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        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

          Thursday, December 1, 2016, Vol. 19, No. 238

                            Headlines


A U S T R A L I A

ALBURY PRODUCE: First Creditors' Meeting Set for Dec. 8
ANDY NORMAN: First Creditors' Meeting Set for Dec. 7
BLUESCOPE STEEL: Moody's Ups CFR to Ba1 on Business Improvement
CJ'S BULK: First Creditors' Meeting Scheduled for Dec. 8
INDEPENDENT DATA: First Creditors' Meeting Set for Dec. 8

KISSING FISH: First Creditors' Meeting Slated for Dec. 8
MCALEESE LTD: Centurion Acquires Heavy Haulage Trailing Fleet
MISSION NEWENERGY: All Resolutions Passed at Annual Meeting


C H I N A

RONSHINE CHINA: Fitch Assigns 'B+' LT Issuer Default Rating


H O N G  K O N G

LIFESTYLE INT'L: Fitch Cuts LT Foreign Currency IDR to 'BB+'


I N D I A

AL AZIZ: ICRA Lowers Rating on INR17cr ST Loan to 'D'
ANDHRA POLYMERS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
ANURADHA STEELS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
APRA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR120MM Loan
AROMA BIOTECH: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating

B. NEHAL: ICRA Suspends 'D' Rating on INR66cr Fund Based Loan
BHARAT COTTON: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
BIMLA MARU: CRISIL Lowers Rating on INR250MM Cash Loan to 'D'
C. ESWARA: CRISIL Hikes Rating on INR8.5MM Term Loan to B-
CAVIER BATHFITTINGS: CRISIL Assigns B+ Rating to INR60MM Loan

CG ISPAT: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
CHANAKYA TECHNOS: ICRA Suspends 'B' Rating on INR8.15cr Loan
CRYSTAL CLOTHING: Ind-Ra Withdraws IND D Long Term Issuer Rating
DDR AND COMPANY: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
DHRUVDESH METASTEEL: Ind-Ra Withdraws 'IND BB' LT Issuer Rating

GAJAVELLI SPINNING: ICRA Hikes Rating on INR51.51cr Loan to B+
GE GODAVARI: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
GEODESIC TECHNIQUES: Ind-Ra Withdraws 'IND D' LT Issuer Rating
GIAN SAGAR: ICRA Suspends 'C' Rating on INR59.2MM LT Loan
GREENEEM AGRI: CRISIL Puts B+ Rating on 'Notice of Withdrawal'

HARIHAR ROCKS: CRISIL Suspends 'D' Rating on INR39MM Cash Loan
INDUS PROJECTS: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
J M MHATRE: CRISIL Suspends 'B' Rating on INR150MM LT Loan
JAM HOTELS: ICRA Suspends 'B' Rating on INR25cr Term Loan
JAYAVEL PROCESSING: CRISIL Suspends B+ Rating on INR62MM LT Loan

KOHINOOR HOSPITALS: ICRA Reaffirms B- Rating on INR56.41cr Loan
KOTAK URJA: ICRA Lowers Rating on INR22cr Cash Loan to 'D'
KSR INFRACON: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
MAHALAXMI TECHNOCAST: ICRA Reaffirms B Rating on INR25cr Loan
MALAYALAM CARS: CRISIL Suspends 'B+' Rating on INR60MM Loan

N. SOUNDARYAMMA: CRISIL Suspends B+ Rating on INR56MM LT Loan
NAGPAL TRADERS: ICRA Suspends B+ Rating on INR65.82cr Loan
P PRABHAKARAN: ICRA Suspends B- Rating on INR6cr Loan
PAREKH AGENCIES: CRISIL Assigns 'B+' Rating to INR20MM Cash Loan
PIONEER AGRO: CRISIL Reaffirms B- Rating on INR62.5MM Cash Loan

R.R OVERSEAS: CRISIL Assigns 'B' Rating to INR62MM Loan
ROJER MATHEW: CRISIL Reaffirms 'B-' Rating on INR80MM Cash Loan
RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR142MM Loan to B+
S.S. RICE: CRISIL Assigns B+ Rating to INR75.4MM Loan
SHRI GANESH: ICRA Lowers Rating on INR3cr Fund Based Loan to D

SHRI JOTHILINGAM: CRISIL Suspends B+ Rating on INR65MM Loan
SHRI VISHNU: ICRA Suspends B/A4 Rating on INR10cr Bank Loan
SIVA AUTOMOTIVE: CRISIL Suspends B- Rating on INR60MM Cash Loan
SUJAY KUMAR: CRISIL Suspends B+ Rating on INR43.7MM LT Loan
SURANA METACAST: CRISIL Cuts Rating on INR84.8MM Loan to 'D'

SWASTIK CHEMICALS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
TANGLING MINI: ICRA Raises Rating on INR19.40cr Term Loan to B
THINKAL NUTS: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
TRINITY EYE: ICRA Suspends B+ Rating on INR6.97cr LT Loan
TRUE WELL: ICRA Reaffirms 'B' Rating on INR9.0cr Cash Loan

WESTERN HILL: CRISIL Suspends 'D' Rating on INR191.2MM Term Loan


N E W  Z E A L A N D

CALLACTIVE LTD: Directors Declared Bankrupt
INTERSTAR NZ MILLENNIUM 2004-A: S&P Cuts Rating on Notes to 'BB'


S I N G A P O R E

CHINA FISHERY: Trustee Seeks to Hire Skadden as Legal Counsel


S O U T H  K O R E A

HANJIN SHIPPING: Foreign Shippers Gain Market Shares Amid Bankr.
HANJIN SHIPPING: SM Group Seeks Partner to Buy US Terminal


T A I W A N

TRANSASIA AIRWAYS: Aviation Regulators to Revoke Flying Rights
TRANSASIA AIRWAYS: Could Lose More Than NT$5BB in Airbus Deposits
TRANSASIA AIRWAYS: Court Freezes NT$1.2BB Worth of Assets


                            - - - - -


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A U S T R A L I A
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ALBURY PRODUCE: First Creditors' Meeting Set for Dec. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Albury
Produce and Trade Pty Ltd, formerly trading as "Agbuy",
will be held at Commercial Club Albury, Stanley A Room, 1st Floor,
618 Dean Street, in Albury, NSW, on Dec. 8, 2016, at
10:30 a.m.

Timothy Gumbleton -- tim.gumbleton@rsm.com.au -- and Andrew
Bowcher -- andrew.bowcher@rsm.com.au -- of RSM Australia Partners
were appointed as administrators of Albury Produce on Nov. 29,
2016.


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 11:30 a.m. on Dec.
7, 2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.

Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
as joint and special administrators of Andy Norman Concreting
Contractors Pty Ltd on Nov. 25, 2016.


BLUESCOPE STEEL: Moody's Ups CFR to Ba1 on Business Improvement
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of BlueScope Steel Ltd. to Ba1 from Ba2. Moody's has also upgraded
the rating on the senior unsecured notes issued by BlueScope's
wholly owned and guaranteed subsidiary, BlueScope Steel (Finance)
Limited, to Ba1 from Ba2.  The ratings outlook is stable.

"The upgrade of the ratings to Ba1 reflects the improvements in
Bluescope's business profile and our view that earnings and cash
flow generation will materially outperform Moody's previous
expectations", says Matthew Moore, a Moody's Vice President and
Senior Credit Officer.

"This situation, combined with BlueScope's lower debt levels, have
allowed the company to improve its credit metrics to strong
levels," adds Moore.

BlueScope has significantly improved its earnings over the last
12-18 months, by reducing costs substantially, and lowering its
breakeven levels at its Australian and New Zealand steelworks.  It
has also benefited from the full ownership of its strongly
performing North American mini-mill operations, North Star.

In November 2016, BlueScope guided that it expects EBIT for the
first half of fiscal 2017 (July 2016 - December 2106) to register
at least AUD510 million.  This result would be more than double
the underlying EBIT the company generated in the previous
corresponding period, and close to 90% of the underlying EBIT for
all of fiscal 2016.

While Moody's expects earnings in the second half of fiscal 2017
to be weaker - as the impact of high raw material costs flows
through - earnings in the first half, combined with a
substantially improved cost profile will result in materially
higher full year earnings versus the previous year.

In particular, Moody's expects that BlueScope's EBIT margins will
improve to over 7% in fiscal 2017.

Moody's also expects that BlueScope will demonstrate credit
metrics that are materially stronger than Moody's had previously
expected.  Specifically, leverage - as measured by debt/EBITDA -
should improve to around 1.50x-1.75x in fiscal 2017, while
EBIT/interest will likely increase to in excess of 5.0x.

A lower cost profile and the stable earnings from North Star,
combined with BlueScope's commitment to further de-lever and its
financial policy targets, underpin the stable outlook and Moody's
view that the company can sustain a financial profile consistent
with a Ba1 rating level, even if global steel and raw material
prices show further volatility.

BlueScope targets an unadjusted net debt/EBITDA of less than 1.0x.
Given that this ratio was at 0.8x in fiscal 2016, Moody's expects
that the company will show an unadjusted net debt/EBITDA
comfortably below this level in fiscal 2017.

The ratings continue to reflect BlueScope's market position and
branded products in Australia, geographic diversification, as well
as the steps it has taken to materially lower the cost of its
spread exposed businesses and strengthen its business profile by
focusing on midstream and downstream products.  The ratings are
further supported by BlueScope's full ownership of North Star,
which benefits in turn from very high utilization rates, solid
margins and relatively stable earnings.

The ratings are balanced by the volatility in the steel industry
and the overall challenging conditions that continue to face the
industry.  Nevertheless, BlueScope's improved cost position and
good product diversity has enabled the company to exhibit above
industry average performance.

Moody's points out that the ratings also reflect BlueScope's
exposure to volatile foreign exchange rates and the cyclical
nature of the end market sectors that the company serves, such as
residential and commercial construction.

                    WHAT COULD CHANGE THE RATING

Upward ratings pressure would require BlueScope to demonstrate a
consistent track record of maintaining its improved earnings and
cost profile as well as further increasing diversification of
earnings toward more value add and downstream products.  An
upgrade to investment grade would also likely require a
transitioning to a fully unsecured capital structure.

Specifically, Moody's would consider upgrading the ratings if
BlueScope demonstrates the ability to sustain EBIT margins in
excess of 10% through the cycle, while maintaining an adjusted
debt/EBITDA - adjusted for Moody's standard adjustments - below
2.0x, EBIT/interest above 5.0x, and consistent free cash flow
generation.

On the other hand, the ratings could experience downward pressure
if BlueScope cannot sustain its recent cost improvements, steel
spreads are sustained at meaningfully lower levels and or the
company experiences any material disruptions to its operations.

Specifically, through the cycle EBIT margins below 5%, an adjusted
debt/EBITDA above 3.0x, and/or EBIT/interest below 3.0x could lead
to a downgrade of the ratings.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

BlueScope Steel Ltd. is an Australian-based manufacturer and
distributor of a range of steel products for the building,
construction, manufacturing and automotive industries.  It
manufactures and distributes down, mid and upstream products for
domestic and export markets.


CJ'S BULK: First Creditors' Meeting Scheduled for Dec. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CJ's Bulk
Handling Pty Ltd will be held at The Fleet Room, Level 1, 320
Adelaide Street, in Brisbane, Queensland, on Dec. 8, 2016, at
10:00 a.m.(Qld Time).

Geoff Davis and John Morgan of BCR Advisory were appointed as
administrators of CJ's Bulk on Nov. 28, 2016.


INDEPENDENT DATA: First Creditors' Meeting Set for Dec. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Independent
Data and Transaction Services Pty Ltd will be held at the offices
of SV Partners Sydney, Level 7, 151 Castlereagh Street, in Sydney,
NSW, on Dec. 8, 2016, at 11:00 a.m.

Ian Purchas -- ian.purchas@svp.com.au -- and Shumit Banerjee --
shumit.banerjee@svp.com.au -- of SV Partners were appointed as
administrators of Independent Data on Nov. 28, 2016.


KISSING FISH: First Creditors' Meeting Slated for Dec. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kissing
Fish Pty Ltd, trading as Squids Family Playcentre, will be held at
Level 14, 197 St Georges Terrace, in Perth, WA, on Dec. 8, 2016,
at 2:30 p.m.

Domenico Alessandro Calabretta & Grahame Ward of Mackay Goodwin
were appointed as administrators of Kissing Fish on Nov. 28, 2016.


MCALEESE LTD: Centurion Acquires Heavy Haulage Trailing Fleet
-------------------------------------------------------------
Daniel Palmer at The Australian reports that the heavy haulage
trailing fleet of McAleese Limited has been acquired by Perth-
based transport and logistics company Centurion for an undisclosed
fee.

News of the sale was also accompanied with the appointment of
Keith Price, a former co-owner and executive of McAleese, as head
of Centurion's heavy haulage operation, The Australian says.

According to The Australian, Mr. Price was among a group of former
owners left angry by McAleese's descent into administration,
pressing hard for the removal of managing director Mark Rowsthorn
from the board.

The Australian relates that Mr. Rowsthorn eventually stepped down
quietly of his own accord at the end of September, but amid a
storm of controversy after a vote on his removal was scrapped at
the last minute by the newly appointed administrators on
August 29.

The heavy haulage asset sale includes over 240 pieces of
equipment, with the sale price likely to be in excess of the AUD40
million replacement value of the assets, The Australian notes.

The Australian says Centurion's purchase extends its reach to
South Australia, Queensland and Victoria, with the company
suggesting it made it the largest heavy haulage service provider
in the country.

"This asset purchase will give us the platform to access new
markets and grow our business nationally," the report quotes
Centurion chief executive Justin Cardaci as saying.  "McAleese
heavy haulage was once a highly successful business in its own
right and we believe once we have transitioned these assets to
Centurion there is plenty of scope to re-establish this success."

The previous success can hopefully be captured with the expertise
of Mr. Price, the Centurion boss added, the report relays.

The activity comes as receiver McGrath Nicol continues to weigh
offers for parts of the troubled McAleese, while a new deed of
company arrangement is to be voted on at a creditors meeting next
month that could also potentially lead to the wind-up of the
company, adds The Australian.

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

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


MISSION NEWENERGY: All Resolutions Passed at Annual Meeting
-----------------------------------------------------------
Mission NewEnergy Limited disclosed that at the annual general
meeting held Nov. 22, 2016, all the resolutions put to the members
were passed on a show of hands.  At the meeting, the shareholders:
(a) adopted the remuneration report, (b) re-elected Guy Burnett as
director, (c) re-elected Mr. Mohd Azlan bin Mohammed as director,
and (d) approved the 10% placement facility.

Chief Executive Officer's Address to the 2016 Annual General
Meeting:

"On behalf of my fellow directors of the company, I bid you a warm
welcome to the 2016 Annual General Meeting of Mission NewEnergy
Limited.

"The Annual report which was available to all shareholders a month
ago has most of the facts & figures of the year under review.  My
team and I would be delighted to answer any queries that you may
have on the contents of the report at the end of this address. I
would like to use this opportunity to update you on the status of
the company's operations and some of the initiatives that we will
be seeking to implement in the forthcoming months.

"During the year we achieved an amicable out of court settlement
of the long-standing disagreement with the EPCC contractor of our
250,000 tpa refinery.

"Mission currently has no debt and a 20% equity stake in a
refinery in South East Asia. We have looked at multiple
opportunities to inject into the group over the past twelve
months.  However given the limited cash resources and stringent
ASX listing rules around reverse take-overs, it has not been easy
to find a suitable target company to acquire and create value for
shareholders.

"Your Board continues to look for new opportunities that are
achievable within cash constraints although new fund raising may
be required in due course to grow the business.

"In closing, once again my heartfelt thanks to colleagues on the
Board for their invaluable guidance and my sincere appreciation to
Mission's dedicated employees who continue to contribute their
best during these times.  To all our investors, my gratitude for
your support over these challenging times."

                    About Mission NewEnergy

Mission NewEnergy Limited is an Australia-based renewable energy
company.  The Company operates a biodiesel plant in Malaysia.  The
Company's segments include Biodiesel Refining and Corporate.  The
Company owns an interest in a biodiesel refinery in Malaysia,
which has a nameplate capacity of approximately 250,000 tons per
year. The Company's subsidiaries include Mission Biofuels Sdn Bhd
and M2 Capital Sdn Bhd.

Mission reported a net loss of $2.33 million on $41,960 of total
revenue for the fiscal year ended June 30, 2016, compared with net
income $28.36 million on $7.27 million of total revenue for the
fiscal year ended June 30, 2015.

BDO Audit (WA) Pty. Ltd. issued a "going concern" qualification on
the consolidated financial statements for the fiscal year ended
June 30, 2016, stating that the consolidated entity has suffered
recurring losses from operations that raises substantial doubt
about its ability to continue as a going concern.

At June 30, 2016, the Company had total assets of $6.17 million,
total liabilities of $1.40 million, all current, and $4.76 million
in total stockholders' equity.



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C H I N A
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RONSHINE CHINA: Fitch Assigns 'B+' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned Ronshine China Holdings Limited a Long-
Term Issuer Default Rating (IDR) of 'B+'; The Outlook is Stable.
Fitch has also assigned the homebuilder a foreign-currency senior
unsecured rating of 'B+' with Recovery Rating of 'RR4'.

Fitch has also assigned Ronshine's proposed US dollar senior notes
a 'B+(EXP)' expected rating, with a Recovery Rating of 'RR4'. The
notes are rated at the same level as Ronshine's senior unsecured
rating because they constitute direct and senior unsecured
obligations of the company.

Ronshine's ratings are supported by a quality land bank that
drives its expanding scale, with strong contracted sales growth,
and better margin relative to its rated peers. "Its recent land
acquisitions in Hangzhou and Shanghai have further strengthened
its land quality, but we believe this will increase its leverage,
measured by net debt to adjusted inventory, to around 50%-55% in
the next 12 months," Fitch said. Ronshine's ratings are
constrained by its land acquisition strategy and government policy
uncertainties that Fitch believe may have a significant impact on
the profitability of the projects built on the more expensive land
that it bought recently.

The final rating of the notes is subject to the receipt of final
documentations conforming to information already received.
Ronshine says it intends to use the net proceeds from the note
issue for general corporate purposes.

KEY RATING DRIVERS

Quality Land Bank: Ronshine's land bank is of high quality,
focusing on first- and second-tier cities such as Fuzhou,
Hangzhou, Shanghai and Xiamen, which together made up 88% of its
land bank by value and 82% by gross floor area (GFA) as of end-
June 2016. Fitch believes Ronshine can sustain contracted sales of
CNY20bn-30bn a year given the strong housing market conditions in
these cities, and achieve satisfactory EBITDA margin of over 20%
in the next two years.

Leading Position in Fuzhou: Ronshine is a leading property
developer in Fujian Province, and has well-located land bank in
Fuzhou, the provincial capital, that was acquired at reasonable
prices, giving it gross margins that are higher than the industry
average of about 30%. Ronshine has established its reputation as a
high-end developer due to its focus on quality. "The Fuzhou market
will remain a key contributor to its contracted sales in the next
two years, in our view." Fitch said.

Aggressive Land-Bank Acquisition: Ronshine had attributable land
bank of 6 million square metres as at end-June 2016, sufficient
for development in the next three to four years, based on its
development schedule. Ronshine will need to constantly replenish
its land bank at market prices, mainly from land auctions, in our
view. Ronshine acquired 14 parcels of land at attributable costs
of about CNY20bn during 2016. Uncertainties surrounding government
policy may affect the pace at which Ronshine sells its newly
acquired projects, in our view, but this is mitigated by the sharp
increase in housing prices for the majority of its new projects
acquired on or before June 2016.

Leverage Remains High: Leverage, defined by net debt/adjusted
inventory, declined to 45% as at end-June 2016, from 65% as at
end-December 2015, following its IPO and strong sales in 1H16.
Fitch expect its leverage to stay high at 50%-55% as Fitch
believes it will need to use about 50%-60% of its contracted sales
proceeds each year to acquire new land to sustain its contracted
sales scale of about CNY20bn-30bn a year in the next three years.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Contracted sales GFA to increase at 95%, 33% and 3%
      in 2016, 2017 and 2018, respectively

   -- Average selling price growth of 5% per year for 2016, 2017
      and 2018

   -- EBITDA margin (excluding capitalised interest) at 26%-31%
      for 2016-2018

   -- Land acquisition cost at 0.5x-0.6x of contracted sales for
      2017 and 2018, assuming Ronshine maintains about four to
      five years of land bank

   -- Leverage (net debt to adjusted inventory) at about 50%-60%
      for 2016-2018

RATING SENSITIVITIES

Positive: Positive rating action is unlikely in the next 12 to 18
months as leverage is likely to remain high, but future
developments that may individually or collectively, lead to
positive rating action include:

   -- Attributable contracted sales sustained at CNY30bn or above

   -- EBITDA margin (exclude capitalised interest) sustained at
      25% or above

   -- Leverage (net debt/adjusted inventory) sustained below 40%

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Attributable contracted sales sustained below CNY20bn

   -- EBITDA margin (exclude capitalised interest) sustained
      below 20%

   -- Leverage (net debt/adjusted inventory) sustained above 55%

LIQUIDITY

Sufficient Liquidity: Ronshine had CNY12.3bn cash and CNY0.5bn
restricted cash, and unused bank credit facilities of CNY3.5bn at
end-June 2016, enough to cover the short-term borrowings of
CNY7.8bn. Its average cost of borrowing declined to 7.9% in 1H16,
from 10.5% in 2015. The company raised CNY1.5bn from its IPO and
CNY1.7bn from issuance of onshore perpetual securities during
1H16; and issued CNY9.8bn of onshore bonds and raised CNY880m via
asset-backed loans in 2016 to date.



================
H O N G  K O N G
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LIFESTYLE INT'L: Fitch Cuts LT Foreign Currency IDR to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded Lifestyle International Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating to
'BB+' from 'BBB-'. The Outlook is Negative. Fitch has also
downgraded Lifestyle's foreign-currency senior unsecured rating
and the ratings on all its outstanding bonds to 'BB+' from
'BBB-'.

The downgrade reflects Fitch's expectation that Lifestyle's
leverage will more than double after it completes the acquisition
of a commercial site in Kai Tak, Kowloon from the Hong Kong
government. Lifestyle entered the winning bid of HKD7.4bn to
purchase the site, and plans to develop a large retail property on
the plot. The Negative Outlook reflects the uncertainty over
Lifestyle's funding arrangements regarding the Kai Tak project,
which may negatively affect the company's coverage ratios.

KEY RATING DRIVERS

Higher Leverage: Fitch expects Lifestyle's FFO-adjusted net
leverage to remain elevated at 5.7x-6.0x over the next few years,
compared with 2.3x at end-2015. This is due to the HKD7.4bn
payment for the Kai Tak land as well as the spin-off of its China
business earlier this year, which reduced its net cash. Despite
the higher leverage, Fitch expects FFO fixed-charge coverage to
remain above 3.0x in 2017-19, which Fitch views as comfortable.

Sufficient Liquidity: Lifestyle had HKD6.3bn in cash and HKD4.4bn
in financial investments at end-June 2016, which more than
sufficient to cover the bank loans and bonds maturing in a year.
In July 2016, Lifestyle renewed and expanded its syndicated loan
facility, secured by East Point Centre, to HKD8bn from HKD5bn.
Fitch estimates that Lifestyle still has more than HKD6bn of
available undrawn facilities, which together with the company's
cash on hand should be sufficient to cover the payment for the Kai
Tak land.

Hong Kong Business Slowdown: The retail environment in Hong Kong
has been weak over the past two years, with retail sales in the
first nine months of 2016 down 9.6% yoy. Lifestyle's business now
mainly consists of two department stores in Hong Kong, so the
slowdown will affect the company's revenue and margins. That said,
Fitch expects Lifestyle's business to remain resilient relative to
other Hong Kong retailers, driven by the prime location of its
stores, strong property ownership and low rental expenses, and
high exposure to the local mid-end market.

Property Value Supports Rating: Lifestyle's ratings remain
supported by its property ownership, particularly of East Point
Centre (which houses the SOGO Causeway Bay department store),
which is one of the best-known retail properties in Hong Kong.
While the Kai Tak project will not contribute meaningful to EBITDA
in the next five years, Fitch expects the project's capital value
to be preserved as retail property values in Hong Kong are
resilient.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- High single-digit decline in revenue at SOGO Causeway Bay
      in 2016, followed by flat revenues from 2017 onwards

   -- 41%-42% EBITDA margin in 2016-2019

   -- Lifestyle to liquidate HKD2.5bn of its financial
      investments (HKD4.4bn as of end-June 2016) to fund the Kai
      Tak project

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Sustained decline in revenue and sales proceeds from
      existing businesses

   -- Significant problems in execution of the Kai Tak project

   -- FFO fixed-charge coverage sustained below 2.8x (2015: 3.3x)

As the current rating is on Negative Outlook, Fitch does not
anticipate developments that would lead to a rating upgrade.
However, the Outlook may be revised to Stable when there is
further clarity on financing arrangements for the Kai Tak project
as well as a track record of maintaining FFO fixed-charge coverage
of above 3x.

FULL LIST OF RATING ACTIONS

   -- Long-Term Issuer Default Rating downgraded to 'BB+' from
      'BBB-'; Outlook Negative

   -- Senior unsecured rating downgraded to 'BB+' from 'BBB-'

   -- USD500m 5.25% senior notes due 2017 downgraded to 'BB+'
      from 'BBB-'

   -- USD300m 4.25% senior notes due 2022 downgraded to 'BB+'
      from 'BBB-'

   -- USD300m 4.5% senior notes issued by LS Finance (2025)
      Limited and guaranteed by Lifestyle downgraded to 'BB+'
      from 'BBB-'



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


AL AZIZ: ICRA Lowers Rating on INR17cr ST Loan to 'D'
-----------------------------------------------------
ICRA has revised the long term rating for the INR7.50 crore fund
based facilities (sub limit) of M/s Al Aziz. and Company from
[ICRA]BB (Stable) to [ICRA]D. ICRA has also revised the short term
rating for the INR17.00 crore fund based facilities and INR7.50
crore non-fund based facilities (sub limit) of the firm from
[ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term-Fund          (7.50)       [ICRA]D; revised from
   Based Facilities                     [ICRA]BB (Stable)

   Short term-Fund         17.00        [ICRA]D; revised from
   Based Facilities                     [ICRA]A4

   Short term-Non-         (7.50)       [ICRA]D; revised from
   Fund Based Facilities                [ICRA]A4

The revision in the ratings considers the delays observed in
servicing of debt obligations by the firm.

Commenced in 2007 as a partnership firm, Al Aziz and Company is
engaged in sale of cashew kernels and raw cashew nuts (RCNs). The
firm procures its raw materials primarily from Africa and
Indonesia, processes them in its manufacturing facilities located
in Kollam, Kerala and primarily exports the processed blanched
cashew kernels to USA, Europe and the Middle East countries. Part
of the sales is also done in domestic markets and in through
merchant exports, although these have remained less than 30% in
the last few years. The firm is currently managed by Mr. M. A.
Anzar.

The firm traces its roots to a partnership firm -- Abbas Cashew
Company founded in 1982, by Mr. M A Anzar's father. In 2007, the
then partners of erstwhile Abbas Cashew Company (Mr. Anzar and his
cousin, Mr. Mohammed Najeeb), decided to split into two groups -
a) AA Nutts group comprising of two partnership firms - AA Nutts
and Al Aziz and Company - managed by Mr. M A Anzar and, b) the
Alpha group comprising of two other partnership firms - Alpha
International and Afeef Cashew Company - managed by Mr. Mohammad
Najeeb.


ANDHRA POLYMERS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Andhra Polymers
Pvt Ltd's (APPL) 'IND BB+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended APPL's ratings on 8 March 2016.

APPL's ratings:

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

   -- INR105 million non-fund-based working capital limits:
      'IND A4+ (suspended)'; rating withdrawn

   -- INR90 million fund-based working capital limits: 'IND BB+
      (suspended)'/'IND A4+(suspended)'; ratings withdrawn


ANURADHA STEELS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Anuradha Steels
Private Limited's (ASPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended ASPL's ratings on 25 February 2016.

ASPL's ratings:

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

   -- INR40 million fund based working capital limits: 'IND BB-
      (suspended)'/'IND A4+(suspended)'; ratings withdrawn

   -- INR96 million long-term loan: 'IND BB-(suspended)'; rating
      withdrawn


APRA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Apra Enterprises
continues to reflect AE's below-average financial risk profile and
exposure to fluctuations in raw material prices. These rating
weaknesses are offset by the moderate scale of operations and the
extensive experience of AE's promoters in the chemicals trading
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             120      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        330      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its promoter's extensive experience in the chemical
trading industry. The outlook may be revised to 'Positive' if the
firm's financial risk profile improves significantly, as a result
of larger-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if AE's working capital requirements
increase significantly or profitability continues to remain weak
leading to deterioration its liquidity or debt-protection metrics.

Set up in 1984 as a proprietorship concern by Mr. Anil Bajaria, AE
trades in chemicals, such as acetone, toluene, xylene, and acetic
acid. The firm, based in Mumbai (Maharashtra), is managed by Mr.
Anil Bajaria and his son, Mr. Viraj Bajaria.


AROMA BIOTECH: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aroma Biotech
Private Limited's (ABPL) 'IND D(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended ABPL's ratings on July 16, 2016.

ABPL's ratings:

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

   -- INR130 million fund-based working capital limits: Long-term
      'IND D(suspended); rating withdrawn

   -- INR417 million Long-term loan: Long-term 'IND D(suspended);
      rating withdrawn


B. NEHAL: ICRA Suspends 'D' Rating on INR66cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR66.00
crore, fund based facilities & INR0.38 crore term loan facility of
M/s. B. Nehal. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

M/s. B. Nehal (BN) was established in 1988 and is engaged in the
import of rough diamonds and processing and export of Cut and
Polished Diamonds. The firm was reconstituted in 1993 and later in
1999 by its current partners. The firm has its head office at
Mumbai and a production facility at Surat. BN primarily procures
rough diamonds from Belgium and the local market and deals in
smaller, medium and large size diamonds which lie in the range of
20 cents to 5 carats.


BHARAT COTTON: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bharat Cotton
Corporation's (BCC) 'IND B(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended BCC's ratings on February 16, 2016.

CCC's ratings:

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

   -- INR45 million fund-based working capital limits: Long-term
      'IND B(suspended)'/Short-term 'IND A4(suspended)'; ratings
      withdrawn

   -- INR21.34 million term loan: Long-term 'IND B(suspended);
      rating withdrawn


BIMLA MARU: CRISIL Lowers Rating on INR250MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bimla
Maru Fashions Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit        140       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       12.5     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

The downgrade reflects overdrawals in the cash credit limit for
more than 30 days on account of devolvement of letter of credit.
Repayment of business loans (not rated by CRISIL) has also been
delayed, owing to weak liquidity, caused by stretched receivables,
also reflected in the frequently over-utilised bank limit.

The ratings continues to reflect the small scale of operations,
exposure to intense competition in the readymade garments industry
and the below-average financial risk profile, constrained by a
high total outside liabilities to tangible networth ratio and weak
debt protection metrics. These weaknesses are partially offset by
the extensive experience of the promoters.

BMFPL, incorporated in 1999, trades in garments and upholstery
fabric; it imports fabric, primarily from China, and markets the
garments in India. The company also manufactures trousers, and has
an in-house design team, which provides specifications to weavers.
The manufacturing facility is located at Noida. The company has
set up an office in Bangladesh to coordinate imports of fabric
from China, for re-export (in the form of garments) to India.


C. ESWARA: CRISIL Hikes Rating on INR8.5MM Term Loan to B-
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities C. Eswara
Reddy and Company to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           75       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Overdraft Facility       20       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Term Loan                 8.5     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by CERC. The upgrade
also factors in CRISIL's belief that the company will continue to
service its debt obligation in a timely manner backed by continued
funding support from promoters.

The ratings continue to reflect modest scale of operations in the
highly competitive civil construction industry, geographical
concentration in its revenue profile, and the working-capital-
intensive nature of its operations. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoter.
Outlook: Stable

CRISIL believes that CERC will continue to benefit over the medium
term from the experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's scale of operations
and profitability, or if the firm diversifies its revenue profile
by catering to multiple customers or geographies, or if its
promoters make a substantial capital infusion, leading to
improvement in its net worth. Conversely, the outlook may be
revised to 'Negative' if the firm's revenue and operating margin
decline because of delay in execution of projects, or in case of a
substantial decline in its order book, or if it undertakes a large
debt-funded capital expenditure programme, thereby weakening its
financial risk profile.

CERC was set up in 1994 by Mr. C Eswara Reddy and his family
members. The firm constructs roads, and caters to government
entities in Andhra Pradesh (AP) and Telangana. It is based in
Hyderabad.


CAVIER BATHFITTINGS: CRISIL Assigns B+ Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Cavier Bathfittings Ltd and has assigned its
'CRISIL B+/Stable' rating to the facilities. CRISIL had, on July
29, 2016, suspended the ratings as CBFL had not provided the
information required to maintain a valid rating. The company has
now shared the requisite information, enabling CRISIL to assign a
rating to its facilities.

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

   Proposed Long Term       30       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects the company's modest scale of operations in
the highly competitive bath fittings industry, and its large
working capital requirement. These weaknesses are partially offset
by its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes CBFL will continue to benefit from its promoter's
experience in the bath fittings industry. The outlook may be
revised to 'Positive' if revenue and operating profitability are
higher than expected, or if working capital cycle improves,
resulting in a better capital structure. The outlook may be
revised to 'Negative' if operating margin is lower than expected,
or if the company undertakes considerable debt-funded expansion,
or if its working capital management weakens, hitting its
financial risk profile.

CBFL, promoted by Mr. Vrundavan Ajudia and based in Jamnagar,
Gujarat, was incorporated in 2008. It manufactures premium bath
fittings.

For fiscal 2016, CBFL's net profit was INR0.85 million on sales of
INR154.98 million, against a net profit of INR0.74 million on
sales of INR132.07 million in the previous fiscal.


CG ISPAT: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CG Ispat Private
Limited's (CGIPL) 'IND BB+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended CGIPL's ratings on July 3, 2012.

CGIPL's ratings:

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

   -- INR272.2 million long term debt: 'IND BB+(suspended)';
      rating withdrawn

   -- INR220 million fund-based working capital limits: 'IND
      BB+(suspended)'; rating withdrawn

   -- INR100 million non-fund-based working capital limits: 'IND
      A4+(suspended)'; rating withdrawn


CHANAKYA TECHNOS: ICRA Suspends 'B' Rating on INR8.15cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR2.00 crore fund based cash credit facility and INR8.15 crore
non fund based bank guarantee limits of Chanakya Technos Private
Limited. The short term rating for the standby line of credit of
INR0.15 crore at [ICRA]A4 has also been suspended. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

CTPL was set up as a partnership concern in 1990 by Mr. Ravi
Shankar Pathak and Mr. Mani Shankar Pathak. It was converted into
a private limited company under its present name in 2002. The
company primarily undertakes civil construction work which
includes construction of roads, bridges and linking of railway
tracks. The company's operations are limited to the state of
Bihar, with the company executing contracts for various Government
and public sector units.


CRYSTAL CLOTHING: Ind-Ra Withdraws IND D Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Crystal Clothing
Company's (CCC) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended CCC's ratings on February 19, 2016.

CCC's ratings:

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

   -- INR70.0 million fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended); ratings withdrawn

   -- INR1.0 million Long-term loan: Long-term 'IND D(suspended);
      rating withdrawn


DDR AND COMPANY: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to INR1.00
crore fund based limits and the short term rating at [ICRA]A4
to INR7.00 crore non fund based limits of DDR and Company.
ICRA has also reaffirmed the long term/short term ratings at
[ICRA]B+/[ICRA]A4 to INR2.50 crore unallocated limits of the firm.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term fund based     1.00       [ICRA]B+; reaffirmed

   Long term non fund
   Based                    7.00       [ICRA]A4; reaffirmed

   Long term/Short term     2.50       [ICRA]B+/[ICRA]A4;
   Unallocated                          Reaffirmed

The rating reaffirmation factors in small scale of operations of
the firm, high sectoral concentration on road sector and high
geographic concentration risk as the operations of the firm are
limited to few districts of Andhra Pradesh. The ratings remain
constrained by the modest scale of operations of the firm with
revenue de-growth of ~15% in FY2016 owing to weak inflow of
orders. The ratings also consider low order book of INR22.45 crore
as on October 31, 2016 translating to OB/OI of less than 1x
providing limited revenue visibility. The ratings factor in highly
fragmented nature of the industry with low entry barriers that
lead to intense competition between various players and the risks
associated with the partnership nature of the firm as reflected in
the frequent capital withdrawal by the partners in the past.

However, the ratings assigned continue to derive support from vast
experience of the promoters in the road sector, the firms'
established client base consisting primarily of government
departments in Andhra Pradesh and the firm's status as a special
class contractor which allows it to bid for large projects floated
by the departments.

Going forward, the ability of the firm to secure and execute
higher value orders thereby increasing the scale of operations
with diversification to other geographies while improving margins
are the key rating sensitivities from credit perspective.

DDR and Company was established as a partnership firm in 1997 in
Tirupathi in Andhra Pradesh. The firm is primarily involved in
laying, strengthening, improving and maintaining roads in various
districts of Andhra Pradesh. It is managed by Mr. Shahul Hameed
who has vast experience in finance and Business management. He and
his family members were involved in Auto Finance business before
the inception of this venture. As on October 31, 2016, the firm
had an unexecuted orderbook of INR22.45 crore.

Recent Results

As per the FY2016 audited financials, the firm registered PAT
levels of INR1.89 crore on an Operating Income of INR31.24 crore
as against PAT levels of INR3.03 crore on an Operating income of
INR36.91 crore during FY2015.


DHRUVDESH METASTEEL: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dhruvdesh
Metasteel Pvt Ltd's (DMPL) 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended DMPL's ratings on February 18, 2016.

DMPL's ratings:

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

   -- INR436.2 million long term loan :  'IND BB(suspended)';
      rating withdrawn

   -- INR200 million fund based working capital limits: 'IND
      BB(suspended)'; rating withdrawn

   -- INR70 million non-fund based working capital limits:  'IND
      A4+(suspended)'; rating withdrawn


GAJAVELLI SPINNING: ICRA Hikes Rating on INR51.51cr Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long term ratings assigned to INR51.51 crore
fund based limits of Gajavelli Spinning Mills Private Limited.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Long term fund based      51.51     [ICRA]B+; upgraded
                                       from [ICRA]B

The rating upgrade factors in the expected improvement in the
operating margins for the company during FY2017 aided by the low
cost raw material inventory (cotton lint) stocked by the company
as on March 31, 2016 as the cotton prices increased significantly
in H1, FY2017. The rating also factors in the presence of the
spinning mill in major cotton rowing region of Andhra Pradesh
(Guntur district) and the benefits received on term loan via the
interest subsidy granted under Technology Upgradation Fund Scheme.
The assigned rating also derives comfort from the vast experience
of promoters in the spinning industry for past two decades.

However, the assigned rating continues to be constrained by the
stretched capital structure with weak gearing levels of 3.93 times
as on March 31, 2016 and low NCA-to- Debt levels of ~10% during
FY2016. ICRA also factors in highly fragmented and competitive
industry with limited ability to pass on any variation in input
costs; the margins declined significantly in FY2016 owing to lower
realizations. ICRA also notes the vulnerability of revenues and
margins to fluctuations in cotton and yarn prices and exposure to
regulatory risks which affect the procuring price of ginned cotton
bales and selling price of cotton yarn.

Going forward the ability of the company to increase the scale of
operations, improve margins and coverage indicators, given high
repayment obligations in the near term, will key rating issues
from credit perspective.

Gajavelli Spinning Mills Private Limited, incorporated as private
limited company in April 2006 by Mr. Gajavelli Venkateswara Rao
and Mr. Gajavelli Poornachadra Rao, is primarily engaged in
producing cotton yarn. The mill is located in Guntur district of
Andhra Pradesh and has a capacity of 35184 spindles. Cotton Yarn,
Cotton waste and lint are the major products of the company. GSPL
produces carded and combed yarn 32's count. The company sold 6073
MT of cotton yarn during FY2016 as against 5127 MT of cotton yarn
during FY2015.

Recent Results

As per the FY2016 audited financials, the firm registered PAT
levels of INR2.88 crore on an Operating Income of INR106.65 crore
as against PAT levels of INR1.03 crore on an Operating income of
INR102.82 crore during FY2015.


GE GODAVARI: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GE Godavari
Engineering Limited (GEGEL) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended GEGEL's ratings on February 23, 2016.

GEGEL's ratings:

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

   -- INR106 million fund based working capital limits: 'IND
      B+(suspended)' and 'IND A4(suspended)'; ratings withdrawn

   -- INR50 million non-fund based working capital limits: 'IND
      A4(suspended)'; rating withdrawn


GEODESIC TECHNIQUES: Ind-Ra Withdraws 'IND D' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Geodesic
Techniques Pvt Ltd's 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Geodesic's ratings on February 16, 2016.

Geodesic's ratings:

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

   -- INR894.2 million long-term loans : 'IND D(suspended)';
      rating withdrawn

   -- INR391 million fund based working capital limits: 'IND
      C(suspended)' and 'IND A4(suspended)'; rating withdrawn

   -- INR600 million non-fund based working capital limits: 'IND
      A4(suspended)'; rating withdrawn


GIAN SAGAR: ICRA Suspends 'C' Rating on INR59.2MM LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]C rating assigned to the INR135.00
crore bank facilities of Gian Sagar Educational & Charitable
Trust. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              50.8       [ICRA]C; suspended
   Bank Guarantee           7.0       [ICRA]C; suspended
   Overdraft               18.0       [ICRA]C; suspended
   Long-term Unallocated   59.2       [ICRA]C; suspended

Gian Sagar Educational and Charitable Trust, established in the
year 2003, operates the Gian Sagar Group of Institutions in
Patiala district of Punjab which includes Gian Sagar Medical
College, Gian Sagar Dental College, Gian Sagar College of
Physiotherapy and Gian Sagar School and College of Nursing.
Through these colleges, GSECT runs various medical courses
including MBBS, MD/MS, BDS and Bachelors and Masters in Nursing
and Physiotherapy. The trust also operates Gian Sagar Hospital
which offers a complete range of latest diagnostic, medical and
surgical facilities.


GREENEEM AGRI: CRISIL Puts B+ Rating on 'Notice of Withdrawal'
--------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of GreeNeem
Agri Pvt Ltd on 'Notice of Withdrawal' for a period of 180 days on
GAPL's request. The ratings will be withdrawn at the end of the
notice period. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         50       CRISIL B+/Stable (Notice
                                     of Withdrawal)

   Packing Credit           10       CRISIL A4 (Notice of
                                     Withdrawal)

Outlook: Stable

CRISIL believes that the GAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and profitability on a sustained basis,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company records low cash accruals or if its financial risk profile
weakens, most likely because of large debt-funded capital
expenditure or deterioration in working capital management, or
significant capital withdrawals by the promoters.

Established as a proprietorship concern in 1990 as 'K. Sivaram
Brothers' and later converted into a private limited company in
2007, GAPL is engaged in manufacturing of coir and neem based
products like coco peat, coco coir fiber, Neem Oil and Neem cake.
The company is based out of Virudhunagar, Tamil Nadu, and is
promoted by Mr. S. Sivaraman, Mr. S Prabakaran and Mr. S. Sundar.


HARIHAR ROCKS: CRISIL Suspends 'D' Rating on INR39MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Harihar
Rocks.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit                39       CRISIL D
   Export Packing Credit       5       CRISIL D
   Letter of Credit            4       CRISIL D
   Term Loan                  14       CRISIL D

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

HR, a partnership firm owned by Mr. Anand Swarup Gupta and his
family members, processes and polishes rough granite rocks into
granite slabs. HR is a 100 per cent export-oriented unit (EOU) and
supplies to direct export customers as well as other 100 per cent
EOUs. The firm's operations are managed by Mr. Anand Swarup Gupta.
Its processing facility is in Madurai (Tamil Nadu).


INDUS PROJECTS: Ind-Ra Withdraws 'IND BB' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Indus Projects
Private Limited's (IPPL) 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended IPPL's ratings on February 24, 2016.

IPPL's ratings:

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

   -- INR250 million non-fund-based limits: 'IND
      BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn

   -- INR25 million fund-based working capital limits: 'IND
      BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn


J M MHATRE: CRISIL Suspends 'B' Rating on INR150MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of J M Mhatre
Constructions Private Limited.

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

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

Incorporated in 2010, JM Constructions proposes to undertake a
residential real estate project in Karjat (Maharashtra).


JAM HOTELS: ICRA Suspends 'B' Rating on INR25cr Term Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR25.00 Crore term loan facilities of Jam Hotels and Resorts
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.

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


JAYAVEL PROCESSING: CRISIL Suspends B+ Rating on INR62MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jayavel Processing Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           62       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       18       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by JPM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JPM is yet to
provide adequate information to enable CRISIL to assess JPM'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 2013, JPM in engaged in dyeing and finishing of hosiery
fabric and yarn. The manufacturing unit is situated at Erode and
is being managed by Mr. Saminathan, who has over two decades of
experience in the industry. The firm is partnered by Mr.
Saminathan and his wife.


KOHINOOR HOSPITALS: ICRA Reaffirms B- Rating on INR56.41cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B- outstanding
on the INR56.41 crore term loan and INR1.00 crore non-fund based
limits of Kohinoor Hospitals Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              56.41      [ICRA]B- Reaffirmed
   Non-fund Based Limits    1.00      [ICRA]B- Reaffirmed

The reaffirmation of the rating takes into account the weak
liquidity position at a group level owing to slow sales of
commercial projects as well as the slower than expected ramp up of
the group's recent ventures in healthcare, education and
hospitality segments. The hospital's financial profile continues
to remain weak as evidenced by loss making operations and modest
cash accruals. However ICRA notes that the business turning
profitable at operating level with OPBDITA of INR1.43 crore during
FY 2016 owing to cost rationalisation measures undertaken. The
rating also takes into account the limited track record of the
promoter group in the healthcare business, the modest scale of
operations of the hospital, and its exposure to concentration
risks inherent in single asset companies.

The rating however positively takes into account the presence of
experienced consultants in the hospital's panel of doctors, which
is likely to have a positive impact on the occupancy levels of the
hospital, and its foray into specialized services that is expected
to support profitability and well as improve brand strength, have
been taken into consideration as well. The ratings also favorably
consider the limited competition, given the lack of adequate
tertiary care facilities in the vicinity and no major expected
supply. ICRA has also taken note of the fact that all the
facilities are fully operational with no major capital expenditure
expected to be incurred in the near term.

Going forward KHPL's ability to increase the occupancy levels of
the hospital through better utilization of its existing
facilities, scale up its operations, and achieve a healthy
profitability level would also be key rating sensitive factors.

Incorporated in May 2007, Kohinoor Hospitals Private Limited was
promoted by the Mumbai-based Kohinoor Group, as part of the
Group's endeavor to venture into the healthcare sector. KHPL has
set up a 147-bed multi-specialty hospital at the Kurla suburb of
Mumbai, which became operation in FY 2011. The project is a part
of an integrated township project being undertaken by the Group.
The hospital commenced operations with 71 paid beds that were made
fully operational in July 2010. KHPL's board of members comprises
Mr. Unmesh Manohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi
Unmesh Joshi.

For the financial year ending March 2015, KHPL reported a net loss
of INR14.78 crore on an operating income (OI) of INR54.11 crore.
For the financial year ending March 2016, KHPL reported a net loss
of INR8.27 crore on an OI of INR55.40 crore.


KOTAK URJA: ICRA Lowers Rating on INR22cr Cash Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR30.00
crore1 fund based limits of Kotak Urja Private Limited from
[ICRA]B- to [ICRA]D. ICRA has revised the short-term rating
assigned to the INR12.00 crore non fund based limits from [ICRA]A4
to [ICRA]D. ICRA has also revised the rating assigned to the
INR16.57 crore unallocated limits of the company from [ICRA]B-
/[ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Cash         22.00        [ICRA]D ; revised
   Credit                               from [ICRA]B-

   Fund Based Working       8.00        [ICRA]D ; revised
   Capital Term Loan                    from [ICRA]B-

   Non-Fund Based           5.00        [ICRA]D ; revised
   Letter of Credit                     from [ICRA]A4

   Non-Fund Based           7.00        [ICRA]D ; revised
   Bank Guarantee                       from [ICRA]A4

   Fund Based/Non Fund     16.57        [ICRA]D ; revised
   Based Unallocated                    from [ICRA]B-/A4

Rating Rationale
The ratings downgrade is on account of delays in the debt
servicing by the company due to its stretched liquidity position.

Kotak Urja Private Limited is a Bangalore based company and was
incorporated in 1997. It is engaged in the design, development,
manufacture, integration, installation, commissioning and after
sales service of various solar photovoltaic (lighting) and solar
thermal (heating) applications. KUPL has the facilities to
manufacture solar water heating systems and solar photo-voltaic
modules. The company also has a R&D facility to design & develop
new solar photo-voltaic products and provide customized solutions
to customers to suit their requirements.

Recent Results
KUPL reported a profit after tax (PAT) of INR0.14 crore on an
operating income (OI) of INR129.21 crore in FY2015, as against a
PAT of INR2.17 crore on an OI of INR122.66 crore in FY2014.


KSR INFRACON: Ind-Ra Withdraws 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KSR Infracon
Private Ltd's 'IND BB-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended KSR Infracon Private Ltd's ratings on 18 February
2016.

KSR Infracon Private Ltd's ratings:

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

   -- INR40 million fund-based working capital limits: 'IND BB-
      (suspended)' and 'IND A4+(suspended)' ; rating withdrawn

   -- INR75 million non-fund-based limits: 'IND A4+(suspended)' ;
      rating withdrawn

   -- Proposed INR260 million fund-based working capital limits:
      'Provisional IND BB-(suspended)' and 'Provisional IND
      A4+(suspended)' ; ratings withdrawn

   -- Proposed INR1,125 million non-fund-based working capital
      limits: 'Provisional IND A4+(suspended)' ; rating withdrawn


MAHALAXMI TECHNOCAST: ICRA Reaffirms B Rating on INR25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR25-crore
fund-based bank facilities of Mahalaxmi Technocast Limited. ICRA
has also reaffirmed the [ICRA]A4 rating assigned to the INR25.00-
crore non-fund based bank facilities of MTL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Bank
   Limits                  25.00       [ICRA]B; reaffirmed

   Non-Fund Based
   Bank Limits            (25.00)      [ICRA]A4; reaffirmed

Rationale

The reaffirmation of ratings take into account the long track
record of the promoter in the steel business and a limited
business availability risk as a major part of its revenue is
contributed by Raipur-based Mahamaya Group, though business
concentration risk remains a concern. ICRA notes that the turnover
of the company has increased significantly during FY2016, its
first full year of trading operations. The ratings are, however,
constrained by the small size of MTL's operations at present
(though the same increased significantly during FY2016) and a low
profit margin at operating level during FY2016. However, the
company reported a net profit, backed by a non-operating income as
well as gain from sale of investments/assets. MTL's debtor level
remained significant as reflected by the high receivables as on
March 31, 2016, a major part of which was accounted by the
Mahamaya Group. ICRA believes that any deterioration in the credit
quality of the Mahamaya Group companies and a delay in payment to
MTL would adversely impact its liquidity position. Any shortfall
in funds would require additional working capital loan, which
could increase MTL's interest burden, thereby impacting its
profitability. The ratings are also impacted by the ongoing
slowdown in the steel sector, due to which MTL's growth and
profitability are likely to remain under pressure in the short
term. The company's exposure to the cyclicality associated with
the steel industry is likely to keep its profitability and cash
flows volatile in the future.

MTL was incorporated in 2000 by Raipur-based Mr. Rishikesh Dixit,
who has been involved in steel business for more than a decade.
The company has been involved in trading of various steel products
and related minerals since FY2015, prior to which it was only
involved in trading of equity investments and finance business.
During FY2016, MTL sold around 60,000 metric tonnes (MT) of steel
products compared to around 4,000 MT in FY2015. More than 90% of
MTL's sales are contributed by the Raipur-based Mahamaya Group
companies, which are involved in steel manufacturing.

Recent Results
As per the audited financial statements, MTL reported an operating
income of INR65.55 crore and a net profit of INR0.47 crore against
an operating income of INR7.94 crore and a net profit of INR1.97
crore in FY2015.


MALAYALAM CARS: CRISIL Suspends 'B+' Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Malayalam Cars and Services Private Limited.

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Inventory Funding Facility     60      CRISIL B+/Stable
   Proposed Inventory Funding     40      CRISIL B+/Stable

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

MCSPL is an authorised dealer for Ford in Kerala under the trade
name Malayalam Ford; it has one showroom in Kundanoor (Kerala).
MCPL was set up in 1998 by Mr. Ravindranathan and his family; it
is an authorised dealer for Ford's cars in Tamil Nadu and
Puducherry. The operations of both entities are managed by
managing director Mr. S Ravindranathan.


N. SOUNDARYAMMA: CRISIL Suspends B+ Rating on INR56MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of N.
Soundaryamma.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           56       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by NS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NS is yet to
provide adequate information to enable CRISIL to assess NS'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 2013, NS is based in Kanchipuram (Tamil Nadu) and has
set up three godowns that are leased out to Food Corporation of
India. The day-to-day operations of the firm are managed by Mr.
Dasari Kishore.


NAGPAL TRADERS: ICRA Suspends B+ Rating on INR65.82cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR65.82 crore bank
facilities of Nagpal Traders. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the firm.


P PRABHAKARAN: ICRA Suspends B- Rating on INR6cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B- rating, assigned to the INR6.00
crore long term fund based facilities & [ICRA]A4 rating assigned
to the INR1.00 crore short term non-fund based facilities of M/s
P Prabhakaran. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the firm.


PAREKH AGENCIES: CRISIL Assigns 'B+' Rating to INR20MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Parekh Agencies.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                18       CRISIL B+/Stable
   Letter of Credit         40       CRISIL A4
   Bill Discounting
   under Letter of Credit   27       CRISIL A4
   Cash Credit              20       CRISIL B+/Stable

The ratings reflect a modest scale of operations with thin margins
in the competitive bulk drugs and plastic granules trading
business. The ratings also factor in customer concentration in
revenue and an average financial risk profile because of a modest
networth and capital structure. These weaknesses are partly offset
by the extensive business experience of the partners, and
controlled working capital management.
Outlook: Stable

CRISIL believes PA will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' if sustained increase in scale of operations and
improvement in profitability margin leads to higher-than-expected
cash accrual, or sizable fresh capital infusion corrects the
capital structure. The outlook may be revised to 'Negative' in
case of further deterioration in profitability resulting in lower-
than-expected cash accrual, or a stretched working capital cycle,
weakening the financial risk profile, especially liquidity.

Established in 1990 and based in Indore, Madhya Pradesh, PA is a
family-managed partnership firm of Mr Vijay Parekh, Mr Aditya
Parekh, and Mrs Rooplata Parekh. The firm trades in starch,
pharmaceutical bulk drugs, and imported plastic granules used for
manufacturing bottles for intravenous glucose.

The partners also own Dhanlaxmi Starch Products, which
manufactures modified starch used as an adhesive in various
industries. Its manufacturing facility is near Indore.


PIONEER AGRO: CRISIL Reaffirms B- Rating on INR62.5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pioneer Agro Extracts
Ltd continue to reflect the weak financial risk profile, marked by
modest debt protection metrics and declining networth, moderate
scale of operations and exposure to intense competition in the
edible oil industry. These rating weaknesses are partially offset
by extensive experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            62.5      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       50.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that the credit profile will continue to be weak
over the medium term, on account of the modest scale of operations
and weak financial risk profile. The outlook may be revised to
'Positive' if the company reports significant growth in its
revenue and profitability, along with improvement in the financial
risk profile. The outlook may be revised to 'Negative' if further
deterioration in demand, decline in profitability, or stretch in
the working capital cycle, weakens the financial risk profile.

PAEL, incorporated in 1993, is owned and managed by Mr Jagat
Aggarwal. The company used to manufacture vanaspati (50 tonnes per
day [tpd]) and refined oil (90 tpd) at its facility in Pathankot
(Punjab). With effect from June 30, 2015, the company has
suspended its manufacturing operations and now only trades in oil.
The company is listed on the Bombay Stock Exchange.


R.R OVERSEAS: CRISIL Assigns 'B' Rating to INR62MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R.R Overseas.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        62        CRISIL B/Stable
   Cash Credit             45        CRISIL B/Stable
   Long Term Loan          13        CRISIL B/Stable

The rating reflects the firm's limited track record, average
financial risk profile because of high gearing and muted debt
protection metrics, and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of promoters in the basmati rice industry and their funding
support.
Outlook: Stable

CRISIL believes RR will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if higher-than-expected sales or
profitability or substantial equity infusion significantly
improves capital structure. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual or sizeable
working capital requirement or debt-funded capital expenditure.

Set up as a partnership firm in 2013 by members of Ohri and
Davesar families, RR mills and processes basmati rice at its unit
in Tarn Taran Sahib, Punjab, which began operating from November
2015.


ROJER MATHEW: CRISIL Reaffirms 'B-' Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rojer Mathew and
Company continue to reflect RMC's moderate scale of operations,
its working capital intensive operations and below average
financial risk profile, with weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the civil construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL A4 (Reaffirmed)
   Cash Credit             80       CRISIL B-/Stable (Reaffirmed)

CRISIL had downgraded its rating on the long-term bank facilities
of RMC to 'CRISIL B-/Stable' from 'CRISIL B/Stable', while the
rating on the firm's short-term facility had been reaffirmed at
'CRISIL A4' on June 01, 2016.
Outlook: Stable

CRISIL believes RMC will continue to benefit over the medium term
from the promoters' extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' if ramp-up in
scale of operations, healthy operating profitability, or efficient
working capital management leading to improvement in credit
metrics. Conversely, the outlook may be revised to 'Negative' if
low cash accrual or deterioration in working capital management
results in weaker liquidity.

Set up as a partnership firm in Kochi (Kerala), RMC executes civil
contracts for Kerala Public Works Department. Operations of the
firm are managed by key partner, Mr. Rojer Mathew.


RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR142MM Loan to B+
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ruksh Exim Private
Limited continue to reflect the company's weak financial risk
profile marked by high gearing, its large working capital
requirements, and small scale of operations in the intensely
competitive finished leather industry. These rating weaknesses are
partially offset by the extensive experience of REPL's promoters
in the finished leather industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill
   Discounting            12.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        8.0      CRISIL A4 (Reaffirmed)

   Packing Credit         97.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    142.0      CRISIL B+/Stable (Reaffirmed)

   Term Loan              10.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive industry experience. CRISIL,
however, also believes that the company's financial risk profile
will remain constrained by large working capital requirements
during the period. The outlook may be revised to 'Positive' if
REPL improves its capital structure and working capital management
or scales up its operations while maintaining profitability.
Conversely, the outlook may be revised to 'Negative' if REPL's
liquidity or capital structure weakens or its revenue or
profitability declines, or if the company undertakes a large debt-
funded capital expenditure programme.

REPL, based in Kanpur (Uttar Pradesh), was set up in 2008 by Mr.
Iftikar Mohammad, his brother, Mr. Mohammad Shahid, and their
father, Mr. A Haque. REPL manufactures and exports finished
leather.


S.S. RICE: CRISIL Assigns B+ Rating to INR75.4MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of S.S. Rice Unit.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              14.6       CRISIL B+/Stable
   Cash Credit            40.0       CRISIL B+/Stable
   Proposed Fund-
   Based Bank Limits      75.4       CRISIL B+/Stable

The rating reflects modest scale and working capital intensity in
the firm's operations in the intensely competitive rice industry,
and weak financial risk profile, marked by low networth. These
weaknesses are partially offset by the extensive experience of the
partners.
Outlook: Stable

CRISIL believes SSRU will continue to benefit over the medium term
from its partners' extensive experience in the rice industry. The
outlook may be revised to 'Positive' if increase in revenue and
profitability, or significant infusion of capital result in
stronger financial metrics, including capital structure.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, or any large capital expenditure
weakens the financial risk profile

SSRU is a Haryana based partnership firm, established and promoted
in 1998 by Mr. Sudesh Kumar, Mr. Rakesh Kumar and Mr. Rajesh
Kumar. The firm processes Indian rice, including basmati, to local
customers, and undertakes job work for Food Corporation of India.


SHRI GANESH: ICRA Lowers Rating on INR3cr Fund Based Loan to D
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR3.00-
crore fund-based bank facilities of Shri Ganesh Fire Equipments
Private Limited to [ICRA]D from [ICRA]B. ICRA has also revised the
short-term rating from [ICRA]A4 to [ICRA]D on the INR3.00-crore
non-fund based bank facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limits        3.00        [ICRA]D; revised
                                        from [ICRA]B

   Non-fund Based Limits    3.00        [ICRA]D; revised
                                        from [ICRA]A4

The ratings revision reflects the delays in SGFL's interest
servicing, which remained uncorrected for more than 30 consecutive
days as stretched receivables and unsold inventory weakened its
liquidity profile. Heavy dependence on government-related orders
elongated the receivable cycle, which kept the working capital
intensive. Debtor days of more than six months stood at more than
100% of the company's net worth as on March 2016.The ratings also
take in to account the company's small scale of current operations
and the weak financial risk profile, characterised by decline in
operating income in FY2016, leveraged capital structure and weak
debt coverage metrics.

The ratings, however, derive comfort from the significant
experience of the management in the firefighting equipment
industry and continued support from the promoters in terms of
infusion of unsecured loans.

Going forward, the ability of the company to ramp up its scale of
operations, manage its working capital cycle, improve the capital
structure in a sustainable manner and regularise its interest
obligations will be the key rating sensitivities.

SGFL, an ISO 9001:2008 certified company, manufactures fire
fighting vehicles such as water tenders, foam tenders, dry
chemical powder tenders, crash fire tenders, and trailer fire
pumps and special purpose vehicles such as water cannon vehicles
for riot control operations. SGFL has three manufacturing
facilities, of which two are located in Delhi and one is in
Vaishali, Bihar.

Recent Results

In FY2016, the company reported an operating income (OI) of
INR9.02 crore and a net profit of INR0.06 crore, as against an OI
of INR13.34 crore and a net profit of INR0.13 crore in the
previous year.


SHRI JOTHILINGAM: CRISIL Suspends B+ Rating on INR65MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shri
Jothilingam Pattu Mahal Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL B+/Stable

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

SJPMPL, incorporated in 2006 by Mr. A. Senthil Kumar, retails in
textile products. The company currently has two showrooms at
Kovilpatti, district Tuticorin, Tamil Nadu.


SHRI VISHNU: ICRA Suspends B/A4 Rating on INR10cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B and the short
term rating of [ICRA]A4 assigned to the INR10.00 crore bank
facilities of Shri Vishnu Perumaal Spin Yarn Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


SIVA AUTOMOTIVE: CRISIL Suspends B- Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Siva
Automotive Trading Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B-/Stable
   Inventory Funding
   Facility                10        CRISIL B-/Stable
   Long Term Bank
   Facility                 8.5      CRISIL B-/Stable
   Proposed Working
   Capital Facility        21.5      CRISIL B-/Stable

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

Incorporated in 2013, SATPL is an authorised dealer for Maruti
Suzuki India Ltd (rated, 'CRISIL AAA/Stable/CRISIL A1+'). SATPL
runs one show room in Madurai (Tamil Nadu) and is promoted by Mr.
M Arumugam and family.


SUJAY KUMAR: CRISIL Suspends B+ Rating on INR43.7MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sujay
Kumar Shetty.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4
   Cash Credit             15       CRISIL B+/Stable
   Long Term Loan           1.3     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      43.7     CRISIL B+/Stable

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

SKS was established in 1999 by Mr. Sujay Kumar Shetty as a
proprietary firm and is engaged in civil construction works in
Karnataka.


SURANA METACAST: CRISIL Cuts Rating on INR84.8MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Surana
Metacast India Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Cash Credit             25        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Drop Line Overdraft     84.8      CRISIL D (Downgraded from
   Facility                          'CRISIL B+/Stable')

   Letter of Credit        15.0      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term      23.8      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan               40.9      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')
The downgrade reflects instances of delay in debt servicing
resulting from weak liquidity and financial risk profile. The same
has been on account of downturn in the steel industry and hence
weak demand scenario and lower realisations leading lower
operating margins and hence weak cash accruals.

The ratings also reflect below-average financial risk profile,
small scale of operations and vulnerability of the company's
operating margin to volatility in raw material prices. These
weaknesses are partly offset by promoters' extensive experience in
the steel industry.

SMPL, a private limited company, was incorporated in 2011 and is
promoted by the Gujarat based Surana family. The directors of SMPL
are Mr. Sunil Surana and his brother, Mr. Basantilal Surana. The
company is into manufacturing of Stainless Steel (SS)
billets/ingots at Mandali near Mehsana (Gujarat). SMPL also gets
rounds and flats manufactured via jobwork.

For 2015-16, on provisional basis SMPL reported a net profit of
INR2.8 million on net sales of INR319.1 million against a net
profit of INR2.8 million on net sales of INR323.5 million for
2014-15.


SWASTIK CHEMICALS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Swastik Chemicals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   SME Gold Card            7        CRISIL B+/Stable

The rating reflects a modest scale of operations, exposure to
competition in the mentha industry, and a below-average financial
risk profile because of a small net worth and a weak capital
structure. These rating weaknesses are partially offset by the
extensive industry experience the proprietor and her funding
support.

For arriving at the rating, CRISIL has treated unsecured loans of
around INR12.1 million from the proprietor and family members as
on March 31, 2016, as neither debt nor equity. This is because the
loans are expected to remain in the business over the medium term.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoter' extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
the business risk profile due to significant scaling of operations
along with stable or higher profitability without deteriorating
the working capital management as well as improvement in the
financial risk profile from substantial infusion of equity.
Conversely, the outlook may be revised to 'Negative' in case of
lower profitability or significant pressure on the firm's working
capital management due to larger-than-expected inventory or delays
in receivables.

SC is a proprietorship firm setup by Mrs. Neeta Gupta in 2003. The
firm is engaged in manufacturing of mentha crystals and
dementholized oil (DMO) from mentha oil. The firm has a
manufacturing unit in Rampur, UP. The day-to-day business is
managed by Mr. Sanjay Agarwal (husband of Mrs. Neeta Gupta).


TANGLING MINI: ICRA Raises Rating on INR19.40cr Term Loan to B
--------------------------------------------------------------
ICRA has upgraded its long-term rating on the INR20 crore fund-
based facilities of Tangling Mini Hydel Power Project to [ICRA]B
from [ICRA]B-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits-      19.40      [ICRA]B; Upgraded
   Term Loan                          from [ICRA]B-

   Fund-Based Limits-       0.60      [ICRA]B; Upgraded
   Unallocated                        from [ICRA]B-

The upgrade factors in TMHPP's increased cash accruals over past
two years, which have been further supported by the receipt of
capital subsidy from the Ministry of New and Renewable Energy
(MNRE). The rating action also takes into account the prepayments
done by TMHPP, leading to substantial reduction in long-term
loans, thereby leading to an improvement in gearing levels, from
1.55 x in FY 2014 to 0.91 x in FY 2016.

Further, the rating also derives comfort from the firm's off-take
arrangement with the Himachal Pradesh State Electricity Board
(HPSEB) for a tenure of 40 years, providing aqeduate revenue
visibility on the back of the project's competitive tariff and the
limited demand risks.

However, the rating continues to be constrained by the limited
cushion available between the firm's cash accruals and debt
repayments, rendering it vulnerable to periods of low power
generation. The rating also factors in the firm's exposure to
hydrological risks, as TMHPP is not covered under a deemed
generation clause, in case of adversities such as shortage of
water or low generation due to silting.

Going forward, satisfactory hydrology and the company's ability to
meet the design performance parameters, thereby leading to a
sustained improvement in accruals, will be the key rating drivers.

TMHPP is a partnership firm, jointly promoted by Sai Engineering
Foundation and Mr. K.K. Kashyap. The firm operates a 5 Mega Watt
(MW) run-of-the-river hydel power plant on the Tangling Nallah, a
tributary of River Sutlej, in district Kinnaur of Himachal
Pradesh. The plant commenced commercial operations in December
2010. TMHPP has entered into a Power Purchase Agreement (PPA) for
40 years with Himachal Pradesh State Electricity Board (HPSEB) for
the sale of power generated at a fixed tariff of INR2.95 per unit.
The project is expected to generate 22.74 Million Units (MU) in a
75% dependable year.

Recent Results

The firm reported a net profit of INR1.00 crore on an operating
income of INR3.91 crore in FY2016 as compared to a net profit of
INR0.88 crore on an operating income of INR4.42 crore in the
previous year.


THINKAL NUTS: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Thinkal
Nuts.

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

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

TN was set up as a proprietorship firm in 2013 by Mr. N Sadashiv
Nair. The firm sells cashew kernels in the domestic market. It
currently operates a single processing facility in Kollam
(Kerala).


TRINITY EYE: ICRA Suspends B+ Rating on INR6.97cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating, assigned to the INR6.97
crore long term fund based facilities & [ICRA]B+/A4 rating
assigned to the INR8.03 crore long term/short term proposed
facilities of Trinity Eye Hospital. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the firm.


TRUE WELL: ICRA Reaffirms 'B' Rating on INR9.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to INR9.00
crore fund based facilities, INR4.37 crore term loan, and INR2.63
crore unallocated limits of True Well E Pipe Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit              9.00        [ICRA]B Reaffirmed

   Term Loans               4.37        [ICRA]B Reaffirmed

   Unallocated Limits       2.63        [ICRA]B Reaffirmed

The rating considers the small scale of operations of the firm,
and weak financial profile characterized by thin margins with
operating and net margins at 6.95% and 0.28% respectively in FY
2016, high gearing levels of 2.78 as on March 31, 2016, stretched
coverage indicators with interest coverage ratio at 1.59 times and
NCA/Debt of 7%, and constrained liquidity position with high
working capital intensity of 35% in FY 2016. ICRA notes that
profitability of the firm is vulnerable to the fluctuations in key
raw material prices as it constitutes more than 80% of the cost of
production. Also, TWEPI being a proprietorship firm, there is a
risk of capital withdrawal by the promoter. The rating, however,
factors in long track record of the promoters of about two decades
in PVC pipe industry and favourable growth prospects driven by
demand in drip irrigation and government's impetus on sewerage
schemes.

Going forward, the ability of the firm to improve the scale of
operations, margins, and accruals, and efficiently manage its
working capital requirements would remain key rating
sensitivities.

True Well E Pipe Industries was established as a proprietary
concern in 2012 by Mr. M. V. Rama Krishna. The firm is involved in
the manufacturing of rigid PVC pipes of different dimensions
certified by BIS. The total installed capacity of the plant is
1200 kgs per hour and the plant is located in Nellore district of
Andhra Pradesh. The promoter was also the proprietor of True Well
Pipe Industry. On June 10, 2014 the business of TWPI is
transferred to TWEPI.


WESTERN HILL: CRISIL Suspends 'D' Rating on INR191.2MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Western
Hill Foods Limited.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long Term
   Bank Loan Facility        58.8       CRISIL D
   Term Loan                191.2       CRISIL D

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

WHFL was set up in 2008 in Mumbai to start a cold chain facility
for various vegetables and fruits. Mr. Bhagwan Malharrao Bende,
Mr. Vivek Prataprao Walse Patil, and Mr. Girish Kumarpal Samdadia
are the company's promoters. Mr. Bende has been a wholesaler of
fruits and vegetables for the past three decades at the
Agriculture Produce Market Committee market in Mumbai, through his
firm, Malharrao Baurao & Co.



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


CALLACTIVE LTD: Directors Declared Bankrupt
-------------------------------------------
Stuff.co.nz reports that the directors of CallActive Ltd., a
failed Wellington call centre who promised to create 2,000 jobs,
have been declared bankrupt.

CallActive was put into liquidation earlier this month, following
the collapse of its Australian arm, according to Stuff.co.nz.

The Company's Australian-based directors, Rick Allan and Phillip
Allan, have since been declared bankrupt, Stuff.co.nz says.

Stuff.co.nz relates that liquidators Colin Owens and David Vance,
of Deloitte, said in their first report they had been unable to
reach one of the directors. To date, the only communication had
been through email.

About 60 CallActive workers based at the Willeston St office in
Wellington were made redundant just weeks before Christmas last
year.  This came after its Australian branch folded a month
earlier, Stuff.co.nz notes.

Following the liquidation of the Australian company, the
New Zealand company ceased trading.  As a result, liquidators
froze the company's bank account with ANZ, which held a small
amount of money.

"This balance was subsequently transferred to the liquidators
trust account and the bank account has been closed," the
liquidators' report, as cited by Stuff.co.nz, said.

Messrs. Owens and Vance also contacted the company's professional
advisors and requested all documents in their possession or
control.

According to Stuff.co.nz, the landlord of CallActive's Wellington
headquarters told the liquidators the lease for the premises was
cancelled in January.

At that time, the landlord arranged for the assets and records to
be disposed of, the report said, Stuff.co.nz relays.

"We have been advised that all company records have been
destroyed. We have been unable to ascertain whether any electronic
records remain."

As no records were available, they had not been able to identify
all potential creditors of the company, it said.

Stuff.co.nz reports that the next stage was to conduct an
investigation into the available financial records of CallActive -
if any.

"However, at this stage, we do not know whether this will identify
any recovery avenues for the benefit of creditors."

The New Zealand company, which is owned by two Australian firms,
was set up to much fanfare in the capital in October 2013.  At the
time, company director Rick Allan predicted the creation of up to
2000 jobs for Wellingtonians.


INTERSTAR NZ MILLENNIUM 2004-A: S&P Cuts Rating on Notes to 'BB'
----------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of notes
issued by Trustees Executors Ltd. as trustee for Interstar NZ
Millennium Series 2004-A Trust.  S&P lowered its rating on the
tranche 2 notes to 'AA (sf)' from 'AAA (sf)' and the tranche 3
notes to 'BB (sf)' from 'BBB (sf)'.

The rating actions are a consequence of further analysis of the
exposure to long-dated arrears, combined with an increasingly
concentrated pool.  The timing and level of interest and principal
recoveries is uncertain for the long-dated arrears portfolio
because Challenger Mortgage Management Pty Ltd. has amended the
original terms and conditions for a portion of the loans.

The pool has become increasingly concentrated.  A total of 91
consolidated loans remain in the pool, with a total loan balance
of approximately NZ$13.1 million.  Currently, the 10 largest
borrowers by current balance account for about 32% of the total
pool, and the largest exposure to a single loan is 6%.  The long-
dated arrears portfolio in which the timing and level of
recoveries is uncertain amounts to about 18% and NZ$2.2 million of
the remaining pool balance.

The current ratings on the tranche 2 and tranche 3 notes reflect
S&P's view of the credit risk of the performing loans, low
weighted-average loan-to-value ratio and significant seasoning of
the loans, the provision of lenders' mortgage insurance policies
on the performing loans, and, for the tranche 2 notes, the 34.6%
of subordination provided by the tranche 3 notes.  The current
ratings also reflects the ability of the tranche 2 and tranche 3
notes to withstand losses that could occur from loans with long-
dated arrears due to the current generation of sufficient excess
spread to cover any losses or interest shortfalls.

S&P's lowering of the ratings reflects its view of the notes'
increasing sensitivity to the timing of recoveries from the long-
dated arrears, and the ability to cover losses at the tail end of
the transaction if excess spread is eroded because of the
amortization profile of the assets and the level of outstanding
recoveries.

Downward pressure on the ratings would increase if long-dated
arrears were to remain outstanding and no recoveries were to
eventuate, particularly if lenders' mortgage insurance is
unavailable and the availability of excess spread to cover any
loss amounts were tested by the amortization of the asset pool.

S&P has assessed pool concentrations by sizing an alternate loss
scenario for the pool.  Under this scenario, the top 10 loans, at
the 'AAA' rating level, default and are recovered upon.  The loss
severity for each loan is the higher of 50%, the loan's loss
severity, and the pool's weighted-average loss severity.  The
expected loss for the pool is the higher of that number, and the
number sized applying S&P's "Australian RMBS Rating Methodology
And Assumptions" criteria, published Sept. 1, 2011.  This approach
is consistent with the "U.S. RMBS Surveillance Credit And Cash
Flow Analysis For Pre-2009 Originations" criteria, published March
2, 2016.

RATINGS LOWERED

Class          Rating To      Rating From
Tranche 2      AA (sf)        AAA (sf)
Tranche 3      BB (sf)        BBB (sf)



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


CHINA FISHERY: Trustee Seeks to Hire Skadden as Legal Counsel
-------------------------------------------------------------
The Chapter 11 trustee of CFG Peru Investments Pte. Limited
(Singapore) seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire legal counsel.

William Brandt, Jr., the court-appointed trustee, proposes to hire
Skadden, Arps, Slate, Meagher & Flom LLP to give legal advice
regarding his duties as trustee in the continued management and
operation of CFG Peru, an affiliate of China Fishery Group Limited
(Cayman).

The law firm will also help the trustee prepare a bankruptcy plan,
identify and analyze CFG Peru's assets, investigate any claims
held by the company, and resolve claims filed against the company.

The hourly rates charged by the firm range from $390 to $920 for
associates, $925 to $1,040 for counsel, and $935 to $1,425 for
partners.

Lisa Laukitis, Esq., a member of Skadden Arps, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Laukitis disclosed that her firm has not agreed to any variations
from, or alternatives to, its billing arrangements and has not
represented CFG Peru in the 12 months prior to its bankruptcy
filing.

Ms. Laukitis also disclosed that her firm intends to speak with
Mr. Brandt prior to the hearing on the trustee's employment
application regarding a budget and staffing plan.

Once established, Mr. Brandt and the firm "may need to amend the
Skadden Arps budget and staffing plan as necessary to reflect
changed circumstances or unanticipated developments," Ms. Laukitis
said in a court filing.

Skadden Arps can be reached through:

     Jay M. Goffman, Esq.
     Lisa Laukitis, Esq.
     Skadden, Arps, Slate, Meagher & Flom LLP
     Four Times Square
     New York, NY 10036-6522
     Tel: (212) 735-3000
     Fax: (212) 735-2000

          -- and --

     Sarah E. Pierce, Esq.
     One Rodney Square
     P.O. Box 636
     Wilmington, DE 19899-0636
     Tel: (302) 651-3000
     Fax: (302) 651-3001

          -- and --

     Elizabeth M. Downing, Esq.
     500 Boylston Street
     Boston, MA 02116
     Tel: (617) 573-4800
     Fax: (617) 573-4870

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
As legal counsel. The Debtor has tapped Goldin Associates, LLC, as
financial advisor and RSR Consulting LLC as restructuring
consultant.

On November 10, 2016, William Brandt, Jr. was appointed as Chapter
11 trustee of CFG Peru Investments Pte. Limited (Singapore).



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


HANJIN SHIPPING: Foreign Shippers Gain Market Shares Amid Bankr.
----------------------------------------------------------------
Yonhap News Agency reports that foreign shippers have increased
their market shares in major global shipping routes following the
bankruptcy of Hanjin Shipping Co., defying expectations that its
Korean peer Hyundai Merchant Marine Co. would secure a chunk of
Hanjin's share, data showed Nov. 30.

Hanjin accounted for 7.78% of the Asia-US shipping route in
October last year, but its share plunged to 1.1% in October this
year, according to the data by the Busan Port Authority, Yonhap
relates.

Yonhap relates that the data showed the vacuum created from
Hanjin's trouble has been largely filled by 2M, the world's
largest shipping alliance that is led by industry leader Maersk of
Denmark, and China's COSCO.

2M's share of the Asia-US route rose 3.5 percentage points to
17.5% in October this year.

COSCO increased its share of the Asia-US route by 4.8 percentage
points to 11.09% in October this year.

Japanese and Taiwanese shippers also saw their shares of the route
inch up, Yonhap notes.

Taiwan's Evergreen Marine increased its share of the Asia-US route
by 1.4 percentage points and Japan's K-Line increased by 0.7
percentage point, according to the data cited by Yonhap.

In contrast, Hyundai Merchant's share of the route rose by
0.02 percentage point to 5.22% in October this year, according to
Yonhap.

                       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.


HANJIN SHIPPING: SM Group Seeks Partner to Buy US Terminal
----------------------------------------------------------
Yonhap News Agency reports that SM Group is looking for a partner
in its plan to buy Hanjin Shipping Co.'s 54-percent stake in a
port terminal on the US West Coast, an acquisition estimated at
more than KRW400 billion ($342.5 million), according to industry
sources Nov. 30.

SM Group, which owns South Korea's No. 2 bulk carrier Korea Line
Corp., has been seeking to buy a partial stake in the port
terminal in Long Beach, California, after acquiring the troubled
shipper's US-Asia route and other assets for KRW37 billion last
week, Yonhap relates.

While the acquisition of the leading gateway between US and Asia
could enhance Korea Line's shipping capacity, SM Group was seeking
to buy part of its assets, estimated at least KRW400 billion,
including KRW100 billion of operating funds, due to a lack of
funds, Yonhap reports citing sources with knowledge of the matter.

According to Yonhap, Hyundai Merchant Marine (HMM), another major
shipping company, is considered as a potential bidder for the half
of the stake in Long Beach terminal, but the cash-strapped shipper
would also need financial support from its lender, the state-run
Korea Development Bank, to buy Hanjin's stake.

Yonhap relates that SM Group said the joint acquisition of the
terminal's stake will be a "win-win" solution for both companies
as Korea Line can effectively operate the lucrative line, and HMM
would use it as leverage to join the world's largest shipping
alliance, 2M.

"If we don't have our own terminal, it would cause trouble in
shipping operations in the face of competition with rival
companies," an official at SM Group said, asking not to be named,
Yonhap relays.  "We need stakes in the terminal to provide
shippers with quality service."

Korea Line, which filed for bankruptcy protection five years ago,
was bought by SM Group in 2013 and now operates 29 vessels hauling
goods such as iron, ore, crude oil and cars, the report notes.

                       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: Aviation Regulators to Revoke Flying Rights
--------------------------------------------------------------
Christine Chou at The China Post reports that the Civil
Aeronautics Administration gave TransAsia Airways until Nov. 29,
to make their case before the agency revokes the stricken
airline's domestic and international flying rights.

A TransAsia spokesperson said on Nov. 28 the firm currently has no
plans to resume operations.

The CAA had previously fined the troubled airline NT$3 million for
its abrupt shutdown and announced that it would revoke all of its
flying rights, but will give the airline a revocation hearing
period for it to raise opinions as regulated.

If TransAsia fails to respond or to provide a sufficient reason to
justify its violation of the Civil Aviation Act, the CAA said it
would seek approval from the Ministry of Transportation and
Communications (MOTC) to immediately revoke and redistribute the
airline's flying rights.

TransAsia declared on Nov. 22 that it would close due to heavy
losses - thus laying off its nearly 1,800 employees - a day after
it made the shock announcement that it would terminate all of the
next day's flights.

The government said national carrier China Airlines would take
over TransAsia's domestic and overseas routes until Feb. 15 of
next year, carrying passengers that had already booked with the
stricken company before the routes are redistributed to other
airlines, adds the Post.

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


TRANSASIA AIRWAYS: Could Lose More Than NT$5BB in Airbus Deposits
-----------------------------------------------------------------
Christine Chou at The China Post reports that TransAsia Airways
could lose more than NT$5 billion in deposits for orders it placed
with Airbus.

The Post relates that TransAsia said it had paid NT$1.2 billion to
the European aerospace giant and that negotiations were "still
ongoing" over a settlement.

According to the report, the troubled airline had ordered 10
aircraft from Airbus - due for delivery in 2018, including four
A330-800neos and six A321neo jetliners.

It is thought TransAsia stands to lose more than NT$5 billion, as
Airbus' standard practice is to take around a third of an
aircraft's total price as deposit, the report says.

TransAsia announced on Nov. 22 that it would close due to heavy
losses, terminating all of its remaining flight services the same
day.   The airline has a fleet of 27 aircraft, including 16 leased
planes and 11 that it owns outright.

The planes belonging to TransAsia are set to be sold to repay the
company's debts, the report notes.

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


TRANSASIA AIRWAYS: Court Freezes NT$1.2BB Worth of Assets
---------------------------------------------------------
Christine Chou at The China Post reports that the Taipei District
Court approved the freezing of around NT$1.2 billion of TransAsia
Airways' assets.

Around half of this sum is expected to go toward severance
payments, with the rest set aside for affected customers and
travel agencies, the report says.

The Post relates that the court also said it was investigating
allegations of insider trading.

According to the report, TransAsia shares saw a spike in trading
activity hours before a Nov. 21 announcement that the airline
would suspend services. Sales of shares in TransAsia increased
over thirtyfold between Nov. 18 and Nov. 21.

The report notes that TransAsia had said in the announcement it
would cancel all of the next day's flights, with the shock move
sparking speculation the airline was in financial dire straits.

Such predictions proved to be correct, with TransAsia's board of
directors declaring on Tuesday the immediate closure of the
airline and the laying off of all 1,800 employees, the report
says.

On Nov. 25, prosecutors approved the unfreezing NT$120 million of
TransAsia's assets to cover staff salaries, the Post says.

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



                             *********

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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