TCRAP_Public/161205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, December 5, 2016, Vol. 19, No. 240

                            Headlines


A U S T R A L I A

G & L RASTI: First Creditors' Meeting Slated for Dec. 12
HUGHES DRILLING: NRW Holdings Eyes Firm's Coal Drilling Business
ONE STATION: First Creditors' Meeting Set for Dec. 7
VALUEBASKET.COM PTY: First Creditors' Meeting Set for Dec. 8
VAN TRICHT: First Creditors' Meeting Set for Dec. 9

VOCATIONAL EDUCATION: First Creditors' Meeting Set for Dec. 12


C H I N A

YANCHENG ORIENTAL: Fitch Assigns 'BB+' Rating to USD300MM Bonds


I N D I A

3I INFOTECH: CRISIL Reaffirms 'D' Rating on INR9.74BB Term Loan
ADITYA AGRO: ICRA Hikes Rating on INR23cr Loan to B+
AMBANI BUILDERS: CARE Assigns B+ Rating to INR10cr Long Term Loan
ANALYSER INSTRUMENTS: ICRA Reaffirms B+ Rating on INR5.7cr Loan
ASHRITHA HEALTHCARE: ICRA Lowers Rating on INR9.65cr LT Loan to D

BINANI CEMENT: CARE Reaffirms 'D' Rating on INR2304.27cr LT Loan
BINANI INDUSTRIES: CARE Lowers Rating on INR474.93cr Loan to 'D'
CAPTAIN SPORTS: ICRA Suspends 'B' Rating on INR6cr LT Loan
DIMAN OVERSEAS: Weak Financial Strength Cues ICRA SP 3D Grading
EDAYAR ZINC: CARE Reaffirms 'D' Rating on INR247cr Loan

FACOR POWER: CARE Reaffirms 'C' Rating on INR15cr Long Term Loan
GCX LIMITED: Moody's Affirms B2 Corporate Family Rating
GIRIDHAR TECHFAB: CARE Assigns 'B' Rating to INR11.05cr LT Loan
HARIOM AGRI: ICRA Suspends 'B' Rating on INR4cr Cash Loan
HI-CAN INDUSTRIES: CRISIL Suspends 'B' Rating on INR150MM Loan

KANUPAT HIMGHAR: CARE Reaffirms B+ Rating on INR11.09cr LT Loan
KRISHNA KANHAIYA: CRISIL Suspends 'B' Rating on INR71MM Term Loan
KTC THREADS: CARE Reaffirms B+ Rating on INR2.87cr Long Term Loan
KUMAR RICE: CRISIL Assigns B+ Rating to INR2.50BB Cash Loan
L. C. FOODS: CRISIL Suspends 'B' Rating on INR100MM Cash Loan

LOVELY ENTERPRISES: CRISIL Cuts Rating on INR250MM Loan to 'D'
LOVELY INTERNATIONAL: CRISIL Cuts Rating on INR400MM Loan to D
M. M. YARNS: CRISIL Suspends B+ Rating on INR1.0BB Term Loan
NAGESH ENTERPRISES: CARE Hikes Rating on INR21cr LT Loan to BB-
NAVYA FOODS: ICRA Suspends B+ Rating on INR5.71cr Loan

NKG INFRASTRUCTURE: ICRA Cuts Rating on INR900cr Loan to 'D'
P. K. FOUNDATION: CRISIL Suspends 'D' Rating on INR117.5MM Loan
PREMIER SYNTHETICS: CARE Reaffirms 'B' Rating on INR9.5cr Loan
PUNJ AUTOS: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
RAJ YAMAHA: CRISIL Reaffirms B+ Rating on INR87.5MM Cash Loan

RAM KRISHNA: CRISIL Assigns 'C' Rating to INR23MM Cash Loan
RELIANCE COMMUNICATIONS: Moody's Lowers Corp. Family Rating to B1
RK TRADE: CARE Assigns 'B+' Rating to INR8cr Long Term Loan
ROYAL CARBON: CRISIL Suspends B+ Rating on INR210MM LT Loan
SAMPURAN PACKAGING: CRISIL Assigns 'B' Rating to INR70MM Loan

SONALAC PAINTS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
STERLING STONEX: ICRA Suspends B+ Rating on INR4.94cr Loan
SURAT WOVENSACKS: ICRA Assigns 'B' Rating to INR8.6cr Term Loan
SUSHILA INTERNATIONAL: CRISIL Cuts Rating on INR101.3MM Loan to D
SRIKARAM INFRATECH: CRISIL Suspends B+ Rating on INR80MM Loan

SWASTHIK CERAMALL: CRISIL Assigns B+ Rating to INR13.5MM Loan
TULSI COLD: ICRA Suspends 'B' Rating on INR6.10cr Term Loan
UNITECH AUTOMOBILES: CARE Ups Rating on INR81cr Loan to BB-
VIKRAM HOSPITAL: ICRA Assigns B- Rating to INR30CR NCD
YAMUNAJI ENTERPRISE: ICRA Suspends B+ Rating on INR4.5cr Loan


I N D O N E S I A

SOLUSI TUNAS: Fitch Affirms 'BB-' IDR; Outlook Stable
TOWER BERSAMA: Fitch Lowers IDR to 'BB-'; Outlook Stable


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Singapore Sanctions Ex-Banker Leissner


P H I L I P P I N E S

XAVIER-TIBOD BANK: MB Closes Bank; PDIC to Pay Deposit Claims


S O U T H  K O R E A

HYUNDAI MERCHANT: Denies Reports on Failed 2M Partnership


T H A I L A N D

* THAILAND: Banks Face Further Pressure in 2017, Fitch Says


                            - - - - -


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


G & L RASTI: First Creditors' Meeting Slated for Dec. 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of G & L
Rasti Pty Ltd (Administrator Appointed) ATF G & L Rasti Family
Trust, trading as Blue Waters Hotel, will be held at the offices
of Bentleys Tasmania, Level 2, 39 Sandy Bay Road, in Hobart,
Tasmania, on Dec. 12, 2016, at 11:30 a.m.

Robert Edward John Tenbensel of Bentleys Tasmania were appointed
as administrators of G & L Rasti on Nov. 30, 2016.


HUGHES DRILLING: NRW Holdings Eyes Firm's Coal Drilling Business
----------------------------------------------------------------
Peter Williams at The West Australian reports that NRW Holdings
has proposed acquiring the east coast operations of collapsed
mining services company Hughes Drilling.

The West Australian relates that the mining and civil contractor
said it was offering to buy Hughes' coal production drilling
operations, including contracts with major mine operators and
owners.

According to the report, the proposal needs approval from
creditors of the relevant Hughes companies at a meeting this
week.

NRW said Hughes' east coast operations had unaudited revenue of
AUD40 million in fiscal 2016, the report relays.

"This proposed acquisition aligns with NRW's strategy to build on
its existing drill and blast service offering in Queensland and
presents a clear path for earnings growth," the report quotes
managing director Jules Pemberton as saying.  "In addition, we
will grow our geographical service offering due to Hughes'
presence in New South Wales."

The acquisition would be funded from NRW's existing cash
reserves, says the West Australian.

Hughes was put into administration in September owing creditors
at least AUD42 million, the report notes.

Hughes Drilling Limited, formerly Every Day Mine Services
Limited, (ASX:HDX) -- http://www.hughesdrilling.com.au/company-
snapshot.html -- is an Australia-based holding company. Through
its subsidiaries, the Company is engaged in the provision of
contracting services to the mining industry with a focus on niche
services for production, delineation, mining and contracting
companies who do not have specialized equipment and employees to
perform themselves. The Company also supplies manufactured drill
rigs and spare parts. The Company and its subsidiaries
predominantly operate throughout New South Wales and Queensland
and Western Australia. The Company's subsidiaries include Hughes
Drilling 1 Pty Ltd, Express Hydraulics (Aust) Pty Ltd, EDMS
Assets & Logistics Pty Ltd and EDMS Energy Pty Ltd, among others.


ONE STATION: First Creditors' Meeting Set for Dec. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of One
Station Pier Pty Ltd will be held at the Centre for Adult
Education, Level 4, 253 Flinders Lane, in Melbourne, Victoria, on
Dec. 7, 2016, at 12:00 p.m.

Andrew Hugh Jenner Wily of Armstrong Wily was appointed as
administrator of One Station on Nov. 25, 2016.


VALUEBASKET.COM PTY: First Creditors' Meeting Set for Dec. 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Valuebasket.Com Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Dec. 8, 2016, at 10:30 a.m.

Sam Kaso and Daniel P Juratowitch of Cor Cordis were appointed as
administrators of Valuebasket.Com on Nov. 28, 2016.


VAN TRICHT: First Creditors' Meeting Set for Dec. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Van Tricht
Enterprises Pty Ltd and VT Geebung Pty Ltd will be held at the
offices of SV Partners, SV House, 138 Mary Street, in Brisbane,
Queensland, on Dec. 9, 2016, at 10:30 a.m.

Anne Meagher and Terry Grant van der Velde of SV Partners were
appointed as administrators of Van Tricht on Nov. 29, 2016.


VOCATIONAL EDUCATION: First Creditors' Meeting Set for Dec. 12
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Vocational
Education and Training Network Australia Limited, trading as
VETnetwork Australia, will be held at the offices of Ferrier
Hodgson, Level 6, 81 Flinders St, in Adelaide, on Dec. 12, 2016,
at 3:00 p.m.

Timothy David Mableson and Martin David Lewis of Ferrier Hodgson
were appointed as administrators of Vocational Education on Nov.
30, 2016.



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C H I N A
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YANCHENG ORIENTAL: Fitch Assigns 'BB+' Rating to USD300MM Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Yancheng Oriental Investment &
Development Group Co., Ltd's USD300 mil. 5.15% senior unsecured
bonds due 2019 a final rating of 'BB+'.

The assignment of the final rating follows the receipt of
documents conforming to information already received.  The final
rating is in line with the expected rating assigned on Nov. 10,
2016.

                         KEY RATING DRIVERS

The bonds are issued by a wholly owned subsidiary of Yancheng
Oriental, Oriental Capital Company Limited (OCC), and are
unconditionally and irrevocably guaranteed by Dongfang Investment
(Holdings) Corporation Limited (Dongfang Investment), also a
wholly owned subsidiary of Yancheng Oriental.  The bonds are
senior unsecured obligations of OCC and rank at all times pari
passu with OCC's other present and future unsecured and
unsubordinated obligations.

In place of a guarantee, Yancheng Oriental has granted a keepwell
and liquidity support deed and a deed of equity interest purchase
undertaking to ensure that Dongfang Investment has sufficient
assets and liquidity to meet its obligations under the guarantee
for the bonds.

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

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

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

                      RATING SENSITIVITIES

Yancheng Oriental's Rating: Any rating action on Yancheng
Oriental will result in a similar rating action on the bonds
issued by OCC.

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

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



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


3I INFOTECH: CRISIL Reaffirms 'D' Rating on INR9.74BB Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities and commercial paper
programme of 3i Infotech Limited continue to reflect delays in
servicing debt as per the corporate debt restructuring (CDR)
scheme approved by the CDR Empowered Group on March 16, 2012.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit           2580         CRISIL D (Reaffirmed)
   Short Term Loan       1488.6       CRISIL D (Reaffirmed)
   Term Loan             9747.9       CRISIL D (Reaffirmed)

The company has been consolidating its operations with a focus on
improving its cost structure through resource optimization and
hiving off of unrelated businesses to repay debt. This has led to
reduction in revenue to INR11.2 billion in fiscal 2016 from
INR13.4 billion in fiscal 2015. Though the initiatives had helped
to improve its earnings before interest, tax, depreciation and
amortization (EBITDA) margin to 12.8% in fiscal 2015 from around
12.6% in fiscal 2014, it has again reduced to 8.9% in fiscal 2016
on account of reduced operating income. Net profit also remains
constrained by high interest cost.

However, with a view to address its high debt and interest
burden, the company had submitted a Debt Restructuring Scheme
(DRS) proposal to its lenders and its foreign currency
convertible bond (FCCB) holders. Consequent to its approval, the
debt of the company stands reduced to INR7.17 billion as on
March 31, 2016 from INR25.1 billion as on March 31, 2015; the
balance being converted to preference and equity. The company has
resultantly become net worth positive as on 31st March 2016.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of 3i Infotech and all its subsidiaries,
held directly and indirectly. This is because all the companies
share a common management and are in the same line of business.

3i Infotech (formerly, ICICI Infotech Ltd) was promoted in 1993
by the erstwhile ICICI Ltd as a back-office processing company.
It has a presence across the globe with delivery centres in South
Asia, the Asia-Pacific region, the Middle East, North America,
and Western Europe. It offers a range of information technology
(IT) products and services. IT product solutions include
applications for the banking, financial services, and insurance
sector, and an enterprise resource planning suite of
applications. IT services include application development and
maintenance, IT consulting, infrastructure management services,
business intelligence and enterprise applications, and offshore
and onsite support (through business process outsourcing
operations).

In fiscal 2016, on a consolidated basis, net loss was INR10.5
billion (INR9.9 billion in the previous fiscal) on net sales of
INR11.2 billion (INR13.4 billion).

In the first half of fiscal 2017, on a consolidated basis, net
profit was INR417 million on net sales of INR5.0 billion.


ADITYA AGRO: ICRA Hikes Rating on INR23cr Loan to B+
----------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR27.00
crore bank facilities of Aditya Agro Foods to [ICRA]B+ from
[ICRA]B.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      23.00       [ICRA]B+/Upgraded
   Unallocated Limits       4.00       [ICRA]B+/Upgraded

The rating upgrade takes into account steady improvement in scale
of operations of the firm from INR18.38 crore in FY2012 to
INR117.87 crore in FY 2016 owing to healthy demand equity
infusion of INR3.6 crore in FY2016 to support working capital
requirements. The rating also derives comfort from the long track
record of the promoters in the rice milling business, along with
the presence of the rice mill in a major rice growing area of the
country, resulting in easy availability of paddy; and favorable
demand prospects of rice - a staple food grain - with India being
the second largest producer and consumer of rice internationally
augurs well for the firm. The rating is however constrained by
the intensely competitive nature of the rice industry with
presence of several small-scale players which constraints
operating margins; weak financial risk profile of the firm
characterized by high gearing levels at 2.77 times as at March
31, 2016, interest coverage ratio at 1.29 times and NCA/Debt at
2.03% for FY2016 and risks inherent in the partnership nature of
the firm are a credit concern too.

Going forward, the firm's ability to improve its profitability
levels and manage its working capital requirements will remain
the key rating sensitivity.

Founded in 2009 as a partnership firm, Aditya Agro Foods is
engaged in milling paddy. AAF produces raw rice as well as boiled
rice. The firm is promoted by Mr. T. Rajendra Reddy and his
family, who have a long track record in the rice milling
industry. The rice mill is located near Mutchumilli village in
the East Godavari district of Andhra Pradesh. The installed
production capacity of the rice mill is 72,000 Metric Tons Per
Annum (MTPA).

Recent Results

For FY 2016 (unaudited), the firm reported a profit after tax of
INR0.19 crore on an operating income of INR117.87 crore, as
against a profit after tax of INR0.15 crore on an operating
income of INR91.18 crore in FY 2015.


AMBANI BUILDERS: CARE Assigns B+ Rating to INR10cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Ambani
Builders Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE B+; Stable
                                            Assigned

Rating Rationale

The rating assigned to the bank facilities of Ambani Builders
Private Limited is primarily constrained on account of risk
related to timely receipt of advances along with saleability
risk. The rating also remains constrained due to its presence in
a cyclical and highly fragmented real estate industry.

The above constraints are partially offset from the benefits
derived via experience of promoters with good track record of
timely completion of projects and low project implementation
risk.

The ability of ABPL to successfully complete its on-going project
and timely receipt of booking advances will be the key rating
sensitivities.

Vadodara-based (Gujarat), ABPL was incorporated as a private
limited company in 2010 by Mr. Dipak Ambani, Mr. Indravadan
Ambani and Mr. Jignesh Ambani. The directors are also associated
with another entity named as 'Ambani Associates', engaged in the
same line of business.

ABPL is currently executing a residential-cum-commercial project
named as 'Shreeji Gold' which comprises 116 flats, 82 shops and
28 duplex involving development of 262000 Square Feet area.

The project commenced from May 2014 and till November 2016, ABPL
has incurred the total cost of INR32.05 crore (93.20% of the
total project cost) out of the total project cost of INR34.39
crore and rest is expected to be incurred by end of May 2017.
ABPL has received approvals for land and other relevant
clearances for the project.


ANALYSER INSTRUMENTS: ICRA Reaffirms B+ Rating on INR5.7cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the
INR5.77 crore fund based bank facilities of Analyser Instruments
Company Private Limited. ICRA has also reaffirmed its short term
rating of [ICRA]A4 on the INR3.80 crore non fund based bank
facilities of AICPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term Fund
   Based Limits            5.77       [ICRA]B+; reaffirmed

   Short-Term Non
   Fund Based Limits       3.80       [ICRA]A4; reaffirmed

The reaffirmation of the rating takes into account the healthy
growth in the turnover primarily due to new order inflows from
government entities like National Thermal Power Corporation
(NTPC) Ltd., Indian Oil Corporation Ltd. and many others. The
ratings takes into account the strong credit profile of the
company with comfortable capital structure and strong coverage
indicators in FY2016 due to no long term debt and low dependence
of the company on working capital borrowings. The ratings also
positively factors in the long standing experience of the
promoters in the business, reputed client base of the firm and
the long term contract it has with its key raw material
suppliers. Nevertheless, the rating factors in the short term
revenue visibility as the company had a pending order book size
of INR10.82 crore as in October 2016. The small scale of
business, competitive nature of the industry and limited
bargaining power of the company vis-a-vis its key suppliers and
customers who are larger entities impacts the business certainty
and order book of the firm. The rating is also constrained by
fluctuations in the profitability metrics of the firm due to
exposure to raw material and foreign exchange fluctuation risks
as majority of raw material is imported, which is unhedged.

Going forward, the ability of the company to successfully get new
orders to achieve adequate growth in revenue from its core
business and reporting consistent profitability will be the key
rating sensitivities.

Business was established in 1996 as a private limited company.
Promoters of the company are Mr. Satyendra Kumar Gupta, Mrs.
Pushpa Gupta, Mrs. Rupa Singhal and Mr. Sanjeev Kumar Gupta.
Company is engaged in the business of manufacturing and
assembling of analyser systems and instruments. Company has an
installed capacity of 5000 analyser systems per annum. Office as
well as the manufacturing facility of the company is located at
E-29(A), Road No. 2 Indraprastha Industrial Area, Kota,
Rajasthan.

Recent Results

AICPL reported a net profit of INR2.08 crore on an operating
income of INR27.64 crore for FY2016, as against a net profit of
INR1.90 crore on an operating income of INR22.66 crore for the
previous year.


ASHRITHA HEALTHCARE: ICRA Lowers Rating on INR9.65cr LT Loan to D
-----------------------------------------------------------------
ICRA has revised the long term rating for the INR9.65 crore term
loan facility of Ashritha Healthcare Private Limited from [ICRA]B
to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term-Fund          9.65        [ICRA]D; revised
   Based Facilities                    from [ICRA]B
   (TL)

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

Ashritha Health Care Services Private Limited was incorporated as
a Private Limited company on Aug. 24, 2012. The Company is
promoted by its Directors Dr. Bhargavi Reddy (MBBS,MD) and Dr.
Shekhar Reddy (BDS). The promoters currently run a 25 bedded
hospital on a rented premise in Thippasandra, Bangalore names "Dr
Bhargavi Reddy Women and Childcare Hospital". The hospital
provides treatment in various department viz. gynecology,
pediatrics, general physician, general surgeon, dermatology,
cosmetic, internal medicine, GI surgery etc.


BINANI CEMENT: CARE Reaffirms 'D' Rating on INR2304.27cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Binani Cement Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   2,304.27     CARE D Reaffirmed
   Short-term Bank Facilities    436.00     CARE D Reaffirmed

Rating Rationale

CARE has reaffirmed the ratings assigned to the various bank
facilities of Binani Cement Limited to CARE D as a result of the
ongoing delays in debt servicing of the company. The company is
facing severe liquidity issues as a result of continuing losses
as well as delay in sanctioning of working capital limits by
banks.

BCL, the flagship company of the Binani Group, commenced
operations in April 1997 with an installed capacity of 1.65
Million Tonnes Per Annum (MTPA). The company has, over the years,
enhanced its installed capacity and currently has an installed
capacity of 6.25 MTPA in India and a consolidated capacity of
11.25 MTPA which includes 2 MTPA in Dubai and 3 MTPA in China.

For FY16 (refers to the period April 01 to March 31), BCL
reported an operating income of INR2,041.87 crore and loss of
INR384.44 crore compared with INR2,429.95 crore of operating
income and loss of INR155.96 crore in FY15.


BINANI INDUSTRIES: CARE Lowers Rating on INR474.93cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Binani Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    474.93      CARE D Revised from
                                            CARE B+

Rating Rationale

CARE has revised the ratings assigned to the various bank
facilities of Binani Industries Limited to 'CARE D' as a result
of the ongoing delays in debt servicing of the company. The
company is facing severe liquidity issues as a result of
continuing losses.

BIL was incorporated on August 2, 1962, and is the holding
company of the manufacturing businesses of the Braj Binani Group.
The group is actively working in the cement, zinc, glass fibre
and downstream composite products sectors. BIL earns revenue by
way of royalty income from its subsidiaries for usage of its
brand name and also earns revenue for management services that it
provides to its subsidiaries/group companies. The major operating
companies of BIL are Binani Cement Limited, 3B Fibreglass SPRL
(3B) and Goa Glass Fibre Limited.

For FY16 (refers to the period April 1 to March 31), BIL reported
net losses of INR468.94 crore on total operating income of
INR4,055.74 crore as against, net loss of INR649.18 crore on
total operating income of INR4,338.87 crore in FY15 on a
consolidated basis.


CAPTAIN SPORTS: ICRA Suspends 'B' Rating on INR6cr LT Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR6.0 crore long-term fund-based facilities of Captain
Sports. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

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


DIMAN OVERSEAS: Weak Financial Strength Cues ICRA SP 3D Grading
---------------------------------------------------------------
ICRA has assigned a 'SP 3D' grading (Thermal) to Diman Overseas
Private Limited, indicating the 'Moderate Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
solar thermal projects1. The grading is valid till Sept. 27,
2020, after which it will be kept under surveillance.

Grading Drivers

Strengths

* Established relationship with reputed suppliers of solar water
   heater and PV components and other electrical hardware
products

* Strong dealership network spanning across several states

* Strong and established client relationships leading to
   significant growth in revenues in FY2016
  * Moderate order book position in both thermal and PV segment

Risk Factors

* Limited track record and small scale of operations

* Large number of organised/unorganised players indicating high
   level of competition; this may lead to difficulties in getting
   client contracts and pressurise margins

* Lower installed capacity till date in both thermal and
   photovoltaic segment

* Financial profile characterised by leveraged capital
structure,
   low net worth and weak debt coverage indicators

Fact Sheet

Year of Formation
2013

Office Address
C/910, Signature II Business Park, Off S.G Highway, Sarkhej
Circle, Sarkhej - Sanand Road, Ahmedabad

Shareholding Pattern
Mr. Vishal Unadkat - 90%
Mr. Praful Unadkat - 10%

Incorporated in 2013, Diman Overseas Private Limited deals in
solar energy products like solar water heater, solar water heater
spare parts, solar street light, solar panels, solar roof tops
etc. The company has been in the business-to-business space
supplying solar water heater and spare parts to the
manufacturers, however, the company has now started focusing on
providing solar product solutions to end customers. Its area of
operations include selling, installation and operations and
maintenance (O&M) of solar water heater and its spare parts,
solar water heater machineries, solar street lights, vacuum
tubes, outer tank covers, solar manifold collector, solar FPC
collectors, etc. As on date, the company has executed around 33
solar water heating systems projects with a total installed
capacity of 13175 LPDs and 16 projects in the photovoltaic
segment with total installed capacity of 135.613 Kwp. The company
is in a tie-up with Topsun Energy Limited and serves as a
business associate to undertake solar rooftop projects on its
behalf. The initial operations of the company were restricted to
the thermal segment only, however, from FY2016, it has started
dealing in the photovoltaic segment, which is mainly in the solar
street light segment. From FY2017 the company has started
undertaking erection, procurement and commissioning (EPC) of off-
grid rooftop systems mainly for industrial applications.

The company is owned and managed by Mr. Vishal Unadkat, who has
nearly 15 years of experience and Mr. Praful Unadkat.

SI Related Business - Moderate Performance Capability

Promoter Track Record: The director of the company Mr. Vishal
Unadkat has an experience of around 15 years. He has been
involved in the renewable energy business through DOPL for the
last three years. Before that he worked for around 11.5 years in
the banking industry with several banks namely, IndusInd bank,
ICICI Bank, Kotak Mahindra Bank and Developments Credit Bank. The
area of his services in the banking industry was primarily trade
finance. He subsequently went to China and gained some practical
insights related to the solar energy segment. For the last three
years, the company has had an established track record in the
execution of solar energy projects. Till now, it was involved in
the business-to-business space only, however, now the company has
started focusing on providing services to the end customers also
since it possesses the technical knowledge to supply and install
the solar energy products.

Technical competence and adequacy of manpower: The managing
director and promoter of DOPL, Mr. Vishal Unadkat has a 15-year
experience, which includes 11.5 years in banking and three years
in the renewable energy business with DOPL. The company, on the
client's request, installs the solar products at the project
location and undertakes the operations and maintenance (O&M)
work. It undertakes the installation work required in project
execution by hiring services of local contractors.

The company at present has seven key personnel in its second tier
management apart from the managing director Mr. Vishal Unadkat.
All the key personnel are technically qualified and experienced
to handle project design, appraisal and implementation, quality
checks and internal controls. The company has an ISO
certification of Quality Management System for import, export and
distribution of renewable energy products and has an Importer-
Exporter Code (IEC) certificate.

Quality of suppliers and tie-ups: The company sources key
components for solar products such as solar panel, luminary,
manifold, solar water heating system etc from the domestic
market, mainly from Gujarat and some components from other places
according to the requirement of the solar projects. The company
also imports solar vacuum tubes mainly from China and Turkey.
Apart from these the company has tie-ups with Topsun Energy
Limited for rooftop engineering and commissioning and solar
panels, Nessa Illumination Technologies Private Limited for
luminaries and Exide Ltd for batteries. The suppliers are
selected based on their past track record, quality of the
products and only after the products are tested for accuracy and
reliability.

Customer and O&M Network: The company has executed projects for
private organisations only till now. However, the company intends
to undertake Government projects as well. The company has
executed around 16 projects in PV with an installed capacity of
135.613 KWp and 33 projects in thermal with an installed capacity
of around 13175 LPDs since its inception. The company has started
erection, procurement and commissioning (EPC) of rooftop projects
from FY2017. It is a business associate to Topsun Energy Limited
and executed solar rooftop projects on its behalf under its
technical guidance. The company is also involved in supplying
solar water heater spare parts and machineries to various
business organisations. The operation and maintenance (O&M)
activities, along with the after sales support activities in
terms of servicing, maintenance, customer relationship etc. is
carried out by the company through the in-house team of technical
personnel. DOPL has a team of technical personnel that look after
the installation and assembling in addition to providing post
installation support. The team undertakes project design,
appraisal and implementation work.

Financial Strength - Weak

Revenues
INR 4.41 crore in FY2016

Return on Capital Employed (RoCE)
18.83% as of FY2016

Total Outside Liabilities/Tangible Net worth
7.30 times as on March 31, 2016

Interest Coverage Ratio
2.44 times as on March 31, 2016

Net-Worth
INR0.11 crore as on March 31, 2016

Current Ratio
1.96 times as on March 31, 2016

Relationship with Bankers:

The banker is satisfied with performance of the account

The overall financial strength of the company is weak, given the
limited track record of operations and low net worth base.


EDAYAR ZINC: CARE Reaffirms 'D' Rating on INR247cr Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Edayar Zinc Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE D Reaffirmed
   Short-term Bank Facilities    247        CARE D Reaffirmed

Rating Rationale

CARE reaffirms the ratings assigned to Edayar Zinc Limited
(erstwhile Binani Zinc Limited). There are ongoing delays
for repayment of debt on working capital facilities and short-
term non-fund-based facilities. The company has been referred to
Board for Industrial and Financial Reconstruction (BIFR) in
December 2014 but has not yet been admitted to BIFR.

EZL, a subsidiary of Binani Industries Limited, has been in
operations since 1967. The company is engaged in the manufacture
of zinc with an installed capacity of 38,000 Tonne Per Annum
(TPA) at its plant located at Binanipuram in Kerala. The company
also produces sulphuric acid and cadmium which are generated as
by-products.

For FY16 (refers to the period April 1 to March 31), EZL reported
an income from operations of INR6.87 crore and loss of INR47.44
crore compared with INR113.89 crore income from operations and
INR52.03 crore loss in FY15.


FACOR POWER: CARE Reaffirms 'C' Rating on INR15cr Long Term Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Facor
Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      15        CARE C Reaffirmed
   Short term Bank Facilities     15        CARE D/CARE D
                                            Reaffirmed

Rating Rationale

The reaffirmation of the ratings continue to remain constrained
by weak financial risk profile of Facor Power Ltd marked by
continuous losses at the net level and its weak capital structure
as well as stretched liquidity position.

Furthermore, the ratings are also constrained by FPL's limited
power off take arrangement and its exposure towards volatility in
coal prices.

The ratings, however, continue to derive strength from the
experienced promoter group and presence of Coal Supply Agreement
with MCL for the supply of coal for both the phases.

Going forward, the company's ability to improve its debt
servicing track record while improving its capital structure and
debt coverage indicator coupled with achievement of envisaged
Plant Load Factor (PLF) shall remain the key rating
sensitivities.

FPL, promoted by Ferro Alloy Corporation Ltd (FACOR) was
incorporated on August 24, 2005. FPL is currently implementing a
coal-based thermal power plant of 100 MW capacity at village
Randia, District Bhadrak, Orissa. The project is divided into two
phases with phase I of 45 MW and phase II of 55 MW. The first
phase (Turbine-I of 50 MW capacity and Boiler-1) of the project
was successfully synchronized in October 2011. Part of the second
phase of the project (Turbine-2 of 50 MW and Boiler-2) was
synchronized in March, 2014. The balance part of phase 2
(erection of the third boiler) was also completed and it got
commissioned in March 2015.

The project has seen few time and cost overruns which led the
project cost to revised two times from original project cost
of INR568.11 to INR674.14 crore and then to INR747.55 crore. The
revised project cost of INR674.14 crore was funded by a debt of
INR467.04 crore sanctioned by Rural Electrification Corporation
(REC) and equity of INR207.10 crore. The project was originally
expected to be completed by January 2014. There has however been
a further cost and time overrun in the project and the final
project cost now stands at to INR747.55 crore. The additional
project cost of INR73.41 crore is funded through an additional
term debt of INR50.86 crore from REC and the remaining INR22.55
crore is through promoter's equity and internal accruals. The
company has successfully commissioned the 100 MW of the project
on March 2015.

During FY16 (refers to the period April 1 to March 31), the
company achieved a total income of INR130.22 crore and net loss
of INR38.90 crore. In H1FY17 (refers to the period April 1 to
September 30), the company reported a total income of INR62.38
crore and net loss of INR33.64 crore.


GCX LIMITED: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has affirmed GCX Limited's B2 corporate
family rating and senior secured bond rating.

The outlook on the ratings is stable.

GCX is a wholly owned subsidiary of Reliance Communications
Limited (India) (RCOM, B1, under review for downgrade) through an
intermediary holding company, Global Cloud Xchange Limited.

RATINGS RATIONALE

"The affirmation of GCX's B2 rating reflects its moderate
leverage position, continued revenue visibility afforded by its
long-term contracts and our expectation that the company will
continue to execute $65-70 million of IRU contracts in each of
2017 and 2018," says Annalisa Di Chiara, a Moody's Vice President
and Senior Credit Officer.

The company generated around US$450 million of revenues on a last
twelve month (LTM) basis ended 30 September and around $130
million of reported EBITDA. Reported debt/EBITDA was around 2.8x
- and around 3.0x on Moody's adjusted basis - which is in line
with our expectations.

Moody's also considers GCX's EBITDA on a cash basis -- reflecting
the net effect of new IRUs booked and IRU deferred revenue
recognition -- and which remained relatively stable around $85-90
million for LTM ended 30 September. Leverage based on cash
EBITDA, was around 4.0x which also supports the B2 rating level.

Additionally, in mid-November, GCX announced the sale of its US
Ethernet business (Yipes) -- which includes customer contracts
and tail circuits, all the net gain from the sale will be minimal
-- around $5 million after funding transactional costs -- the
company will ultimately eliminate a material cash drain
associated with the business.

"The sale of Yipes is positive for GCX as it will be cash flow
accretive in FY 2018 -- through the elimination of around $10-$15
million of annual cash outflow related to this loss making
business - which we view positively. The elimination of around
$15 million of capital leases associated with the business will
also benefit GCX's leverage metrics going forward," added Di
Chiara, also Moody's lead analyst for GCX.

However, the company remains exposed to an intensely competitive
and highly fragmented operating environment, which suffers from
chronic over-capacity resulting in declining price levels, and
which will continue to pressure its operating performance over
the next one to two years.

Separately, GCX's parent, RCOM, has announced several
transactions
-- including the proposed sale of its tower business and the
merger of its wireless business with Aircel Limited (unrated) --
which will likely lead to a restructuring and reorganization
across the RCOM group. Assuming the successful completion of
RCOM's announced transactions, GCX will become a major
contributor of RCOM's residual business in terms of revenue and
EBITDA.

"While we continue to consider GCX's credit quality on a
standalone basis, we also continue to monitor developments should
transactions or event risks materialize that indicate a more
aggressive business or financial policy -- such that GCX's
leverage climbs significantly higher or liquidity contracts from
our current expectations, negative rating pressure could arise,"
Moody's said.

The stable outlook is based on Moody's expectation that GCX
continues to generate new IRU sales of around US$65-70 million
per year and, at the same time, and generates stable revenues
from its IP related businesses. It also incorporates Moody's
expectation that adjusted debt/EBITDA will remain below 3.5x over
the next 12 months and cash EBITDA to remain above $85 million.

"Additionally, we expect GCX to maintain a sufficient cushion
under the financial maintenance covenants that govern its US$30
million working capital facility," Moody's said.

Upward pressure is unlikely over the near term, but could emerge
if the company's fundamental financial position improves, such
that EBITDA increases above US$175 million and EBITDA margins
stay above 35%, resulting in adjusted debt/EBITDA falling below
2.5x.

The ratings could be pressured downwards if GCX fails to execute
on its business plan such that its credit profile erodes.
Specific indicators that Moody's would consider include adjusted
debt/EBITDA rising above 4.5x or a tightening of the company's
liquidity profile, such that cash falls below US$40 million.

Further downwards ratings pressure would rise should new IRU
sales look to be trending below US$65-70 million on an annualized
basis such that cash EBITDA falls below $85 million.

Furthermore, given the restructuring underway at the RCOM, its
parent, should a transaction or event arise that would elevate
business or financial risk profiles, negative ratings pressure
would arise.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 2011.

GCX Limited, incorporated in Bermuda in 2014, wholly owns five
subsea cable systems on major data traffic routes. As of 30
September, these cable systems had a total length of 68,698
kilometers with 46 landing stations in 27 countries. GCX provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific with a need for multi-national IP-based
solutions and connectivity.


GIRIDHAR TECHFAB: CARE Assigns 'B' Rating to INR11.05cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Giridhar Techfab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.05      CARE B Assigned
   Long-term/Short-term Bank      0.45      CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Giridhar Techfab
Private Limited are constrained by its modest scale of operations
along with cash losses incurred during the last 3 years ended
FY16 (refers to the period April 1 to March 31), moderate
leverage and debt coverage indicators and susceptibility of its
profitability to raw material price fluctuation.

The ratings, however, derive comfort from the vast experience of
the promoters of GTPL in the textile business through its group
concern and increasing awareness of technical textile products in
developing countries.

The ability of GTPL to significantly increase its scale of
operations through achieving optimum capacity utilization and
improve its profitability would be the key rating sensitivities.
Furthermore, effective management of its working capital
requirement would also be crucial.

Ahmedabad-based GTPL, incorporated in June 2006, is promoted and
managed by Mr. Nitin Thakkar and Mr. Ketan Thakkar. GTPL is
engaged in manufacturing of various technical textile products
including Fiber glass geogrids, Fiberglass filter fabrics,
Fiberglass Mesh etc, which find application in various industries
like defence, aviation, and construction among others. As on
March 31, 2016, GTPL had an installed capacity of 6 million
square meters per annum. GTPL's products are gaining acceptance
in export and domestic market and it is registered vendor with
Military Engineer Services (MES) of India and Airports Authority
of India (AAI).

As per provisional FY16 results, GTPL reported a total operating
income (TOI) of INR6.24 crore with a net loss of INR1.62
crore as against a TOI of INR5.89 crore and a net loss of INR1.54
crore in FY15.


HARIOM AGRI: ICRA Suspends 'B' Rating on INR4cr Cash Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR4.00 crore cash credit facility and INR1.31 crore term
loan facility of Hariom Agri International Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in July 2014, HAIPL commenced commercial operations
in March 2015. The company is promoted by the Gajera family and
is engaged in processing of raw cashew nuts (RCN) to obtain
cashew kernels, cashew nut shell and cashew husk. The processing
unit of the company is located at Amreli, Gujarat and is equipped
to process approximately 9 MT of raw cashew nuts per day.


HI-CAN INDUSTRIES: CRISIL Suspends 'B' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hi-Can
Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B/Stable
   Term Loan                46.4     CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
HIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HIPL is yet to
provide adequate information to enable CRISIL to assess HIPL'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 2009, HIPL manufactures tin cans used in
packaging food products. The company, promoted by Mr. Shailesh
Makadia, is part of the Radhe group, which has interests in
renewable energy, metal casting, packaging, food products, and
infrastructure. HIPL's manufacturing unit is in Vadodara
(Gujarat).


KANUPAT HIMGHAR: CARE Reaffirms B+ Rating on INR11.09cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Kanupat
Himghar Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.09      CARE B+; Stable
                                            Reaffirmed

   Short-term Bank Facilities     0.09      CARE A4 Reaffirmed

Rating Rationale

The ratings for the bank facilities of Shree Kanupat Himghar
Private Ltd continue to remain constrained by its short track
record with small scale of operations, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
competition from other players, working capital nature of
operations and high leverage ratios. The ratings, however, derive
strength from its experienced promoters and proximity to potato-
growing area.

Going forward, the ability to increase its scale of operations
with improvement in profit margins and ability to manage its
working capital effectively will be the key rating sensitivities.

KHPL was incorporated in May 1997 by Mr. Nemai Charan Ghosh, Mr.
Sanjay Kumar Ghosh and Mr. Dhananjoy Ghosh. After remaining
dormant for around one and half decade, it has commenced
operations of cold storage services and trading of potatoes in
May 2013. The cold storage facility of KHPL is located at
Udaynarayanpur, Howrah (West Bengal), with aggregated storage
capacity of 16789 metric ton. KHPL earned revenue of around 68%
from trading activities and rest from rental business in FY16
(refers to the period April 01 to March 31).

During FY16, the company reported a total operating income of
INR7.09 crore (FY15: INR6.02 crore) and a net loss of INR0.15
crore (PAT in FY15: INR0.01 crore). However, during FY16, there
was no cash loss for the company and the GCA was INR1.13 crore
(FY15: INR1.52 crore).


KRISHNA KANHAIYA: CRISIL Suspends 'B' Rating on INR71MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Krishna
Kanhaiya Milk Processing Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             28       CRISIL B/Stable
   Term Loan               71       CRISIL B/Stable

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

Established in 2014, Krishna commenced operations from March
2015. It processes milk and milk products, such as ghee, milk
powder and shrikhand. The company is based in Shrigonda,
Maharashtra.


KTC THREADS: CARE Reaffirms B+ Rating on INR2.87cr Long Term Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of KTC
Threads LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.87      CARE B+; Stable
                                            Reaffirmed

   Long-term/ Short-term         11.00      CARE B+/CARE A4;
   Bank Facilities                          Stable/Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of KTC Threads LLP
continue to remain constrained on account of its financial risk
profile marked by declining operating income, thin profitability,
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position during FY16 (A; refers to the period
April 1 to March 31). The ratings also remained constrained on
account of susceptibility of its profitability to volatility in
raw material prices and foreign exchange fluctuations along with
presence in the highly fragmented and competitive textile
industry.

The ratings, however, continue to derive benefits from the
experience of the promoters in the textile industry along with
location advantage which results into easy access of raw material
and fiscal benefits from the government.

The ability of KTC to increase its scale of operations with
improvement in profitability and working capital management would
remain the key rating sensitivities.

Surat-based (Gujarat), KTC is a limited liability partnership
firm established in 2011 by Mr. Vinod Khurana, Mr. Aditya
Khurana, Ms Alpi Khurana and Mr. Dayaprakash Khurana. The firm is
engaged into the business of trading and processing of viscose
yarn and manufacturing of knitted fabric. The firm procures
viscose yarns from China which is subsequently dyed and sized at
its processing plant into various commercial sizes as per the
requirement of its customers. The firm also manufactures knitted
fabrics and the facility is located at Surat which is a textile
hub of India with an installed capacity of 4,800 meter per day as
on March 31, 2016. The products processed and manufactured by the
firm are used in the textile industry.

KTC has achieved a PAT of INR0.50 crore on a TOI of INR51.56
crore during FY16 (Provisional) as against PAT of INR0.48 crore
on a TOI of INR60.59 crore during FY15 (Audited). During H1FY17
(prov.), KTC has achieved a turnover of INR22.57 crore.


KUMAR RICE: CRISIL Assigns B+ Rating to INR2.50BB Cash Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' to the bank
facilities of Kumar Rice Industries.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        7.2       CRISIL B+/Stable
   Long Term Loan           17.8       CRISIL B+/Stable
   Bank Guarantee           50.0       CRISIL A4
   Cash Credit            2500.0       CRISIL B+/Stable

The ratings reflect modest scale of operations in the intensely
competitive rice-milling industry, and susceptibility of
operating profitability to volatile raw material prices and to
unfavorable government regulations. The ratings also factor in
below-average financial risk profile because of modest networth,
average gearing, and weak debt protection metrics. These
weaknesses are partially offset by the partners' extensive
experience and established customer and supplier relationships.
Outlook: Stable

CRISIL believes KRI will continue to benefit from the extensive
experience of partners. The outlook may be revised to 'Positive'
if revenue and profitability are sizeable along with stable
financial risk profile. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of low
revenue and profitability, decline in working capital management,
or large, debt-funded capital expenditure.

Incorporated in 2011, KRI mills and processes paddy into rice.
The manufacturing plant is in West Godavari, AP. Mr. D Ajay
Kumar, Mr. D V S Naidu, Ms D T Chandramukhi and Mr. D V S A
Narsimha Rao are the firm's partners.


L. C. FOODS: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of L. C.
Foods Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B/Stable

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

LCF was originally incorporated as a private limited company in
2003, promoted by Mr. Shobhit Kesarwani; this company was
reconstituted as a closely held limited company in 2006. LCF
processes wheat products, including wheat flour (atta), refined
wheat flour (maida), bran, and semolina (suji). The company's
processing unit is in Uttar Pradesh.


LOVELY ENTERPRISES: CRISIL Cuts Rating on INR250MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Lovely Enterprises Private Limited (LEPL; part of the Lovely
group) to 'CRISIL D' from 'CRISIL BB+/Stable'. The rating action
is based on feedback received from the bankers and limited
information as LEPL has not cooperated with CRISIL in its
surveillance process.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The rating downgrade reflects instances of over utilization of
the working capital limits which remained unpaid for more than 30
days. The same was mainly due to Lovely group's weak liquidity
profile. The rating also takes into consideration the group's
high working capital intensive nature of operations. These rating
weaknesses are partially offset by the extensive experience of
the lovely group promoters in the timber industry.

The Kolkata-based Lovely group was promoted by Mr. Kishan Gopal
Biyani and his son, Mr. Samir Biyani. Lovely International Pvt
Ltd (LIPL), incorporated in 1999, trades in sawn timber and
timber logs. LEPL, which was set up in 2003, also trades in other
commodities such as marble, and iron and steel products; however,
timber remains the group's main product.


LOVELY INTERNATIONAL: CRISIL Cuts Rating on INR400MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lovely International Private Limited (LIPL; part of the Lovely
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL
A4+'. The rating action is based on feedback received from the
bankers and limited information as LIPL has not cooperated with
CRISIL in its surveillance process.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bill Purchase-            75        CRISIL D (Downgraded from
   Discounting Facility                'CRISIL A4+')

   Cash Credit              400        CRISIL D (Downgraded from
                                       'CRISIL BB+/Stable')

   Letter of Credit         280        CRISIL D (Downgraded from
                                       'CRISIL A4+')

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

The rating downgrade reflects devolvement of LC leading to
overutilization of working capital limits, which have not been
regularised for more than 30 days. The same was mainly due to
Lovely group's weak liquidity profile. The rating also takes into
consideration the group's high working capital intensive nature
of operations. These rating weaknesses are partially offset by
the extensive experience of the lovely group promoters in the
timber industry.

The Kolkata-based Lovely group was promoted by Mr. Kishan Gopal
Biyani and his son, Mr. Samir Biyani. LIPL, incorporated in 1999,
trades in sawn timber and timber logs. Lovely Enterprises Pvt Ltd
(LEPL), which was set up in 2003, also trades in other
commodities such as marble, and iron and steel products; however,
timber remains the group's main product.


M. M. YARNS: CRISIL Suspends B+ Rating on INR1.0BB Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. M. Yarns Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         50         CRISIL A4
   Cash Credit           200         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    130         CRISIL B+/Stable
   Term Loan            1008         CRISIL B+/Stable

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

MMYPL, a Rajkot (Gujarat)-based company, was incorporated in June
2014 to set up a cotton yarn manufacturing facility in Rajkot.
The company is owned and managed by Mr. Bharat Boghara, Mr.
Rameshbhai Hirpara, and Mr. Amitkumar Patel.


NAGESH ENTERPRISES: CARE Hikes Rating on INR21cr LT Loan to BB-
---------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Nagesh
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      21        CARE BB- Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Nagesh Enterprises takes into account substantial growth in total
operating income during FY16 (refers to the period April 1 to
March 31) along with improved PAT margin, capital structure and
debt coverage indicators of the firm.

The rating continues to derive strength from the experience of
the partners in the rice industry, healthy demand outlook for
rice, location advantage with presence in cluster, easy
availability to paddy and satisfactory operating cycle of the
company.

The rating is, however, constrained by partnership nature of
business with relatively small scale of operations, monsoon
dependent operations, high level of government regulation and
fragmented nature of industry.

Going forward, the ability of the firm to maintain its growth
momentum, improve its profit margins and capital structure
constitute the key rating sensitivities.

Nagesh Enterprises (NE) was established in the year 1992 as a
sole proprietorship firm by Mr. S Anil. The entity was
reconstituted as a partnership firm with effect from April 1,
2015 with Mr. Supreeth and Mr. Sumanth (sons of Mr. S Anil) being
the other two partners. Mr. Anil has an experience of over 30
years in the rice industry. Initially, the firm was engaged in
cleaning and processing of rice. However, the firm also started
milling of rice from February 2016. The rice mill is located at
Bangarpet in Karnataka and has an installed capacity of milling 5
tons of rice per hour. The milling capacity of the rice mill has
further increased to 8 tons of rice per hour from November 2016.
The processed rice is sold to dealers based at Karnataka, Tamil
Nadu and Andhra Pradesh.

In FY16, the company reported total operating income of INR53.25
crore and a profit after tax of INR0.61 crore as against a
total operating income and profit after tax of INR29.30 crore and
INR0.24 crore, respectively, in FY15.


NAVYA FOODS: ICRA Suspends B+ Rating on INR5.71cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.71 crore fund based facilities of Navya Foods Private
Limited. ICRA has also suspended the long term/short term rating
of [ICRA]B+/[ICRA]A4 to the INR1.09 crore unallocated limits of
NFPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in August 2009, NFPL is engaged in manufacturing of
fruit pulp. The company's manufacturing unit is located in
Chittoor district of Andhra Pradesh with installed capacity of 7
TPH (tons per hour). NFPL started commercial production from May
2010. The company is currently engaged in manufacturing of mango,
guava and papaya pulp. The company has set up a jam and ketchup
manufacturing unit with an installed capacity of 1000 kg per
batch which has commenced in FY2015. NFPL is in the process of
expanding its processing capacity from 7 TPH to 15 TPH in FY16 at
a cost of INR1.40 crore funded by term loan of INR1.05 crore.


NKG INFRASTRUCTURE: ICRA Cuts Rating on INR900cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR230 crore
fund based limits, INR70 crore term loans and INR100 crore
unallocated limits of NKG Infrastructure Limited (NKG) from
[ICRA]BBB to [ICRA]B+.  ICRA has also revised the short term
rating assigned to INR900 crore non-fund based limits of NKG from
[ICRA]A3 to [ICRA]A4. Further, the ratings have been removed from
watch with negative implications.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based Limits        230       [ICRA] B+; rating revised
                                      from [ICRA]BBB and removed
                                      from watch with negative
                                      implications

   Term Loans                70       [ICRA] B+; rating revised
   (including External                from [ICRA]BBB and removed
   Commercial Borrowing)              from watch with negative
                                      implications

   Non-fund-based Limits    900       [ICRA]A4; rating revised
                                      from [ICRA]A3 and removed
                                      from watch with negative
                                      implications

   Unallocated Limits       100       [ICRA] B+; Rating revised
                                      from [ICRA]BBB and removed
                                      from watch with negative
                                      implications

The rating action takes into account worsening of the already
stretched liquidity position of the company on account of further
delays in recovering retention money and variation & escalation
receipts from old projects. Recently, there had been a
devolvement of letter of credit (LC) following a commercial
dispute with one of its vendors, which has resulted in over-
utilisation of company's cash credit limits. Also, ICRA notes
that the sanction of proposed long term loan against receivables
of company's operational solar power plant is likely to take
longer than expected, keeping the cash flows under strain.
Furthermore, the slowdown in execution on company's projects on
account of unavailability of labour due to ban on old INR500 and
INR1000 notes is likely to put additional pressure on the
company's cash flows in short term.

The ratings continue to be constrained by arrest of NKG's
Managing Director, Mr. Pradeep Garg, in October 2016 following a
non-bailable warrant issued by special court of Central Bureau of
Investigation (CBI) with respect to few projects awarded to the
company in the state of Uttar Pradesh. The ratings continue to be
constrained by high concentration of NKG's current order book on
a single project i.e. National Building Construction
Corporation's (NBCC) East-Kidwai Nagar re-development project in
Delhi. The ratings further take into account high competitive
intensity in the construction industry due to low entry barriers
and low capex requirements.

The ratings however continue to derive comfort from healthy and
stable inflows from company's 10MW operational solar power plant
in Gujarat, which can be securitised to raise additional funds,
if and when required. Ratings also draw comfort from NKG's long
and established track record in construction business, its
reputed customer base consisting mainly of public sector clients,
its track record of successfully executing large projects across
various segments (roads, bridges, buildings, electrical, hydro
power, solar power, water and sewer) and its geographically
diversified operations, with experience of managing projects in
15 states through eight regional offices in India.

Going forward, improving the liquidity profile while maintaining
the accruals and leverage will be the key rating sensitivity.
Further, the impact of ongoing legal process on risk profile of
the company will be a key rating monitorable.

NKG Infrastructure Limited (NKG) was incorporated in 1987 as N.K.
Garg and Company Private Limited and its name was changed to NKG
Infrastructure in 2005. It is a closely held company with entire
shareholding with promoters and their group companies. NKG is an
ISO 9001:2000 certified Construction Company and has
been registered as a Grade A civil contractor in the states of
Uttar Pradesh, Uttarakhand and Madhya Pradesh. The company
executes work mainly for public sector clients. NKG has also
established a 10 MW solar power plant in Gujarat which became
operational in March 2012.

Recent Results

NKG Infrastructure Limited (NKG) reported operating income of
INR1458 crore and net profit of INR32 crore in FY2016 as against
operating income of INR1633 crore and net profit of INR37 crore
in FY2015.


P. K. FOUNDATION: CRISIL Suspends 'D' Rating on INR117.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of P. K.
Foundation. The suspension of ratings is on account of non-
cooperation by PKF with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL, PKF
is yet to provide adequate information to enable CRISIL to assess
PKF's ability to service its debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              117.5      CRISIL D

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.

PKF, an educational trust, was established in February 2009 by
Mr. Pratap Khandebharad. The trust offers courses in management,
computer applications, engineering, and architecture. It started
its first school for specially-abled children in June 2009 and a
Central Board of Secondary Education (CBSE) school in June 2010.
PKF commenced the first batch of its master of business
administration programme and its master of computer application
programme in June 2011, and the first batch of its engineering
and architecture programmes in June 2012. In 2013-14, the trust
added a CBSE-affiliated junior college admitting students at plus
two level. The institute is approved by All India Council for
Technical Education and is affiliated to University of Pune
(Maharashtra).


PREMIER SYNTHETICS: CARE Reaffirms 'B' Rating on INR9.5cr Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Premier Synthetics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Redeemable Non-convertible    9.50       CARE B (RPS)
   Noncumulative Preference                 Reaffirmed
   Shares

Rating Rationale

The rating assigned to the instruments of Premier Synthetics
Limited is constrained by small scale of operations with
fluctuating profitability margins, negative net worth, stressed
debt coverage indicators and working capital-intensive nature of
operations. The rating is further constrained by the
susceptibility of profitability margins to volatile raw material
prices and presence in a highly fragmented and competitive
textile industry.

The rating, however, derives strength from the strong association
along with operational & financial linkages with the associate
company.

The ability of PSL to scale up its operations and improve its
profitability margins along with diversification of its clientele
base are the key rating sensitivities.

The company was incorporated originally as Premier Synthetics and
Processors Ltd (PSPL) in the state of Maharashtra on October 9,
1970, by the original promoter Mr. B. K. Jhunjhunwala for setting
up a cloth processing unit at Village Pawne (Maharashtra) with
assistance of IFCI. Thereafter, it became a sick company and in
the year 1985 the controlling interest of PSPL was acquired by
Mr. Anand Arya, who has 35 years of experience in the textile
industry. The name of the company was changed to Premier
Synthetics Ltd. in 1992. The company is listed on the Bombay
Stock Exchange (BSE) and has an administrative office in Mumbai
and a spinning plant located in Ahmedabad, with an installed
capacity of 55 lakh metric tonnes/annum. PSL is engaged in
trading of fabric and manufacturing of yarn on a job work basis,
primarily for its associate-Blue Blends (India) Limited rated
'CARE BB (RPS)'. BBIL manufactures denim fabric and caters to
customer
base all over India.

During FY16 (refers to the period April 1 to March 31), PSL
successfully completed an open offer pursuant to which Mr. Anand
Arya ceased to be the promoter. The new promoters of the company
by virtue of completion of the open offer are Mr. Gautamchand
Kewalchand Surana, Mr. Vikram Amritlal Sanghvi, Mr. Rajiv Giriraj
Bansal and Mr. Sanjay Kumar Vinodbhai Majethia.

During FY16 (A), PSL recorded a total operating income of
INR14.06 crore (vis-a-vis INR16.20 crore in FY15) with net profit
of INR0.36 crore (vis-a-vis net profit of INR0.15 crore in FY15).
Furthermore, during 3MFY17, PSL has reported a total income of
INR2.93 crore.


PUNJ AUTOS: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Punj Autos
Private Limited reflects the company's weak financial risk
profile, because of high total outside liabilities to tangible
networth ratio and subdued debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            30.0       CRISIL B/Stable (Reaffirmed)
   Term Loan              27.5       CRISIL B/Stable (Reaffirmed)

The rating also factors the company's low bargaining power with
principal supplier Honda Cars India Ltd, and exposure to intense
competition in the automobile dealership business. These
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes PAPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in cash accrual, or
a substantial equity infusion, leading to a better financial risk
profile. The outlook may be revised to 'Negative' if liquidity
deteriorates because of a decline in revenue and profitability,
or increase in working capital requirement.

Update
PAPL's revenue rose 19% in fiscal 2016, its first full year of
operations, over the previous fiscal, and is expected to grow
10%-15% over the medium term to INR200-240 million, supported by
HCIL's new model to be launched in the next 1.5-2 years. PAPL's
net margin is expected at 0.3%-0.5% over the medium term. The
company will continue to face intense competition and will have
limited bargaining power with its principal supplier. The
management currently does not plan to set up another showroom.

Liquidity remains adequate, because of sufficient cash accrual to
meet debt obligation. Bank limit utilization was moderate,
averaging 87% over the 12 months through September 2016. The
liquidity should remain adequate with increase in revenue and
cash accrual, and no significant capital expenditure on the
anvil. The financial risk profile will remain constrained on
account of the initial years of operations and trading business.
Interest coverage ratio was 1.3 times in fiscal 2016, and
networth was INR10.1 million as on March 31, 2016, due to small
scale of operations.

Despite large inventory of 80-85 days, the company faces limited
risk as the principal supplier will extend support in case of
price revision. As all sales are on cash-and-carry basis,
receivables risk is negligible. The company has a large customer
base and sales are usually financed by financial institutions,
which make payment in 5-10 days. Working capital cycle is
expected to remain stable over the medium term.

PAPL was incorporated in 2013 and commenced operations in June
2014. The company has a HCIL dealership in Hoshiarpur, Punjab. It
has one showroom with sales, service, and spares facilities for
cars. It is managed by Mr. Ayodhya Nath Sharma and his family.


RAJ YAMAHA: CRISIL Reaffirms B+ Rating on INR87.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Raj Yamaha
continues to reflect RY's modest scale of operations in an
intensely competitive automobile dealership segment, and a below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of proprietor in the
automobile dealership segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            87.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           20.0      CRISIL B+/Stable (Reaffirmed)

   Cash Term Loan         10.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RY will continue to benefit over the medium term
from the proprietor's extensive experience. The outlook may be
revised to 'Positive' if significant scaling up of operations and
sustained profitability result in higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected cash accrual or any large, debt-funded
capital expenditure weakens the financial risk profile, or in
case of significant capital withdrawals.

RY was established in 2009 as an authorised dealer of India
Yamaha Motor Pvt Ltd in Chennai. The proprietor, Mr. H Rajkumar,
manages operations.


RAM KRISHNA: CRISIL Assigns 'C' Rating to INR23MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings on the bank
facilities of Ram Krishna Tea Factory - Uttar Dinajpur (RKTF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              22.5       CRISIL C
   Proposed Long Term
   Bank Loan Facility      3.2       CRISIL C
   Bank Guarantee          1.8       CRISIL A4
   Cash Credit            23.0       CRISIL C

The rating continues to reflect the firm's small scale of
operations, exposure to intense competition in the tea processing
industry and its modest financial risk profile marked by low net
worth, high gearing and below average debt protection metrics.
The above weaknesses are mitigated by the considerable experience
of RKTF's partners in the tea processing industry.

Incorporated in September 2014 in Sonarpur Hat, RKTF is engaged
in manufacturing of CTC tea. The firm has its own processing unit
with total manufacturing capacity of 8.5 lakh kg per annum. It is
promoted by Srimati Krishna Bhagat, Mr. Sushil Bhagat, Mr.
Babanlal Bhagat, Mr. Lalan Bhagat, Mr. Panchami Bhagat and Mr.
Manoj Bhagat.


RELIANCE COMMUNICATIONS: Moody's Lowers Corp. Family Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Reliance Communications
Limited's (RCOM) corporate family rating and senior secured bond
rating to B1 from Ba3.

At the same time, the ratings remain under review for further
downgrade.

RATINGS RATIONALE

"The downgrade to B1 from Ba3 reflects RCOM's weak operating
performance in 1H FY2017, as evidenced by the continued
contraction in profitability through 2Q 2017 - primarily at its
Indian operations, the largest contributor - and the resultant
rise in leverage, as measured by adjusted debt (including
deferred spectrum liabilities)/EBITDA, which now exceeds 7.0x,"
says Annalisa Di Chiara, a Moody's Vice President and Senior
Credit Officer.

The ratings remain under review for further downgrade, given the
two material transactions that the company has announced will
likely result in a structural reorganization across the group and
a recalibration of the credit risk for bondholders.

The first transaction, announced in September, refers to the de-
merger of RCOM's wireless business and its combination with
Aircel Limited (unrated), the wireless business of Maxis
Communications Berhad (MCB, unrated), into a new a new joint
venture equally owned by RCOM and MCB. RCOM says its debt levels
would fall by INR200 billion (USD3 billion) as it transfers bank
debt and spectrum liabilities to MergerCo.

The second transaction, announced in October, refers to a non-
binding agreement for the sale of 100% its tower assets and
related infrastructure to Brookfield Infrastructure Group
(unrated) for INR110 billion (USD1.6 billion). The specified
assets will be transferred from RCOM's subsidiary, Reliance
Infratel (unrated), into a separate SPV (TowerCo) to be owned by
Brookfield. "We understand from RCOM that a definitive agreement
will be signed by mid-December." Moody's said.

While the expected reduction in debt achieved from these two
transactions will be credit positive, it will take 6-9 months for
both transactions to close. Moreover, this is a material shift
with respect to business focus, scale and growth strategy -- key
factors that affect the credit profile of the company and credit
risk for bondholders.

Post restructuring, RCOM will transform from India's 4th largest
wireless telecommunications operator into a company focused on
the B2B segment and providing retail and wholesale data
connectivity, as well as internet networks and services. It will
also lease its submarine cable infrastructure - owned and
operated by its 100% owned subsidiary, GCX Limited (B2 stable) -
and metropolitan city networks.

"With the planned de-merger and tower sale, some of the 'non-
core' assets originally identified for disposal like GCX - when
we had initially assigned the rating - will become RCOM's key
business focus," adds DiChiara.

"And, while the remaining businesses may exhibit annuity-like
revenues streams, the company's scale will be much smaller in
terms of revenues and EBITDA. Furthermore, it will remain
relatively highly levered with USD2.8-3.0 billion of debt based
on Moody's estimates -- on a pro-forma basis -- after the
expected reduction in debt from the de-merger and tower sales,"
says Di Chiara.

At the same time, RCOM will retain a 50% interest in the wireless
MergerCo. "We also understand RCOM will benefit from a 49%
economic upside interest in the TowerCo subject to certain
performance conditions." Moody's said.

"However, we do not believe that RCOM's cash flows will benefit
from dividends from either MergerCo or TowerCo for at least the
first 12-24 months of operation, although we expect these
investments could be monetized over the longer term," Moody's
said.

Moody's review will focus on (1) timely progress in RCOM's
announced transactions, including regulatory approvals and
processes related to lender and bondholder consents, as required,
for the de-merger of the wireless business and the tower asset
sales; (2) assessing the credit quality and financial strength of
the remaining businesses, particularly as related to the
company's enterprise and fiber optic business; and (3) assessing
the effects of the proposed restructuring on the collateral
package for RCOM's USD bond holders.

Moody's will also evaluate the residual RCOM's business strategy
going forward.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Reliance Communications Limited is an integrated
telecommunications operator in India (Baa3 positive) with a
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited (B2 stable), the company also provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific, which need multi-national IP-based
solutions and connectivity.

RCOM is the fourth-largest mobile operator in India by number of
subscribers, which totaled 95.5 million or approximately 9.2% of
total market share by subscribers as of 31 July 2016, according
to the Telecom Regulatory Authority of India (TRAI).


RK TRADE: CARE Assigns 'B+' Rating to INR8cr Long Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of RK Trade
Vision Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of RK Trade Vision
Private Limited is primarily constrained by its project
implementation risk for debt-funded project with financial
closure yet to be achieved, volatile agro-commodity (Dal) prices
with linkages to vagaries of the monsoon, regulated nature of the
industry and intensely competitive nature of the industry with
presence of many unorganized players. The rating, however,
derives strength from its experienced promoters, locational
advantage of the unit and increasing demand of dal and related
products.
Going forward, the ability of the company to complete the ongoing
project without cost and time overrun and achieve the desired
revenue and profitability as envisaged are the key rating
sensitivities.

RKTV was incorporated during September 2010 to initiate an agro
commodity-related business at Raipur in Chhattisgarh. The area
and the surrounding districts are important agricultural and
commercial areas where availability of various types of pulses
and demand of same and related products are increasing. After
incorporation, the company remained dormant for five years and
subsequently started to set up a Dal milling unit. The said
project is expected to be completed by December 2016 subject to
approval of term loans. The commercial operation is expected to
start from January 2017.

The day-to-day affairs of the company are looked after by Mr.
Radhe Shyam Agrawal along with other director Mrs Kousalya
Agrawal (wife of Mr. Radhe Shyam Agrawal) and a team of
experienced personnel.


ROYAL CARBON: CRISIL Suspends B+ Rating on INR210MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Royal Carbon Black Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable
   Long Term Loan         210       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
RCBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RCBPL is yet to
provide adequate information to enable CRISIL to assess RCBPL'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 October 2009, RCBPL is promoted by Mr. Vishesh
Agarwal, Mr. Kushal Agarwal and their associates. RCBPL extracts
fuel oil, carbon black, and steel from scrap tyres through
pyrolysis.


SAMPURAN PACKAGING: CRISIL Assigns 'B' Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Sampuran Packaging. The rating reflects
SP's small scale and limited track record of operations, exposure
to project related risks, and intense competition. These
weaknesses are partially offset by the extensive experience of
partners in the packaging industry, established customer
relations, high operating margin and moderate financial risk
profile.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       10.3      CRISIL B/Stable
   Cash Credit              26.2      CRISIL B/Stable
   Long Term Loan           70.0      CRISIL B/Stable

Outlook: Stable

CRISIL believes SP will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if increase in scale post stabilisation of
operations from the automation capital expenditure along with
prudent working capital management improves business risk
profile. The outlook may be revised to 'Negative' if revenue and
operating margin declines significantly or if there are delays in
the implementation of the automation  project or increase in
working capital debt weakens financial risk profile.

SP was set up as a partnership firm in 2011 by Mr. Rajbir Singh,
Mrs Neelam Chowdhary and their son Mr. Sampuran Singh in Ambala.
The firm is engaged in the manufacture of packaging material such
as corrugated boxes, which is used in scientific instruments and
agriculture industries. The plant is located in Ambala. The firm
is setting up an automated plant within the same premises with a
total cost of INR110 million with debt funding of INR75 million.

SP's booked profit and net sales (on provisional basis) were of
INR1.57 million and INR33 million, respectively, in 2015-16,
against the profit of INR1.1 million on net sales of INR19.3
million for 2014-15.


SONALAC PAINTS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sonalac
Paints & Coatings Limited continues to reflect large working
capital requirement and a below-average financial risk profile
because of a moderate total outside liabilities to tangible
networth (TOLTNW) ratio an below average debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit         65.0       CRISIL B+/Stable (Reaffirmed)
   Term Loan            3.5       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoters in the paint industry and high growth in scale
of operations due to addition of big customers.
Outlook: Stable

CRISIL believes SPCL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in revenue leading to higher profitability and a better
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' in case of a decline in profitability
resulting in low accrual, a stretched working capital cycle, or
large, debt-funded capital expenditure.

Update
Revenue grew 62% to INR285.20 million in fiscal 2016 from
INR175.90 million in fiscal 2015 on account of incremental orders
received owing to geographical expansion across Punjab, Haryana,
and Himachal Pradesh, from only Jammu and Kashmir earlier.
Significant revenue growth is expected over the near term; net
sales were INR110.00 million in the first quarter of fiscal 2017.
Operating margin, estimated at 10.44% for fiscal 2016, is likely
to remain at 9.00'9.50 per cent over the medium term.

Financial risk profile remains below average. Net worth is
modest, estimated at INR53.50 million, while the total outside
liabilities to tangible networth ratio was average, at 2.61
times, as on March 31, 2016. Debt protection metrics were below
average: interest coverage ratio was 1.80 times and net cash
accrual to total debt ratio 0.10 times, in fiscal 2016. The
financial risk profile is expected to remain similar over the
medium term on account of high dependence on bank borrowing to
fund incremental working capital requirement.

Liquidity remains constrained by highly working capital-intensive
operations, as reflected in estimated gross current assets of 206
days as on March 31, 2016, primarily driven by high inventory of
135 days. Bank limit remained fully utilised during the 12 months
through July 2016. Dependence on working capital debt is likely
to remain high commensurate with growth expectations. Liquidity
is, however, supported by expected net cash accrual of around
INR17.00 million, vis-a-vis debt repayment obligation of INR6.40
million, in fiscal 2017.

SPCL was incorporated in 1988, promoted by Mr. R S Garg. The
company manufactures various dry and liquid decorative paints
such as wall putty, cement paint, plastic emulsion, acrylic
distemper, cement primer, and strainers. Its headquarters is in
Chandigarh and manufacturing facility in Jammu & Kashmir. SPCL
has an installed capacity of around 25,000 tonne per year.


STERLING STONEX: ICRA Suspends B+ Rating on INR4.94cr Loan
----------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B+ assigned to
INR4.97 crore fund based limits and INR4.83 crore unallocated
limits of Sterling Stonex Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR0.20 crore non-fund based limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Sterling Stonex Private Limited was started in 1995 and is
engaged in quarrying granite and processing them to form granite
monuments. The granite monuments are exported majorly to US and
Europe. The total processing capacity of the unit is 206000 cubic
metres. The company has 2 quarry blocks at Tekkali and Nizamabad
spread over an area of 23 hectares.


SURAT WOVENSACKS: ICRA Assigns 'B' Rating to INR8.6cr Term Loan
---------------------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR13.60
crore long term bank facilities of Surat Wovensacks Industries
LLP.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      5.00        [ICRA] B assigned
   Term Loan               8.60        [ICRA] B assigned

The assigned rating is constrained by the start-up nature of the
firm's operations and its relatively modest scale of operations.
Additionally, the fragmented and competitive nature of the woven
fabric manufacturing industry limits the pricing flexibility and
in turn impacts profitability. The rating also take into account
the vulnerability of firm's profitability to adverse fluctuations
in raw material (HDPE/PP granules) prices and the firm's low
bargaining power with major suppliers. The rating further takes
into account the company's moderate debt-servicing liability,
which coupled with the high gestation period associated with
stabilisation of operations, is expected to keep its credit
profile constrained in the near term.

The rating, however, favorably takes into account the established
customer relationship of promoters, the stable demand outlook for
the packaging industry and various fiscal benefits available to
the firm that are likely to support profitability.

Established in October 2015, Surat Wovensacks Industries LLP is a
start-up involved in manufacturing of high density poly ethylene
and poly propylene (HDPE & PP) woven fabrics (laminated and non-
laminated). The firm started its commercial operations in August
2016 from its manufacturing facility at Magrol, in Surat, with an
installed capacity to manufacture 3960 Metric Tonnes (MT)
fabrics. The firm is managed by Mr. Anil Pugliya and Mr. Harjeet
Singh Chhabra, who although new to the woven fabric industry,
have considerable experience in the textile industry.


SUSHILA INTERNATIONAL: CRISIL Cuts Rating on INR101.3MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sushila International to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        35        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Cash Credit             20        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit         130        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term     101.3      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan               13.7      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects the instances of overdues in bill
discounting facility for more than 30 days on account of firm's
weak liquidity.

The rating continues to reflect the SI's modest scale of
operation, weak financial risk profile and its working capital
intensive nature of operation. However, these rating weakness are
partially offset by the extensive experience of promoters in the
textile industry and their established relationships with
customers.

For arriving at its ratings, CRISIL has considered SI's
standalone business and financial risk profiles. CRISIL had
earlier combined the business and financial risk profiles of SI
and Sushitex Industries Pvt Ltd. However, the two entities have
no operational and financial linkages now.

SI, set up in 1980, manufactures fabric used for making shirts.
Its manufacturing facilities are in Tarapur, Maharashtra, and
operations are managed by Mr. Dinesh Arya and his family members.


SRIKARAM INFRATECH: CRISIL Suspends B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Srikaram Infratech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Project Loan             80       CRISIL B+/Stable

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

The suspension of ratings is on account of non-cooperation by
SIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPL is yet to
provide adequate information to enable CRISIL to assess SIPL'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 2011, SIPL undertakes residential real estate
construction in Chennai. SIPL is currently developing its first
project in Chennai: Srikaram Shubhadhi.


SWASTHIK CERAMALL: CRISIL Assigns B+ Rating to INR13.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' for the
long-term bank facilities of Swasthik Ceramall. The rating
reflects firm's below-average financial risk profile, marked by
low net worth, and its modest scale of operations in the
intensely competitive tile and sanitary fittings trading
business. These weaknesses are partially offset by the extensive
industry experience of the promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        9         CRISIL B+/Stable
   Cash Credit            13.5       CRISIL B+/Stable
   Long Term Loan         12.5       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that Swasthik will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of better than expected operating income
and profitability or equity infusion by promoters leading to
improvement in net worth and company's risk absorption capacity.
Conversely, the outlook may be revised to 'Negative' if the firm
records lower than expected accruals, stretch in working capital,
or significant time or cost over runs in the debt funded capex
leading to deterioration in overall financial risk profile.

Set up in 2015, Chennai (Tamil Nadu) based Swasthik Cermall
(Swasthik) is engaged in the trading of tiles and sanitary ware.
The firm is promoted by Mr. A.S. Jaya Ganesh and his brother Mr.
A.S. Jaya Kumar.


TULSI COLD: ICRA Suspends 'B' Rating on INR6.10cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR6.10 crore long term fund based bank facilities of Tulsi
Cold Storage.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan                6.10      [ICRA]B suspended

Incorporated in 2013, Tulsi Cold Storage is engaged in providing
cold storage facility to potato farmers and traders on a rental
basis and commenced commercial operations from April 2014. The
facility of the firm is located near Vijapur, Gujarat having
storage capacity of about 150,000 bags each weighing 50 Kg (~7500
MT of potatoes). The firm is promoted by Mitulbhai Patel and
other partners who have longstanding experience in potato farming
and trading business.


UNITECH AUTOMOBILES: CARE Ups Rating on INR81cr Loan to BB-
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Unitech
Automobiles Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       81       CARE BB- Revised from
                                            CARE B

Rating Rationale

The revision in the rating of Unitech Automobiles Pvt. Ltd. takes
into consideration improvement in the operating performance of
the company marked by increase in scale of operations and cash
accruals along with lower reliance on working capital borrowings.

The rating continues to remain constrained by low profitability
margins and working capital intensive nature of operation which
is the inherent characteristics of auto dealership business; weak
financial risk profile characterized by highly leveraged capital
structure and weak debt service coverage indicators. Furthermore,
cyclicality in the automobile sector along with competitive
nature of the auto dealership market also acts as containing
factor.

The rating, however, factors in the long track record of the
promoter/management in the auto dealership business and over a
decade long association with Tata Motors Ltd.

The ability of UAPL to maintain its scale of operations amidst
increasing competition and manage its working capital
requirements efficiently are the key rating sensitivities.

UAPL, incorporated in 1984 was co-founded by Mr. Vinod Sharma,
Mr. R.P. Mungrikar, Mr. S. Premkumar and Mr. N. Subramanium. UAPL
is an authorized dealer of Tata Motors Ltd (TML, rated 'CARE
AA+') for Mumbai, Thane and Raigad districts of Maharashtra
region. It offers entire range of TML's commercial vehicles
(light, medium & heavy), spare parts and services. The promoters
also manage the dealership of TML for passenger vehicles at
Mumbai; Thane and Raigad districts through a group company viz
Fortune Cars Private Limited.

UAPL has one showroom located on rented premise at Andheri,
Mumbai and 5 rented sales outlets in Raigad District. It also has
a stockyard in Panvel. Furthermore, UAPL has three service
workshops in Nerul, Andheri and Turbhe out of which the workshops
at Nerul and Turbhe are owned and the workshop at Andheri is
rented.

During FY16 (refers to the period April 1 to March 31), the
company reported a PAT of INR0.87 crore (PY: INR0.47 crore) on
a total operating income of INR598.61 crore (PY: INR507.74
crore).


VIKRAM HOSPITAL: ICRA Assigns B- Rating to INR30CR NCD
------------------------------------------------------
ICRA has assigned a rating of [ICRA]B- to the INR30.00 crore Non
Convertible Debentures (NCD) programme of Vikram Hospital
(Bengaluru) Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Non Convertible
   Debentures              30.00        [ICRA]B-/Assigned

The assigned rating is constrained by VHBPL's weak financial risk
profile as characterized by losses at net and cash level despite
healthy revenue growth which has eroded the company's net worth
leading to deterioration of the debt coverage indicators. ICRA
also takes note of the stretched liquidity profile of the company
which had also led to delays in debt servicing in the past.
Further, the rating is constrained by the refinancing risk if the
company is unable to generate enough cash accruals / bring in
additional funds to meet the repayment of the NCD falling due in
December 2018. VHBPL's ability to attract and retain reputed
doctors in view of the heightened competition remains a
challenge. The rating, however, positively considers the
experienced management, reputation of the hospital in the market
as well as its favorable location which provides easy
accessibility from the remaining part of the city. The rating
also takes note of the closure of the bank facilities with the
onetime settlement during FY 2016 and the low debt servicing
obligation in the near term.

Going forward, the company's ability to generate profits so as to
improve its liquidity position and to timely service its debt
obligations remains the key rating sensitivities.

Vikram Hospital (Bengaluru) Private Limited was incorporated on
27th February 2009 as private limited company under the Companies
Act, 1956. In the year 2013, Multiples Alternate Asset Management
Private Limited (Multiples) acquired 95.56% stake in VHBPL along
with fresh equity infusion of INR75.41 crore in FY 2014. VHBPL
has as a 225 bedded multispecialty hospital with 24 hour human,
medical and infrastructural facility to render specialized
service. The hospital has 9 Medical Intensive Care Units (MICU),
9 Surgical Intense Care Units (SICU), 9 Intensive Cardiac Care
Units, 12 Dialysis beds,10 operation theatres, two of the most
advanced Cathlabs and a pharmacy. Owing to the continuing losses,
VHBPL had previously defaulted on the loan from Union Bank of
India. However in Nov-2015, with one time settlement (OTS) the
company repaid INR73.80 crore to the bank with no dues pending.
This repayment of bank facilities was funded by Multiples through
an equity infusion of INR45.10 crore and subscription to NCDs of
INR30.00 crore during FY 2016. These NCDs carry an interest rate
of 12% to be serviced at the end of every quarter beginning from
December 31, 2015 and the debentures are redeemable at par at the
expiry of 3 years and 1 month from the allotment date i.e. in
December, 2018.

Recent Results For FY 2016, VHBPL reported a net loss of INR10.76
crore on an operation income of INR107.91 crore as against a net
loss of INR15.65 crore on an operating income of INR97.51crore in
FY 2015.


YAMUNAJI ENTERPRISE: ICRA Suspends B+ Rating on INR4.5cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR4.50 crore cash credit facility and short-term rating of
[ICRA]A4 assigned to INR1.00 crore non-fund based facilities of
Yamunaji Enterprise (YE). The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

YE is one of the three del credere agents (DCAs) of Reliance
Industries Limited for Kutch and Saurashtra region for
distribution of high-density poly ethylene (HDPE), low-linear
density polyethylene (LLDPE), polypropylene (PP) and poly vinyl
chloride (PVC).YE has been associated with RIL as a distributor
since 2007, post merger of Indian Petrochemical Corporation
Limited with RIL. YE also has dealership of Polyethylene
Terephthalate (PET) Chips manufactured by Reliance Industries
Limited for Gujarat region, wherein the firm maintains stock of
PET Chips for sales to customers.



=================
I N D O N E S I A
=================


SOLUSI TUNAS: Fitch Affirms 'BB-' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Indonesia-based tower operator PT
Solusi Tunas Pratama Tbk's (STP) Long-Term Foreign- and Local-
Currency Issuer Default Ratings of 'BB-', senior unsecured rating
of 'BB-' and National Long-Term Rating of 'A+(idn)'.  The Outlook
on the issuer ratings is Stable.

Fitch has also affirmed Pratama Agung Pte. Ltd.'s USD300 mil.
6.25% guaranteed senior unsecured notes due 2020 at 'BB-'.  The
notes are unconditionally and irrevocably guaranteed by STP and
are therefore rated at the same level as STP's Long-Term IDR.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

                         KEY RATING DRIVERS

Credit Profile Intact: STP's ratings reflect its long-term cash-
flow visibility and moderate counterparty risk, with investment-
grade telcos accounting for 65% of its revenue in 9M16.  Fitch
expects STP's credit profile to remain intact, although a
possible discontinuation of lease payments by internet service
provider PT Internux could remove around 5%-6% of its annual
revenue. Receivables from Internux rose to IDR141bn (8% of
revenue) at end-September 2016, with restructured payments
scheduled to resume towards end-2016.

The Stable Outlook reflects Fitch's expectations that STP's FFO-
adjusted net leverage will be around 5.0x-5.3x in 2016-2018
(2015: 4.8x), below the 5.5x threshold at which Fitch is likely
to take a negative rating action.

Limited Free Cash Flow: STP's free cash flow (FCF) generation is
likely to be limited in 2016 and 2017 because of high interest
cost and the possibility of a protracted delay in lease rentals
from Internux.  In addition, Fitch expects slower tower growth in
2017 and 2018 in light of ongoing cost-cutting measures by its
largest tenant, PT XL Axiata Tbk (BBB/Stable).  Fitch's forecast
assumes STP adds 300-350 towers and around 600 tenancies yearly,
which translates into IDR700bn-730bn in annual capex.

Organic-Driven Growth: Fitch does not expect STP to undertake
large debt-funded acquisitions given the low headroom on its
incurrence covenant (net debt/last quarter annualised EBITDA of
5.5x) in its unsecured bond documents.  STP's strategy to
monetise its fibre optic backbone (2,600km as at end-September
2016) through long-term lease contracts could provide revenue
growth and diversification.  In 9M16, the tower business
accounted for 90% of revenue and the fibre business 10%.

Hedging In Place: Approximately 87% of STP's debt was US-dollar
denominated as at end-September 2016.  STP fully hedged the
principal through currency swaps, mitigating its exposure to
rupiah depreciation.  Only 57% of the interest payment was hedged
against forex risk, but this is partly offset by STP's USD3m of
annual tower revenue from PT Hutchison Indonesia Tbk, which
provides a natural hedge.

Size, Leverage Drive Ratings: STP's ratings continue to be driven
by its smaller size of under 7,000 towers and slower tower growth
relative to Indonesia's top-two tower companies, PT Profesional
Telekomunikasi Indonesia (BBB-/AAA(idn)/Stable) and PT Tower
Bersama Infrastructure Tbk (BB-/AA-(idn)/Stable).  Fitch expects
STP's net leverage on a hedged basis to be much higher than
Protelindo's net leverage of under 3.0x, but slightly lower than
TBI's 5.8x.

                           KEY ASSUMPTIONS

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

   -- Revenue to grow at around mid-single-digit rates in 2017
      and 2018.
   -- Yearly addition of 300-350 towers and around 600 tenancies.
   -- Discontinuation of lease payments and no recovery of
      receivables from Internux.
   -- Stable operating EBITDA margins of 83%-84%.
   -- Capex/revenue ratio of 30%-40%.
   -- Effective tax rate of 25%.
   -- No dividend payments or acquisitions.

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- FFO-adjusted net leverage lower than 4.0x on a sustained
      basis along with revenue contribution from investment-grade
      telcos remaining above 60%.

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

   -- A debt-funded acquisition of another tower portfolio or
      lease defaults by weaker telcos leading to FFO-adjusted net
      leverage above 5.5x on a sustained basis.  An increase in
      leverage could also result from larger-than-expected capex
      guidance that will reduce positive FCF.

   -- A fall in revenue contribution from investment-grade telcos
      to below 50%.

                            LIQUIDITY

Adequate Liquidity: As at end-September 2016, STP had IDR289
billion in unrestricted cash and no major debt due in the next 12
months.  The company's liquidity is strengthened by its long-
dated debt profile and IDR580 billion in unutilized banking
lines.  The majority of STP's debt will fall due after 2018; this
consists of the USD300 mil. unsecured notes due on Feb. 24, 2020,
and a USD225 mil. senior secured term loan due in December 2019
that it took in October 2016 to refinance its existing
borrowings.

FULL LIST OF RATING ACTIONS

PT Solusi Tunas Pratama Tbk

  Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
Stable
  Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
  National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable
  Senior unsecured rating affirmed at 'BB-'

Pratama Agung Pte Ltd

  USD300 mil. 6.25% guaranteed senior unsecured notes due 2020
   affirmed at 'BB-'.


TOWER BERSAMA: Fitch Lowers IDR to 'BB-'; Outlook Stable
--------------------------------------------------------
Fitch Ratings has downgraded Indonesian telecommunications tower
company PT Tower Bersama Infrastructure Tbk's Long-Term Foreign-
and Local-Currency Issuer Default Ratings to 'BB-' from 'BB'.
The agency has simultaneously affirmed TBI's National Long-Term
Rating at 'AA-(idn)'.  The Outlook on the issuer ratings is
Stable.

The downgrade reflects Fitch's view of the continued weakness in
free cash flow (FCF) generation due to an aggressive shareholder
return policy in addition to high finance cost and capex needs.
Fitch expects TBI's FFO-adjusted net leverage to remain elevated
at around 5.8x through the next three years (2015: 6.0x).

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country.  The default risk inherent differs only slightly from
that of the country's highest rated issuers or obligations.

                        KEY RATING DRIVERS

Slow Deleveraging: Fitch expects TBI to fund its FCF deficit with
debt over the next three years.  The company had indicated plans
to operate at leverage within the parameters of its bank
covenants; ratio of gross debt/last quarter annualized EBITDA of
less than 6.25x (2015: 5.3x).  Fitch's forecast assumes 2016
EBITDA of around IDR3.2 tril., insufficient to fund dividends, in
addition to annual interest payments (IDR1.7 tril.) and capex
(IDR1.6 tril.).

TBI plans to spend up to IDR1.0 tril. on dividends and share
buybacks in 2016, and refreshed its share buyback program in
October to repurchase shares up to a maximum of IDR1.5 tril. over
the next 18 months.

Organic Growth: Fitch forecasts TBI's revenue to grow at 7%-10%
per annum, driven by the progressive rollout of 4G networks in
Indonesia.  The company is likely to benefit from any accelerated
capex expansion by its largest tower tenant, PT Telekomunikasi
Selular (Telkomsel, AAA(idn)/Stable).  TBI has a larger exposure
to Telkomsel and PT Telekomunikasi Indonesia (BBB-/Stable), at
45% of revenue, compared with PT Profesional Telekomunikasi
Indonesia's (Protelindo, BBB-/Stable) 20% and PT Solusi Tunas
Pratama's (STP, BB-/Stable) 19%.

Stable EBITDA Margin: Fitch expects TBI's operating EBITDA
margins to be relatively stable in 2016 and 2017 (2015: 85%).
Tower rentals are locked-in under existing lease contracts,
although average monthly tower leases may come under pressure as
tenancy contracts expire.  The company's average remaining
contract period is around six years, with no major contracts due
for renewal in the next two years.  TBI's locked-in revenue was
IDR23.5 tril. as at end-June 2016.

Counterparty and Forex Risks: TBI's rating also reflects its low
customer concentration risk.  The revenue contribution from
Indonesian telco operators with investment-grade international
ratings was 83% in 9M16; higher than that of Protelindo's 49% and
STP's 65%.  In addition, TBI mitigates currency risk by fully
hedging its US dollar exposure.  It also has US dollar-
denominated annual revenue of USD40 mil. from PT Indosat Tbk
(BBB/Stable).

Limited Structural Subordination: TBI's bonds are rated at the
same level as its Long-Term IDR, despite their structural
subordination to debt held at the operating subsidiaries, which
generate all of the group's revenue.  Fitch expects TBI to
gradually replace its debts at its operating companies with debt
at the holding company.  Furthermore, Fitch believes there will
be strong creditor recovery in a distress scenario; a high
proportion of the group's operating cash flows are contractually
locked in.

                         KEY ASSUMPTIONS

Fitch's key assumptions within the rating case include:

   -- tower additions of around 1,000 and tenant additions of
      around 2,000 in 2016-2018;

   -- stable operating EBITDA margin of around 82%-84% in 2016-
      2018;

   -- annual capex of IDR1.3trn-1.6trn or capex/revenue ratio of
      30%-45% in 2016-2018 (2015: IDR1.6trn; 47%);

   -- dividend payment and share buybacks of IDR1.0trn in 2016
      and 2017, increasing in 2018;

   -- no acquisitions.

                       RATING SENSITIVITIES

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

   -- A debt-funded acquisition, or lease defaults by weaker
      telcos, or significant dividend payment and share buyback
      activity leading to FFO-adjusted net leverage (based on the
      hedged debt amount) remaining above 6.5x on a sustained
      basis.

Positive: Fitch does not anticipate developments that would lead
to a rating upgrade.  However, Fitch may take positive rating
action if TBI appears to be on solid path to return to FFO-
adjusted net leverage (based on the hedged debt amount) of below
5.5x on a sustained basis.

                           LIQUIDITY

Adequate Liquidity: TBI's liquidity position is supported by its
unrestricted cash balance of IDR405 bil. at end-September 2016
and a USD245 mil. undrawn banking facility (maturing in June
2018), sufficient to meet short-term maturities of IDR190bn over
the next 12 months.  Fitch expects TBI to refinance its debt when
it falls due; a majority of which will mature after 2017,
comprising
USD300 mil. 4.625% senior unsecured notes due April 2018 and
USD350 mil. 5.25% senior unsecured notes maturing in February
2022.

FULL LIST OF RATING ACTIONS

PT Tower Bersama Infrastructure Tbk

   -- Long-Term Foreign-Currency IDR downgraded to 'BB-' from
      'BB'; Outlook Stable
   -- Long-Term Local-Currency IDR downgraded to 'BB-' from 'BB';
      Outlook Stable
   -- National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
      Stable
   -- National senior unsecured rating affirmed at 'AA-(idn)'
   -- Foreign-currency senior unsecured rating downgraded to
      'BB-' from 'BB'
   -- IDR4 tril. bond programme and issues under the programme
      affirmed at 'AA-(idn)'
   -- IDR5 tril. bond programme and issues under the programme
      affirmed at 'AA-(idn)'

TBG Global Pte Ltd (subsidiary)

   -- USD300 mil. guaranteed senior unsecured notes due 2018
      downgraded to 'BB-' from 'BB'

   -- USD350 mil. guaranteed senior unsecured notes due 2022
      downgraded to 'BB-' from 'BB'



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


1MALAYSIA DEVELOPMENT: Singapore Sanctions Ex-Banker Leissner
-------------------------------------------------------------
Chanyaporn Chanjaroen at Bloomberg News reports that Singapore
plans to bar former Goldman Sachs Group Inc. banker Tim Leissner
from its securities industry for 10 years and fined Standard
Chartered Plc and Coutts & Co. over breaches related to a
scandal-plagued Malaysian sovereign fund.

Mr. Leissner, who left Goldman Sachs in February, was sanctioned
because he issued an unauthorized reference letter on behalf of
Low Taek Jho, the Monetary Authority of Singapore said in a
statement on Dec. 2, Bloomberg relates. Low, a Malaysian
financier, has been linked to alleged efforts to siphon billions
of dollars from 1Malaysia Development Bhd, the report says.

According to Bloomberg, the penalties are the latest the MAS has
handed down to address the damage to Singapore's reputation
caused by anti-money laundering lapses linked to 1MDB.  Bloomberg
says the regulator withdrew the banking licenses of Falcon
Private Bank and BSI SA's local units earlier this year and fined
UBS Group AG and DBS Group Holdings Ltd. a combined total of
SGD2.3 million ($1.6 million).

"These actions send a strong signal that we will not tolerate the
abuse of Singapore's financial system for illicit purposes,"
Bloomberg quotes MAS Managing Director Ravi Menon as saying in
the statement. "The supervisory investigations into the intricate
web of international fund flows has been a learning experience
for financial institutions as well as for MAS. Our financial
sector will emerge cleaner and stronger."

Besides serving notice of its intention to issue a so-called
prohibition order against Leissner, the MAS fined Standard
Chartered S$5.2 million and Coutts S$2.4 million, adds Bloomberg.

"Prior to today, Mr. Leissner had not heard of any contemplated
regulatory action by the MAS and had not been contacted by the
MAS or given any opportunity to respond to the MAS regarding the
allegations raised in the Notice," Marc S. Harris, Leissner's
counsel at law firm Scheper Harris & Kim in Los Angeles, said in
an e-mailed statement cited by Bloomberg. "He has been invited by
the MAS to respond to the allegations raised in the Notice, and
he looks forward to doing so."

Bloomberg relates that the proposed order will prohibit Leissner
from performing any activity regulated by the city's securities
laws or taking part in the management of any capital-market
services firm in Singapore, the MAS said. The banker moved to
Hong Kong in November 2011 but maintained his representative
status in Singapore until his resignation from Goldman Sachs in
February, according to the MAS, adds Bloomberg.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



=====================
P H I L I P P I N E S
=====================


XAVIER-TIBOD BANK: MB Closes Bank; PDIC to Pay Deposit Claims
-------------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Xavier-Tibod Bank, Inc. (A Microfinance Rural Bank)
from doing business in the Philippines. Under Resolution No.
2133.A dated December 1, 2016, the MB directed the Philippine
Deposit Insurance Corporation (PDIC) as Receiver to proceed with
the takeover and liquidation of the bank. PDIC took over the bank
on December 2, 2016.

Xavier-Tibod Bank is a two-unit rural bank with Head Office
located on Pabayo St., Divisoria, Cagayan de Oro City (Capital),
Misamis Oriental. Its other banking office (OBO) is located along
National Highway, Brgy. Poblacion, Salay, Misamis Oriental. Based
on the Bank Information Sheet filed by the bank with the PDIC as
of June 30, 2016, Xavier-Tibod Bank is owned by Milamdec
Foundation, Inc. (40.70%), Milagros P. Ortigas (15.41%), Robert
L. Tan (12.36%), Teresita L. Barcelon (9.09%), Salay Handmade
Paper Industries, Inc. (6.15%), Anselmo B. Mercado (3.62%),
Alejandro P. Ortigas (2.96%), and Ma. Isabel R. Veloso (2.96%).
The Bank's President is Milagros P. Ortigas and its Chairman is
Edgardo D. Layug.

Latest available records show that as of Sept. 30, 2016, Xavier-
Tibod Bank had 918 accounts with total deposit liabilities of
PHP7.9 million. Total insured deposits amounted to PHP7.7 million
involving 97.8% of total deposit accounts.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000. Depositors with valid deposit accounts with balances
of PHP100,000 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Xavier-Tibod Bank or acted as co-makers of these
obligations. Depositors have to ensure that they have complete
and updated addresses with the bank. They may update their
addresses until December 9, 2016 using the Mailing Address Update
Forms to be distributed by PDIC representatives at the bank
premises.

For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Xavier-Tibod Bank and to transact only with designated
PDIC representatives at the bank premises. For more information
on the requirements and procedures for filing claims and
settlement of loan obligations, all depositors and borrowers of
the bank are enjoined to attend the Depositors-Borrowers' Forum
on Dec. 14, 2016.

Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC



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


HYUNDAI MERCHANT: Denies Reports on Failed 2M Partnership
---------------------------------------------------------
The Korea Herald reports that Hyundai Merchant Marine on Dec. 1
denied reports that it had failed to join the 2M Alliance.

"The concrete negotiation for the 2M partnership is still in
progress and will be finalized after the meeting slated next week
in Europe," the Korea Herald quotes an HMM officials as saying.

According to the Korea Herald, the Wall Street Journal reported
on Nov. 30 that the 2M Alliance decided not to allow HMM to join
it, amid backlash from customers. It said the alliance was
looking for other "looser forms of cooperation" with the Korean
shipping company.

In July, HMM inked a memorandum of understanding with the world's
largest container-shipping alliance to join the 2M Alliance, the
Korea Herald recalls. The 2M partnership was considered a crucial
step for the Korean shipper which was under restructuring.

Earlier on Dec. 1, Financial Services Commission Chairman Yim
Jong-yong also denied the reports, says the Korea Herald.

"The Wall Street Journal's report is not true. HMM's negotiation
for the 2M Alliance partnership is still underway and it will
likely be wrapped up around Dec. 10," the Korea Herald quotes
Mr. Yim as saying at a press conference.

The Korea Herald adds that the Korean shipper said it would
provide details of the negotiation once it is completed.

Earlier last month, the Journal of Commerce also published a
similar news report, but HMM denied it, saying that the 2M
partnership negotiation is still underway, the Korea Herald says.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.

Hyundai Merchant Marine is currently under a creditor-led
restructuring scheme.



===============
T H A I L A N D
===============


* THAILAND: Banks Face Further Pressure in 2017, Fitch Says
-----------------------------------------------------------
Fitch Ratings' outlook on Thai banks in 2017 is for the terrain
to remain difficult, with continued pressures particularly on
asset quality and profitability.  Banks will be hampered by the
low-interest-rate environment, muted levels of economic growth,
and higher loan delinquencies (particularly in the SME and retail
segments).

Nevertheless, Fitch expects that these pressures should remain
manageable for most banks, which is why most ratings remain on
stable outlook.  Fitch expects the weaker financial ratios to be
in line with what would be seen in a normal downtrend in the
business cycle.

Asset-quality risks are mitigated by relatively high loan-loss
reserve coverage (average for the sector is 127%), and Fitch
expects the pace of delinquencies to decline gradually in 2017.
Banks should also continue to be able to maintain their solid
capital ratios (sector Tier 1 ratio is 14.2%), which presents
another significant buffer against a worse-than-expected
deterioration in sector conditions.



                             *********

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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