TCRAP_Public/161130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, November 30, 2016, Vol. 19, No. 237

                            Headlines


A U S T R A L I A

ANDY NORMAN: First Creditors' Meeting Set for Dec. 7
C & L MOTORCABS: First Creditors' Meeting Slated for Dec. 9
GROUP UNDERWRITERS: ASIC Suspends AFS License for 3 Months
MESOBLAST LIMITED: Reports Results for Q1 Ended Sept. 30, 2016
RESIMAC TRIOMPHE: S&P Assigns Prelim BB Rating on Class D Debt

ROMTECK PTM: First Creditors' Meeting Slated for Dec. 6
* AUSTRALIA: Listed Cos. Up to 50% Likely to Fail, RBA Says


C H I N A

RONSHINE CHINA: Moody's Assigns B2 CFR & Rates US Dollar Notes B3
RONSHINE CHINA: S&P Assigns 'B' CCR, Outlook Stable
SUQIAN ECONOMIC: Fitch Assigns 'BB' Senior Unsecured Bonds Rating


H O N G  K O N G

IMPERIAL PACIFIC: Moody's Assigns B2 CFR, On Review for Downgrade
JV FITNESS: Hong Kong Court Enters Winding Up Order


I N D I A

ADARSH SAMAJ: ICRA Suspends 'B' Rating on INR10cr Bank Loan
BABA FATEH: CRISIL Suspends B- Rating on INR55MM Cash Loan
BANSAL INFRACON: CRISIL Suspends 'D' Rating on INR2.25BB Loan
BANSAL INTERNATIONAL: CRISIL Suspends D Rating on INR1.98BB Loan
BANSAL SHIPPING: CRISIL Suspends 'D' Rating on INR1.54BB Loan

BANWARILAL SRIRAM: ICRA Suspends 'B' Rating on INR5.4cr Term Loan
CAPTAIN TRACTORS: ICRA Assigns B+ Rating to INR16cr Cash Loan
COMMERCIAL AUTO: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
COROMANDEL AGRO: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
COUNT N: CRISIL Suspends B+ Rating on INR7.1MM Cash Loan

DOLLFINE DEVELOPERS: CRISIL Suspends B+ Rating on INR34MM Loan
ELVE CORPORATION: CRISIL Ups Rating on INR100MM Loan to B+
GREEN GOLD: CRISIL Suspends 'B' Rating on INR17MM Cash Loan
KESHO RAM: CRISIL Assigns 'B+' Rating to INR26.1MM Term Loan
LAL BABA: IND-Ra Assigns 'IND B+' Long term Issuer Rating

LATHA EDUCATIONAL: CRISIL Assigns 'B' Rating on INR50MM Loan
LIMSON ENGINEERING: CRISIL Reaffirms B+ Rating on INR45MM Loan
M.D PRINTING: CRISIL Reaffirms 'D' Rating on INR82.5MM Term Loan
MAHARASHTRA CRICKET: CRISIL Reaffirms D Rating on INR1.26BB Loan
MALWA AUTOMOBILES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

MARUTI BITUMEN: ICRA Suspends 'B/A4' Rating on INR5.85cr Loan
NARAYANAN A: CRISIL Suspends B- Rating on INR50MM Overdraft Loan
NEWGEN AGRO: ICRA Suspends 'B' Rating on INR15cr Bank Loan
OMEXO TILES: ICRA Lowers Rating on INR4.05cr Term Loan to B+
PENGUIN PETROLEUM: CRISIL Cuts Rating on INR32.5MM Loan to 'D'

PEOPLE'S EXPORTS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
PRABHAVA CASHEW: CRISIL Suspends B+ Rating on INR75MM Cash Loan
R.K. COTTON: CRISIL Assigns 'B'+ Rating to INR40MM LT Loan
SAHARA GROUP: Chief Has Time Until Feb. 6 to Deposit INR600cr
SAI CHHAYA: ICRA Suspends B+ Rating on INR11.6cr Bank Loan

SANSAR TEXTURISERS: CRISIL Cuts Rating on INR350MM Loan to 'D'
SANSKAR BHARTI: ICRA Suspends B+ Rating on INR6.5cr Bank Loan
SEA LAGOON: Ind-Ra Assigns 'IND B-' Long term Issuer Rating
SEABOY FISHERIES: CRISIL Reaffirms B+ Rating on INR10MM Loan
SEETHARAMA COTTON: CRISIL Assigns B+ Rating to INR60MM Cash Loan

SHREE SAIBABA: CRISIL Suspends 'D' Rating on INR880MM Loan
SHRI MOOKAMBIGA: Ind-Ra Affirms 'IND B+' Long term Issuer Rating
SHRIRAM POWER: CRISIL Assigns B- Rating to INR180MM Cash Loan
SRI CHAITANYA: ICRA Suspends B+ Rating on INR8.50cr Cash Loan
SRI SARVARAYA: CRISIL Suspends D Rating on INR972.3MM LT Loan

SRI SPM: CRISIL Assigns 'B' Rating to INR100MM Long Term Loan
SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
TRANS FAB POWER: CRISIL Reaffirms B+ Rating on INR109.5MM Loan
UNITED CONCEPTS: ICRA Suspends B+/A4 Rating on INR12.5cr Loan
VALLUVANAD HOSPITAL: CRISIL Reaffirms B+ Rating on INR110MM Loan

VGS ENTERPRISES: Ind-Ra Assigns 'IND B+' Long term Issuer Rating
VIBRANT CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR20MM Loan


J A P A N

VUZIX CORP: Intel Corporation Reports 22% Stake as of Nov. 16
VUZIX CORP: Receives Letter from Intel on Stock Disposition


M A L A Y S I A

TPC PLUS: Bursa Malaysia Uplifts PN17 Status


N E W  Z E A L A N D

MULTIMEDIA SOLUTIONS: Owner of Truth Masthead Enters Liquidation


S O U T H  K O R E A

HANJIN SHIPPING: Says It Has No Assets in U.S. to Pay Creditors


T A I W A N

TRANSASIA AIRWAYS: Shares Hit All-Time Low on Dissolution Turmoil


V I E T N A M

HO CHI MINH: Moody's Assigns B2 Deposit and Issuer Ratings


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A U S T R A L I A
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ANDY NORMAN: First Creditors' Meeting Set for Dec. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of
Andy Norman Concreting Contractors Pty Ltd will be held at
Clifton Hall, Level 3, 431 King William Street, in Adelaide, South
Australia, on Dec. 7, 2016, at 11:30 a.m.

Daniel Lopresti and Timothy James Clifton of Clifton were
appointed as administrators of Andy Norman on Nov. 25, 2016.


C & L MOTORCABS: First Creditors' Meeting Slated for Dec. 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of C & L
Motorcabs Pty Ltd will be held at the offices of Venn Milner & Co,
Suite 1, 10-12 Chapel Street, in Blackburn, Victoria, on
Dec. 9, 2016, at 11.00 a.m.

Leonard Anthony Milner of Venn Milner & Co was appointed as
administrator of C & L Motorcabs on Nov. 29, 2016.


GROUP UNDERWRITERS: ASIC Suspends AFS License for 3 Months
----------------------------------------------------------
Australian Securities and Investments Commission has suspended the
Australian Financial Services (AFS) license of Group Underwriters
& Managers Pty Ltd (GUM) for three months for failing to lodge
financial statements, auditor reports and auditor opinions for a
period of three years. This is in breach of both GUM's legal
obligations and license conditions.

ASIC Deputy Chair Peter Kell said, "Licensees are required to
lodge financial statements and auditor reports with ASIC to
demonstrate their capacity to provide financial services. Failure
to comply with reporting obligations can be an indicator of a poor
compliance culture. ASIC won't hesitate to act against licensees
who do not meet these important requirements."

ASIC has suspended GUM's license until Feb. 16, 2017.

If GUM does not lodge the required documents by this date, ASIC
will consider whether the license should be cancelled.
Background

GUM provides general financial product advice only for general
insurance and life insurance products and has held its Australian
Financial Services license since June 2012.

The annual lodgment of audited accounts is an important part of a
licensee demonstrating it has adequate financial resources to
provide the services covered by its license and to conduct the
business in compliance with the Corporations Act 2001.

ASIC will continue to contact AFS licensees who have not lodged
audited financial statements and take appropriate action if they
fail to lodge these statements.

The suspension of GUM's license is part of ASIC's ongoing efforts
to improve standards across the financial services industry.

Group Underwriters & Managers Pty. Ltd. is a security brokers and
dealer based in Sydney, Australia.


MESOBLAST LIMITED: Reports Results for Q1 Ended Sept. 30, 2016
--------------------------------------------------------------
Mesoblast Limited provided a quarterly corporate update on its
operational highlights, including its key milestone achieved in
its acute graft versus host disease Phase 3 clinical trial.
Mesoblast also reported its consolidated financial results for the
three months ended Sept. 30, 2016.

In line with previous guidance, the Company implemented
operational streamlining measures during the quarter while
achieving, and continuing to maintain progress towards, key
milestones in its Tier 1 clinical programs.

In recognition of the Company's continued clinical achievements,
it was recently awarded the Frost & Sullivan Asia Pacific 2016
Cell Therapy Company of the Year award.  The Frost & Sullivan
awards identify and honor the best-in-class companies that have
demonstrated excellence in their industry.

At Sept. 30, 2016, the Company had cash reserves of $60.4 million.
As previously announced, a fully discretionary equity facility has
been established for up to $A120 million/$US90 million over 36
months.

In order to absorb the incremental costs of the MPC-150-IM program
in advanced heart failure in FY17, the Company has executed its
planned operational streamlining and re-prioritization of
projects.

Cash outflows for Q1 FY17 were $21.2 million, a reduction of 28%
from $29.4 million in the comparable FY16 quarter.  This was
achieved principally through reduced spend on commercial
manufacturing, deprioritized Tier 2 clinical projects and reduced
labor costs.

The Company reported a net loss attributable to the owners of
Mesoblast of $19.79 million on $395,000 of revenue for the three
months ended Sept. 30, 2016, compared to a net loss attributable
to the owners of Mesoblast of $13.16 million on $7.51 million of
revenue for the three months ended Sept. 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.44 million in total
assets, $155.57 million in total liabilities and $509.87 million
in total equity.

A full-text copy of the press release is available for free at:

                      https://is.gd/KhbIGc

                      About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops 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.

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.


RESIMAC TRIOMPHE: S&P Assigns Prelim BB Rating on Class D Debt
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to five
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2016-2.  RESIMAC Triomphe
Trust - RESIMAC Premier Series 2016-2 is a securitization of prime
residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including that this is a closed portfolio, which
      means no further loans will be assigned to the trust after
      the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance on 29.7% of the loans
      in the portfolio, which provides cover for 100% of the face
      value of the insured loans, accrued interest, and
      reasonable costs of enforcement, as well as note
      subordination for the rated notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 0.75% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded by
      RESIMAC Ltd. before closing, available to meet
      extraordinary expenses.  The reserve will be topped up via
      excess spread if drawn.

   -- The management of interest-rate risk. Interest-rate risk
      between any fixed-rate mortgage loans and the floating-rate
      obligations on the notes are appropriately hedged via
      interest rate swaps to be provided National Australia Bank
      Ltd. and Westpac Banking Corp.

PRELIMINARY RATINGS ASSIGNED

Class      Rating        Amount (A$ mil.)
A          AAA (sf)      270.0
AB         AAA (sf)       13.8
B          AA (sf)         8.4
C          A (sf)          3.6
D          BB (sf)         3.0
E          NR              1.2

NR--Not rated.


ROMTECK PTM: First Creditors' Meeting Slated for Dec. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Romteck PTM
Pty Ltd will be held at the offices of Cor Cordis Chartered
Accountants, Level 29, 360 Collins Street, in Melbourne, Victoria,
on Dec. 6, 2016, at 2:30 p.m.

Daniel P Juratowitch and Jeremy Nipps of Cor Cordis Chartered
Accountants were appointed as administrators of Romteck PTM on
Nov. 24, 2016.


* AUSTRALIA: Listed Cos. Up to 50% Likely to Fail, RBA Says
-----------------------------------------------------------
Australian Financial Review reports that listed companies are up
to 50% more likely to fail than private companies because they are
structured in a way that encourages them to take more risks,
according to a Reserve Bank of Australia discussion paper.

Released on November 24 and titled "Why do companies fail", the
paper sought to identify reasons Australian companies fail beyond
the usual suspects such as poor economic conditions, low
profitability and high levels of gearing.

Its key finding -- that structural company-specific factors matter
-- is believed to be a first in corporate failure analysis, which
has typically focused on external factors and sectoral bias,
according to AFR.

"Public companies are much more likely to fail than private
companies, on average, with listed companies being most vulnerable
beyond 30 years of corporate life," the report states.

"This is consistent with public companies taking on more risk
because of the greater separation of ownership and control,
particularly later in life."

AFR says the report, which analysed a sample of more than 23,000
companies, was written by RBA analyst Rose Kenney, RBA research
manager Gianna La Cava and Commonwealth Bank risk manager David
Rodgers.

The report highlighted the experience of Dick Smith Electronics,
which collapsed in January of this year, AFR relays.

AFR notes that while the company cited a weak sales environment
and problems with its inventory, analysts have cited poor
governance arrangements and low financial reporting transparency.
This dovetails with an ASIC survey which found one in four
collapses were caused by "poor strategic management".



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RONSHINE CHINA: Moody's Assigns B2 CFR & Rates US Dollar Notes B3
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Ronshine China Holdings Limited.

At the same time, Moody's has assigned a B3 senior unsecured
rating to its proposed USD notes.

The ratings outlook is stable.

The proceeds from the proposed issuance will be used for general
corporate purposes.

                        RATINGS RATIONALE

"Ronshine's B2 corporate family rating reflects the company's
track record of developing residential properties in Fujian
Province and strong contracted sales growth," says Anthony Lee, a
Moody's Analyst.

Ronshine commenced property development in the province's capital
of Fuzhou in 2003.  Its amongst the top developers in Fuzhou and
Zhangzhou in terms of contracted sales value.

Moody's expects that Fujian will continue to be a major revenue
contributor (around 50% of revenue) to Ronshine, because 75% of
the company's land bank in terms of total GFA was in Fujian as of
June 30, 2016.

Such land holdings were accumulated over time, and their costs are
low relative to current sales prices.  Accordingly, visibility for
its revenue and margins is good over the next two years.

Ronshine's contracted sales have been strong, growing 33% year-on-
year to RMB11.9 billion in 2015 and 177% year-on-year to
RMB13.2 billion in 1H 2016.

Ronshine's B2 corporate family rating also factors in the
financial and execution risks associated with the company's
expansion into cities in the Yangtze River Delta.  The high
financial risk is also driven by its aggressive land acquisition
strategy.

Ronshine was able to generate contracted sales in the past 12--18
months in Hangzhou and Shanghai, which accounted for 40% of its
total contracted sales in 1H2016.

In supporting such geographic expansion, Ronshine has acquired
land in Hangzhou and Shanghai, where prices are higher than
Fujian.  Moody's estimates the company's total land payments in
2016 at around RMB35 billion, an amount which is high relative to
Moody's total contracted sales estimate for the company of
RMB28 billion.

To alleviate the resultant funding pressure, Ronshine has invested
in some projects through joint ventures with other developers.

The company's high growth and aggressive land acquisitions have
driven up its debt level.  Moody's notes that gross debt was RMB26
billion in 1H 2016; substantially higher than the RMB17 billion
seen at end-2014.

Moody's expects that Ronshine's revenue/debt -- including its
share in joint ventures and associates -- will register around
40%-45% in 2016, and will improve to around 50% in 2017, in the
context of strong growth in revenue.  Such a level of debt
leverage is high for its B2 corporate family rating.

On the other hand, the company's gross profit margin was above
average, due to low land costs.  For the 12 months to end-June
2016, its gross margin was 28%, better than the average for rated
Chinese rated developers.

Supported by better profit margins, Moody's expects interest
coverage -- as measured by adjusted EBIT/interest and including
its share in joint ventures and associates -- will register around
2.0x in 2016.  Coverage will improve to around 2.5x in 2017,
helped by growth in revenue and low funding costs.  Such a level
would be broadly comparable with B-rated Chinese property peers.

Ronshine's B2 rating also reflects its limited access to funding.
Although the company has access to the domestic corporate bond
market, it is reliant on trust loans and domestic perpetual
securities, which made up around 51% of its borrowing at end-June
2016.

Moody's expects the company's liquidity position to weaken.
Although its cash/short-term debt improved to 165% at end-June
2016 from 30% in 2015, aided by equity and corporate bond issues,
its debt profile is skewed towards borrowings with short-term
maturities.  At end-June 2016, around 64% of its reported debt was
due to mature within the next 24 months.

As a result, Moody's expects cash/short-term debt to decline to
below 100% in the next 12--18 months.

The B3 rating of Ronshine's senior unsecured notes is one notch
lower than its corporate family rating, reflecting structural and
legal subordination risk.  The ratio of secured and subsidiary
debt to total assets was more than 40% as of June 30, 2016.

The ratings outlook is stable, reflecting Moody's expectation that
Ronshine will maintain its strong market position in Fujian
Province, strong contracted sales growth, and gross profit.  It
also reflects Moody's expectation that Ronshine can secure
refinancing of its short-term debt.

Upgrade pressure on the ratings could emerge if Ronshine can
improve its liquidity position and debt leverage, while
maintaining strong contracted sales growth.

Credit metrics that indicate upgrade pressure include: (1) an
adjusted revenue/debt above 75%-80%; and (2) cash to short term
debt above 1.25x on a sustained basis.

The ratings could be downgraded if: (1) Ronshine fails to
deleverage or EBIT/interest coverage deteriorates, due to
aggressive land acquisitions; (2) its contracted sales or revenues
fall short of Moody's expectations; or (3) there is a worsening in
its liquidity position.

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

Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016.  As a property developer, it focuses on mid- to
high-end residential units in Fujian Province.  The company was
founded by Chairman, Mr. Ou Zonghong, who owns 75% of Ronshine.


RONSHINE CHINA: S&P Assigns 'B' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
corporate credit rating to Ronshine China Holdings Ltd.  The
outlook is stable.  S&P also assigned its 'cnBB-' long-term
Greater China regional scale rating to the China-based property
developer.

At the same time, S&P assigned its 'B-' long-term issue rating and
'cnB+' Greater China regional scale rating to Ronshine's proposed
issue of U.S.-dollar-denominated senior unsecured notes.  The
rating on the proposed notes is subject to S&P's review of the
final issuance documentation.

"The rating on Ronshine reflects the company's high leverage due
to aggressive land acquisitions, and its geographic concentration
in a few key cities," said S&P Global Ratings credit analyst
Matthew Chow.  "Ronshine's established market position in Fujian
province, the company's good land bank and sales prospects, and
better capital structure than peers' temper these weaknesses."

S&P expects Ronshine's leverage to remain high over the next two
years.  In S&P's base case, the company's leverage will peak in
2016 before declining moderately in 2017 and 2018 owing to
improving revenue recognition and reduced land acquisitions.

Ronshine's leverage is likely to increase in 2016, given the
company's aggressive land acquisitions during the year.  S&P
estimates Ronshine's land acquisitions will come off from the 2016
level over the next two years due to the company's sufficiently
enlarged land bank to sustain its growth plans.  However, overall
capital expenditure should remain high as construction costs are
likely to rise.  S&P also do not rule out Ronshine expanding its
operations into new cities, which could drive up its land
acquisitions.

Ronshine's geographic concentration also constrains its business
risk profile.  The company operates in five cities and has very
high exposure to Fujian province.

Nonetheless, in S&P's view, Ronshine has a proven track record and
established brand name in Fujian.  The company started its
business in Fuzhou and then expanded into Zhangzhou and Xiamen.

Ronshine's good sales execution could reduce risks associated with
its fast expansion, in S&P's view.  S&P also expects Ronshine to
maintain its high sales growth over the next two years, given the
company's abundant saleable resources.

Most of the cities on which Ronshine currently focuses have low
inventory months.  S&P believes this could protect the company's
future cash generation because demand in these cities is more
solid, supported by good economic growth and favorable
urbanization trend.  S&P believes the government's cooling
measures for the property market will have less of an impact on
Ronshine because these policies are aimed at suppressing
investment demand rather than demand from first-time home buyers
and upgraders.  Ronshine focuses on residential property
development targeting upgraders.

S&P expects Ronshine's margin to recover from low levels in the
first half of 2016 and stabilize at 27%-28% over the next two
years.

Ronshine has a good capital structure when compared with its
peers'.  At the end of June 2016, the company's short-term debt
accounted for around 28% of its total debt.  This is because the
company refinanced some of its short-term funding with onshore
bonds and bank borrowings in 2016.  These have a longer maturity
and were obtained at lower costs.  S&P estimates that Ronshine's
funding costs could further go down when the company reduces its
reliance on high-cost funding.  Its average funding costs has
improved to 7.9% at the end of June 2016, from 10.5% at the end of
2015.

The issue rating is one notch lower than the long-term corporate
credit rating on Ronshine to reflect structural subordination
risk.  Ronshine intends to use the net proceeds to general
corporate working capital.

"The stable outlook reflects our view that Ronshine will maintain
high growth in contracted sales and revenue in the next 12 months
without a material deterioration in its currently high financial
leverage," said Mr. Chow.  "We also expect the company's margin to
stabilize owing to its enlarged scale."

S&P could lower the rating if Ronshine's debt-to-EBITDA ratio
weakens materially or EBITDA interest coverage drops below 1.5x.
Such deterioration could be due to weaker sales execution or more
aggressive debt-funded expansion than S&P anticipates.  S&P could
also lower the rating if Ronshine's liquidity profile weakens.

The rating upside is limited in the coming 12 months due to
Ronshine's high leverage and short record of operating at a larger
scale.  Nevertheless, S&P could raise the rating if the company
adopts a more conservative financial policy and significantly
improves its leverage, such that its debt-to-EBITDA ratio is
sustainably below 5x.


SUQIAN ECONOMIC: Fitch Assigns 'BB' Senior Unsecured Bonds Rating
-----------------------------------------------------------------
Fitch Ratings has assigned Suqian Economic Development
Corporation's (SEDC) USD150 million 5.375% senior unsecured bonds
due 2019 a final rating of 'BB'.

The assignment of the final rating follows the receipt of
documents conforming to information already received. The final
rating is in line with the expected rating assigned on 28 Oct
2016.

KEY RATING DRIVERS

The bonds are issued by a wholly owned subsidiary of SEDC, Suqian
Economic Development (BVI) Co., Limited (SEDBVI), and are
unconditionally and irrevocably guaranteed by Suqian Economic
Development (HK) Co., Limited (SEDHK), also a wholly owned
subsidiary of SEDC. The bonds are senior unsecured obligations of
SEDBVI and rank at all times pari passu with SEDBVI's other
present and future unsecured and unsubordinated obligations.

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

The bonds are rated at the same level as SEDC's Issuer Default
Rating due to the strong link between SEDC and SEDBVI, and because
of the keepwell and liquidity support deed and deed of equity
interest purchase undertaking transfer the ultimate responsibility
of payment to SEDC.

In Fitch's opinion, the deeds signal a strong intention from SEDC
to ensure that SEDHK has sufficient funds to honour its debt
obligations. The agency also believes SEDHK intends to maintain
its reputation and credit profile in the international offshore
market, and is unlikely to default on offshore obligations.
Additionally a default by SEDHK could have significant negative
repercussions on SEDC for any future offshore funding.

The ratings of SEDC are credit-linked to, but not equalised with,
Fitch's internal assessment of the creditworthiness of Suqian
Municipality, located in the north-eastern Jiangsu Province in
China. This is based on SEDC's 100% ownership by the municipality,
its high integration with the municipal budget and a mid-range
assessment of the entity's strategic importance to the
municipality and legal status. These factors result in a high
likelihood of extraordinary support, if needed, from the
municipality.

RATING SENSITIVITIES

SEDC's Rating: Any rating action on SEDC will result in a similar
rating action on the bonds issued by SEDBVI.

Linkage With Municipality: A stronger or more explicit support
commitment from Suqian Municipality may trigger a positive rating
action on SEDC. Significant changes to SEDC's strategic
importance, dilution in the government's shareholding, and/or
reduced government support, could result in a downgrade.

Creditworthiness of Municipality: An upgrade of Fitch's internal
credit view on Suqian Municipality may trigger a positive rating
action on SEDC. Any deterioration of the credit profile of Suqian
Municipality could lead to a downgrade of SEDC's rating.



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IMPERIAL PACIFIC: Moody's Assigns B2 CFR, On Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating to Imperial Pacific International Holdings Limited.

At the same time, Moody's has placed the CFR on review for
downgrade.

The provisional rating was assigned on Sept. 13, 2016, and Moody's
rating rationale was set out in a press release published on the
same day.

At the same time, Moody's has withdrawn its provisional (P)B1
senior secured rating to the proposed USD bonds to be issued by
Imperial Pacific International (CNMI), LLC. because they have not
been issued as planned.

                        RATINGS RATIONALE

"The review for downgrade reflects our concerns over Imperial
Pacific's lack of funding to complete its Grand Marina project due
to a delay in the issuance of the company's proposed bonds," says
Kaven Tsang, a Moody's Vice President and Senior Credit Officer.

"The delay in the issuance could also trigger the risks of cost
overruns and a potential termination of the company's gaming
license," adds Tsang, who is the Lead Analyst for Imperial
Pacific.

"The former concern will potentially result in more debt funding
and the company's debt leverage could then exceed the original
budget."

Imperial Pacific plans to invest about USD550 million to develop a
complex which will house a casino and a 365-room hotel on Saipan
scheduled to open for business in 2017.

The investment will be funded mainly by the proposed bonds.  While
the bonds have not been issued, the major shareholders have been
providing interim shareholder loans to keep construction going.

In Moody's views, this shareholder funding is a temporary solution
and falls short of the amount to complete the project.

Any material delay in the project's completion adds uncertainty to
the company's right to operate in the gaming business in Saipan.
This is because conditions in the agreement between the company
and the Commonwealth of the Northern Mariana Islands Lottery
Commission specify completion within certain time limits.

Moody's will focus its review on (1) Imperial Pacific's ability to
secure sufficient long-term funding to complete the Grand Mariana
and improve its liquidity position; (2) whether the potential
delay in completion will impact Imperial Pacific's existing gaming
license and the operation of the temporary casino; (3) the revised
total costs, which include payment of a penalty to the authorities
in Saipan and the increase in debt, due to the delay in
completion; and (4) the company's management of money laundering
risk to ensure that its gaming business in Saipan is sustainable.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

Imperial Pacific International Holdings Limited is a holding
company listed on the Hong Kong Stock Exchange.  Through its 100%-
owned subsidiary -- Imperial Pacific International (CNMI), LLC --
it holds an exclusive gaming license for the island of Saipan, the
Commonwealth of the Northern Mariana Islands (unrated).


JV FITNESS: Hong Kong Court Enters Winding Up Order
---------------------------------------------------
South China Morning Post reports that a Hong Kong court on
Nov. 23 ordered the winding up of the parent company of shuttered
gym chain California Fitness after the group failed to pay off the
debt owed to a renovation company.

But an accountancy firm tasked with managing JV Fitness said a
potential buyer was still interested in the chain's assets, the
report relates.

Master Simon Lo Kit-man gave the liquidation order after BeSpark,
which filed a petition in June to recoup losses from unpaid fees
totalling about HK$7 million for renovation services provided to
JV Fitness, told the court it had yet to receive the sum, SCMP
says.

According to the report, the renovation company was under the
control of JV Fitness's former owner Wong Ping-kuen, who sold the
gym chain to his brother Wong Lun.

Other parties to the petition, including a former employee, did
not raise an objection to the winding up of JV Fitness, SCMP says.

The operator of California Fitness, mYoga and Leap had about
64,000 members and 700 employees before it closed all its 12
outlets across the city in July, SCMP discloses.  It was said to
have lost HK$117 million over the past two years.

SCMP adds that ShineWing, the provisional liquidator responsible
for managing JV Fitness, said on Nov. 23 its discussion with a
potential investor would continue after the winding up order was
made.

The potential investor was interested in buying JV Fitness's
assets, the provisional liquidator said, the report relays.

SCMP relates that ShineWing earlier said the gym chain's members,
as unsecured creditors who did not hold security, were unlikely to
get a refund.

Should claims relating to debts be dealt with, JV Fitness's
secured creditors and former employees, who had not been paid,
would be given priority, the provisional liquidator previously
said, adds SCMP.

J.V. Fitness Pte Ltd owns and operates the California Fitness
centres located at Bugis, Raffles Place and Novena.

J.V. Fitness Pte Ltd Co. was placed in provisional liquidation on
July 19, 2016.  Tim Reid and Theresa Ng of Ferrier Hodgson were
appointed Joint and Several Provisional Liquidators.



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


ADARSH SAMAJ: ICRA Suspends 'B' Rating on INR10cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR10.0 crore bank
facilities of Adarsh Samaj Kalyan Sansthan. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


BABA FATEH: CRISIL Suspends B- Rating on INR55MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Baba Fateh
Singh Cotton and General Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B-/Stable

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

Set up in 1995, BFSCGM, is a Bariwala, Punjab based company, is
engaged in trading of Cotton seed & oil and ginning and pressing
of raw cotton (Kapas). The company has manufacturing facility
based in Bariwala, Punjab. The firm is promoted by Tarunjit Singh,
Amrit Kaur, Sumeet Kaur and Kanwaljit Kaur.


BANSAL INFRACON: CRISIL Suspends 'D' Rating on INR2.25BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bansal
Infracon Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             550       CRISIL D
   Letter of Credit       2250       CRISIL D
   Proposed Long Term
   Bank Loan Facility       45       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BIL, Bansal Shipping Pvt Ltd (BSPL),
Shree Saibaba Ispat (India) Pvt Ltd (SSIPL), and Bansal
International (Bansal). This is because these entities,
collectively referred to as the Bansal group, are in the same line
of business and have a common promoter.

BIL, incorporated in 1998, undertakes ship-breaking and real
estate development. BSPL, SSIPL, and Bansal International were set
up in 1999, 2000, and 2004, respectively; they are involved in
ship-breaking activity. The group is based in Bhavnagar (Gujarat)
and is promoted by Mr. Vijay Bansal.


BANSAL INTERNATIONAL: CRISIL Suspends D Rating on INR1.98BB Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bansal
International Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             270       CRISIL D
   Letter of Credit       1980       CRISIL D
   Proposed Long Term
   Bank Loan Facility       39.6     CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bansal International, Bansal Shipping
Pvt Ltd (BSPL), Shree Saibaba Ispat (India) Pvt Ltd (SSIPL), and
Bansal Infracon Limited (BIL). This is because these entities,
collectively referred to as the Bansal group, are in the same line
of business and have a common promoter.

BIL, incorporated in 1998, undertakes ship-breaking and real
estate development. BSPL, SSIPL, and Bansal International were set
up in 1999, 2000, and 2004, respectively; they are involved in
ship-breaking activity. The group is based in Bhavnagar (Gujarat)
and is promoted by Mr. Vijay Bansal.


BANSAL SHIPPING: CRISIL Suspends 'D' Rating on INR1.54BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bansal Shipping Private Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              210       CRISIL D
   Letter of Credit        1540       CRISIL D
   Proposed Long Term
   Bank Loan Facility        30.8     CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BSPL, Bansal International, Shree
Saibaba Ispat (India) Pvt Ltd (SSIPL), and Bansal Infracon Limited
(BIL). This is because these entities, collectively referred to as
the Bansal group, are in the same line of business and have a
common promoter.

BIL, incorporated in 1998, undertakes ship-breaking and real
estate development. BSPL, SSIPL, and Bansal International were set
up in 1999, 2000, and 2004, respectively; they are involved in
ship-breaking activity. The group is based in Bhavnagar (Gujarat)
and is promoted by Mr. Vijay Bansal.


BANWARILAL SRIRAM: ICRA Suspends 'B' Rating on INR5.4cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B rating assigned
to the INR2.50 crore cash credit limits, INR5.40 crore term loan
and INR0.10 crore unallocated limits of Banwarilal Sriram Foods
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Banwarilal Sriram Foods Private Limited was incorporated in the
year 2014 to take up the project for setting up a confectionery
manufacturing unit for manufacture of Eclairs, Toffee, Hard Candy
and Choco Moulding.


CAPTAIN TRACTORS: ICRA Assigns B+ Rating to INR16cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR16.00-crore fund-based cash credit facility and term-loan
facility of INR2.46-crore of Captain Tractors Private Limited.
ICRA has also assigned a rating of [ICRA]A4 to the short-term non
fund-based facilities of INR0.50 crore letter of credit facility
and INR0.50 crore bank guarantee facility (sub-limit within letter
of credit) facilities of CTPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Cash Credit             16.00       [ICRA]B+; Assigned

   Fund Based Limit-
   Term Loan                2.46       [ICRA]B+; Assigned

   Non-fund Based
   Limit-Letter of
   Credit                   0.50       [ICRA]A4; Assigned

   Non-fund Based
   Limit-Bank Guarantee    (0.50)      [ICRA]A4; Assigned

ICRA has assigned the long-term rating of [ICRA]B+ to the
INR16.00-crore3 fund-based cash credit facility and term-loan
facility of INR2.46-crore of Captain Tractors Private Limited.
ICRA has also assigned a rating of [ICRA]A4 to the short-term non
fund-based facilities of INR0.50 crore letter of credit facility
and INR0.50 crore bank guarantee facility (sub-limit within letter
of credit) facilities of CTPL.

The assigned ratings are constrained by CTPL's low profitability
and modest return indicators as reflected by an operating profit
margin of 6.5% and RoCE of 13.6% as on March 31, 2016. The ratings
also take into account the company's stretched capital structure.
Higher reliance on interest bearing debt has resulted in gearing
remaining high at 3.4 times as on March 31, 2016. Lower
profitability has also resulted in coverage indicators remaining
modest, as reflected by interest coverage, NCA/TD and Debt Service
Coverage Ratio (DSCR) remaining at 1.6 times, 8% and 1.0 time,
respectively, by the end of FY2016. ICRA also notes CTPL's
stretched liquidity position, because of its consistently higher
inventory holding, causing net working capital intensity to remain
high at 32% as on March 31, 2106. The company faces intense
competition from several local, unorganised players as well
organised players in the industry.

The ratings, however, positively consider the significant
experience of CTPL's promoters in the tractor manufacturing
business. ICRA also notes the healthy growth in CTPL's revenue as
it registered a CAGR of 17.6% during the FY2012 to FY2016 period.
This revenue growth is supported by its wide and established
network of dealers across India. The ratings take into account
CTPL's diversified product offerings with several variants in the
mini tractor segment, wide range of farm equipment, tractor parts
and implements.

ICRA expects CTPL's revenues to improve by over 12% in FY2017;
although it faces challenges in terms of establishing its own
brand among the existing reputed players in the industry. The
company's ability to grow its revenue, improve its profitability
and generate sufficient cash flow to meet its debt repayment
obligations, while improving its liquidity position for meeting
its working capital requirements through better management of
inventory, will all remain the key rating sensitivities.

Incorporated in 1994, Captain Tractors Private Limited is engaged
in manufacturing tractors and implements (farm equipment). After
successfully manufacturing mini tractors in 1998, the company
obtained approval for beginning commercial operations of tractors
in 2001. From 2002, it started manufacturing implements in order
to provide a complete package for farming purposes. CTPL is
predominantly present in the domestic market; however, it also
transacts in overseas markets such as Saudi Arabia, Iran,
Bangladesh, Sri Lanka, Nepal, Myanmar and several African nations.

CTPL is currently managed by seven directors. Mr. G.T. Patel and
Mr. M.T. Patel are the founders of the firm, with more than two
decades of experience in the field of tractor manufacturing.
Captain Tractors Private Limited has three group concerns --
Captain Agrotech, a dealer arm of CTPL engaged in trading tractors
and implements on retail basis; Captain Agri Machinery Exim LLP, a
merchant exporter, mainly for CTPL; and Jark Pharma Private
Limited, an investment firm, where the directors of CTPL have made
investments.


COMMERCIAL AUTO: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Commercial Auto
Products Pvt. Ltd.'s (CAPPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects CAPPL's continued moderate credit
profile. During FY16, CAPL's interest coverage was 1.4x (FY15:
1.7x) and net leverage was 5.9x (3.8x) along with EBITDA margins
of 9.7% (9.3%). CAPPL's revenue was moderate at INR192m in FY16
(FY15: INR307 million). It declined in FY16 by 37.3% due to
decline in the demand of tractor due to bad monsoon resulting in
lower sales which also impacted the overall credit profile.

The ratings continue to be constrained by CAPPL's high customer
concentration risk of around 80%-85% as it is supplying mainly to
Mahindra & Mahindra Limited (IND AAA/Stable), International
Tractors Limited and Escorts Ltd (IND A/Stable).

The liquidity of CAPPL remains moderate with 98% average maximum
working capital utilisation during the 12 months ended October
2016.

The ratings, however, continue to draw comfort from more than
three decades of experience of the promoter in manufacturing of
radiators.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations and
in the overall credit metrics could be positive for the ratings.

Negative: Any deterioration in the scale of operations as well as
the overall credit metrics could be negative for the ratings.

COMPANY PROFILE

CAPPL was incorporated in August 1985. The company operates in the
automobile radiator manufacturing industry. CAPPL manufactures
only aluminium, copper and brass radiators.

The company mainly supplies to the tractor segment, with
concentration in north India.

CAPPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable

   -- INR65 million fund-based limit: affirmed at 'IND BB-'/
      Stable

   -- INR21 million non-fund-based limit: affirmed at 'IND A4+'


COROMANDEL AGRO: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Coromandel Agro
Products and Oils Ltd's (CAPOL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects CAPOL's continued weak credit profile in
FY16. EBITDA margins were weak and volatile at 1.9% in FY16 (FY15:
2.0%); margins were in the range of 1.90%-4.0% over FY13-FY16 on
account of fluctuations in the key raw material (cotton seed)
price. Due to this, net financial leverage (total Ind-Ra adjusted
net debt/operating EBITDA) slightly deteriorated to 10.4x (10.1x)
and interest coverage (operating EBITDA/gross interest expense)
was at 1.5x (1.1x). Despite lower realisation, CAPOL's revenue
grew 7.5% yoy to INR1,412m in FY16, driven by higher domestic
sales.

The liquidity position of CAPOL, however, remains comfortable with
its average maximum use of the working capital limits being around
62.2% for the 12 months ended September 2016. The company
indicated INR429 million of revenue during 1HFY17 (INR562 million
in 1HFY16) and has an export order of INR200 million to be
executed by end of November.

The ratings factor in the support that CAPOL receives from the
Maddi Lakshmaiah Group (ML Group) companies in terms of unsecured
loans and advances. The ratings also reflect over four decades of
experience of the group's founders in processing of tobacco and
cotton seed oil, and the stable cash flows the group generates
from its lease rental business.

RATING SENSITIVITIES

Positive: Sustained increase in revenue and operating
profitability resulting in improved credit metrics could lead to a
positive rating action.

Negative: Decline in operating profit margin resulting in
sustained deterioration in credit metrics could lead to a negative
rating action

COMPANY PROFILE

CAPOL is a public limited company engaged in the processing of
cotton oil seeds. The key products manufactured by the company
include cotton seed oil, de-oiled cakes, hulls, linters, soap
stock, acid oil, and sludge oil. The company has a manufacturing
facility at Chirala in Andhra Pradesh which has a 500MT/day
cottonseed pre-processing capacity, a 400 MT/day solvent
extraction capacity, a 400MT/day expelling capacity and a 60MT/day
washed oil capacity. It also has two windmills, one each in Tamil
Nadu and Gujarat with capacities of 0.65MW and 0.80MW,
respectively. CAPOL is listed on the Bombay Stock Exchange.

CAPOL is a part of the ML group, promoted by Mr. Maddi Lakshmaiah
and his family members. The group is engaged in tobacco processing
and real-estate leasing.

CAPOL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      Stable

   -- INR28.657 million term loan (reduced from INR49m): affirmed
      at 'IND BB+'/Stable

   -- INR220 million fund-based limits (increased from INR200
      million): affirmed at 'IND BB+'/Stable

   -- INR1 million non-fund-based limits: affirmed at 'IND A4+'


COUNT N: CRISIL Suspends B+ Rating on INR7.1MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Count N
Denier Yarns Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            7.1        CRISIL B+/Stable
   Term Loan              5.2        CRISIL B+/Stable

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

CDYPL was set up in 2008 by Mr. Anil Agrawal. It trades in cotton
yarn and grey fabrics. The company also undertakes jobwork for
doubling of yarn. CNDYPL procures cotton yarn and grey fabric from
manufacturers and traders based in Bhiwandi and Kalbadevi in
Mumbai.


DOLLFINE DEVELOPERS: CRISIL Suspends B+ Rating on INR34MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
DollFine Developers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.8        CRISIL A4
   Cash Credit           34.0        CRISIL B+/Stable
   Long Term Loan        34.0        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    30.2        CRISIL B+/Stable

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

Set up as a partnership entity, DD is involved in the construction
and sale of residential apartments in Hyderabad. The firm is
promoted by Mr. G. Babu Rao along with his friends and family.


ELVE CORPORATION: CRISIL Ups Rating on INR100MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Elve Corporation to 'CRISIL B+/Stable' from 'CRISIL
B/Stable, while reaffirming the short-term facility at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       100        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        40        CRISIL A4 (Reaffirmed)

   Packing Credit          45        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      40        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects expected improvement in the financial
risk profile because of steady repayment of debt along with
continued improvement in networth and cash generation. No new
debt-funded capital expenditure is expected over the medium term,
leading to limited addition to debt. Furthermore, steady repayment
of term loans will result in debt reduction. Lower interest outgo
and sustenance of moderate margins will lead to improved cash
generation and accretion to reserves, and hence to a higher
networth. Hence, the capital structure is expected to improve over
the medium term. Furthermore, with increased cash generation and
reduced debt, the debt protection metrics are expected to improve
significantly. CRISIL believes maintenance of the working capital
cycle and no capex will remain key rating sensitivity factors over
the medium term.

The ratings reflect an average financial risk profile because of
an inadequate networth and low debt protection metrics. The
ratings also factor in large working capital requirement, limited
pricing flexibility, and susceptibility of profitability margins
to volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by an established
market position in the automotive components industry, the
extensive industry experience of the promoters, and an established
relationship with customers.

For arriving at its ratings, CRISIL has now taken a standalone
approach. Previously, CRISIL had combined the business and
financial risk profile of Elve along with Gajra Gears Private
Limited and Gajra Differential Gears Private Limited to arrive at
the ratings. The change in approach is based on CRISIL's revised
criteria for rating a homogenous group of companies.
Outlook: Stable

CRISIL believes Elve will maintain its established market position
over the medium term, supported by the extensive industry
experience its promoters and an established relationship with
customers. The outlook may be revised to 'Positive' in case of
sustained improvement in the scale of operations and working
capital cycle while the operating margin is maintained, leading to
a substantial increase in cash generation. The outlook may be
revised to 'Negative' in case of a decline in profitability
margins, or significant deterioration in the capital structure,
most likely because of large working capital requirement or debt-
funded capital expenditure.

Elve, incorporated in 1950, is a part of the Gajra group. The firm
trades in a wide range of automobile components, including gears,
in the overseas market. It caters to the replacement market and
has a presence in around 14 countries including the US, Germany,
Nigeria, Malaysia, Thailand, UAE, Iran, Sri Lanka, Canada,
Australia, and China.


GREEN GOLD: CRISIL Suspends 'B' Rating on INR17MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Green
Gold Tree Farmers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             17        CRISIL B/Stable
   Letter of Credit        40        CRISIL A4

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

Green Gold was incorporated in 1986 in Dehradun (Uttarakhand),
promoted by the Manglik family. The company manufactures wooden
articles such as doors, windows, furniture, packaging pallets etc.


KESHO RAM: CRISIL Assigns 'B+' Rating to INR26.1MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4', ratings to
the bank facilities of Kesho Ram Industries. The ratings reflect
KRI's weak financial risk profile, and small scale and working
capital intensity in operations.These weaknesses are partially
offset by the considerable experience of the partners in the steel
industry, and the firm's substantial non-operating income from
rental operations.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              26.1        CRISIL B+/Stable
   Import Letter of
   Credit Limit           33.9        CRISIL A4
   Overdraft Facility     45.0        CRISIL A4

Outlook: Stable

CRISIL believes KRI will continue to benefit from the extensive
experience of the partners. The outlook may be revised to
'Positive' if substantial ramp-up in scale of operations and
profitability strengthens financial metrics. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens because of sizeable working capital requirement or low
cash accrual.

KRI is a Delhi-based partnership firm, set up in 1993 by Mr.
Harvinder Singh and Mr. Paramjit Singh. The firm trades in
stainless steel coils, cutlery and circles in India. The firm
earns monthly revenue from its leased out commercial property.

KRI reported net profit of INR5.3 million on net sales of INR291.8
million in fiscal 2016, against net profit of INR1.8 million on
net sales of INR103.8 million the previous fiscal.


LAL BABA: IND-Ra Assigns 'IND B+' Long term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lal Baba Seamless
Tubes Private Limited (LBSTPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by LBSTPL's maintenance of weak credit
metrics, along with volatile operating margin, indicated by a
gross interest coverage (operating EBITDAR/gross interest expense)
of 0.9x in FY16 (FY15: 0.9x, FY14: 0.5x), a net financial leverage
(total adjusted net debt/operating EBITDAR) of 10.7x (10.1x,
15.3x) and an EBITDA margin of 6.9% (8%, 4%). Operating margin is
volatile due to fluctuations in raw material prices. In addition,
the ratings are constrained by LBSTPL's tight liquidity position,
indicated by its 95% utilisation of fund-based limits during the
12 months ended October 2016 due to a high working capital cycle
of 145 days.

The ratings are supported by an improvement in the scale of
operations, as reflected in 4.3% revenue growth in FY16 (FY15:
14.5%) on account of a rise in sale volume. In addition, the
ratings are supported by agency's expectations of a decline in
financial costs in FY17, due to the maturity of existing term
loans, leading to a reduction in total debt. Moreover, the ratings
are supported by the promoter's decade-long experience in the
casting and forging business.

RATING SENSITIVITIES

Positive: A substantial rise in EBITDA margin leading to a
significant improvement in credit metrics could be positive for
ratings.

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

COMPANY PROFILE

LBSTPT manufactures cold-drawn carbon steel seamless tubes,
primarily used in the oil and gas industry. It has an annual
installed output capacity of 36,000 metric tonnes.

LBSTPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable

   -- INR155 million fund-based limits: assigned 'IND B+'/Stable

   -- INR25.9 million non-fund-based limits: assigned 'IND A4'

   -- INR1.2 million term loan: assigned 'IND B+'/Stable


LATHA EDUCATIONAL: CRISIL Assigns 'B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Latha Educational Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                50       CRISIL B/Stable

The rating reflects the society's modest scale of operations in
the competitive education sector, and the geographical
concentration in its revenue. These weaknesses are partially
offset by the extensive experience of its promoter in the
education sector, and its above-average financial risk profile
supported by low gearing.
Outlook: Stable

CRISIL believes LES will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of higher than-expected growth in revenue, or
profitability, improving the liquidity. The outlook may be revised
to 'Negative' in case of higher than expected, debt-funded capital
expenditure, or adverse impact of changes in regulations for
educational institutions leading to a weaker financial risk
profile.

LES, based in Tamil Nadu, manages Sakthi Matric Higher Secondary
School and ECR International School at Chinnasalem in Tamil Nadu.
Established in 1993, the society is managed by Mr. E C Ravikumar.


LIMSON ENGINEERING: CRISIL Reaffirms B+ Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Limson Engineering
Private Limited continue to reflect its small scale of, and
working capital-intensive, operations, exposure to intense
competition, geographical concentration in revenue profile, and
vulnerability of operating margin to volatility in raw material
prices. These weaknesses are partially offset by the extensive
experience of the company's promoters and moderate financial risk
profile because of comfortable gearing and debt protection
metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Cash Credit            45.0      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        2.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40.4      CRISIL B+/Stable (Reaffirmed)

   Term Loan               9.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LEPL will continue to benefit over the medium term
from the extensive experience of its promoters and established
customer relationship. The outlook may be revised to 'Positive' if
improved liquidity due to increase in scale of operations and
profitability leads to sizeable cash accrual. The outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens because of significantly low cash accrual or
substantial working capital requirement or debt-funded capital
expenditure.

Established in 1998 as a part of the Limson group and promoted by
Mr. M K Shaikh and his family members, LEPL fabricates ferrous and
non-ferrous alloys at its facility in Pune.


M.D PRINTING: CRISIL Reaffirms 'D' Rating on INR82.5MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M.D Printing
and Packaging Private Limited continues to reflect instances of
delays in servicing term debt obligation owing to stretched
liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            7.5        CRISIL D (Reaffirmed)
   Term Loan             82.5        CRISIL D (Reaffirmed)

The rating also factors in below-average financial risk profile
because of high gearing and weak debt protection metrics. The
company is exposed to competition from large and established
players in the potato chips and snacks market. These rating
weaknesses are partially offset by the benefits that MDPL derives
from its promoters' extensive experience and the sustainability of
revenue through assured orders from PepsiCo India Holdings Pvt Ltd
for around 70% of its potato chips manufacturing capacity.

Incorporated in November 2011, MDPL manufactures potato chips and
extruded snacks in Haridwar, Uttarakhand. It also has a packaging
unit in Himachal Pradesh and was promoted by Mr. Muhammed Daud.

Net loss was INR1.2 million on net sales of INR100.5 million for
fiscal 2016 against net loss of INR29.6 million on net sales of
INR40.2 million for fiscal 2015.


MAHARASHTRA CRICKET: CRISIL Reaffirms D Rating on INR1.26BB Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maharashtra
Cricket Association continues to reflect its weak liquidity due to
expected cash flow mismatch arriving due to low flexibility of
utilizing funds towards term debt repayments.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       360       CRISIL D (Reaffirmed)

   Term Loan               1265       CRISIL D (Reaffirmed)

MCA has irregular cash flow from matches hosted at the location as
schedule of matches depends on the various series declared by the
Board of Control for Cricket in India (BCCI) and grants that it
offers. Since income from BCCI in the form of share in television
subsidy forms a major chunk of revenue, the association has to
depend on the same to repay debt. Though MCA received around
INR500 million from BCCI in fiscal 2016, as per directives from
the Lodha committee and the Supreme Court of India, it will not be
able to access part of the funds, which will put pressure on
liquidity. Future cash flow will depend on Lodha committee's
verdict. However, MCA will continue to benefit from BCCI's
financial support and its full-time membership with the nodal
cricketing body, and experience of its reputed trustees.

Set up in 1935, MCA is affiliated to BCCI and is one of its full-
time members. The association's primary objective is to promote,
develop, control, and regulate cricket in Maharashtra. MCA is the
cricket controlling body for Maharashtra, with the exception of
Vidharbha, Mumbai, and Thane.


MALWA AUTOMOBILES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Malwa Automobiles
Private Limited (MAPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned the company's
INR186m fund-based facility a Long-term 'IND BB-' rating with a
Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect MAPL's weak credit metrics. FY16 provisional
financials indicate net financial leverage (total adjusted net
debt/operating EBITDAR) of 5.08x (FY15: 4.85x) and interest
coverage (operating EBITDA/gross interest expense) of 1.19x (FY15:
1.21x). The ratings are further constrained by tight liquidity
position of the company as evident from average cash credit
utilisation of 96.47% during the 12 months ended August 2016.

The ratings further reflect MAPL's moderate scale of operations
with revenue of INR825.42 million in FY16 (FY15: INR1,064.97
million). The ratings factor in the moderate EBITDA margin of
5.20% in FY16 (FY15: 4.80%) due to the higher prices charged on
servicing of vehicles and sale of spare parts.

The ratings, however, are supported by more than one and a half
decades of promoters' experience in the automobile industry
through their association with MAPL.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics could lead to a
negative rating action.

Positive: Growth in revenue along with improvement in overall
credit profile could lead to a positive rating action.

COMPANY PROFILE

MAPL was incorporated in 1997 by Mr. Bal Krishan Sharma and Ms.
Kamlesh Sharma and is an authorised 3S dealer for TATA Motors
Limited. The company operates three showrooms and three workshops
across Haryana and Delhi.

MAPL has achieved sales of INR260m during 1HFY17.


MARUTI BITUMEN: ICRA Suspends 'B/A4' Rating on INR5.85cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR5.85 crore limits of Maruti Bitumen Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2009, Maruti Bitumen Private Limited is engaged in
manufacturing of various grades of modified bitumen, emulsions and
construction chemicals. The company is currently managed by Mr.
Tehsingh Chowdhary and Mr. Chaitanya Shah who hold more than a
decade of experience in road and dam construction and
manufacturing of construction chemicals. MBPL carries out its
operations from Chhatral, Gujarat whereby it has installed plant
to process 3,60,000 MTPA of bitumen.


NARAYANAN A: CRISIL Suspends B- Rating on INR50MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Narayanan A.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          9        CRISIL A4
   Overdraft Facility     50        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     11        CRISIL B-/Stable

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

Established in 2011 as a sole proprietorship firm, Narayanan. A,
is a Wayanad (Kerala)-based civil contractor. The firm primarily
undertakes construction of roads. The firm bids for roads
contracts of Kerala State Road Development Authority, Kerala. The
operations are managed by Mr. Narayanan.


NEWGEN AGRO: ICRA Suspends 'B' Rating on INR15cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the INR15.00
bank facilities of Newgen Agro Processors Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.

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.


OMEXO TILES: ICRA Lowers Rating on INR4.05cr Term Loan to B+
------------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
INR4.05 crore term loan facility and the INR2.00 crore cash credit
facility of Omexo Tiles from [ICRA]BB- to [ICRA]B+. ICRA has also
re-affirmed the [ICRA]A4 rating to the INR0.75 crore short-term
non-fund based facility of OT.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                4.05       Revised to [ICRA]B+ from
                                       [ICRA]BB-(Stable)

   Cash Credit Limit        2.00       Revised to [ICRA]B+ from
                                       [ICRA]BB-(Stable)

   Bank Guarantee           0.75       [ICRA]A4; Re-affirmed

The rating revision takes into account the decline in revenues in
FY2016, primarily on account of weak domestic demand scenario,
limited product diversification and significant deterioration in
working capital intensity, on account of stretched receivables and
inventory pile-up. The ratings continue to be constrained by the
firm's vulnerability to the performance of its key consuming
sector - the real estate industry and the stiff competitive
intensity in the industry.

The ratings, however, continue to favorably factor in the
extensive experience of the promoters in the ceramics business as
well as OT's locational advantage, in terms of raw material
access.

ICRA expects OT's turnover to be under stress in FY2017 too, given
the performance in H1 FY2017, which has witnessed a decline of
21.9% over the same period last year. Going forward, the firm's
ability to ramp up the scale of operations and sustain its profit
margins will remain the key rating sensitivities. Conversely,
lower-than-expected profitability due to adverse movements in raw
material and fuel prices, or even a weak domestic scenario in the
real estate industry, will result in deterioration in the
financial risk profile, which could have a negative impact on the
key credit metrics.

Established in January 2012, Omexo Tiles is a partnership firm
engaged in the manufacturing of digitally printed ceramic glazed
wall tiles. The manufacturing unit of the firm is located at
Morbi, Gujarat, with an installed capacity of 26,300 MTPA. The
commercial production started from December 2012. The firm
currently manufactures digitally printed wall tiles of two sizes
-- 12"X12" and 12"X18" -- that find wide application in commercial
as well as residential buildings.

OT is promoted and managed by Mr. Mehul Patel and his family. The
promoters have been involved in the ceramic industry for the past
eight years through association with other entities such as M/s.
Omson Ceramic (manufacturing wall tiles), Omano Tiles
(manufacturing wall tiles) and Omen Vitrified Private Limited
(rated at [ICRA]BB-(Stable)/A4, involved in manufacturing
vitrified tiles).

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR15.9 crore with profit after tax (PAT) of
INR2.0 crore.


PENGUIN PETROLEUM: CRISIL Cuts Rating on INR32.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Penguin Petroleum Services Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Overdraft Facility       10        CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Packing Credit           19.5      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Long Term        3.0      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

   Term Loan                32.5      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects delays in servicing term debt obligations;
this was because stretched receivables led to weak liquidity.

The company has a below-average financial risk profile because of
weak debt protection metrics. Moreover, working capital
requirement is high because of stretched receivables. However, it
benefits from the extensive industry experience of its promoter.

PPSPL was incorporated in 2005, promoted by Mr. Cherian A Paul.
The company, based in Raigad, Maharashtra, manufactures
accessories used in oil and gas exploration.


PEOPLE'S EXPORTS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of People's Exports
Private Limited continue to reflect working capital-intensive, and
a modest scale of, operations in the highly fragmented footwear
industry, and a small networth.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit               5       CRISIL B/Stable (Reaffirmed)

   Foreign Bill Purchase    15       CRISIL B/Stable (Reaffirmed)

   Packing Credit           30       CRISIL A4 (Reaffirmed)

   Term Loan                50       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the promoter's extensive
industry experience and its customer relationships and moderate
return on capital employed.
Outlook: Stable

CRISIL believes PEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations and an improved financial risk profile. The outlook may
be revised to 'Negative' in case of weakening of the financial
risk profile owing to a stretched working capital cycle or large,
additional, debt-funded capital expenditure.

PEPL was incorporated in 1990, promoted by the Pippal family. The
company, based in Agra, manufactures shoes.


PRABHAVA CASHEW: CRISIL Suspends B+ Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prabhava
Cashew Processors.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable
   Pledge Loan             25        CRISIL B+/Stable

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

PCP is a partnership firm set up in 2005 by Mr. Subbanna Prabhu
and Mrs. Komal S Prabhu. The firm processes raw cashew nuts and
sells cashew kernels. The firm is located in Mangalore, Karnataka.
Its operations are managed by Mr. Prabhu.


R.K. COTTON: CRISIL Assigns 'B'+ Rating to INR40MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long term
bank facilities of R.K. Cotton & Ginning Industries. The ratings
reflect susceptibility of RKC's operating margins to raw material
price fluctuations and unfavourable changes in government policy.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               30        CRISIL B+/Stable
   Cash Credit             30        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B+/Stable

The ratings also reflect RKC's modest scale of operations. These
rating weaknesses are partially offset by the firm's partners'
extensive industry experience and the prudent working capital
management.
Outlook: Stable

CRISIL believes that R K Cotton Ginning Industries (RKC will
continue to benefit over the medium term from the partners'
extensive experience. The outlook may be revised to 'Positive' if
revenue and profitability increase while prudently managing
working capital and capital structure. Conversely, the outlook may
be revised to 'Negative' if working capital management or
liquidity weakens because of low cash accrual, or a large debt-
funded capital expenditure constrains capital structure.

RKC, set up in 2012 as a partnership firm, executes cotton ginning
and pressing. Its operations are managed by Mr. K Ramesh and Mr. K
Anantharamulu.


SAHARA GROUP: Chief Has Time Until Feb. 6 to Deposit INR600cr
-------------------------------------------------------------
The Hindu BusinessLine reports that the Supreme Court on Nov. 28
ordered Sahara chief Subrata Roy to deposit INR600 crore by
Feb. 6, 2017, for remaining out of jail.

If deposits are not made by February 6, Sahara chief will have to
surrender, the apex court has said, BusinessLine relates.

The Supreme Court has asked SEBI and amicus curiae Shekhar Naphade
to respond to the fresh repayment plan submitted in court by Roy,
reports BusinessLine.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara founder Subrata Roy was arrested in March 2014 after the
company failed to comply with a court order to refund money raised
from millions of small investors by selling them bonds later ruled
to be illegal, TCR-AP reported citing Reuters.


SAI CHHAYA: ICRA Suspends B+ Rating on INR11.6cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR11.60 Crore bank
facilities of Sai Chhaya Autolink Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SANSAR TEXTURISERS: CRISIL Cuts Rating on INR350MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Sansar
Texturisers Private Limited to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            350        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects STPL's continuously overdrawn limits over
and above its drawing power.  The delays are on account of STPL's
large working capital requirements.

STPL has a below-average financial risk profile, with weak debt
protection measures and has sizeable working capital requirements.
However, it benefits from the extensive experience of its
promoters in the yarn trading business.

STPL set up in 1989-90, trades in nylon and viscose yarn imported
mainly from China and Korea. The company is promoted and managed
by Mr. Vishnu Goenka and his family. The company is based in Surat
(Gujarat).


SANSKAR BHARTI: ICRA Suspends B+ Rating on INR6.5cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR6.50 Crore bank
facilities of Sanskar Bharti Foundation. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SEA LAGOON: Ind-Ra Assigns 'IND B-' Long term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sea Lagoon Hotels
Private Limited (SLHPL) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect under-construction stage of SLHPL's five-star
hotel project. Risks also emanate from the commencement of debt
repayment since December 2015 while the hotel is yet to start its
services.

The company was established in October 2013 to set up a five-star
hotel over 3,892.7 Sq. metre of land at Vypin, Kochi. The total
cost of the project is INR417m (funded through 53% bank loan and
47% promoters' equity). Land is owned by the promoters.  The
project is nearly 80% complete and SLHPL is likely to start its
trial services by the end of December 2016.

The ratings, however, derive support from the promoters' combined
experience of 10 years in the hotel industry.

RATING SENSITIVITIES

Positive: Stabilisation of operations leading to strong revenue
generation and profitability could lead to positive rating action.

Negative: Failure to scale up operations leading to stress on
liquidity position could lead to negative rating action.

COMPANY PROFILE

SLHPL was incorporated in October 2013. SLHPL has total of 37
executive rooms, 6 deluxe rooms, 2 suite rooms, 3 bars, 3
restaurants (one roof top), coffee shop, swimming pool, spa,
health club, banquet hall, business centre and board room.

SLHPL's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'/Stable

   -- INR221 million Long-term loan: assigned 'IND B-'/Stable

   -- INR4 million fund-based working capital facilities:
      assigned IND B-/Stable /'IND A4'

   -- INR5 million non fund-based working capital facilities:
      assigned 'IND A4'


SEABOY FISHERIES: CRISIL Reaffirms B+ Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Seaboy Fisheries
Private Limited continue to reflect the company's small, albeit
increasing, scale of operations, and its below-average financial
risk profile because of high gearing, subdued debt protection
metrics, and modest networth.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Discounting
   Bill Purchase           20        CRISIL A4 (Reaffirmed)

   Packing Credit          30        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to
volatility in raw material prices and foreign exchange rates, and
to inherent risks in the seafood industry. These weaknesses are
partially offset by its promoters' extensive industry experience
and its established customer relationships.
Outlook: Stable

CRISIL believes SBF will continue to benefit from its promoters'
extensive industry experience and its established customer
relationships. The outlook may be revised to 'Positive' if the
company significantly scales up operations or if its profitability
improves substantially. The outlook may be revised to 'Negative'
if revenue and operating margin decline, or if the company
undertakes large, debt-funded capital expenditure, leading to
deterioration in its financial risk profile.

SBF, established in 2004, processes and exports seafood. Based in
Thiruvananthapuram, Kerala, it is promoted by Mr. Anil Vincent,
Mr. Jose Vincent, and Mr. Sunil Vincent.


SEETHARAMA COTTON: CRISIL Assigns B+ Rating to INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facility of Seetharama Cotton industries and assigned its 'CRISIL
B+/Stable' rating to SCI's bank facilities. CRISIL had, on January
18, 2016, suspended the ratings as SCI had not provided the
necessary information for rating review. SCI has now shared the
requisite information, enabling CRISIL to assign a rating.

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

The rating reflects a modest scale of operations in the fragmented
cotton industry and a below-average financial risk profile because
of a small networth, high gearing, and weak debt protection
metrics. The rating also factors in susceptibility of the
operating margin to fluctuation in raw material prices. These
weaknesses are partially offset by the extensive industry
experience of the partners and established customer relationship.
Outlook: Stable

CRISIL believes SCI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' in case of higher-than-expected revenue while
profitability and capital structure improve. The outlook may be
revised to 'Negative' in case of a decline in revenue or
profitability, a stretched working capital cycle, or large, debt-
funded capital expenditure, resulting in deterioration in the
financial risk profile.

SCI was set up in 2008 as a partnership firm by Ms Mukka Srilaxmi,
Mr. Garrepalli Karthik, Mr. Kamishetti Prakash, Ms Ponaganti
Kalyani, Ms Vollala Aruna, and Ms Vollala Anjali Devi. The firm
gins and presses cotton.


SHREE SAIBABA: CRISIL Suspends 'D' Rating on INR880MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Saibaba Ispat India Private Limited.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             120        CRISIL D
   Letter of Credit        880        CRISIL D
   Proposed Long Term
   Bank Loan Facility       17.6      CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSIPL, Bansal Shipping Pvt Ltd (BSPL),
Bansal Infracon Limited (BIL), and Bansal International (Bansal).
This is because these entities, collectively referred to as the
Bansal group, are in the same line of business and have a common
promoter.

BIL, incorporated in 1998, undertakes ship-breaking and real
estate development. BSPL, SSIPL, and Bansal International were set
up in 1999, 2000, and 2004, respectively; they are involved in
ship-breaking activity. The group is based in Bhavnagar (Gujarat)
and is promoted by Mr. Vijay Bansal.


SHRI MOOKAMBIGA: Ind-Ra Affirms 'IND B+' Long term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Mookambiga
Spinning Mills Pvt Ltd's (SMSMPL) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SMSMPL's continued moderate scale of
operation and weak credit profile. Revenue was INR589.79 million
in FY16 (FY15: INR589.77 million; FY14:INR586.77 million),
interest coverage (operating EBITDA/gross interest expense) was
1.55x (0.99x; 1.58x) and net financial leverage (total adjusted
net debt/operating EBITDAR) was 5.95x (7.57x; 3.54x). The ratings
factor in the company's tight liquidity position with near to full
average working capital utilisation during the 12 months ended
October 2016.

The ratings, however, benefit from five decades of experience of
the founder in the textile industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics along with
an improvement in the overall liquidity profile could lead to a
positive rating action.

Negative: Deterioration in the overall liquidity profile could
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1983, SMSMPL is engaged in manufacturing of cotton
yarn in Tamilnadu. The plant has an install capacity of
12000Kg/day of cotton yarn. Founder promoter E.N Othisamy manages
the day to day operation of the company. SMSMPL also has its own
captive power generating wind mills .The power mostly is used in
the manufacturing process.

SMSMPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'; Outlook
      Stable.

   -- INR230 million fund-based working capital limit: affirmed
      at 'IND B+'/Stable

   -- INR24.5 million term loan (decreased from INR30m): affirmed
      at 'IND B+'/Stable


SHRIRAM POWER: CRISIL Assigns B- Rating to INR180MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shriram Power and Steel Private Limited and has
assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the
facilities. CRISIL had suspended the ratings on February 7, 2013,
as the company had not provided the information required for a
rating review. It has now shared the requisite information,
enabling CRISIL to assign ratings to its facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit            180        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect the susceptibility of SPSPL's profitability to
cyclicality in the steel industry, its marginal market share,
large working capital requirement, and exposure to risks related
to setting up of kilns and stabilisation of their operations.
These weaknesses are partially offset by its current promoters'
extensive experience in the steel industry.
Outlook: Stable

CRISIL believes SPSPL will continue to benefit from the extensive
industry experience of its current promoters. The outlook may be
revised to 'Positive' if operating income and profitability are
higher than expected, and if working capital management improves
substantially, leading to better financial risk profile and
liquidity. The outlook may be revised to 'Negative' if the
financial risk profile and liquidity weaken because of lower-than-
expected cash accrual, or increase in working capital requirement,
or large, debt-funded capital expenditure.

SPSPL, incorporated in 1994, manufactures sponge iron, and has
capacity of 100 tonne per day. In April 2016, the company was
taken over by Mr. Mahabir Prasad Rungta and Mr. Samrat Jain, from
Mr. Sanjay Sharda, Mr. Ajay Jain, and Mr. Sharwan Kumar Sharda.


SRI CHAITANYA: ICRA Suspends B+ Rating on INR8.50cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to the INR8.50 crore cash credit limits and INR0.16 crore
term loan of Sri Chaitanya Rice Mill. ICRA has also suspended the
short term rating of [ICRA]A4 assigned to INR0.25 crore SME Credit
and long term/short term rating of [ICRA]B+/[ICRA]A4 assigned to
INR1.09 crore unallocated limits of SVPRBRM. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Sri Venkata Padmavathi Raw and Boiled Rice mill (SVPRBRM), set-up
in the year 2012, is engaged in the milling of paddy and produces
raw and boiled rice. It is a partnership firm promoted by Mr.
M.Ramesh and his family members. The company has a milling unit in
Peddacherukuru Road,Nellore, Andhra Pradesh.


SRI SARVARAYA: CRISIL Suspends D Rating on INR972.3MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Sarvaraya Sugars Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           904.0       CRISIL D
   Long Term Loan        972.3       CRISIL D
   Proposed Long Term
   Bank Loan Facility     39.9       CRISIL D
   Working Capital
   Demand Loan            50.0       CRISIL D

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

SSSL was set up in 1956 by Mr. S B P B K Satyanarayana Rao. The
company operates an integrated sugar plant, and is a franchisee
bottler for Coca-Cola India Ltd. Its crushing unit is in Chelluru
district (Andhra Pradesh).


SRI SPM: CRISIL Assigns 'B' Rating to INR100MM Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Sri SPM Weaving Mills.

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

The rating reflects the firm's below average financial risk
profile, marked by low net worth and high gearing and exposure to
risks related to implementation of its ongoing project. These
rating weaknesses are partially offset by extensive experience of
the promoters in the textile industry and their established
relationships with their suppliers and customers.
Outlook: Stable

CRISIL believes that SSWM will benefit, over the medium term from
extensive experience of its promoters in the textile industry. The
outlook may be revised to 'Positive,' if the firm commences its
operations earlier than expected and reports higher than expected
revenue and profitability resulting in improved financial risk
profile. The outlook may be revised to 'Negative' if there is any
cost or time over run in the ongoing project or if the firm
contracts larger-than-expected debt, weakening the financial risk
profile.

Established in 2015, SSWM is setting up a weaving mill with 36
looms in Erode, Tamil Nadu. The firm is promoted by Mr.
Palanisamy, and the commercial operations are expected to commence
in January 2017.


SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for INR10.00
crore (revised from INR7.00 crore) cash credit limits of Sri
Venkateswara Constructions. ICRA has also reaffirmed the short-
term rating at [ICRA]A4 for INR5.00 crore non-fund based
facilities of SVC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             10.00       [ICRA]B+; Re-affirmed
   Bank Guarantee           5.00       [ICRA]A4; Re-affirmed

The rating reaffirmation factors in the weak financial profile of
the firm, characterized by small scale of operations limiting
financial flexibility, significantly high gearing of 4.84 times as
on 31st March, 2016 and modest coverage indicators with NCA/TD of
10% and Total Debt/OPBITDA of 3.87. The rating also remains
constrained by the firm's high dependence on irrigation projects
in the states of Telangana and Andhra Pradesh (AP) resulting in
high geographic concentration with almost the entire order book
being restricted to projects in Telangana and AP as well as high
sectoral concentration focusing only on irrigation works. The
order book is moderate with unexecuted order book of Rs 30.88
crore as on March 31, 2016 which is 2.04 times the OI in FY2016
and provides visibility of revenue for the medium term. ICRA also
takes into account the inherent risk associated with a partnership
firm, including risk of capital withdrawal as reflected in the
past. The ratings positively factor in long standing experience of
promoters in construction sector along with their established
relationship with clients as reflected in repeat orders.

Going forward, the firm's ability to increase its scale of
operations by securing new orders and timely execution of orders,
and maintain profitability, while optimally managing its working
capital cycle will remain the key rating sensitivities.

Sri Venkateswara Constructions is a partnership firm by M.Venkata
Narayana Reddy, M. Rajayalaxmi, M. Pattabhi Rami Reddy, M.
Syamalamma and M. Sarat Chandra Reddy. The Partnership firm was
incorporated in 2003 and was subsequently reconstituted in 2008
after retirement of a partner Mr. M Sivakumar Reddy.
SVC executes the Public works department contracts in the area of
Irrigation such as Canal Works, Drainage works and check dam
works. The company generally executes projects for government
departments.

Recent Result
According to audited FY2015 results, the firm recorded an
operating income of INR12.77 crore with a net profit of INR0.71
crore. As per provisional FY2016 numbers, the firm estimates an
operating income of INR14.76 crore with a net profit of INR0.78
crore.


TRANS FAB POWER: CRISIL Reaffirms B+ Rating on INR109.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Trans Fab Power India
Pvt Ltd continue to reflect its below-average financial risk
profile, marked by small net worth, leveraged capital structure,
and below-average debt protection metrics. The ratings also factor
in the company's modest scale of operations in the fragmented
transformer manufacturing industry, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience and funding support of the
promoters, and healthy customer relationships.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          95       CRISIL A4 (Reaffirmed)

   Cash Credit            109.5     CRISIL B+/Stable (Reaffirmed)


   Letter of Credit        75.0     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TPIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
electrical transformer industry and their funding support. The
outlook may be revised to 'Positive' if significant improvement in
scale of operations and profitability results in stronger cash
accruals for TPIPL; or if efficient working capital management and
continued funding support from the promoters strengthen its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accruals, large working capital
requirements, or any sizeable capital expenditure weakens the
company's financial risk profile, particularly liquidity.

Incorporated in 2006, TPIPL manufactures distribution and power
transformers ranging from 25 kilovolt amperes to 25 megavolt
amperes. Its manufacturing facilities are in Pirangut, near Pune
(Maharashtra). TPIPL mainly caters to engineering, procurement,
and construction (EPC) players in the power sector and to other
industrial customers. The company is promoted by Mr. R B Shinde,
who has nearly two decades of experience in the electrical
transformers industry.


UNITED CONCEPTS: ICRA Suspends B+/A4 Rating on INR12.5cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating for the INR12.50 Crore
bank facilities of United Concepts & Solutions Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


VALLUVANAD HOSPITAL: CRISIL Reaffirms B+ Rating on INR110MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Valluvanad
Hospital Complex Ltd continues to reflect the company's modest
scale of operations, exposure to intense competition, and below-
average financial risk profile because of small networth and high
gearing. These weaknesses are partially offset by the extensive
experience of its promoter in the healthcare industry and his
funding support.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            110        CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, unsecured loans of INR115 million as
on March 31, 2016, extended by the promoter, have been treated as
neither debt nor equity as these will remain in business over the
medium term.
Outlook: Stable

CRISIL believes VHCL will 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,
while maintaining profitability, leads to higher-than-expected
cash accrual and a better financial risk profile. The outlook may
be revised to 'Negative' if financial risk profile, particularly
liquidity, weakens further on account of low cash accrual
following decline in revenue or profitability; or any large, debt-
funded capital expenditure.

Incorporated in 1989 and promoted by Mr. M Ramakrishnan, VHCL
operates a 250-bed multi-speciality hospital, Valluvanad Hospital,
in Palakkad, Kerala.


VGS ENTERPRISES: Ind-Ra Assigns 'IND B+' Long term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned VGS Enterprises
(VGSE) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect VGSE's weak credit metrics and small scale of
operations. Its gross interest coverage (operating EBITDA/net
interest expense) in FY16 stood at 1.21x (FY15: 1.26x, FY14:
1.28x), net financial leverage (total adjusted net debt/operating
EBITDA) was at 4.03x (5x, 4.53x) and revenue dipped to INR294
million (INR364 million, INR307 million). The ratings also reflect
low and volatile operating EBITDA margins of 3.82% in FY16 (FY15:
3.11%, FY14: 3.25%), inherent in the commoditised nature of
business.

The ratings are constrained by VGSE's tight liquidity as reflected
by 93% average utilisation of working capital facilities during
the 12 months ended October 2016. The ratings are further
constrained by partnership structure of the firm.

The ratings, however, are supported by more than a decade of
experience of the firm's partners in the steel trading and
processing business.

RATING SENSITIVITIES

Positive: An improvement in overall credit profile on a sustained
basis could be positive for the ratings.

Negative: Any decline in operating profitability leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1997, VGSE is engaged in the trading of steel
products and processing of PPGI Sheets and GP Sheets/Coils; it has
its processing facility situated at Ghaziabad (Uttar Pradesh) with
a monthly installed capacity of 500MT . The firm is promoted by
three partners - Mr. Arun Gupta & his sons Mr. Vaibhav Gupta and
Mr. Saurabh Gupta

VGSE's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable

   -- INR45 million fund-based working capital limit: assigned
      'IND B+'/Stable/'IND A4'

   -- INR40 million non-fund-based limits: assigned 'IND A4'


VIBRANT CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vibrant Construction
Private Limited continue to reflect the company's improving, yet
small, scale of operations in the competitive construction
industry, average financial risk profile because of modest
networth, and large working capital requirement. These weaknesses
are partially offset by the extensive experience of its promoters
and moderate order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        100        CRISIL A4 (Reaffirmed)
   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VCPL will continue to benefit over the medium term
from the extensive experience of its promoters and revenue
visibility on account of moderate order book. The outlook may be
revised to 'Positive' if a significant and sustained increase in
scale of operations and cash accrual or considerable equity
infusion improves capital structure. The outlook may be revised to
'Negative' if lower cash accrual, stretch in working capital
cycle, or any unexpectedly large capital expenditure further
weakens financial risk profile, particularly liquidity.

Established in 2003 and promoted by Ahmedabad-based Mr. Ajay
Agarwal and his family members, VCPL constructs reinforced
concrete cement roads, water supply and drainage systems, and
road-side pavements.

For fiscal 2016, profit after tax was Rs5.5 million on sales of
Rs138 million, against Rs1.7 million and Rs42 million,
respectively, in fiscal 2015.



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


VUZIX CORP: Intel Corporation Reports 22% Stake as of Nov. 16
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Intel Corporation disclosed that as of Nov. 16, 2016,
it beneficially owns 4,962,600 shares of common stock, par value
$0.001 per share, of Vuzix Corporation which represents 22 percent
of the shares outstanding.

On Nov. 16, 2016, Vuzix filed a Current Report on Form 8-K,
disclosing that on Nov. 10, 2016, it had received a letter from
Intel. The letter informed Vuzix that Intel had been evaluating it
alternatives with respect to its significant investment in and
strategic relationship with the Company and that Intel had
determined that it no longer desires to pursue any strategic
relationship with the Issuer. Intel stated in the letter that the
Issuer's technology does not fit into Intel's strategic plans. In
the letter, Intel further stated that, although it had not made
any final decisions regarding its Issuer stock (and any such
decision would be subject to obtaining the requisite Intel
corporate approvals), it wanted to work with the Issuer to
undertake an orderly disposition of some or all of its Issuer
stock, subject to pricing and other conditions, that would be less
disruptive in the markets. In order to facilitate any sales of the
Issuer's stock, in the event Intel determines to do so, Intel also
requested that, unless it notifies the Issuer otherwise, the
Issuer should no longer provide Intel with any non-public
information.

Intel does not directly own any shares of Common Stock of the
Issuer. As of Nov. 16, 2016, and as a result of Intel's purchase
of 49,626 shares of Series A Preferred Stock, Intel is deemed to
beneficially own, by reason of the provisions of Rule 13d-3 under
the Act, 4,962,600 shares of Common Stock. Intel has sole voting
and dispositive power over such shares of Common Stock.

Assuming conversion of all of the Series A Preferred Stock
beneficially owned by Intel, Intel would hold 22.0% of the total
outstanding shares of Common Stock based on 17,560,686 shares of
Common Stock outstanding as of Nov. 14, 2016 (as reported in
Issuer's Form 10-Q for the quarterly period ended Sept. 30, 2016).

A full-text copy of the regulatory filing is available at:

                       https://is.gd/VSf8o1

                     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.

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.


VUZIX CORP: Receives Letter from Intel on Stock Disposition
-----------------------------------------------------------
Vuzix Corporation and Intel Corporation entered into an agreement
on Jan. 2, 2015, pursuant to which the company sold to Intel
shares of Series A Preferred Stock for an aggregate purchase price
of $24,813,000.

Those shares are convertible into 4,962,600 shares of the
Company's common Stock at a price of $5.00 per share. Pursuant to
that Stock Purchase Agreement, the parties agreed to use their
commercially reasonable efforts within the 45-day period following
the Closing Date, to negotiate in good faith a collaborative
development agreement pursuant to which the Company and Intel
would collaborate with respect to certain key technologies of the
Company, and the Company would grant certain rights to Intel to be
a lead partner in commercializing such technologies in certain
markets to be agreed upon. Since that time the parties have done
some limited technology work together, but they have not been able
to negotiate such an agreement on acceptable commercial terms to
both parties.

On Nov. 10, 2016, the Company received a letter from Intel stating
that Intel had been evaluating its alternatives with respect to
its significant investment in and strategic relationship with the
Company and that it has concluded that it no longer desires to
pursue a strategic relationship with Vuzix. While Intel stated
they had high regard for the Vuzix team and Vuzix's technology,
the technology did not fit into Intel's strategic plans. Over the
last two years, Vuzix's collaboration work with Intel has not
generated material revenue to the Company.

Furthermore, Intel added that it wanted to work with the Vuzix to
undertake an orderly disposition of Intel's stock, subject to
pricing and other conditions, that would minimize disruption in
the markets, although Intel has not made any final decisions
regarding its Vuzix stock or the timing of a disposition.

                      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.

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.



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


TPC PLUS: Bursa Malaysia Uplifts PN17 Status
--------------------------------------------
The Sun Daily reports that TPC Plus Bhd will be declassified as a
Practice Note 17 (PN17) company effective Nov. 29.

In a filing with Bursa Malaysia on Nov. 28, TPC Plus said it has
regularised its financial condition and level of operations and no
longer triggers any of the criteria under Paragraph 2.1 of PN17 of
the Main Market listing requirements, acc.

"After due consideration of all facts and circumstances of the
matter, Bursa Malaysia Securities Bhd has decided to approve the
company's application for an upliftment from being classified as a
PN17 company," TPC Plus, as cited by Sun Daily, said.

TPL Plus was categorised as a PN17 company after its auditors
expressed concern on the group's ability to continue as a going
concern in the audited consolidated financial statements for the
financial year ended Dec. 31, 2012, Sun Daily discloses.

Based in Malaysia, TPC Plus Berhad is engaged in the manufacture
and marketing of table eggs.  The table eggs consist of ordinary
eggs and Branded Premium Cholesterol Eggs, Body Eggs enriched with
Omega and Organic Selenium Eggs.  It also sells end-of-lay hens
for slaughter and chicken manure.  Eggs are being sold across
Peninsular Malaysia both through retail and wholesale egg dealers
and directly to customers.

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of TPC Plus until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.



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


MULTIMEDIA SOLUTIONS: Owner of Truth Masthead Enters Liquidation
----------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that the owners of
controversial tabloid Truth have gone belly-up after a dispute
with an adult entertainment company, leaving behind more than 200
binders of newspapers from as early as 1932.

Truth, which was more recently called Truth Weekender, stopped
publishing in mid-2013 after more than 125 years, Stuff.co.nz
says.

A company called Truth Weekender went into liquidation shortly
afterward, but last month the owner of the Truth masthead,
Multimedia Solutions, went into liquidation as well, according to
the report.

Multimedia Solutions was co-owned by interests associated with
Matthew Horton and Dermot Malley, the report discloses.

Apollo Marketing and Advertising, operated by Roy Kingsnorth and
described in court papers as an adult marketing and advertising
business, had applied to liquidate the Truth owner, Stuff.co.nz
relates.

According to Stuff.co.nz, Waterstone Insolvency was appointed
liquidator, and insolvency officer Daniel Yee --
daniel@waterstone.co.nz -- said there had been a dispute between
the two companies relating to the NZ$50,000 sale of Apollo's
Adultspace website, an adult entertainment directory, to
Multimedia Solutions in late 2011.

Court documents recovered by Waterstone showed Adultspace was set
up as a companion to Truth's weekly adult entertainment guide, and
the sale included an agreement to provide free advertising to
Kingsnorth's well-known brothel, The Pelican Club, Stuff.co.nz
relates.

After Truth stopped publishing, however, Apollo claimed it had
broken the contract, and in mid-2014 claimed damages for the 60
weeks this was the case, says Stuff.co.nz.

Stuff.co.nz relates that Apollo said it was owed more than
NZ$128,000 when liquidation proceedings began earlier this year.

According to the report, Mr. Yee said he had little more detail,
having only briefly spoken to Horton, who now lived in Australia.

The only assets he had been able to find at Multimedia Solutions
were the Truth web domain, which was "worthless", as well as the
back catalogue of Truth and Truth Weekender stretching back to
1932.

These newspapers were kept in more than 200 binders, as well as a
handful of boxes, and were mostly in good condition, the report
says.

He said he understood the Inland Revenue Department was owed
money, but otherwise the only creditor was Apollo, Stuff.co.nz
relays.

He would shortly begin contacting libraries and collectors to see
if anybody wanted the Truth newspapers, adds Stuff.co.nz.



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


HANJIN SHIPPING: Says It Has No Assets in U.S. to Pay Creditors
---------------------------------------------------------------
The American Bankruptcy Institute, citing Hugh R. Morley of
JOC.com, reported that a Hanjin Shipping attorney told a federal
court that it has virtually no assets in the United States to
compensate several retailers, logistics providers, insurance
companies and other claimants who fear the loss of claim rights if
the court recognizes the carriers' South Korean bankruptcy case.

According to the report, Hanjin attorney Ilana Volkov, of New
Jersey, told Judge John K. Sherwood that Hanjin has virtually no
assets available in the U.S. to pay claimants anyway, except for a
property in Paramus, New Jersey, which is fully mortgaged, a few
accounts receivables and some interest payments.

The report related that claimants have filed papers in court
objecting to the shipping company's request for Chapter 15 status,
for fear their rights will be impaired, or lost. Approval of the
request would mean U.S. bankruptcy courts recognize the Korean
bankruptcy proceeding, enabling the carrier to take certain
actions in the U.S. to assist the case overseas, the report
related.

A hearing on the case was adjourned after Hanjin attorneys said
eight objections had been filed, more than expected, and they
needed additional time to prepare for them, the report further
related. The objections will now be heard Dec. 13, the report
said.

                      About Hanjin Shipping

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

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

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

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

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

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



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


TRANSASIA AIRWAYS: Shares Hit All-Time Low on Dissolution Turmoil
-----------------------------------------------------------------
Nikkei Asian Review reports that shares in TransAsia Airways have
continuously fallen on the Taiwan Stock Exchange since the
announcement of a board resolution to wind up the business on Nov.
22. The stock started being sold as soon as the market opened on
Nov. 28, and reached the day's limit at 3.42 New Taiwan dollars,
down 10% from Nov. 25.

This is the fourth consecutive day the stock has hit the day's
limit, renewing its lowest level since listing in November 2011,
the report states.

According to Nikkei, the submission of the carrier's action plan
is due Nov. 29.  This will effectively be the plan's final
submission and Taiwan's aviation authority will begin the
collection process of the carrier's flight operation rights
thereafter. As the company takes the first steps in the
liquidation process, investors have been urged to sell their
remaining shares, the report notes.

Trading of TransAsia shares was temporarily suspended on the day
of the announcement, Nikkei recalls. After trading resumed the
following day, the shares hit the day's limit low for three
consecutive days, Nikkei notes.

On Nov. 28, sell orders of a total of more than 50,000 shares
flooded the market, Nikkei relates citing local media reports.
There is a rumor that the stock will likely delist as early as
March.

The day before the announcement, the carrier suddenly said it
would cancel all flights scheduled on Nov. 22, affecting a
significant number of international and domestic passengers,
Nikkei recalls. The company was fined NT$3 million ($94,553) for
the cancellation, the report discloses.

In addition, Chairman Vincent Lin was temporarily taken into
custody along with members of his family for alleged insider
trading, according to Nikkei.

On Nov. 28, the chairman reportedly said a Japanese airline is
interested in buying the Taiwanese carrier. But this now seems
unlikely as the authority will soon start the collection process
of the carrier's flight operation rights, local media reports
said, adds Nikkei.

Transasia Airways Corp. is a Taiwan-based air carrier that
transports passengers and cargos.



=============
V I E T N A M
=============


HO CHI MINH: Moody's Assigns B2 Deposit and Issuer Ratings
----------------------------------------------------------
Moody's Investors Service has assigned these first-time ratings
and assessments to Vietnam-based Ho Chi Minh City Development
Joint Stock Commercial Bank (HDBank):

  1. Long-term local and foreign currency deposit and issuer
     ratings of B2;

  2. Short-term local and foreign currency deposit and issuer
     ratings of Not Prime;

  3. Baseline credit assessment (BCA) and adjusted BCA of b3;

  4. Counterparty Risk Assessments of B2(cr)/NP(cr)

The outlook on the long-term ratings is stable.

                         RATINGS RATIONALE

The B2 long-term ratings assigned to HDBank reflect: (1) its BCA
of b3, and (2) a one-notch uplift based on Moody's expectation of
a moderate probability of support from the Government of Vietnam
(B1 stable), in case of stress.

The b3 BCA assigned to HDBank captures its modest solvency
profile, balanced somewhat by moderate funding and comfortable
liquidity position.  The BCA also takes in account Moody's
expectation that the bank's asset quality and capital profile will
weaken over time from its aggressive loan growth strategy.

Similar to most other rated banks in Vietnam, HD Bank's asset risk
is elevated.  Around 8.7% of its adjusted gross loans were
problematic at end-June 2016, including special mention loans,
nonperforming loans, problem loans sold to the Vietnam Asset
Management Company, and restructured exposures classified as
performing.

Moody's expects that HDBank will continue to face high credit risk
in loans, because of rapid loan growth which amounted to 35% in
2015 and 27% as of June 2016 year-to-date.  These growth rates are
higher than the overall market.

The bank's loan book is focused on the small- and medium-sized
enterprise (SME) and retail sectors, which accounted for 52% and
44% of gross loans respectively, as of June 2016.  The remaining
4% of loans were to corporates.  The bank's SME loan portfolio is
well balanced by industry, while retail loans are concentrated on
household business loans, mortgages and consumer loans.

Like other banks in Vietnam, rapid loan growth and dividend
payments to shareholders put negative pressure on HDBank's capital
buffer.  As of end-June 2016, its tangible common equity (TCE) to
adjusted risk-weighted assets ratio fell to 8.1% from 10.8% at
end-December 2015.  Further, the quality of capital is weakened by
HDBank's investments in the shares of other Vietnamese banks.

The bank's funding profile is moderate, due to its small market
share in system deposits that potentially make its deposits less
sticky, and some reliance on market funds -- with wholesale
liabilities funding 18.6% of assets at year-end 2015.
Nevertheless, HDBank grew its deposit base by 25% year-to-date as
of end-June 2016, by offering a broader range of deposit products
and expanding its branch network to reach out to SME and retail
customers.

Some 72% of HDBank's assets are funded by customer deposits, most
of which are sourced from retail clients.

The bank's overall liquidity position is comfortable, with liquid
resources representing 32% of tangible banking assets at year-end
2015. 13% of total assets constitute high quality liquid assets -
cash, balances with the central bank, and government securities -
with less than one month to maturity.  Moody's expects the bank's
proportion of liquid assets to moderate over time against loan
growth.

Moody's believes there is a moderate likelihood of government
support for HDBank in the event of a crisis, which is similar to
our assessment for other rated private-sector banks in Vietnam.
As a result, HDBank's B2 long-term ratings incorporate one notch
of uplift due to government support.  Moody's moderate support
assumption is mainly underpinned by the bank's market share of
around 1.4% of system assets as of June 2016.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's will consider upgrading HDBank's BCA if the bank's
adjusted problem loans ratio falls to below 4%, and its TCE ratio
exceeds 10%.  An improvement in the Macro Profile for Vietnam's
banking system -- which is currently "Weak" -- would also prove
positive for HD Bank's BCA.

The Macro Profile is a rating input used to determine a bank's
BCA, and is designed to capture systemwide factors that are
predictive of the propensity of banks to fail.

The B2 long-term ratings could be upgraded if the bank's BCA is
upgraded and Vietnam's sovereign rating is upgraded.

The ratings could be downgraded if HDBank's problem loans ratio --
as adjusted by Moody's -- rises above 10% of gross loans, or if
its TCE ratio drops significantly.  The ratings are also sensitive
to a significant weakening in the bank's liquidity profile.

The principal methodology used in these ratings was Banks
published in January 2016.

Ho Chi Minh City Development Joint Stock Commercial Bank is a
medium-sized commercial bank headquartered in Ho Chi Minh City.
At end-June 2016, the bank reported consolidated assets of VND129
trillion (around $5.8 billion).

The bank is privately-owned.  Its major shareholder group is
Sovico Holdings (unrated) and related companies (around a 20%
combined stake).  Sovico Holdings is a large, privately-held
financial holding company based in Vietnam.  Sovico Holdings'
operations involve the finance, real estate, energy, aviation, and
education sectors.


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



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