TCRAP_Public/161209.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

           Friday, December 9, 2016, Vol. 19, No. 243

                            Headlines


A U S T R A L I A

AUSTRALIA: Economist Warns of Recession Risk on Rising Deficit
B J & P A MAGINNITY: First Creditors' Meeting Set for Dec. 16
CUSTOM STAINLESS: First Creditors' Meeting Slated for Dec. 16
DENVA INDUSTRIES: First Creditors' Meeting Slated for Dec. 19
H.W. BARTSCH: In Liquidation; First Meeting Set for Dec. 16

JSW AUSTRALIA: Creditors Approve Allegro Funds Purchase Deal
KREAB GAVIN: First Creditors' Meeting Set for Dec. 16
MISSION NEW ENERGY: To Acquire 100% of AUS Group's Business
RESIMAC TRIOMPHE 2016-2: S&P Assigns BB Rating to Class D Certs
SOUTHERN RIVERINA: First Creditors' Meeting Set for Dec. 16

UGLII CORPORATION: Court Enters Wind Up Order


C H I N A

FOSUN INTERNATIONAL: S&P Affirms 'BB' CCR on Ironshore Disposal


I N D I A

A.R.C. MILLS: CARE Reaffirms B+ Rating on INR10.37cr LT Loan
ADVATECH CERA: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
ASHASHREE FROZEN: CARE Assigns 'B' Rating to INR6.70cr LT Loan
AZAD ISPAT: CRISIL Suspends B+ Rating on INR120MM Cash Loan
BIVAB DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR28.7MM Loan

BUILDQUICK INFRASTRUCTURE: CRISIL Suspends B+ Cash Credit Rating
GAYA RAILWAY: CARE Assigns B+ Rating to INR9cr Long Term Loan
GAYATRI SPINNERS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
GOEL FOOD: CRISIL Suspends B+ Rating on INR50MM Cash Loan
GLOBAL MERCANTILE: CRISIL Reaffirms B- Rating on INR150MM LT Loan

GRAFFITI INDIA: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
IMMACULE LIFESCIENCES: CRISIL Cuts Rating on INR347MM Loan to B-
INTEGRATED THERMOPLASTICS: CARE Reaffirms 'D' LT Loan Rating
JAI VENKAY: CARE Assigns 'D' Rating to INR7.74cr LT Loan
K.M. KHAN: CRISIL Assigns B- Rating to INR37.5MM Cash Loan

KARTHIKEYA JYOTHI: CRISIL Suspends 'D' Rating on INR35MM LT Loan
KSA EDUCATIONAL: CRISIL Suspends 'D' Rating on INR71MM LT Loan
KSK WATER: CARE Lowers Rating on INR636.73cr LT Loan to 'D'
LATHANGI MOTORS: CRISIL Suspends 'B' Rating on INR135MM Loan
LEARNING LINKS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan

MARUTI KNIT: CARE Reaffirms 'B' Rating on INR3.76cr LT Loan
MARVEL AUTOMOBILES: CRISIL Suspends 'B' Rating on INR50MM Loan
MICRO SUPREME: CRISIL Lowers Rating on INR90MM Term Loan to B+
NATIONAL EXTRUSION: CARE Assigns B+ Rating to INR3.54cr LT Loan
NECTAR CRAFTS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan

NOKEN VITRIFIED: CARE Assigns 'B' Rating to INR32cr LT Loan
POORNIMA HANDICRAFTS: CARE Assigns 'B' Rating to INR3.10cr Loan
R.P. INFRAVENTURE: CRISIL Assigns B+ Rating to INR100MM Cash Loan
RAGHURAJ EXPORTS: CARE Assigns 'B' Rating to INR12.19cr LT Loan
RAJVIR INDUSTRIES: CARE Assigns B- Rating to INR172.51cr LT Loan

REDD MICA: CARE Assigns 'B' Rating to INR6.25cr LT Loan
REDDY AND REDDY: CARE Assigns B+ Rating to INR10cr Long Term Loan
SAFE STAR: CRISIL Assigns 'B' Rating to INR20MM Overdraft Loan
SAMRAT PLASTIC: CARE Hikes Rating on INR8.11cr LT Loan to B+
SAWARIYA INTERNATIONAL: CRISIL Reaffirms 'B' Cash Credit Rating

SHREE ENTERPRISES: CRISIL Suspends B+ Rating on INR80MM Cash Loan
SHREE JAGANNATH: CARE Hikes Rating on INR1,058.6cr Loan to BB
SHREE TECH: CRISIL Reaffirms 'B+' Rating on INR57.5MM Cash Loan
SHRI KRISHNA: CRISIL Reaffirms B+ Rating on INR52.9MM Loan
SHRI RAM: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan

SREE BHARGAVI: CRISIL Suspends B+ Rating on INR200MM Cash Loan
SRINIVASA COTTON: CARE Assigns B+ Rating to INR6.40cr LT Loan
SRI BALAJI: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
SRI LAKSHMI: CRISIL Suspends B+ Rating on INR38MM Cash Loan
SRI SAI AARUSH: CRISIL Suspends 'B' Rating on INR80MM Cash Loan

SRI TEJA: CRISIL Suspends 'D' Rating on INR450MM Long Term Loan
SUBNIL PACKING: CRISIL Suspends 'B' Rating on INR55.5MM Loan
SUPRIYA COTEX: CRISIL Assigns 'D' Rating to INR40MM Cash Loan
TIRUMALA COTTON: CARE Assigns B+ Rating to INR6.50cr LT Loan
XMOLD POLYMERS: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan


I N D O N E S I A

GAJAH TUNGGAL: S&P Lowers CCR to 'CCC+' on Refinancing Risk


M A C A U

STUDIO CITY: S&P Revises Outlook to Stable & Affirms 'BB-' CCR


P H I L I P P I N E S

FONTANA LEISURE: 2,000 Workers to Lose Jobs Amid DOJ Probe


S R I  L A N K A

BANK OF CEYLON: Fitch Assigns 'B+' LT FC Issuer Default Ratings


                            - - - - -


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


AUSTRALIA: Economist Warns of Recession Risk on Rising Deficit
--------------------------------------------------------------
Michael Janda at ABC News reports that Australia runs a small risk
of entering technical recession, according to a leading private
sector economist, after worse-than-expected October data showed
the trade deficit blowing out.

ABC News says the nation's imports exceeded exports by AUD1.54
billion in October, AUD269 million worse than the September
deficit and widely missing the typical analyst forecast of a
AUD600 million deficit.

According to the report, the trade deficit blowout was caused by a
2% increase in imports outweighing a 1% rise in exports.

However, the biggest worry identified by Capital Economics analyst
Paul Dales in the Bureau of Statistics data is the possible effect
of trade weakness on the December quarter gross domestic product,
after the shock 0.5 per cent GDP contraction in September revealed
on Dec. 7, relates ABC News.

"It's too early to have a firm call or a firm forecast but, based
on the figures we have for October, it looks as though net exports
could subtract up to 1 percentage point from the quarterly rate of
GDP growth in the fourth quarter," Mr. Dale told ABC News.

"This means that, in order to avoid a recession -- in other words
two consecutive quarters of falling output -- other parts of the
economy would need to be performing much better.

The risk arises because GDP measures real output -- it does not
take into account changes in the price of that output.

"The problem is that any increase in export values -- so the
amount of money exporters are receiving -- is probably solely
going to be due to this rise in prices, it's not going to be
because they're exporting a higher quantity of the products," Mr
Dales explained.

"This is crucial, because real GDP measures the volume or the
quantity of activity and not the price."

So while rising commodity prices have been cutting Australia's
trade deficit over recent months, until October, if the amount of
iron ore and coal dug up and shipped out has fallen or stagnated
it could drag on GDP.

ABC News notes that the economists at investment bank UBS agree
that these data raise some very early concerns about the strength
of December quarter economic growth.

"The volume of resource exports leaving our shores appears to have
continued the third quarter's weakness, falling even more sharply
at the start of the fourth quarter (notwithstanding lower volumes
support prices)," the bank's analysts argued, ABC News relays.

ABC News adds that the ABS data for October show hard coking coal
export volumes fell 12%, while thermal coal dropped 16% and semi-
soft coking coal grew just 1%.  Iron ore and LNG volumes appeared
to grow solidly, by around 2-3% and 5% respectively.


B J & P A MAGINNITY: First Creditors' Meeting Set for Dec. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of B J & P A
Maginnity Pty Ltd, trading as Magibuild Building Contractors, will
be held at Albury Commercial Club, 618 Dean Street, in Albury,
NSW, on Dec. 16, 2016, at 10:00 a.m.

Chris Chamberlain and Steven Priest of Chamberlains SBR were
appointed as administrators of B J & P A Maginnity on Dec. 7,
2016.


CUSTOM STAINLESS: First Creditors' Meeting Slated for Dec. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Custom Stainless & Design Pty Ltd will be held at Level 5,75
Castlereagh Street, in Sydney, NSW, on Dec. 16, 2016, at
11:00 a.m.

Andrew Hugh Jenner Wily of Armstrong Wily was appointed as
administrator of Custom Stainless on Dec. 6, 2016.


DENVA INDUSTRIES: First Creditors' Meeting Slated for Dec. 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Denva
Industries Pty Ltd will be held at Institute of Chartered
Accountants Australia & New Zealand, Level 18, 600 Bourke Street,
in Melbourne, Vic., on Dec. 19, 2016, at 11:00 a.m.

Ben Charles Verney -- ben@beckandstewart.com.au -- and Andrew
William Beck -- andrew@beckandstewart.com.au -- of Grey House
Partners were appointed as administrators of Denva Industries on
Dec. 7, 2016.


H.W. BARTSCH: In Liquidation; First Meeting Set for Dec. 16
-----------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
as Joint and Several Liquidators of H.W. Bartsch & Sons Pty Ltd on
Dec. 5, 2016.

A meeting of creditors will be held at 11:30 am on Dec. 16, 2016,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


JSW AUSTRALIA: Creditors Approve Allegro Funds Purchase Deal
------------------------------------------------------------
Street Talk reports that Allegro Funds has acquired West
Australian drilling outfit JSW Australia.

Street Talk says the Sydney-based private equity group received
approval for the purchase at a creditors' meeting on Dec. 8.

"Despite being in voluntary administration since September, JSW
has continued to win work and has a promising contract pipeline,
which shows the underlying strength of the business," Allegro
managing director Adrian Loader told Street Talk.

"We intend to build on this by allocating capital for development
and growth and improving governance and systems, further enhancing
our capacity to service new and existing customers."

The deal marks Allegro's fifth investment in Allegro Fund II, adds
Street Talk.

JSW, a mine production and specialist drilling services business,
is a subsidiary of Hughes Drilling, which went into voluntary
administration in September.  The company operates a fleet of 18
drill rigs, employs approximately 140 staff, and has long term
relationships with tier 1 customers in mining, government and
private enterprise, Street Talk discloses.


KREAB GAVIN: First Creditors' Meeting Set for Dec. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kreab Gavin
Anderson (Australia) Ltd., trading as GA Research, will be held at
the offices of PKF, Level 8, 1 O'Connell Street, in Sydney, on
Dec. 16, 2016, at 11:30 a.m.

Bradley Tonks and Simon Thorn of PKF were appointed as
administrators of Kreab Gavin on Dec. 6, 2016.


MISSION NEW ENERGY: To Acquire 100% of AUS Group's Business
-----------------------------------------------------------
Mission NewEnergy Limited entered into a Heads of Agreement to
acquire the business operations of the AUS Group, a leading
manufacturer of building materials products in Australia.

Highlights:

  * Acquisition of 100% of business units of AUS by issuance of
    Shares in Mission and cash, anticipated to be $12 million in
    cash and number of shares equaling 47.5% of MBT post capital
    raising

  * 30 year old Australian Manufacturing and Distribution Company

  * Generating revenue of approximately $28 million in FY2016

  * Well Positioned for future growth as a diversified
    manufacturer with barriers to import competition

  * This transaction constitutes a reverse takeover and it is
    expected that MBT shareholders shall be diluted by
    approximately 90%.
  * To fund the acquisition Mission will raise approximately $17
    million through the issue of new shares, anticipated to be at
    $0.30 per share assuming a share consolidation of 3.065
    existing to 1 new share

  * Transaction subject to conditions precedent by both MBT and
    AUS

  * MBT Board and management shall materially change at the
    discretion of AUS group

                           About AUS

The business units include Polyurethane Chemicals and Coatings,
Insulation foams, Polystyrene foam and CUPOLEX structural domes.
These business units provide a vertically integrated platform for
the manufacture and distribution of products from three
manufacturing locations in Australia, and sales and distribution
operations in Australia and New Zealand.  AUS's business unit,
CUPOLEX a product, for which it holds the distribution rights for
Australia, New Zealand, India, South Africa & Pacific Rim.
CUPOLEX provides a cost effective and environmentally friendly
alternative to traditional concrete slab construction.

Due to the significant growth drivers of the business and large
volume of projected future sales AUS has now agreed to a
transaction with Mission New Energy to provide a scalable platform
for the growth of the business.

Regulatory Note:

  * the transaction requires security holder approval under the
    Listing Rules and therefore may not proceed if that approval
    is not forthcoming;

  * MBT is required to re-comply with ASX's requirements for
    admission and quotation and therefore the transaction may not
    proceed if those requirements are not met;

  * ASX has an absolute discretion in not deciding whether or not
    to re-admit the entity to the official list and to quote its
    securities and therefore the transaction may not proceed if
    ASX exercises that discretion;

  * the ASX takes no responsibility for the contents of this
    announcement; and

  * MBT is in compliance with its continuous disclosure
    obligations under Listing Rule 3.1.

                  About the Proposed Transaction

The transaction will involve Mission wholly acquiring the business
operations of AUS with consideration comprising the issue of
shares in Mission and the provision of cash, more commonly known
as a reverse merger.

The RTO will be effected by completion of a funding round and
compliance with relevant ASX listing rules.  A shareholder notice
of meeting and prospectus will be issued by Mission with the basic
resolutions to:

  * Dispose of Mission's two subsidiaries, Mission Biofuels Sdn
    Bhd and M2 Capital Sdn Bhd, with all proceeds (cash or
    shares) to be distributed to Mission's existing Shareholders

  * Change of Directors and Executives

  * Change of Company Name

  * Change of ASX Code

  * Capital Raise target of A$17 million

  * Consolidation of existing MBT Shares

  * Change of nature of business and compliance with the market
    trading rules upon commencement of trading of the new vehicle
    on the ASX.

Key Terms of the acquisition

1. AUS group shall receive A$12 million in cash and shares
   equaling approximately 47.5% of MBT assuming a capital raising
   of $17 million.

2. Mission will be responsible for co-ordination and execution of
   the RTO with the detailed assistance of the existing owners of
   AUS;

3. Mission will assist with building an appropriate ASX listed
   Executive team and Board to support existing AUS management
   team;

4. Mission will provide systems, protocols and corporate
   intellectual property consistent with ASX best practices;

5. Existing shareholders of Mission will retain approximately 10%
   of the merged company on a fully diluted basis; and

6. It is expected that the transaction will be completed within
   120 days.

The acquisition is subject to conditions precedent by both AUS and
Mission being namely:

  * The completion of a re-structure of AUS business operations
    and a pre-RTO funding round by AUS to meet immediate growth
    working capital requirements.  This restructure and pre-
    funding will be at the sole discretion of AUS and will not
    require any action by MBT.

  * The completion of shareholder and ASX approval by Mission

Since the acquisition will result in a significant change to the
nature and scale of Missions activities, the acquisition will
require Mission shareholders approval under ASX listing rule
11.1.2 and is expected to also require Mission to re-comply with
Chapters 1 and 2 of the ASX listing rules.

In the event that the transaction is not completed, Mission may be
required to re-comply with ASX listing rules in any event.

                        Capital Raising

The cash component of the transaction will be funded by MBT
undertaking a capital raising of approximately $17m by way of an
issue of ordinary shares.  The Company will be appointing its lead
advisor and broker to the offering in due course.

It is anticipated as part of this transaction that MBT will
undertake a share consolidation on a ratio dependent on the final
capital raising terms, namely being the issuing price of new
shares.  Based on a 30 cent per share capital raising price the
consolidation ratio would be 3.065 existing shares for 1 new
share.

                       Shareholder Approval

The acquisition, capital raising and number of other items
concerning the transaction are subject to shareholder approval,
including approval for a significant change to the nature and
scale of Missions activities as per ASX Chapter 11.

A notice of general meeting containing further details of the
approvals being sought will be released to shareholders.

The board of directors of MBT is unanimous in its support of the
revised corporate strategy and the acquisition of the AUS business
operations and each director intends to vote in favour of the
resolutions contemplated in respects to their shareholding.

                      Indicative Timetable

While it is noted above that a series of material conditions
precedent to this transaction exist which need to be completed
prior to commencement of the formal process, an indicative
timetable for completion of the transaction described as follows:

Action                                        Date
------                                        ----
Completion of Conditions Precedent            December 31, 2016
Notice of meeting dispatched to shareholders  February 20, 2017
Prospectus lodged with ASIC / ASX             February 25, 2017
Extraordinary general meeting of Shareholders March 23, 2017
Capital Raising Process                       March 2017
Completion of Transaction                     April 1, 2017

Please note the above dates are indicative only and are subject to
change.  The Company's securities will continue to be suspended
from official quotation on the ASX on until such time that it
fully complies with ASX re-admission listing rules including re-
compliance with Chapter 1 &2 of the Listing rules.

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

                       https://is.gd/ZDNfic

                     About Mission NewEnergy

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

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

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

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


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

The ratings reflect:

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

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance on 29.0% of the loans
      in the portfolio, which provides cover for 100% of the face
      value of the insured loans, accrued interest, and
      reasonable costs of enforcement, as well as note
      subordination for the rated notes.

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

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

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

A copy of S&P Global Ratings' complete report for RESIMAC Triomphe
Trust - RESIMAC Premier Series 2016-2 can be found on
RatingsDirect, S&P Global Ratings' web-based credit analysis
system, at http://www.globalcreditportal.com

RATINGS ASSIGNED

Class      Rating        Amount
                       (A$ mil.)
A          AAA (sf)      450.0
AB         AAA (sf)       23.0
B          AA (sf)        14.0
C          A (sf)          6.0
D          BB (sf)         5.0
E          NR              2.0

NR--Not rated.


SOUTHERN RIVERINA: First Creditors' Meeting Set for Dec. 16
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Southern
Riverina Dairy Group Pty. Ltd. will be held at Finley Returned
Soldiers Club, 63-67 Tocumwal Street, in Finley, New South Wales,
on Dec. 16, 2016, at 11:30 a.m.

Glenn J. Franklin, Jason G. Stone and Petr Vrsecky of PKF
Melbourne were appointed as administrators of Southern Riverina on
Dec. 6, 2016.


UGLII CORPORATION: Court Enters Wind Up Order
---------------------------------------------
The Federal Court of Australia has ordered that Uglii Corporation
Limited, Traralgon Technology Holdings Limited, Uglii Find
Australia Limited, BizMio Limited and Projects Discovery Services
Pty Ltd be wound up and that Robyn Erskine and Adrian Hunter of
Brooke Bird be appointed as liquidators.

Justice Davies made the orders on an application by ASIC, on the
basis that each of the companies is insolvent.

ASIC's application to wind up Global Ads System Pty Ltd (formerly
Uglii Ads System Pty Ltd) was adjourned for further hearing at
11:30 a.m. on Dec. 9, 2016.

Uglii Corporation Limited is an information technology development
company that was incorporated in 1998 and is based in Traralgon,
Victoria. Uglii is an unlisted public company with approximately
2,500 shareholders.

During its existence, Uglii made various representations to its
investors over a number of years concerning the alleged value of
intellectual property it was in the process of developing. Uglii
did not generate any trading income during its existence.

Since June 2015, the directors of Uglii were John Christopher
Knorr (resigned March 22, 2016), Heather Jeanne Knorr, Bruce
Dawkins (resigned Sept. 20, 2016) and Irene Hole.

On Sept. 8, 2016, the Federal Court, on the application of ASIC,
ordered that provisional liquidators be appointed to Uglii and
associated companies.  The Court also ordered that the provisional
liquidators produce a report to the Court within 42 days that set
out, among other things, an opinion as to the solvency of the
companies.



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FOSUN INTERNATIONAL: S&P Affirms 'BB' CCR on Ironshore Disposal
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
rating on China-based conglomerate Fosun International Ltd.  The
outlook remains negative.  S&P also affirmed its 'cnBB+' long-term
Greater China regional scale rating on the company.  At the same
time, S&P affirmed its 'BB' long-term issue ratings and 'cnBB+'
long-term Greater China regional scale ratings on the company's
outstanding guaranteed notes.

"We affirmed the rating because we expect Fosun's full disposal of
Ironshore Inc. may weaken the credit quality of the insurance
business even as it improves the leverage in the industrial
operations," said S&P Global Ratings credit analyst Danny Huang.

In S&P's view, Fosun's disposal of its 100% stake in U.S.-based
insurer Ironshore is likely to weaken the credit profile of
Fosun's insurance operations because Ironshore has the strongest
credit quality in Fosun's insurance portfolio.  Furthermore, the
disposal creates uncertainty over Fosun's strategy, particularly
its future positioning in the insurance sector, and the credit
quality of those insurance businesses it's likely to invest in.

However, the disposal is likely to improve the leverage position
of Fosun's industrial operations, although leverage will still
remain high with the debt-to-EBITDA ratio staying above 10x.
Fosun will use part of the cash proceeds of about US$3 billion to
at least pay down the debts associated with the acquisition of
Ironshore a year ago.  Further debt reduction is uncertain, and
hinges on the management's commitment to reduce leverage.  The
high leverage is a result of Fosun's aggressive acquisition
appetite in the past few years, which the company funded mostly
through an increase in debt.

The disposal of Ironshore signals that the Fosun management is
willing to rotate assets to realize capital gains and generate
funds for reinvestment.  It is also consistent with the
management's aim to transition into an insurance-led investment
holding company.  However, S&P believes more evidence and track
record of executing such a strategy over a longer term is needed
to prove Fosun's commitment to it.  That would include lower
reliance on directly held or operated businesses and reducing
exposure to operating risk at the investee companies.  Currently,
S&P continues to consider Fosun as a conglomerate (a mixed group
with businesses in both the industrial and financial sectors).

The negative outlook reflects S&P's expectation that Fosun's
leverage for its industrial operations will remain high over the
next 12 months despite improving and that the credit profile of
the insurance portfolio could weaken upon the completion of the
disposal of Ironshore.  The prospects of a further reduction in
leverage are uncertain even though S&P expects Fosun to focus on
consolidating its existing investments instead of making more
aggressive acquisitions, recycling its investment portfolio, and
raising equity to fund investment.

S&P could lower the rating if Fosun's leverage in its industrial
operations does not improve and S&P believes the company does not
have any commitment or clear plan to improve its financial
strength.  S&P could also lower rating if the asset quality of
Fosun's business portfolio deteriorates and weakens the company's
financial flexibility and liquidity.  This could happen if the
value of Fosun's key assets deteriorates, the company's access to
funding becomes limited, and capital markets weaken sustainably.
S&P could also lower the rating if the credit quality of Fosun's
insurance portfolio deteriorates.

S&P could revise the outlook to stable if Fosun improves its
financial performance, such that its ratio of debt to EBITDA is
materially below 10x and its EBITDA interest coverage is at least
1.5x for the industrial operations.  The improved performance of
the industrial operations could result in steady dividends, higher
investment returns, and a reduction in consolidated debt.  S&P
could also revise the outlook to stable if Fosun adopts a clear
financial policy toward leverage and demonstrates a record of
adhering to its risk and leverage tolerance.



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A.R.C. MILLS: CARE Reaffirms B+ Rating on INR10.37cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
A.R.C. Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.37      CARE B+; Stable
                                            Reaffirmed

   Short term Bank Facilities     1.82      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of A.R.C. Mills Private Limited
continue to be constrained by the small scale of operations,
susceptibility of profitability to volatile raw material prices,
working capital intensive nature of operations and weak gearing
and debt coverage indicators. The ratings also take into account
decline in total operating income in FY16 (refers to the period
April 1 to March 31). The ratings derive strength from the
experience of the promoters in a similar line of business.

Going forward, the ability of the firm to scale up its operations,
improve its profitability and capital structure will be the key
rating sensitivities.

ARC was originally part of Sri Karunambikai Mills Limited. SKML is
a Coimbatore-based company incorporated in 1957 by the late Mr.
A.R. Chennimali Gounder. As a result of a family arrangement and
court order in 1994, the ownership of this unit vested with A.R.C.
Mills Limited. Subsequently, ARC was converted into a private
limited company in 2002. The company is engaged in cotton yarn
spinning with an installed capacity of 15,744 spindles as of
October 30, 2016. In FY17, ARC has shifted from producing 40's
count to 60's count. The day-to-day operations are managed by Mr.
S. Sivaramalingam (son of Mr. R.S. Subramaniam) who has more than
two decades of experience in the textile industry.

During August 2016, ARC has successfully completed a modernization
program with the scope of placement of 13 old short ring frames
(440 spindles each) by 7 LMW Long Frame LR60/A (1008 spindles
each). The project cost of INR2.75 crore was funded through a term
loan of INR1 crore (under TUF Scheme), Sale proceeds of old
machinery of INR0.70 crore and the remaining from promoters'
contribution. The project also includes installation of overhead
travelling cleaner (OHTC), transformer and other related
accessories.

As per the audited results, ARC achieved a PAT of INR0.05 crore on
a total operating income of INR23.71 crore in FY16 as
compared with PAT of INR0.07 crore on a total operating income of
INR28.39 crore in FY15. In H1FY17 (refers to the period
April 1 to September 30) the company achieved sales of INR11.47
crore.


ADVATECH CERA: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
---------------------------------------------------------------
CRISIL ratings reflect Advatech Cera Tiles Limited's large working
capital requirements, and below average financial risk profile
because of high gearing, a modest net worth, and weak debt
protection metrics.

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

   Cash Credit            125       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      92       CRISIL B+/Stable (Reaffirmed)

   Term Loan               39.7     CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan               23.3     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in a highly fragmented industry. These rating
weaknesses are partially offset by an established distribution
network and promoters' long track record in the ceramics industry.
Outlook: Stable

CRISIL believes ACTL will, over the medium term, continue to
benefit from its established distribution network while
maintaining its moderate profitability backed by the addition of
more value added products. The outlook may be revised to
'Positive' in case of efficient working capital management, or a
better capital structure on the back of infusion of funds,
resulting in an improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if cash
accrual is significantly low due to decline in sales or
profitability, or if the working capital cycle lengthens,
resulting in deterioration in the company's financial risk
profile.

ACTL, incorporated in 2004, is based in Mehsana (Gujarat). It is
promoted by Mr. B T Patel, Mr. Jagdish Rawal, and Mr. Baldeo
Rawal. The company manufactures glazed porcelain floor tiles and
glazed vitrified tiles.ACTL, incorporated in 2004, is based in
Mehsana (Gujarat). It is promoted by Mr. B T Patel, Mr. Jagdish
Rawal, and Mr. Baldeo Rawal. The company manufactures glazed
porcelain floor tiles and glazed vitrified tiles.


ASHASHREE FROZEN: CARE Assigns 'B' Rating to INR6.70cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B; STABLE' rating to the long-term bank
facilities of Ashashree Frozen Foods Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.70      CARE B; Stable
                                            Assigned

Rating Rationale

The rating assigned to the bank facilities of Ashashree Frozen
Foods Pvt. Ltd. is constrained by project risk with financial
closure for the project not yet achieved, susceptibility of
margins to intense competition and raw material related risk and
seasonal nature of the milk processing industry. The aforesaid
constraints are partially offset by experienced promoters.

Ability of the company to complete the envisaged project on time
without cost and time overrun and derive benefits there from are
the key rating sensitivities.

Ashashree Frozen Foods Pvt. Ltd. was incorporated on Dec 05, 2014
by Mr. Srikanta Kumar Khuntia and Ms Anupama Khuntia of Odisha.
AFPL is currently undertaking an initial project to set up a dairy
processing unit at Hatibari, Sambalpur with projected installed
capacity of 30,000 Litres per day (LPD) for dairy products which
includes milk and milk products. The total cost of the project is
INR8.90 crore (excluding margins for working capital) being
financed at a debt equity ratio of 2.16:1. Furthermore, the
financial closure for the project has not yet been achieved. AFPL
is expected to commence commercial operation in July, 2017. Mr.
Srikanta Kumar Khuntia, the Managing director will look after day
to day operations of the entity along with other director and a
team of experienced personnel.


AZAD ISPAT: CRISIL Suspends B+ Rating on INR120MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Azad
Ispat India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL B+/Stable
   Proposed Term Loan       6.7      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
AIIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AIIPL is yet to
provide adequate information to enable CRISIL to assess AIIPL'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 2007, Hindupur (Andhra Pradesh)-based AIIPL
manufactures mild steel billets and thermo-mechanically treated
bars. The company is promoted by members of the Azad family and
its day-to-day operations are managed by Mr. Summer Azad.


BIVAB DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR28.7MM Loan
---------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Bivab
Developers Private Limited continues to reflect the exposure to
cyclicality inherent in the real estate sector and risks related
to implementation of its ongoing project, which can affect
saleability, and hence, operating cash flows.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      21.3     CRISIL B/Stable (Reaffirmed)

   Term Loan               28.7     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters, favorable location of the ongoing
project, and the long-term nature of existing lease rental
agreements.

Outlook: Stable

CRISIL believes that BDPL will continue to benefit from the
extensive experience of its promoters in the real estate industry
and funding support, received from them. The outlook may be
revised to 'Positive' if a significant increase in customer
bookings, leads to sizeable cash flow and strengthens liquidity.
The outlook may be revised to 'Negative' if discontinuation of any
lease arrangement or poor response to its ongoing project, weakens
liquidity.

BDPL was set up in 1997 by Mr. Binay Krishna Das in Odisha. The
company develops and constructs residential buildings.


BUILDQUICK INFRASTRUCTURE: CRISIL Suspends B+ Cash Credit Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Buildquick Infrastructure Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4
   Cash Credit             45        CRISIL B+/Stable

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

BIPL is engaged in construction of industrial and commercial
projects in Anand (Gujarat). The company was incorporated in 2008.
The company is owned and promoted by Mr. Sunil Patel and Mr.
Paresh Thaker. Since 2009, the company has also started executing
real estate development projects.


GAYA RAILWAY: CARE Assigns B+ Rating to INR9cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gaya
Railway Infra Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       9        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Gaya Railway Infra
Private Limited is constrained by execution and implementation
risk of the project along with presence in the highly competitive
and fragmented civil construction industry.

The above weaknesses are partially offset by the satisfactory
experience of promoter in civil construction industry and
strategic location of project.

The ability of the company to complete the on-going project
without cost and time overrun and derive benefits as envisaged
will be the key rating sensitivity.

Incorporated in November 19, 2014, GRIPL is a special purpose
vehicle (SPV) formed by SGR Ventures Private Limited. The company
is engaged in construction and development of multi-functional
complex at Gaya, Bihar, awarded by Rail Land Development Authority
(RLDA) to be operated on a build-operate-transfer (B-O-T) basis
for a concession period of 43 years commencing from March 2017 and
ending in January 2060.

Since the land belongs to RLDA, the entire project cost would
pertain to construction and related activity which is estimated at
INR16.02 crore which will be funded by promoter's contribution of
INR0.69 crore, unsecured loans of INR6.42 and bank term loan of
INR9.00 crore. The cost incurred as on Sept. 29, 2016 is INR10.84
crore (68% of the project cost), which was funded through the term
loan of INR 4.43 crore, promoter's contribution of INR0.60 crore
and unsecured loan INR5.81 crore. The financial closure for the
said debt funding is already achieved. The proposed project is
expected to complete by January 2017.


GAYATRI SPINNERS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gayatri
Spinners Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         11.5       CRISIL A4

   Cash Credit            50.0       CRISIL B/Stable

   Letter of Credit        2.5       CRISIL A4

   Proposed Long Term
   Bank Loan Facility      3.7       CRISIL B/Stable

   Term Loan              12.3       CRISIL B/Stable

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

Established in 1997, GSL is a closely-held public limited company
promoted by Mr. Babu Lal Kogta and Mr. Manish Kogta. It
manufactures fertilizers such as single super phosphate. The
company's manufacturing facility in Bhilwara (Rajasthan) has
installed capacity of 30,000 tonnes per annum.


GOEL FOOD: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Goel
Food Product.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Term Loan               40        CRISIL B+/Stable

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

GFP was set up in 2014 as a partnership firm managed by Mr. Tarsem
Kumar Goel, Ms. Anita Rani, Ms. Mamta Rani, and Ms. Neelam Rani.
Based in Kaithal (Haryana), the firm mills and sorts basmati rice.


GLOBAL MERCANTILE: CRISIL Reaffirms B- Rating on INR150MM LT Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Global Mercantile
Private Limited continue to reflect susceptibility of GMPL's cash
flows to inflows from existing receivables, future bookings,
timely completion of its project, and to cyclicality in the real
estate industry. These rating weaknesses are partially offset by
the extensive industry experience of GMPL's promoters.

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

Outlook: Stable

CRISIL believes that GMPL will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if GMPL
achieves higher-than-expected bookings, strengthening its
financial flexibility and cash flow adequacies. Conversely, the
outlook may be revised to 'Negative' in case of delays or cost
overruns in GMPL's projects, or low offtake resulting in
deterioration in liquidity and financial flexibility.

GMPL, incorporated in October 1998 and promoted by Mr. Dinesh
Kumar Agarwal and Mr. Dilip Kumar Agarwal, is primarily involved
in real estate development.


GRAFFITI INDIA: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Graffiti
India Private Limited.

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

The suspension of ratings is on account of non-cooperation by GIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GIPL is yet to
provide adequate information to enable CRISIL to assess GIPL'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 2001 and based in Ahmedabad (Gujarat), GIPL is
promoted by Mr. Sachin Shah. It trades in designer ceramic glazed
tiles under the Graffiti and Harmony brands.


IMMACULE LIFESCIENCES: CRISIL Cuts Rating on INR347MM Loan to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Immacule Lifesciences Private Limited to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            70       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Foreign Currency      347       CRISIL B-/Stable (Downgraded
   Term Loan                       from 'CRISIL B/Stable')

   Proposed Long Term     55       CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan              75       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects pressure on liquidity; the start-up
phase of operations has led to continued losses and hence to
insufficient net cash accrual to meet repayment obligation and a
weak financial risk profile. Though net cash accrual was
insufficient for debt repayment in fiscal 2016, the debt
obligation was met through infusion of funds by promoters in the
form of preference share capital and unsecured loans. The weak
financial risk profile is because of a negative networth, low debt
protection metrics, and a high total outside liabilities to
tangible networth ratio. However, profitability is expected to
improve over the medium term supported by absorption of fixed
overheads as operations are ramped up.

The rating reflects a weak financial risk profile, particularly
liquidity, because of insufficient cash accrual to meet debt
repayment, driven by the start-up phase of operations. This rating
weakness is partially offset by the extensive experience of the
promoters in the pharmaceutical formulations industry and their
financial support.

Outlook: Stable

CRISIL believes ILPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of stabilisation of operations and
substantial sales, leading to revenue growth and large cash
accrual. The outlook may be revised to 'Negative' in case of a
continued suboptimal operating performance, leading to increased
liquidity pressure and/or a stretched working capital cycle.

ILPL, promoted by Mr. Viral Shah, Mr. Rishi Aggarwal, Mr. Suchet
Rastogi, and Mr. Nirav Maniar, is based in Nalagarh, Himachal
Pradesh. The company, which started commercial operations in
December 2014, manufactures pharmaceutical formulations, primarily
injectibles, which will be sold in overseas markets.


INTEGRATED THERMOPLASTICS: CARE Reaffirms 'D' LT Loan Rating
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Integrated Thermoplastics Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.50      CARE D Reaffirmed
   Short-term Bank Facilities     6.50      CARE D Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the stretched
liquidity position resulting in delays in debt servicing.

Incorporated in 1994, Integrated Thermoplastics Ltd, erstwhile
Torrent Thermo-Plastics Limited, was originally promoted by Mr.
Simon Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was
acquired by the current Chairman, Mr. S.P.Y. Reddy. A part of
Nandyal (Andhra Pradesh) based Nandi Group of companies, ITL is
engaged in the manufacturing of fabricate Polyvinyl Chloride (PVC)
pipes and fittings, tubes, bends etc, with an installed capacity
of 15,000 MTPA at its facilities located at Medak District
(Telangana).

Nandi group, promoted by Shri S.P.Y Reddy, is a South India based
industrial house having diversified business interest such as
cement, dairy, PVC pipes, construction etc.

During FY16 (refers to the period April 1 to March 31), ITL posted
a PBILDT of INR4.01 crore (as against INR2.60 crore in FY15) on a
total operating income of INR61.79 crore (as against INR34.27
crore in FY15). The company reported net loss of INR0.31 crore in
FY16 (as against net loss of INR1.57 crore in FY15).


JAI VENKAY: CARE Assigns 'D' Rating to INR7.74cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Jai Venkay
Poultry Farms.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.74      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Jai Venkay Poultry
Farms (JVPF) takes into account the ongoing delays in servicing of
debt obligations on account of its stretched liquidity position.

Andhra-based, Jai Venkay Poultry Farms was established in the year
2008 and promoted by Mr. K Venkata Rao and family members. The
firm is engaged in farming of egg laying poultry birds (chickens)
along with trading of eggs and live birds. The firm sells its
products like eggs and live birds in Andhra Pradesh to
retailers through own sales personnel.

During FY16 (refers to the period April 1 to March 31), JVPF
reported a PAT of INR0.08 crore on a total operating income of
INR11.67 crore as against PAT of INR0.09 crore on a total
operating income of INR11.57 crore in FY15.


K.M. KHAN: CRISIL Assigns B- Rating to INR37.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of K.M. Khan and Sons.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            37.5       CRISIL B-/Stable
   Long Term Loan         15         CRISIL B-/Stable

The rating reflects KMK's weak financial risk profile marked low
cash accruals and weak debt protection metrics. These rating
weaknesses are partially offset by the firm's strong and
established relationships with its key suppliers and customers,
and the extensive experience of its management in the steel
products trading industry.

Outlook: Stable

CRISIL believes that KMK will continue to benefit over the medium
term from its established relationships with its key suppliers and
customers and the extensive industry experience of its management.
The outlook may be revised to 'Positive' if there is a significant
and sustainable improvement in the firm's profitability, resulting
in a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if KMK's profitability declines
considerably, or its working capital cycle lengthens, or it
undertakes a debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

KMK was established in the year 2000. It trades in steel products
such as angles, channels, bars, beams, and columns. It is based in
Tuticorin (Tamil Nadu).


KARTHIKEYA JYOTHI: CRISIL Suspends 'D' Rating on INR35MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Karthikeya Jyothi Agro Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL D
   Long Term Loan          35        CRISIL D

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

Incorporated in 1997 and based in Hyderabad, KJAPL refines and
sells edible oil in Telangana and Andhra Pradesh. The company's
manufacturing facility is in Gangavathi (Karnataka).


KSA EDUCATIONAL: CRISIL Suspends 'D' Rating on INR71MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of KSA
Educational and Charitable Trust.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL D
   Long Term Loan          71        CRISIL D

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

KSA was founded in 2008 by Mr. K S Alagiri. In 2010, the trust
started a maritime college in Chidambaram (Tamil Nadu), which
offers Diploma in Nautical Science and Marine Engineering degree.
The college is affiliated to the Indian Maritime University, a
central university run by the Government of India.


KSK WATER: CARE Lowers Rating on INR636.73cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of KSK Water
Infrastructures Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     636.73     CARE D Revised from
                                            CARE BB+ (SO)

Rating Rationale

The revision in the ratings assigned to the bank facilities of KSK
Water Infrastructures Private Limited takes into consideration the
weakening of credit profile of the company as well as the
guarantor, Sai Wardha Power Limited which has provided credit
enhancement in the form of unconditional and irrevocable corporate
guarantee for the entire bank facilities of KWIPL. The same has
resulted in delays in debt servicing.

KSK Water Infrastructures Private Limited is a Special Purpose
Vehicle (SPV) promoted by KSK group to supply water to its 3600 MW
(600 MW X 6 units) under construction thermal power plant; KSK
Mahanadi Power Company Limited at District Janjgir Champa in the
State of Chhattisgarh. KMPCL is setting up 3600 MW (6 x 600 MW)
domestic coal based power project at Nariyara village, Janjgir-
Champa District of Chhattisgarh. The project of KWIPL is almost
completed with majority of cost incurred on the same. It has also
started supplying water to the two units of KMPCL (6X600MW) since
September 2013 and August 2015 respectively in line with
commencement of respective power plants of KMPCL.

The KSK Group, promoted by Mr. S Kishore and Mr. K A Sastry has
been involved in consulting/developing power projects since 1998.
KSK Energy Ventures P. Ltd. (rated CARE BBB-/CARE A3) is the
flagship company for development & operation of power plants in
the country and KSK Energy Company Private Limited is the holding
company for setting up infrastructure facilities for the power
plants. KWIPL is a subsidiary of KECPL.

During FY16 (refers to the period April 01 to March 31), KWIPL
reported total operating income of INR54.09 crore (FY15:
INR4.94 crore) with a PBILDT of INR41.53 crore (FY15:Rs.4.21
crore) and net loss of INR8.57 crore (FY15:Rs.2.20 crore net
loss).


LATHANGI MOTORS: CRISIL Suspends 'B' Rating on INR135MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Lathangi
Motors Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Channel Financing       135       CRISIL B/Stable
   Term Loan                85       CRISIL B/Stable

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

Incorporated in 2008, LMPL is an authorised dealer of passenger
vehicles and spare parts of Ford. The company, promoted and
managed by Mr. MP Vikram Shetty, operates one showroom and three
service centres in Bengaluru.


LEARNING LINKS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the bank facilities of Learning Links Publishing
House Private Limited continues to reflect LLPL's working-capital-
intensive operations, and small scale of operations due to high
competition. These rating weaknesses are partially offset by the
promoters' extensive experience in the publishing industry.

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

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

Outlook: Stable

CRISIL believes that LLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the company's revenue while it maintains its
operating margin, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' if LLPL's
capital structure deteriorates, most likely due to lower-than-
expected margins or a substantial increase in its working capital
requirements.

LLPL was incorporated in 2008 and publishes educational textbooks
for Central Board of Secondary Education, Indian Certificate of
Secondary Education, and various state boards. The company is
promoted by Mr. R N Malhotra and his wife, Ms. Suman Malhotra.


MARUTI KNIT: CARE Reaffirms 'B' Rating on INR3.76cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Maruti
Knit Tex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.76       CARE B; Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Maruti Knit Tex
continues to remain constrained on account of its moderate scale
of operations, moderate profit margins, leveraged capital
structure, moderate debt coverage indicators, modest liquidity
position and working capital intensive operations. The rating is
further constrained on account of risk associated with raw
material price volatility, fragmented nature of industry with high
degree of competition and supplier concentration risk.

The rating, however, continues to derive benefit from experienced
promoters and location benefit.

The ability of MKT to increase its scale of operations along with
improving capital structure amidst competitive nature of industry
and moderate profit margins are the key rating sensitivities.

Maruti Knit Tex is a partnership firm established by Mr. Leeladhar
Suneja and Mr. Tarun Gulati in the year 2013. The firm is engaged
into the manufacturing of knitted cotton fabrics for reputed
players in Surat and across Gujarat. The main raw materials used
by the firm are polyester yarn which it procures from domestic
players across Gujarat and Pune. MKT is carrying out its
operations from its facilities located at Surat which is spread
across 1800 square meters. The unit uses approximately 100 KVA of
electricity monthly and has five machines installed with each
having a capacity of producing 4500 kg of knitted fabric material
per annum. MKT produces knitted fabrics and sells to its client
across Surat. The products manufactured by MKT are used in sarees
and dress materials. The firm also has sister concerns namely
G.D.Knit Tex, B.R. Knit Tex (engaged in manufacturing of fabrics).

As per the audited results for FY16 (refers to the period April 1
to March 31), MKT reported a Profit after Tax (PAT) of INR0.29
crore on a total operating income (TOI) of INR10.04 crore as
against a net loss of INR0.12 crore on a TOI of INR9.12 crore
during FY15 (Audited). Till June 30, 2016, the company had clocked
a turnover of INR3 crore.


MARVEL AUTOMOBILES: CRISIL Suspends 'B' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Marvel
Automobiles India Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding
   Facility                 50       CRISIL B/Stable
   Long Term Loan            8       CRISIL B/Stable
   Proposed Inventory
   Funding                  29.3     CRISIL B/Stable

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

Setup in 2012, Salem based is an authorized dealer for passenger
cars of Nissan Motors India Pvt. Ltd., Fiat India Automobiles
Limited and commercial vehicles of Man Trucks India Pvt Ltd. The
company is promoted by Mr. E.P. Satish Kumar and family.


MICRO SUPREME: CRISIL Lowers Rating on INR90MM Term Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Micro Supreme Auto Industries India Private Limited to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             90       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The downgrade reflects the pressure on the company's liquidity on
account of decline in net cash accrual to INR5.4 million in fiscal
2016 from INR9.2 million in the previous fiscal because of 17%
fall in revenue to INR90 million. Against this, the company had
term debt obligation of INR12 million in fiscal 2016. The company
had to refinance its term debt in fiscal 2016 with longer tenor
loans at a lower interest, to support liquidity. As a result, its
annual debt obligation will reduce to about INR7 million.
Nevertheless, cash accrual will be barely adequate to meet the
debt obligation, and increase in revenue and net cash accrual will
be a key monitorable.

The rating reflects the company's small scale of operations, the
high customer concentration in its revenue, and its subdued
financial risk profile because of modest networth and leveraged
capital structure. These weaknesses are partially offset by its
promoters' extensive experience in the mechanical components
industry, and their funding support.
Outlook: Stable

CRISIL believes MSPL will continue to benefit from its established
relationships with reputed customers, and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
its revenue increases considerably because of higher capacity
utilization, resulting in sizeable cash accrual and a better
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity, weakens due
to a decline in profitability or a stretch in working capital
cycle.

MSPL, incorporated in 1984, manufactures precision mechanical
components and assemblies used in automotive engines,
environmental testing systems, and measuring systems. The company
derives 90% of its revenue from mechanical components, primarily
piston-cooling nozzles. It is promoted by Mr. Satish Joshi of
Pune, Maharashtra. The company has two manufacturing plants in
Pune with installed capacity of 2 million units per month.


NATIONAL EXTRUSION: CARE Assigns B+ Rating to INR3.54cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of National Extrusion.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term Bank
   Facilities                     2.00      CARE B+/CARE A4
                                            Assigned

   Long-term Bank Facilities      3.54      CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of National Extrusion
are primarily constrained on account of its small scale of
operations in highly fragmented and competitive industry,
moderately leveraged capital structure, moderate debt coverage
indicators and moderate liquidity position. Furthermore, the
ratings are also constrained on account of implementation and
stabilization risk associated with on-going project,
susceptibility of profit margins to volatility in raw
material prices and presence into highly fragmented and
competitive industry.

The ratings, however, derive comfort from the experienced
promoters into Aluminium industry.

NEN's ability to complete the project within specified timeline
and cost parameters, its ability to achieve envisaged scale
of operations along with the improvement in capital structure,
debt coverage indicators and liquidity position thereby
improving overall financial risk profile remains the key rating
sensitivities.

Surat-based (Gujarat) NEN was established in the year 2013 and it
is engaged in manufacturing of aluminium section & profile. The
firm's manufacturing unit is located at Village: Kharaj, District:
Bharuch, Gujarat wherein it operates with an installed capacity of
480 MTPA of Aluminium Section & Profile. NEN has commenced
commercial operations from January 2014.

As per the audited results for FY16 (refers to the period April 1
to March 31), NEN reported a TOI of INR4.59 crore with a PAT of
INR0.31 crore as compared with TOI of INR3.37 crore and loss of
INR0.71 crore in FY15. During 7MFY17 (Provisional), NEN has
registered a TOI of INR3.50 crore.


NECTAR CRAFTS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nectar
Crafts (NC).

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

   Cash Credit             50         CRISIL B/Stable

   Foreign Letter of
   Credit                   5.7       CRISIL A4

   Foreign Letter of
   Credit                  10         CRISIL B/Stable

   Letter of Credit         2.5       CRISIL A4

   Proposed Long Term
   Bank Loan Facility       4.6       CRISIL B/Stable

   Term Loan               28.3       CRISIL B/Stable

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

NC was set up in 2005 by Mr. B Bharath and Mr. B Rathinavelu as a
partnership firm. The firm, based in Tirupur (Tamil Nadu),
manufactures dyed and knitted fabric from cotton yarn.


NOKEN VITRIFIED: CARE Assigns 'B' Rating to INR32cr LT Loan
-----------------------------------------------------------
CARE assigns ratings to the bank facilities of Noken Vitrified
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     32.00      CARE B Assigned
   Short-term Bank Facilities     3.50      CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Noken Vitrified
Private Limited is constrained primarily on account of
Implementation and stabilization risk associated with the ongoing
capex. The ratings are further constrained by NVPL's presence into
highly competitive ceramic industry with its fortune linked with
demand from real estate coupled with susceptibility of profit
margins to volatile raw material prices.

The ratings, however, derives comfort from the wide experience of
its promoters in the ceramic industry, locational advantage having
presence in the ceramic hub with easy access to raw material, fuel
and labour and benefits derived from established marketing network
of its associate concern.

The ability of NVPL to complete its project within envisaged cost
and time parameters and achievement of envisaged level of sales
and profitability remains the key rating sensitivities.

Morbi-based (Gujarat), NVPL was incorporated in March, 2016 by Mr.
Kishorchandra Raghavjibhai Patel and Mr. Paresh Kishorbhai Aghara
to setup green field project for manufacturing of vitrified tiles
with a proposed installed capacity of 68,400 MTPA. Total cost of
the project is estimated at INR43.25 crore, which is proposed to
be funded through debt to equity mix of 1.25 times. The commercial
operations are expected to start from July 2017. NVPL will sell
the tiles through brand name of "Noken". The promoters have a
decade long experience in the ceramics industry and are also
associated with other entities such as Priya Ceramics, Priya Gold
Ceramics, Shree Jay Minerals and Keda Ceramics Pvt. Ltd., which
are engaged in different segments of the ceramic industry in the
Morbi-Wankaner ceramic industry cluster.


POORNIMA HANDICRAFTS: CARE Assigns 'B' Rating to INR3.10cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Poornima Handicrafts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.10      CARE B Assigned
   Short-term Bank Facilities     3.40      CARE A4 Assigned
   Long-term/Short-term Bank
   Facilities                      4.90     CARE B/CARE A4
                                             Assigned

Rating Rationale

The ratings assigned to the bank facilities of Poornima
Handicrafts Private Limited are primarily constrained by small and
fluctuating scale of operations, leveraged capital structure,
working capital intensive nature of operations, foreign exchange
exposure and PHPL's presence in a highly fragmented and
competitive industry.

The rating constraints are partially offset by the experienced
members of the company and moderate profitability margins.

Going forward, the ability of PHPL to increase its scale of
operations while maintaining its profitability margins and
improvement in capital structure and managing its working capital
requirements shall be the key rating sensitivities.

Poornima Handicrafts Private Limited was established in December
2011. The company succeeded an erstwhile proprietorship concern
"Poornima Handicrafts" which was established in 1974. It is
currently being managed by Mr. Ganesh Rana and Mrs Renu Rana. The
company is engaged in manufacturing of readymade garments like
knitwear, kurtis and t-shirts, skirts, etc. for women and girls
and home furnishings items like quilts, bed cover, chair pad, bed
sheets, curtains and table covers, etc at its manufacturing
facility located in Jaipur. The main raw materials for the company
are fabric, polyester, cotton, buttons, fibers, colors, chemicals,
threads, labels etc. which it procures domestically from traders
and manufacturers located in Delhi, Rajasthan, Haryana,
Maharashtra and Jaipur. PHPL is an export oriented unit and
products are supplied to various wholesalers located in United
Kingdom, USA, Italy, Japan etc. The company has a group concern
Raghuraj Export's Private Limited (CARE B/A4) which is engaged in
a similar line of business.

PHPL achieved a total operating income (TOI) of INR10.24 crore
with PAT of INR0.28 crore in FY16 (refers to the period April 01
to March 31) as against TOI of INR13.85 crore with PAT of INR0.36
crore in FY15. The company has achieved total operating of INR7.50
crore in 7MFY17 (refers to the period April 1 to Oct. 31, based on
provisional results).


R.P. INFRAVENTURE: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R.P. Infraventure Private Limited.

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Proposed Bank Guarantee       400       CRISIL A4
   Proposed Cash Credit Limit    100       CRISIL B+/Stable

The ratings reflect moderate revenue visibility supported by a
comfortable order book, and efficient working capital management.
These strengths are partially offset by a modest scale of
operations in the highly fragmented civil construction industry,
customer and geographical concentration in revenue, and an average
financial risk profile.
Outlook: Stable

CRISIL believes RPIPL will continue to benefit from the extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability while efficient working capital
management is sustained, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of a
decline in revenue or profitability, a stretched working capital
cycle, or large, debt-funded capital expenditure, leading to
weakening of the financial risk profile, especially liquidity.

RPIPL was incorporated in 2013; its operations are managed by its
director, Mr. Dinesh Rathore. The company undertakes civil
construction works primarily in Uttar Pradesh and Uttarakhand. It
is primarily a contractor for Agra Development Authority and is
engaged in laying of roads and construction of bridges.


RAGHURAJ EXPORTS: CARE Assigns 'B' Rating to INR12.19cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Raghuraj Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.19      CARE B Assigned

   Long-term/Short-term Bank
   Facilities                     2.11      CARE B/CARE A4
                                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Raghuraj Exports
Private Limited are primarily constrained by small scale and short
track record of operations, weak financial risk profile, working
capital intensive nature of operations and REPL's presence in a
highly fragmented and competitive industry.

The rating constraints are partially offset by the experienced
promoters and moderate capital structure.

Going forward, the ability of REPL to increase its scale of
operations while improving its profitability margins and
improvement in capital structure shall be the key rating
sensitivities.

REPL was established in December 2014. It is currently being
managed by Mr. Ganesh Rana and Mrs Renu Rana. The company is
engaged in manufacturing of readymade garments like knitwear,
kurtis and t-shirts, skirts, etc, for women and girls and home
furnishings items like quilts, bed cover, chair pad, bed sheets,
curtains and table covers, etc, at its manufacturing facility
located in Jaipur. The main raw materials for the company are
fabric, polyester, cotton, buttons, fibers, colors, chemicals,
threads, labels, etc, which it procures domestically from traders
and manufacturers located in Delhi, Rajasthan, Haryana,
Maharashtra and Jaipur. The company majorly sells its manufactured
products domestically mainly to wholesalers and also exports
(around 10% of total sales in FY16 [refers to the period April 1
to March 31]) to various countries. The company has a group
concern Poornima Handicrafts Private Limited (rated 'CARE B/ CARE
A4') which is engaged in similar line of business.

REPL achieved a total operating income (TOI) of INR5.80 crore with
net loss of INR0.11 crore in FY16. The company has achieved total
operating of INR5.30 crore in 7MFY17 (refers to the period April
01 to October 31, based on the provisional
results).


RAJVIR INDUSTRIES: CARE Assigns B- Rating to INR172.51cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B-; STABLE' and 'CARE A4' ratings to the bank
facilities of Rajvir Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    172.51      CARE B-; Stable
                                            Assigned

   Long-term/Short-term Bank
   Facilities                    10.00      CARE B-; Stable/
                                            CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rajvir Industries
Limited are constrained by weak financial risk profile marked by
leveraged capital structure, volatile profitability margins and
losses for period FY14-FY16(refers to the period April 1 to
March 31) and H1FY17 with weak debt coverage indicators resulting
in restructuring of loans under the Corporate Debt Restructuring
(CDR) package, working capital intensive nature of operations,
presence in the highly regulated and fragmented nature of
industry. The ratings are, however, underpinned by established
track record, satisfactory capacity utilization level in FY16,
availability of raw materials and proximity to market along with
established relationships with suppliers and customers with
satisfactory order book and significant increase in income with
positive accruals during FY16. The ability of the company to
improve its financial risk profile are the key rating
sensitivities.

Rajvir Industries Limited was incorporated on September 1, 2004.
RIL is engaged in manufacturing of cotton yarn, melange,
synthetics, modal, dyed products, compact yarn, flame-retardant,
supima, silk, wool, cashmere and angora blend with its facilities
located in Mahboobnagar (two units), Tundur (one unit) and a
dyeing plant at Mahboobnagar. The company has facilities from
ginning to spinning of different kinds (raw white, melange) and
varied counts (10-40, 20-25, 10-60, 40-60 etc.).The company has
range that covers everything from 100% cotton/ organic/fair-
trade/combed yarns, blended yarns (polyester, viscose, modal, spun
silk and flame- retardant) etc. As on March 31, 2016 the company
has installed capacity of 1,11,840 spindles. The company also
exports to various countries like Bangladesh, Argentina, Peru,
Poland, Germany, Srilanka.

During FY16 (refers to the period April 01 to March 31), RIL
registered a total operating income(TOI) of INR171.21 crore
(Rs.99.96 crore in FY15) with net loss of INR6.42 crore. (net loss
of INR11.64 crore in FY15). Furthermore, during H1FY17 (refers to
the period April 01 to September 30) the company achieved a TOI of
INR95.73 crore (Rs.81.15 crore in H1FY16) with net loss of INR7.47
crore (net loss of INR4.23 crore in H1FY16).


REDD MICA: CARE Assigns 'B' Rating to INR6.25cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Redd Mica Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.25      CARE B; Stable
                                            Assigned

   Long-term/ Short-term Bank     8.75      CARE B/CARE A4;
   Facilities                               Stable Assigned


Rating Rationale

The ratings assigned to the bank facilities of Redd Mica Private
Limited are constrained on account of implementation and
stabilization risk associated with ongoing debt funded project,
lack of prior experience of the key promoters in the laminate
manufacturing industry and susceptibility of operating margins to
variable input costs and foreign exchange rates. The ratings are
further constrained on account of its presence in a highly
fragmented industry with fortunes linked to demand from cyclical
real estate industry.

The above constraints, however, outweigh the comfort derived from
the stable outlook of the Indian laminate industry. The ability of
RMPL to successfully commission its ongoing capex and commence
commercial production within the envisaged timeline will be the
key rating sensitivities. Furthermore, achieving envisaged level
of sales and profitability in light of competition from large
players and raw material price fluctuation risk would also remain
the key rating sensitivities.

Ahmedabad-based (Gujarat) RMPL was incorporated in September 2015
by Mr. Satya Narayan Agrawal, Mr. Sureshkumar Babulal Jani and Mr.
Jainam Hasmukh Agrawal. The unit is set up to manufacture
decorative residential and industrial laminates with a proposed
installed capacity of around 10 lakh sheets per annum; from its
facilities located in Dehgam (Gujarat). The laminates manufactured
by RMPL are used as an overlay over plywood or other wooden
furniture. The total project cost is estimated at INR15.74 crore
which is to be funded with a proposed debt-equity mix of 2.94
times.  While, RMPL will purchase its key raw materials, ie, brown
base paper, kraft paper, phenol resins and melamine resins
from traders located in Gujarat and Maharashtra, it will sell the
finished goods to various states of India via dealers or direct
sales agents under the brand name of "Redd Laminates". Its group
entities include M/s Naresh Tradelink Private Limited which is
involved in the trading of kraft paper, while other group entities
are involved in different businesses like cotton ginning and
pressing, petroleum products and multi-speciality Hospital and
Research Center.


REDDY AND REDDY: CARE Assigns B+ Rating to INR10cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+; STABLE' and 'CARE A4' bank facilities of
Reddy and Reddy Import and Exports.

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

   Short term Bank Facilities      4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Reddy and Reddy
Import and Exports are constrained by the small scale of
operations, trading nature of business resulting in thin
profitability margins and low cash accruals, leveraged capital
structure, working capital intensive nature of operations,
partnership nature of constitution and intense competition in
the industry. The ratings, however, are underpinned by
satisfactory experience of the partners, established track record
and moderate industry growth prospects. The ability of the firm to
improve its business volume, strengthen the client base and
efficiently manage the working capital requirements are the key
rating sensitivities.

Reddy and Reddy Import and Exports is a partnership firm,
incorporated in 1997 and is promoted by Mr. Goluguri Rama Krishna
Reddy, Mr. Venakata Reddy and Mr. Sri Rama Reddy. Mr. Goluguri
Rama Krishna Reddy is the firm's managing partner. The firm
primarily trades in prawn feed in and around West Godavari
district, Andhra Pradesh. The firm also derives about 10-12% of
its revenue from manufacturing shirt buttons. RRIE belongs to
Reddy and Reddy Group which has diverse interests including
trading and manufacturing of prawns feed, authorized dealership of
Maruthi Suzuki India Limited and Hero Motors.

The partners have long established presence in the fish feed
industry through several other group companies like Nutrient
Marine Foods limited, and Nexus Feeds Ltd. which are engaged in
fish and prawns feed/shrimp processing business.

During FY16 (refers to the period April 01 to March 31), RRIE has
achieved a PBILDT of INR0.96 crore (Rs.0.88 crore in FY15) and a
PAT of INR0.13 crore (Rs.0.08 crore in FY15) on a total operating
income of INR42.91 crore (Rs.32.58 crore in FY15).


SAFE STAR: CRISIL Assigns 'B' Rating to INR20MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Safe Star Souharda Sahakari Niyamita.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      20        CRISIL B/Stable

The rating reflects the society's small scale of operations with
geographical concentration, its modest capitalization, and
exposure to risks inherent in the co-operative societies and
microfinance sector. These weaknesses are partially offset by its
moderate profitability.
Outlook: Stable

CRISIL believes Safe Star's scale of operations will remain small
and geographically concentrated, and capitalization will remain
modest, over the medium term. The outlook may be revised to
'Positive' if the society scales up operations significantly, and
improves its resource profile while maintaining asset quality. The
outlook may be revised to 'Negative' if capitalization is affected
by deterioration in asset quality or decline in profitability.

Safe Star is a co-operative credit society, registered with
registrar of co-operative societies, Karwar. The society was set
up under the leadership of Mr. G G Shankar, an experienced
businessman and banker, in November 2011. It has five branches in
Uttar Kannada district of Karnataka. It accepts deposits from
members and provides them loans for undertaking economic activity
and meet their financial requirements. Most of its loans are to
self-help groups. Safe Star had 6075 members, assets under
management of INR138 million, and networth of INR13 million as on
September 30, 2016.

Its profit after tax (PAT) was INR6.1 million on total income of
INR20.5 million in fiscal 2016, against a PAT of INR2.6 million on
total income of INR12.4 million for fiscal 2015. Its PAT for the
first half of fiscal 2017 was INR4.2 million on total income of
INR11.3 Million.


SAMRAT PLASTIC: CARE Hikes Rating on INR8.11cr LT Loan to B+
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Samrat Plastic Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.11       CARE B+; Stable
                                            Revised from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Samrat Plastic Industries (SPI) takes into account significant
growth in scale of operations along with profit margins and
mitigation of stabilization risk associated with debt funded
diversification capex during FY16 (refers to the period April 1 to
March 31). The ratings also factored in the strength derived from
promoter's experience.

The ratings however continue to remain constrained on moderately
leveraged capital structure, moderate debt coverage indicators,
working capital intensive nature of operations, raw material price
fluctuation risk along with intense competition in the industry
due to low entry barriers and partnership form of organization
leading to limited financial flexibility.

The ability of SPI to further increase its scale of operations,
improve profitability and capital structure would remain the key
rating sensitivities.

Rajkot-based Samrat Plastic Limited was established in 2006 as a
partnership firm. Earlier the firm was engaged in the
manufacturing of rigid PVC pipes. During Q1FY16, the firm
undertook a diversification project to set up machinery for
manufacturing of uPVC and cPVC pipes and fittings which got
completed in October, 2015. The installed capacity of the
plant is 1500 Tonner Per Annum (TPA) for uPVC pipes, 750 TPA for
cPVC pipes and 700 TPA for uPVC and cPVC fittings as on March 31,
2016. The plant is situated at GIDC, Paddhari and is spread across
an area of 3000 square meters. The partners have an experience of
over two decades in the manufacturing of plastic and plastic
products. The firm markets its products under the brand name of
'KING' pipes and fittings. The pipes and fittings manufactured by
the firm find applications in irrigation systems and construction
industry.

SPI reported a PAT of INR0.03 crore on a total operating income
(TOI) of INR8.58 crore during FY16 (Audited) as against a net
profit of INR0.00 crore on a TOI of INR1.86 crore during FY15. The
firm clocked a turnover of INR10.89 crore till Oct. 31, 2016.


SAWARIYA INTERNATIONAL: CRISIL Reaffirms 'B' Cash Credit Rating
---------------------------------------------------------------
CRISIL's rating on long term bank facility of Sawariya
International Private Limited continues to reflect SIPL's modest
scale of operations and its low operating profitability in the
intensely competitive and fragmented textile industry. These
weaknesses are partially offset by the promoters' extensive
experience in the wholesale sari segment.

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

Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium term
from the extensive experience of the promoters. The outlook may be
revised to 'Positive' in case of more-than-expected increase in
the scale of operations resulting in large cash accrual or in case
of any substantial capital infusion. Conversely, the outlook may
be revised to 'Negative' if SIPL faces any further stretch in the
working capital cycle leading to deterioration in its financial
risk profile.

Incorporated in 2012, SIPL is promoted by Mr. Sumit Bodra and Mr.
Mukund Kurne. The company trades in saris and dress materials and
carries out its operations in Surat (Gujarat).


SHREE ENTERPRISES: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Enterprises India Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable
   Letter of Credit         5        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       6        CRISIL B+/Stable
   Term Loan                9        CRISIL B+/Stable

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

SEIPL, set up as a partnership firm 'Shree Enterprises' in 1979,
was reconstituted as a private limited company in 1993. It is
managed by Ludhiana (Punjab) based Todi family. SEIPL manufactures
knitted fabrics from cotton yarn, blended yarn, polyester yarn,
mercerized cotton yarn, acrylic yarn and manmade yarn.


SHREE JAGANNATH: CARE Hikes Rating on INR1,058.6cr Loan to BB
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shree Jagannath Expressways Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,058.6      CARE BB; Stable
                                            Revised from CARE D

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shree Jagannath Expressways Pvt Ltd takes into account the
regularization of debt servicing through infusion of unsecured
loans by promoters and utilization of internal accrual
reserve. The rating continues to be constrained by the non-
achievement of targeted Commercial Operation Date (COD) of
the project leading to further revision of the project schedule,
residual project completion risk despite achievement of
provisional COD in June 2016, complexity involved in the project,
inherent revenue risk associated with toll-based road
projects and Operations and Maintenance (O&M) risk.
The rating, however, continues to derive strength from the strong
background of the promoters, availability of substantial
Right of Way (RoW), experienced engineering, procurement and
construction (EPC) contractor with fixed-price nature of
the contract and stringent penalty clauses. The rating also
factors in the sponsors' undertaking to fund project cost overrun,
maintenance of internal accrual reserve along with proposed
creation of Debt Service Reserve Account (DSRA) and Major
Maintenance Reserve Account (MMRA).

Receipt of pending RoW and the ability to achieve the revised COD
without any further delay and generate accruals as envisaged shall
remain the key rating sensitivities.

SJEPL, incorporated in June, 2010, was promoted as a consortium of
SREI Infrastructure Finance Ltd. (SREI, rated CARE A+/CARE A/CARE
A1+) (having 40% stake), Simplex Infrastructures Ltd. (Simplex,
rated CARE A/CARE A1) (having 34% stake) and Galfar Engineering &
Contracting & associates (Galfar) (having 26% stake), as a special
purpose vehicle (SPV) to undertake development and operation of a
road project in Orissa. The project comprises 6-Laning of
Chandikhole-Jagatpur-Bhubaneshwar section of NH-5 from 413.0 Km to
418.0 Km & from 0.0 Km to 62.0 Km (approx 67.0 Km) under the NHDP
V on DBFOT - Toll basis. The Concession Agreement (CA) was
executed between SJEPL (Concessionaire) and National Highways
Authority of India (NHAI) on Aug. 6, 2010 for a concession period
of 26 years inclusive of construction period of 2.5 years from the
appointed date (i.e. Dec.14, 2011).

The Scheduled COD in accordance with the appointed date was
Jun.10, 2014. Such COD underwent further revisions and
was fixed at Mar.31, 2015 (after execution of supplementary
agreement with NHAI) and Mar.31, 2016 (after execution of
Second Supplementary agreement). However, the company could not
achieve such revised targeted dates. There was significant time
and cost overrun which led to delays in servicing of interest
during construction (IDC) by the company in the past.

On account of the delay in the physical progress of the project,
there has been cost overrun. The current project cost stands at
INR1840.30 crore vis-a-vis the earlier estimated project cost of
INR1774.08 crore. The cost overrun is proposed to be funded by
unsecured loans from promoters and internal accruals and the
revised debt-equity ratio is 1.35:1 after considering NHAI grant
of INR205 crore as equity. Till Sep.29, 2016, SJEPL incurred
INR1687.42 crore on the project (92% of the estimated project
cost).

Till Aug.2016, the project achieved cumulative physical progress
of approximately 92.65%. Even though SJEPL has been handed over
95% of the total RoW by NHAI, the company has received 87% of the
required land for construction which remains sufficient to
complete the main carriage-way to be constructed.

The company received Provisional COD from NHAI in June 2016 post
confirmation of the physical progress of 88% achieved by the
project. Further, an interim extension of COD from March 31, 2016
to March 31, 2017 is under consideration of NHAI.

However, despite receipt of PCOD of the stretch, the tolling of
the Mahanadi bridge at escalated rates (higher by around
40% of the current toll rates charged) is yet to commence since
the formal approval is pending.


SHREE TECH: CRISIL Reaffirms 'B+' Rating on INR57.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Tech
Paprers continues to reflect STP's modest scale and working
capital intensive nature of operations in the manufacturing of
paper stationery products, and below-average financial risk
profile. These weaknesses are mitigated by the promoters'
experience in the industry and their funding support.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          57.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes STP will continue to benefit from the promoters'
moderate experience in the paper industry and the funding support
it receives in the form of unsecured loans. The outlook may be
revised to 'Positive' if the scale of operation increases
substantially while sustaining its operating profitability,
leading to better cash accruals. Conversely, the outlook may be
revised to 'Negative' if STP's financial risk profile deteriorates
owing to further decline in scale of operations or profitability,
or a significant debt-funded capital expenditure.

Registered in 2012, STP is a partnership firm that manufactures
paper stationery products such as books and notepads with majority
of its sales to Tamil Nadu Newsprint and Papers Ltd. Its
manufacturing facility is in Karur (Tamil Nadu).


SHRI KRISHNA: CRISIL Reaffirms B+ Rating on INR52.9MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Krishna
Exports - UDUPI (SKE) continues to reflect SKE's modest scale of
operations and susceptibility of its operating profitability to
volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      52.9     CRISIL B+/Stable (Reaffirmed)
   Term Loan               13       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SKE's proprietor in the cashew-processing business,
its efficient working capital management, and above-average
financial risk profile, marked by adequate debt protection metrics
and moderate capital structure though constrained by a modest net
worth.

Outlook: Stable

CRISIL believes that SKE will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue
increases considerably while maintaining its profitability
margins, resulting in overall improvement in its business risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile weakens due to decline in its
cash accruals, deterioration in its working capital management, or
significant withdrawal by the proprietor, resulting in
deterioration in liquidity.

Update:

Firm sustained its business risk profile with sales growth of 21
percent to INR169.5 million in fiscal2015-16 against INR135.9
million in previous fiscal year. Higher sales was on account of
higher volumes of cashews being processed. Firm sustained its
operating margin at 8.2% in fiscal2015-16. Firm has achieved sales
of around INR80 million till November 2016. CRISIL believes
promoters extensive experience in cashew processing with help firm
to sustain its business risk profile over the medium term.

Financial risk profile continues to remain moderate with networth
of INR24.1 million, total outside liabilities to total networth
ratio of 3.47 times and interest coverage of 1.8 times in fiscal
2015-16. Liquidity continues to be stretched with expected cash
accruals of around INR6 million against repayment obligation of
INR3 million. The bank limits have also remained moderately
utilised at 93 percent in last 12 months ending June 2016. The
liquidity is also supported by the unsecured loan from promoters
of INR 2.2 million as on March 31, 2016.

Set up as a proprietorship firm in 2007 by Mr. Santhosh Kumar, SKE
sells cashew kernels and raw cashew nuts in the domestic market.
The firm operates a processing facility near Udupi (Karnataka).


SHRI RAM: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shri Ram
Laminators Pvt. Ltd. continues to reflect the company's weak
financial risk profile because of high total outside liabilities
to tangible networth ratio and below-average debt protection
metrics, and large working capital requirement.

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

These weaknesses are partially offset by the extensive experience
and funding support of its promoter and reputed clientele.
Outlook: Stable

CRISIL believes SRLPL will continue to benefit over the medium
term from the extensive experience and funding support of its
promoter. The outlook may be revised to 'Positive' in case of a
substantial increase in cash accrual, while improving capital
structure; and if working capital requirement is prudently
managed. The outlook may be revised to 'Negative' if cash accrual
is low, working capital management deteriorates, or the company
undertakes a sizeable, debt-funded capital expenditure programme.

Established in 1991 as a proprietorship firm (Shri Ram Industries)
by Mr. Rakesh Gupta and reconstituted as a private limited company
in April 2014, SRLPL manufactures foam and laminated fabrics at
its unit in Delhi.


SREE BHARGAVI: CRISIL Suspends B+ Rating on INR200MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Bhargavi Agro Tech.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL B+/Stable
   Inventory Funding
   Facility                 40       CRISIL B+/Stable

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

SBA was set up as a partnership firm in 1984. The firm, based at
Adivipolam (Puducherry), and promoted by Mr. M Durga Prasad and
Mr. M Agastayya, processes rice.


SRINIVASA COTTON: CARE Assigns B+ Rating to INR6.40cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' to bank facilities of Srinivasa Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.40      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Srinivasa Cotton
Industries is constrained by the project implementation risk,
highly fragmented industry and seasonal nature of business,
profitability margins susceptible to fluctuation in raw material
prices and changes in the government policies.

However, the rating is underpinned by experience of the partner
for two decades in the cotton industry, location advantage due to
presence in the cotton growing belt of Telangana and achievement
of financial closure for ongoing project. The ability of the firm
to complete the project without any cost and time overrun and
stabilize the operations and generate the revenue and profit
levels as envisaged are the key rating sensitivities.

Srinivasa Cotton Industries was established on June 20, 2016 and
promoted by Mr. B Ramesh, his friends and relatives/family
members. The firm has proposed to set-up a manufacturing unit of
cotton ginning and pressing unit of 24 cotton gin (machines) with
total installed capacity of 13536 MT of cotton/year. After the
commencement of business operations, the firm is planning to
purchase the raw cotton from the farmers and dealers located in
and around Medak. The firm is planning to sell the products like
cotton bales and seeds to the spinning mills located at within
Telangana and other states.


SRI BALAJI: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Balaji
Agencies continues to reflect the firm's below-average financial
risk profile and modest scale of operations in the intensely
competitive steel products trading business. These weaknesses are
partially offset by its strong and established relationships with
its key supplier and customers, and the extensive industry
experience of its promoter.

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

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

Outlook: Stable

CRISIL believes SBA will continue to benefit from its established
relationships with its key supplier and customers. The outlook may
be revised to 'Positive' if there is a significant and sustainable
increase in revenue and profitability, resulting in a better
financial risk profile. The outlook may be revised to 'Negative'
if profitability declines considerably, or if working capital
cycle lengthens, or if the firm undertakes debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

Update
Operating income of INR689.9 million in fiscal 2016 was lower than
CRISIL's expectation because of slowdown in the steel industry.
The high revenue in fiscals 2015 and 2014 was because of large
orders of over INR1 billion from a major infrastructure company.
In spite of the subdued industry scenario in fiscal 2016, the firm
maintained operating profitability at 1.6%.

The financial risk profile was below average, because of high
gearing of 2.62 times as on March 31, 2016, and low interest
coverage ratio of 1.36 in fiscal 2016. Liquidity is stretched on
account of high bank limit utilization. CRISIL believes SBA's
business and financial risk profiles will remain modest over the
medium term.

SBA is a Chennai-based proprietorship firm established in 2008. It
is a dealer of JSW Steel Ltd's products. The firm's proprietor is
Ms Anupama Khemka. Her husband Mr. Munish Khemka manages its
operations.


SRI LAKSHMI: CRISIL Suspends B+ Rating on INR38MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri
Lakshmi Vinaayaka Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             38        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SLVRI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLVRI is yet to
provide adequate information to enable CRISIL to assess SLVRI'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 2007 as a partnership firm, SLVRI processes rice or
paddy into rice. The firm's day-to-day operations are managed by
Mr. Satyanarayana.


SRI SAI AARUSH: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri Sai
Aarush Trade Links.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B/Stable

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

Set up in 2013, SSATL trades in raw cotton and cotton lint. The
firm is promoted by Mr. N Nageswara Rao and his wife, Ms. N
Padmavathy. It is based in Vijayawada (Andhra Pradesh).


SRI TEJA: CRISIL Suspends 'D' Rating on INR450MM Long Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri Teja
Bio Fuels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          450       CRISIL D
   Proposed Cash
   Credit Limit             80       CRISIL D

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

Sri Teja was promoted in 2006 by Mr. Murali Krishna Reddy Kanumuru
and associates. The company operates a grain-based distillery that
produces ENA in West Godavari district in Andhra Pradesh.


SUBNIL PACKING: CRISIL Suspends 'B' Rating on INR55.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Subnil Packing Machines Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         15.5       CRISIL A4
   Cash Credit            55.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     29.0       CRISIL B/Stable

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

SPMPL was set up in 1988 by Mr. Rajesh Subramaniam, Mr. Manoj
Subramaniam, and their family members. The company manufactures
tube filling, cartoning, and bundling machines. It is based in
Hyderabad.


SUPRIYA COTEX: CRISIL Assigns 'D' Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Supriya Cotex Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              17.5       CRISIL D
   Cash Credit            40         CRISIL D
   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL D

The rating reflects the company's overdrawn cash credit facility
and delays in servicing term debt obligations.

SCPL has modest scale of operations, a weak financial risk
profile, and large working capital requirement. However, it
benefits from its promoters' extensive experience in the cotton
industry.

SCPL, set up in 2011, processes cotton bales, and has capacity of
500 bales per day at its unit in Jalna, Maharashtra. Operations
are managed by Mr. Satish Patil Nagare.


TIRUMALA COTTON: CARE Assigns B+ Rating to INR6.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' to bank facilities of Tirumala Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Tirumala Cotton
Industries is constrained by the project implementation risk,
highly fragmented industry and seasonal nature of business,
profitability margins susceptible to fluctuation in raw material
prices and changes in the government policies.

However, the rating is underpinned by experience of the partner
for two decades in the cotton industry, location advantage due to
presence in the cotton growing belt of Telangana and achievement
of financial closure for ongoing project. The ability of the firm
to complete the project without any cost and time overrun and
stabilize the operations and generate the revenue and profit
levels as envisaged are the key rating sensitivities.

Tirumala Cotton Industries was established on June 20, 2016 and
promoted by Mr. B Ramesh, his friends and relatives/family
members. The firm has proposed to set-up a manufacturing unit of
cotton ginning and pressing unit of 36 cotton gin (machines) with
total installed capacity of 20304 MT of cotton/year. After the
commencement of business operations, the firm is planning to
purchase the raw cotton from the farmers and dealers located in
and around Medak. The firm is planning to sell the products like
cotton bales and seeds to the spinning mills located at within
Telangana and other states.


XMOLD POLYMERS: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Xmold
Polymers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            62.5       CRISIL B+/Stable
   Long Term Loan          7.1       CRISIL B+/Stable
   Proposed Working
   Capital Facility        30.4      CRISIL B+/Stable

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

Incorporated in 1990, Chennai (Tamil Nadu)-based XPML manufactures
plastic raw materials. The promoter, Mr. S Srinivasan, manages the
company's operations.



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


GAJAH TUNGGAL: S&P Lowers CCR to 'CCC+' on Refinancing Risk
-----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on PT Gajah Tunggal Tbk. to 'CCC+' from 'B-'.  The outlook is
negative.  S&P also lowered its long-term ASEAN regional scale
rating on the Indonesia-based tire manufacturer to 'axCCC+' from
'axB-'.  At the same time, S&P lowered its long-term issue rating
on Gajah Tunggal's US$500 million senior secured notes to 'CCC+'
from 'B-'.  S&P removed all ratings from CreditWatch, where they
were placed with negative implications on Aug. 1, 2016.

The downgrade reflects rising refinancing risk related to the
company's US$500 million senior secured notes maturing in early
February 2018.

"Gajah Tunggal has not secured committed funding to at least
partly refinance these notes," said S&P Global Ratings credit
analyst Eric Nietsch.  "The company will need to refinance the
large majority of the notes, in our view, given that the amount of
notes is large compared to the company's capacity to generate
operating cash flows, its high maintenance capital spending
requirements, and its investment in working capital through 2017."

"In our opinion, the refinancing process will likely be protracted
and the options could become increasingly limited for Gajah
Tunggal as the maturity approaches.  A partial refinancing using
term loans will likely require due diligence, various audits,
potential collateral valuation, negotiation of terms and
covenants, document approvals, credit committee meetings, and
agreement on interest cost and pricing.  We believe such a process
could lead to protracted negotiations between the company and
prospective lenders because Gajah Tunggal does not have a diverse
pool of domestic and international banking relationships and has
not borrowed long-dated debt from banks in the past few years,"
S&P said.

"Gajah Tunggal's access to capital markets is also uncertain.  The
company would be a first-time issuer in Indonesia's domestic bond
market," Mr. Nietsch said.

Indonesian domestic bond markets are also shallow, with average
issuance size generally below Indonesian rupiah (IDR) 1 trillion,
or less than 20% of the company's refinancing requirements.  Gajah
Tunggal may not be able to rely on its Sept. 30, 2016, financial
statement unless it launches a transaction before early next year.
Beyond that, full-year audited financial statements would likely
be required before the company could engage the IDR bond market
again.  This timing could push an issuance closer to the maturity
date, and increase the reliance on favorable market conditions.

Finally, S&P believes a partial refinancing using U.S. dollar
bonds will be dependent on elements beyond the company's control,
including changing investor appetite, yield conditions, and the
level of the Indonesian rupiah, a confidence-sensitive currency.

S&P recognizes that Gajah Tunggal has about 13 months left to
address these obstacles.  S&P also acknowledges that the company
launched -- and obtained -- a consent solicitation allowing it,
among other things, to raise debt to address the 2018 maturities.
Nevertheless, it could take a few additional months before the
company can execute a comprehensive refinancing process, with any
delays increasing refinancing risk.  S&P also believes a
protracted refinancing process could increase the probability that
the company will undertake capital market transactions or an
exchange that S&P could assess as constituting of a distressed
exchange.

In view of the growing refinancing risk, S&P places less emphasis
on Gajah Tunggal's operating performance, cash flow adequacy, and
interest servicing capacity.  Growing refinancing risk is taking
place in a moderately more favorable operating environment.

Gajah Tunggal's revenue for the first nine months of 2016 grew
6.5% to about IDR10.2 trillion compared to last year's period.
EBITDA margin reached 17.3% over the period compared with about
12.5% for the same period in 2015, thanks to still-low raw
material costs and a strengthened currency.  Nevertheless, the
company used the bulk of its IDR855 billion operating cash flows
to fund capital spending of about IDR710 billion over the period,
leading to limited cash accumulation.  Most of the revenue growth
also came from sales to related parties in export markets.

S&P believes Gajah Tunggal's obligations are currently vulnerable
to nonpayment so S&P determined its stand-alone credit profile
using "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC'
Ratings," published Oct. 1, 2012.

The negative outlook reflects the rising refinancing risks related
to Gajah Tunggal's bond maturing in early February 2018 and the
increasing challenges S&P believes the company will face to
successfully refinance the debt as the maturity draws closer.

S&P may downgrade the company if it has not at least partially
refinanced the maturing 2018 bonds by the end of the first quarter
of 2017.  S&P may also lower the rating if the company undertakes
capital market transactions related to its 2018 notes that S&P
assess as constituting a distressed exchange.

S&P may revise the outlook to stable or raise the rating if Gajah
Tunggal's debt maturity profile lengthens such that refinancing
risk substantially reduces.  This could include a full refinancing
of the maturing debt, or a partial refinancing executed such that
S&P considers the remaining maturities to be manageable.



=========
M A C A U
=========


STUDIO CITY: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
--------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on Studio
City Co. Ltd. to stable from negative.  At the same time, S&P
affirmed its 'BB-' long-term corporate credit rating on the Macau-
based casino operator.

S&P also affirmed its 'BB-' long-term issue rating on the senior
secured notes Studio City issued and S&P's 'B' long-term issue
rating on the senior unsecured notes that Studio City Finance Ltd.
issued.  Studio City Finance's existing and future restricted
subsidiaries, including Studio City, guarantee the senior
unsecured notes.

In line with the outlook revision, S&P raised its long-term
Greater China regional scale rating on Studio City and its senior
secured notes to 'cnBB+' from 'cnBB' and on the senior unsecured
notes to 'cnBB-' from 'cnB+'.

"We revised the outlook to stable because Studio City's liquidity
has improved after the company refinanced its Hong Kong dollar
(HK$) 10.86 billion senior credit facilities," said S&P Global
Ratings credit analyst Sophie Lin.  "The outlook revision also
reflects our anticipation of an accelerated ramp-up of the
company's new casino, riding the recovery of the Macau gaming
industry in 2017."

Studio City completed the issuance of two series of U.S. dollar-
denominated senior secured notes to repay its senior credit
facilities on Nov. 30, 2016.  S&P believes the refinancing has
eased liquidity pressure on the company over the next 12 months.
The issuance has also extended Studio City's maturity profile to
beyond 2018, and demonstrates the company's prudent risk
management, in S&P's view.  As a result, S&P has revised its
assessment of Studio City's liquidity to adequate from less than
adequate.

S&P anticipates better infrastructure connecting Macau with
mainland China and a stabilizing regulatory environment will
expedite ramp-up of Studio City's new casino.  This is also in
line with S&P's positive view on the Macau gaming industry rebound
in 2017.  S&P's base case assumes gross gaming revenue in Macau to
grow by 0%-10%, after our estimate of a 3%-6% decline in 2016.

Studio City's debt leverage is likely to remain high over the next
two to three years, given the company's weak operating cash flow
and high debt balance.  S&P assumes Studio City's debt-to-EBITDA
ratio will stay above 8x and EBITDA interest coverage will remain
below 2.0x over the next 12-24 months, despite an acceleration in
gaming revenue growth and improvement in profitability.  As a
result, S&P continues to assess the company's stand-alone credit
profile (SACP) as 'b-'.

The rating affirmation also reflects S&P's assessment that Studio
City remains a strategically important subsidiary of Melco Crown
Entertainment Ltd. (MCE group).  S&P's expectation of potential
extraordinary group support to Studio City results in a three-
notch rating uplift from the company's SACP.

S&P has equalized the issue ratings on the two series of senior
secured notes with the corporate credit ratings on Studio City,
reflecting S&P's view of limited subordination risk.  S&P rates
the senior secured notes two notches higher than the senior
unsecured notes the company guarantees.

"The stable outlook on Studio City reflects our expectation that
the company will improve its profitability and maintain adequate
liquidity over the next 12 months," said Ms. Lin.  "We expect the
company's leverage to remain high, but reducing, with the ramp-up
in operations of its new casino.  The outlook also factors in
ongoing managerial support and our anticipation of extraordinary
financial support from MCE group, although Studio City's debt is
nonrecourse to the group."

S&P could lower the rating if Studio City's liquidity deteriorates
materially, due to slower ramp-up in operations of the new casino
or more aggressive capital spending than S&P's expectation.  S&P
could also downgrade Studio City if the company's importance to
MCE group diminishes or if the group credit profile weakens.

S&P could raise the rating on Studio City if the company improves
its EBITDA interest coverage to above 2.0x and substantially
lowers its debt-to-EBITDA ratio toward 5.0x.  A stronger ramp up
of operations of the new casino than S&P's expectation could cause
such improvement.  S&P could also raise the rating if it raises
the group credit profile of MCE Group or if S&P assess Studio City
as a core entity of the group.



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


FONTANA LEISURE: 2,000 Workers to Lose Jobs Amid DOJ Probe
----------------------------------------------------------
Tonette Orejas at the Philippine Daily Inquirer reports that
about 2,000 workers and employees at the Fontana Leisure Parks and
Casino may lose their jobs after the state-owned Clark Development
Corp. (CDC) suspended the certificate of registration and tax
exemption of Fontana Development Corp., pending a Department of
Justice (DOJ) investigation of Jack Lam's online gaming operations
at the resort.

The Inquirer relates that the affected workers consist of 1,200
regular workers while the rest render manpower services or report
for work on a per activity and on call basis, according to lawyer
Ana Dione, Central Luzon director of the Department of Labor and
Employment.

According to the Inquirer, Ms. Dione has advised Fontana's
personnel department to give notices of temporary layoff to
employees pending the DOJ probe.

Aside from his online gaming venture, Mr. Lam is being
investigated for hiring Chinese nationals who do not have working
visas or have been overstaying in the country, the report says.

The report relates that Ms. Dione said the Fontana management
should pay Christmas bonuses and not forfeit vacation leaves.

The CDC also stands to lose around PHP79 million in annual lease
revenue from the Fontana shutdown, the Inquirer notes. Fontana
paid PHP78.04 million in lease payment in 2015 and PHP74.62
million from January to Sept.16, according to the CDC.

A pending case at the Office of the Ombudsman may help the Bureau
of Immigration (BI) determine if Chinese nationals employed by
Next Games Outsourcing Inc. (NGOI) inside Fontana had working
visas or were overstaying tourists, according to the Inquirer.

Last year, the Ombudsman's Public Assistance and Corruption
Prevention Bureau received documents of supposed foreigners
working illegally in Fontana, a source privy to the case told the
Inquirer.



================
S R I  L A N K A
================


BANK OF CEYLON: Fitch Assigns 'B+' LT FC Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings Lanka has assigned Bank of Ceylon's (BOC;
AA+(lka)/Stable) proposed Basel II-compliant subordinated
debentures of up to LKR8 billion a final National Long-Term Rating
of 'AA(lka)'.

The final rating is the same as the expected rating assigned on
October 25, 2016, and follows the receipt of documents conforming
to information already received.

The proposed issuance, which will have tenors of five and eight
years and carry fixed and floating coupons, are to be listed on
the Colombo Stock Exchange. BOC expects to use the proceeds to
expand the loan book, improve its Tier II capital base and reduce
asset and liability maturity mismatches.

KEY RATING DRIVERS

The proposed subordinated debentures are rated one notch below
BOC's National Long-Term Rating to reflect the subordination to
senior unsecured obligations.

The National Long-Term Rating of BOC reflects Fitch's expectation
of extraordinary support from the sovereign. Fitch expects support
for BOC to stem from its high systemic importance, quasi-sovereign
status, role as a key lender to the government and full state
ownership.

RATING SENSITIVITIES

The ratings on the proposed debentures will move in tandem with
BOC's National Long-Term Rating.

Any change in Sri Lanka's sovereign rating or the perception of
state support to BOC could result in a change in its National
Long-Term Rating. Visible demonstration of preferential support
for BOC in the form of an explicit guarantee may be instrumental
to an upgrade of its National Long-Term Rating.

BOC's ratings are follows:

   -- Long-Term Foreign-Currency IDR: 'B+'; Outlook Negative

   -- Short-Term Foreign-Currency IDR: 'B'

   -- Long-Term Local-Currency IDR: 'B+'; Outlook Negative

   -- National Long-Term Rating: 'AA+(lka)'; Outlook Stable

   -- Viability Rating: 'b+'

   -- Support Rating: '4'

   -- Support Rating Floor: 'B+'

   -- US dollar senior unsecured notes: 'B+'; Recovery Rating at
      'RR4'

   -- Basel II compliant outstanding subordinated debentures:
      'AA(lka)'

   -- Proposed Basel II compliant subordinated debentures:
      'AA(lka)'



                             *********

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
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Information contained herein is obtained from sources believed
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