preference shares programme of Maithan Ispat Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Preference shares      357.66        [ICRA]C assigned

The rating takes into account the adverse financial metrics of
the company as reflected by its loss-making nature of operations,
highly aggressive capital structure and its stretched liquidity
position. ICRA notes that the company is undertaking a large
capex for re-starting its heavy section mill unit, a major part
of which would be debt funded. The rating also reflects the fact
that MIL is under the purview of a corporate debt restructuring
(CDR) programme at present and its payments to banks have only
recently been regularised. The CDR programme had been approved in
the light of expression of interest (EoI) of Mideast Integrated
Steels Ltd. (MISL) for acquiring MIL. As part of CDR
implementation, the original term loan (TL) and priority TL had
been converted into revised TL, whereas the working capital term
loan (WCTL), funded interest term loan (FITL) and interest due
for 9M FY2015 had been converted into 0.1% cumulative redeemable
preference shares (CRPS). The preference shares are to be repaid
in ten annual installments starting from FY 2024-25.

The rating also takes note of the experience of the company's
promoters in the steel industry, backward integration with the
presence of a sponge iron manufacturing unit of MIL along with
captive iron ore mine owned by the parent company which reduces
raw material supply risks to some extent. ICRA notes that
although the debt-repayment schedule of the company has been
restructured, a sizeable debt is required to be serviced over the
near to long term. Therefore, MIL's operational performance along
with the funding support from promoters would be crucial in
timely servicing of the debt obligations going forward.

Maithan Ispat Limited was set up in August 2003 by the promoters
of Maithan Group. Subsequently, on March 31, 2015, MESCO Group
took over MIL, and a consortium of bankers restructured the debt
facilities of MIL under the CDR scheme. At present, the company
is a subsidiary of Mideast Integrated Steels Ltd. (MISL, the
flagship company of MESCO Group), and is involved in
manufacturing of sponge iron and billets. The company has a
2*350-TPD sponge iron facility, a 210,000-MTPA billet production
unit and a 30-MW power production unit situated in Jajpur,
Odisha.

Recent Results
The company has reported a net loss of INR80.56 crores on an
operating income (OI) of INR339.82 crores in FY2016, as against a
net loss of INR84.60 crores on an OI of INR428.29 crore in
FY2015.


MUKESH BALVANTRAI: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mukesh
Balvantrai Rotliwala a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned MBR's INR150
million fund-based facilities a Long-term 'IND BB' rating with a
Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect the nascent stages of operations of MBR as
the operations started in April 2015. FY16 was the first full
year of operations for the company. The ratings factor in MBR's
moderate credit profile as FY16 provisional numbers indicate
revenue of INR961 million, net leverage (adjusted net
debt/operating EBITDA)) of 1.2x and EBITDA interest cover
(operating EBITDA/gross interest expense ) of 13.1x. EBITDA
margins were 8.6% in FY16; margins are likely to fluctuate due to
fluctuations in raw material prices and exchange rates and MBR's
presence in a highly fragmented and competitive textile industry.

The ratings factor in the partnership form.

The ratings, however, are supported by more than four decades of
experience of the company's promoter in the grey cloth
manufacturing business. The ratings also factor in the company's
comfortable liquidity position with the fund-based facilities
being utilised at an average of 47% over the 12 month ended
September 2016.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and improvement in
the profitability leading to sustained improvement in credit
metrics could lead to positive rating action

Negative: Any decline in profitability resulting in a further
stress on the liquidity position and sustained deterioration in
credit profile could lead to negative rating action

COMPANY PROFILE

MBR is engaged in the business of manufacturing grey cloth
fabrics. M/s Balvantrai Lallubhai Rotliwala (BVR), started as a
partnership firm by Mr. Balvantrai Lallubhai Rotliwala and Mr.
Mukeshchandra Balvantrai Rotliwala in 1975, demerged into two
entities MBR and M/s Shiv S. Balvantrai Rotliwala in October
2014. The commercial operations at both the entities commenced
from April 2015.


ORGANIC COATINGS: CRISIL Cuts Rating on INR45MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Organic Coatings Limited to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed the company's short-term facilities at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          18        CRISIL A4 (Reaffirmed)

   Cash Credit             45        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        45        CRISIL A4 (Reaffirmed)

   Proposed Long Term     164        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Working Capital         43        CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The ratings are based on publicly available information as OCL
and partial information shared by OCL for the rating process.

The downgrade reflects the weakening of OCL's financial risk
profile because of decline in revenue and weaker-than-expected
operating profitability leading to lower-than-expected cash
accrual. In fiscal 2017, revenue has been hit by outbreak of fire
in the company's plant in Vadodara, Gujarat, in June 2016,
leading to temporary shutdown of operations. While partial
operations commenced on July 11, 2016, the company's financial
risk profile, especially liquidity, will remain constrained over
the medium term due to constrained operating performance and
material loss to property because of the fire. The cash accrual
is expected to be insufficient to meet term debt obligations over
the medium term.

The ratings reflect OCL's limited pricing flexibility, the
susceptibility of its profitability to volatility in raw material
prices, and its below-average financial risk profile because of
modest net worth, high gearing, and weak debt protection metrics.
These weaknesses are partially offset by its established presence
in the printing inks segment, and the industry experience of its
promoters and their funding support by way of unsecured loans.
Outlook: Stable

CRISIL believes OCL will continue to benefit from its established
presence and its promoters' extensive experience in the printing
inks segment. The outlook may be revised to 'Positive' if there
is a substantial and sustained increase in revenue and
profitability, or in networth, backed by equity infusion. The
outlook may be revised to 'Negative' in case of slower-than-
expected turnaround of operations or a stretch in working capital
cycle, leading to pressure on liquidity and debt servicing
ability.

OCL, incorporated in 1965 by Mr. R K Shah, manufactures printing
inks such as offset inks, water-based inks, coatings, and allied
products.

OCL had a net loss of INR12.1 million and operating income of
INR410 million for fiscal 2016, against a net loss of INR11.2
million and operating income of INR46.4 million for fiscal 2015.
For the six months ended September 30, 2016, its net loss before
extra-ordinary items was INR0.2 million and operating income was
INR148.5 million.


OSHINA EXPO: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B and its
short-term rating of [ICRA]A4 on the INR10.00-crore1 bank limits
of Oshina Expo Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B (Re-affirmed)
   Term Loan             4.00       [ICRA]B (Re-affirmed)
   Letter Of Credit      1.00       [ICRA]A4 (Re-affirmed)

The ratings reaffirmation factors in the improvement in the
company's operating margin from 2.65% in FY2015 to 3.17% in
FY2016 because of decrease in selling expenses. However, the
revenue of the company declined by 3.72% from INR77.19 crore in
FY2015 to INR74.32 crore in FY2016. The ratings are constrained
by OEPL's modest scale of operations, leveraged capital
structure, weak debt protection metrics and exposure to intense
industry competition. The ratings also take into account the
vulnerability of the OEPL's profit margins to increase in raw
material prices along with any adverse variations in foreign
exchange rates as the company imports a significant portion of
its raw material and traded goods requirement. ICRA's ratings,
however, favourably factor in the extensive experience of the
promoters in the footwear industry along with their established
relationships with reputed customers which, in turn, ensure
steady order flow.

Going forward, the company's ability to scale up in a profitable
manner and improve its capital structure will be the key rating
sensitivity.

OEPL was established as a proprietorship concern in 2002 by Mr.
Samit Jain and his family members. In 2012, it was converted into
a private limited company. OEPL manufactures and trades in
footwear for both men and women. The manufacturing facility of
the firm is located in Sahibabad.

Recent Results
In FY2016, OEPL reported a net profit of INR0.28 crore on an
operating income of INR74.32 crore, as against a net profit of
INR0.35 crore on an operating income of INR77.19 crore in the
previous year.


P. VENKATESWARA: CRISIL Cuts Rating on INR80MM Bank Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M/s. P. Venkateswara Rao to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

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

   Overdraft Facility       37       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term        3       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Stable')

The downgrade reflects instances of overutilisation of the cash
credit facility for more than 30 straight days, on account of
stretched liquidity and large working capital requirement.

The rating also reflects the below-average financial risk
profile, because of a modest networth. However, the firm does
benefit from extensive experience of its promoters.

PVR, set up as a proprietary concern by Mr. P Venkateswara Rao in
1984, was reconstituted as a partnership concern in 1989, with
Mr. Rao and his family members, as partners. The Hyderabad-based
firm undertakes construction of roads, roads over and under
bridges, canals, and allied civil construction activity.


PATWARI STEELS: ICRA Assigns 'D' Rating to INR1.17cr Loan
---------------------------------------------------------
ICRA has revised downward the long-term rating assigned to the
INR0.81-crore corporate loan (reduced from INR1.35 crore) and
INR11.00-crore (revised from INR9.00 crore) cash-credit facility
of Patwari Steels Private Limited from [ICRA]C- to [ICRA]D. ICRA
has also revised downward the short-term rating assigned to the
INR0.72-crore (reduced from INR1.35 crore) Standby Line of Credit
from [ICRA]A4 to [ICRA]D. An untied limits of INR1.17 crore has
been assigned a rating of [ICRA]D under both long-term and short-
term scale.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Corporate Loan          0.81       [ICRA]D downgraded

   Fund Based Limit-
   Cash Credit            11.00       [ICRA]D downgraded/assigned

   Fund Based Limi-
   Standby Line of
   Credit                  0.72       [ICRA]D downgraded

   Untied limits           1.17       [ICRA]D assigned

Rating Rationale
The downward revision in the ratings primarily takes into account
irregularity in debt servicing by PSPL due to significant
deterioration in the financial profile of the company in FY2016
as reflected by cash losses, unfavorable capital structure and
depressed debt coverage indicators. ICRA notes the significant
decline in realisation, which led to inventory losses for the
company. The ratings are also constrained by the high working
capital intensity of business that adversely impacts the
liquidity situation as reflected by fully-utilised working
capital limits. High competition in the industry coupled with low
value-additive nature of operations keeps the entity's margins
under check. The ratings also take note of the low capacity
utilisation of the ingot-manufacturing plant, which keeps the
return on capital employed at low levels. The company is also
exposed to the cyclicality associated with the steel industry,
which is passing through a downturn at present. The ratings,
however, take into consideration the experience of the promoters
for over three decades in the steel-manufacturing industry,
PSPL's diversified product mix and the partially integrated
nature of operations with the presence of both ingot and thermo-
mechanically treated (TMT) bars manufacturing units.

Incorporated in 1981, PSPL manufactures MS ingots and TMT bars
with annual installed capacity of 16,000 metric tonnes and 33,000
metric tones, respectively. The manufacturing units are located
in Patna, Bihar.

Recent Results
In FY2016, PSPL reported a net loss of INR3.90 crore on an
operating income (OI) of INR50.93 crore, compared to a net loss
of INR0.50 crore on an OI of INR58.93 crore in FY2015.


RADHE KRISHNA: ICRA Suspends B+ Rating on INR4.90cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore long term - term loan and cash credit facilities of Radhe
Krishna Cotton Industries. The suspension follows ICRAs inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-
   Term loan                1.10      [ICRA]B+; Suspended

   Fund Based-
   Cash Credit              4.90      [ICRA]B+; Suspended

Radhe Krishna Cotton Industries was established in the year 1998
and wass engaged in cotton ginning, pressing and crushing
operations. The business is owned and managed by Mr. Kantilal
Chav and other family members. The firm's manufacturing facility
is located at Babra in Amreli district of Gujarat. The firm
currently has twenty six ginning machines and one fully automatic
press with the installed capacity to produce 350 cotton bales per
day. The firm also has three oil expellers having capacity to
produce 2000 kgs of crude cotton seed oil per day.


RAMKY PHARMA: ICRA Withdraws C+ Rating on INR15cr Bank Loan
-----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]C+ assigned to
INR15.00 crore bank facilities of Ramky Pharma City (India)
Limited as the company has closed the bank facilities. There is
no amount outstanding against the rated instrument.


RECKON DIAGNOSTICS: CRISIL Suspends B- Rating on INR46MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Reckon
Diagnostics Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4
   Cash Credit           46.0        CRISIL B-/Stable
   Long Term Loan         4.3        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
RDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RDPL is yet to
provide adequate information to enable CRISIL to assess RDPL'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 1984, RDPL is promoted by Vadodara-based Mr.
Nital Patel and his family. The company manufactures diagnostic
kits for carrying out various medical tests.


RURAL INSTITUTE: CRISIL Hikes Rating on INR103.4MM Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Rural Institute of Social and Economic Empowerment to 'CRISIL
B/Stable' from 'CRISIL B-/Stable' and reaffirmed the short-term
bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         103.4      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Overdraft Facility      20.0      CRISIL A4 (Reaffirmed)

   Proposed Fund-Based     96.6      CRISIL B/Stable (Upgraded
   Bank Limits                        from 'CRISIL B-/Stable')

The upgrade reflects the improvement in RISE's business risk
profile, led by sustained revenue growth and healthy operating
profit. Over the five fiscals ended March 31, 2016, revenue grew
5% to INR161.0 million and operating margin was steady, at 24.2%.
Higher enrolment and fee revisions should support revenue growth
over the medium term. The upgrade also factors in the improving
financial risk profile, including liquidity. Networth and gearing
were healthy, estimated at INR116.3 million and 1 time,
respectively, as on March 31, 2016. Cash accrual, expected at
INR27-34 million over the medium term, will be more than
sufficient to meet debt obligation of INR22-23 million. CRISIL
believes the society will maintain its healthy financial risk
profile and liquidity over the medium term, in the absence of any
major debt-funded capital expenditure (capex).

The ratings reflect RISE's exposure to intense competition from
other educational institutions in its vicinity and susceptibility
to regulatory changes. These weaknesses are partially offset by
healthy demand for education in India.
Outlook: Stable

CRISIL believes RISE will continue to benefit from its promoters'
extensive experience in the education sector. The outlook may be
revised to 'Positive' if there is a substantial increase in
operating income and stable profitability, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of large, debt-funded capex, weakening debt protection
metrics and capital structure, or a significant fall in
enrolment.

RISE was established by Mr. I C Rangamannar and his friend, Mr. T
V Subbiah, in 2009. The society operates two engineering
colleges, two post-graduate business administration colleges, and
two post-graduate computer applications colleges in two adjoining
campuses in Ongole, Andhra Pradesh. Its engineering courses
include civil, mechanical, electrical, electronics and
communication, and computer science.


S.R.S. EXPORTS: ICRA Reaffirms B+ Rating on INR2.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the short term rating at [ICRA]A4 for the
INR30.00 crore non-fund based bank facility of S.R.S. Exports
Private Limited. ICRA has also reaffirmed the long term rating at
[ICRA]B+  for the INR2.00 crore fund based bank facility, which
is the sub-limit of short-term non-fund based bank facility.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Fund
   based-Cash Credit      (2.00)       [ICRA]B+ Re-affirmed

   Short-term Non-
   fund based-Letter
   of Credit              30.00        [ICRA]A4 Re-affirmed

The re-affirmation of ratings continues to reflect SEPL's weak
financial profile, characterised by subdued profit margin, weak
coverage indicators and high reliance on external parties, as
evident from TOL/Net-Worth of 4.14 times as on March 31, 2016.
The ratings continue to take into account the susceptibility of
business operations to the demand-supply scenario in the domestic
as well as international markets, Government policies and
performance of the domestic agricultural sector, which is highly
influenced by climatic conditions. ICRA also notes that the
margins are vulnerable to commodity price and foreign exchange
fluctuations, and will continue to remain under pressure due to
intense competition.

The ratings, however, favourably consider the established
experience of the promoters in the trading of agro commodities
and operational synergies with associate concerns engaged in the
same sector.

ICRA expects annual revenue growth of 10% in FY2017 on the back
of India's increasing reliance on imports to meet the demand for
wheat and pulses. However, SEPL's ability to improve its
profitability amid intense competition and manage its working
capital cycle will remain critical.

Promoted by Mr. Shadiram Mohan in 1995, S.R.S. Exports Pvt. Ltd.
(SEPL) imports agro-commodities such as wheat and pulses for the
domestic market. The product portfolio of the firm depends on the
demand-supply indicators, and thereby on the prevailing prices in
domestic and international markets. Consequently, SEPL's share of
pulses to its total revenue varies accordingly. Currently, the
firm is managed by two generations of the Mohan family who have
extensive experience in agro-commodity trading. Shadiram & Sons
(rated [ICRA]A4), SRS Agri Foods (rated [ICRA]C), SRS
Commodities, SRS Import and Export and Shadiram Mohan Cold
Storage, are the associate concerns of the company.

Recent Results

The company has recorded a net profit of INR0.51 crore on an
operating income of INR131.62 crore in FY2016.


SAMARTH DEVCON: ICRA Suspends 'B' Rating on INR15cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR15.00 crore fund based limits of Samarth Devcon Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SANJAY INDUSTRIAL: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sanjay
Industrial Steels (Bhopal) Pvt. Ltd.'s 'IND B+(suspended)' Long-
Term Issuer Rating. The agency has also withdrawn the
'IND B+(suspended)' rating on SISPL's INR80m fund-based limits.

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

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


SASI EDUCATIONAL: CRISIL Suspends B- Rating on INR85MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sasi
Educational Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           85       CRISIL B-/Stable
   Overdraft Facility       17.5     CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        7.5     CRISIL B-/Stable

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

Set up in 1980, SES runs educational institutes in Andhra
Pradesh. The society is promoted by Mr. Burugupalli Venu Gopala
Krishna.


SAVITON LIVING: ICRA Suspends B+ Rating on INR10.75cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR10.75 crore
fund based limits and short term rating of [ICRA] A4 assigned to
INR2.25 crore non-fund based limits of Saviton Living Concepts.
The suspension follows lack of co-operation from the company.


SAVITON METPLAST: ICRA Suspends B+ Rating on INR7.74cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR7.74 crore fund
based limits and short term rating of [ICRA]A4 assigned to
INR2.46 crore non-fund based limits of Saviton Metplast Private
Limited. The suspension follows lack of co-operation from the
company.


SAVITRI STEELS: CRISIL Assigns B+ Rating to INR180MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Savitri Steels and Rerollings Private Limited, and
has assigned its 'CRISIL B+/Stable' rating to these facilities.
The rating had earlier been suspended by CRISIL as per its rating
rationale dated September 09, 2016, as SRPL had not provided the
necessary information required for reviewing the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan          120       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

CRISIL rating on the bank facilities of SRPL reflect working
capital-intensive operations, susceptibility of the company's
operating margin to volatility in input costs and exposure to
risks relating to cyclicality in the end user industries. The
ratings also factor in SRPL's below-average financial risk
profile because of moderate gearing and modest debt protection
metrics. These ratings weaknesses are partially offset by
extensive experience of SRPL's promoters in the steel industry
and established customer and supplier relationship.
Outlook: Stable

CRISIL believes that the SRPL will benefit over the medium term
from the extensive experience of its promoters and established
customer and supplier relationship. The outlook may be revised to
'Positive' in case the company reports higher-than-expected
revenue or profitability, while improving in its capital
structure and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of lower than expected
revenues or profitability or the company carries out a debt
funded capex, resulting in further weakening of its financial
risk profile.

SRPL was incorporated in 2008, promoted by Mr. Anunay Agarawal.
The company has a manufacturing facility in Hyderabad for thermo-
mechanically-treated (TMT) bars.

For 2015-16 (refers to financial year, April 1 to March 31), SRPL
reported a provisional profit after tax (PAT) of INR 4.01 million
on revenue of INR 1.43 billion (INR4.78 million and INR 1.51
billion, respectively, for 2014-15).


SHAKTHI KNITTING: Ind-Ra Cuts LT Issuer Rating to 'IND BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shakthi
Knitting Limited's Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects sustained deterioration in SKL's credit
profile. FY16 financials indicate improvement in revenue to
INR2,952 million (FY15: INR2,890 million) on increased order-
flow. EBITDA reduced to INR176 million in FY16 (FY15: INR196
million) due to increase in overhead expenses, which lead to
weakening of its credit metrics. Net leverage (net debt/EBITDA)
was 5.3x in FY16 (FY15: 4.5x) and EBITDA interest coverage
(operating EBITDA/Gross interest expense) was 1.6x (1.5x).

Ind-Ra had upgraded Shakthi's ratings in July 2015 on the
expectation of improvement in leverage to below 3.5x on continued
growth leading to margin expansion. Shatkhi's margins
deteriorated to 6.0% in FY16 (FY15: 6.80%) primarily due to
cotton price fluctuation.

The company's net working capital cycle marginally improved to
130 days in FY16 (FY15: 137 days) due to increase in payables
days to 29 days (11 days). Liquidity remained tight with the
average utilisation of the fund-based working capital facilities
being around 91.6% during the 12 months ended September 2016.

The company recorded revenue of INR1,150m in 5MFY17 and the
management believes the growth rate will be sustained. Ind-Ra
also expects working capital cycle to remain in the range 120
days - 140 days due to nature of operations.

The ratings, however, continue to be supported by the promoters'
two-decade-long experience in the garment manufacturing business.

RATING SENSITIVITIES

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

Negative: Substantial decline in profitability and further
stretch in the working capital cycle and liquidity leading to
significant deterioration in credit metrics could be negative for
the ratings.

COMPANY PROFILE

Incorporated in 1992 in Tirupur (Tamil Nadu), SKL manufactures
and exports knitted garments and fabrics.  It has a vertically
integrated manufacturing set-up with facilities for knitting,
dyeing and garmenting. Around 53% of the company's revenue comes
from domestic sales.

SKL's ratings:

  -- Long Term Issuer Rating: downgraded to 'IND BB+'/Stable from
     'IND BBB-'/Stable

  -- INR840 million fund-based working capital facilities:
     downgraded to 'IND BB+'/Stable from 'IND BBB-'/Stable and
     'IND A4+' from 'IND A3'

  -- INR231 million non-fund-based working capital facilities
     (increased from INR220 million): downgraded to 'IND A4'+
     from 'IND A3'


SHANKU'S BIOSCIENCES: ICRA Suspends B+/A4 INR8.11cr Loan Rating
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR8.11 crore limits of Shanku's Biosciences Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non-cooperation from the company.

Shanku's Biosciences Private Limited (SBPL) was incorporated in
March 2007 and is promoted by the members of the Chaudhary family
who own and operate various entities forming part of the Shanku's
group in Mehsana, Gujarat. The group is involved in several
businesses spread across the hospitality, chemicals and education
segments. SBPL is engaged in the business of production, sale and
marketing of Di Calcium Phosphate (DCP) and mineral mixture of
animal feed grade. Mineral mixtures and DCP manufactured by the
company are used as food/dietary supplements for cattle and
poultry. Prior to July 2009, SBPL was involved in the business of
contract manufacturing of chemicals following which it shifted
these operations under its group concern, Shanku's Chemscience
Private Limited.


SHREE GEETA: ICRA Revises Rating on INR43.46cr LT Loan to 'B'
-------------------------------------------------------------
ICRA has revised its long-term rating on the INR56.96-crore fund-
based bank facilities of Shree Geeta Textile Mills Pvt. Ltd. to
[ICRA]B from [ICRA]B+. ICRA has reaffirmed its short-term rating
on the INR1.75-crore non-fund based bank facilities of SGTM at
[ICRA]A4.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term fund-        13.50       [ICRA]B; Revised from
   based cash credit                  [ICRA]B+
   limit

   Long-term fund-        43.46       [ICRA]B; Revised from
   based term Loan                    [ICRA]B+

   Long-term/short-        1.75       [ICRA]B /A4; Revised
   term non-fund                      from [ICRA]B+/A4
   based bank guarantee

The rating action takes into account the company's weak financial
performance owing to the delay in project's commencement and
lower-than-expected capacity utilisation. The delay coupled with
low production has resulted in significantly lower operating
income. Further, the challenging outlook for the spinning
industry along with the commencement of scheduled loan repayments
from April 2016, are likely to stress the liquidity of the
company. Given that the project has just started, the coverage
indicators are likely to remain weak. The ratings are, however,
supported by the extensive experience of SGTM's promoters in the
textile industry. ICRA favorably factors in the various fiscal
incentives provided under the Madhya Pradesh State's Textile
Policy and Technology Upgradation Fund Scheme.

Going forward, the company's ability to ramp up its plant
capacity utilisation and ensure efficient working capital
management and adequate liquidity will be the key rating
sensitivities. Timely receipt of fiscal incentives will also be a
key monitorable.

SGTM was incorporated by the Madhya Pradesh-based Mittal family
in 2008. The company has set up an integrated textile project
(spinning and knitting) at Burhanpur, Madhya Pradesh, whose
spinning division commenced operations in October 2015, and the
knitting division in February 2016. The company has 15,840
spindles and eight circular and open-width knitting machines. The
capacity of the spinning division is 3,698 metric tonnes per
annum (MTPA) while the knitting division's capacity is 3,780
MTPA. The company manufactures 100% cotton yarn of 28 counts
(average), which finds application in the manufacturing of
hosiery garments, and bed sheets.

Recent results
In FY2016, SGTM reported an operating income (OI) of INR10.53
crore and a net loss of INR5.61 crore.


SHRESHT INDUSTRIES: CRISIL Ups Rating on INR110MM Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shresht Industries Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan           15       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that SIPL will maintain its
improved net cash accrual over the medium term, leading to
adequate liquidity vis-a-vis debt obligation. Annual accrual is
expected at INR18-24 million against debt obligation of INR5
million each in fiscals 2017 and 2018. As a considerable portion
of working capital requirement was funded through accrual, bank
limit utilisation was low, averaging 90% over the 12 months
through September 2016. Steady orders from established clients
should support the business risk profile. The upgrade also
factors improvement in the financial risk profile driven by
increased networth and reduced gearing. Furthermore, the company
has managed its working capital cycle prudently. In the absence
of any major capital expenditure, cash accrual will be used to
fund working capital requirement, reducing bank limit utilisation
and improving the financial risk profile.

The rating reflects SIPL's healthy revenue visibility, its
promoters' experience in the water purification systems industry,
and its average financial risk profile because of moderate
gearing and strong debt protection metrics. These strengths are
partially offset by its modest scale of operations and exposure
to intense competition in a fragmented industry.
Outlook: Stable

CRISIL believes SIPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
more-than-expected revenue and operating margin leads to healthy
accrual, or if working capital management improves. The outlook
may be revised to 'Negative' if revenue and profitability are
lower than expected, or if working capital requirement increases,
leading to subdued accrual and weakening the financial risk
profile.

SIPL, based in Hyderabad and incorporated in 2013, manufactures
water purifiers for domestic and industrial use, under the
Shresht RO brand. The company is promoted by Mr. Pattela Gaurav
and his family.


SHRSHREE BHAGWATI: CRISIL Reaffirms 'B' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of ShrShree
Bhagwati Samarth Food Products Private Limited continues to
reflect below-average financial risk profile because of high
gearing and modest debt protection metrics and exposure to
project risk relating to timely completion and sales risk on
proposed capital expenditure (capex). These weaknesses are
partially offset by the extensive experience of proprietor in the
food processing business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable (Reaffirmed)
   Term Loan               30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SBSF will continue to benefit over the medium
term from the proprietor's experience. The outlook may be revised
to 'Positive' if improvement in the scale of operations, from
timely completed capex while sustaining the operating margin,
leading to large cash accrual strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant delays in project completion or any further
debt-funded capex plans.

SBSF was incorporated in May 2012 by Mr. Bhagwati Omprakash
Kalani, who also owns a sole proprietorship firm, Shree Samarth
Food Products. SBSF recently completed setting up a flour mill to
produce besan and wheat flour. Its manufacturing facility and
registered office are in Thane (Maharashtra).


SPEED AUTOTECH: CRISIL Suspends 'D' Rating on INR87.7MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Speed
Autotech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL D
   Inventory Funding
   Facility                65        CRISIL D

   Proposed Long Term
   Bank Loan Facility      87.7      CRISIL D

   Term Loan                6.5      CRISIL D

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

SAPL was incorporated in 2008 by Mr. Atul Makaria, Mr. Abhishek
Khanna and Mr. Adarsh Tulshan. It has dealership of Chevrolet
cars (GMIL) from 2010, with its showroom at VIP Road (Kolkata).
SAPL has two workshops, one each in Khanna Road (Kolkata) and
Agarpara Road (West Bengal).


SREE RAJESWARI: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Rajeswari Infrastructure.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         73.5       CRISIL D
   Cash Credit            90         CRISIL D
   Letter of Credit       20         CRISIL D

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

SRI was set up in August 2008 by Mr. G Badrinath and Mr. VVSN
Murthy and their family members. The firm undertakes civil works
related to drainage systems, water supply systems, roads, and
buildings for Ramky Infrastructure Ltd (rated 'CRISIL D/CRISIL
D'). It is based in Hyderabad. SRI currently has six partners:
Mr. G Badrinath, Mr. VVSN Murthy, Mrs. Padma, Mrs. Rukmini, Mrs.
Subba Lakshmi, and Mrs. Subdha Lakshmi.


SUKRITHA BUILDMANN: ICRA Assigns B+ rating to INR30cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR30
crore (enhanced from INR20 crore) term loan facility of Sukritha
Buildmann Private Limited.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long Term-Fund
   Based-Term Loan       30.0      [ICRA]B+ assigned/outstanding

The assigned rating takes into account SBPL's exposure to
significant marketing risk associated with the ongoing project-
Buildmann Aaroha, given the low level of overall bookings till
date, notwithstanding the moderate booking levels achieved in the
first phase of the project. The rating is also constrained by the
large size of the ongoing project relative to past real estate
projects undertaken by the company and the vulnerability to
execution risks, given the intermediate stages of construction,
however, ICRA takes note of the significant construction progress
in the first phase of the project. SPPL is also susceptible to
significant property concentration risks, with cash inflow over
the medium term being solely dependent on this single property.
ICRA notes that the financial closure for the project has been
achieved; however a substantial portion of the pending
construction cost is to be met through customer advances, hence
healthy incremental sales and collection efficiency will be
critical for completing the project in a timely manner Besides,
the rating also takes into account the high competitive intensity
of the real estate market in the region.

The rating, however, favorably takes into account the established
position of the company with a track record of more than 2
decades in the real estate market with strong project execution
capabilities and the favorable location of the ongoing upcoming
project, Buildmann Aaroha, located in KR Puram, Off Old Madras
Road which is a major suburb in the eastern part of the Bangalore
housing various IT/ITES companies and industrial establishments.
In addition, the company's asset light policy of developing
projects under Joint Development Agreement (JDA), limits upfront
capital commitment in the projects. Further, the rating assigned
also takes comfort from the relatively low repayment obligations
falling due in the near to medium term.

Incorporated in 1988, Sukritha Buildmann Private Limited (SBPL)
is a private limited company engaged in real estate development
in Bangalore, Karnataka. The promoters have long experience in
the field of real estate development and construction. The
company's business spanned contracting, consulting engineering
and real estate development, but is presently focused on real
estate development. Presently, the company is engaged in
execution of a villa cum apartment project, "Buildmann Aaroha" at
KR Puram, Off Old Madras road, Bangalore. Started in June, 2013,
the project is split into two phases spread across 2.96 lakh sqft
of land parcel and has two towers with 85 apartments and 39
villas with an aggregate super built up area of 4,25,757 square
feet (sqft). In the future, the company plans to launch unique
mid-segment housing projects in well-connected locations.

Result Results
For the financial year 2015-16 (as per provisional numbers), the
company reported a net profit of INR0.5 crore on an operating
income of INR4.1 crore, as against a net profit of INR0.4 crore
on an operating income of INR3.0 crore in 2014-15.


SUNMARK CERAMIC: ICRA Suspends 'B' Rating on INR5.58cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR8.58
crore long term - term loan and cash credit facilities and
[ICRA]A4 rating assigned to the INR1.00 crore short term non fund
bases facility of Sunmark Ceramic. The suspension follows ICRAs
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-Term loan      5.58      [ICRA]B; Suspended

   Fund Based-Cash Credit    3.00      [ICRA]B; Suspended

   Non Fund Based-Bank
   Guarantee                 1.00      [ICRA]A4; Suspended

Incorporated in June 2013, Sunmark Ceramic (SC) is engaged in the
manufacture of digitally printed wall tiles of multiple sizes
i.e. 10X15, 12X12, 12X18, 10X16 and 24X12. The manufacturing unit
of the firm is located in Morbi, Gujarat, with an installed
capacity 30,000 MTPA for wall tiles. The commercial production
has commenced in July 2014. The firm is promoted and managed by
Mr. Manoj Gogari along with other family members having
experience in ceramic business.


SUNNY STAR: CRISIL Suspends B+ Rating on INR149.8MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sunny
Star Hotels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              149.8      CRISIL B+/Stable

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

Established by Mr. Dilip Kumar and his family in 2012, SSHPL runs
a hotel named The Panache in Patna. The hotel commenced
operations in January 2014.


SUVARNA LAKSHMI: ICRA Reaffirms B+ Rating on INR18cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR0.58 crore term loan, INR18.00 crore cash credit and INR8.62
crore (revised from INR9.20 crore) unallocated limits of Suvarna
Lakshmi Jewellers.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term fund-based
   limits (Term Loan)        0.58       [ICRA]B+ reaffirmed

   Long term fund-based
   limits (Cash Credit)     18.00       [ICRA]B+ reaffirmed

   Long term Unallocated     8.62       [ICRA]B+ reaffirmed

The rating reaffirmation continues to be constrained by SLJ's
weak financial risk profile characterised by interest coverage
ratio of 1.17 times, NCA-to-Total Debt of 3.69% in FY2016 and
high gearing of 2.22 times as on March 31, 2016; high working
capital intensive nature of the business, as reflected by high
utilisation of working capital limits, owing to high inventory
levels maintained to provide variety to customers; geographical
concentration risk inherent to a single-retail outlet business
and small scale of operations in the intensely competitive gems-
and-jewellery retail industry. The rating, however, positively
factors in the long experience of the promoters in the jewellery
retail business; and favourable long-term outlook of the
jewellery industry supported by several socio-economic and
cultural factors that are unique to the Indian market.

Going forward, ability of the company to improve revenue and
manage its working capital requirements effectively will be the
key credit-rating sensitivities.

Suvarna Lakshmi Jewellers was founded in FY2009 to start the
business of branded jewellery retail. The company operates as a
level-3 dealer of Tanishq's jewellery products. SLJ operates
through its own showroom located at Dilsukhnagar, Hyderabad. The
firm is promoted and managed by Mr. B Satya Prakash Rao and his
family members.

Recent Results

As per FY2016 results, the company reported an operating income
of INR44.56 crore and a profit after tax of INR0.44 crore against
an operating income of INR37.11 crore with a net profit of
INR0.42 crore in FY2015.


TARINI MOTORS: ICRA Reaffirms 'B+' Rating on INR3.25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+  assigned to
the INR1.74 crore term loan facility and INR3.25 crore cash
credit facility of Tarini Motors Private Limited. ICRA has also
reassigned the short term rating of [ICRA]A4 to the INR2.50 crore
bank guarantee facility of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Term Loan                1.74      [ICRA]B+ reaffirmed

   Fund Based Limit-
   Cash Credit              3.25      [ICRA]B+ reaffirmed

   Non-fund based
   Limit-Bank Guarantee     2.50      [ICRA]A4 reaffirmed

While re-affirming the ratings, ICRA has considered TMPL's weak
financial risk profile characterised by high gearing and
depressed coverage indicators. The ratings also take a note of
high working capital intensity of operations due to higher
inventory holding requirements, which adversely impacts the
liquidity position of the company, as also reflected by high
utilisation of working capital limits. The ratings are also
constrained by thin margins on the auto-dealership business due
to low bargaining power and also because MTBL controls the
margins. There is intense competition from other OEM dealers in
the region, thereby limiting growth to some extent. The re-
affirmation of ratings is, however, supported by consistent
increase in the operating income of the company. The established
position of MTBL in the commercial vehicle segment and the
diversified portfolio of the vehicles, ranging from LCVs to 49T
tractor-trailers provide a cushion against business downturns in
any single segment. Going forward, the company's ability to
improve its working capital cycle, and consequently its cash flow
position through better inventory management while increasing the
scale of operations, will remain the key rating sensitivities.

Tarini Motors Private Limited is involved in the automobile
dealership of commercial vehicles of Mahindra Truck and Buses
Limited (MTBL). The company operates through a single showroom at
Keonjhar in Odisha, and deals in Heavy Commercial Vehicles
(HCVs), Medium Commercial Vehicles (MCVs) and Light Commercial
Vehicles (LCVs). In addition, it is involved in servicing of
vehicles and deals in spare parts, besides providing lathe
service to vehicles.

Recent Results

During FY2016, the company has reported a net profit of INR0.50
crore (provisional) on an operating income of INR32.8 crore
(provisional). In FY2015, the company reported a net profit of
INR0.3 crore on an operating income of INR24.3 crore.


TIRUMALA COMPRINTS: CRISIL Reaffirms B+ Rating on INR82.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirumala Comprints
Limited reflects TCL's modest scale and working-capital-intensive
nature of operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           82.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             17.5       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of TCL's promoters in the offset printing and
packaging industry and the company's healthy relationships with
major customers.

Outlook: Stable

CRISIL believes that TCL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if TCL increases its scale
of operations substantially, while maintaining its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if the company's profitability declines, or if its
capital structure weakens because of substantial debt-funded
capital expenditure, or if its liquidity weakens because of a
stretch in its working capital cycle.

TCL was originally incorporated as a private limited company in
1989, promoted by Mr. M Jayathirth; it was reconstituted as a
public limited company in 2008. TCL undertakes regular offset and
ultra-violet offset printing of packaging materials made of paper
and paperboards; its product portfolio mainly includes cartons
and leaflets. The company is based in Hyderabad (Telangana).


TML INDUSTRIES: CRISIL Reaffirms FB+ Fixed Deposits Rating
----------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities and fixed deposit programme of TML Industries Limited
to 'Negative' from Stable', while reaffirming the ratings at
'CRISIL BB/CRISIL FB+'. The short-term bank facilities have been
reaffirmed at 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        25        CRISIL BB/Negative (Outlook
                                     revised from 'Stable' and
                                     rating reaffirmed)

   Cash Credit            220        CRISIL BB/Negative (Outlook
                                     revised from 'Stable' and
                                     rating reaffirmed)

   Letter of Credit        10        CRISIL A4+ (Reaffirmed)

   Letter of credit &
   Bank Guarantee          40        CRISIL A4+ (Reaffirmed)

   Proposed Long Term      56.1      CRISIL BB/Negative (Outlook
   Bank Loan Facility                revised from 'Stable' and
                                     rating reaffirmed)

   Term Loan               52.1      CRISIL BB/Negative (Outlook
                                     revised from 'Stable' and
                                     rating reaffirmed)

   Working Capital         84.0      CRISIL BB/Negative (Outlook
   Term Loan                         revised from 'Stable' and
                                     rating reaffirmed)

   Fixed Deposits         100.0      FB+/Negative (Outlook
   Programme                         revised from 'Stable'
                                     and rating reaffirmed)

The outlook revision reflects the likelihood of a continued
decline in the business risk profile of the company. Revenue
declined by 38% in fiscal 2016 over the previous fiscal, and
operating margin fell by 1560 basis points to 2.7%. The lower
revenue was driven by a weak demand cycle due to drought-like
conditions particularly in Latin America. In the current fiscal,
keeping in view the continued weak demand, management has taken
strategic decisions for optimal utilisation of installed
capacities by doing job work for associate concern, Transpek
Industry Limited (TIL; rated 'CRISIL BBB+/FA-/Stable/CRISIL A2'),
and introduction of new products. CRISIL expects significant
correction in the operating margin and healthy revenue growth due
these initiatives, leading to a better business risk profile. Any
delay in improvement in revenue and profitability will impact the
credit risk profile.

The ratings continue to reflect the extensive experience of the
promoters in the agrochemicals industry, strong synergies with
the other Shroff group companies, and diversified product and
customer portfolios. These rating strengths are partially offset
by an average financial risk profile because of a modest capital
structure and debt protection metrics, and a low current ratio.
The ratings also factor in susceptibility to the performance of
the agriculture sector and exposure to government regulations.
Outlook: Negative

TML's business risk profile will remain constrained over the
medium term. The ratings may be downgraded if revenue or
profitability do not improve as expected, or the working capital
cycle lengthens, or in case of any large, debt-funded capital
expenditure, weakening the financial risk profile. The outlook
may be revised to 'Stable' if the operating margin revives in
line with expectations, and revenue grows, while the financial
risk profile remains moderate.

TML, formerly known as Transmetal Ltd, was established in 1993 as
a part of the Shroff group of companies. Excel Industries Ltd
(rated 'CRISIL A-/FA/Stable/CRISIL A2+') owns 17% of the
shareholding, while the remaining is held by the members of the
Shroff and Dayal families. Mr. Dipesh Shroff is the chairman of
TML. The company manufactures intermediates for agrochemicals.
These include tri chloro acetyl chloride, sodium salt of tri
chloro pyridinol, and chloral and trichloroacetic acid; it has
added chloro sulphonic acid in fiscal 2017 to its portfolio.
These products find application in the agricultural chemicals and
the pharmaceuticals industries. The company's manufacturing
facilities are in Jambusar Bharuch and Padra Vadodara, both in
Gujarat. As per a new arrangement, while the Bharuch facility
will continue to manufacture TML's product portfolio, the
Vadodara facility will be engaged in job work for TIL with effect
from November 2016.

Net loss was INR79 million on total revenue of INR548 million in
fiscal 2016, against profit after tax of INR30 million on total
revenue of INR849 million in fiscal 2015.


TRIDENT METAL: CRISIL Suspends B- Rating on INR67.7MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Trident
Metal Energy Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           32.3        CRISIL B-/Stable
   Term Loan             67.7        CRISIL B-/Stable

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

TMEPL, set up in 2008 and promoted by the Jharkhand-based Agrawal
family, manufactures refined lead cum battery.


USHA SPINNERS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Usha Spinners
continues to reflect the firm's below-average financial risk
profile because of high gearing and weak debt protection metrics,
and its modest scale of operations in a fragmented industry.
These weaknesses are partially offset by its proprietor's
extensive experience in the textile industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Usha will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if healthy growth in revenue and
profitability leads to better debt protection metrics, or if the
capital structure improves because of infusion of substantial
equity. The outlook may be revised to 'Negative' if the operating
margin declines or if the financial risk profile deteriorates due
to a stretch in working capital cycle.

Usha, set up in 1998, is a Ludhiana-based proprietorship concern
that trades in cotton, polyester yarn, and cloth. Its operations
are managed by Mr. Gautam Thapar.

Usha had a book profit of INR2.4 million on sales of INR621.7
million for fiscal 2016, against a book profit of INR2.2 million
on sales of INR523.4 million for fiscal 2015.


VIBRANT CONTENT: CRISIL Reaffirms B+ Rating on INR218.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vibrant
Content Private Limited continues to reflect average financial
risk profile primarily constrained by stretched liquidity arising
out of large repayment obligation. The rating also factors in
moderate scale of operations, high customer concentration risk,
and susceptibility to risks on leased content assets.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     101.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan              218.5     CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the promoters' extensive
experience in the media and entertainment industry and their
continued funding support.
Outlook: Stable

CRISIL believes VCPL will maintain the business risk profile over
the medium term, backed by promoters' experience. The outlook may
be revised to 'Positive' if significant infusion of long-term
funds or cash generated from business improves liquidity.
Conversely, the outlook may be revised to 'Negative' if dip in
profitability, stretch in working capital cycle, or any
unanticipated investment constrains liquidity.

Update
Sales was INR438.8 million in fiscal 2016 against INR358.2
million in fiscal 2015 backed by 13% growth in content trading
while sales from content leasing almost doubled to INR72.5
million from INR35.8 million. The share of revenue of content
leasing, which is more profitable, increased to 17% in fiscal
2016 from 10% in fiscal 2015, thereby improving the operating
margin to 18.4% from 16.4%. The company has made sales of around
INR260 million till September 2016. VCPL is expected to sustain
its business risk profile backed by promoters' extensive industry
experience

The financial risk profile continues to remain below average with
INR77million networth, above 4 times total outside liabilities to
total networth ratio, interest coverage of 2.3 times and risk
coverage of 14 times. Liquidity continues to remain stretched
with expected cash accrual of around INR55 million per annum over
the medium term, which is barely sufficient to meet repayment
obligation of INR53 million. However, liquidity has been
supported by the unsecured loan, worth INR45 million as on
March 31, 2016, extended by promoters. Their support to meet term
loan obligation in a timely manner will remain a key sensitivity
factor.

Mumbai-based VCPL, incorporated in July 2012 and promoted by Mr.
Parthasarathi Iyer and Ms Chitra Deshmukh, trades in content for
television, primarily television series, movies, and music. It
mainly deals in television content in Hindi and Marathi.


VIZEBH COMPOSITECH: CRISIL Suspends 'B' Rating on INR172.3MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vizebh Compositech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.4        CRISIL A4
   Cash Credit           55.0        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      1.3       CRISIL B/Stable
   Term Loan             172.3       CRISIL B/Stable

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

VCPL was incorporated in October 2013 by Mr. Pradeep Mahalik, Mr.
Amrish Patel, and Mr. Jinesh Patel. The company has its
registered office near Vadodara (Gujarat). The company is setting
up capacity to manufacture different variants of composites,
including non-composites, sheet-moulding compound/dough-moulding
compound/bulk-moulding compound, fibre-reinforced polymers,
carbon composites, composites advanced material, and
thermoplastic polymer products.



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


MONGOLIA: Fitch Cuts LT Currency Issuer Default Ratings to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Mongolia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'B-' from 'B'.
The Outlooks are Stable. The issue ratings on Mongolia's senior
unsecured foreign-currency bonds have also been downgraded to 'B-
' from 'B'. The Country Ceiling has been downgraded to 'B-' from
'B' and the Short-Term Foreign- and Local-Currency IDRs have been
affirmed at 'B'.

KEY RATING DRIVERS

The downgrade of Mongolia's Long-Term IDRs reflects the following
key rating drivers:

Mongolia's fiscal indicators have deteriorated significantly and
external liquidity risks have increased. Large pre-election
spending programmes and weaker economic growth contributed to a
dramatic widening of the general government deficit to 19.7% of
GDP in 2016, the highest among Fitch-rated sovereigns based on
our adjusted measure that includes commercial spending by the
Development Bank of Mongolia (DBM). Fitch expects greater
borrowing and the sharp depreciation of the tugrik over the past
year to push gross general government debt to 84.3% of GDP at
end-2016, compared to the 'B' category median of 51.2%. Mongolia
has repeatedly missed targets set under its Fiscal Stability Law,
evidence of a poor track record of policy implementation.

External financing conditions and market access have tightened
ahead of looming repayments on sovereign and sovereign-guaranteed
debt. Mongolia's external liquidity will be tested by over USD2bn
in sovereign external debt payments scheduled over 2017 and 2018.
This includes the maturity of an USD580m sovereign-guaranteed
bond issued by the DBM on 21 March 2017, and another USD500m
sovereign bond due on 5 January 2018. Liquidity buffers have
diminished over the year, despite the government raising USD750m
through a syndicated loan and bond issuance in March and April
respectively. Headline international reserves stood at USD1.1bn
at end-September 2016, the lowest level since 2009. Fitch
estimates a further USD0.6bn is still available to be drawn
through the CNY15bn (USD2.2bn) swap agreement with the People's
Bank of China (PBOC).

Mongolia's IDRs also reflect the following key rating drivers:

Weak public and external finances relative to 'B' category peers
and a heavy dependence on commodities and China weigh on
Mongolia's ratings, but these are balanced by the potential of a
transformative improvement to the credit profile in the medium
term as further projects to harness the country's vast natural
resources make progress. Mongolia also scores well on political
stability and lack of violence in the World Bank's governance
indicators compared with other sovereigns in the 'B' category.

Fitch expects the termination of pre-election spending programmes
and other one-off spending to help bring the deficit down to
11.5% of GDP in 2017. The agency's forecasts show a slower pace
of fiscal consolidation than that envisioned by the authorities,
reflecting weaker nominal growth expectations and a history of
fiscal slippages. However the 65 out of 76 seat majority won by
the Mongolian People's Party in the June 2016 election could
create a political environment that is more stable and conducive
for effective policy-making than under the previous "super
coalition" government.

Fitch's expects that near-term refinancing pressures will be
alleviated through some combination of multilateral and bilateral
support, giving the new government time and space to implement
macroeconomic policy reforms and stabilise economic conditions.
The authorities have requested financial assistance from the IMF
to help manage balance of payment pressures, and plan to finalise
a programme by early next year prior to the repayment of the DBM
bond. An IMF programme alone is unlikely to be sufficient to
cover Mongolia's refinancing needs, but is expected to be
accompanied by funding from other multilateral institutions, such
as the World Bank, Asian Development Bank and the Japan
International Cooperation Agency. The authorities are also in
discussion with the PBOC to extend and expand the swap agreement,
which is due to expire in August 2017.

Medium-term external debt sustainability depends on whether the
new government can encourage foreign investment and expedite
large-scale mining and infrastructure projects, as laid out in
the Economic Stabilization Plan. Foreign direct investment
inflows linked to the second phase of the Oyu Tolgoi project will
bring approximately USD6bn into the country over six years,
although Fitch expects 30%-40% will be used to import capital
goods. A possible resumption of the development of Tavan Tolgoi
coal mines and the development of associated transport and
infrastructure projects could strengthen Mongolia's external
accounts considerably. The surge in coal prices since May could
add further incentive for stakeholders to strike agreements.

Mongolia's public debt dynamics are sensitive to exchange rate
movements, with external loans and securities comprising 70% of
the government debt stock. Monetary financing of pre-election
policy loan programmes and the subsidised Housing Mortgage
Program (HMP) sharply increased the money supply, weighing on the
tugrik. Central bank lending to the general government has
increased by MNT566bn (USD232m) year-to-date as of October 2016.
The Bank of Mongolia increased policy rates by 450bp to 15% in
August and introduced three-month Central Bank Bills to manage
excess tugrik liquidity, and stave off deposit dollarisation. The
pre-election policy loan programmes have since been terminated,
and the Bank of Mongolia has committed to restrict new lending in
the HMP only to what can be funded through repayments of existing
loans. However any unplanned new fiscal activities financed
through the central bank could contribute to further depreciation
of the currency.

The use of Central Bank Bills to absorb liquidity, along with
foreign-exchange losses on swap transactions, has contributed to
a MNT1.2trn capital loss for the Bank of Mongolia between January
and September 2016. While there is no requirement to resolve the
Bank of Mongolia's negative capital position in the short term,
it could ultimately affect the general government balance sheet
through foregone dividends or eventual recapitalisation.

Fitch expects GDP growth of 0.5% in 2016 and 1.8% in 2017,
substantially lower than the 10.4% average growth experienced
between 2010 and 2015. Tight fiscal and monetary conditions are
likely to weigh on growth over the next two years, though these
would be balanced against higher investment and employment tied
to the development of the second phase of Oyu Tolgoi. Growth in
2017 has the potential to swing considerably either side of our
forecast, depending on the success of the Economic Stabilization
Plan and external financing conditions. Low growth, a pick-up in
the unemployment rate and the sharp tugrik depreciation have
lifted the commercial bank non-performing loan ratio to 9.1% at
end-October 2016, from 7.5% in December 2015. Fitch expects
asset-quality pressures to continue.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'B-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its QO, relative to rated peers, as follows:

   -- Macro: +1 notch, to reflect Mongolia's high medium-term
      growth prospects due to development of the second phase of
      Oyu Tolgoi.

   -- External Finances: -1 notch, to reflect weaknesses in
      Mongolia's external finances not captured in the SRM,
      including the very high net external debt burden and large
      external financing needs relative to reserves.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within our criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.

The main factors that could lead to positive action, individually
or collectively, are:

   -- Implementation of credible and coherent macroeconomic
      policy-making that improves Mongolia's basic economic
      stability.

   -- A track record of meeting stated fiscal targets,
      contributing to an improved outlook for government debt
      ratios.

   -- Evidence of substantial improvement in the country's
      medium-term external liquidity, for example through a
      build-up of reserve buffers, strong inflows of FDI or
      significant narrowing of the current-account deficit.

The main factors that could lead to negative action,
individually, or collectively, are:

   -- Difficulty meeting imminent external financing needs, for
      example if multilateral and bilateral support is not
      forthcoming.

   -- A material increase in government debt ratios above Fitch's
      expectations, for example through a failure to meet fiscal
      targets and/or a sharp depreciation of the currency.

   -- Emergence of systemic financial stress

KEY ASSUMPTIONS

   -- Mongolia maintains stable political and economic relations
      with China, its largest export destination and key provider
      of its international liquidity resources.



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


HANSA LTD: Court Placed Company Into Liquidation
------------------------------------------------
Stuff.co.nz reports that Hansa Ltd., a company being investigated
by the Serious Fraud Office as a possible ponzi scheme, has been
placed in liquidation.

The order liquidating Hansa Ltd was made by High Court Associate
Judge Rob Osborne in Christchurch on Nov. 24, the report says.

According to Stuff.co.nz, the Serious Fraud Office and the
Financial Markets Authority said in July they were investigating
Paul Clifford Hibbs and his company, Hansa.

Stuff reported last month that investors had been told that at
least $20 million was missing from the company, which was thought
to be a significant ponzi scheme.

Stuff.co.nz relates that Brent Norling, of Auckland, appeared for
parties on Nov. 22 seeking liquidation of Hansa Ltd, which was
not represented at the hearing.

The report says Judge Osborne considered whether he could make
the order or would have to hold a formal proof hearing, or
consider affidavits presented to the court.

After the hearing was delayed to consider these points, Norling
made submissions that the judge could order the liquidation on
the basis of material before the court, the report relates.

He said the order could be made on the basis that the company was
unable to pay its debts, and on "just and equitable grounds".

Judge Osborne accepted that and made orders liquidating the
company, appointing two liquidators, and ordering costs and
disbursements for the principal creditor and three other
supporting creditors, adds Stuff.co.nz.


PUMPKIN PATCH: Workers' Insurance Premiums Not Paid, Union Says
---------------------------------------------------------------
John Selkirk at Stuff.co.nz reports that some Pumpkin Patch
workers' insurance cover could be void after the company did not
pay insurance premiums for the year starting August, First Union
said.

Stuff.co.nz says receivers KordaMentha could not find a buyer for
the children's clothing chain, and an immediate restructure of
head office meant 63 jobs are going this week.

All 130 stores across Australia and New Zealand will close,
possibly early next year, and about 1,300 staff will lose their
jobs, Stuff.co.nz relates.

All stock will go on sale this weekend.  Vouchers will be
honoured, but for only half the value of a purchase, with the
rest paid in cash or credit card, the report says.

According to the report, the union is taking legal advice on what
court actions it could take to secure workers' entitlements.

"As if job losses weren't enough, now those who had insurance
cover paid for by Pumpkin Patch have learned they might not have
coverage after all. If this is the case that means people are
going to miss out on things like health insurance," Stuff.co.nz
quotes union organiser Lisa Meto Fox as saying.

Stuff.co.nz relates the union had obtained documents, which it
said indicated that if the insurance provider confirmed coverage
for workers had lapsed, then the receiver did not intend to renew
insurance cover.

"This reinforces the need for redundancy payments to help support
people who are being put out of work. The receivers should do the
right thing and commit to meeting all of the workers'
entitlements."

According to Stuff.co.nz, KordaMentha's Brendon Gibson has said
that staff would receive holiday pay, redundancy and preferential
entitlements up to the statutory cap for all retail staff, but
130 head office staff will receive holiday pay entitlements only.

However, First Union wanted the company to give all its workers
full redundancy entitlements.

Stuff.co.nz relates that Mr. Gibson said they were aware of the
issue and advised staff of the situation more than a week ago.

The receivers have told staff they should make their own
insurance arrangements and could contact the previous insurer to
put those arrangements in place if they wished, Stuff.co.nz says.

He did not know why the premiums were not paid, the report
relays.

"It's unfortunately, but it's not a situation we can rectify,"
the report quotes Mr. Gibson as saying.

                       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.



                             *********

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.


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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.



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