TCRAP_Public/161207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 7, 2016, Vol. 19, No. 242

                            Headlines


A U S T R A L I A

DAVID MCELWAINE: First Creditors' Meeting Set for Dec. 14
FORSTER PALMS: First Creditors' Meeting Set for Dec. 13
TARRENELLI PTY: First Creditors' Meeting Set for Dec. 13


C H I N A

TONGJI HEALTHCARE: Incurs $103K Net Loss in Third Quarter


H O N G  K O N G

CHINA FISHERY: Has Until January 6 to File Plan of Reorganization


I N D I A

A.S. REDDY: ICRA Suspends B- Rating on INR6cr Cash Loan
ASHOK HANDLOOM: ICRA Reaffirms 'B' Rating on INR5.6cr LT Loan
AKANKSHA POULTRY: CRISIL Reaffirms 'B' Rating on INR50MM Loan
AKASVA INFRASTRUCTURE: ICRA Assigns D Rating to INR50.5cr Loan
AMBADAS GINNING: CRISIL Assigns 'B' Rating to INR120MM Cash Loan

ANAMIKA DEVELOPERS: ICRA Suspends B+ Rating on INR6cr Term Loan
ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR12cr LT Loan
ASR MET: ICRA Suspends B+/A4 Rating on INR55cr Bank Loan
AVNI ENERGY: ICRA Lowers Rating on INR7cr Loan to 'D'
BALDEV METALS: ICRA Suspends B+ Rating on INR10cr Bank Loan

BEACON GREEN: ICRA Suspends 'B' Rating on INR10cr Bank Loan
BEJAN SINGH: ICRA Suspends 'B' Rating on INR12.5cr Bank Loan
BSCPL AURANG: Ind-Ra Places 'IND B+' Bank Loan Rating on RWN
CHAND AGRO: ICRA Suspends B- Rating on INR12.75cr Bank Loan
CITY INN: ICRA Suspends B+ Rating on INR21cr Bank Loan

CITY TILES: ICRA Lowers Rating on INR35cr Cash Loan to 'D'
DNR AUTO ENGINEERING: CRISIL Suspends 'B' Rating on INR42.5MM Loan
EDUCOMP SOLUTIONS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
EASTERNZONE INDUSTRIES: CRISIL Reaffirms B+ Cash Credit Rating
GAMA INFRAPROP: CRISIL Lowers Rating on INR5.64BB Loan to 'D'

GEM FORGINGS: CRISIL Assigns 'B' Rating to INR18.5MM Cash Loan
GIAN JYOTI: CRISIL Reaffirms B- Rating on INR175MM Term Loan
GVNS TOLLWAY: Ind-Ra Places 'IND BB' Project Bank Loans on RWN
GVR AJMER: Ind-Ra Puts 'IND BB' Bank Loan Rating on RWN
GVR NAGAUR: Ind-Ra Places 'IND BB' Bank Loan Rating on RWN

HKR ROADWAYS: Ind-Ra Places 'IND B' Bank Loan on RWN
INDCON PROJECTS: CRISIL Lowers Rating on INR60MM Cash Loan to B+
INDORE DEWAS: Ind-Ra Puts 'IND B' Bank Facilities' Rating on RWN
JALANDHAR AMRITSAR: Ind-Ra Puts IND B- Bank Loans Rating on RWN
JINDAL-PRL: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating

JINDAL INFRASTRUCTURE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
JUMAX FOAM: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
KHALATKAR CONSTRUCTION: Ind-Ra Assigns 'IND BB' LT Issuer Rating
KLR INDUSTRIES: ICRA Lowers Rating on INR28.5cr Loan to 'D'
KRR DRUGS: CRISIL Assigns B+ Rating to INR35MM Cash Loan

M B RUBBER: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
MEGADIMENSION INFRA: CRISIL Suspends B+ Rating on INR80MM Loan
MITTAL FILES: CRISIL Suspends B+ Rating on INR42.6MM Term Loan
NALANDA MANAGEMENT: CRISIL Suspends 'D' Rating on INR79MM Loan
PRATEEK ALLOYS: Ind-Ra Affirms 'IND B+' Long Term Issuer Rating

POLYMER COATINGS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
PRE UNIQUE: Ind-Ra Assigns 'IND B-' Long Term Issuer Rating
Q NINETH: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
R.Y. EXTRUSION: ICRA Suspends B- Rating on INR6cr Bank Loan
RADHESHYAM COTTEX: ICRA Reaffirms B+ Rating on INR9.5cr Loan

RAJARAM MILLS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
RAMKAMAL CHEMICALS: CRISIL Assigns 'B' Rating to INR70MM Loan
RATHOD INDUSTRIES: ICRA Suspends B+ Rating on INR5.27cr Loan
SCC PROJECTS: ICRA Suspends 'B' Rating on INR14cr Bank Loan
SADAN REALTECH: CRISIL Reaffirms 'B' Rating on INR202.8MM Loan

SHAHI SHIPPING: CRISIL Reaffirms 'C' Rating on INR50MM Cash Loan
SHAPE ENGINEERING: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
SHIVA TRADING: ICRA Suspends B+ Rating on INR9.5cr Bank Loan
SHIVCHAND RAI: CRISIL Assigns B+ Rating to INR55.8MM Cash Loan
SHRI GANGA: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan

SILVER SIGN: CRISIL Reaffirms 'B' Rating on INR30MM LT Loan
SONALI ENERGEES: ICRA Suspends B+/A4 Rating on INR24.77cr Loan
SREE VISHNUPRIYA: ICRA Suspends B+ Rating on INR6cr Loan
SRIRANI SATI: CRISIL Lowers Rating on INR80MM Cash Loan to 'B'
SUMA FOODS: CRISIL Assigns B+ Rating to INR80MM Cash Loan

SURENDRA STEELS: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
TACON INFRASTRUCTURE: CRISIL Ups Rating on INR58.9MM Loan to B+
UB ENGINEERING: ICRA Suspends 'D' Rating on INR770cr Loan
UTTARAKHAND UTHAN: Ind-Ra Withdraws 'IND BB' Long Term Loans
VIJAY V.: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan

VSK LABORATORIES: ICRA Suspends 'B' Rating on INR17cr Loan
YOGESH CHAUDHRY: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating


J A P A N

JINHEUNG SAVINGS: Bids for OP Bancorp Shares Due Dec. 9


M A L A Y S I A

EKA NOODLES: Net Loss Widens to MYR5.9MM in 3Q Ended Sept. 30


S I N G A P O R E

F J BENJAMIN: Placed on SGX Watch List After 3 Years of Losses


S O U T H  K O R E A

* Korea Financial Watchdog Picks 176 Firms for Restructuring


                            - - - - -


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


DAVID MCELWAINE: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of David
McElwaine Pty Ltd, trading as Gentlemens Outfitters, will be held
at the offices of Shaw Gidley, Level 6, 384 Hunter Street, in
Newcastle, NSW, on Dec. 14, 2016, at 10:00 a.m.

Paul William Gidley and Jeffrey Allan Shute of Shaw Gidley were
appointed as administrators of David McElwaine on Dec. 5, 2016.


FORSTER PALMS: First Creditors' Meeting Set for Dec. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Forster
Palms Security Pty Ltd will be held at the offices of PKF,
Level 8, 1 O'Connell Street, in Sydney, on Dec. 13, 2016, at 11:00
a.m.

Simon Thorn and Bradley Tonks of PKF were appointed as
administrators of Forster Palms on Dec. 1, 2016.


TARRENELLI PTY: First Creditors' Meeting Set for Dec. 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tarrenelli
Pty Ltd, trading as Allpower Electrical, will be held at the
offices of Chifley Advisory, Suite 3.04, Level 3, 39 Martin Place,
in Sydney, NSW, on Dec. 13, 2016, at 12:30 p.m. (AEDT)/11:00 a.m.
(ACST).

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Tarrenelli Pty on Dec. 1, 2016.



=========
C H I N A
=========


TONGJI HEALTHCARE: Incurs $103K Net Loss in Third Quarter
---------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $103,240 on $429,416 of total operating revenue for
the three months ended Sept. 30, 2016, compared to a net loss of
$101,520 on $566,374 of total operating revenue for the three
months ended Sept. 30, 2015.

For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $256,017 on $1.49 million of total operating revenue
compared to a net loss of $259,598 on $1.76 million of total
operating revenue for the nine months ended Sept. 30, 2015.

As of Sept. 30, 2016, Tonji Healthcare had $16.44 million in total
assets, $19.48 million in total liabilities and a total
stockholders' deficit of $3.04 million.

"We generally finance our operations through our operating profits
and borrowings from related parties. As of the date of this
report, we have not experienced any difficulty in raising funds
from related parties, and we have not experienced any liquidity
problems in settling our payables in our ordinary course of
business. We believe that we have adequate funds and capital with
respect to conducting its business over the next twelve months.

"[T]he Company has negative working capital of $18,956,952, an
accumulated deficit of $3,821,579, and a stockholders' deficit of
$3,043,668 as of September 30, 2016. The Company's ability to
continue as a going concern ultimately is dependent on the
management's ability to obtain equity or debt financing, attain
further operating efficiencies, and achieve profitable operations.
The consolidated financial statements do not include any
adjustments relating to the recoverability and classification of
recorded asset amounts or amounts and classification of
liabilities that might be necessary should the Company not be able
to continue as a going concern.

"Management has taken certain restructuring steps to provide the
necessary capital to continue its operations. These steps
included: 1) plan to convert existing related party loans into
equity, 2) plan to complete construction of the new hospital and
start generating revenue by 2017, 3) plan to increase sales
revenue with additional medical equipment, 4) plan to obtain more
funding from related party entity that is controlled by the CEO to
complete the construction of the new hospital. No assurances can
be given that the steps taken will provide necessary capital for
the Company to continue its operations," the Company stated in the
quarterly report.

A full-text copy of the Form 10-Q is available for free at:
                       https://is.gd/LJz93m

                      About Tongji Healthcare


Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji reported a net loss of $589,000 on $2.37 million of total
operating revenue for the year ended Dec. 31, 2015, compared to a
net loss of $462,000 on $2.52 million of total operating revenue
for the year ended Dec. 31, 2014.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015.



================
H O N G  K O N G
================


CHINA FISHERY: Has Until January 6 to File Plan of Reorganization
-----------------------------------------------------------------
Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York extended the exclusive periods
within which only China Fishery Group Limited (Cayman) and all of
its Moving Debtor-affiliates may file a Plan of Reorganization,
through and including January 6, 2017, and solicit acceptances of
such plan, through and including March 9, 2017.

However, Judge Garrity denied exclusivity extension for CFG Peru
Investments Pte. Limited (Singapore) since exclusivity was
terminated upon the appointment of a chapter 11 trustee in
accordance with Decision entered on October 28, 2016.

The Court noted that Malayan Banking Berhad, Hong Kong Branch,
Cooperatieve Rabobank U.A. Standard Chartered Bank (Hong Kong)
Limited and DBS Bank (Hong Kong) Limited, Bank of America, N.A.,
and the Ad Hoc Committee of Holders of CFG Investment S.A.C's
9.75% Senior Notes Due 2019 had filed objections to the Motion.

Pursuant to the record of the hearing held on October 25, 2016,
the Debtors were directed to provide the Objectors, China CITIC
Bank International Limited and Taipei Fubon Commercial Bank Co.,
Ltd. with the final non-draft version of a forensic report,
prepared for the independent review committees of Debtors Pacific
Andes International Holdings Limited and Pacific Andes Resources
Development Limited by RSM Corporate Advisory, promptly upon its
completion.

The Debtors were required to provide China CITIC Bank and Taipei
Fubon Commercial Bank with a copy of the audited financial
statements of the Pacific Andes Group for the fiscal year ended
September 2015 promptly upon Deloitte LLP's public issuance of
same, as well as a term sheet for a proposed chapter 11 plan of
reorganization and a related business plan for the Debtors on or
before December 16, 2016.

The Troubled Company Reporter had reported earlier that the
Debtors asked the Court to extend their exclusive periods for
filing a chapter 11 plan and soliciting acceptances to the plan,
through March 30, 2017 and May 31, 2017, respectively.

The Debtors related that certain of their creditors, known as
Adverse Lenders, filed a Motion for the appointment of a Chapter
11 Trustee, and since the Trustee Motion, they have turned their
attention to formulating potential plan structures, including
meeting with creditors to ascertain their views, as well as
dealing with various motions, several relating to the Debtors'
ability to formulate, negotiate and confirm a plan.

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer. At the time of the
filing, the Debtor estimated its assets at $500 million to $1
billion and debts at $10 million to $50 million. The case is
assigned to Judge James L. Garrity Jr. Howard B. Kleinberg, Esq.,
Edward J. LoBello, Esq. and Jil Mazer-Marino, Esq. of Meyer,
Suozzi, English & Klein, P.C. serve as legal counsel. The Debtor
has tapped Goldin Associates, LLC, as financial advisor and RSR
Consulting LLC as restructuring consultant.

The Court approved the appointment of William J. Brandt, Jr., as
the Chapter 11 Trustee for CFG Peru Investments Pte. Limited
(Singapore), an affiliate of China Fishery Group Limited (Cayman).



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


A.S. REDDY: ICRA Suspends B- Rating on INR6cr Cash Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR6.00 crore cash credit limits of A.S. Reddy Infratech
Private Limited. ICRA has also suspended the long term/short term
rating of [ICRA]B-/[ICRA]A4 assigned to the INR4.00 crore
unallocated limits of ASRIPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

A.S. Reddy Infratech Private limited is a Hyderabad based
infrastructure and engineering construction company involved in
the execution of civil construction works. In past company has
executed projects from civil construction department of Andhra
Pradesh and the government of Uttar Pradesh.


ASHOK HANDLOOM: ICRA Reaffirms 'B' Rating on INR5.6cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR5.60-crore bank limits of Ashok Handloom Factory Private
Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term-Cash Credit      5.60      [ICRA]B; Reaffirmed

ICRA's rating reaffirmation takes into account the marginal
decline of ~5% in AHFPL's top-line in FY2016 over the previous
year and the low but stable operating margins. The rating also
takes into account the company's working capital intensive
operations and the vulnerability of its profitability to
volatility in raw material prices. Even though the promoters
infused INR0.40 crore equity in the company in FY2016, its
financial profile remains characterised by modest debt coverage
indicators and a leveraged capital structure as evident from the
gearing ratio of 7.8 times as on March 31, 2016. Nevertheless,
most of the debt consists of bank borrowings and unsecured loans
from promoters. ICRA also takes note of the company's modest scale
of operations.

The rating, however, continues to be supported by the long track
record of the company's operations, and its established
relationships with its customers and suppliers. ICRA notes that
over the years, there has been some moderation in the company's
customer concentration.

The company's ability to improve its profitability, ramp up its
scale of operations and attain an optimal working capital cycle
will be the key rating sensitivity.

AHFPL was established in 1946 as a proprietorship firm and was
converted into a private limited company in 1989. The company
manufactures home linen items such as bed sheets, bed linen,
pillow cases, cushion cover sets, curtains, and drapes, which are
marketed under the brand name Sonalika. In addition, AHFPL also
manufactures powerloom printed cloth and fabric, which is directly
marketed to wholesalers, trading firms etc.

The operations of the company are currently managed by Mr. Ambuj
Kumar, Managing Director, in collaboration with other
directors/family members. The company derives the bulk of its
revenues from the sale of powerloom printed fabric and grey cloth.

Recent Results
The company reported an OI of INR24.47 crore and a net profit of
INR0.02 crore in FY2016, as against an OI of INR25.79 crore and a
net profit of INR0.01 crore in the previous year.


AKANKSHA POULTRY: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Akanksha
Poultry Farms (APF; part of the Akanksha group) continues to
reflect the Akanksha group's small scale of operations and
exposure to intense competition in the poultry industry, and its
average financial risk profile because of small networth. These
weaknesses are partially offset by its promoters' extensive
industry experience and its semi-integrated operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      50       CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profile of APF and Akanksha Feed Manufacturing Co.
The firms, together referred to as the Akanksha group, are managed
by Mr. Anil Shirsath and have significant business and financial
linkages.

Outlook: Stable

CRISIL believes the Akanksha group will benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue and operating profitability
increase significantly, leading to a better financial risk
profile, especially liquidity. The outlook may be revised to
'Negative' if revenue is stagnant, or operating profitability
declines, or if the group undertakes large, debt-funded capital
expenditure, weakening its financial risk profile.

APF, established in 2010 by Mr. Anil Shirsath, produces broiler
chicken on a contract manufacturing basis. AFMC, a proprietary
concern of Mr. Shirsath's wife, Ms. Savita Anil Shirsath, was
formed in 2011 for manufacturing poultry feed, and meets around
80% of APF's feed requirements.


AKASVA INFRASTRUCTURE: ICRA Assigns D Rating to INR50.5cr Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]D to the INR98.00-
crore1 fund-based and non-fund based bank facilities of Akasva
Infrastructure Pvt Ltd.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based-Cash
   Credit                  50.50      [ICRA]D; assigned

   Non-fund based-
   Bank guarantee/
   Letter of Credit        47.50      [ICRA]D; assigned

ICRA's rating factors in the delay in debt-servicing by AIPL
because of its high receivable days from public sector entities
and consequently the stretched liquidity position. This has
rendered the company dependent on promoter's contribution to
manage cash flows, given that the bank limits are always fully
utilised. Moreover, given the challenges in funding and the weak
order inflow, the company's revenue has been declining over the
last few years. ICRA, however, takes note of the company's
execution track record, its moderate capital structure and the
extensive experience of the promoters in the construction sector.
Going forward, the ability of the company to service its debt
timely and consistently will be the key rating sensitivity. This
in turn will hinge on the company's ability to get fresh orders
and execute the same in a timely manner, along with an improvement
in its working capital cycle; in absence of which, timely infusion
of funds from the promoters will be critical.

Incorporated in January 2007, Akasva Infrastructure Pvt Ltd is
promoted by a first generation entrepreneur Mr. Viren Jain. The
company undertakes civil construction for industrial spaces,
housing, hydro power and thermal power projects. The completed
projects consist of building and other industrial construction
projects. The future work-orders exhibit projects from diverse
sectors including civil construction for power projects and
railways.

Recent Results

AFPL reported a net profit of INR1.29 crore on an operating income
(OI) of INR128.65 crore in FY2016, as compared to a net profit of
INR2.09 crore on an OI of INR127.32 crore in the previous year.


AMBADAS GINNING: CRISIL Assigns 'B' Rating to INR120MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ambadas Ginning & Pressing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            120       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       40       CRISIL B/Stable

The rating reflects exposure to risks related to implementation of
its ongoing project and to stabilisation of operations after
commencement. The rating also factors in susceptibility to
volatility in cotton prices and to intense competition. These
weaknesses are partially offset by the extensive experience of
promoters in the cotton ginning industry, leading to established
relationships with customers and suppliers, and the advantageous
location of its plant.
Outlook: Stable

CRISIL believes AGPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if early stabilisation of operations leads
to sizeable cash accrual. Conversely, the outlook may be revised
to 'Negative' if cash accrual is very low, or if the financial
risk profile weakens, most likely because of a stretch in its
working capital cycle, or large, debt-funded capital expenditure,
or disruption in its operations due to any regulatory change.

AGPPL is a Beed (Maharashtra)-based company which was incorporated
in 2016. The company is promoted by Mr. Satindar Ashruba Maind,
Mr. Sunil Limbaji Gayke, Mr. Ramchandra Ambadas Nirmal, and Mr.
Dilip Tukaram Solanke who have over a decade of experience in the
cotton ginning and pressing industry.


ANAMIKA DEVELOPERS: ICRA Suspends B+ Rating on INR6cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore term loan facility of Anamika Developers. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR12.00 crore (enhanced from 10.00) cash credit facility of
Arvind Exports Solvent Oil Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based-Cash Credit      12.00       [ICRA]B+; reaffirmed

The rating is constrained by AESOI's modest scale of operations,
characterised by de-growth in operating income by 29.4% in FY2016
to INR38.2 crore from INR54.2 crore in FY2015. The rating takes
into account the modest financial profile of the firm, as
reflected by low profitability and weak debt coverage indicators.
The capital structure of the firm remained stretched, as reflected
by increased gearing of 2.6 times as on March 31, 2016 over 2.2
times as on March 31, 2015. The rating is further constrained by
the highly competitive and fragmented industry structure owing to
low entry barriers, and vulnerability of the firm's profitability
to raw material (groundnut) prices, which are subject to
seasonality, crop harvest and regulatory risks.

The re-affirmation of rating takes into account the longstanding
experience of the partners in the groundnut industry. The rating
also considers the locational advantage from the proximity of
AESOI's manufacturing facility to raw material sources, giving it
easy access to groundnuts.

AESOI's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of groundnut,
high competition and proper management of working capital
requirements, will remain critical to the credit metrics. AESOI is
a partnership concern and any substantial withdrawal from the
capital account in future could adversely impact its credit
profile.

Established in 2005, Arvind Exports Solvent Oil Industries (AESOI)
is a partnership firm that crushes groundnut seeds to produce
groundnut cake and groundnut oil. The firm also undertakes solvent
extraction of groundnut cake to produce groundnut de-oiled cake
and groundnut oil, and further refines groundnut oil as well.

The manufacturing facility, located at Dhoraji, Gujarat, is
equipped with 10 expellers with a total crushing capacity of 60
metric tonnes per day of groundnut seeds. The solvent extraction
plant has a capacity of extracting 140 metric tonnes per day of
groundnut cake, and the refinery unit has a processing capacity of
24 metric tonnes per day of groundnut oil. AESOI is actively
managed by Mr. Bharat Dobariya, Mr.Jagdish Dobaria and Mr. Sanjay
Dobaria.

Recent Results

During FY2016, AESOI reported an operating income of INR38.2 crore
and profit after tax of INR0.2 crore.


ASR MET: ICRA Suspends B+/A4 Rating on INR55cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 ratings assigned to the
INR55.00 crore bank facilities of ASR Met Tech Private Limited.
The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Incorporated in January 2013, ASR Met Tech Private Limited is
setting up a green field project for manufacturing of Stainless
Steel pipes and tubes having production capacity of 10,200 MTPA at
Ahmedabad, Gujarat. The product portfolio would include pipes
having outer diameter (OD) ranging from 6 mm to 114 mm and
thickness of 0.5 mm to 6 mm. The commercial production of Seamless
pipe and tubes is expected to start from April 2016 onwards.

AMTPL is promoted by Aggarwal group which has strong presence in
the steel industry through its various companies such as ASR
Multimetals Private Limited engaged in manufacturing of Sponge
Iron, TMT bars, Structural steel products etc. Apart from the
steel industry, the group is also involved in importing and
trading of various agro products. The group also has an
established dealer's network in the domestic as well as
international markets.


AVNI ENERGY: ICRA Lowers Rating on INR7cr Loan to 'D'
-----------------------------------------------------
ICRA has revised the long-term rating assigned to the INR7.00
crore fund-based limits and INR1.75 crore unallocated limit of
Avni Energy Solutions Private Limited from [ICRA]B+ to [ICRA]D.
ICRA has also revised the short term rating assigned to the
INR0.50 crore fund-based and INR1.00 crore non-fund based limits
of AESPL from [ICRA]A4 (pronounced ICRA A four) to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT-Cash Credit          7.00       [ICRA]D/Revised
                                      from [ICRA]B+

   LT-Unallocated Limit    1.75       [ICRA]D/Revised
                                      from [ICRA]B+

   ST-Fund Based           0.50       [ICRA]D/Revised
                                      from [ICRA]A4

   ST-Non Fund Based       1.00       [ICRA]D/Revised
                                      from [ICRA]A4

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

AESPL is incorporated in 2009 and is engaged in providing LED
based lighting solutions for street lighting, rural lighting and
home/ office lighting requirements. It is promoted by Mr. Brij
Mohan Rathi and Mr. Gururaj Ganesh. Its manufacturing facility is
located in Bangalore. Its customers include CREDA (Chattisgarh
State Renewable Energy Development Agency), EESL (Energy
Efficiency Service Limited), Havells India Limited etc.

Recent Results

As per unaudited provisional numbers, AESPL reported a net profit
of INR0.70 crore on an operating income of INR31.44 crore during
FY 2016 as against a net profit of INR0.01 crore on an operating
income of INR33.53 crore during FY2015.


BALDEV METALS: ICRA Suspends B+ Rating on INR10cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR10 Crore bank
facilities of Baldev Metals Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BEACON GREEN: ICRA Suspends 'B' Rating on INR10cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR10.00 crore bank facilities of Beacon Green Tech Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BEJAN SINGH: ICRA Suspends 'B' Rating on INR12.5cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR12.50 crore bank facilities of Bejan Singh Eye Hospital
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


BSCPL AURANG: Ind-Ra Places 'IND B+' Bank Loan Rating on RWN
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed BSCPL Aurang
Tollway Limited's (BATL) INR8,560 million senior project bank loan
rating of 'IND B+' on Rating Watch Negative (RWN), following the
recent announcement by the Ministry of Road Transport and
Highways, exempting tolling on highways starting 8 November 2016
till midnight of 2 December 2016. The RWN reflects the elevated
stress on the liquidity and the possibility of further weakening
of credit metrics due to the loss of toll collections for such an
extended period.

The suspension of toll was a fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1,000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
National Highways Authority of India NHAI ('IND AAA'/Stable), Ind-
Ra believes the modus operandi (operational mechanics) and
timelines for such compensation is unclear and awaited.

The unprecedented toll suspension elevates the dependence of the
project on the sponsors, given the absence of a debt service
reserve account. Ind-Ra will resolve the RWN as and when the
information is made available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt servicing, will result in a rating
downgrade.


CHAND AGRO: ICRA Suspends B- Rating on INR12.75cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR12.75 crore bank
facilities of Chand Agro Private Limited. The suspension follows
lack of co-operation from the company.


CITY INN: ICRA Suspends B+ Rating on INR21cr Bank Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR21.0 crore fund based facilities of City Inn Private
Limited. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


CITY TILES: ICRA Lowers Rating on INR35cr Cash Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR35.00
crore cash credit limits, INR22.52 crore term loans and INR12.48
crore unallocated limits of City Tiles Limited to [ICRA]D from
[ICRA]BB+ (Stable). ICRA has also revised the short term rating
assigned to the INR14.00 crore non-fund based facilities of CTL to
[ICRA]D  from [ICRA]A4+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limits     35.00       Revised to [ICRA]D
                                      from [ICRA]BB+(Stable)

   Term Loans             22.52       Revised to [ICRA]D
                                      from [ICRA]BB+(Stable)

   Unallocated Limits     12.48       Revised to [ICRA]D
                                      from [ICRA]BB+(Stable)

   Letter of Credit/      14.00       Revised to [ICRA]D
   Bank Guarantee                     from [ICRA]A4+

The revision in ratings takes into account the delays in meeting
debt obligations on a timely manner in the recent past on account
of stretched liquidity position emanated from elongated
receivables and high inventory levels.

City Tiles Limited was incorporated in 2002 as a manufacturer of
ceramic tiles, by Mr R. D. Patel. Since then the company has
extended production capacities as well as the product range. CTL
is currently engaged in the business of manufacturing and
outsourcing of vitrified tiles. The manufacturing facility of the
company is located near Himmatnagar in Gujarat having an installed
capacity of about 14,000 square meters per day of vitrified tiles.
CTL markets its tiles under a single brand name "City Tiles".


DNR AUTO ENGINEERING: CRISIL Suspends 'B' Rating on INR42.5MM Loan
------------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s. DNR
Auto Engineering Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            10         CRISIL B/Stable
   Term Loan              42.5       CRISIL B/Stable

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

DNR was setup in 2014 by Mr. Suresh Kute. The firm is engaged in
manufacturing of auto components for two wheelers of Bajaj Auto
Ltd.  The firm has its manufacturing unit in Majalgaon
(Maharashtra).


EDUCOMP SOLUTIONS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Educomp
Solutions Limited's (Educomp) 'IND D (suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of information. Ind-Ra
will not provide ratings or analytical coverage for Educomp.

Ind-Ra suspended Educomp's ratings on 4 May 2016.

Educomp's ratings:

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

   -- INR2,640 million term loans: Long-term 'IND D (suspended)';
      rating withdrawn

   -- INR3,270 million non-fund-based working capital banking
      lines: Long-term 'IND D (suspended)' /Short-term 'IND D
      (suspended)' ; ratings withdrawn

   -- INR800 million fund-based working capital banking lines:
      Long-term 'IND D (suspended)'/Short-term 'IND D
      (suspended)'; ratings withdrawn

   -- INR200 million long-term debt programme: 'IND C
      (suspended)'; ratings withdrawn


EASTERNZONE INDUSTRIES: CRISIL Reaffirms B+ Cash Credit Rating
--------------------------------------------------------------
CRISIL's rating on long term bank facilities of Easternzone
Industries Private Limited continues to reflect the company's
exposure to stabilization and offtake risk and susceptibility to
adverse regulatory changes, volatility in raw material prices, and
vagaries of monsoon. These weaknesses are partially offset by the
promoters' extensive experience in the agro industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            37        CRISIL B+/Stable (Reaffirmed)
   Term Loan              62.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EZIPL will benefit from the extensive
experience of the promoters in the agro business and healthy
prospects of the rice-processing industry over the medium term.
The outlook may be revised to 'Positive' in case of timely
implementation of production capacity and large revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overrun in project
completion, lower-than-expected capacity utilisation or
significant stretch in the working capital cycle resulting in
deterioration in the financial risk profile

Incorporated in 2013, EZIPL has set up a 12-tonne-per-hour non-
basmati rice mill unit at Cuttack (Odisha), operations of the
company commenced from July 2016. EZIPL's operations are managed
by its promoter-director, Mr. Surendra Nath Sahoo, Mr. Samarjeet
Sahoo, Mr. Sanjay Kumar Sahoo and Mr. Subhrajeet Sahoo.


GAMA INFRAPROP: CRISIL Lowers Rating on INR5.64BB Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Gama
Infraprop Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Negative/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         180        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Funded Interest        193.5      CRISIL D (Downgraded from
   Term Loan                         'CRISIL BB-/Negative')

   Term Loan            5,649.0      CRISIL D (Downgraded from
                                     'CRISIL BB-/Negative')

The rating downgrade reflects instances of delay by GIPL in
servicing its instalment on term loan and interest. The delays
have been caused on account of company's weak liquidity on account
of delays in commissioning of the power-plant due to non-
availability of gas. The company's commercial production started
from March 2016.

GIPL has limited track record of operations, vulnerability of
business risk profile to timely and adequate procurement of gas
and weak financial risk profile marked by high gearing. However,
the company benefits from the completion of the power plant and
the healthy demand for electricity.

GIPL is a special purpose vehicle floated by the RL Goyal group
(RLG group) to develop a 225-megawatt power plant, using the
combine cycle gas technology, near Kashipur, Uttarakhand. The
company was incorporated in May 2010 with the purpose of
developing and running the proposed power plant.

Over the years, the RLG group has established itself in the
chemicals industry by setting up a number of manufacturing units
for producing chemicals, such as acetic anhydride, mono-
chloroacetic acid, acetanilide, power alcohol, aniline oil, and
nitro benzene. Luna Chemical Industries Pvt Ltd (rated 'CRISIL
BB/Stable/CRISIL A4+'), GD Dyestuff Industries Ltd ('CRISIL
BB/Stable/CRISIL A4+'), and Jay Jee Enterprises ('CRISIL
BB/Stable/CRISIL A4+') are also part of the RLG group. The group's
operations are managed by Mr. R L Goyal and his sons, Mr. Rahul
Goyal and Mr. Raman Goyal.


GEM FORGINGS: CRISIL Assigns 'B' Rating to INR18.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Gem Forgings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      6.5       CRISIL B/Stable
   Bank Guarantee         75.0       CRISIL A4
   Cash Credit            18.5       CRISIL B/Stable

The ratings reflect the company's large working capital
requirement and exposure to risks inherent in its tender-based
operations. These weaknesses are partially offset by its
promoters' extensive experience in the medical equipment, and
electrical and hardware items trading industry.
Outlook: Stable

CRISIL believes GFPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant and sustained increase in
revenue and profitability leading to higher cash accrual. The
outlook may be revised to 'Negative' if there is a stretch in
working capital cycle, or if changes in risk management policies
hit the financial risk profile, particularly liquidity.

GFPL, incorporated in January 1985, is promoted by Mr. Ajay Kumar
Garg and his wife Ms Shashi Garg. The company is part of the
Kolkata-based Gem group. It exports medical equipment and
electrical and hardware items to Africa.


GIAN JYOTI: CRISIL Reaffirms B- Rating on INR175MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gian Jyoti
Educational Society continues to reflect the society's stretched
liquidity and dependence on external funding sources to meet its
debt obligation, and to risks related to occupancy at its
institutes and to regulatory risks associated with educational
institutions.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             175       CRISIL B-/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoter and their funding support and its established
regional position in the education sector, and its diverse course
offerings.

Outlook: Stable

CRISIL believes GJES will continue to benefit from its promoter's
extensive experience in the education sector, its established
regional market position, and the wide range of courses it offers.
The outlook may be revised to 'Positive' if there is a sustainable
increase in scale of operations, while profitability remains
healthy, and if capital structure improves. The outlook may be
revised to 'Negative' if the society undertakes larger-than-
expected debt-funded capital expenditure, weakening its financial
risk profile, or is affected adversely by any regulatory change,
resulting in a significant decline in student intake or cash
accrual.

GJES was established in 1974 by Mr. J S Bedi. The society manages
three institutes-Gian Jyoti Global School (GJGS), Gian Jyoti
Institute of Management and Technology (GJIMT), and Gian Jyoti
Group of Institutions (GJGOI)-in Mohali and Shambhu Kalan in
Punjab. It established GJGS in 1974 in Mohali GJIMT in 1998 in
Mohali; and GJGOI in 2012 in Shambhu Kalan. Mr. Bedi oversees the
society's operations.


GVNS TOLLWAY: Ind-Ra Places 'IND BB' Project Bank Loans on RWN
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed GVNS Tollway
Private Ltd's (GTPL) INR360 million senior project bank loans of
'IND BB' on Rating Watch Negative (RWN), following the recent
announcement by the Ministry of Road Transport and Highways,
exempting tolling on highways starting 8 November 2016 till
midnight of 2 December 2016. The RWN reflects the project elevated
stress on the liquidity and the possibility of further weakening
of credit metrics due to the loss of toll collections for such an
extended period.

The suspension of toll was fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
Concession granting authority, Ind-Ra believes the modus operandi
(operational mechanics) and timelines for such compensation is
unclear and is awaited.

The project could tap into the available debt service reserve
account (DSRA) to meet the financial obligations. Ind-Ra will
monitor the developments, namely the replenishment of DSRA,
including any compensation from the concession granting authority
and resolve the RWN as and when such information is made
available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt servicing, will result in a rating
downgrade.


GVR AJMER: Ind-Ra Puts 'IND BB' Bank Loan Rating on RWN
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed GVR Ajmer Nagaur
Tollway Private Limited's (GANTPL) INR3,187.50 million bank loan
rating of 'IND BB' on Rating Watch Negative (RWN), following the
recent announcement by the Ministry of Road Transport and
Highways, exempting tolling on highways starting 8 November 2016
till midnight of 2 December 2016. The RWN reflects the elevated
stress on the liquidity and the possibility of further weakening
of credit metrics due to the loss of toll collections for such an
extended period.

The suspension of toll was fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
Concession granting authority, Ind-Ra believes the modus operandi
(operational mechanics) and timelines for such compensation is
unclear and is awaited.

The unprecedented toll suspension elevates the dependence of the
project on the sponsors, given the absence of a debt service
reserve account. Ind-Ra will resolve the RWN as and when the
information is made available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt servicing, will result in a rating
downgrade.


GVR NAGAUR: Ind-Ra Places 'IND BB' Bank Loan Rating on RWN
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed GVR Nagaur Bikaner
Tollway Private Limited's (GNBTPL) INR3,150 million bank loan
rating of 'IND BB' on Rating Watch Negative (RWN), following the
recent announcement by the Ministry of Road Transport and
Highways, exempting tolling on highways starting 8 November 2016
till midnight of 2 December 2016. The RWN reflects the elevated
stress on the liquidity and the possibility of further weakening
of credit metrics due to the loss of toll collections for such an
extended period.

The suspension of toll was fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
Concession granting authority, Ind-Ra believes the modus operandi
(operational mechanics) and timelines for such compensation is
unclear and is awaited.

The unprecedented toll suspension elevates the dependence of the
project on the sponsors, given the absence of a debt service
reserve account. Ind-Ra will resolve the RWN as and when the
information is made available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt servicing, will result in a rating
downgrade.


HKR ROADWAYS: Ind-Ra Places 'IND B' Bank Loan on RWN
----------------------------------------------------
India Ratings and Research (Ind-Ra) has placed HKR Roadways
Limited's (HKRRL) INR15,250 million bank loan of 'IND B' on Rating
Watch Negative (RWN), following the recent announcement by the
Ministry of Road Transport and Highways, exempting tolling on
highways starting November 8, 2016 till midnight of December 2,
2016. The RWN reflects the elevated stress on the liquidity and
the possibility of further weakening of credit metrics due to the
loss of toll collections for such an extended period.

The suspension of toll was fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
Concession granting authority, Ind-Ra believes the modus operandi
(operational mechanics) and timelines for such compensation is
unclear and is awaited.

The project could tap into the available debt service reserve
account (DSRA) to meet the financial obligations. Ind-Ra would
monitor the developments namely, the replenishment of DSRA,
including any compensation from the concession granting authority
and resolve the RWN as and when such information is made
available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt service, will result in a rating
downgrade.


INDCON PROJECTS: CRISIL Lowers Rating on INR60MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded the ratings of Indcon Projects and Equipment
Limited to 'CRISIL B+/Stable/ CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          75       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Bill Discounting        40       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Cash Credit             60       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects weakened liquidity profile marked by
insufficient net cash accrual to meet term debt obligations and
high bank limit utilisation driven by lower than expected turnover
and higher than expected debt levels due to increased working
capital requirements. Financial risk profile has weakened with
gearing increasing to 1.75 times due to working capital funding
and term loans. Working capital requirement is sizeable as
reflected in gross current assets increasing to 250 days due to
higher debtor and inventory days. Improvement in turnover levels
and hence accrual level will remain key rating sensitivity
factors.

The ratings reflect the weakened liquidity profile marked by
insufficient net cash accrual to meet term debt obligations;
tender-based business operations leading to volatility in sales;
large working capital requirement and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of IPEL's promoters in the engineering equipment
industry, the company's diversified revenue profile, and strong
and long-term relationships with customers and suppliers.
Outlook: Stable

CRISIL believes IPEL will continue to benefit from the extensive
industry experience of its promoters and their established
relationships with customers. The outlook may be revised to
'Positive' if increase in scale of operations and profitability
and efficient working capital management, lead to better cash
accrual and financial risk profile. The outlook may be revised to
'Negative' if low cash accrual or large working capital
requirement or debt-funded capital expenditure weakens financial
risk profile.

Incorporated in 1986 by Mr. Prakash Narain Misra, IPEL designs and
manufactures engineering equipment such as skid-mounted compressed
air, gas, and liquid driers; pressure vessels; columns; and heat
exchangers. It is also engaged in engineering, procurement, and
construction of pipeline infrastructure for the oil and gas
sector. The company is based in Delhi, and has manufacturing
facilities in Faridabad (Haryana), Gujarat, and Delhi.

In fiscal 2016, IPEL earned profits of INR11.92 million on net
sales of INR569.3 million, against INR8.75 million and INR627.7
million for fiscal 2015.


INDORE DEWAS: Ind-Ra Puts 'IND B' Bank Facilities' Rating on RWN
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Indore Dewas
Tollways Limited's (IDTL) INR4,500 million and INR1761.3 million
project bank facilities' rating of 'IND B' on Rating Watch
Negative (RWN), following the recent announcement by the Ministry
of Road Transport and Highways, exempting tolling on highways
starting 8 November 2016 till midnight of 2 December 2016. The RWN
reflects the elevated stress on the liquidity and the possibility
of further weakening of credit metrics due to the loss of toll
collections for such an extended period.

The suspension of toll was a fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
National Highways Authority of India NHAI ('IND AAA'/Stable), Ind-
Ra believes the modus operandi (operational mechanics) and
timelines for such compensation is unclear and awaited.

The project could tap into the available debt service reserve
account (DSRA) to meet the financial obligations. Ind-Ra would
monitor the developments, namely the replenishment of DSRA,
including any compensation from the concession granting authority
and resolve the RWN as and when such information is made
available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt service, will result in a rating
downgrade.


JALANDHAR AMRITSAR: Ind-Ra Puts IND B- Bank Loans Rating on RWN
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Jalandhar Amritsar
Tollways Ltd's (JATL) INR2,118.6 million bank loans of 'IND B-' on
Rating Watch Negative (RWN), following the recent announcement by
the Ministry of Road Transport and Highways, exempting tolling on
highways starting 8 November 2016 till midnight of 2 December
2016. The RWN reflects the project's elevated stress on the
liquidity and the possibility of further weakening of credit
metrics due to the loss of toll collections for such an extended
period.

The suspension of toll was fallout of the cash shortage in the
economy due to the sudden scrapping of the old high denomination
INR500 and INR1000 notes. Consequently, the project is compelled
to face cash flow shortfalls in meeting its expenses and debt
service obligations. The temporary cash flow mismatches will exert
pressure on the finances of the project. Although, the developer
is expecting the foregone toll income to be reimbursed by the
National Highways Authority of India (NHAI, 'IND AAA'/Stable),
Ind-Ra believes the modus operandi (operational mechanics) and
timelines for such compensation is unclear and awaited.

The project could tap into the available debt service reserve
account (DSRA) to meet the financial obligations. Ind-Ra will
monitor the developments, namely, the replenishment of DSRA,
including any compensation from the concession granting authority
and will resolve the RWN as and when such information is made
available.

RATING SENSITIVITIES

Negative: Extended period of liquidity strain and lack of timely
sponsor support for debt service, will result in a rating
downgrade.


JINDAL-PRL: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jindal-PRL
Infrastructure (Joint Venture) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects Jindal-PRL Infrastructure (Joint Venture)'s
short operating track record, as it commenced its commercial
operations in April 2016. The ratings are constrained by the
challenges the JV could face, considering this is the largest
project handled by the JV partners and the project being under the
execution stage.

The project is scheduled to be completed before 15 April 2018.

The ratings benefit from its partners' more than two-decades of
experience in civil construction.

RATING SENSITIVITIES

Positive: Timely completion of the contract will be positive for
the ratings.

Negative: Any time or cost overrun will be negative for the
ratings.

COMPANY PROFILE

Jindal-PRL Infrastructure (Joint Venture) was formed between
Jindal Infrastructure (Lead Partner) and PRL Projects and
Infrastructures Ltd. (Associate Partner) on 26 September 2015. The
firm has a work order of INR1,069.47 million from Public Works
Department to be executed over a period of 24 months. The scope of
work is Rehabilitation and Upgradation of Ratanpur - Kota - Lormi
Road.

Incorporated in 2009, Jindal Infrastructure is engaged in civil
construction. The firm is managed by Mr Vishnu Prasad Agrawal and
Mukesh Kumar Agrawal.

Incorporated in 2005, PRL Projects and Infrastructures Ltd. is a
public limited company and engaged in the civil construction
business. The company is promoted by Mr. Anand Garg, Mr. Vijay
Garg, Mr. Manish Garg and Mr. Rahul Garg.

Jindal-PRL Infrastructure (Joint Venture)'s ratings:

   -- Long-term Issuer rating: assigned 'IND B+'/Stable

   -- INR30 million fund-based working capital limits: assigned
      'IND B+'/Stable

   -- INR90 million non- fund-based working capital limits:
      assigned 'IND A4'


JINDAL INFRASTRUCTURE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jindal
Infrastructure a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect JI's low revenue base and moderate credit
metrics. In FY16, revenue was INR110m (FY15: INR35m) with net
financial leverage (total adjusted net debt/operating EBITDA) of
8.5x (1.3x) and EBITDA interest coverage (operating EBITDA /gross
interest expenses) of 2.3x (9.2x).

The liquidity profile of the firm was moderate, with the average
use of the working capital limits over 71% during the 12 months
ended October 2016.

The ratings benefit from its partners' more than two-decades of
experience in civil construction.

RATING SENSITIVITIES

Negative: A sustained decline in the EBITDA interest coverage will
be negative for the ratings.

Positive: A substantial improvement in the revenue, along with the
present credit metrics would lead to a positive rating action.

COMPANY PROFILE

Chhattisgarh-based, Jindal Infrastructure was incorporated in
2009. The firm is engaged in civil construction.

The firm is managed by Mr Vishnu Prasad Agrawal and Mr Mukesh
Kumar Agrawal.

JI's ratings:

   -- Long-term Issuer rating: assigned 'IND B+'/Stable

   -- INR50 million fund-based working capital limits: assigned
      'IND B+'/Stable

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


JUMAX FOAM: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jumax Foam
Private Limited a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect JFPL's small scale of operations with revenue
of INR348.16 million in FY16 (FY15: INR299.37 million).

The ratings, however, are supported by JFPL's satisfactory
operating margins of 9.31% in FY16 (FY15: 7.91%) and comfortable
credit metrics with net leverage (Total adjusted net
debt/Operating EBITDA) of 1.08x (2.40x) and interest coverage
(Operating EBITDA/Gross interest expense) of 3.78x (2.54x).

The ratings factor in the comfortable liquidity position of JFPL,
as evident from around 60% utilisation of its fund-based limits
during the 12 months ended October 2016. The ratings further
factor in JFPL's directors' extensive experience of around three
decades in the foam manufacturing business.

RATING SENSITIVITIES

Negative: A decline in operating profitability leading to
deterioration in the credit metrics will lead to a negative rating
action.

Positive: Significant growth in the top-line while credit metrics
being sustained or improved will lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1987, JFPL manufactures polyurethane foam and
memory foam products with an installed capacity of 2500MTPA in the
national capital region.  The company imports raw material from
Singapore, Hong Kong and China and sells the final products to
auto, footwear and home furnishing industries.

JFPL's ratings:

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

   -- INR50 million fund-based limit: assigned
      'IND BB+'/Stable/'IND A4+'

   -- INR50 million non-fund-based limit: assigned 'IND A4+'


KHALATKAR CONSTRUCTION: Ind-Ra Assigns 'IND BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Khalatkar
Construction (Khalatkar) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by the moderate scale of operations,
as reflected in revenue of INR462 million during FY16 (FY15:
INR424 million), along with a decline in operating margin to 6.6%
(7.3%). The drop in margin is attributable to a rise in sub-
contract expenses. The ratings are further constrained by the
small work order size of INR523 million, of which 85% of the
orders are expected to be completed by FY17, and the
proprietorship nature of the business.

However, the ratings are supported by the proprietor's two-decade-
long experience in the construction industry, and an improvement
in Khalatkar's credit metrics as reflected in gross interest
coverage (operating EBITDAR/gross interest expense) of 4.1x in
FY16 (FY15:2.4x) and net leverage (total adjusted net
debt/operating EBITDAR) of 3.3x owing to a decline in financial
cost.

RATING SENSITIVITIES

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

Positive: A substantial improvement in the order book size,
coupled with the maintenance of the comfortable credit metrics
could be positive for the ratings.

COMPANY PROFILE

Established in 1985 by Jayant Khalatkar, Khalatkar is a
proprietorship firm primarily engaged in the construction
business. The firm has also ventured into the toll collection
business, but continues to generate a majority of its revenue from
the construction business.

Khalatkar's ratings

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

   -- INR27.5 million fund-based limits: assigned 'IND BB'/Stable

   -- INR135 million non-fund-based limits: assigned 'IND A4+'

   -- INR27.6 million term loan: assigned 'IND BB'/Stable


KLR INDUSTRIES: ICRA Lowers Rating on INR28.5cr Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR28.50
crore fund based limits of KLR Industries Limited to [ICRA]D from
[ICRA]C. ICRA has also downgraded the short-term rating assigned
to the INR12.50 crore non-fund based limits of KLRIL to [ICRA]D
from [ICRA]A4.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         28.50      [ICRA]D (downgraded
                                        from [ICRA]C)

   Non Fund Based Limits     12.50      [ICRA]D (downgraded
                                        from [ICRA]A4)

The downgrade in ratings reflects the company's inability to
timely service its debt obligations owing to the stretched
liquidity position arising from delayed receivables from
international markets; significant share of export sales to
African markets leading to geopolitical risks; and competitive
industry characterized by a large number of small firms resulting
in thin operating margins. The ratings are further constrained by
the seasonality of its business which is vulnerable to climate
changes; lack of formal hedging mechanism exposing profitability
to volatility in the forex market; and thin profitability due to
interest charges.

Going forward, the ability of the company to timely make debt
repayments and effectively manage its working capital requirements
remain the key credit rating drivers.

KLR Industries Limited was initially established as a small unit
-- KLR Universal -- by Mr. K. Laxma Reddy in 1985. KLR Universal
was engaged in manufacturing button bits, a tool used in water
well drilling applications, before being incorporated as KLR
Industries Limited in January 2002. The company has a
manufacturing facility at Cherlapally, Hyderabad. KLRIL is engaged
in the business of manufacturing drilling equipments such as
drilling rigs, hammers, and bits, for the application of water
wells, mining, piling, geological survey, construction, etc.


KRR DRUGS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of KRR Drugs and Chemicals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          19        CRISIL B+/Stable
   Cash Credit             35        CRISIL B+/Stable
   Inland/Import
   Letter of Credit        20        CRISIL A4

The ratings reflect KCPL's modest scale of operations in the
intensely competitive bulk drugs industry, and its working capital
intensive nature of operations. These rating weaknesses are
partially offset by the benefits that KCPL derives from its
promoters' extensive experience in the pharmaceuticals business
and its average financial risk profile marked by moderate gearing
and debt protection metrics.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability on a sustained basis coupled with
improvement in working capital management, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in its financial
risk profile on account of aggressive debt-funded expansions or
weakening of liquidity due to delay in receivables or subdued cash
accruals.

Incorporated in 2004, KCPL is engaged in manufacturing of bulk
drugs and intermediaries. The company is promoted by Mr. Murali
Krishnam Raju Vadlamudi


M B RUBBER: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has revised its outlook on the long-term bank facilities of
M B Rubber Private Limited to 'Stable' from 'Negative' and
reaffirmed the rating at 'CRISIL B+'. the short-term facility has
been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Reaffirmed)

   Cash Credit            100        CRISIL B+/Stable (Outlook
                                     revised from 'Negative' and
                                     rating reaffirmed)

   Letter of Credit        20        CRISIL A4 (Reaffirmed)

   Proposed Bank
   Guarantee               57        CRISIL A4 (Reaffirmed)

The outlook revision reflects improvement in liquidity profile
marked by reduction in bank limit utilisation to 41% for the 12
months ended May 2016, against 70% the previous year. Also,
gearing improved to 2.67 times as on March 31, 2016, from 4.64
times the previous year.

Business risk profile reverted to historical levels with topline
of INR755 million in fiscal 2016 and operating margins of 5.8%.
The business risk profile is supported by the established
marketing network.

CRISIL's ratings on the bank facilities of MBR continue to reflect
the small scale of operations, weak financial risk profile marked
by high gearing, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
MBR's promoters in the footwear industry and its established
marketing network.
Outlook: Stable

CRISIL believes MBR will continue to benefit from the extensive
industry experience of its promoters and established network. The
outlook may be revised to 'Positive' if scale of operation
increases, profitability is stable, and working capital
requirements reduce. The outlook may be revised 'Negative' if
large working capital requirement, sizeable debt-funded capital
expenditure, or decline in operating margin weakens financial risk
profile, especially liquidity.

Incorporated in 1988, MBR manufactures a wide variety of footwear
including rubber, canvas wear, and hawai slippers. The company is
a major supplier of footwear, raincoats, and ground sheets to
defence, paramilitary forces, and the Indian Railways. MBR's plant
in Sahibabad (Uttar Pradesh) has capacity to manufacture 0.4
million pairs of footwear per month.


MEGADIMENSION INFRA: CRISIL Suspends B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Megadimension Infra Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      80        CRISIL B+/Stable

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

MIPL was incorporated in 2012, and develops real estate. The
company is constructing a residential project in Lucknow (Uttar
Pradesh). MIPL is promoted by Mr. Shamim Khan and Mr. Haseen Khan.


MITTAL FILES: CRISIL Suspends B+ Rating on INR42.6MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mittal
Files and Tools Private Limited (MFTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            15         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      2.4       CRISIL B+/Stable
   Term Loan              42.6       CRISIL B+/Stable

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

Incorporated in 2010, MFTPL manufactures various types of steel
files and rods. MFTPL has its registered office in Thane
(Maharashtra) and is promoted by Mr. Narendra Kumar Mittal.


NALANDA MANAGEMENT: CRISIL Suspends 'D' Rating on INR79MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Nalanda
Management Institutes Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          79       CRISIL D

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

Nalanda was originally established as Soham Educational Institutes
Pvt Ltd by Mr. Chaitanya Parikh and Prof. Dilip D Patel in 2007.
The name was changed in March 2009. The company had undertaken
capex in 2006-07 (refers to the financial year April 1 to March
31) to build and operate education institute primarily offering
the BBA course and other courses like Owner Management Programme
(OMP) for entrepreneurs having ten or more years of experience.
Although the project is complete, the company has not yet
commenced operations.  However, the company now intends to offer
cyber security courses of short duration of 3 months to 6 months
along with BBA and OMP course.


PRATEEK ALLOYS: Ind-Ra Affirms 'IND B+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prateek Alloys
Private Limited's (PAPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects that though PAPL's numbers remained weak,
they improved in the first half of FY17. Credit metrics remained
weak but still improved in 1HFY17 with gross interest coverage
(operating EBITDA/gross interest expense) of 1.21x (FY16: negative
1.1x) and net financial leverage of 14.34x (FY16: negative 6x).
EBITDA margin also improved to 3.21% during 1HFY17 as compared to
negative 3.4% during FY16. Improvement in EBITDA margin was mainly
due to decrease in cost of raw material and decrease in power and
fuel charge. The ratings reflect its tight liquidity situation as
the maximum utilisation of fund-based limits was close to 100%
during the six months ended October 2016.

The ratings, however, continue to benefit from founders'
experience of more than a decade in the MS Ingots manufacturing
business.

RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in the scale of operations along with a rise in the
profitability leading to an overall improvement in the credit
metrics.

Negative: A negative rating action could result from a fall in the
profitability leading to deterioration in the overall credit
metrics.

COMPANY PROFILE

PAPL was incorporated in 2001 by Shikhir Agarwal and Girija
Agarwal. It manufactures MS ingots, the primary raw material for
rolling mills manufacturing MS bars, angels and channels. The
company has its manufacturing facility in Kundaim (Goa).

PAPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
   -- INR100 million fund-based working capital limits: affirmed
      at 'IND B+'/Stable

   -- INR120 million non-fund-based working capital limits
      (increase from INR74 million): affirmed at 'IND A4'


POLYMER COATINGS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Polymer
Coatings and Inks Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting
   under Letter of
   Credit                  10        CRISIL A4

   Cash Credit             40        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
PCIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PCIPL is yet to
provide adequate information to enable CRISIL to assess PCIPL'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 1985, PCIPL manufactures printing inks. PCIPL is
promoted by Mr. Yuvraj Atone and has its registered office in
Nagpur (Maharashtra).


PRE UNIQUE: Ind-Ra Assigns 'IND B-' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pre Unique
(India) Private Limited a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

KEY RATING DRIVERS

The rating reflects project execution risk and lack of revenue
visibility. PUIPL is carrying out the construction of an edible
oil mill for Telangana State Cooperative Oilseeds Growers
Federation Limited. The company has entered into a joint venture
with Malaysia-based Pre Unique Sendirian Berhad for the
construction project. The project is scheduled to commence
commercial operations in March 2017. PUIPL claims that
construction is on schedule.

As of October 2016, PUIPL had no other projects in its order book.

RATING SENSITIVITIES

Positive: Scheduled project completion and realisation of payment
on time, along with more work orders, will lead to a positive
rating action.

Negative: A delay in project execution leading to a cash flow
mismatch will be negative for the rating.

COMPANY PROFILE

Incorporated in November 2015, Hyderabad-based PUIPL is engaged in
the design, supply, fabrication and commissioning of palm oil
mills, and constructs captive power and effluent treatment plants
at such mills.

PUIPL's ratings

   -- Long-Term Issuer Rating: assigned 'IND B-'; Outlook Stable

   -- INR10 million fund-based working capital limit: assigned
      'IND B-'/Stable/'IND A4'

   -- INR100 million non-fund-based limit: assigned 'IND A4'


Q NINETH: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Q Nineth
Ceramics continue to reflect the firm's below-average financial
risk profile, marked by weak debt protection metrics and low net
worth, and its modest scale of operations in the intensely
competitive tile trading segments. These weaknesses are partially
offset by the extensive industry experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Open Cash Credit       110       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that QNC will continue to benefit over the medium
term from its established relationships with suppliers and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm improves its financial risk
profile, while significantly increasing its scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if QNC posts low cash accruals, or undertakes a large
debt-funded capital expenditure programme, or if its working
capital management deteriorates, resulting in deterioration of its
financial risk profile.

QNC was set up in Thirukkad (Kerala) in 2013 by Mr. Moopan
Kunnath. The firm trades in tiles, marbles, and granite.


R.Y. EXTRUSION: ICRA Suspends B- Rating on INR6cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.00
crore long-term bank facilities of R. Y. Extrusion Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

R. Y. Extrusion Private Limited, incorporated in 2011, is engaged
in manufacturing of aluminium sections and profiles for
architectural, commercial and industrial use and is promoted by
Yadav family with 100% shareholding. The company has set up its
plant at MIDC, Ambernath spread across 4142 sq. mt. and is located
strategically to cater to customers based in Mumbai, Thane and
Navi Mumbai. The company commenced commercial production in
August, 2014 and is manufacturing various kinds of aluminium
sections and profiles ranging from 5mm to 125mm cross sectional
diameter.


RADHESHYAM COTTEX: ICRA Reaffirms B+ Rating on INR9.5cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR9.771 crore (enhanced from INR8.97 crore) fund based
facilities of Radheshyam Cottex.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Term Loan               0.27       [ICRA]B+;re-affirmed

   Fund Based Limit-
   Cash Credit             9.50       [ICRA]B+;re-affirmed

The re-affirmation of the rating continues to factor RC's modest
scale of operations and financial profile, characterised by thin
profitability, modest debt coverage indicators and high working
capital utilisation. ICRA notes the limited value-added nature of
operations, coupled with the highly competitive and fragmented
industry structure, arising from low entry barriers, exerting
further pressure on the firm's profitability margins.

The rating, however, continues to favourably factor in the past
experience of the promoters in the cotton ginning and pressing
industry. Furthermore, the location of RC's manufacturing facility
in Rajkot, Gujarat, ensures the ready availability of the key raw
material of high quality raw cotton. The rating also takes into
account the firm's supply arrangement with Arvind Limited, which
ensures steady demand for the products.

ICRA expects RC's revenues to increase by 1% in FY2017 over that
of FY2016. The firm's capital structure, albeit leveraged, is
expected to improve in FY2017 as supported by the repayment of the
term loan and the increase in the net-worth base, following an
increase in accumulated profits. The firm's ability to scale up
its operations, while improving its profitability, and effectively
managing its working capital requirements, will be positive rating
factors.

RC's operating profits would, however, remain vulnerable to
adverse movements in raw cotton prices, which are subject to
seasonality, crop harvest and Government regulations regarding MSP
of raw cotton and export of cotton bales. Furthermore, RC being a
partnership firm, any significant capital withdrawals by the
partners would adversely impact its capital structure.

Radheshyam Cottex (RC) was acquired from M/s Shah Govardhandas
Bhikharidas. It was subsequently established as a partnership firm
in November 2010 by Mr. Mahavirsinh Vala and four other partners,
who collectively have an experience of over a decade in the cotton
industry. RC is engaged in the ginning and pressing of cotton. The
manufacturing facility of the firm is located at Jasdan, in the
Rajkot district of Gujarat, and is equipped with 20 ginning
machines and a pressing machine with a production capacity of
~15,780 cotton bales per annum.

Recent Results

RC has reported a net profit after tax and depreciation of INR0.15
crore on an operating income of INR50.55 crore for the year-ending
March 31, 2016 (provisional).


RAJARAM MILLS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rajaram
Mills Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B/Stable
   Letter of Credit        20       CRISIL A4

The suspension of ratings is on account of non-cooperation by RMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RMPL is yet to
provide adequate information to enable CRISIL to assess RMPL'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 1989 by Mr. S.R. Dhanushkodi Raja, Rajaram Mills
Private Limited (RMPL) is involved in manufacturing and exporting
of cotton yarn. Its manufacturing capacity is located at
Rajapalayam (Tamil Nadu).


RAMKAMAL CHEMICALS: CRISIL Assigns 'B' Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Ramkamal Chemicals Private Limited and has assigned
its 'CRISIL B/Stable/CRISIL A4' ratings to RCPL's bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit         20       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated June 22, 2016 since RCPL had not provided necessary
information required to take the rating review. RCPL has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The ratings reflect a modest scale of operations in the
competitive chemicals industry, and vulnerability of operating
margin to fluctuations in raw material prices. The ratings also
factor in a below-average financial risk profile because of weak
capital structure and debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes RCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant growth in revenue and
profitability, resulting in improvement in the financial risk
profile. The outlook may be revised to 'Negative' if the financial
risk profile, particularly liquidity, deteriorates because of a
decline in cash accrual, a substantial increase in working capital
requirement, or any unanticipated debt-funded capital expenditure.

RCPL, based in Mumbai, is promoted by Mr. Sahabuddin Khan and his
brother, Mr. Sadruddin Khan, who also manage operations. The
company manufactures specialty chemicals, mainly solvents. Its
manufacturing facility is at Kurkumbh, in the Pune district of
Maharashtra.


RATHOD INDUSTRIES: ICRA Suspends B+ Rating on INR5.27cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.27
crore long-term fund based facilities and short term rating of
[ICRA]A4 assigned to the INR0.15 short-term non-fund based
facility of Rathod Industries. ICRA has also suspended the
[ICRA]B+ and [ICRA]A4 ratings assigned to INR0.15 crore
unallocated amount of Rathod Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Established in 2009, Rathod Industries is engaged in manufacturing
of stainless steel cold rolled patta patti. The firm began
commercial operations from March 2011. It has its registered
office in Mumbai and a manufacturing facility at Valsad, Gujarat.
The manufacturing facility has an installed capacity to produce
approximately 4500 metric tons of stainless steel patta patti
annually.


SCC PROJECTS: ICRA Suspends 'B' Rating on INR14cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR14.0 crore fund based facilities, INR8.0 crore non fund
based and INR3.0 crore unallocated facilities of SCC Projects
Private Limited. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


SADAN REALTECH: CRISIL Reaffirms 'B' Rating on INR202.8MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sadan Realtech Pvt Ltd
continue to reflect Sadan's exposure to implementation and demand
risks associated with its project, the geographical concentration
in its revenue profile, and its vulnerability to the cyclicality
and risks inherent in the Indian real estate industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        102.2       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    202.8       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the company derives from the M2K group's established regional
market position and its promoter's experience in executing
residential real estate projects through associate companies.
Outlook: Stable

CRISIL believes that Sadan will continue to benefit over the
medium term from its group's established regional market position
and its promoter's experience in executing residential real estate
projects. The outlook may be revised to 'Positive' if the
company's business and financial risk profiles improve
significantly, backed by timely construction and sale of its
ongoing project and substantial demand, leading to healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of time and cost overruns in project implementation or delays
in receipt of customer advances, or significant investment in
unrelated projects, leading to pressure on Sadan's revenue and
profitability, and hence, on its liquidity.

Sadan, incorporated in 2010, is constructing a residential group-
housing project, Beau Monde, in Gurgaon. The company is a part of
the M2K group of New Delhi and is promoted by Mr. Mahesh Kumar
Bhagchandka.


SHAHI SHIPPING: CRISIL Reaffirms 'C' Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shahi Shipping Limited
continues to reflect instances of delay by SSL in servicing its
debt (not rated by CRISIL); the delays have been caused by the
company's weak liquidity, driven by its low cash accruals vis-a-
vis scheduled debt repayments and stretched receivables.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)

   Cash Credit             50       CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      30       CRISIL C (Reaffirmed)

The ratings also factor in SSL's stretched receivable cycle
leading to large working capital requirements. These rating
weaknesses are partially offset by the promoter's extensive
experience in the logistics industry and their funding support.

SSL was established as a partnership firm in 1985 promoted by Mr.
S K Shahi. In 1990, the firm was reconstituted as a company,
renamed as Shahi Shipping Transport Pvt Ltd. Thereafter, the
company was renamed as SKS Logistics Ltd, and subsequently as SSL,
when it was reconstituted as a public limited company in 2013.

SSL is engaged in the shipping industry, and provides
transportation through barges. The company had a fleet of 27
vessels as on March 31, 2015, comprising mini bulk carriers,
general cargo carriers, chemical carriers, petroleum carriers,
water supply barges, tugs and launches.


SHAPE ENGINEERING: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shape Engineering
Company Private Limited a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SECPL's small scale of operations and weak
credit profile. In FY16, revenue was INR108.02 million (FY15:
INR63.36 million), net leverage (total adjusted net debt/operating
EBITDA) was 4.01x (14.01x), and interest coverage (operating
EBITDA/gross interest expense) was 2.07x (0.72x).

The ratings factor in high working capital requirements of the
business and tight liquidity position as evident from around 96%
utilisation of its fund-based limits during the 12 months ended
October 2016.

The ratings, however, draw support from SECPL's directors'
extensive experience of around four decades in the engineering and
capital goods industry and strong operating margins of 31.92% in
FY16 (FY15: 17.05%).

RATING SENSITIVITIES

Positive: Significant improvement in the top line, along with
improvement in the credit metrics on a sustained basis will lead
to a positive rating action.

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

COMPANY PROFILE

Incorporated in 1984, SECPL manufactures turbine parts at its
2500MTPA manufacturing unit in Haridwar, Uttarakhand. The company
procures raw materials namely, steel and iron ingots from the
domestic suppliers and sells the turbine parts to power sector
suppliers such as Toshiba JSW Power System Pvt. Ltd., L&T Howden,
Bharat Heavy Electricals Limited ('IND AA+'/Negative) , Alstom
India etc.

SECPL's rating

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

   -- INR105 million fund-based limit: assigned
      'IND B'/Stable/'IND A4'

   -- INR5.80 million non-fund-based limit: assigned 'IND A4'


SHIVA TRADING: ICRA Suspends B+ Rating on INR9.5cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 outstanding on the INR9.50 crore bank
facilities of Shiva Trading Company. The suspension follows ICRA's
inability to carry out a rating surveillance due to non
cooperation from the company.


SHIVCHAND RAI: CRISIL Assigns B+ Rating to INR55.8MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shivchand Rai Krishn Kumar (SCK).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            55.8       CRISIL B+/Stable

The rating reflects modest scale of operations, below average
financial risk profile marked by small networth and weak debt
protection metrics and susceptibility of operating margin to
volatility in raw material prices and to intense competition.
These weaknesses are partially offset by the extensive experience
of the proprietor in the textile trading business.
Outlook: Stable

CRISIL believes SCK will continue to benefit from the extensive
experience of its proprietor in the trading business. The outlook
may be revised to 'Positive' if increase in revenue, stable
profitability and significant equity infusion strengthens
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual, a stretch in working capital cycle, or
unanticipated, large capital expenditure weakens financial risk
profile, especially liquidity.

SCK is a proprietorship established in 1984 and promoted by Mr.
Krishna Kumar Murarka based in Ranchi, Jharkhand. It trades in
cotton, synthetic, and grey fabrics. Mr. Murarka has over three
decades of experience in the fabric trading business.


SHRI GANGA: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Ganga
Four Wheels Private Limited continues to reflect a weak financial
risk profile because of a high total outside liabilities to
tangible networth (TOLTNW) ratio and weak debt protection metrics.
The rating also factors in susceptibility to cyclicality in the
automotive industry. These rating weaknesses are partially offset
by a tie-up with a reputed automotive manufacturer.

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

Outlook: Stable

CRISIL believes that AFPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of revenue
and operating profitability and efficient working capital
management, leading to improvement in the financial risk profile.
The outlook may be revised to 'Negative' in case of low offtake
resulting in insufficient cash accrual and hence to stress on
financial flexibility.

Update
Commercial operations were started in September 2015, and
operating revenue was around INR156 million in fiscal 2016. In the
seven months ended October 31, 2016, operating revenue was INR200
million and is expected to grow by 15-20% per fiscal over the
medium term. Operating margin was moderate at around 6% in fiscal
2016, and is expected to remain in the range of 5-6% over the
medium term.

The financial risk profile has remained weak because of a modest
networth, high TOLTNW ratio, and weak debt protection metrics. The
TOLTNW ratio was around 26 times as on March 31, 2016. With the
equity infusion of INR20 million in fiscal 2017, the ratio is
expected to improve over the medium term but will remain high at
5-6 times due to considerable reliance on external borrowing. The
interest coverage ratio was 1.10 times in fiscal 2016, and is
expected to remain weak at 1.42-1.45 times over the medium term.

Liquidity is weak on account of insufficient net cash accrual
against term debt obligation, though supported by unsecured loans
from promoters. Working capital requirement is large as indicated
by gross current assets of 182 days as on March 31, 2016, driven
by inventory and debtors of 80 days and 57 days, respectively. The
high debtor days is because of the initial stage of operations
with a market presence still in the establishment mode. Current
ratio was weak at around 0.84 time as on March 31, 2016,
indicating high dependence on external borrowing.

Incorporated in 2014, SFWPL has set up an automotive dealership
for light commercial vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+) at Sikar, Rajasthan. The company commenced
operations from September 2015.


SILVER SIGN: CRISIL Reaffirms 'B' Rating on INR30MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Silver Sign Private
Limited continue to reflect its modest scale of operations, large
working capital requirements, low profitability, and weak
financial risk profile.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Buyer Credit Limit        50      CRISIL A4 (Reaffirmed)

   Foreign Letter of
   Credit                   100      CRISIL A4 (Reaffirmed)

   Overdraft Facility        20      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        30      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the benefits that SSPL
derives from its promoters' extensive experience in the polyvinyl
chloride (PVC) products industry and its established relationships
with major suppliers.
Outlook: Stable

CRISIL believes SSPL will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established relationships with major suppliers. The outlook may be
revised to 'Positive' in case of significant and substantial
improvement in the company's revenue with stable operating
profitability, or if there is considerable improvement in its
capital structure because of substantial cash accrual or equity
infusion along with steady working capital requirements.
Conversely, the outlook may be revised to 'Negative' if SSPL
reports low cash accrual because of low profitability or large
working capital requirements, resulting in a decline in its
liquidity.

Set up in 2009 by Mr. Arun Kumar Bhaiya, SSPL trades in PVC
products such as PVC flexible plastic sheets (flex), PVC
lamination films, and PVC vinyl. It recently diversified into
importing LED modules. The company has branch offices in Delhi,
Mumbai, Chennai, and Kolkata.


SONALI ENERGEES: ICRA Suspends B+/A4 Rating on INR24.77cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 ratings assigned to the
INR24.77 crore bank facilities of Sonali Energees Private Limited.
The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Sonali Energees Private Limited was incorporated in March 2009 and
is engaged in the manufacturing of solar photo voltaic (PV)
modules. The company is promoted by members of the Desai family,
based in USA and Surat, who have hitherto been involved primarily
in the diamond trading business. The module manufacturing plant of
the company was commissioned on May 15, 2012 and has an annual
installed capacity to produce 25 MW of modules. The plant is
located in the Surat Special Economic Zone at Surat, Gujarat.


SREE VISHNUPRIYA: ICRA Suspends B+ Rating on INR6cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR6.00 crore fund based limits and INR0.80 crore unallocated
limits of Sree Vishnupriya Motors. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company

SVM is an authorized dealer of HMSI- a 100% subsidiary of Honda
Motor Company, Japan. Having commenced operations in 2007, the
firm at present has 3 showrooms in Vishakhapatnam district of
Andhra Pradesh; one each at Narsipatnam, Madhurwada and
Chodavaram. The firm is managed by Mr. Ranga who had a prior
experience in auto dealership business having run the dealership
of Massey Ferguson Tractors (TAFE) for nearly 4 years


SRIRANI SATI: CRISIL Lowers Rating on INR80MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility of
Srirani Sati Enterprises Private Limited (SSEPL) to 'CRISIL
B/Stable' from CRISIL B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects significant deterioration in the business
risk profile because of declining revenue, which stood at INR208.3
million in fiscal 2016 against INR432.4 million in fiscal 2015. It
was mainly on account of lower volume sales of thermo-mechanically
treated (TMT) bars and the same was driven by subdued demand
scenario in the overall steel industry. Further, the rating also
takes into consideration SSEPL's high working capital intensive
nature of operations as reflected in large receivables and average
inventory holding period. CRISIL believes SSEPL's business risk
profile should remain susceptible to demand from the key end user
industries over the medium term, while profitability is expected
to remain susceptible to volatility in steel prices.

The rating reflects SSEPL's working-capital-intensive operations
and weak financial risk profile marked by small networth and below
average debt protection metrics. The rating also takes into
consideration its low bargaining power with the principal and
exposure to intense competition in the iron and steel industry.
These weaknesses are partially offset by the extensive experience
of SSEPL's promoters in the iron and steel industry and its
association with Electrosteel Steels Ltd (Electrosteel) and JSW
Steels Ltd (JSW).

Outlook: Stable

CRISIL believes SSEPL will maintain its credit risk profile backed
by the extensive experience of its promoters in the iron and steel
industry and its association with JSW and Electrosteel. The
outlook may be revised to 'Positive' if sizeable cash accrual or
improved working capital management or capital infusion by
promoters improves liquidity and debt protection metrics. The
outlook may be revised to 'Negative' in case of low accrual or
inefficient working capital management or if large debt-funded
capital expenditure weakens financial risk profile, particularly
liquidity.

SSEPL, set up in 2011-12 (refers to financial year, April 1 to
March 31) by Patna-based Mohanka family, is an authorised
distributor of Electrosteel for thermo-mechanically treated (TMT)
bars and pig iron, and of JSW for sale of TMT bars and wire rods
in Bihar. SSEPL commenced operations from 2012-13. In addition,
the company also trades in structural steel. The day-to-day
operations of the company are looked after by its promoter-
director Mr. Jagdish Prasad Mohanka and Mr. Prakash Kumar Mohanka.


SUMA FOODS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' to the long-term bank
facilities of Suma Foods Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable
   Term Loan               70        CRISIL B+/Stable

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

CRISIL believes SFPL will continue to benefit over the medium term
from the promoters' experience and funding support. The outlook
may be revised to 'Positive' if large sales or profitability or
substantial equity infusion strengthens capital structure.
Conversely, the outlook may be revised to 'Negative' if cash
accrual is significantly low, working capital requirement is
sizeable or a large, debt-funded capital expenditure is
undertaken.

Karnal-based SFPL, incorporated in 2015 by Mr. Sachin Singla and
Mr. Ankit Singla, mills and processes paddy. The company started
operations in May 2015; it has milling and sorting capacity of 16
tonne per hour.

SFPL, reported PAT (profit after tax) of INR1.1 million on
operating income of INR418.9 million for fiscal 2016.


SURENDRA STEELS: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings & Research (Ind-Ra) has assigned Surendra Steels
Private Limited a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The rating reflects SSPL's moderate scale of operations and
financial profile. According to provisional financials for FY16,
revenue was INR1,520 million (FY15: INR1,499.4 million). Its
credit profile was moderate in FY16, with an EBITDA margin of 4.1%
(FY15: 3.0%), a gross interest coverage (EBITDA/interest) of 4.6x
(2.1x) and a net leverage (net debt/EBITDA) of 4.2x (3.9x).
Moreover, SSPL's liquidity was moderate, indicated by a 68.37%
average utilisation of working capital facilities for the 12
months ended October 2016.|

The ratings benefit from over 30 years of experience of SSPL's
directors in the iron and steel industry.

RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
improvement in scale of operations, along with an improvement in
credit metrics.

Negative: A negative rating action may result from a deterioration
in the credit metrics.

COMPANY PROFILE

Incorporated in 1989, SSPL is an authorised dealer for JSW Steel
Limited ('IND AA-'/Negative) in Guwahati, Assam. In addition, the
company manufactures colour-coated roofing sheets, pre-painted
roofing sheets and poly steel roofing sheets.

SSPL is managed by Mr Sitaram Agarwal, Mr Surendra Kumar Agarwal
and Mr Pradeep Kumar Agarwal, who each have two decades of
experience.

SSPL's ratings:

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

   -- INR36.1 million long-term loan: assigned 'IND BB+'/Stable

   -- INR410 million fund-based facilities: assigned
      'IND BB+'/Stable


TACON INFRASTRUCTURE: CRISIL Ups Rating on INR58.9MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Tacon Infrastructure Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed the company's short-term bank facilities
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          420       CRISIL A4 (Reaffirmed)

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

   Letter of Credit         10       CRISIL A4 (Reaffirmed)

   Overdraft Facility       50       CRISIL A4 (Reaffirmed)

   Proposed Long Term       58.9     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Rupee Term Loan           1.1     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the improvement in TIPL's operating
performance in fiscal 2016 as reflected in increased revenue and
improved profitability. Revenue and operating margin were at
INR680 million and 7.4% in fiscal 2016 against INR460 million and
0.8% in the previous fiscal. Cash accrual increased to over INR36
million from less than INR9 million. The outstanding order book of
INR703.0 million also provides revenue sustainability over the
near to medium term. Liquidity has also improved with moderate
cash accrual, no debt repayments and average bank limit
utilisation of 86%.

The ratings reflect TIPL's average scale and working capital-
intensive operations, and exposure to competition in the
fragmented civil construction industry. These weaknesses are
partially offset by its moderate financial risk profile because of
low gearing and comfortable debt protection metrics, and its
promoters' extensive experience.
Outlook: Stable

CRISIL believes TIPL will continue to benefit from its promoters'
extensive experience and its healthy order book. The outlook may
be revised to 'Positive' in case of large accrual, backed by a
significant increase in revenue, and sustained margin. The outlook
may be revised to 'Negative' if the financial risk profile,
including liquidity, weakens because of a decline in accrual or
stretch in working capital cycle or large, debt-funded capital
expenditure

TIPL was originally set up in 1994 as a partnership firm, Trans
Asia Company, by Mr Mansukhbhai Joshi, Mr Navinchand Modha, and Mr
Devjibhai Odedhara in Porbandar, Gujarat. The firm was
reconstituted as a private limited company with the current name
in 2000. TIPL undertakes dam and canal civil work, construction of
roads and highways, and construction of residential and other
buildings.

For fiscal 2016, TIPL's net profit was INR26.3 million on sales of
INR679.7 million, against a net loss of INR15 million on sales of
INR46.1 million for fiscal 2015.


UB ENGINEERING: ICRA Suspends 'D' Rating on INR770cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR105.00 crore1
Term Loan, INR75.00 crore Cash Credit and INR770.00 crore non fund
based facilities and [ICRA]D rating assigned to the INR770.00
crore short term non fund based facilities of UB Engineering
Limited. The non fund based facilities are interchangeable between
long term and short term such that total utilization should not
exceed INR770 crore. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

UB Engineering Limited, erstwhile Western India Erectors Private
Limited was set-up by Mr. A. S. Wadikar in 1963. In 1989, UB group
acquired a controlling stake in the company in a bid to diversify
its operations and establish its presence in the engineering and
construction industry. The company has been registered under Board
of Industrial and Financial Reconstruction (BIFR) after defaulting
on the debt obligations following stretched liquidity position.


UTTARAKHAND UTHAN: Ind-Ra Withdraws 'IND BB' Long Term Loans
------------------------------------------------------------
India Ratings &and Research (Ind-Ra) has withdrawn the ratings on
Uttarakhand Uthan Samiti's (UUSs) INR75.5m long-term loans and
INR204.5m fund-based working capital limits from 'IND BB'; Outlook
Stable.

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

UUS's Ratings:

   -- INR75.5 million long-term loans: 'IND BB'/Stable; rating
      withdrawn

   -- INR204.5 million fund-based working capital limits:
      'IND BB'/Stable; rating withdrawn


VIJAY V.: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijay V. Salunkhe
continue to reflect the firm's small scale of operations in the
intensely competitive civil construction industry, the
geographical concentration in its revenue, and its large working
capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        12.5       CRISIL A4 (Reaffirmed)
   Cash Credit           40.0       CRISIL B+/Stable (Reaffirmed)

The ratings also factor its subdued financial risk profile. These
weaknesses are partially offset by its proprietor's extensive
industry experience and its healthy operating profitability.
Outlook: Stable

CRISIL believes VVS will continue to benefit from its proprietor's
extensive industry experience. The outlook may be revised to
'Positive' if significant revenue growth and sustained
profitability lead to sizeable cash accrual, and if working
capital management is efficient. The outlook may be revised to
'Negative' if low cash accrual, or stretch in working capital
cycle, or capital withdrawal weakens the financial risk profile,
particularly liquidity.

VVS, established in 1996 and based in Pune, Maharashtra, is a
proprietorship concern of Mr Vijay Vasantrao Salunkhe. The firm is
a registered Class-1 contractor with Pune Municipal Corporation,
Pimpri-Chinchwad Municipal Corporation, and Maharashtra Jivan
Pradhikaran. It primarily undertakes construction and maintenance
contracts for water supply systems and drainage-sewer lines.


VSK LABORATORIES: ICRA Suspends 'B' Rating on INR17cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA] assigned to
INR17.00 crore fund based limits and INR6.00 crore unallocated
limits of Vsk Laboratories Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

VSK Laboratories Private Limited was incorporated in the year
2006, with the objective of manufacturing Active Pharmaceutical
ingredients (API's). The company is currently setting up an API
manufacturing facility in the Chotuppal mandal of Nalgonda
district in Telangana. The total capacity of the proposed facility
would be 384 Tonnes per annum. The total cost of the project is
INR26.35 crore and is funded by a term loan of INR17.00 crore and
remaining INR9.35 crore as a promoter contribution.


YOGESH CHAUDHRY: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yogesh Chaudhry a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect YC's small scale of operations as evident from
the topline of INR221.96 million in FY16 (FY15: INR241.37
million). The ratings are constrained by the firm's weak leverage
ratio, stressed liquidity position and partnership form. In FY16
the financial leverage (total adjusted debt/operating EBITDAR) was
3.70x (FY15: 1.63x) and the liquidity position was stressed as
evident from 98.07% average working capital utilisation during the
12 months ended October 2016.

The ratings, however, are supported by two decades of experience
of YC's promoters in the civil construction works. The ratings are
further supported by satisfactory EBITDA margins of 7.72% in FY16
(FY15: 7.13%) and satisfactory interest coverage (operating
EBITDA/Gross Interest Expense) of 2.50x (2.52x).

RATING SENSITIVITIES

Negative: Decline in operating profitability leading to
significant deterioration in credit metrics will be negative for
the ratings.

Positive: A significant improvement in revenue while credit
profile being improved or maintained will be positive for the
ratings.

COMPANY PROFILE

YC was established in 1996 and is engaged in the business of civil
construction works. It has its head office in Bharatpur
(Rajasthan).

YC ratings:

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

   -- INR50 million fund-based limits: assigned
      'IND BB-'/Stable/'IND A4+'

   -- INR70 million non-fund-based limits: assigned 'IND A4+'



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


JINHEUNG SAVINGS: Bids for OP Bancorp Shares Due Dec. 9
-------------------------------------------------------
Jinheung Savings Bank is putting its 322,500 shares of common
stock of OP Bancorp, the holding company of Open Bank, up for
sale.

The deadline of the submission of Letter of Intent is on Dec. 9,
2016.

The deadline for submission of Final Bid Proposal will be on
Dec. 21, 2016.

Samsung Securities, Co., Ltd., is appointed as the sale advisor.



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


EKA NOODLES: Net Loss Widens to MYR5.9MM in 3Q Ended Sept. 30
-------------------------------------------------------------
The Edge Markets reports that EKA Noodles Bhd, which fell into
Practice Note 17 (PN17) status three months ago, saw its net loss
for the third quarter ended Sept. 30, 2016,, widen to MYR5.9
million or 2.64 sen a share against MYR1.65 million or 53 sen a
share a year earlier.

This followed a 50.3% drop in revenue to MYR6.33 million from
MYR12.73 million in 3QFY15, the group said in a filing with Bursa
Malaysia, the report relates.

For the cumulative nine-month period, the group's net loss
totalled MYR14.53 million or 4.66 sen a share. Revenue amounted to
MYR21.94 million, according to The Edge Markets.

EKA Noodles Berhad (KLSE:EKA) -- http://www.ekanoodles.com/-- is
an investment holding company. The Company is engaged in the
manufacturing and marketing of various types of rice, sago sticks
(vermicelli), sago starch and related products in Malaysia. The
Company's product categories include Bihun, Bihun Siam, Instant
Bihun, Laksa, Instant Noodles and Others. The Company's brands
include Bihun EKA, Laksa EKA and Instant Noodle EKA. The Company,
through its subsidiaries, is engaged in manufacturing and trading
of beehoon and beehoon laksa, and manufacturing and trading of
noodles and its related products. The Company sells its products
primarily to small wholesalers and retailers. The Company's
subsidiaries include Kilang Bihun Bersatu Sdn. Bhd., Rasayang Food
Industries Sdn. Bhd., Bersatu Noodles Industries Sdn. Bhd., EKA
Foodstuff Sdn. Bhd. and Kilang Bihun Bersatu (East Malaysia) Sdn.
Bhd.



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


F J BENJAMIN: Placed on SGX Watch List After 3 Years of Losses
--------------------------------------------------------------
Rachael Boon at The Strait Times reports that the tough retail
scene has meant that fashion group F J Benjamin Holdings, which
has now racked up losses for three consecutive years, has failed
to meet the financial entry criterion set by the Singapore
Exchange (SGX).

It was placed on the SGX watch list on Dec. 5 for not meeting this
criterion, the report says. It had already in March failed to meet
the minimum trading price criterion.

"There's nothing specific to report now except that the management
has been working tirelessly to strengthen our business across all
geographies in this challenging retail environment. Our group
restructuring, which started three years ago, is nearly completed,
and we believe we are now on a stronger footing to move ahead,"
the Strait Times quotes Chief executive Nash Benjamin as saying.

Last month, F J Benjamin, which made international headlines when
the Duchess of Cambridge wore its label, Raoul, in 2012, said it
was in talks with a potential international investor, the Strait
Times recalls.

Its net loss grew 35% to $23 million in the 12 months to June 30
while revenue fell 14% to $253.6 million -- the third consecutive
year of losses, the report discloses.

F J Benjamin said that business is continuing as usual, the report
relays.

Singapore-based F J Benjamin Holdings Ltd (SGX:F10) --
http://www.fjbenjamin.com/-- is engaged in brand building and
management, and development of retail and distribution networks
for international luxury and lifestyle brands across Asia.



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


* Korea Financial Watchdog Picks 176 Firms for Restructuring
------------------------------------------------------------
Yonhap News Agency reports that South Korea's state financial
watchdog on Dec. 6 selected a total of 176 local small and medium-
sized enterprises (SMEs) for immediate corporate restructuring.

According to Yonhap, the Financial Supervisory Service (FSS)
conducted a credit risk assessment of 2,035 SMEs here in a regular
move taken under a related corporate law.

As a result, the 176 companies were put on the blacklist, a 28.5
percent increase from the average of 137 over the past three
years, the report says.

Yonhap relates that the FSS said it has applied stricter criteria
to the evaluation for "pre-emptive and active" corporate
restructuring amid a continued economic slump in Asia's fourth-
largest economy.

"It's the SMEs that are hit directly by a decrease in large firms'
sales and business downturn," Yonhap quotes Chang Bok-seop,
director-general of the FSS's credit supervision bureau, as
saying. "Most of the companies requiring restructuring are
component manufacturers."

In particular, 14.8 percent of the 176 firms are from the
shipbuilding, construction, petrochemical, steel and shipping
industries, which are susceptible to business cycles, added the
FSS, Yonhap relays.

Yonhap says the restructuring of the companies is expected to
increase the burden for local banks.

Total credit extended by lenders here came to KRW1.97 trillion
(US$1.7 billion) as of end-September, Yonhap discloses.

They need KRW320 billion in additional loan-loss reserves to cover
the restructuring of the companies, adds Yonhap.



                             *********

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, 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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