TCRAP_Public/161208.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

          Thursday, December 8, 2016, Vol. 19, No. 243

                            Headlines


A U S T R A L I A

BELLSON HOSPITALITY: First Creditors Meeting Set for Dec. 15
DYNAMIC ENGINEERING: First Creditors Meeting Slated for Dec. 14
DYNAMIC MARINE: First Creditors Meeting Slated for Dec. 14
LAGUNA BAY: First Creditors Meeting Set for Dec. 15
TRADITIONAL SMALLGOODS: First Creditors Meeting Set for Dec. 15


C H I N A

FUJIAN ZHANGLONG: Fitch Assigns 'BB+' Issuer Default Ratings


I N D I A

ADANI POWER: CRISIL Hikes Rating on INR18.32BB LT Loan to BB-
AMPLE TEXTECH: CRISIL Suspends 'D' Rating on INR76.5MM Loan
ANAND TRANSFORMERS: ICRA Suspends B+ Rating on INR14.50cr Loan
ASIAN PEROXIDES: ICRA Suspends 'D' Rating on INR21.5cr Loan
BADRINATH COTTON: CRISIL Suspends B+ Rating on INR65MM Cash Loan

BEST AGROCHEM: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
BHAGWAN AUTO: CRISIL Hikes Rating on INR69.1MM Term Loan to BB
BHARTIYAM EDUCATIONAL: CRISIL Suspends B Rating on INR84.5MM Loan
BKB TRANSPORT: CRISIL Suspends B- Rating on INR230MM Cash Loan
CHHOTANAGPUR ISPAT: CRISIL Suspends B+ Rating on INR44MM Loan

DOLLY EXIM: ICRA Reaffirms 'B' Rating on INR18cr LT Loan
EVERSHINE APPLIANCES: ICRA Hikes Rating on INR15cr Loan to BB-
GAYATRI HI-TECH: ICRA Reaffirms 'D' Rating on INR491.1cr Loan
GIRIBABA TRADELINK: CRISIL Suspends B+ Rating on INR75MM LT Loan
GLOBAL GALVANIZERS: CRISIL Suspends B+ Rating on INR80MM Loan

GLOBAL TRADING: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
ICL HI TECH: Ind-Ra Withdraws 'IND D' Term Loan Rating
JAI MAAKALI: ICRA Suspends B+ Rating on INR10cr Loan
JV STEEL: ICRA Suspends B+ Rating on INR12.5cr Bank Loan
JYOTI TIMBER: CRISIL Suspends B- Rating on INR30MM Cash Loan

K.M. CARS: ICRA Suspends 'B' Rating on INR6.0cr Loan
KB LUBES: CRISIL Lowers Rating on INR49MM Cash Loan to 'D'
KINECO PRIVATE: CRISIL Raises Rating on INR70MM Cash Loan to BB-
KOLAR PAPER: ICRA Hikes Rating on INR60.62cr Loan to 'B+'
LOHIYA DEVELOPERS: ICRA Suspends 'B' Rating on INR5.0cr Loan

M. GANESH: ICRA Reaffirms B+ Rating on INR3.0cr Fund Based Loan
MILLENIUM CEMENT: CRISIL Suspends 'B' Rating on INR70MM Loan
NASSCO TRADING: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
PRITHVI FERRO: CRISIL Lowers Rating on INR843MM Term Loan to 'D'
PROTECK MACHINERY: ICRA Reaffirms B+ Rating on INR1.98cr Loan

QUALITY ENGINEERING: CRISIL Assigns B+ Rating to INR60MM Loan
RAJALAXMI EDUCATION: ICRA Hikes Rating on INR21cr Loan to B+
RAJAT BUILDTECH: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
ROSE METAL: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
SAI VENKATESHWARA: ICRA Suspends B+ Rating on INR12.25cr Loan

SAMDARIYA BUILDERS: ICRA Lowers Rating on INR42cr Loan to 'D'
SANGA AUTOMOBILES: CRISIL Suspends B- Rating on INR120MM Loan
SHIV KRUPA: ICRA Reaffirms 'B' Rating on INR4.5cr Cash Loan
SHIVHARE ROAD: CRISIL Reaffirms B+ Rating on INR88MM Term Loan
SHRI ANNAPURNA: ICRA Suspends 'B' Rating on INR6.0cr LT Loan

SPRINT CARS: ICRA Suspends 'B' Rating on INR30cr Loan
SRI KRISHNA: ICRA Suspends B+ Rating on INR8.0cr Term Loan
SRI SAI: ICRA Revises Rating on INR8.50cr Loan to 'B+'
SRISHTI CONSTRUCTIONS: CRISIL Reaffirms B+ Cash Credit Rating
STANDARD CORP: CRISIL Assigns 'B' Rating to INR150MM Cash Loan

STARBURST MOTORS: CRISIL Suspends 'B' Rating on INR80MM Loan
STESALIT LIMITED: CRISIL Suspends 'C' Rating on INR300MM Loan
SURAKSHA AVENUES: Ind-Ra Assigns IND BB- Long Term Issuer Rating
SURYA AGRO: ICRA Suspends 'B' Rating on INR10.50cr Loan
SWAPNA MOTORS: CRISIL Suspends B+ Rating on INR140MM Cash Loan

TIRUPATI JUTE: CRISIL Suspends 'D' Rating on INR113MM Cash Loan
VASANT COTTON: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
VEDSIDHA PRODUCTS: CRISIL Cuts Rating on INR195MM Loan to 'D'
VEE KAY: CRISIL Suspends 'B' Rating on INR67.5MM Cash Loan
VGP MARINE: CRISIL Assigns B+ Rating to INR687MM Term Loan

VIKAS FILAMENTS: ICRA Reaffirms 'B' Rating on INR7.67cr Loan


M A L A Y S I A

1MALAYSIA: Jho Low Family Digs In to Stop Asset Seizure by U.S.
KUANTAN FLOUR: Still Reviewing Regularization Plan


S I N G A P O R E

CHINA FISHERY: Ch. 11 Trustee Hires Skadden Arps as Counsel
CHINA FISHERY: Ch. 11 Trustee Hires Hogan Lovells as Counsel
IBC CAPITAL: S&P Lowers CCR to 'B' on Sustained Higher Leverage
SWIBER HOLDINGS: Directors Out on Bail Amid CAD Probe
VIVA INDUSTRIAL: S&P Affirms Then Withdraws 'BB' CCR


S O U T H  K O R E A

HYUNDAI MERCHANT: In Final Talks to Join Global Shipping Alliance


                            - - - - -


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


BELLSON HOSPITALITY: First Creditors Meeting Set for Dec. 15
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bellson
Hospitality & Leisure Group Pty Ltd will be held at Level 3, 326
William Street, in Melbourne, Victoria, on Dec. 15, 2016, at 10:30
a.m.

Shane Justin Cremin -- scremin@rodgersreidy.com.au -- and Geoffrey
Handberg -- ghandberg@rodgersreidy.com.au -- of Rodgers Reidy were
appointed as administrators of Bellson Hospitality on Dec. 5,
2016.


DYNAMIC ENGINEERING: First Creditors Meeting Slated for Dec. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Dynamic
Engineering Services Pty Ltd will be held at Mantra on Queen,
570 Queen Street, in Brisbane, Queensland, on Dec. 14, 2016, at
11:00 a.m.

Darryl Kirk & Bruno Secatore of Cor Cordis Chartered Accountants
were appointed as administrators of Dynamic Engineering on Dec. 5,
2016.


DYNAMIC MARINE: First Creditors Meeting Slated for Dec. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Dynamic
Marine Services Pty Ltd will be held at Mantra on Queen,
570 Queen Street, in Brisbane, Queensland, on Dec. 14, 2016, at
10:00 a.m.

Darryl Kirk & Bruno Secatore of Cor Cordis Chartered Accountants
were appointed as administrators of Dynamic Marine on Dec. 5,
2016.


LAGUNA BAY: First Creditors Meeting Set for Dec. 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of Laguna Bay
Trading Pty Ltd will be held at the Mooloolaba Bowls Club, 60-70
Brisbane Road, in Mooloolaba, Queensland, on Dec. 15, 2016, at
10:00 a.m.

David Solomons and Antony de Vries of de Vries Tayeh were
appointed as administrators of Laguna Bay on Dec. 6, 2016.


TRADITIONAL SMALLGOODS: First Creditors Meeting Set for Dec. 15
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Traditional
Smallgoods Pty Ltd will be held at Mooloolaba Bowls Club, 60-70
Brisbane Road, in Mooloolaba, Queensland, on Dec. 15, 2016, at
10:30 a.m.

David Solomons and Antony de Vries of de Vries Tayeh were
appointed as administrators of Traditional Smallgoods on Dec. 6,
2016.



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


FUJIAN ZHANGLONG: Fitch Assigns 'BB+' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned Fujian Zhanglong Group Co., Ltd.
(Zhanglong) Long-Term Foreign- and Local-Currency Issuer Default
Ratings of 'BB+'. The Outlook is Stable.

At the same time, Fitch has assigned Zhanglong's proposed US
dollar senior unsecured notes an expected rating of 'BB+(EXP)'.
The offshore notes will be issued by Zhanglong and will constitute
direct, unconditional, unsubordinated and senior unsecured
obligations of the company.

The final rating on the proposed US dollar notes are contingent
upon the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

Linked to Zhangzhou Municipality: The ratings of Zhanglong are
credit-linked to, but not equalised with, Fitch's internal
assessment of the creditworthiness of Zhangzhou Municipality. The
link reflects strong government control and oversight of the
entity, mid-range assessment of the entity's strategic importance
to the municipality, integration with the government budget and
legal status. These factors result in a high likelihood of
extraordinary support, if needed, from the municipality.
Therefore, Zhanglong is classified as a credit-linked public-
sector entity under Fitch's criteria.

Zhangzhou's Creditworthiness: Zhangzhou is the fastest-growing
economy in China's southern Fujian Province. Its gross regional
product (GRP) has been expanding at about 11% a year for the past
three years. GRP per capita for 2015 was CNY55,569, higher than
the national average of CNY49,351. Its operating revenue has been
growing steadily with satisfactory operating margin. Fiscal
strength was partly offset by a high debt burden relative to its
fiscal performance.

Legal Status Attribute Assessed at Mid-Range: Zhanglong is
registered as a state-owned limited liability company under
Chinese company law. It is wholly owned by Zhangzhou State-owned
Assets Supervision and Administration Commission and supervised by
the Zhangzhou government.

Strategic Importance Attribute Assessed at Mid-Range: Zhanglong is
one of the largest investment and financing vehicles owned by the
Zhangzhou Municipality, and it plays an important role in the
city's daily operations and development. It is the city's sewage
treatment service provider and the major water supplier to urban
areas in the city. It also engages in infrastructure construction
and has participated in bridge and expressway projects linking
Zhangzhou Municipality to other cities. In addition, Zhanglong is
a designated agency for sourcing building materials for certain
local-government-owned housing and infrastructure projects.

Integration Attribute Assessed at Mid-Range: Zhanglong has been
receiving subsidies from the Zhangzhou municipal government. It
received CNY912 million in 2013, CNY728 million in 2014, CNY562
million in 2015 and CNY461m in the first half of 2016.
Furthermore, Zhanglong had other receivables of more than CNY800
million due from government entities at end-2015.

Control and Supervision Attribute Assessed at Stronger:
Zhanglong's board of directors is appointed by the government.
Major projects and investments require the government's approval.
Zhanglong's financing plan and debt levels are monitored by the
government, and the company is required to report its operational
and financial results to the government on a regular basis.

'B' Category Standalone Profile: Zhanglong has a weak credit
profile, with increasing debt and weakening profitability. Its
debt-to-adjusted EBITDA ranged from 7x to more than15x in the past
three years. Fitch believes this trend will continue in the medium
term, driven by ongoing infrastructure investments in Zhangzhou
City, and the thin profitability of its trading business.

RATING SENSITIVITIES

Link with Municipality: A stronger or more explicit support
commitment from Zhangzhou Municipality, or an increased focus on
public-service provision and infrastructure construction may
trigger a positive action on Zhanglong's ratings. Significant
weakening of Zhanglong's strategic importance to the municipality,
dilution of the government's shareholding, and/or reduced
government support could result in a downgrade.

Creditworthiness of Municipality: An upgrade of Fitch's internal
credit view on Zhangzhou Municipality may trigger a positive
rating action. Negative rating action could derive from
deterioration in Zhangzhou Municipality's credit profile.



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


ADANI POWER: CRISIL Hikes Rating on INR18.32BB LT Loan to BB-
-------------------------------------------------------------
CRISIL has revised its rating on the bank facilities of Adani
Power Limited from 'CRISIL BB+/Negative' to 'CRISIL D' and
simultaneously upgraded the rating to 'CRISIL BB-/Stable'. CRISIL
has also placed its rating on letter of credit, bank guarantee,
and working capital facility on 'Notice of Withdrawal' for 180
days at the company's request. Additionally, CRISIL has withdrawn
its rating on the proposed long term bank loan facility, proposed
working capital facilities, and proposed fund-based bank limit at
the company's request.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        11,654      CRISIL BB-/Stable (Revised
                                     from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable'; Placed
                                     on 'Notice of Withdrawal')

   Letter of Credit      31,120      CRISIL BB-/Stable (Revised
                                     from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable'; Placed
                                     on 'Notice of Withdrawal')

   Long Term Loan       18,3287.3    CRISIL BB-/Stable (Revised
                                     from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable')

   Proposed Fund-         3,250.0    'CRISIL BB-/Stable (Revised
   Based Bank Limits                 from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable'; Rating
                                      Withdrawal)

   Proposed Long Term    13,748.7    CRISIL BB-/Stable (Revised
   Bank Loan Facility                from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable')

   Proposed Working      12,000.0    CRISIL BB-/Stable (Revised
   Capital Facility                  from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable')

   Working Capital        4,000.0    CRISIL BB-/Stable (Revised
   Facility                          from 'CRISIL BB+/Negative'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable'; Placed
                                     on 'Notice of Withdrawal')

The rating revision takes into account delay in principal
instalments as per the disclosure in the annual report for fiscal
2016. However, the ratings have been reassigned because of timely
debt servicing over the past 90 days.

CRISIL published a rating advisory (refer to rating rationale
dated September 16, 2015) on the bank facilities of APL, because
the company had not provided the information required to maintain
the rating. The rating action is based on publicly available
information and the confirmation regarding timely debt servicing
for the past 90 days.

The rating reflects adequate liquidity and financial flexibility
for the rating category, and low revenue risks. These strengths
are partially offset by an unviable tariff structure and a weak
financial risk profile.

APL has refinanced a large part of its rupee loans under the 5/25
scheme with an extended repayment schedule, and raised corporate
loans to improve liquidity. It has also received support from
promoter group. Since April 1, 2015, promoters infused equity of
around INR18 billion, and another INR10 billion is expected to be
infused in fiscal 2017 to support cash flow mismatch.

Furthermore, there were outstanding loans and advances of around
INR60 billion from the group as on March 31, 2016, to fund debt
repayment, operational requirement, and investments in
subsidiaries. APL will continue to require funding support from
the promoter group over the medium term. The form, timeliness, and
adequacy of the support are key rating sensitivity factors, and
CRISIL will, therefore, monitor these.

The ratings are also supported by low offtake risk. APL has
entered into power purchase agreements (PPAs) with Gujarat and
Haryana distribution companies to sell power and has tied up
around 3,424 megawatt (MW; 74% of total capacity) of capacity,
mitigating offtake risk. The 25-year PPAs provide revenue
visibility with an assured offtake of the entire power generated
at a specified tariff. For the remaining capacities, APL has
entered into medium or short term PPAs.

APL's cash accruals have been impacted by an unviable tariff
structure under the long-term PPAs, higher dependence on imported
coal, and unfavourable exchange rates. Central Electricity
Regulatory Commission (CERC) has admitted APL's plea for
compensatory tariff for under-recovery of fuel costs due to non-
availability or short supply of domestic coal as a force majeure
event under the PPAs.

While CERC's move on compensatory tariff will be beneficial to the
company, the implementation mechanism and the timing of any
positive effect on cash flow remain uncertain. CRISIL will
continue to monitor the impact on APL's financial risk with
respect to the compensatory tariff.

The company's unfavorable project economics have significantly
weakened its standalone financial risk profile. The debt service
coverage ratio (DSCR) is expected to remain low during the tenure
of the debt. The DSCR may, nevertheless, improve in case of a
favorable outcome on compensatory tariff.

For arriving at the rating, CRISIL has only moderately integrated
the business and financial risk profiles of APL's project special-
purpose vehicles (SPVs) as these have been funded with debt
without recourse to APL. However, CRISIL has factored in APL's
commitment to these SPVs in the form of equity, cost overruns, and
guarantees while arriving at its rating.
Outlook: Stable

CRISIL believes APL will continue to benefit from the support it
receives from the promoter group. The outlook may be revised to
'Positive' in case the high dependence on costlier imported coal
comes down, resulting in consistent and increasing cash flow. The
outlook may be revised to 'Negative' if liquidity weakens, most
likely due to significant delay in the award of compensatory
tariff by CERC, or any reduction in support from the Adani group.

APL, incorporated in August 1996, develops power projects, and is
operating and maintaining power projects in India. It had
operational capacity of 4,620 MW as on March 31, 2016. The company
has entered into long-term PPAs for 3,424 MW capacity with Gujarat
Urja Vikas Nigam Ltd, Dakshin Haryana Bijli Vitran Nigam Ltd, and
Uttar Haryana Bijli Vitran Nigam Ltd. Through its subsidiaries,
APL is operating power projects of 3,300 MW under Adani Power
Maharashtra Ltd in Tiroda, Maharashtra; 1,320 MW under Adani Power
Rajasthan Ltd in Kawai, Rajasthan; and 1,200 MW under Udupi Power
Corporation Ltd in Udupi, Karnataka.

For fiscal 2016, on a standalone basis, net profit was INR56
million (net loss of INR686 million for fiscal 2015) on a turnover
of INR127 billion (INR106 billion). For the six months ended
September 30, 2016, net loss was INR1.4 billion (INR0.90 billion
for the six months ended Sept. 30, 2015) on a turnover of INR56.9
billion (INR60.0 billion).


AMPLE TEXTECH: CRISIL Suspends 'D' Rating on INR76.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ample Textech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.1       CRISIL D
   Cash Credit             5         CRISIL D
   Term Loan              76.5       CRISIL D

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

ATPL, incorporated in February 2011, dyes and bleaches grey fabric
on job work basis. Mr. Atul Kumar Mundra, Mr. Radhey Shyam
Agarwal, Mr. Vikash Agarwal and Mr. Shailendra Kumar Jha are the
directors of the company. The company commenced commercial
operations in November 2013.


ANAND TRANSFORMERS: ICRA Suspends B+ Rating on INR14.50cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR14.501 crore fund based bank facilities of Anand
Transformers Private Limited. ICRA has also suspended the short
term rating of [ICRA]A4 assigned to the INR7.50 crore non fund
based bank facilities of ATPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-Long Term     14.50      [ICRA]B+; Suspended
   Non Fund Based Limits
   Short Term                7.50      [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

ATPL was incorporated in 1988 by Mr. S.N. Aggarwal and is engaged
in the manufacturing and repairing of transformers from its
manufacturing facilities located at Faizabad, U.P. At present ATPL
is engaged in manufacturing and selling of transformers for power
transmission and distribution, in addition to the repairing work.
From FY16 onwards, the company has been also engaged in the
construction and commissioning of high power transmission lines
and sub-stations for various State Power Utilities.


ASIAN PEROXIDES: ICRA Suspends 'D' Rating on INR21.5cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR21.50 crore long-term fund-based facilities and to the INR3.0
crore short-term non-fund based facilities of Asian Peroxides
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

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


BADRINATH COTTON: CRISIL Suspends B+ Rating on INR65MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Badrinath
Cotton.

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

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

Badrinath was established in 2011 as a partnership firm by Mr.
Rohit Patel and his family members. The firm is engaged in
processing of raw cotton (kappas) into cotton bales and cotton
seeds. The firm's unit is based in Kadi, Gujarat.


BEST AGROCHEM: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Best Agrochem
Private Limited a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect BAPL's low EBITDA margin and weak credit
metrics. The operating margins of BAPL remained thin at 1.18% in
FY16 (FY15: 1.46%) on account of the trading nature of the
business. The company's net financial leverage (total adjusted net
debt/operating EBITDAR) was 10.07x in FY16 (FY15: 4.70x) and net
interest coverage (operating EBITDAR/gross interest expense) was
1.94x (2.10x). Credit metrics of the company deteriorated mainly
on account higher dependence on short-term debt as the company
purchased raw material in bulk quantity due to favourable prices
during the last quarter of FY16.

The ratings, however, are supported by consistent growth in BAPL's
overall revenue over FY13-FY16 (FY16: INR3,240.80 million in;
FY13: INR659.46 million) driven by company's planned move into the
retail segment in FY14 for selling pesticides under its own brand
'BEST' ; the same is being manufactured on contract basis through
a third party. The liquidity position of the company remained
moderate marked by operating cycle of 52 days in FY16 (FY15: 26
days) and 70% average utilisation of the fund-based limit during
the 12 months ended September 2016.

The ratings are further supported by 20-year long experience of
the promoter in the agro industry and the company's operational
track record of around one decade.

RATING SENSITIVITIES

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

Positive: Improvement in the operating profitability leading to
improvement in the overall credit metrics on a sustained basis
could lead to a positive rating action.

COMPANY PROFILE

BAPL, incorporated as a private limited company in 2007 by Mr.
Vimal Kumar and his family members, is engaged in the trading of
agrochemicals products as well as retail selling of pesticides
under its own brand name BEST. Prior to 2007, the directors of the
company were engaged in distributorship of rice and various milk
products. BAPL has seven owned depots located in Punjab, Haryana,
Uttar Pradesh, Chandigarh and Madhya Pradesh.

BAPL's ratings:

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

   -- INR100 million fund-based limits: assigned 'IND BB'/Stable
      and 'IND A4+'

   -- INR180 million non-fund-based limit: assigned 'IND A4+'

   -- Proposed INR220 million non-fund-based limit: assigned
      'Provisional IND A4+*

* The ratings are provisional and the final rating will be
  assigned subject to execution of sanction letter for the above
  facilities.


BHAGWAN AUTO: CRISIL Hikes Rating on INR69.1MM Term Loan to BB
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bhagwan Auto Products to 'CRISIL BB/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')


   Proposed Cash            4.1      CRISIL BB/Stable (Upgraded
   Credit Limit                      from 'CRISIL B+/Stable')

   Term Loan               69.1      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that BAP will sustain
improvement in its business risk profile over the medium term.
Healthy growth in revenue is reflected in year-on-year revenue
growth of over 54% in fiscal 2016 to INR165 million. This was
driven by an increase in capacities as well as healthy demand from
its customers. Owing to addition of customers, penetration to new
geographies, longstanding relationships with key brands, and
established position it will continue to grow at healthy pace.
Till October 2016, operating revenue stood at INR200 million and
is expected to be at INR300-330 million for fiscal 2017. CRISIL
believes BAP will be able to sustain its business risk profile
over the medium term, backed by its additional capacities for
meeting increasing demand.

With improving revenue and sustenance of profitability, its net
cash accrual witnessed growth, supporting the improvement in
liquidity. Over the medium term, its net cash accrual will be
about 2.5 times of the maturing term debt obligation. BAP will
continue to enhance its manufacturing capabilities and has planned
for a capital expenditure of INR35 million in fiscal 2017; it will
be funded through a term debt of INR25 million. CRISIL believes
BAP will continue to have modular capital expenditure requirement
to support its revenue growth; however, given adequate accrual and
efficient working capital management, financial risk profile
should remain moderate over the medium term.

The rating reflects the extensive experience of BAP's partners in
the automotive components industry, moderate financial risk
profile, and efficient working capital management. These strengths
are partially offset by a modest scale of operations, customer
concentration in revenue, and exposure to intense competition.
Outlook: Stable

CRISIL believes BAP will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' in case of substantial cash accrual, backed
by scaling up of operations. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile deteriorates
on account of decline in profitability, or in case of large, debt-
funded capital expenditure, or if liquidity weakens significantly
because of an increase in working capital requirement.

Set up in 2005 in Rohtak (Haryana), BAP manufactures automotive
components such as engine components, steering components, and
fasteners, primarily for two-wheelers. The firm is a part of the
Rohtas group, which manufactures automotive components. BAP's
daily operations are managed by Mr. Sumit Bansal. The firm has two
manufacturing units, one each in Rohtak and Manesar (Haryana).


BHARTIYAM EDUCATIONAL: CRISIL Suspends B Rating on INR84.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bhartiyam Educational and Social Welfare Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     0.9        CRISIL B/Stable

   Term Loan             84.5        CRISIL B/Stable

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

BES was founded in 2010 under the Societies Registration Act of
India to set up Bhartiyam International School in Rudrapur
(Uttarakhand). The school commenced operations in 2012-13 and is
affiliated to the Central Board of Secondary Education (CBSE).
The day to day operations of the society is being managed by Mr.
Bharat Goel.


BKB TRANSPORT: CRISIL Suspends B- Rating on INR230MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
BKB Transport Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         400        CRISIL A4
   Cash Credit            230        CRISIL B-/Stable
   Long Term Loan          43        CRISIL B-/Stable

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

BKB, promoted by members of the Agrawal family in 1990, provides
coal mining services, transportation of coal and ash from
collieries/ash ponds to railway wagon/project location/dump yard,
loading of materials into railway wagons/tippers, civil
construction such as earth filling, and construction of small
bridges/ash pond. BKB provides end-to-end as well as customised
services to its customers.


CHHOTANAGPUR ISPAT: CRISIL Suspends B+ Rating on INR44MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chhotanagpur Ispat Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4
   Cash Credit            44         CRISIL B+/Stable

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

CIPL, incorporated in 2009 by Bokaro (Jharkhand) based Dey family,
trades in hot-rolled and cold-rolled coils and plates of SAIL. The
Dey family has been in the steel trading business for about 25
years through its group entity. The day-to-day operations of the
company are looked after by its promoter-director Deepak Kumar Dey
and Mr. Siddharth Kumar Dey.


DOLLY EXIM: ICRA Reaffirms 'B' Rating on INR18cr LT Loan
--------------------------------------------------------
ICRA has re-affirmed the long-term rating at [ICRA]B assigned to
the INR18.00 crore fund based limits of Dolly Exim Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund
   based limits            18.00        [ICRA]B; Re-affirmed

The rating has been re-affirmed taking into consideration the
extensive experience of two decades of the promoters in the
textiles trading business and the long standing relationship with
customers with customer base of wholesalers and garment
manufacturers.

However, the rating remains constrained on account of the
company's weak financial profile as reflected by the modest scale
of operations, low profitability and weak debt coverage
indicators. The rating also takes into account the high
geographical concentration risk since the operations are
restricted to only one city, and exposure to high competitive
pressures in the textile trading industry which restricts the
pricing power and hence profit margins for the company. ICRA also
notes that DEPL has extended significant interest free loans and
advances to group concerns and third parties, and any delays in
retrieving these loans could stretch its liquidity profile.

Incorporated by Mr. Vinod Deora in the year 1978, Dolly Exim
Private Limited is primarily engaged in trading of grey yarn and
fabric for suiting and shirting. DEPL operates majorly in the
Mumbai area and enjoys long term relationship with most of its
customers and suppliers. Apart from fabric trading, the company is
also engaged in trading of gold jewellery and diamonds, although
on a relatively small scale.

Recent Results

In FY2015, DEPL reported a profit before tax (PBT) of INR0.12
crore and a profit after tax (PAT) of INR0.06 crore on an
operating income of INR51.93 crore. As per the FY2016 audited
results, DEPL registered a PBT of INR0.12 crore and a profit after
tax (PAT) of INR0.06 crore on an operating income of INR50.43
crore.


EVERSHINE APPLIANCES: ICRA Hikes Rating on INR15cr Loan to BB-
--------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B+ to [ICRA]BB-
assigned to the INR15.60 crore bank limits of Evershine Appliances
Private Limited. The outlook assigned on the long-term rating is
'Stable'.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund        15.00      [ICRA]BB- (Stable) Revised
   based limit-                     from [ICRA]B+
   Cash credit

   Long-term fund         0.27      [ICRA]BB- (Stable) Revised
   based limit-                     from [ICRA]B+
   Term loan

   Unallocated limit      0.33      [ICRA]BB- (Stable) Revised
                                    from [ICRA]B+

The revision in rating takes into account Evershine Appliances
Private Limited's steady growth in revenues and profitability in
the past three years supported by favourable demand from the end
user industries. ICRA also notes the experience of the company's
management in the hardware industry and its established sales and
distribution network across the country, which provides nationwide
presence. The established presence of the brand 'Olive' in the
kitchen/furniture fittings and architectural hardware industry was
also favorably factored in while revising the rating.

However, the rating is constrained by the modest scale of EAPL's
operations and the leveraged capital structure and weak coverage
indicators. The stretched liquidity position due to high
receivables and inventory, leading to high utilization of working
capital limits was also considered while revising the rating.
ICRA expects EAPL's revenues to improve in FY2017 by 5% to 10% as
against FY2016 on the back of expansion of its product line along
with increase in sales realization due to expected improvement in
demand. Though improved demand is likely to result in slightly
better profitability for the company in the near to medium term,
they are likely to remain moderate owing to the highly competitive
nature of the industry. The debt levels are expected to increase
marginally in the coming fiscals on the back of increase in
borrowings to support the growing nature of business.

Nevertheless, the capital structure is expected to improve on
account of steady cash accruals and repayment of the term loan.
About the company Evershine Appliances Private Limited (EAPL) was
incorporated in July 2004 and it trades in imported kitchen
hardware, bathroom accessories, wardrobe accessories and
architectural hardware products. The company procures the hardware
from its suppliers based in India and China and supplies them to
its end customers through a network of distributors and dealers.
In addition to its trading business, EAPL manufactures baskets,
rolling shutters, step ladders used in the kitchen; the company
also manufactures aluminium railings and various accessories. The
railings are sold under the brand name 'Vitroline', while all
other products are sold under the brand name 'Olive'. EAPL has its
registered office and manufacturing facility cum warehouse in
Surat (Gujarat).

Recent Results

EAPL recorded a profit after tax (PAT) of INR1.29 crore on an
operating income of INR47.42 crore for the year ending March 31,
2016.


GAYATRI HI-TECH: ICRA Reaffirms 'D' Rating on INR491.1cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR537.00 crore bank facilities of Gayatri Hi-Tech Hotels Limited.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund-based bank
   facilities: Term
   Loan                    491.10    [ICRA]D reaffirmed

   Fund-based bank
   facilities: Cash
   Credit                   18.00    [ICRA]D reaffirmed

   Non-Fund Based Limits    26.80    [ICRA]D reaffirmed

   Unallocated/Proposed
   bank facilities           1.10    [ICRA]D reaffirmed

The rating reaffirmation factors in continued delays in debt-
servicing by GHHL in light of sustained sub-optimal operating
performance of its hotel property. The company's debt had been
restructured under the Corporate Debt Restructuring (CDR) in June
2014, following which the repayments commenced in June 2016 (for
project term loan and funded interest term loan). Although this
provided extended moratorium to the company, the occupancy levels
for GHHL's hotel at Banjara Hills in Hyderabad continued to remain
modest at 38.6% even in its fourth year of operations during
FY2016 and 50.74% in H1FY2017 (as compared to 38.26% in H1
FY2016), resulting in marginal operating profits. This has kept
the company dependent upon external funding support from the
promoters.

Considering the ballooning repayment obligations and continued
sub-optimal operating performance of the property (RevPars of
INR3269 in H1'FY2017 as compared to INR3853 in FY2016), the debt
coverage indicators are expected to remain weak resulting in
continued reliance on promoters for funding support in the near to
medium term. Thus, timely infusion of funds by the promoters will
remain critical to ensure regularity in servicing its debt
obligations till the time hotel reports a significant improvement
in operating metrics thereby becoming self-sufficient for
servicing its debt obligations.

Promoted by Mr. T Subarami Reddy, Gayatri Hi- Tech Hotels Limited
(GHHL) is a closely held public limited company which has set up a
5-Star luxury hotel consisting of 209 rooms (including 24 suites)
and 43 serviced apartments at Hyderabad. The integrated hotel cum-
serviced apartment project commenced operations since April 2012
under the brand name of Park Hyatt with specialty restaurants,
lounge, bar, meeting rooms, board rooms, banqueting facility,
swimming pool, health club and spa. The company has entered into a
25-year agreement with Hyatt international - SEA (PTE) Ltd for
operations and marketing of the hotel. Besides the hotel, the
promoter group also has interests in construction, real-estate
development, sugar, chemicals, film screening and financial
services businesses through separate companies.

Recent Results

As per the audited results of FY2016, the company recorded an
operating income (OI) of INR70.42 crore and net loss of INR121.11
crore against audited OI of INR50.56 crore and net loss of
INR128.75 crore in FY2015.


GIRIBABA TRADELINK: CRISIL Suspends B+ Rating on INR75MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Giribaba
Tradelink Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      75       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
GTLPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GTLPL is yet to
provide adequate information to enable CRISIL to assess GTLPL'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 June 2012, GTLPL is based in Kolkata and trades
fabrics used for manufacturing of ladies' and men's wear. The day-
to-day operations of the company are managed by Mr. Irfan Ali.


GLOBAL GALVANIZERS: CRISIL Suspends B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Global Galvanizers Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             80       CRISIL B+/Stable
   Letter of Credit        20       CRISIL A4

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

In June 2010, Mr. Avinash Mohanty, Mr. Kaushik Mohanty, and Mr. B
Nayak acquired SP Engineering & Structurals Pvt Ltd (incorporated
in 2007) and renamed it as GGPL. GGPL fabricates galvanized
structures and towers for engineering, procurement, and
construction contractors of power plants and electricity
distribution companies. Its fabrication plant is at Khorda in
Bhubaneshwar.


GLOBAL TRADING: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Global
Trading Solutions Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           100         CRISIL D

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

GTSL was set up in August 2010 by Mr. Abinash Mohanty; in December
2010, the company acquired the business of Trading Solution, a
partnership firm set up by Mr. Abinash Mohanty and his cousin, Mr.
Satyajit Mohanty, in 2006. GTSL exports iron ore fines to overseas
traders, including its associate company Global Trading Solution
Overseas Pvt Ltd. The company also imports scrap and coal from
Singapore and sells in the local market.


ICL HI TECH: Ind-Ra Withdraws 'IND D' Term Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'IND D(suspended)' rating on ICL Hi Tech Educational Society's
(ICLHTES) INR125 million term loan.

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

Ind-Ra suspended ICLHTES's ratings on June 3, 2016.


JAI MAAKALI: ICRA Suspends B+ Rating on INR10cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR10.00 crore fund based limits of Jai Maakali Poultry
Products Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


JV STEEL: ICRA Suspends B+ Rating on INR12.5cr Bank Loan
--------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR12.50 crore bank facilities of JV Steel Tubes. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JYOTI TIMBER: CRISIL Suspends B- Rating on INR30MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s.
Jyoti Timber - Nagpur (JT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            30         CRISIL B-/Stable
   Letter of Credit       35         CRISIL A4

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

JT is a proprietorship firm founded by Mr. Nanji Arjunbahi Patel
in Nagpur (Maharashtra) in 1999. The firm trades in, and saws,
imported timber.


K.M. CARS: ICRA Suspends 'B' Rating on INR6.0cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.00 crore fund based limits and Long Term/Short Term
rating of [ICRA]B/A4 assigned to the INR0.50 crore unallocated
limits of M/s K.M. Cars Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


KB LUBES: CRISIL Lowers Rating on INR49MM Cash Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KB Lubes Private Limited to 'CRISIL D' from 'CRISIL B/Stable'.
The downgrade reflects the delay in timely servicing of debt
obligation, caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              49       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                13.9     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating also reflects the small scale of operations, exposure
to intense competition, large working capital requirement, and
below-average financial risk profile, marked by low networth, high
gearing and weak debt protection metrics. These weaknesses are
partially offset by the extensive entrepreneurial experience of
the promoters and moderate operating profitability.

KBLPL was incorporated in February 2012 by Mr. Subhash Agarwal,
Mr. Jignesh Agarwal, and Mr. Ankit Agarwal. The company
manufactures industrial and automotive lubricants and sells
products under its own brand, Lubrinox. It has two manufacturing
units at Pune. Commercial operations started in November 2012.


KINECO PRIVATE: CRISIL Raises Rating on INR70MM Cash Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kineco
Private Limited (KPL; part of the Kineco group) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B-/Stable/CRISIL A4'.  The
upgrade reflects improvement in the credit risk profile following
a change in ownership and growth in scale of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              70       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit         40       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Working Capital
   Term Loan                40       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KPL and its subsidiary, Kineco Kaman
Composites India Pvt Ltd, in which KPL has a majority stake. The
two companies are together referred to as the Kineco group.

Helios Strategic Investments (India) Limited, a wholly owned
subsidiary of Indo-National Limited (rated 'CRISIL A/Stable/CRISIL
A1') acquired a majority stake in the Kineco group during fiscal
2017 and is expected to extend a corporate guarantee to the bank
facilities of KPL. The group has received equity investments of
INR119.7 million from HSIL since April 2015. CRISIL believes
funding support from HSIL will continue over the medium term.

Following an increase in the order book, scale of operations has
significantly improved. Turnover has increased to INR460 million
in fiscal 2016, from INR119 million in fiscal 2015. Backed by a
sound order book, revenue is expected to grow by 30-35% per fiscal
over the medium term. Operating profitability has also improved to
around 11.4% in fiscal 2016, as against a loss in the previous
fiscal, and is expected to be sustained at a similar level over
the medium term.

The ratings reflect the extensive experience of the promoters in
the composite plastic products manufacturing industry, coupled
with funding support from the parent. These rating strengths are
partially offset by a modest scale and working capital intensive
nature of operations. The ratings also factor in a weak financial
risk profile because of a small networth and low debt protection
metrics.

Outlook: Stable

CRISIL believes the Kineco group will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive', in case of a significant and sustained
increase in revenue and operating profitability, leading to an
improvement in the financial risk profile. The outlook may be
revised to 'Negative' if operating profitability declines or
working capital requirement increases, thereby weakening the
financial risk profile.

KPL was incorporated in 1994 in Goa, promoted by Mr. Sekhar
Sardessai. The company manufactures composite plastic products for
railways, telecommunication, water treatment, aerospace, and
defence. HSIL acquired 51% stake in the company in fiscal 2016.


KOLAR PAPER: ICRA Hikes Rating on INR60.62cr Loan to 'B+'
---------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR60.62
crore (revised from INR74.00 crore) fund based limits, INR0.50
crore non-fund based limits and INR13.38 crore unallocated limits
of Kolar Paper Mills Limited to [ICRA]B+ from [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based Limits            60.62      [ICRA]B+/upgraded

   Long Term Non-
   Fund Based Limits        0.50      [ICRA]B+/upgraded

   Long Term
   Unallocated Limits      13.38      [ICRA]B+/upgraded

The upgrade in rating factors in timely repayment of debt
obligations owing to achievement of desired operating parameters
of newly commissioned project, healthy growth in revenues in its
first full year of operations and healthy operating margins of
~22% during FY2016. The rating also takes into account long track
record of the management in the kraft paper business and healthy
relationship of the management with various packaging units in the
industry. The rating is however constrained by the modest scale of
operations with revenues of INR79.81 crore in FY2016; high product
concentration risk from sale of kraft paper; and presence in
highly fragmented kraft paper industry characterized by presence
of number of players with lack of product diversification and
vulnerability of the company's profitability to raw material
(waste paper) price fluctuations. The rating also considers weak
financial profile of the company with moderate gearing of 1.63
times and weak coverage indicators with interest coverage of 1.81
times, Total Debt/OPBDITA at 3.46 times and NCA/Total Debt at
12.09% as on March 31, 2016.

Going forward, improvement in capacity utilization levels,
maintaining current profitability levels and effectively manage
its working capital requirements would remain the key rating
sensitivities from credit perspective.

Kolar Paper Mills Limited was incorporated as a public limited
company in January, 2010 by Mr. Surajbhan Agarwal. The company is
involved in the manufacturing of kraft paper with an installed
capacity of 105,000 MTPA. The manufacturing facility of the
company is located in Chittoor district of Andhra Pradesh. The
commercial operation of the plant started in December 2014. The
total cost of the plant setup was INR93.66 crore which was funded
through term loan of INR57.20 crore and balance by way of equity
capital.

Recent Results

As per audited financials for FY2016, KPML reported an operating
income of INR79.81 crore with profit after tax of INR2.20 as
against INR8.70 crore of operating income with a net loss of
INR2.38 crore as on March 31, 2015. KPML reported operating income
of INR59.82 crore with profit before tax of INR4.99 crore during
H1, FY17 (unaudited and provisional).


LOHIYA DEVELOPERS: ICRA Suspends 'B' Rating on INR5.0cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR5.0 crore fund based facilities and INR0.5 crore non fund
based facilities of Lohiya Developers. The suspension follows
ICRA's inability to carry out rating surveillance in the absence
of requisite information from the company.


M. GANESH: ICRA Reaffirms B+ Rating on INR3.0cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR3.0
crore fund based limits of M. Ganesh at [ICRA]B+. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR2.00 crore
non-fund based facilities of the firm.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities
   (CC)                     3.00       [ICRA]B+ reaffirmed

   Non-Fund Based
   Facilities               2.00       [ICRA]A4 reaffirmed

The reaffirmation of the ratings factors in the small scale of
operations of the firm and the moderate order book position of
INR13.78 crore as on November 11, 2016 (1.05 times of FY2016
operating income) which limits operational and financial
flexibility to an extent. The order flow remains dependent on
tender based contract award system followed by the government
authorities, which exposes the company to intense competition and
consequently keeps margins under check in such contracts. The
ratings are supported by the long-standing presence of the
promoter in the road construction business and timely completion
of the orders in the past that support growth prospects. The
ratings also factor in the improved working capital intensity of
the firm due to faster clearance of the bills by the government
agencies during FY2016. The ratings take into consideration the
healthy relationship that the promoter has built over the years
with the government agencies that enhances the revenue visibility
going forward.

M. Ganesh was incorporated as a proprietorship firm in 2004 and is
involved in the business of construction and repair of roads. The
firm is a Class I contractor which undertakes works for government
departments such Public Works Department (PWD), National Highways,
National Bank for Agriculture and Rural Development (NABARD) and
Karnataka Rural Development among others in and around Kolar,
Bangalore and Chikkaballapur regions.

Recent Results

During FY2016, the firm reported a net profit of INR0.8 crore on
an operating income of INR13.1 crore as against a net profit of
INR0.9 crore on an operating income of INR14.2 crore during
FY2015.


MILLENIUM CEMENT: CRISIL Suspends 'B' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Millenium Cement Company Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4

   Cash Credit            70         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     15         CRISIL B/Stable

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

MCCPL was incorporated in 1999, promoted by Mr. Sushil Agarwal of
the Siliguri (West Bengal)-based Agarwal family. The company
manufactures ordinary pozzolona cement and portland pozzolona
cement from clinker.


NASSCO TRADING: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Nassco Trading
India Pvt Ltd continues to reflect modest scale of operations,
below-average financial risk profile, indicated by small net-worth
and high total outside liabilities to tangible networth , These
weaknesses are partially offset by the extensive experience of
promoters and their established distributors network.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            95       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NTIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a substantial and
sustainable increase in operating income and profitability,
leading to an improvement in its networth and risk-absorption
capacity. Conversely, the outlook may be revised to 'Negative' if
accrual is low, working capital cycle is stretched, leading to
deterioration in its financial risk profile particularly its
liquidity.

Incorporated in April 2010, NTIPL trades in tiles, marbles, and
granites. It is based in Attingal (Kerala), and is promoted by Mr.
Nazar Mohamed Ellias and his wife Ms Raheena Jalaudeen.


PRITHVI FERRO: CRISIL Lowers Rating on INR843MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prithvi Ferro Alloys Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'. The downgrade reflects PFAPL's delay in timely
servicing of its debt obligations caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            304.3      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term     154.2      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan              843.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

PFAPL has modest scale of operations. These weaknesses are
partially offset by the extensive experience of the promoters, who
are a part of the diversified Prithvi group.

PFAPL was formed for setting up a greenfield integrated steel
complex comprising a ferroalloys manufacturing facility (capacity
of 13,200 tonne per annum of silica-manganese alloy) and an 18-
megawatt (MW) captive power plant. The Prithvi group was started
by Mr. Bijay Kumar Garodia, Mr. Ramesh Kumar Sarawagi, and Mr.
Shankar Lall Ajitsaria in the 1990s. The group has presence in
several industries, including cement, tea, power, real estate,
steel, and mining.


PROTECK MACHINERY: ICRA Reaffirms B+ Rating on INR1.98cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR1.98 crore (revised from INR4.67 crore) term loan
facility and INR0.50 crore cash credit facility of Proteck
Machinery Private Limited. ICRA has re-affirmed the short-term
rating of [ICRA]A4 outstanding on the INR10.10 crore non-fund
based facility(revised from INR12.10 crore) of the company. ICRA,
also, assigned a long/short term rating of [ICRA]B+/[ICRA]A4 to
the INR0.11 crore unallocated facility of PMPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT-Term Loan             1.98      [ICRA]B+ Reaffirmed

   LT-Cash Credit           0.50      [ICRA]B+ Reaffirmed

   ST-Non-fund based
   Facility                10.10      [ICRA]A4 Reaffirmed

   LT/ST-Unallocated
   facility                 0.11      [ICRA]B+/[ICRA]A4 Assigned

The re-affirmation of the ratings considers the continuous losses
from operations over the last three fiscals due to high employee
expenses on the back of labour related issues. Despite the
expected improvement in profitability from the existing business;
the write-off of long overdue receivables is expected to impact
profitability in FY2017. The ratings also consider the decline in
revenues in FY2016 owing to the sell-off of machine tools division
and lower trading and services revenues coupled with the shrinking
market size for company's printing machinery division, owing to
rapid changes in technology. The ratings take into account the
weak financial profile of the company characterised by stretched
coverage metrics and high working capital intensity. However, the
Company's capital structure is likely to remain comfortable due to
the decline in debt levels owing to lower working capital
borrowings on the back of reduced scale of operations. The ratings
also take into account the support derived from the rental income
received by the company which is likely to support cash flows and
debt repayments. Going forward, the ability of the company to
achieve revenue growth in the existing business divisions and to
undertake measures to improve profitability would be the key
rating sensitivities.

Incorporated in 1985, PMPL is engaged in manufacture of metal
forming and printing machineries. PMPL is also engaged in trading
of machine spares, renting out its unutilised land for other
manufacturers and also offers contract manufacturing services for
certain precision parts. Promoters and their family hold 86.15% of
PMPL, the rest own by the other two of the directors of the
company Mr. Kishor Arur and Mr. Alan L Barretto. PMPL's
manufacturing facilities are located in Sholinganallur and
Oragadam, near Chennai.

Earlier the company was also engaged in manufacturing of machine
tools & metal cutting machineries, however during April 2015, the
company sold its machine tools and metal cutting division to
Bharat Fritz Warner Limited.

Recent Results

According to audited results, the company's net profit stood at
INR6.1 crore on an operating income of INR18.8 crore during
FY2016. For the fiscal FY2015, the company reported an operating
income of INR42.9 crore with a net loss of INR12.2 crore.


QUALITY ENGINEERING: CRISIL Assigns B+ Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Quality Engineering Works.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         80        CRISIL A4
   Cash Credit            60        CRISIL B+/Stable

The ratings reflect the firm's small scale of operations and its
working capital intensive nature of operations. The weaknesses are
partially offset by its proprietor's extensive experience in the
pollution control and process equipment industry, its established
relationships with reputed clients, and its moderate financial
risk profile marked by its average capital structure.
Outlook: Stable

CRISIL believes QEW will continue to benefit from its proprietor's
extensive industry experience and its established relationship
with reputed clients. The outlook may be revised to 'Positive' if
there is a substantial and sustainable increase in revenue or
profitability, leading to larger-than-expected cash accrual, or if
a sizeable fund infusion improves capital structure. The outlook
may be revised to 'Negative' if the financial risk profile,
particularly liquidity, weakens because of low cash accrual, or a
stretch in working capital cycle, or large, debt-funded capital
expenditure.

QEW was established by Kolkata-based Mr. Subhas Basu as a
proprietorship firm in 1989, for manufacturing environmental
pollution control and process equipment used in the metallurgy,
steel, cement, gas, chemical, paper, and power sectors. It has
production capacity of 6000 tonne per annum, and its unit is in
Palan Industrial Estate at Maheshtala, near Kolkata.


RAJALAXMI EDUCATION: ICRA Hikes Rating on INR21cr Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR21.00
crore term loan facilities of Rajalaxmi Education Trust from
[ICRA]B+ to [ICRA]BB-. The outlook on the long-term rating is
stable.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term-Term Loan      21.00      [ICRA]BB- (Stable);
                                       Upgraded from [ICRA]B+

Rating Rationale

The rating upgrade takes into account the consistent growth in
revenues over the years and the expected increase in the operating
income and profits of RET with increase in occupancy in BTech and
MBA courses in AY2016 coupled with increase in overall fees. The
rating also considers that the MITE college, managed by the Trust,
is in the process of increasing the number of seats by 60 each in
the Computer Engineering, Aeronautical Engineering and Civil
Engineering courses in the near future. ICRA notes that the Trust
has entirely completed its capital expenditure programs in 2015
and no major capital expenditure is envisaged in the near term.
The rating takes into account the Trust's comfortable capital
structure, adequate coverage indicators and healthy operating
accruals in the past few years.

The rating continues to be supported by the promoters' established
presence in the education sector. ICRA also notes the Trust's
diversified offerings across the education spectrum both at the
undergraduate and postgraduate levels and good infrastructure
facilities for sports, extra-curricular activities and R&D that
provide a good learning environment. Moreover, the MITE College
has received several academic achievements during FY2016 along
with tie up with Binghamton University and investment from Siemens
India. These achievements are expected to build the brand
reputation of the college, besides, providing aid in development
of students.

The rating is, however, constrained by RET's small scale of
operations, the exposure of revenues to demand cyclicality as
evidenced by decline in MTech intake in AY2015 and AY2016, and the
competitive nature of the higher education sector in Karnataka,
which has a large number of Engineering and MBA institutes. The
rating is also constrained by RET's exposure to regulatory norms
in the education sector and the decline in operating profitability
during FY2016 due to increase in administrative expenses.

Going forward, the trust's ability to increase its occupancy
levels and maintain its profitability will be the key rating
sensitivities.

Established in 2005, Rajalaxmi Education Trust runs the
educational institute, "Mangalore Institute of Technology &
Engineering (MITE)", at Moodabidre in Mangalore, Karnataka. This
college was established in FY2008 and is approved by the All India
Council for Technical Education (AICTE), New Delhi, and is also
affiliated to the Visveshwariah Technological University, Belgaum,
Karnataka. It is, moreover, approved by the State Government of
Karnataka. The college offers B. Tech, M. Tech and MBA courses
with close to 3,133 students enrolled under the above courses in
the Academic Year (AY) 2016. The college's daily operations are
managed by its board of management, headed by the Chairman, Mr.
Rajesh Chouta.

Recent Results
During FY2016, RET reported a net profit of INR10.09 crore on an
operating income of INR33.31 crore, as against a net profit of
INR11.04 crore on an operating income of INR31.84 crore during
FY2015.


RAJAT BUILDTECH: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajat Buildtech
Private Limited (RBPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned RBPL's
INR60 million Long-term loans an 'IND BB-' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect RBPL's execution risk for the ongoing project.
The ratings also consider the risk from customers advance
bookings, since the company expects to meet 47.7% of the total
project cost from customer advances. Thus any delays in bookings
by customers may affect the progress of the project.

The ratings consider the ongoing progress of the construction work
as 53% of the total civil work has already been completed by March
31, 2016. The project is scheduled to be completed by December
2017 end, as per the management.

RATING SENSITIVITIES

Negative: Any slowing down of flat bookings, which will lead to a
shortfall in cash flows will be negative for the ratings.

Positive: The timely completion of the project and the sale of a
substantial number of housing units leading to strong visibility
of cash flows will be positive for the ratings.

COMPANY PROFILE

RBPL is into real estate business. Currently the company has only
one project 'Rajat Prime' a multi-storied commercial complex,
situated in Raipur, Chhattisgarh. The construction of the project
commenced in April 2014 and the management expects it to be
completed by December 2017. The cost of the project is around
INR186.3 million.


ROSE METAL: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rose Metal (RM) a
Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RM's small scale of operations with revenue of
INR369 million in FY16 (FY15: INR307 million).  The ratings also
reflect the company's weak credit metrics due to low profitability
on account of the trading nature of business. In FY16 net leverage
(total adjusted net Debt/operating EBITDAR) was 4.2x (FY15: 5.4x),
interest coverage (operating EBITDA/gross interest expense) was
0.9x (0.9x) and EBITDA margins were 3.9% (4.7%).

The ratings are constrained by RM's tight liquidity position as
illustrated by its almost full use of the working capital limits
with multiple instances of overutilisation of up to eight days
during the 12 months ended September 2016. The tight liquidity is
due to the working capital intensive nature of the company's
operations.

The ratings also factor in the cyclicality in the iron and steel
industry, exposing RM to the risk of volatile margins.

The ratings, however, are supported by the promoter's three
decades of experience in the steel manufacturing and trading
business.

RATING SENSITIVITIES

Positive: Substantial increase in the scale of operation along
with sustained improvement the credit metrics could lead to
positive for the rating action.

Negative: Any deterioration in EBITDA margin leading to sustained
deterioration in the credit metrics could lead to negative rating
action.

COMPANY PROFILE

Incorporated in 1979, RM is a Mumbai-based proprietorship concern
engaged in the trading of ferrous and non-ferrous metals such as
steel pipes, tubes, aluminium, nickel alloy, copper, brass and
other related products. The firm has its head office in Mumbai and
warehouse in Bhiwandi, Thane and Lucknow.

RM's ratings:

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

   -- INR60 million fund-based working capital limits: assigned
      'IND B'/Stable/'IND A4'

   -- INR120 million non-fund-based working capital limits:
      assigned 'IND A4'


SAI VENKATESHWARA: ICRA Suspends B+ Rating on INR12.25cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR12.25 crore fund based limits of Sai Venkateshwara Rice
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SAMDARIYA BUILDERS: ICRA Lowers Rating on INR42cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised its long-term rating on the INR77.0-crore bank
facilities of Samdariya Builders private Limited to [ICRA]D from
[ICRA]BB-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan Facility       42.0      [ICRA]D; Revised from
                                      [ICRA]BB-(Stable)

   Cash Credit Facility      5.0      [ICRA]D; Revised from
                                      [ICRA]BB-(Stable)

   Un-allocated Facility    30.0      [ICRA]D; Revised from
                                      [ICRA]BB-(Stable)

ICRA has downgraded the ratings assigned to bank lines of SBPL due
to delays in servicing of debt obligations. The delays have
occurred due to mismatch in the rental receipts of the company's
mall operations and its monthly loan repayments. The rating
further takes into account the deterioration in the profitability
for its mall operations as characterised by OPM of 35.42% in FY
2016 as against 44.62% in the previous year. The ratings continue
to remain constrained on account of the company's exposure to
execution risk for its real estate portfolio as three of its
projects remain in intermediate stages of construction and new
project Samdariya Medical Mall remains in initial stages of
construction. The ratings further take into account the modest
sales velocity across the company's projects and its reliance over
sales of residual inventory to bridge the gap between committed
receivables and payables. ICRA notes the strength derived by the
company's diversified operations and the long experience of the
promoters.

Going forward, regularization of debt servicing will be the key
rating sensitivity.

SBPL is the flagship company of the Samdariya Group based in
Jabalpur, Madhya Pradesh. The company commenced commercial
operations in 1947 and is engaged in real estate development in
various regions of Madhya Pradesh, including Jabalpur, Katni, and
Rewa. The company also operates the Samdariya mall in Jabalpur,
which includes an in house hotel and multiplex. SBPL also
undertakes cement trading, construction and jewelry wholesaling.
The company is currently executing various mixed used real estate
projects-Baldevbagh and Royal Home (in Jabalpur), and Centre
Point, Samdariya Gold and Samdariya Medical Mall in Rewa. While
the Centre Point is completed, the other projects are scheduled to
be completed over the next three years.


SANGA AUTOMOBILES: CRISIL Suspends B- Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sanga
Automobiles Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         11.7       CRISIL A4

   Cash Credit           120         CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      2.3       CRISIL B-/Stable

   Term Loan              16.0       CRISIL B-/Stable

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

SAPL, incorporated in 2004 by Mr. Aminuddin Kagzi, is an
authorized dealer of Maruti Suzuki India Ltd. (MSIL; rated CRISIL
AAA/Stable/CRISIL A1+) vehicles in Jaipur (Rajasthan). The company
has two showrooms and three workshops in Jaipur (Rajasthan).


SHIV KRUPA: ICRA Reaffirms 'B' Rating on INR4.5cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the long term
fund based facilities of INR6.30 crore1 of Shiv Krupa Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                1.80       [ICRA]B reaffirmed
   Cash Credit              4.50       [ICRA]B reaffirmed

The rating reaffirmation takes into account the firm's weak
financial risk profile characterised by modest scale of
operations, low profitability (which is vulnerable to movements in
cotton prices and seasonality of harvest) and weak debt coverage
indicators. The rating also takes into account the limited value
addition in the cotton ginning and cottonseed crushing business
and the highly fragmented and competitive nature of the industry
as well as the exposure to regulatory risks with regards to
minimum support price (MSP) for raw cotton and imposition of
restriction on cotton exports by Government of India (GOI). ICRA
also takes note of the risk of substantial capital withdrawal,
given the entity's constitution as a partnership firm, which could
impact its net worth and thereby its capital structure.

The rating, however, continues to favorably consider the
experience of the promoters in the cotton Industry and the
favorable location of the firm's plant with respect to raw
material procurement.

Given the soaring price in cotton and low availability, owing to
decrease in the area under cultivation, in the current fiscal, the
firm's revenue growth is expected to remain moderate. The profit
levels are expected to remain subdued as is inherent in the cotton
ginning business. The firm's ability to scale up its operations,
maintain its profitability and improve its debt coverage
indicators would remain important from the credit perspective.

Formed as a partnership firm in October 2012, Shiv Krupa
Industries (SKI) is involved in cotton ginning and pressing
operations. The firm commenced its commercial operations in
October 2013. The promoters of the firm have long experience in
cotton ginning and pressing industry through their earlier
association with other firms as key operating personnel.

Recent Results

For the year ended March 31, 2016, the firm reported an operating
income of INR31.41 crore and profit after tax of INR0.14 crore
against operating income of INR30.66 crore and profit after tax of
INR0.06 crore for the year ended March 31, 2015.


SHIVHARE ROAD: CRISIL Reaffirms B+ Rating on INR88MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivhare Road lines
continue to reflect firm's small scale of operations in a
fragmented industry, its large working capital requirement and
high debt repayments. These weaknesses are partially offset by the
extensive experience of its promoter in the logistics industry,
and its moderate financial risk profile, marked by moderate
gearing and comfortable debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4 (Reaffirmed)
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        15       CRISIL A4 (Reaffirmed)
   Term Loan               88       CRISIL B+/Stable (Reaffirmed)

CRISIL had on Nov. 29, 2016, assigned its 'CRISIL B+/Stable/CRISIL
A4' rating to the bank facilities of SRL.
Outlook: Stable

CRISIL believes SRL will benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of significant growth in revenues
and stable profitability and capital structure. The outlook may be
revised to 'Negative' if revenue or profitability declines, or any
large debt-funded capital expenditure or stretch in working
capital cycle weakens financial risk profile.

SRL was incorporated in 1983 by Mr. Suresh Chand Shivhare and is
engaged in material handling and transportation. Based in Gwalior
(Madhya Pradesh), the firm primarily works for oil refineries in
government and private sector.


SHRI ANNAPURNA: ICRA Suspends 'B' Rating on INR6.0cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR6.001 crore fund based bank facilities of Shri Annapurna Rice
Mills.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Long Term               6.00       [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Incorporated in 1983, SARM has been promoted by Mr. Raj Kumar
Agarwal and his wife Mrs. Mamta Agarwal. The firm is involved in
milling, sorting, and grading of primarily non basmati rice of
different varieties and also undertakes trading. The firm sells
processed and semi processed rice in the domestic market. The
promoters of the firm are well experienced and have past
experience in the rice industry. Its plant is located in Kashipur
road, Rudrapur, Uttarakhand and has a milling capacity of 8 Metric
Tonnes per hour (MTPH) and a sorting capacity of 4 MTPH.


SPRINT CARS: ICRA Suspends 'B' Rating on INR30cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR30.00 crore fund based limits of M/s Sprint Cars Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI KRISHNA: ICRA Suspends B+ Rating on INR8.0cr Term Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding on
INR8.00 crore fund based facilities (Working Capital Term Loan) of
Sri Krishna Nagai Maligai (Madurai) Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


SRI SAI: ICRA Revises Rating on INR8.50cr Loan to 'B+'
------------------------------------------------------
ICRA has revised the long-term rating assigned to INR3.50 crore
fund based limits and INR8.50 crore non fund based limits of
Sri Sai Leela Electrical Projects to [ICRA]B+ from [ICRA]BB-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        3.50      [ICRA]B+ (revised from
                                      [ICRA]BB-)

   Non Fund Based Limits    8.50      [ICRA]B+ (revised from
                                      [ICRA]BB-)

The revision in the rating primarily factors in the deteriorated
liquidity profile of the firm due to stretched receivables over
the past two years; increase in gearing levels due to increase in
corporate loan availed to bridge the working capital funding
requirements given the slow recovery of receivables coupled with
substantial capital withdrawals over the past two years and modest
coverage indicators with NCA/Debt of 2% and Debt/OPBITDA of 2.55
times for FY2016. The rating is further constrained by the firm's
modest scale of operations in executing electrical installations
with revenues of ~INR30 crore over the past three years; weak
order book position of the firm at INR31.40 crore (1.01 times
FY2016 revenues); and high geographic concentration risk, with the
firm's operations restricted mostly to Andhra Pradesh and
Telangana. ICRA also notes the high risks arising from partnership
nature of the business such as capital withdrawals as observed in
FY2015 and FY2016. The rating, however, derives comfort from the
longstanding experience of the promoter in the execution of
electrical installation works; moderate operating margins at ~10%
for the last 5 years; and reputed client base in Telangana and
Andhra Pradesh.

Going forward, the firm's ability to increase its scale of
operations, diversify order book and manage working capital
requirements effectively will be the key credit rating
sensitivities.

Sri Sai Leela Electrical Projects was set up in the year 2007 as a
partnership firm by Mr. Ravi Gummadi. The firm is a class-I
electrical and civil contractor in Andhra Pradesh, Maharashtra &
Karnataka executing projects involving EHT (Extra High Tension),
HT & LT (Low Tension) substations, transmission lines, internal &
external electrification and underground cabling works for private
and government clients.

Recent Results

As per the audited results for FY2016, the company reported profit
before tax of INR2.29 crore on turnover of INR31.16 crore as
against profit before tax of INR2.14 crore on turnover of INR30.10
crore during FY2015.


SRISHTI CONSTRUCTIONS: CRISIL Reaffirms B+ Cash Credit Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Srishti Constructions
continue to reflect the firm's moderate scale of operations in the
highly fragmented civil construction industry, and its subdued
financial risk profile because of high total outside liabilities
to tangible networth ratio.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        107.5      CRISIL A4 (Reaffirmed)

   Cash Credit            25.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     47.5      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by its promoters' extensive
industry experience, and its efficient working capital management.
Outlook: Stable

CRISIL believes SC will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in sales while
profitability remains stable, or less-than-expected capital
withdrawal, resulting in better liquidity and healthy build-up of
networth. The outlook may be revised to 'Negative' if working
capital requirement increases or if the promoters withdraw
substantial capital, leading to deterioration in the financial
risk profile.

SC was set up by Mr. Ravi Goyal and Mr. Rajesh Kumar as a
partnership firm in 1998. Based in Jalandhar, Punjab, the firm
undertakes civil construction work.


STANDARD CORP: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Standard Corporation India Limited and has
assigned its 'CRISIL B/Stable' rating to the facilities. CRISIL
had, on March 21, 2016, suspended the rating as SCIL had not
provided the information required for a rating review. The company
has now shared the required information, enabling CRISIL to assign
a rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Working Capital         100       CRISIL B/Stable (Assigned;
   Term Loan                         Suspension Revoked)

The rating reflects SCIL's large working capital requirement
leading to high bank limit utilisation, declining sales, and low
brand recall. These weaknesses are partially offset by its
promoters' extensive experience in the tractor and farm equipment
industry.
Outlook: Stable

CRISIL believes SCIL will continue to benefit from its established
position in the agricultural machinery industry, backed by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant increase in
revenue, leading to substantial cash accrual, or improvement in
working capital management. The outlook may be revised to
'Negative' if profitability declines steeply, or if capital
structure deteriorates considerably because of large working
capital debt.

SCIL was set up by Mr. Nachattar Singh and his brother Mr.
Joginder Singh as a partnership firm named Standard Combine in
1979. The firm was reconstituted as a private limited company in
1999, and as a public limited company with the current name in
2008.

The company manufactures harvester combines, tractors, and cranes
under the Standard brand. It has capacity to manufacture 2000
harvester combines, 7500 tractors, and 300 cranes per annum. Its
manufacturing unit is in Barnala, Punjab.


STARBURST MOTORS: CRISIL Suspends 'B' Rating on INR80MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Starburst Motors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            70         CRISIL B/Stable
   Long Term Loan         25         CRISIL B/Stable
   Proposed Cash
   Credit Limit           80         CRISIL B/Stable
   Proposed Term Loan     35         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMPL is yet to
provide adequate information to enable CRISIL to assess SMPL'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 June 2012, SMPL is as an authorised dealer of MSIL
for sales and service of Maruti cars. The company started
operations in October 2013 and owns a showroom at Kalyani in Nadia
(West Bengal). It has also set up a workshop and service centre
close to the showroom and an offsite e-outlet at Ranaghat (West
Bengal) in April 2014.  Furthermore, the company is undergoing
capex for setting up a new showroom at Madhyamgram (West Bengal),
an offsite e-outlet at Bongaon (West Bengal) and few r-outlets at
different districts out of which nine are already operational.
SMPL is promoted by brothers Mr. Samir Kumar Bose and Mr. Shantanu
Bose.


STESALIT LIMITED: CRISIL Suspends 'C' Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Stesalit
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            300        CRISIL C
   Proposed Long Term
   Bank Loan Facility      50        CRISIL C

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

Set up in 1987, Stesalit manufactures electronic and engineering
products such as transformers, contractors, smoothing reactors,
motors, and alternator regulators, mainly for the Indian Railways.
These products are used in coaches, locomotives, and signalling
systems. The company's day-to-day operations are managed by Mr.
Vijay Kumar Pabby.


SURAKSHA AVENUES: Ind-Ra Assigns IND BB- Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suraksha Avenues
Pvt Ltd's (SAPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings are constrained by the company's high reliance on
customer advances to fund its ongoing residential project. SAPL
received a total booking amount of only INR8.7 million (9.61% of
the total project cost) by end-November 2016. Any delays in
milestone payments by customers will put pressure on its cash
flows.

The ratings are supported by the low risk of time and cost
overruns in SAPL's project, as 48.6% of the total construction
work has been completed. The company expects to complete the
project by August 2017.

The ratings are also supported by SAPL's comfortable sales record.
The entity has sold 155 units in phase 1 (92.26% of the total
units). Also, the project is strategically located in a
residential area with educational institutions and hospitals
nearby. Moreover, two of the company's promoters have around 15
years of experience in the real estate industry.

RATING SENSITIVITIES

Positive: The timely completion of the project within the
projected cost outlay will be positive for the ratings.

Negative: Any slowdown in the bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

Incorporated 2010, SAPL is constructing a residential block namely
Lotus which is part of the company's project - Akruthi Township in
Bodduppal, Hyderabad. The company already completed construction
and sold 155 flats out of its total share of 168 flats in the four
blocks viz., Tulip, Marigold, Orchids and Daffodil. SAPL also
started third phase of the project namely Gerbera though only
ground work has been started as on date.

The company is managed by four directors V.Aravinder Reddy, T.
Sashikanth Reddy and A. Vivekananda Reddy.|

SAPL's Ratings:

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

   -- INR50 million term loan: assigned 'IND BB-'; Outlook Stable

   -- Proposed INR70 million term loan:  'Provisional IND BB-';
      Outlook Stable; rating withdrawn as the company did not
      proceed with the instrument as envisaged.


SURYA AGRO: ICRA Suspends 'B' Rating on INR10.50cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR10.50 crore fund based limits of Surya Agro Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SWAPNA MOTORS: CRISIL Suspends B+ Rating on INR140MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Swapna
Motors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            140        CRISIL B+/Stable
   Term Loan               49        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMPL is yet to
provide adequate information to enable CRISIL to assess SMPL'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 2000, SMPL is an authorised dealer of passenger
cars and utility vehicles of TML in Odisha, with an integrated
facility in Bhubaneswar. The company is managed by its promoter,
Mr. Badri Narayan Saha.


TIRUPATI JUTE: CRISIL Suspends 'D' Rating on INR113MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirupati Jute Industries Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL D
   Cash Credit           113         CRISIL D
   Letter of Credit       50         CRISIL D
   Proposed Long Term
   Bank Loan Facility     24.5       CRISIL D
   Term Loan              27.5       CRISIL D

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

TJIL, based in Kolkata, was incorporated in 1981 and was taken
over by the Mall family in 1988. The company is engaged in
manufacturing of jute products which includes jute bags and
hessian cloth.


VASANT COTTON: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR5.99-
crore fund-based facility of Vasant Cotton at [ICRA]B.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund-based-Cash Credit     4.75      [ICRA]B re-affirmed

   Fund-based-Term Loan       1.24      [ICRA]B re-affirmed

The rating reaffirmation factors in VC's modest scale of
operations and its weak financial profile as is evident from its
low profitability, moderate debt coverage indicators and gearing
levels. The ratings are further constrained by the highly
competitive and fragmented industry structure due to low-entry
barriers; and the vulnerability of the company's profitability to
raw material (cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that VC, being
a partnership firm, is exposed to risks such as significant
withdrawals from the capital account by the partners, which could
adversely affect its net-worth, and thereby its capital structure.

The ratings, however, continue to favorably factor in the
longstanding experience of the promoters in the cotton industry
and the favorable location of the firm's plant with respect to raw
material procurement.

Going forward, VC's revenue growth is expected to remain moderate,
although the profitability of the firm will continue to remain
exposed to adverse fluctuations in raw materials prices. However,
the firm's ability to scale up operations would be largely
contingent on the improvement in the international demand, given
the seasonality in the business, volatility in cotton prices, high
competition and uncertain regulatory scenario. Furthermore, the
firm's ability to infuse funds to support its capital structure
and manage its working capital efficiently would be the key rating
sensitivities.

Incorporated in 2014, Vasant Cotton is promoted by Mr.
Mahesbhaibhai Likhiya, Mr. Rashikbhai Godhani, Mr. Ambarambhai
Kadivar and Mr. Vishnu Kadivar. The firm is involved in cotton
ginning and pressing business and has 24 ginning machines and 1
pressing machine. The firm's manufacturing facility is located in
Aniyari (Dist. Rajkot).

Recent Results

In FY2016, VC reported an operating income of INR35.32 crore with
a net profit of INR0.08 crore, as against an operating income of
INR16.39 crore with a net profit of INR0.12 crore in 5M FY2015.


VEDSIDHA PRODUCTS: CRISIL Cuts Rating on INR195MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vedsidha Products Private Limited to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              45       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term       30       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               195       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays by VPPL in servicing its term loan
and over-utilisation of its working capital limits for over 30
days. The delays are on account of foreign exchange losses
resulting in weak liquidity to meet its debt obligation.

VPPL has a weak financial risk profile, with a high gearing and
subdued debt protection metrics. Its scale of operations is also
modest due to early stage of operations. The company, however,
benefits from the extensive experience of its promoters.

VPPL is promoted by Nagpur (Maharashtra)-based Mr. Prabhudas Vyas
and Mr. Niranjan Ranka. The company has set up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur.


VEE KAY: CRISIL Suspends 'B' Rating on INR67.5MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vee Kay
Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            67.5       CRISIL B/Stable
   Term Loan              15.4       CRISIL B/Stable

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

VKE was established as a partnership firm in 1985. The current
partners of the firm are Mr. Vikas Behal and his brother, Mr.
Vishal Behal. VKE manufactures acrylic yarns, polyester yarns and
polyster and acrylic knitting yarns. The manufacturing facility of
the firm is located in Ludhiana (Punjab).


VGP MARINE: CRISIL Assigns B+ Rating to INR687MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of VGP Marine Kingdom Private Limited. The rating
reflects the risks related to implementation of the underwater
marine aquarium project. This rating weakness is partially offset
by the extensive experience of the promoters and need-based
funding support received from them.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               687       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that VGPMK will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to 'Positive,' if earlier-than-expected stabilisation and ramp-up
in operations leads to improved liquidity. The outlook may be
revised to 'Negative' if significant time and cost overruns in its
project, result in lower-than-expected cash accrual.
VGPMK, established in February 2012, is setting up an underwater
aquarium in Chennai. The company has been promoted by the VGP
group, which is present across businesses such as retailing of
electrical goods, and management of an amusement park and beach
resorts.


VIKAS FILAMENTS: ICRA Reaffirms 'B' Rating on INR7.67cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B for the
INR5.85 crore1 fund based limits and INR7.67 crore term loans and
the short-term rating of [ICRA]A4 for the INR0.15 crore non-fund
based limits of Vikas Filaments Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits-
   Cash Credit              5.85      [ICRA]B/Reaffirmed

   Fund based limits-
   Term Loans               7.67      [ICRA]B/Reaffirmed

   Non fund based
   limits                   0.15      [ICRA]A4/Reaffirmed

The ratings reaffirmation continues to take into account the
longstanding experience of the promoters in the textile business
and the location advantages due to presence in Surat, a major
textile hub, ensuring availability of raw material and logistical
benefits. The ratings, however, continue to remain constrained by
the company's small scale of operations and its weak financial
profile characterized by subdued net profit margins, highly
leveraged capital structure, moderate debt coverage metrics and
moderate working capital intensity of operations.

The ratings are further constrained by the vulnerability of the
company's profitability to adverse fluctuations in foreign
exchange rates and raw material prices and the intense competitive
pressures from other organised and unorganised players in this
business.

Going forward, the ability of the company to ramp up its scale of
operations so as to improve its overall revenue profile thereby
improving its profitability margins and debt coverage metrics
remains critical from the credit perspective. Efficient management
of working capital and timely recovery of receivables will also be
a key rating sensitivity.

Vikas Filaments Private Limited was incorporated in the year 1993
by Mr. Banshidhar Singhal as a private limited company and is
engaged in manufacturing of textured yarn. In 2005, the texturing
unit was transferred to Vishal Polyfilms Private Limited, a group
concern of VFPL. Since 2005, the company was engaged in trading of
Fully Drawn Yarn (FDY) as a dealer of Nova Petrochemicals Limited,
the same was discontinued in FY 2014. Subsequently, the company
set up a knitting unit with an installed capacity of 900 MTPA
which started commercial production in February 2012. Thereafter,
the company set up a sizing unit with an installed capacity of
2400 MTPA which started production in May 2013. Both manufacturing
facilities are based near Surat (Gujarat).

Recent Results

VFPL reported a Profit after Tax (PAT) of INR0.12 crore on an
operating income of INR33.86 crore in FY 2016, as compared to a
PAT of INR0.17 crore on an operating income of INR37.82 crore in
FY2015.



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


1MALAYSIA: Jho Low Family Digs In to Stop Asset Seizure by U.S.
---------------------------------------------------------------
Edvard Pettersson at Bloomberg News reports that Malaysian
financier Low Taek Jho's family is reaching far and wide to stop
the U.S. from seizing $650 million in real estate and business
investments the government claims were acquired with funds stolen
from his home country.

Bloomberg says the family of the businessman known as Jho Low
claims the Swiss trustees holding their assets are afraid to fight
back against the U.S. for fear of being prosecuted in the global
game of investment hide and seek set off by the alleged
disappearance of more than $3.5 billion of the $8 billion raised
by 1Malaysia Development Bhd.

Four relatives of Low, including his father and brother, now say
they will ask courts in the Cayman Islands and New Zealand to
replace the Swiss trustees -- so they can avoid having their
possessions go to the U.S. by default, Bloomberg relates.

According to Bloomberg, the Justice Department is targeting real
estate, investments and art works that were allegedly bought with
money siphoned off from the state-owned investment and development
fund known as 1MDB.

Bloomberg says the Low assets at issue include a $380 million
stake in New York's Park Lane Hotel, a $107-million interest in
EMI Music Publishing, a $35-million Bombardier Jet, and a $30-
million penthouse at Time Warner Center in New York. The trusts
that hold the assets call for application of either New Zealand or
Cayman Islands law, according to the family's filing on
Dec. 5, Bloomberg relays.

Low, who is known for partying with Hollywood celebrities Lindsay
Lohan and Paris Hilton, is also friends with Riza Aziz, a stepson
of Malaysia's prime minister and a producer of "The Wolf of Wall
Street," which the U.S. alleges was also funded with stolen money,
Bloomberg discloses. Low has said he provided consulting to 1MDB
that didn't break any laws, while the fund and Malaysian Prime
Minister Najib Razak have both denied wrongdoing, says Bloomberg.

According to Bloomberg, the U.S. will oppose the Low family's
request to delay a Dec. 12 hearing over whether they can intervene
in the forfeiture case, said Thom Mrozek, a spokesman for U.S.
Attorney Eileen Decker in Los Angeles.

Singapore police have identified Low as a "key person of interest"
in a money laundering investigation surrounding 1MDB, Bloomberg
discloses citing testimony last month in the trial of a former BSI
SA banker accused of obstruction of justice.

Other assets the Justice Department said were acquired with stolen
1MDB funds include a $51 million New York penthouse condominium
and a $31 million Beverly Hills mansion bought in 2014 by Khadem
al Qubaisi, the former managing director of Abu Dhabi's
International Petroleum Investment Co., reports Bloomberg.   Al
Qubaisi, who's also the former chairman of restaurant and
nightclub operator Hakkasan Group, received $473 million siphoned
from 1MDB in 2012, according to the U.S. Justice Department,
Bloomberg relays.

Hakkasan Chief Executive Officer Neil Moffitt is fighting the U.S.
claim that a $15-million chunk of Beverly Hills real estate he
owns was also bought by al Qubaisi with misappropriated Malaysian
funds, adds Bloomberg.

                             About 1MDB

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

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

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

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

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

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

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


KUANTAN FLOUR: Still Reviewing Regularization Plan
--------------------------------------------------
Anette Appaduray at theedgemarkets.com reports that Kuantan Flour
Mills Bhd, a PN17 company since Dec 12, 2015, is still looking
into the formulation of its regularization plan of its financial
conditions.

theedgemarkets.com relates that KFM has approximately one month to
submit its regularization plan to the relevant authorities for
approval.

"(We) will announce the (details) to Bursa upon finalization of
the regularization plan in accordance with the requirements under
the PN17," said the group in a filing on Bursa Malaysia on
Dec. 1.

According to theedgemarkets.com, KFM posted a net loss of
MYR4.52 million or 6.63 sen per share for its fourth quarter ended
Sept 30, 2016. Its cumulative 12-month net loss stood at MYR12.09
million or 17.72 sen per share, lower than the net loss of
MYR16.85 million or 25.07 sen per share it reported in the
previous corresponding period, theedgemarkets.com discloses.

Kuantan Flour Mills Berhad is a Malaysia-based company engaged in
flour milling and trading in its related products.



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


CHINA FISHERY: Ch. 11 Trustee Hires Skadden Arps as Counsel
-----------------------------------------------------------
William A. Brandt, Jr., the Chapter 11 Trustee of China Fishery
Group Limited (Cayman), et al., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Skadden Arps Slate Meagher & Flom LLP as counsel to the Trustee.

Mr. Brandt requires Skadden Arps to:

   (a) advise the Chapter 11 Trustee with respect to his powers
       and duties as Chapter 11 Trustee in the continued
       management and operation of CFG Peru Singapore;

   (b) identify, analyze and assist the Chapter 11 Trustee in
       maximizing the value of CFG Peru Singapore's assets;

   (c) investigate and assist the Chapter 11 Trustee in
       connection with any and all claims, causes of action or
       other bases of liability assertable by CFG Peru
       Singapore's estate, including, but not limited to, claims
       arising under Chapter 5 of the Bankruptcy Code;

   (d) prepare, on behalf of the Chapter 11 Trustee, all
       necessary motions, applications, complaints, answers,
       orders, reports and other papers in support of positions
       taken by the Chapter 11 Trustee in the Chapter 11 Cases;

   (e) take all necessary actions to protect and preserve CFG
       Peru Singapore's estate, including the prosecution of
       actions on the Chapter 11 Trustee's behalf and
       negotiations concerning litigation;

   (f) negotiate and prepare on the Chapter 11 Trustee's behalf
       plans of reorganization, disclosure statements, and all
       related agreements and documents, and take any necessary
       action on behalf of CFG Peru Singapore to obtain
       confirmation of such plan(s);

   (g) assess, prosecute, settle or otherwise resolve any claims
       asserted against CFG Peru Singapore in the Chapter 11
       Cases;

   (h) appear, as appropriate, in the Bankruptcy Court, any
       appellate courts, and any other courts, panels, or forums
       in which matters may be heard to protect the interests of
       the Chapter 11 Trustee and CFG Peru Singapore's estate
       before said courts, panels, or forums;

   (i) assist and advise the Chapter 11 Trustee in connection
       with any matters affecting property of CFG Peru
       Singapore's estate, including, but not limited to, the
       operation and/or sale or other proposed disposition of
       property of CFG Peru Singapore's estate; and

   (j) perform all other necessary legal services and provide all
       other necessary legal advice as requested by the Chapter
       11 Trustee.

Skadden Arps will be paid at these hourly rates:

     Partners                $935-$1,425
     Counsel                 $925-$1,040
     Associates              $390-$920

Skadden Arps will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases,
the following is provided in response to the request for
additional information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Skadden Arps did not represent the Debtor in the 12
              months prepetition.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Skadden, Arps intends to speak with the Chapter 11
              Trustee prior to the hearing to consider the
              application regarding a budget and staffing plan.
              Once established, recognizing that unforeseeable
              fees and expenses may arise in large chapter 11
              cases, Skadden Arps and the Chapter 11 Trustee may
              need to amend the Skadden Arps budget and staffing
              plan as necessary to reflect changed circumstances
              or unanticipated developments.

Lisa Laukitis, member of Skadden Arps Slate Meagher & Flom LLP,
assured the Court that the firm and its professionals are not
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code and (a) are not creditors, equity security
holders or insiders of the Debtor; (b) have not been, within two
years before the date of the filing of the Debtor's chapter 11
petition, directors, officers or employees of the Debtor; and (c)
do not have an interest materially adverse to the interest of the
estate or of any class of creditors or equity security holders, by
reason of any direct or indirect relationship to, connection with,
or interest in, the Debtor, or for any other reason.

Skadden Arps can be reached at:

     Lisa Laukitis, Esq.
     SKADDEN ARPS SLATE MEAGHER & FLOM LLP
     Four Times Square
     New York, NY 10036-6522
     Tel: (212) 735-3000
     Fax: (212) 735-2000

                   About China Fishery Group

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

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

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

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

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


CHINA FISHERY: Ch. 11 Trustee Hires Hogan Lovells as Counsel
------------------------------------------------------------
William A. Brandt, Jr., the Chapter 11 Trustee of China Fishery
Group Limited (Cayman), et al., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Hogan Lovells US LLP as special counsel to the Trustee.

Mr. Brandt requires Hogan to:

   a. advise the Trustee with respect to the international
      governmental aspects of the Chapter 11 Cases;

   b. provide the Trustee with advice related to the unique
      geopolitical aspects of the Debtors cases; and

   d. assist the Trustee with cross border advisory matters.

Hogan will be paid at these hourly rates:

     Partners                      $735-$1,375
     Associates and Counsel        $445-$860
     Legal Assistants              $250-$345

Hogan will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases,
the following is provided in response to the request for
additional information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Not applicable.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Hogan is developing a budget and staffing plan that
              will be presented for approval by the Trustee.

Christopher R. Donoho III, member of Hogan Lovells US LLP, assured
the Court that the firm and its professionals are not
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code and (a) are not creditors, equity security
holders or insiders of the Debtor; (b) have not been, within two
years before the date of the filing of the Debtor's chapter 11
petition, directors, officers or employees of the Debtor; and (c)
do not have an interest materially adverse to the interest of the
estate or of any class of creditors or equity security holders, by
reason of any direct or indirect relationship to, connection with,
or interest in, the Debtor, or for any other reason.

Hogan can be reached at:

     Christopher R. Donoho, III, Esq.
     HOGAN LOVELLS US LLP
     875 Third Avenue
     New York, NY 10022
     Tel: (212) 918 3000
     Fax: (212) 918 3100

                   About China Fishery Group

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

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

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

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

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


IBC CAPITAL: S&P Lowers CCR to 'B' on Sustained Higher Leverage
---------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on IBC Capital Ltd. to 'B' from 'B+'.  The
outlook is stable.  At the same time, S&P affirmed its 'axBB-'
ASEAN regional scale rating on the company.

S&P also lowered its long-term issue rating on IBC Capital's
first-lien term loan to 'B' from 'B+', with a recovery rating of
'3H', and S&P's long-term issue rating on its US$170 million
second-lien term loan to 'CCC+' from 'B-', with a recovery rating
of '6'.  IBC Capital is a holding company incorporated in Cayman
Islands.  Its main operations consist of leasing re-usable steel
intermediate bulk containers (IBCs), which are used in packing,
transporting, and storage of cargo.

"The downgrade reflects our view that a marked improvement in IBC
Capital's leverage and cash flow adequacy ratios will likely take
longer than we anticipated," said S&P Global Ratings credit
analyst Eric Nietsch.

IBC Capital's debt-to-EBITDA ratio for the fiscal year ended
June 30, 2016, exceeded our expectation of about 6.0x, mostly on
account of a slower EBITDA growth and weaker EBITDA margin than
S&P anticipated.  S&P had projected EBITDA margin to be close to
or above 50% and stay at that level through fiscal 2018.  However,
other expenses were higher than S&P expected.

Given the recent margin trends, S&P has lowered its EBITDA margin
forecast for IBC Capital to 46%-48% through fiscal 2018.  This is
below S&P's earlier projection of about 50%, but still an
improvement from fiscals 2015 and 2016.  S&P still expects
profitability to benefit from efforts by IBC Capital to collect
extended hire revenues and from new contracts with large food and
beverage customers.  Expansion into Japan could also boost revenue
over the next few years.  Additionally, management is focusing on
cost-saving initiatives and improving utilization rates, although
it has already implemented some of these measures.

As a result of slower margin improvement, S&P projects IBC
Capital's ratio of debt to EBITDA to continue exceeding 6.0x in
fiscal 2017.  A strengthening of this ratio below S&P's earlier
expectation of 5.5x--and a level that would be more consistent
with a 'B+' rating--would be contingent upon the company's EBITDA
margin exceeding 50%, which S&P views as unlikely in the next 12
months given the industry environment, pricing conditions, and
cost efficiency measures the company has achieved.

IBC Capital's cash flow adequacy is also unlikely to improve
markedly due to lower debt, given a lack of sizable discretionary
cash flows and cash accumulation.  S&P projects broadly break-even
aggregated discretionary cash flows in fiscals 2017 and 2018 while
the company's spending stays relatively elevated in fiscal 2017.
Still, S&P notes that IBC Capital's internal accruals should be
sufficient to fund its spending program with no need for external
debt.

"The stable outlook reflects our expectation that IBC Capital's
leverage will remain high through 2018, such that the debt-to-
EBITDA ratio stays above 5.5x despite a modest increase in
EBITDA," said Mr. Nietsch.

S&P believes a downgrade is unlikely over the next 12 months.
However, S&P may lower the rating on IBC Capital if the company's
EBITDA interest coverage stays below 1.75x.  This would require
EBITDA to fall 30%-50% below our base case, causing the company's
liquidity profile to deteriorate.

S&P could upgrade IBC Capital if S&P sees credible prospects for
the company's debt-to-EBITDA ratio to remain below 5.5x over the
next 12-24 months.  This would require steady top-line growth of
7.5%-10% and EBITDA margin exceeding 50% sustainably amid reducing
capital spending, along with a commitment by Kohlberg Kravis
Roberts (KKR), a financial sponsor that owns IBC Capital, to
reduce leverage.


SWIBER HOLDINGS: Directors Out on Bail Amid CAD Probe
-----------------------------------------------------
Channel NewsAsia reports that eight top Swiber Holdings
executives, past and present, are out on bail after being
questioned by the Commercial Affairs Department (CAD), the oil
field services company said in an announcement on the Singapore
Exchange (SGX) on Dec. 6.

They were being investigated for alleged infringements under
Section 199 of the Securities and Futures Act (Chapter 289 of
Singapore), which involves the making of false or misleading
statements, CNA relates.

According to the report, the directors were named as:

(a) Raymond Kim Goh (executive chairman);

(b) Jean Pers (executive director);

(c) Yeo Jeu Nam (independent non-executive director);

(d) Chia Fook Eng (independent non-executive director);

(e) Oon Thian Seng (independent non-executive director);

(f) Francis Wong Chin Sing (former vice chairman and former
    executive director);

(g) Tay Gim Sin Leonard (group chief financial officer and former
    executive director); and

(h) Nitish Gupta (former executive director).

Former group CEO Yeo Chee Neng was also interviewed by the CAD but
not placed on bail, the statement added, CNA relays.

CNA relates that the company said that it is helping the CAD with
its investigations and will cooperate fully with the CAD.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier this month
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

In October, the company received a public reprimand from SGX for
failing to provide a "balanced and fair announcement" in relation
to a US$710 million (SGD990 million) project in West Africa,
according to CNA. "Swiber presented favourable possibilities as
certain, or as more probable than is actually the case," SGX said.

                           About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.


VIVA INDUSTRIAL: S&P Affirms Then Withdraws 'BB' CCR
----------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
rating on Singapore-based Viva Industrial REIT with a stable
outlook.  S&P also affirmed the 'BB+' long-term issue rating on
Viva's guaranteed senior unsecured medium-term notes program and
Singapore dollar (S$) 100 million drawdown.  At the same time, S&P
affirmed its long-term ASEAN regional scale rating on the REIT at
'axBBB-' and on the notes at 'axBBB'.  S&P subsequently withdrew
all the ratings at Viva's request.

The affirmed ratings at the time of withdrawal reflected Viva's
asset concentration that is higher than the industry average and
an appetite for growth through acquisitions.  As of Sept. 30,
2016, the company's business and financial performance was in line
with S&P's expectations.  Viva has been growing through
acquisitions while maintaining leverage, as measured by a ratio of
debt to assets, at around 40%.  This ratio is at the top of the
REIT's financial policy, and allows for limited financial
flexibility, given the leverage limit for REITs set by Monetary
Authority of Singapore.  However, the acquisitions have helped to
mitigate Viva's asset and counterparty concentration.  Viva
continues to rely on rental support, although property
improvements have helped to increase portfolio occupancy toward
90%.  This had led to a stable ratio of funds from operations
(FFO) to debt of around 10%.

S&P expects Viva's occupancy and weighted average lease expiry to
modestly increase following the Oct. 27, 2016, announcement that
the REIT entered into an option agreement to acquire a food
storage warehouse and logistics center for S$93 million.  The
property will be 100% leased to a tenant under a seven-year triple
net lease with an option for a three-year renewal.  The lease also
as provisions for a 1.5% rental increase annually beginning in the
third year.

At the time of withdrawal, the stable outlook reflected S&P's
expectation that Viva's balance sheet will remain stable with
leverage of around 40% and FFO-to-debt ratio of about 10% over the
next 12 months.



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


HYUNDAI MERCHANT: In Final Talks to Join Global Shipping Alliance
-----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co. has
started its final talks to join a global shipping alliance to
survive the cutthroat competition in the global shipping sector.

According to the report, sources said the shipper's negotiation
team began the talks in Copenhagen with 2M Alliance, the world's
largest shipping association, with the results likely to be
announced over the weekend at the earliest.

Since May, Hyundai Merchant has been seeking to become a member of
2M, one of the prerequisites set by its creditors to avert court
receivership, says Yonhap.

In April, its creditors, led by the state-run Korea Development
Bank, approved the shipper's restructuring plan in return for the
company meeting three key conditions -- a debt recast, a charter
rate cut and inclusion in a global shipping alliance, according to
Yonhap.

In July, Hyundai Merchant signed a memorandum of understanding
with the world's largest shipping alliance led by AP Moller-Maersk
A/S and Mediterranean Shipping Co., two key members of 2M, but the
shipper is seeking to sign a formal deal on membership, Yonhap
recalls. The 2M Alliance currently handles 28 percent of the
global sea container cargo.

Yonhap says the membership in a global alliance is crucial for the
shipper to take on bigger rivals amid a glut in capacity, which
has led to a drop in freight rates.

According to Yonhap, Hyundai Merchant Marine, currently under a
creditor-led restructuring scheme, is seeking to take over key
assets from Hanjin Shipping Co., which has been under receivership
since September.

Earlier, the financially troubled shipper said the talks were
still underway, denying news reports that the negotiations have
fallen apart, the report relates.

If reached, the deal would allow Hyundai to operate as a member of
the 2M Alliance starting in April next year and boost its
desperate efforts to stay afloat amid multibillion-dollar debt,
adds Yonhap.

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***