TCRAP_Public/161128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, November 28, 2016, Vol. 19, No. 235

                            Headlines


A U S T R A L I A

BIS INDUSTRIES: Metrics Credit Buys Firm's debt from BAML
HARVEST HOME: First Creditors' Meeting Set for Dec. 5
MESOBLAST LIMITED: Announces Interim Futility Trial Analysis
NEWCASTLE COAL: Moody's Withdraws Ba1 Senior Secured Ratings


C H I N A

PACTERA TECHNOLOGY: Moody's Cuts Corporate Family Rating to B3
SKYPEOPLE FRUIT: Receives Nasdaq Notice on Delayed 10-Q Filing


I N D I A

AFFORDABLE ROBOTIC: CRISIL Ups Rating on INR50MM Loan to BB-
AGROFOOD PRIVATE: CRISIL Reaffirms B+ Rating on INR50MM Loan
APOLLO SOYUZ: ICRA Suspends B+ Rating on INR4.0cr Bank Loan
ARUN LASER: CRISIL Hikes Rating on INR40MM Cash Loan to B+
BHADRESWAR RICE: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating

CHOTTA SHIMLA: CRISIL Lowers Rating on INR150MM Term Loan to D
D.D. INDUSTRIES: ICRA Suspends B/A4 Ratings on INR50cr LOC
EAST WEST: CRISIL Lowers Rating on INR9.8MM Loan to B+
EMERY TIE-UP: CRISIL Assigns 'B' Rating to INR200MM LT Loan
GLOBAL METAL: Ind-Ra Withdraws BB+ Rating on INR105MM Facilities

GURU NANAK: CRISIL Hikes Rating on INR43MM Loan to 'B+'
HABIB TEXTILE: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
HINDUSTAN WINDOWS: Ind-Ra Withdraws B- Long-Term Issuer Rating
J.P. LOGISTICS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
JAI DURGA: ICRA Suspends 'B' Rating on INR12cr Bank Loan

JAY BHAWANI: ICRA Suspends B+ Rating on INR5cr Cash Credit
JOHNSON JEWELLERS: CRISIL Lowers Rating on INR200MM Loan to B
KESAR STEEL: CRISIL Reaffirms 'B+' Rating on INR8MM Cash Loan
KNR MUZAFFARPUR: Ind-Ra Rates INR3.18BB Bank Loan 'BB+'
KURINJI SPINNING: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

LAKHANI & DESAI: ICRA Suspends B+ Rating on INR39cr Term Loan
LIFETREE ACADEMICS: CRISIL Assigns B+ Rating to INR95MM Loan
LORD GANESH: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
M C KNITTING: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
M. K. GUPTA: ICRA Suspends 'B+' Rating on INR4.77cr Loan

MAKTEL POWER: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
NAGOORAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50MM Loan
NATURO FOOD: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
PEATON ELECTRICAL: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
PMJ CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR15cr Loan

RAKSHIT ENGINEERING: Ind-Ra Withdraws B- Long-Term Issuer Rating
RAM COTEX: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
RAMVIJAY COTTON: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
RUSHI COTTEX: ICRA Suspends 'D' Rating on INR15.5cr Loan
SAA VISHNU: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
SAI TIRUPATI: CRISIL Assigns 'B' Rating to INR150MM LT Loan

SASWAD MALI: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
SATKAR INDUSTRIES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SEW BELLARY: Ind-Ra Withdraws 'D' Rating on INR1.21BB Bank Loan
SHRI COIMBATORE: CRISIL Lowers Rating on INR150MM Term Loan to B+
SHRI HARKRISHAN: ICRA Suspends B+ Rating on INR6cr Bank Loan

SHRI RAM: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHRI SHARAN: CRISIL Assigns 'B' Rating to INR115MM Term Loan
SHRINI SOFTEX: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SOUNDARYA DECORATORS: CRISIL Cuts Rating on INR250MM Loan to B
SREE VASAVI: CRISIL Assigns B+ Rating to INR80MM Long Term Loan

SREEVASA SPINNERS: ICRA Suspends 'D' Rating on INR49.93cr Loan
SV POWER: Ind-Ra Raises Rating on INR2.59BB Sr. Loans to 'BB-'
TIKONA DIGITAL: CRISIL Lowers Rating on INR7.52BB Term Loan to D
TRANS HIMALAYAN: CRISIL Lowers Rating on INR70MM Cash Loan to D
VISHWANATH SPINNERZ: ICRA Suspends 'D' Rating on INR76.67cr Loan


J A P A N

VUZIX CORP: Incurs $5.44 Million Net Loss in Third Quarter


M A L A Y S I A

PRIME GLOBAL: Chief Financial Officer Resigns


M O N G O L I A

KHAN BANK: Fitch Lowers IDR to 'B-', Outlook Stable


N E W  Z E A L A N D

AVANTI FINANCE: S&P Affirms 'BB/B' ICRs on Strong Capitalization
INTERNATIONAL ACADEMY: Directors Could Face Criminal Charges


S I N G A P O R E

RICKMERS MARITIME: Fails to Make SGD4.26MM Interest Payment


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Approves Proposed Capital Reduction Scheme
HANJIN SHIPPING: Hyundai Merchant Pref. Bidder for Spain Terminal


                            - - - - -


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A U S T R A L I A
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BIS INDUSTRIES: Metrics Credit Buys Firm's debt from BAML
---------------------------------------------------------
Australian Financial Review's Street Talk reports that specialist
loan fund manager Metrics Credit Partners has snapped up another
slice of debt in KKR-backed Bis Industries, making it the largest
holder in the mine site trucking company's debt stack, sources
said.

The report says the specialist loan fund manager bought the debt
on Nov. 24, seeing off the likes of Deutsche Bank at auction.

While the price is not known, it's understood to have been within
the valuation ranges provided by the lending group's advisers, PPB
and Fort Street, according to Street Talk.

The trade comes after Metrics acquired Mizuho Financial Group's
AUD46 million exposure two weeks ago for 67 cent in the dollar, as
first reported by Street Talk. It now owns in excess of 25% of the
company's debt.

Street Talk relates that lender sources said Metrics was focused
on supporting a sensible restructure and is said to view the
business as sustainable.

It's expected to push for a debt-for-equity swap and allow Bis to
continue business as usual, rather than an Arrium-style firesale,
the report says.

Street Talk notes that the heavily indebted Bis kicked off talks
with its lending group back in August, expressing a willingness to
do something about its capital structure.

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.


HARVEST HOME: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Harvest
Home Road Project Pty Ltd will be held at the offices at BRI
Ferrier (SA) Pty Ltd, Level 4, 12 Pirie Street, in Adelaide, on
Dec. 5, 2016, at 11:00 a.m.

George Divitkos and Alan Scott of BRI Ferrier were appointed as
administrators of Harvest Home on Nov. 23, 2016.


MESOBLAST LIMITED: Announces Interim Futility Trial Analysis
------------------------------------------------------------
Mesoblast Limited disclosed that the Phase 3 trial of its
intravenous product candidate MSC-100-IV used as front-line
therapy in children with steroid-resistant acute graft versus host
disease (aGVHD) had been successful in a pre-specified interim
futility analysis.

Enrollment in the 60-patient open label Phase 3 trial is ongoing
across multiple sites in the United States, trial completion is
expected in the first half of 2017, and commercial launch
activities are underway.

The independent Data Safety Monitoring Board (DSMB) notified
Mesoblast that an interim analysis showed that the predefined
Bayesian futility rule used to determine the probability of the
trial's success using the trial's primary endpoint of Day 28
overall response had been passed.  The analysis method determined
the likelihood of obtaining a statistically significant treatment
effect at study completion, based on the data observed at this
interim time point.

There are currently no products approved in the United States for
this disease.  Japan is the only jurisdiction where this therapy
is available, through Mesoblast's licensee JCR Pharmaceuticals Co.
Ltd.  Based on guidance from the United States Food and Drug
Administration (FDA), Mesoblast believes that positive data from
this Phase 3 trial may be sufficient for filing for accelerated
approval of MSC-100-IV in the United States.  Mesoblast plans to
broaden its use in adult patients with high-risk steroid-
refractory aGVHD.

"We are pleased that Mesoblast has attained such an important
milestone in making its product available for the potential
treatment of steroid-refractory acute graft versus host disease, a
serious and life threatening condition that has a very urgent need
for effective therapies," said Dr Joanne Kurtzberg, the Jerome
Harris Distinguished Professor of Pediatrics and Director of the
Pediatric Blood and Marrow Transplant Program at Duke University
Medical Center and the lead investigator on the ongoing Phase 3
trial.

"Mortality can reach 85% in patients with liver and gut
complications and, outside of Japan, there are currently no
approved therapies available.  MSC-100-IV is on the cusp of
becoming an important new treatment option for these patients,"
she said.

The successful outcome of the DSMB interim analysis using the
trial's primary endpoint of Day 28 overall response is consistent
with previously reported results in a pediatric Expanded Access
Program (EAP) in children with steroid-refractory aGVHD. Results
from this program, which evaluated MSC-100-IV in 241 children,
were presented in February 2016 at the American Society of Blood
and Marrow Transplantation annual meeting.

Key findings in the EAP program were:

  * An overall response rate of 65% in all children at day 28
    when MSC-100-IV was used either as last-line or front-line
    therapy after steroid failure

  * An overall response rate of 81% at day 28 when MSC-100-IV was
    used as front-line therapy following steroid failure

  * An overall response rate of 65% and 62%, respectively, in
    patients with gastrointestinal and liver disease, who have
    the highest mortality risk

  * A significantly improved survival at day 100 in children who
    achieved overall response at day 28 (82% vs. 39%, log rank p-
    value

                        About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) is a global leader in developing innovative cell-
based medicines. The Company has leveraged its proprietary
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a broad
portfolio of late-stage product candidates. Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target
advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of June 30, 2016, Mesoblast had $684.0 million in total
assets, $155.9 million in total liabilities and $528.2 million in
total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


NEWCASTLE COAL: Moody's Withdraws Ba1 Senior Secured Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 senior secured
ratings and Ba1 senior secured bank credit facility ratings of
Newcastle Coal Infrastructure Group Pty Ltd (NCIG), and the Ba3
senior unsecured rating of its parent, NCIG Holdings Pty Ltd
(NCIGH).

RATINGS RATIONALE

Moody's has withdrawn the rating because it believes it will have
insufficient or otherwise inadequate information to support the
maintenance of the rating.

NCIG Holdings Pty Ltd, which is owned by six coal companies
(shipper shareholders or counterparties), is NCIG's holding
company. NCIG has economic ownership of and operates the NCIG Coal
Export Terminal under a long-term lease with Port of Newcastle
(unrated). The terminal is located on a 173-hectare site on
Kooragang Island at the Port of Newcastle in New South Wales. It
has a coal handling capacity of 66 million tonnes per annum.



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PACTERA TECHNOLOGY: Moody's Cuts Corporate Family Rating to B3
--------------------------------------------------------------
Moody's Investors Service has downgraded Pactera Technology
International Ltd.'s corporate family rating to B3 from B2.

Moody's has also downgraded to B3 from B2 the senior secured debt
rating on the notes issued by BCP Singapore VI Cayman Financing
Company Ltd (BCP Financing Co.) and guaranteed by Pactera.

The ratings outlook is negative.

The actions conclude Moody's review of the ratings which was
initiated on Aug. 26, 2016.

RATINGS RATIONALE

"The downgrade of Pactera's corporate family rating to B3
primarily reflects its ongoing weak operations and the uncertainty
existent over its future business and liquidity profile," says
Lina Choi, a Moody's Vice President and Senior Credit Officer, and
also the lead analyst for Pactera.

Moody's points out that Pactera continues to suffer weak operating
profit margins, negative free cash flow, and a weak debt servicing
ability. This situation positions the company in the low single-B
rating level.

While Pactera's 3Q 2016 revenue grew 4.3% from the same period
last year, its adjusted operating profit margin for the 12 months
ending September 2016 remained around 5%.

Its working capital position also stayed weak in the first nine
months of 2016. Moody's estimates that its accounts receivable
days on hand lengthened to around 150--160 days in 2016 from 128
days in 2015. The expansion in receivable days is driven by growth
in China-based customers, which have significantly longer payment
cycles compared to customers outside China.

Its cash flow from operations turned positive in 3Q 2016 to around
$2.5 million, an improvement from negative $5 million in 2Q 2016.
However, such a low level of cash flow from operations is
insufficient to cover investments and debt servicing needs. This
situation has resulted in persistent negative free cash flow year
to date.

Moody's estimates that FFO/debt was around 4% for the 12 months
ending September 2016, confirming the company's weak debt
servicing ability.

In addition, Moody's is concerned that the company's performance
and financial profile is unlikely to improve, while the
shareholdings of Pactera's parent company could change. Moreover,
a change of control would risk triggering the refinancing of
existing debt guaranteed by Pactera.

On the other hand, Pactera's B3 corporate family rating considers
(1) the company leveraging on its international IT outsourcing
experience in growing its business in China, and (2) its well-
diversified revenue portfolio across geographies and customers.

The negative outlook reflects the consideration that the company
is exposed to (1) the challenging operating environment; (2)
uncertainty surrounding its future business profile and liquidity
position under the share purchase agreement between Blackstone and
certain other shareholders and the buyer, the HNA Group (unrated).

Upward rating pressure is unlikely, given the negative outlook.

However, the rating outlook could return to stable if (1) there is
certainty on the new ownership and future business strategy of
Pactera; (2) there are financing arrangements to address
refinancing risk associated with the change of ownership; and (3)
there is an improvement in Pactera's profit margins and cash flow
positions.

On the other hand, downward pressure could arise if Pactera's
financial and liquidity positions deteriorate further.

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

Pactera Technology International Ltd. and its subsidiaries provide
IT services to multinational and Chinese corporations. It was
formed from the merger of VanceInfo Technologies Inc (unrated) and
Hisoft Technology International Limited (unrated) in 2012 and
currently operates 16 delivery centers across 12 countries and PRC
special administrative regions. In 2015, the company reported
revenue of USD777 million.


SKYPEOPLE FRUIT: Receives Nasdaq Notice on Delayed 10-Q Filing
--------------------------------------------------------------
SkyPeople Fruit Juice, Inc., a producer of fruit juice
concentrates, fruit juice beverages and other fruit-related
products, on Nov. 23, 2016, disclosed that on Nov. 18, the Company
received an additional delisting determination letter from the
Staff of the Listing Qualifications Department of The Nasdaq Stock
Market LLC (the "Nasdaq Staff") stating the Company was not in
compliance with NASDAQ Listing Rule 5250(c)(1), due to its failure
to timely file its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2016, and that this filing delinquency serves
as an additional basis for delisting the Company's securities from
the Nasdaq Stock Market.

Previously, on April 20, 2016, May 24, 2016, and August 17, 2016,
Nasdaq Staff notified the Company that it did not comply with the
Nasdaq Stock Market's filing requirements set forth in Listing
Rule 5250(c)(1) (the "Rule") because it had not filed its Form 10-
K for the period ended December 31, 2015 and its Forms 10-Q for
the periods ended March 31, 2016 and June 30, 2016 (the
"Reports").

On October 12, 2016, the Company received a delisting
determination letter from the Nasdaq Staff because the Company had
not filed the Reports by October 11, 2016, the deadline by which
the Company was to file all the Reports in order to regain
compliance with the Rule.

On October 19, 2016, the Company requested a hearing before the
Nasdaq Hearings Panel (the "Panel") to appeal the delisting
determination from the Nasdaq Staff. On November 2, 2016, the
Company was granted an extended stay as to the suspension of the
Company's shares from trading by the Panel until the Company's
scheduled hearing before the Panel on December 15, 2016 and
issuance of a final Panel decision.

As a result of this additional delinquency of Form 10-Q, the Panel
will consider this matter in rendering a determination regarding
the Company's continued listing on The Nasdaq Global Market.

Pursuant to Listing Rule 5810(d), the Company plans to present its
views with respect to this additional deficiency at the hearing.

As disclosed previously, the Company is working assiduously to
complete its delinquent filings with SEC and to regain compliance
with the Rule as soon as possible.

                About SkyPeople Fruit Juice, Inc.

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



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AFFORDABLE ROBOTIC: CRISIL Ups Rating on INR50MM Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Affordable Robotic and Automation Private Limited to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

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

   Letter of Credit        10        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Overdraft Facility      50        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               20        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      35        CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the business risk
profile of the company will continue to improve over the medium
term supported by sustenance of revenue growth and operating
margin. Operating income grew by 80% fiscal-on-fiscal to INR467
million in fiscal 2016 while operating margin improved to 11.3%
from 5.8% in the previous fiscal. Revenue growth is expected to
continue over the medium term supported by healthy flow of orders
from the industrial automation business segment, while revenue
from the automated car parking systems is likely to be further
ramped up. Healthy revenue growth coupled with a better
profitability margin resulted in strengthening of debt protection
metrics and also in a better return on capital employed (RoCE).
Interest coverage ratio and RoCE improved to 4.14 times and 41.5%,
respectively, in fiscal 2016 from 2.71 times and 13.3%,
respectively, in the previous fiscal. Cash accrual also increased
to INR26.9 million from INR7.8 million over this period.
Sustaining the revenue growth and improved profitability margin,
while efficiently managing the working capital cycle, is a key
rating sensitivity factor.

The ratings reflect the extensive experience of the promoters in
the industrial automation business and their established
relationship with customers and suppliers. The ratings also factor
in moderate operating efficiency despite the working capital-
intensive nature of business. These strengths are partially offset
by a below-average financial risk profile because of a modest
networth and high total outside liabilities to tangible networth
ratio, and susceptibility of operating performance to demand from
the key end user, the automotive industry.

Outlook: Stable

CRISIL believes ARAPL will continue to benefit from extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if significantly better-than-expected cash accrual
or substantial equity infusion result in improvement in the
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-anticipated cash accrual, a stretched working
capital cycle, or larger-than-expected debt-funded capital
expenditure weaken liquidity.

ARAPL, incorporated in 2010, is promoted by Mr. Milind Padole and
headquartered in Pune, Maharashtra. It provides automation
solutions for welding lines using robotics and related designing
services. It also provides material handling automation services
and automated car parking systems.


AGROFOOD PRIVATE: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Perfect
Agrofood Private Limited continues to reflect the early stage of
operations, modest networth and weak debt protection metrics.
These weaknesses are partially offset by strong track record of
the promoters, their established market position in the edible oil
industry, and moderate leverage.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan       40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PAPL will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant improvement in the scale of operations
and profitability, strengthens the debt protection metrics. The
outlook may be revised to 'Negative' if improvement in the scale
of operations or profitability lags expectations, or if a stretch
in the working capital cycle or significant debt-funded capital
expenditure, weakens the financial risk profile, especially
liquidity.

PAPL was incorporated in August 2013 by promoters, Mr. Kanhaiya
Lal Modi and Ms Mona Goenka. The company extracts crude edible oil
and oil cake from mustard seeds, and trades in soya bean oil.


APOLLO SOYUZ: ICRA Suspends B+ Rating on INR4.0cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.00 crore
fund based bank facilities of Apollo Soyuz Electricals Pvt. Ltd.
ICRA has also suspended a short-term rating of [ICRA]A4 to the
INR10.95 crore fund based bank facilities and INR1.50 crore non
fund based bank facilities of ASEPL. ICRA has also suspended
ratings of [ICRA]B+/[ICRA]A4 to the INR2.05 crore unallocated
amount of ASEPL. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


ARUN LASER: CRISIL Hikes Rating on INR40MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Arun Laser Ovens Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

The upgrade reflects improvement in ALOPL's liquidity, backed by
sufficient cash accrual vis-a-vis debt obligations, need-based
fund support from promoters, and better revenue prospects. Revenue
grew to INR199.4 million in fiscal 2016 from INR102 million the
previous fiscal, while sustaining the operating margin, leading to
higher cash accrual. Cash accrual is expected to be at INR14.5-16
million in fiscal 2017 against no corresponding debt obligation.
Fund support from the promoters is also likely to be available
whenever necessary, underpinning liquidity over the medium term.
Prudent working capital management and steady cash generation from
business will likely sustain liquidity over the medium term.

The rating continues to reflect a below-average financial risk
profile, with a small networth and moderate capital structure on
account of debt-funded capital expenditure plans, and a modest
scale of operations. These weaknesses are partially offset by
promoters' extensive experience in the bakery equipment
manufacturing industry.
Outlook: Stable

CRISIL believes ALOPL will continue to benefit from the extensive
experience of promoters. The outlook may be revised to 'Positive'
if a significant improvement in scale of operations and
profitability leads to improved debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if larger-
than-expected capital expenditure leads to greater debt, or a
stretch in the working capital cycle or lower-than-expected cash
accrual leads to deterioration in the financial risk profile.

Incorporated in 2010, ALOPL, promoted by Mr. Basker A L and based
in Tamil Nadu, manufactures tunnel ovens which find application in
biscuit- and bread-manufacturing companies. Laser Srl holds 35%
stake in the company as a joint venture partner.


BHADRESWAR RICE: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhadreswar Rice
Mill's (BRM) 'IND BB+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended BRM's ratings on April 7, 2016.

BRM's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR14.03 mil. long-term loans: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR120 mil. fund-based working capital limits:
      'IND BB+(suspended)'; rating withdrawn


CHOTTA SHIMLA: CRISIL Lowers Rating on INR150MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Chotta
Shimla Projects Private Limited to 'CRISIL D/ CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term     12.5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan             150.0       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects a delay of more than 15 days in
payment of an instalment against the term loan: the due date was
September 30, 2016, and the repayment was made in the last week of
October 2016.

The company is exposed to risks related to commercialisation of
its ongoing project. However, the project has low demand risk,
while CSPPL benefits from the extensive experience of its
promoters in the construction industry.

CSPPL is promoted by Mr. Parmod Sood and Mr. Kanwaljeet Singh. The
company was incorporated in 2010 as a special purpose vehicle to
construct a multi-level parking and commercial project near the
Chotta Shimla area of Shimla. It is implementing the project on a
design, build, operate, and transfer basis.


D.D. INDUSTRIES: ICRA Suspends B/A4 Ratings on INR50cr LOC
----------------------------------------------------------
ICRA has suspended the long term rating [ICRA]B and short term
rating [ICRA]A4 assigned to the INR50.0 crore Line of Credit of
D.D. Industries Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

DDIL started operations in 1951 as an auto components
manufacturing business. In 1996, it ventured into the vehicle
dealership business of MSIL by setting up the division D. D.
Motors (DDM). Further, another division by the name of D. D. Fuel
Solutions was set up in 2000. DDM has four sales outlets in Delhi
at Mayapuri, Wazirpur, Okhla, and Peeragarhi. Also, it has one
sales outlet at Dehradun (Uttaranchal) and another sales-cum-
service outlet in New Tehri (40kms away from Dehradun). In FY2013,
another sales outlet was added at Vikas Nagar (also near
Dehradun).


EAST WEST: CRISIL Lowers Rating on INR9.8MM Loan to B+
------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of East West
Combined Industries to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       90.2       CRISIL A4 (Downgraded
   under Letter of                   from 'CRISIL A4+')
   Credit

   Overdraft Facility      9.8       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Short Term    30.0       CRISIL A4 (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

The downgrade reflects a decline in revenue and margins leading to
lower-than-expected net cash accrual and high bank limit
utilization in fiscal 2016. The lower revenue in due to lack of
orders from Butterfly Gandhimathi Appliances Ltd (BGAL; rated
CRISIL A-/Negative/CRISIL A2+). However, unsecured loans from the
proprietor are likely to help service debt on time.

The ratings reflect a small scale of operations and customer
concentration in revenue. These rating weaknesses are partially
offset by the extensive experience of the proprietor in the
manufacture of components for kitchen appliances, established
relationship with key customer, BGAL, and a moderate financial
risk profile because of healthy gearing albeit on a small
networth.
Outlook: Stable

CRISIL believes EWCI will continue to benefit over the medium term
from its established relationship with BGAL. The outlook may be
revised to 'Positive in case of a significant increase in revenue
and profitability, and a diversified revenue profile, leading to
improvement in the business risk profile. The outlook may be
revised to 'Negative' in case of low cash accrual, substantial
capital withdrawal, or significant fund support to associate
entities, weakening the financial risk profile.

EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones.


EMERY TIE-UP: CRISIL Assigns 'B' Rating to INR200MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank facility of Emery Tie-Up Pvt Ltd (ETUPL).

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

The rating reflects susceptibility to timely funding for the
project, and risks related to successful implementation and
stabilisation. These rating weaknesses are partially offset by
healthy demand for hotels in the region and extensive
entrepreneurial experience of the promoters.
Outlook: Stable

CRISIL believes that ETUPL will continue to benefit from extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' in case of timely implementation of the
project and stabilisation of operations. The outlook may be
revised to 'Negative' if time and cost overruns faced by the
ongoing project, exert significant pressure on liquidity.

ETUPL was incorporated in 1995 by promoters, Mr. Sampat Kumar
Sharma and Mr. Kalpataru Maiti. The company is proposing to set up
a 100-key three-star hotel at Digha, West Bengal.


GLOBAL METAL: Ind-Ra Withdraws BB+ Rating on INR105MM Facilities
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Global Metal &
Energy Private Limited's (GMEPL) INR105 mil. senior bank loan
facilities' 'IND BB+(suspended)' rating.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
GMEPL's loan facilities.

Ind-Ra suspended GMEPL's loan rating in January 2016.


GURU NANAK: CRISIL Hikes Rating on INR43MM Loan to 'B+'
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Guru Nanak Dev Educational Society to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       43       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       27       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                30       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects expected improvement in business risk profile
over the medium term because of likely increase in occupancy
levels and tuition fees. Operating income increased to INR90
million in fiscal 2016 from INR51 million in the previous fiscal
because of rise in fees, more seats for B.Ed course (100 from 60),
and launch of new courses such as B.Sc. in agriculture. Turnover
will register over 20% annual growth over the medium term.
Operating margin was healthy at 26.5% and occupancy level 65% in
fiscal 2016. Margin will improve over the medium term.

The rating reflects GNDES's small scale of operations due to low
student intake, below-average financial risk profile, and
susceptibility to intense competition and regulatory changes in
the education sector. These weaknesses are partially offset by the
extensive experience of its promoters and healthy demand prospects
for education.
Outlook: Stable

CRISIL believes that GNDES will continue to benefit over the
medium term from its promoters' extensive experience in the
education sector. The outlook may be revised to 'Positive' if the
society registers significant improvement in revenue as a result
of increase in student intake, leading to higher accruals, and
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the society undertakes large debt-
funded capital expenditure (capex) programme, leading to
deterioration in its financial risk profile, or if occupancy rates
for its courses decline, or if the ongoing capex is delayed,
resulting in deterioration in its liquidity.

GNDES was set up in 1988 and manages a graduate college and a
post-graduate college: Uttaranchal (PG) College of Technology &
Biomedical Sciences (UCTBM) and Uttaranchal College of Education
(UCE) in Dehradun (Uttarakhand). Before 2003, GNDES operated a
coaching center for diploma and degree courses recognised by the
Ministry of Human Resources Development (HRD) of the Government of
India. Mrs. Pushpa Warne is the chairman and Mr. GDS Warne is the
secretary of the society.


HABIB TEXTILE: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Habib Textile
Private Limited's (HTPL) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended HTPL's ratings on May 27, 2016.

HTPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn

   -- INR8.27 mil. long-term loans: 'IND B+(suspended)'; rating
      withdrawn

   -- INR96 mil. fund-based working capital limits:
      'IND B+(suspended)'; rating withdrawn


HINDUSTAN WINDOWS: Ind-Ra Withdraws B- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Hindustan
Windows Mfg. Co.'s (HWMC) 'IND B-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended HWMC's ratings on April 12, 2016.

HWMC's ratings:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn
   -- INR65 mil. fund-based limits: 'IND B-(suspended)'; rating
      withdrawn
   -- INR40 mil. non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


J.P. LOGISTICS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL ratings continue to reflect J.P. Logistics (JPL) limited
track record and small scale of operations, and its exposure to
intense competition in iron ore trading industry and construction
industry resulting in modest profitability margins.

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

   Letter of Credit
   Bill Discounting         50      CRISIL A4 (Reaffirmed)

The ratings of the firm are also constrained on account of its
small net-worth limiting its financial flexibility. These rating
weaknesses are partially offset by the established relationships
of the promoters with its customers and suppliers.
Outlook: Stable

CRISIL believes that JPL would continue to benefit over the medium
term from its partners' extensive industry experience and
established relations with suppliers. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
the firm's scale of operations and profitability margins, or there
is a substantial increase in its net-worth on the back of sizeable
equity infusion from its partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

Update
JPL was operational for only two months in FY15. Its revenues were
derived from trading of iron ore fines which the firm would
purchase from various auctions held and providing logistics
solutions for companies like JSW Steels and Sathavahana Ispat
Limited. The firm has since then stopped the logistics business
and now has ventured into construction business. The firm is
currently engaged in construction of staff quarters for JSW Steel
in Bellary. The firm has received a contract of INR72 million to
build staff quarters for JSW Steel in 2015-16 to be executed over
the period of 2 years. However going forward the business risk
profile of the firm is expected to improve on the back of
improvement in the flow of orders. JPL's working capital
requirements are expected to be intensive marked by high inventory
levels given the high proportion of work in progress inventory in
its operations. JPL's liquidity remains adequate marked by
moderate utilization of bank lines. JPL's improvement in revenues
and healthy operating margin will remain key rating sensitivity
factors affecting the accretion to reserves and thus the liquidity
and financial profiles.

The financial risk profile of the firm continues to remain weak
with low net worth, leveraged capital structure and weak debt
protection metrics. JPL's working capital management, along with
capital expenditure plans and their funding thereof will remain
key rating sensitivity factors affecting the financial profile
over the medium term.

JPL was set up in 2013 by Mr. Jaya Prakash Karur and his family
members. The firm trades in iron ore fines. It is based in
Bellary, Karnataka.


JAI DURGA: ICRA Suspends 'B' Rating on INR12cr Bank Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR12.00 crore fund based limits of Jai Durga Builders. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JAY BHAWANI: ICRA Suspends B+ Rating on INR5cr Cash Credit
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR5.00 crore cash credit limits of Jay Bhawani Coal Fields
Private Limited. ICRA has also suspended the short-term rating of
[ICRA]A4 assigned to the INR2.00 crore non-fund based bank
facilities of JBFPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


JOHNSON JEWELLERS: CRISIL Lowers Rating on INR200MM Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Johnson Jewellers to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

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

The downgrade reflects the weakened capital structure and
liquidity of the firm due to higher than expected capital
withdrawal in order to support a group concern's repayment
obligations. The same has resulted in lower than expected cash
accruals for the firm, which will lead to higher dependency on
bank borrowing. The capital withdrawal has been funded by
contracting unsecured loans from external sources, increasing the
indebtedness of the firm as on March 31, 2016. Despite higher-
than-expected turnover in fiscal 2016, accrual will remain subdued
in fiscal 2017 and 2018 due to modest operating margin and higher
debt on the books leading to higher interest costs.

The rating reflects JJ's below-average financial risk profile,
and vulnerability to fluctuations in gold prices. These weaknesses
are partially offset by the extensive experience of its proprietor
in the jewellery business.
Outlook: Stable

CRISIL believes JJ will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if healthy cash accrual or capital
infusion improves financial risk profile. The outlook may be
revised to 'Negative' if capital structure deteriorates on account
of large working capital requirement or debt-funded capital
expenditure or further capital withdrawal.

JJ, set up in 1996 by Mr. Anil Soni as a proprietorship firm, is
engaged in manufacturing, wholesaling, and retailing gold,
diamond, and other precious gem-studded jewellery, and also in
silver ware and gold bullion trading. The firm has one store in
Ahmedabad.

JJ, reported a profit after tax (PAT) of INR1.1 million on net
sales of INR1354.7 million for 2015-16 (refers to financial year,
April 1 to March 31) on a provisional basis, against a PAT of
INR1.4 million on net sales of INR1102.9 million for 2014-15.


KESAR STEEL: CRISIL Reaffirms 'B+' Rating on INR8MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kesar Steel Corporation
(KSC; part of Kesar group)'s continues to reflect average
financial risk profile marked by moderate net worth, moderate
TOLTNW ratio and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              8       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         1       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      21       CRISIL B+/Stable (Reaffirmed)

The ratings also factor the group's modest scale of operations in
the fragmented thermo-mechanically treated (TMT) steel bar
industry and low operating margin. These rating weaknesses are
partially offset by the benefits that group derives from its
promoters' extensive experience in the steel industry and its
semi-integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Kesar Alloys and Metals Private Limited
and KSC, together referred to as the Kesar group. The entities are
in the same business, have common promoters, and have significant
operational transactions.
Outlook: Stable

CRISIL believes that group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of sustained and
sharp improvement in the group's scale of operations and
profitability, leading to higher cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of significant
deterioration in its financial risk profile and liquidity due to
lower-than-expected cash accruals, lengthening of working capital
cycle, or a large debt-funded capital expenditure.

KAMPL was incorporated in 1995 by Mr. Subhash Chand Jain. The
company manufactures TMT bars and has installed capacity of 18,000
tonne of TMT bars per year. Its operations are integrated backward
and it has capacity to produce 14,400 tonne of ingots and billets
per year. Its manufacturing facility is in Pithampur, Madhya
Pradesh, and it markets TMT bars under its Kesar Gold TMT brand.

KSC was set up in 1992 as a proprietorship firm by Mr. Subhash
Chandra Jain. The firm trades in structural steel products such as
TMT bars in Madhya Pradesh. It derives more than 80% of its
revenue from distributorship of JSW Steel Ltd's products.


KNR MUZAFFARPUR: Ind-Ra Rates INR3.18BB Bank Loan 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KNR Muzaffarpur
Barauni Tollway Private Limited's (KMBTPL) INR3,180 mil. bank loan
an 'IND BB+' rating.  The Outlook is Stable.

                          PROJECT PROFILE

KMBTPL has been granted a 21-year design-build-fund-operate-
transfer concession by National Highways Authority of India (NHAI;
'IND AAA'/Stable) for the two laning of the Muzaffarpur-Barauni
section of NH 28 from 519.6km to 627km.  The project road, a
107.60 km. stretch, has been awarded on the basis of the bidding
on premium payable to NHAI, i.e. bidder that quotes maximum
premium payable to NHAI would win the project.  KMBTPL will pay
INR50 mil. annually, along with 5% escalation.  The project has
been deferred due to delays in land acquisition, utilities
shifting and others.  The revised commercial operation date (COD)
is July 8, 2016, against the original envisaged COD of July 8,
2014.

The envisaged project cost was INR3,596.8 mil.  The project has
incurred a cost overrun of INR991.8m due to the delays mentioned
above.  The revised project cost of INR4,588.6 mil. has been
funded through an equity of INR1,408.6 mil. and a debt of
INR3,180 mil.

                         KEY RATING DRIVERS

The rating is constrained by low coverage ratios, inherent traffic
risk and high leverage due to cost overruns.  However, the rating
is supported by the undertaking provided by the major sponsor, KNR
Constructions Limited (KNRCL; 'IND A+'/Stable), towards debt
service shortfalls and premium payments when demanded by the
concession grantor, NHAI.  In addition, KNRCL has given an
undertaking to maintain a minimum debt service coverage ratio of
1.2x throughout the loan tenure.

Although the premium is payable from the date of the commencement
of commercial operations (defined as provisional or final in the
concession agreement), KMBTPL is yet to pay INR50 mil.
Nonetheless, KNRCL has sought the deferment of the premium and
undertaken to pay the premium when demanded by NHAI.  Given its
demonstrated track record of equity investments and undertakings,
Ind-Ra expects KNRCL to timely support debt service and other
financial commitments of KMBTPL in the event of financial
distress.

KMBTPL has successfully completed the project and has been able to
receive the provisional completion certificate for 75% of the
stretch.  The project, 97.73% complete at end-June 2016, is
scheduled for completion in April 2017.  The absence of
availability of land for the construction of toll plaza and
pending punch-list items are affecting commercial operations.

Despite the stretch passing through major settlements in Bihar,
such as Vaishali, Samstipur, Begusarai and Muzaffarpur, there is
minimal traffic on the section.  This has a negative impact on
coverage ratios. After trial commercial operations, the project
commenced tolling on June 9, 2016.  Ind-Ra has assumed nine months
of the first year of operations for base case projections.

Annual variable interest rate, which is linked to the base rate of
the lead bank, poses financial risks.  Significant fluctuations in
interest rates, along with absent sponsor support, would be credit
negative.  The common loan agreement stipulates a debt service
reserve account (DSRA) equivalent to three months of debt service
obligations.  However, the project company is yet to establish a
DSRA.

KNRCL is expected to be an operations and maintenance operator for
the project for five years.  However, it is unlikely to engage in
tolling operations and major maintenance.  KNRCL's has significant
experience in the operation and maintenance of road projects.
Considering the experience and track record of KNRCL and that
operations and maintenance are unlikely to be complex, Ind-Ra does
not expect any major operations and maintenance risks.

                       RATING SENSITIVITIES

Positive: A sustained increase in toll revenue leading to improved
coverage ratios could lead to a rating upgrade.  Also, premium
payment to NHAI or express approval for deferment could lead to a
rating upgrade.

Negative: The sponsor's failure to provide continued financial
support and revenues lower than Ind-Ra's base case will trigger a
rating downgrade.


KURINJI SPINNING: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kurinji Spinning
Mills P Ltd's (KSMPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended KSMPL's ratings on March 9, 2016.

BSPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR130 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR145.90 mil. long-term loans: 'IND BB-(suspended)';
      rating withdrawn


LAKHANI & DESAI: ICRA Suspends B+ Rating on INR39cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR39.00 crore term loan facility of Lakhani & Desai
Developers. ICRA has also suspended the long-term rating of
[ICRA]B+ assigned to the INR1.00 crore unallocated amount. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


LIFETREE ACADEMICS: CRISIL Assigns B+ Rating to INR95MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Lifetree Academics and Projects Private Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan       95        CRISIL B+/Stable

The rating reflects exposure to timely completion of ongoing
project and subsequent ramp up from same along with moderate
funding risks. The rating also factors in geographical and
customer concentration risks, and average financial risk profile.
These weaknesses are partially offset by entrepreneurial
experience of promoters, their funding support and long-term
revenue visibility driven by long-term lease contract.
Outlook: Stable

CRISIL believes LTAP will benefit over the medium term from the
promoters' entrepreneurial experience and their funding support.
The outlook may be revised to 'Positive' if sustainable ramp-up in
the lease rentals due to timely project completion improves cash
flows, thereby strengthening the financial risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, weakens
because of time or cost overrun in ongoing project, slow ramp-up
in lease rental or significant delays in receiving rent.

Incorporated in 2012, LTAP has leased its property near
Thiruvananthapuram to Charter School for Education and Research.
It is promoted by Moat Project Management Pvt Ltd (rated 'CRISIL
B/Stable') represented by Mr. Binoy J Kattadiyil and Mr. Rakkinth
Subramanian, and Mr. Romald Francis.


LORD GANESH: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lord Ganesh
Roller Flour Mills' (LGRFM) 'IND B+(suspended)' Long-Term Issuer
Rating.  The agency has also withdrawn the 'IND B+(suspended)'
rating on LGRFM's INR60 mil. 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 LGRFM.

Ind-Ra suspended LGRFM's ratings on Feb. 23, 2016.


M C KNITTING: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M C Knitting
Mills' (MCKM) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended MCKM's ratings on Feb. 24, 2016.

MCKM's ratings are:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR90 mil. fund-based limits: Long-term 'IND D(suspended)';
      rating withdrawn
   -- INR12.5 mil. long-term loans: Long-term 'IND D(suspended)';
      rating withdrawn


M. K. GUPTA: ICRA Suspends 'B+' Rating on INR4.77cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR4.77 crore cash credit facility and the short term rating
of [ICRA]A4 assigned to the INR9.00 crore bank guarantee facility
of M/s. M. K. Gupta & Co. ICRA has also suspended the long term
rating of [ICRA]B+ and the short term rating of [ICRA]A4 assigned
to the INR0.23 crore untied limit of MKGC. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


MAKTEL POWER: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maktel Power
Limited (MPL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.

                        KEY RATING DRIVERS

The ratings reflect MPL's weak credit profile and volatile
profitability.  Provisional FY16 financials indicate revenue of
INR396 mil. (FY15: INR329 mil.), net leverage (total net adjusted
debt/operating EBITDAR) of 5.4x (3.4x) and EBITDA interest cover
(operating EBITDA/gross interest expense) of 1.1x (1.1x).
Profitability fluctuated between 5.1%-9.2% over FY12-FY16 on
account of volatile raw material price. Liquidity was stressed
with the full utilization of its fund-based working capital
facility during the 12 months ended September 2016.

MPL has indicated revenue of INR205 mil. in 1HFY17.  The ratings
are constrained by the weak order-book position of INR103 mil.
from the EPC segment and INR103 mil. from the electrical
manufacturing segment (total order book of INR206 mil. - 0.52x of
FY16 revenue).  The management expects profitability to normalize
(to around 9%) in FY17 as the more profitable electrical equipment
manufacturing segment contributes increasingly to the total
revenue (FY16: 20%; FY15: Negative 13%).

The ratings, however, are supported by the promoters' more than
three decades experience in manufacturing of electronic equipment.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
along with an improvement in the liquidity position could be
positive for the ratings.

Negative: Any further stress in liquidity and decline
profitability resulting in a sustained deterioration in credit
profile of the company could be negative for the ratings.

COMPANY PROFILE

MPL was incorporated in 1982 as a partnership firm under the name
"M/s Danke Switchgears" to undertake manufacturing of wide range
of electrical equipment which find application in the electricity
transmission.  In 2009, the firm was reconstituted as a limited
company.  MPL operates from its sole manufacturing plant located
at Waghodia in Vadodara (Gujarat) with an installed capacity of
4,000 isolators.  The company also provides turnkey electrical
solutions to power plants.  This segment contributed 30% to the
total revenue in FY16 (FY15: 28%).

MPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR105.00 mil. fund-based facilities: assigned
      'IND BB'/Stable
   -- INR125.00 mil. non-fund-based facilities: assigned 'INDA4+'


NAGOORAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagoorar
Enterprises (NE; part of the Nagoorar group) continues to reflect
low profitability, susceptibility to volatility in metal scrap
prices, and a modest scale of operations in the intensely
competitive scrap business. These weaknesses are partially offset
by the extensive experience of promoter, and a moderate financial
risk profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Term Loan              34.4      CRISIL B+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NE, NKR Enterprise, Green Travels and
Transport, and Shahul Hamid - labour contract (SH). This is
because all these firms, collectively referred to as the Nagoorar
group, have a common promoter, and significant operational and
financial linkages.

The rating was downgraded to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable' on June 1, 2016.

Outlook: Stable

CRISIL believes the Nagoorar group will continue to benefit over
the medium term from the extensive experience of its promoter. The
outlook may be revised to 'Positive' if a significant increase in
scale of operations and profitability leads to higher-than-
expected cash accrual, while maintaining the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
liquidity weakens because of a decline in profitability or
stretched working capital cycle.

NE was established in 1985 as a proprietorship firm by Mr. N
Shahul Hameed. The firm trades in scrap material such as mild
steel scrap, fly ash, and firewood; sprint green; and plastic
scrap.


NATURO FOOD: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Naturo Food and Fruit Products Private Limited.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      7.4       CRISIL B/Stable
   Cash Credit            60.0       CRISIL B/Stable
   Long Term Loan         15.6       CRISIL B/Stable

The rating reflects Naturo's modest scale of operations in a
competitive confectionery industry and its weak financial risk
profile marked by negative net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoters in the confectionery
industry and the strong brand recall of 'Naturo'.
Outlook: Stable

CRISIL believes Naturo will maintain its business risk profile
over the medium term from the extensive experience of its
promoters in the confectionery industry. The outlook may be
revised to 'Positive' if Naturo improves its scale of operations
along with improvement in profitability leading to improved cash
accruals coupled with an improvement in its financial risk
profile, particularly gearing. Conversely, the outlook may be
revised to 'Negative', if the company's financial risk profile,
particularly liquidity deteriorated further owing to more than
expected debt-funded capex or stretch in working capital
requirements or due to delays in fund support from promoters to
service debt.

Incorporated in 1987 and based in Bangalore, Naturo is promoted by
Mr. Vikram Reddy and family. The company is engaged in manufacture
and sale of fruit bars and fruit bites under its 'Naturo' brand.


PEATON ELECTRICAL: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Peaton Electrical
Company Limited continue to reflect a small scale of operations in
the competitive electrical equipment industry, weak financial risk
profile, owing to modest networth and average debt protection
metrics, and working capital-intensive operations. These
weaknesses are partially offset by established relationships with
reputed customers and suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of
   Credit                  10       CRISIL A4 (Reaffirmed)

   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        25       CRISIL A4 (Reaffirmed)

   Term Loan                5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PECL will continue to benefit over the medium term
from its established relationships with reputed customers and
suppliers. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accrual backed by an increase in
turnover and or operating margin, and stronger financial risk
profile because of equity infusion. Conversely, the outlook may be
revised to 'Negative' if accrual is lower than expected due to
reduced order flow or profitability, or if the financial risk
profile deteriorates, most likely because of a stretch in its
working capital cycle or substantial, debt-funded capital
expenditure.

Incorporated in 2006 and based in Ahmedabad (Gujarat), PECL,
promoted by Mr. Nikhil Agarwal and Mr. Padamraj Pillai, assembles
and fabricates low-transmission electrical panels, and unitised
substations.


PMJ CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR15cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR1.50
crore fund based cash credit facility and the INR15.0 crore of
unallocated limit of PMJ Constructions Pvt. Ltd. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR7.0 crore
non-fund based Bank Guarantee facility of PMJ.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash credit              1.50        [ICRA]B (assigned)
   Unallocated             15.00        [ICRA]B (assigned)
   Bank Guarantee           7.00        [ICRA]A4 (assigned)

The assigned ratings are constrained by modest scale of operations
that limits financial and operational flexibility of the company
to an extent; and the moderate financial profile of the company
marked by weak gearing and moderate coverage indicators as on
March 31, 2016, which are expected to deteriorate going forward
owing to the sizable amount of envisaged debt funded capex to set
up of the manufacturing facility for M-sand, however the equity
infusion of INR4.40 crore during H1 FY2017 provides some comfort.
The ratings are also constrained by the fragmented nature of the
industry coupled with a tender based contract awarding system
followed by government departments which keeps the margins under
check. The ratings take note of the customer base of the company
which majorly consists of government entities in Karnataka,
exposing the company to geographic and client concentration;
however, the reputed client base mitigates the risk to an extent.
The ratings are also constrained by the high working capital
requirements, with dependency on bills approval and funds flow
from government departments, resulting in high dependence on
creditor funding and unsecured loans with a TOL/TNW of 11.48 times
as on March 31, 2016. The ratings however positively consider the
long standing experience of the promoters in the construction
sector with expertise in executing civil construction projects and
the pending order book profile which is ~3 times the FY 2015-16
operating income, providing healthy revenue visibility in the near
to medium term.

Going forward, the ability of the company to further improve its
scale of operations, while improving profitability to strengthen
its order book position in the construction business, while
efficiently managing its working capital requirements would remain
the key rating sensitivities. The timely completion of M-sand
project and realisation of adequate cash flows from the same would
be critical for the debt servicing ability of the company for the
proposed loan.

M/s. PMJ Constructions Pvt. Ltd., established in the year 2002,
having office at Jayanagar, Bangalore. Promoted by M. Jagannath,
PMJ is mainly engaged in the field of civil construction works and
is a 'Class 1A PWD contractor'. The clientele of the company
includes majorly includes government sector like Bangalore
Development Authority (BDA), Bruhat Bengaluru Mahanagara Palike
(BBMP), Bangalore University, Visvesvaraya Technological
University to name a few.

Recent Results
During FY2016 the company reported a net profit before tax of
INR0.02 crore on an operating income of INR8.69 crore as against a
net loss before tax of INR0.66 crore on an operating income of
INR3.21 crore during FY2015.


RAKSHIT ENGINEERING: Ind-Ra Withdraws B- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rakshit
Engineering Works Pvt. Ltd.'s (REWPL) 'IND B-(suspended)' Long-
Term Issuer Rating with a Stable Outlook.

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

Ind-Ra suspended REWPL's ratings on Feb. 24, 2016.

REWPL's ratings are:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn
   -- INR40 mil. fund-based limits: 'IND B-(suspended)'; rating
      withdrawn
   -- INR40.26 mil. long-term loans: 'IND B-(suspended)'; rating
      withdrawn
   -- INR15 mil. non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


RAM COTEX: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ram Cotex
continues to reflect RC's modest scale of operations in the highly
competitive cotton ginning industry, and exposure to risks
relating to any adverse impact of changes in regulations.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            65       CRISIL B/Stable (Reaffirmed)
   Term Loan              20       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the partners, leading to established
relationships with customers and suppliers, and the advantageous
location of its plant.
Outlook: Stable

CRISIL believes RC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the profitability and scale of
operations improve substantially, leading to higher-than-expected
accrual, while the net worth increases most likely due to
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative', if the financial risk profile weakens due
to a decline in profitability, or increase in working capital
requirements, or large capital withdrawals.

Set up in 2013, RC is promoted by the Kadi (Gujarat)-based Patel
family and others. The firm is in the cotton ginning and pressing
business. The firm started its operations from December-2013.


RAMVIJAY COTTON: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ramvijay Cotton
Mills Private Limited continues to reflect RCMPL's below-average
financial risk profile, with a small networth and weak debt
protection metrics, modest scale of operations in the fragmented
and intensely competitive cotton industry, and susceptibility to
adverse changes in government policy on cotton. These weaknesses
are partially offset by the extensive experience of promoter.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RCMPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if scale of operations and profitability
increase significantly, and if networth improves backed by equity
infusion by promoter or substantial accrual. Conversely, the
outlook may be revised to 'Negative' if working capital
requirement increases or sizeable, debt-funded capital expenditure
leads to deterioration in the financial risk profile.

Update
In fiscal 2016, sales reduced to INR374.5 million from INR586.1
million in the previous year, on account of a decline in average
realisation. Sales growth is expected to be modest at 5-10% per
fiscal over the medium term. In fiscal 2016, operating
profitability marginally declined to 1.16% from 1.35% in the
previous fiscal, and is expected to be at 1.25-1.40% over the
medium term.

Over this period, gross current assets are expected at 90-100 days
as working capital requirement will be higher with an increase in
scale of operations. As on March 31, 2016, gearing was high at
2.12 times due to larger working capital debt, coupled with a
modest networth. Over the medium term, the gearing is expected to
be at 1.9-2.1 times on account of high reliance on bank limit to
fund incremental working capital requirement. Debt protection
metrics too are expected to remain weak, with interest coverage
ratio at 1.4-1.6 times and net cash accrual to total debt ratio at
0.04-0.06 time due to modest profitability against debt
obligation. Liquidity remains comfortable due to sufficient cash
accrual against debt obligation, absence of any debt-funded
capital expenditure over the medium term, and funding support from
proprietor.

Incorporated in fiscal 2007 and promoted by Mr. Shaileshkumar
Sangani, RCMPL commenced production in 2008. The company gins and
presses raw cotton (kapas) to make cotton bales. In addition,
RCMPL has a seed-crushing unit where it extracts oil from cotton
seeds. It sells cotton bales to spinning mill owners and traders,
and cotton oil to dealers in its vicinity.

In fiscal 2016, profit after tax was INR0.82 million on an
operating income of INR374.5 million, against INR1.35 million and
INR586.1 million, respectively, in fiscal 2015.


RUSHI COTTEX: ICRA Suspends 'D' Rating on INR15.5cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR15.50 crore
unallocated limits & INR4.50 crore cash credit facility of Rushi
Cottex Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Unallocated limits      15.50      [ICRA]D suspended
   Cash Credit              4.50      [ICRA]D suspended

Rushi Cottex Private Limited was established in September 2008 as
a private limited company by Mr. Shailesh Pandya, Ms. Minakshi
Soni and Mr. Prashant Mehta and is engaged in trading of Shanker 6
and V-797 cotton bales.


SAA VISHNU: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Saa Vishnu Bakers
Private Limited's (SVBPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects SVBPL's improved scale of operations and
credit metrics.  FY16 financials indicate revenue of INR317 mil.
(FY15: INR137 mil.).  Interest coverage (Operating EBITDA/gross
interest expense improved to 3.3x in FY16 (FY15: 2.9x) and net
financial leverage (total adjusted net debt/operating EBITDAR to
2x (2.3x).  The improvement in the scale of operations is mainly
on account of higher orders executed.  Interest coverage improved
due to increased operating EBITDA backed by increase in revenue,
and the financial leverage improved due to reduced debt level.
Liquidity profile of the company was moderate with average
utilization of its working capital being around 82% during the 12
months ended October 2016.

The ratings derive support from over two decades of experience of
SVBPL's directors in the food and related businesses.

The ratings, however, are constrained by the decline in the
operating margin to 21.86% in FY16 from 43.9% in FY15 mainly due
to increase in selling and distribution expenses and selling its
own brand product at a competitive price.

                       RATING SENSITIVITIES

Positive: Further improvement in the scale of operations while
maintaining the credit metrics could be positive for the ratings.

Negative: Further decline in the profitability could be negative
for the ratings

COMPANY PROFILE

Incorporated in 2009, SVBPL manufactures biscuits at its
46,500mtpa facility located in Kolkata.  The company is managed by
Mr. Ashok Dalmia and his family.  Parle Biscuits Pvt Ltd is
SVBPL's key customer; the company recently started production for
its own brand WERO.

SVBPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB+' from
      'IND BB'; Outlook Stable
   -- INR40 mil. fund-based working capital limit: upgraded to
      'IND BB+'/Stable from 'IND BB'
   -- INR101.3 mil. term-loan 1: upgraded to 'IND BB+'/Stable
      from 'IND BB'
   -- INR8.44 mil. term loan 2: upgraded to 'IND BB+'/Stable from
      'IND BB'
   -- INR8.5 mil. term loan 3: upgraded to 'IND BB+'/Stable from
      'IND BB'
   -- Proposed INR50 mil. fund-based limit: assigned 'Provisional
      IND BB+'/Stable*

* The assignment of final rating on fund based is contingent upon
the execution of sanction letter for the above facility.


SAI TIRUPATI: CRISIL Assigns 'B' Rating to INR150MM LT Loan
-----------------------------------------------------------
CRISIL has assigned the 'CRISIL B/Stable' rating to the long-term
bank facility of Sai Tirupati Properties.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      150       CRISIL B/Stable

The rating reflects exposure to risks related to the ongoing
project, since it is at an initial stage, and a large part of
customer advances, along with sanction of the term loan, is yet to
be received. The rating also factors in exposure to cyclicality
inherent in the domestic real estate industry. These weaknesses
are mitigated by extensive experience of the partners in Pune's
real estate market, along with funding support received from them.
Outlook: Stable

CRISIL believes that STP will benefit from extensive experience of
its partners over the medium term. The outlook may be revised to
'Positive' if the firm reports healthy booking of units and
customer advances, as well as timely sanction of the term loan.
The outlook may be revised to 'Negative' if delay in term loan
disbursement adversely affects the implementation of the project
or if lower-than expected sales or delays in receipt of customer
advances, leads to low cash inflow, thus impacting liquidity.

Sai Tirupati Properties is a partnership firm formed in 2011. The
firm is currently executing a project on Alandi Road, Pune. Mr.
Suresh Patil, Mr. Ashok Khopade, Mr. Rammurthy Ghate and Mr.
Manish Mhaske are partners in the firm.


SASWAD MALI: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded The Saswad Mali
Sugar Factory Ltd's (SMSFL) Long-Term Issuer Rating to 'IND B+'
from 'IND B'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The rating upgrade reflects a breach of Ind-Ra's positive rating
guideline of improvement in SMSFL's revenue and credit metrics.
Revenue of the company increased 48% yoy to INR2,563 mil. in FY16
on account of improved sectoral scenario and increase in quantity
sold.  Lower cost of the material consumed and higher realizations
from integrated business resulted in rise in EBITDA margins to
12.6% in FY16 (FY15: 4%).  Credit metrics of the company improved
on account of higher EBITDA margins resulting in net interest
coverage (EBITDA/net Interest) increasing to 1.5x in FY16 from
0.30x in FY15 and net leverage (adjusted net debt/EBITDA)
improving  to 5.9x in FY16 from 29.56x in FY15.

SMSFL's moderate liquidity position is reflected by 75%
utilization of working capital limits for the 12 months ended
October 2016.  The agency factors in the benefit of debt
restructuring in FY15 whereby it received interest and principle
repayment moratorium for a period of three years easing liquidity.
These term loan constituted 40% of the overall debt in FY16.

The ratings, however, continue to be constrained by the cyclical
nature of the sugar industry.  However, comfort is drawn from
integrated nature of operations and the two-decade-long experience
of the company's founders in the sugar industry.

                        RATING SENSITIVITIES

Positive: A significant improvement in the overall revenue while
maintaining or improving the credit metrics will be positive for
the ratings.

Negative: Any deterioration in the credit metrics and/or further
liquidity stretch could result in a negative rating action.

COMPANY PROFILE

SMSFL was started by the progressive farmers located at Malinagar
in Solapur District (Maharashtra) in 1932.  The company has 3,500
metric tonnes sugarcane crushing capacity on daily basis.  In
addition, it has 60,000 litres/day capacity in distillery and
14.8MW installed co-generation capacity.

SMSFL's ratings are:

   -- Long-Term Issuer Rating: upgraded to 'IND B+' from 'IND B';
      Outlook Stable
   -- INR868.4 mil. long-term loans (increased from
      INR712.9 mil.): upgraded to 'IND B+' from 'IND B'; Outlook
      Stable
   -- INR764.7 mil. cash credit limits (reduced from
      INR1,024.7 mil.): upgraded to 'IND B+' from 'IND B';
      Outlook Stable


SATKAR INDUSTRIES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Satkar
Industries Private Limited (SIPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect small scale operations of SIPL and its
moderate credit profile during FY16, as reflected in its revenue
of INR428 mil. (FY15: INR292 mil.), net financial leverage (net
debt/EBITDA) of 2.1x (4.3x), interest coverage (EBITDA/gross
interest) of 2.5x (2.3x) and EBITDA margin of 4.5% (6.6%).

The ratings, however, draw comfort from around a decade of wide
experience of SIPL's founders in the cotton ginning business.  The
ratings are supported by its proximity to cotton-producing region
and strong liquidity position as reflected from 12.3% average cash
credit utilization during 12 months ended October 2016.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the credit metrics along with a substantial
increase in the scale of operations.

Negative: A negative rating action could result from deterioration
in the credit metrics

COMPANY PROFILE

Incorporated in 2008, SIPL is a private limited company engaged in
ginning and pressing of cotton with installed capacity of 50,000
bales at its plant in Anjad and Singhana (MP).  The company is
managed by its experienced promoters in the cotton industry.

SIPL's Ratings

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR95 mil. fund-based working capital: assigned
      'IND BB'/Stable
   -- INR4.13 mil. Long-term loan: assigned 'IND BB'/Stable


SEW BELLARY: Ind-Ra Withdraws 'D' Rating on INR1.21BB Bank Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sew Bellary
Highways Limited's (SBHL) INR1.21 bil. senior project bank loan
facilities' 'IND D(suspended)' rating.

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

Ind-Ra suspended SBHL's rating on the senior project bank loan
facilities in March 2016.


SHRI COIMBATORE: CRISIL Lowers Rating on INR150MM Term Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Coimbatore Jewellers India Private Limited to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable' while reassigning its 'CRISIL
A4' rating to the short-term bank facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          55       CRISIL A4 (Reassigned)

   Cash Credit            150       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

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

   Term Loan              150       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in SCJIPL's operating
performance, due to decline in operating profitability because of
intense competition and the start-up phase of its hotel division,
and subsequent weakening of its financial risk profile. Operating
profitability fell to 3.5% for fiscal 2016 from 9.6% for fiscal
2014. Lower profitability and increased debt resulted in weak
interest coverage ratio of 1.25 times in fiscal 2016. The ratio is
expected to remain weak over the medium term. Subdued operating
performance will also result in insufficient cash accrual to meet
debt obligations, necessitating timely fund support from
promoters.

The rating reflects the vulnerability of the company's operating
margin to volatility in gold prices, its exposure to risks related
to the start-up phase of its hotel operations, and its subdued
financial risk profile. The weaknesses are partially offset by its
promoters' extensive experience in the jewellery industry.

Outlook: Stable

CRISIL believes SCJIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue and profitability increase, and
hotel operations stabilise sooner than expected, resulting in a
better financial risk profile, particularly liquidity. The outlook
may be revised to 'Negative' if operating performance declines due
to delay in stabilisation of the hotel operations, or if the
company undertakes large, debt-funded capital expenditure, or if
there is delay in fund support from the promoters leading to
deterioration in the financial risk profile
SCJIPL was set up by Mr. Ramanathan Sundaram as a proprietorship
firm in Salem, Tamil Nadu, in 1961. It was reconstituted as a
private limited company in March 2011. The company manufactures
gold, silver, and diamond jewellery, and caters to retail and
wholesale customers. The company also operates a 3-star hotel in
Salem.


SHRI HARKRISHAN: ICRA Suspends B+ Rating on INR6cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR6.00 crore fund based limits of Shri Harkrishan Sahib
Public Sr. Sec. School. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SHRI RAM: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Shri Ram Comtrade Pvt Ltd and assigned its rating 'CRISIL A4+' to
the short term bank facility.

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

   Inland/Import
   Letter of Credit       75       CRISIL A4 (Assigned)

The rating continues to reflect the weak financial risk profile,
marked by modest networth and the high total outside liabilities
to tangible networth (TOL/TNW) ratio, and the modest scale of, and
working capital intensity in, operations. These weaknesses are
partially offset by the extensive experience of the promoters in
trading of building materials.
Outlook: Stable

CRISIL believes SRCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a significant improvement in the scale of operations
and profitability, or substantial equity infusion by the
promoters, strengthens the financial risk profile. The outlook may
be revised to 'Negative' if large working capital requirement
exerts pressure on liquidity, or if a major, debt-funded capital
expenditure, weakens the capital structure.

SRCPL, which was incorporated in 2012, trades in garments,
construction materials such as steel and cement, as well as jute,
electrical items, and sanitary ware. The Ranchi-based company has
been promoted by Mr. Abhishek Agarwal, who has over two decades of
experience in trading of construction materials.


SHRI SHARAN: CRISIL Assigns 'B' Rating to INR115MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shri Sharan Solar Private Limited. The rating
reflects exposure to risks related to stabilisation of its ongoing
project and dependence on favorable climatic conditions for power
generation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               115       CRISIL B/Stable

These weaknesses are primarily offset by 25-year power purchase
agreement (PPA) with Gulbarga Electricity Supply Company Ltd.

Outlook: Stable

CRISIL believes SSSPL will continue to benefit over the medium
term from its long-term PPA with GESCOM. The outlook may be
revised to 'Positive' if the project is completed and stabilised
in a timely fashion and within budgeted cost, leading to
improvement in SSSPL's liquidity. Conversely, the outlook may be
revised to 'Negative' if delays in project execution or lower-
than-expected cash accrual leads to stretched liquidity.

Incorporated in May, 2016, SSSPL is a Gokak based company, which
is in the process of setting up a 2.2 MW (DC) solar photovoltaic
power plant near Gokak, Karnataka. The project is expected to be
commissioned in December 2016.


SHRINI SOFTEX: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shrini Softex
India Ltd's (SSIL) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects SSIL's continued moderate credit profile.
FY16 revenue was INR549 mil. (FY15: INR586 mil.), net leverage
(total adjusted net debt/operating EBITDAR) was 4.8x (FY15: 3.7x)
and EBITDA interest coverage (operating EBITDA/gross interest
expense) was 2.4x (2.2x).  EBITDA margin deteriorated to 11.4% in
FY16 (FY15: 12.2%) on account of cotton and yarn price
fluctuations.  Cotton prices increased by 45% during the three
months ended July 2016, indicating possible stress on
profitability during FY17.  The company has indicated INR308.3
mil. of revenue in 1HFY17.

The company's liquidity position, however, remains comfortable as
reflected by its around 67% utilization of the cash credit limits
during the 12 months ended October 2016.

The ratings continue to factor in the company's founders'
experience of over four decades in the cotton yarn manufacturing.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the top-line along with a
rise in the EBITDA margins, leading to sustained improvement in
the credit metrics could be positive for the ratings.

Negative: A substantial decline in the profitability leading to
sustained deterioration in the credit metrics could be negative
for the ratings

COMPANY PROFILE

SSIL started commercials operations in 2012.  It has 12,000
spindles capacity.  The company manufactures ring spun combed
yarn, carded yarn, compact and double yarn in the count ranges of
Ne 30/1 to Ne 50/1

SSIL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook
      Stable
   -- INR200 mil. fund-based working capital facilities
      (increased from INR120 mil.): affirmed at 'IND BB'/Stable
      and 'IND A4+'
   -- INR74.20 mil. term loans (decreased from INR122.2 mil.):
      affirmed at 'IND BB'/Stable
   -- INR20 mil. non-fund-based working capital facilities:
      'IND A4+': rating withdrawn (facility has been closed)


SOUNDARYA DECORATORS: CRISIL Cuts Rating on INR250MM Loan to B
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Soundarya Decorators Pvt Ltd to 'CRISIL B /Stable' from 'CRISIL
B+/Stable', and reaffirmed its 'CRISIL A4' rating on the short-
term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          200       CRISIL A4 (Reaffirmed)

   Cash Credit              50       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      250       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects weakening of SDPL's business risk
profile marked by decline in revenues and lower-than-expected
profitability. The company's revenues declined to INR 376 million
in fiscal 2016, manifesting a year-on-year de-growth of 59 percent
on account of slow-down in receipt of new contracts. Lower
absorption of employee cost and other overhead costs has resulted
in operating loss of 2% in fiscal 2016, necessitating fund support
from promoters to service debt. CRISIL believes that SDPL's
profitability will improve marginally over the medium on account
of shift in focus to product segment, however overall operating
performance is expected to be under pressure on account of modest
order book position. Timely fund support will remain a key rating
sensitivity factor over the medium term.

The ratings also reflects SDPL's working-capital-intensive
operations and a weak financial risk profile because of a small
net worth, high gearing, and below-average debt protection
metrics. The ratings weaknesses are partially offset by the
extensive experience of SDPL's promoters in the interior
decoration industry, the funding support it receives from them,
and their established relationship with clients.
Outlook: Stable

CRISIL believes SDPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if there is significant and sustainable
growth in revenue and margins, while the capital structure
improves. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in accrual, a stretch in the
company's working capital cycle, or delays in fund infusion,
adversely impacting the financial risk profile.

SDPL, set up in 1992, is promoted by Mr. Balaji Rajaraman and Mr.
Sathyamurthy Durai. The company designs interiors and manufactures
custom furniture. Its registered office is in Chennai.


SREE VASAVI: CRISIL Assigns B+ Rating to INR80MM Long Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Sree Vasavi Trust and has assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had, on September 9,
2016, suspended the rating as SVT had not provided information
required for a rating review. SVT has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

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

   Long Term Loan           80       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect SVT's exposure to risks related to nascent
stages of operation and geographical concentration in its revenue
profile. The ratings also reflect SVT's modest financial risk
profile marked by weak debt protection metrics. These weaknesses
are partially offset by funding support from SVT's promoters.
Outlook: Stable

CRISIL believes that SVT will continue to benefit over the medium
term from its established regional presence. The outlook may be
revised to 'Positive' if the trust significantly scales up its
operations and generates more-than-expected net cash accruals.
Conversely, the outlook may be revised to 'Negative' If SVT's
liquidity deteriorates due to lower-than-anticipated cash accruals
and in case fund support from the parent trust is delayed
affecting SVT's ability to service debt on time.
Set up in 1953, SVT runs a community marriage hall and a 150 bed
multi-specialty hospital in Bangalore.


SREEVASA SPINNERS: ICRA Suspends 'D' Rating on INR49.93cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D to the INR49.93
crore long term fund based limits and INR0.07 crore unallocated
limits of Sreevasa Spinners Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

SSL, incorporated in September 2010, is primarily engaged in
production of carded cotton yarn in the count range of 21s to 36s.
SSL has spinning mill located in Mahboobnagar, Telangana with an
installed capacity of 16320 spindles.


SV POWER: Ind-Ra Raises Rating on INR2.59BB Sr. Loans to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded SV Power Private
Limited's (SVPL) INR2,590 mil. senior term loans (increased from
INR1,940 mil.) to 'IND BB-' from 'IND D'.  The Outlook is Stable.

The agency has simultaneously withdrawn the 'IND D' rating on
INR140 mil. subordinated debt, as it is now a part of senior term
loans worth INR2,590 mil. (INR2,530.3 mil. outstanding as on
Nov. 10, 2016,) and shares equal security on project assets, as
well as on corporate guarantees given to lenders.

On March 10, 2015, SVPL was acquired by Spectrum Coal and Power
Limited (SCPL), a wholly owned subsidiary of ACB (India) Limited
('IND AA-'/Stable).  SCPL purchased a 91.93% stake in SVPL.  Its
washery commenced operations in September 2015, and its power
plant came online in October 2015.

                         PROJECT PROFILE

SVPL operates a washery with a beneficiation capacity of 2.5
million tonnes per annum (mtpa) and a 63-megawatt (MW) power plant
based on washery rejects and reprocessed rejects supplied by ACB
(India).  The washery commenced beneficiation operations in
September 2015.  It has since stabilized.  Meanwhile, the plant
commenced operations in October 2015 and is still in a
stabilization phase.

                       KEY RATING DRIVERS

The rating upgrade reflects the extension of the repayment period
due to the restructuring of the debts of SVPL and timely servicing
of interest and principal for the period April 2015-October 2016,
primarily supported by the sponsors, i.e. SCPL and ACB (India),
through inter-corporate deposits.  In addition, ACB (India) has
provided an undertaking to meet any shortfall in the resources of
SVPL with regard to the restart and refurbishment of the washery
and plant so that the facilities can operate at optimal capacity
levels.

On January 2016, SVPL signed a 25-year power purchase agreement
with Chhattisgarh State Power Trading Company Limited for the sale
of 5% of net power generated at variable cost and the remaining
power through Indian Energy Exchange Limited.  The price risk
could increase due to power demand-supply volatility at IEX.
During FY15-FY16, the market clearing price at IEX was INR2.731
per kilowatt hours (kWh) (FY14-FY15: INR3.51/kWh).  The company is
realizing an average tariff of INR2.25/kwh on power sold through
IEX.

Meanwhile, the supply risk faced by the washery is partially
mitigated, as SVPL has been awarded a three-year, 1.89mtpa coal
beneficiation contract from Rattan India Power Limited (RTPL),
effective June 2016.  However, the weak credit profile of the
counterparty, RTPL, increases the risk of a delay in or non-
payment of receivables.  According to the company, it will be
bidding for additional washing contracts to increase capacity
utilisation of the washery, which, if decreases, could stress cash
flow.

The fuel risk is mitigated to an extent, as the fuel requirements
of power plant will be met by the washery and reprocessed rejects
from ACB (India).  The availability of coal rejects is sufficient
to meet the fuel requirements of the plant that are estimated at
0.30mtpa for FY17 (for 30% plant load factor (PLF)) and 0.40mtpa
for FY18 (for 40% PLF).

The generation risk remains high, as the plant recommenced
operations in October 2015 and is still in a stabilization phase,
with a plant load factor (PLF) of 30%.  This affects cash flow
required to service debt.  Coverage ratios would remain stressed,
if the current PLF level continues.

A debt service reserve equivalent to six months of principal and
interest has to be maintained in the form of bank guarantee.  SVPL
will create such debt service reserve equivalent by end-March
2017.  Although the sponsor has provided an unconditional and
irrevocable guarantee for the debt facility, Ind-Ra views it as
limited credit enhancement, given the potential invocation of the
guarantee would take place only post default.

The rating is supported by the sponsor's track record in running
washery operations since 1999 and a 30MW coal reject-based thermal
power plant in Chhattisgarh since 2007.

                       RATING SENSITIVITIES

Positive: Sustained and higher-than-expected operational and
financial performance, and timely sponsor support could result in
a rating upgrade.

Negative: Lower-than-expected operational and financial
performance, and absent sponsor support could result in a rating
downgrade.


TIKONA DIGITAL: CRISIL Lowers Rating on INR7.52BB Term Loan to D
----------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Tikona
Digital Networks Pvt Ltd (TDN; part of the Tikona group) to
'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         70.6       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan            7529.4       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating revision takes into account the delays in servicing its
debt obligations, through September 2016, mainly on account of
delays in receiving regulatory approvals for its proposed external
commercial borrowing (ECB) from Overseas Private Investment
Corporation (OPIC) as well as for the rights issue by its
promoters. CRISIL understands that the payments have currently
been regularised on account of receipt of funds from equity
infusion by way of rights issue of USD 20 million. Also, one
tranche of the ECB has been drawn-down by the company; the same
has been utilised for prepayment of some of its debt and for
funding capital expenditure.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TDN and its wholly-owned subsidiary,
Tikona Infinet Ltd. This is because both the companies,
collectively referred to as the Tikona group, operate in the same
line of business and have significant operational and financial
linkages.

TDN was incorporated in May 2008. The company provides broadband
internet services to retail customers. It holds a 'Category A'
internet service provider licence from the Department of
Telecommunications (DoT), Government of India, and is currently
offering services in 25 cities across India. The company commenced
commercial operations in May 2009; it currently has 0.37 million
customers. TIL, which was acquired by TDN in fiscal 2012, provides
broadband internet access to corporate customers.

TDN acquired 4G Broadband Wireless Access (BWA) licences for five
circles through auctions by DoT. The company has complied with the
minimum rollout obligations and also carried out a pilot project
in Varanasi by launching services on 4G band.

For fiscal 2016, the Tikona group reported a net loss of INR1,439
million on net sales of INR3,172 million, as against a net loss of
INR1,106 million on net sales of INR 2605 million respectively for
fiscal 2015.


TRANS HIMALAYAN: CRISIL Lowers Rating on INR70MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Trans Himalayan Logistics Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Cash           70        CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B/Stable')

The rating downgrade reflects overdrawals of the cash credit limit
for more than 30 days and interest for the same has also not been
serviced. The same was mainly on account of its weak liquidity.

The rating continues to reflect the working capital-intensive
nature of operations and weak financial risk profile, marked by
the below-average capital structure. These rating weaknesses are
partially offset by extensive entrepreneurial experience of the
promoters.

Incorporated in 2007, THLPL is engaged in the road transportation
business. The company was not operational until fiscal 2013, and
was taken over by the Kolkata-based Jagwani group in fiscal 2014.
THLPL also trades in iron ore fines.


VISHWANATH SPINNERZ: ICRA Suspends 'D' Rating on INR76.67cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D to the INR76.67
crore long term fund based limits and INR0.33 crore unallocated
limits of Vishwanath Spinnerz India Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

VSIL, incorporated in 2000 by Mr. K. Sridhar Reddy is a cotton
spinning mill located at Peddavoora in Nalgonda district of
Telangana. The company commenced its operations in January 2013
and presently has spindle capacity of 26112 spindles increased
from 25920 spindles in FY2015 and is involved in manufacture of
yarn of counts 16's to 40's.



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


VUZIX CORP: Incurs $5.44 Million Net Loss in Third Quarter
----------------------------------------------------------
Vuzix Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $5.44 million on $582,549
of total sales compared to a net loss attributable to common
stockholders of $2.81 million on $970,379 of total sales for the
same period during the prior year.

For the nine months ended Sept. 30, 2016, the Company reported a
net loss attributable to common stockholders of $14.11 million on
$1.50 million of total sales compared to a net loss attributable
to common stockholders of $11.04 million on $2.20 million of total
sales for the same period a year ago.

As of Sept. 30, 2016, Vuzix Corp had $14.96 million in total
assets, $4.68 million in total liabilities and $10.28 million in
total stockholders' equity.

As of Sept. 30, 2016, the Company had cash and cash equivalents of
$5,941,661, a decrease of $5,935,396 from $11,877,058 as of Dec.
31, 2015.

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

                     https://is.gd/fkhJ2v

                   About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

Vuzix Corporation reported a net loss attributable to common
stockholders of $14.94 million on $2.74 million of total
sales for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $7.86 million on $3.03
million of total sales for the year ended Dec. 31, 2014.



===============
M A L A Y S I A
===============


PRIME GLOBAL: Chief Financial Officer Resigns
---------------------------------------------
Liong Tat Teh resigned from his position as the chief financial
officer, secretary and director of Prime Global Capital
Incorporated effective Nov. 14, 2016.  Mr. Teh's departure was for
personal reasons and not due to any disagreement with the Company
on any matter related to the Company's operations, policies or
practices.

In connection with Mr. Teh's resignation from his position, the
Board appointed Weng Kung Wong, the Company's chief executive
officer, to serve as the Company's interim chief financial officer
and secretary.

Meanwhile, effective Nov. 14, 2016, James Scheifley resigned from
his position as a director of Prime Global Capital Incorporated.
Mr. Scheifley's departure was for personal reasons and not due to
any disagreement with the Company on any matter related to the
Company's operations, policies or practices.

                     About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.

Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.

As of July 31, 2016, the Company had US$48.2 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.



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


KHAN BANK: Fitch Lowers IDR to 'B-', Outlook Stable
---------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
on Mongolia-based Khan Bank LLC and XacBank LLC to 'B-' from 'B'
and their Viability Ratings (VR) to 'b-' from 'b'.  The Outlooks
on the banks' Long-Term IDRs are Stable.

At the same time Fitch has affirmed State Bank LLC's Long-Term IDR
at 'B-' with Stable Outlook and its VR at 'b-'.

The rating actions follow the downgrade of Mongolia's Long-Term
IDRs to 'B-' from 'B' and its Country Ceiling to 'B-' from 'B' on
Nov. 22, 2016.  The Outlook on the IDRs is Stable.  Under Fitch's
Global Bank Rating Criteria the Country Ceiling of a sovereign
constrains a bank's IDR.

                          KEY RATING DRIVERS

IDRS and VRS

The downgrade in Mongolia's sovereign ratings, which reflects a
substantial fiscal deterioration and heightened external liquidity
risks, affects the banks' credit profiles because they have
significant government exposure through securities and claims on
the central bank from swap agreements to hedge their large
foreign-currency mismatches.  Access to funding from international
financial institutions remains available, albeit at higher costs.

Fitch sees increased pressure on all three banks' funding and
liquidity profiles, which could deteriorate significantly if the
sovereign were to fail to obtain access to funding from bilateral
and multilateral agencies, although this is not Fitch's base-case
scenario.

Fitch expects the banks' asset quality to continue to worsen due
to the weak operating environment amid possible fiscal and
monetary tightening measures, slower economic growth in Mongolia
and China, and continued depreciation of the local currency
against the US dollar (22% in the year to date).  Fitch expects
commodity prices and FDI to remain low.  Fitch's assessment also
reflects the banks' large share of assets with strong linkages to
the sovereign and sovereign-related entities, whose
creditworthiness has weakened.

The weaker economic environment has resulted in lower system-wide
loan growth (6.7% in 9M16 compared with 16.1% in 2014), and the
banks have continued to shift towards less risky lending segments,
such as personal loans and mortgages.  While Fitch views this as
an indication of more restrained risk appetite, Fitch believes the
better risk control may not be sufficient to protect the banks'
credit profiles in the face of prolonged weakness in the operating
environment.  State Bank's loans surged ahead of the industry
growth by 23.9% in 9M16 due to its participation in a government
programme to provide subsidized loans to herders; while loan
growth at Khan Bank was modest at 3.4% and loans at XacBank fell
2.7%.

Fitch expects the banks' profitability to be restrained by rising
loan impairment charges, higher funding costs and subsidized
lending at below-market interest rates to certain segments.  These
will be partly offset by higher returns on the banks' holdings of
government securities following a policy-rate increase of 450bp in
August 2016.

The banks continued to build up loss absorption buffers due to the
more stringent regulatory capital requirements, with their
weighted average Fitch Core Capital ratio increasing to 15.3% at
end-June 2016 and weighted average reserve coverage increasing to
72.9%.  Nevertheless, the banks' capital ratios would be lower if
we were to adjust for lower risk-weight assigned to certain
subsidized loans and construction loans.  In addition, they
benefit from zero-risk weighting on their sovereign exposure.

The affirmation of State Bank's VR reflects Fitch's  view that its
intrinsic credit profile continues to be commensurate with the
'b-' category.  State Bank's risk profile is more aligned to that
of the sovereign given its high interconnectedness with the
government.  The bank's profitability is lower than its peers' and
is under pressure from its faster growth in the riskier
agricultural sector, where loan interest margins are capped under
government's subsidised programmes, and what Fitch believes to be
non-recurring profit gained from the specific swap arrangement
with the central bank.

             SUPPORT RATINGS AND SUPPORT RATING FLOORS

The affirmation of Khan Bank's and State Bank's Support Ratings
(SR) and Support Rating Floors (SRF) reflect Fitch's view that the
sovereign's propensity to provide extraordinary support remains
unchanged given their domestic systemic importance and high
proportion of retail deposit funding.  In addition, State Bank is
100% owned by the government.  The equalization of the SRFs of
Khan Bank and State Bank with the sovereign's IDR also takes into
account the heightened contagion risk from deposit runs if
sovereign support did not flow through to the banks, when
necessary.

Fitch has downgraded XacBank's SRF to 'No Floor' from 'B-',
reflecting the view that sovereign support can no longer be relied
upon.  This reflects our expectation that the sovereign would
favour Khan Bank and State Bank over XacBank given the latter's
relatively higher proportion of wholesale funding, which could be
forced to share in the losses in a systemic crisis.

                        RATING SENSITIVITIES

IDRS and VRS

The ratings are sensitive to changes in the sovereign rating, the
Country Ceiling and Fitch's expectation of the sovereign's
willingness to provide support to the banks.

A downgrade in the VRs of Khan Bank and State Bank, which, for
example, could stem from rapid asset-quality deterioration,
erosion of capital or liquidity stress, is not likely to result in
a downgrade in their IDRs as those are underpinned by our
expectation for sovereign support.  In contrast, a downgrade in
XacBank's VR is likely to lead to a downgrade in its IDR.

A significant improvement in the operating environment and asset-
quality metrics would be required for any positive rating actions
on Khan Bank and XacBank.  An upgrade in State Bank's ratings is
unlikely given the pressure on its profitability and less
diversified funding structure.

XacBank's SRF could be reinstated if Fitch was to take any
positive rating actions on the sovereign's ratings.

The rating actions are:

Khan Bank LLC
  Long-Term Foreign-Currency IDR downgraded to 'B-' from 'B';
   Outlook Stable
  Short-Term Foreign-Currency IDR affirmed at 'B'
  Long-Term Local-Currency IDR downgraded to 'B-' from 'B';
   Outlook Stable
  Viability Rating downgraded to 'b-' from 'b'
  Support Rating affirmed at '5'
  Support Rating Floor affirmed at 'B-'

XacBank LLC
  Long-Term Foreign-Currency IDR downgraded to 'B-' from 'B';
   Outlook Stable
  Short-Term Foreign-Currency IDR affirmed at 'B'
  Long-Term Local-Currency IDR downgraded to 'B-' from 'B';
   Outlook Stable
  Viability Rating downgraded to 'b-' from 'b'
  Support Rating affirmed at '5'
  Support Rating Floor revised to 'No Floor'

State Bank LLC
  Long-Term Foreign-Currency IDR affirmed at 'B-'; Outlook Stable
  Short-Term Foreign-Currency IDR affirmed at 'B'
  Long-Term Local-Currency IDR affirmed at 'B-'; Outlook Stable
  Viability Rating affirmed at 'b-'
  Support Rating affirmed at '5'
  Support Rating Floor affirmed at 'B-'



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


AVANTI FINANCE: S&P Affirms 'BB/B' ICRs on Strong Capitalization
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' issuer credit ratings on
New Zealand-based Avanti Finance Ltd.  The outlook is stable.

"Our rating on Avanti reflects the finance company's very strong
capitalization levels and sound and defendable business model,
underpinned by a well-articulated and executed strategy.  Avanti's
business model is transitioning toward a higher proportion of
residential mortgage loans within its business mix--a business
line that we consider highly commoditized and competitive.
However, we believe a lack of meaningful competition in the
nonbank sector within Avanti's chosen target market and adopted
points of distribution -- namely third-party brokers, with which
the finance company has a long-standing and successful history of
utilizing heavily -- augurs well for our expectations of stronger
indicators of business stability and, as such, its business
position strength.  We consider Avanti's business position
strength to be broadly in line with the industry average for
nonbank financial companies in New Zealand.  We understand the
finance company is targeting first secured residential mortgages
at close to 50% of stock during the next three years, up from 35%
currently, with the remainder comprising a mix of motor vehicle
loans, other consumer and property loans, and some small to
medium-size enterprise loans.  We also expect the finance
company's operating revenue mix to shift toward a higher
proportion of net interest income as a result of the forecast
growth in residential mortgage lending (currently 65% of operating
revenues), which we consider as having good recurring
characteristics and forecast to increase toward 75% in the next
three years," S&P said.

Growth forecasts are strong for the next three years, with
compound annual growth at more than 30%.  S&P forecasts its risk-
adjusted capital (RAC) ratio for Avanti to remain very strong and
unchanged at between 17.0% and 17.5% through the next 12-18
months, compared with 17.0% as of March 30, 2016, having factored
in NZ$7 million of new committed capital from existing and new
shareholders to absorb much of the new business growth.

"Avanti's business model is susceptible to banker confidence,
which underpins most of the finance company's growth aspirations.
To date, the finance company has had little trouble extending the
support of its long-dated warehouse funding, and we currently
foresee little risk of this changing in the next 12 months.
Avanti's asset quality is also susceptible to higher losses
arising from its focus on lending to lower- and middle-income
consumers.  While we expect the transition toward a higher
proportion of lower-risk residential mortgage lending to help
improve the finance company's key asset quality metrics, including
loss given default, we believe the overwhelming focus on a
demographic that typically falls outside of commercial bank
underwriting standards will continue to result in losses higher
than those observed within the banking sector, though the higher
risk is acknowledged and compensated through higher pricing (for
risk)," S&P said.

The stable outlook reflects S&P's expectation that Avanti's strong
growth outlook will be accompanied by a commensurate increase in
capital, such that S&P expects the finance company's RAC ratio
will remain above 15% during the next 12 months.  The stable
outlook also reflects S&P's expectation that Avanti's strong
growth outlook will not translate into a material shift in its
risk appetite, such as underwriting new and higher-risk business
with which the finance company has little expertise, which could
be a precursor to materially higher credit losses (for the finance
company).

S&P would most likely lower the rating on Avanti if the finance
company's forecast lending growth were to significantly outpaces
the recent and forecast increases in the capital base (organic and
inorganic), such that S&P's forecast RAC ratio was at risk of
falling below 15% on a sustained basis.  Although S&P considers
the probability of this to be low in the next 12 months, it could
occur if the finance company was unwilling to employ capital
building initiatives (if needed), such as slower lending growth,
securitization of receivables, or raising additional capital from
its investor base.

S&P believes upward rating prospects are limited in the next 12
months. Longer term, S&P believes a structural improvement in
Avanti's asset quality would represent the most likely upward
rating scenario, which is likely to come about as seasoning in the
finance company's residential mortgage portfolio transpires.  S&P
also believes upward rating prospects would be contingent on a
measured slowdown in the finance company's growth aspirations
because the stronger growth tends to mask the underlying
performance.


INTERNATIONAL ACADEMY: Directors Could Face Criminal Charges
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Newshub reports that criminal charges could be laid against the
directors of The International Academy of New Zealand (IANZ), an
international school that was allegedly falsifying test results.

IANZ has been put into liquidation, and The New Zealand
Qualifications Authority (NZQA) is investigating, Newshub says.

Now, as the school's directors try to leave New Zealand, Newshub
can reveal they could face criminal charges -- and they also owe
tens of thousands of dollars to former employees.

According to Newshub, Jaswinder Kaur blew the whistle on IANZ
after she was instructed to falsify hundreds of English language
entry tests.

Newshub relates that Ms. Kaur said she's owed thousands in unpaid
wages -- money she may now never see -- as the company is being
liquidated.

"It's really, really frustrating that I am ending up with no
justice," Newshub quotes Ms. Kaur as saying.

She's not alone as 10 more former employees of IANZ are owed tens
of thousands of dollars, says Newshub.

A lawyer for the directors told Newshub: "We have not given up on
paying those people. We need to work with the creditors".

"I just received an email from the Labour Inspectorate saying your
case is closed. The company is going for the liquidation. Your
case is closed," Ms. Kaur said.

It's not just employees saying they're owed money.

According to the report, NZQA found the school was passing
students that should have failed, the directors acted dishonestly,
and student insurance forms were backdated to make records look
legitimate.

IANZ ended up being forced to transfer all its students to another
college -- and the directors are in the process of looking
overseas for a fresh start. First Union's Dennis Maga said it's an
outrage, Newshub relates.

"They should be held accountable. There are hundreds of
international students who have no idea what they're doing in
New Zealand," the report quotes Mr. Maga as saying.



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RICKMERS MARITIME: Fails to Make SGD4.26MM Interest Payment
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Rickmers Trust Management Pte. Ltd., in its capacity as trustee-
manager of Rickmers Maritime as issuer of SGD100 million 8.45%
notes due 2017 (the Notes), said it is unable to pay the interest
payment of SGD4.26 million due on the Interest Payment Date
occurring on Nov. 15, 2016 under the Notes.

The Trustee-Manager has a grace period of 5 business days from
Nov. 15, 2016 to make the interest payment, failing which it
constitutes an Event of Default under the Notes, the occurrence of
which is likely to affect the Trust's ability to continue as a
going concern.

As a result of cross default and/or cross acceleration clauses
contained in the loan agreements to which the Trustee-Manager or
subsidiaries of the Trust are a party, the Trust will also be in
default under such loan agreements. The Trustee-Manager is
currently in discussions with its senior lenders to obtain
standstills and/or waivers in respect of its obligations under the
existing senior loan facilities.

As announced on Nov. 9, 2016, the meeting of the holders of the
Notes ("Noteholders' Meeting") in relation to the consent
solicitation by the Trustee-Manager in connection with the Notes
was adjourned due to the lack of quorum, and will be reconvened,
at the earliest, on Nov. 23, 2016, and at the latest on Dec. 21,
2016, at a time and place to be determined and announced.

Notice of the adjourned Noteholders' Meeting will be published in
The Business Times at least 10 days before the date of the
adjourned Noteholders' Meeting, in compliance with the trust deed
constituting the Notes.

In view of the uncertain outcome of the discussions with senior
lenders and the adjourned Noteholders' Meeting, the Trust is
unable to demonstrate that it is able to continue as a going
concern.

The Trustee-Manager will therefore be requesting for an immediate
trading suspension of the units of the Trust and of the Notes
until the going concern issue has been resolved.

The Trustee-Manager has obtained unitholders' approval at its
extraordinary general meeting held on Oct. 31, 2016, to wind up
the Trust in accordance with the Business Trusts Act, Chapter 31A
of Singapore ("BTA"), and the trust deed constituting the Trust
("Trust Deed"), in the event of an unsuccessful restructuring of
the Trust and where it is impracticable or inadvisable to continue
the Trust in the opinion of the Trustee-Manager.

The Trustee-Manager continues to analyse the effect of the above
events on the Trust and to discharge its duties as a trustee-
manager in accordance with the BTA and the Trust Deed to preserve
value for the Trust. The Trustee-Manager will update its
noteholders and unitholders if there are any further developments.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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S O U T H  K O R E A
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DAEWOO SHIPBUILDING: Approves Proposed Capital Reduction Scheme
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Yonhap News Agency reports that shareholders of Daewoo
Shipbuilding & Marine Engineering Co. on Nov. 25 approved a
proposed capital reduction scheme, paving the way for the troubled
shipbuilder to receive financial aid from its creditors.

Yonhap relates that the shipbuilder said its shareholders gave the
nod to the 10-to-1 capital reduction for shareholders.

Earlier, its creditors, led by state-run Korea Development Bank,
said they will provide a total of KRW2.8 trillion (US$2.38
billion) in financial aid to the shipyard, and the company's
capital will be written down to help the company avert a delisting
from the local stock market, Yonhap relates.

Yonhap says the creditors plan to complete the financial aid by
the end of the year.

Under the plan, the KDB will swap its loans worth KRW1.8 trillion
into Daewoo Shipbuilding stock. The KDB has already conducted a
debt-for-equity swap worth KRW400 billion for the shipbuilder,
according to Yonhap.

The other policy lender, the Export-Import Bank of Korea, will buy
debt worth KRW1 trillion to be sold by Daewoo Shipbuilding, which
can be counted as capital, according to the plan cited by Yonhap.

Yonhap says Daewoo Shipbuilding's capital base has been eroded due
to mounting losses, facing the risk of being delisted from the
local stock market.

In the first half of the year, Daewoo Shipbuilding suffered a net
loss of KRW1.19 trillion with its debt ratio exceeding 7,000
percent, adds Yonhap.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


HANJIN SHIPPING: Hyundai Merchant Pref. Bidder for Spain Terminal
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Yonhap News Agency reports that Hyundai Merchant Marine Co. said
on Nov. 25 that it has been named as preferred bidder for Hanjin
Shipping Co.'s Spain terminal.

According to the report, Hyundai Merchant said it was picked as
the preferred bidder to buy a port terminal in Algeciras, Spain,
which is in part owned by cash-strapped Hanjin Shipping.

With two to three weeks of due diligence, Hyundai Merchant will be
able to complete the deal by the end of December, it said. The
value of the deal was not disclosed, Yonhap relates.

The Algeciras terminal can handle 1.86 million TEUs annually,
according to Hyundai Merchant.

Yonhap notes that Hyundai Merchant failed to be picked as
preferred bidder for Hanjin Shipping's U.S.-Asia route, one of its
lucrative assets.

Hanjin Shipping, currently under court receivership, has been
seeking to sell its assets in an effort to survive an industry-
wide slump and cash shortage. Hanjin Shipping and local shippers
have been under financial strain due to falling freight rates
stemming from an oversupply of ships and a protracted slump in the
global economy.

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

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

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

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

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

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



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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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