TCRAP_Public/161212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, December 12, 2016, Vol. 19, No. 244

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: Moody's Hikes Corporate Family Rating to Ba1
NO. THIRTEEN HAIR: First Creditors' Meeting Slated for Dec. 19
PLUTON RESOURCE: Watpac Sue KordaMentha for Mining Services


C H I N A

GUANGXI FINANCIAL: Moody's Assigns Ba1 Corporate Family Rating
GUANGZHOU R&F: Investments No Impact on Moody's Ba3 CFR


I N D I A

AMRIT FEEDS: ICRA Suspends 'D' Rating on INR300cr Line of Credit
ANIL AND COMPANY: CRISIL Ups Rating on INR92MM Bill Loan to BB-
AVADH INFRA: ICRA Reaffirms B+ Rating on INR50cr Term Loan
BHARAT INDUSTRIAL: ICRA Suspends B+ Rating on INR6.05cr Loan
BIHAR RAFFIA: CRISIL Lowers Rating on INR118MM Term Loan to 'D'

BRAZA TYRES: CRISIL Raises Rating on INR60MM Cash Loan to BB-
CINQ MICRON: CRISIL Upgrades Rating on INR60MM Cash Loan to BB-
CRESCENT THERAPEUTICS: ICRA Suspends B+ Rating on INR8.6cr Loan
DEEPAK FASTENERS: CRISIL Cuts Rating on INR1.23BB Cash Loan to D
GAURAV WORLDWIDE: ICRA Assigns 'B' Rating to INR50cr Cash Loan

GLOBAL TECHNOLOGIES: ICRA Suspends B+/A4 Rating on INR7cr Loan
HANUMAN AGRO: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
HEMANTH HOMES: CRISIL Suspends B+ Rating on INR59.5MM LT Loan
HERODEX POWER: CRISIL Assigns 'D' Rating to INR190MM Cash Loan
IENERGIZER LIMITED: Moody's Affirms Caa1 Corporate Family Rating

INTERNATIONAL MEGA: CRISIL Lowers Rating on INR749MM LT Loan to D
JAI MAAKALI: ICRA Reaffirms 'D' Rating on INR45cr Cash Loan
JAYANTI BOARDS: ICRA Suspends B+ Rating on INR2.0cr LT Loan
KRIFOR INDUSTRIES: ICRA Reaffirms 'B' Rating on INR26.26cr Loan
KSHITIJ KUMAR: ICRA Reaffirms B+ Rating on INR10cr Loan

LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Loan
LAKSHMI GANAPATHI: ICRA Suspends B+ Rating on INR4.75cr Loan
LAKSHMIDURGA TEXTILES: ICRA Reaffirms B+ Rating on INR7.5cr Loan
MADRAS FERTILIZERS: ICRA Assigns 'C' Rating to INR191.4cr Loan
MAHESWARI FERTILIZERS: CRISIL Reaffirms B Rating on INR50MM Loan

MANASA QUALITY: CRISIL Reaffirms B+ Rating on INR450MM Pack Loan
MANGALDEEP COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
MEGATRONIC POWER: ICRA Suspends B- Rating on INR7.11cr Loan
NAKSHATRA UPSCALE: CRISIL Suspends B+ Rating on INR200MM LT Loan
NIRMALA INFRA: ICRA Suspends C+ Rating on INR8.3cr Loan
PANSARI STEELS: ICRA Suspends 'B' Rating on INR8cr Loan

PATNAIK STEELS: CRISIL Ups Rating on INR671.1MM Cash Loan to 'C'
PEKON ELECTRONICS: CRISIL Suspends B+ Rating on INR70MM Bank Loan
PREMSONS SUPER: CRISIL Suspends B+ Rating on INR65MM Cash Loan
RAVI METALLICS: CRISIL Suspends B- Rating on INR80MM Cash Loan
RAYANI SPINTEX: ICRA Reaffirms 'B' Rating on INR19.4cr LT Loan

SHANTI DEVELOPERS: CRISIL Suspends 'B' Rating on INR50MM Loan
SHARDA COTTON: CRISIL Suspends B+ Rating on INR165.3MM Cash Loan
SHIV SHAKTI: CRISIL Lowers Rating on INR327.5MM Loan to 'D'
SHRI KRISHNA: ICRA Suspends B+ Rating on INR13cr Fund Based Loan
SIDDHARTH PROPERTIES: CRISIL Suspends 'C' Rating on INR430MM Loan

SIDDHI PROPERTY: CRISIL Suspends 'D' Rating on INR130MM Term Loan
SINGLA RICE: ICRA Reaffirms 'B' Rating on INR7.5cr LT Loan
SRI BALMUKUND: CRISIL Suspends B+ Rating on INR70MM Cash Loan
SRI JYOTI: ICRA Upgrades Rating on INR40.67cr Loan to 'B-'
SRI LAKSHMIKANTHA: ICRA Suspends 'B' Rating on INR15cr Loan

SRI VENKATRAM: ICRA Suspends 'D' Rating on INR23cr Loan
SOBANA OFFSET: CRISIL Suspends 'D' Rating on INR33.5MM Term Loan
SUMANJALI PARBOILED: ICRA Suspends B+ Rating on INR8.35cr Loan
VIJAY STEELS: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
VIJAYA LAKSHMI: ICRA Suspends 'B' Rating on INR9.0cr Loan

WAVE HOSPITALITY: CRISIL Hikes Rating on INR1.40BB Loan to BB-


M A L A Y S I A

PERISAI PETROLEUM: Emas Tries to End Obligation to Pay US$43MM


N E W  Z E A L A N D

HANSA LIMITED: Liquidators Find NZ$9MM in Suspected Ponzi Scheme


S I N G A P O R E

PACIFIC ANDES: May Have Overstated Assets, Revenues and Profits
SKY TRAVEL: STB Revokes License as Travel Agency Closes


S O U T H  K O R E A

SAMSUN LOGIX: Court OKs Termination of Corporate Turnaround


S R I  L A N K A

NATIONAL DEVELOPMENT: S&P Lowers ICR to 'B'; Outlook Stable


                            - - - - -


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A U S T R A L I A
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ARISTOCRAT LEISURE: Moody's Hikes Corporate Family Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded Aristocrat Leisure Ltd's
corporate family rating to Ba1 from Ba2. At the same time,
Moody's has also upgraded the senior secured term loan facility
and revolving credit facility ratings of Aristocrat International
Pty Limited to Ba1 from Ba2. The rating outlook is stable.

RATINGS RATIONALE

"The ratings upgrade reflects the very strong operational
performance delivered by Aristocrat across all of its product
lines and geographical segments in FY2016", says Matthew Moore, a
Moody's Vice President and Senior Credit Officer.

"The material earnings growth achieved in the year, combined with
the application of free cash flow to debt reduction, has allowed
the company to achieve strong credit metrics in line with the
higher rating level", Moore adds.

Aristocrat's revenue and earnings over the last two years have
been supported by the strong performance of its portfolio of
games and cabinet offerings, the successful integration of the
Video Gaming Technologies, Inc (VGT) acquisition and the growth
in its digital business.

The company has had strong increases in platform sales in both
Australia and the U.S. in fiscal 2016, despite both markets
experiencing largely flat to declining growth overall.
Aristocrat's collection of themed and proprietary titles have
enabled it to achieve a higher average selling price for its
platforms, as well as improved average gaming revenue per day
from its gaming operations.

Also, the diversity and quality of earnings has improved
following the VGT acquisition and the significant increase in the
installed base of the Class III premium gaming operations in the
U.S. This has resulted in recurring revenue increasing to around
50% of total revenue, enhancing earnings stability and reducing
the reliance on higher volatility product sales.

On the back of the company's material earnings growth and debt
reduction, Aristocrat's credit metrics have improved to strong
levels with leverage, as measured by debt/EBITDA, improving to
1.5x in fiscal 2016 from around 3.5x in fiscal 2015.

Moody's expects Aristocrat's debt/EBITDA will range between 1.5-
2.0x over the next 12-18 months. However, the rating agency notes
that actual financial leverage will depend on Aristocrat's
financial policies and potential future growth and/or capital
management initiatives.

The stable outlook reflects the rating agency's expectation that
Aristocrat will continue to defend its market share in Australia,
while looking for further organic growth in the U.S. market and
through its digital platform. This should underpin continued
solid earnings and credit metrics for the company over the next
12-18 months.

However, Moody's does note that that earnings will continue to be
subject to potential volatility and strong competition. This
underscores the need for continuing innovation to develop new
titles to maintain and grow market share. As such, Moody's
expects the company to increase its spending on design and
development in order to protect its market share and margins.

WHAT COULD CHANGE THE RATING

The ratings could be downgraded if competitive or cyclical
factors led to meaningful earnings deterioration and/or the
company pursues large debt-funded acquisitions/shareholder
initiatives.

Specifically, ratings would likely be downgraded if adjusted
debt/EBITDA increases above 3.0x on a sustained basis. Ratings
could also be downgraded if liquidity contracts meaningfully.

Further positive rating actions would likely be dependent on
Aristocrat committing to public financial policy targets in-line
with an investment grade rating. For an investment grade rating,
Moody's would expect Aristocrat to maintain debt/EBITDA below
2.0x on a sustained basis.

For the ratings to be upgraded Moody's would also expect
Aristocrat to demonstrate a track record of sustaining recent
earnings growth through the cycle and further strengthening its
recurring revenues.

An upgrade to investment grade would also likely require
transitioning to a fully unsecured capital structure.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Aristocrat Leisure Ltd is a leading global provider in the
design, development and distribution of gaming content, platforms
and systems. Aristocrat's products and services include
electronic gaming machines and casino management systems. The
company is also increasing its presence in the online social
gaming.


NO. THIRTEEN HAIR: First Creditors' Meeting Slated for Dec. 19
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of NO.
Thirteen Hair Pty Ltd, trading as Corcorz for Hair, will be held
at the offices of Mackay Goodwin, Level 10, 239 George Street, in
Brisbane, Queensland, on Dec. 19, 2016, at 3:00 p.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of NO. Thirteen on Dec. 7, 2016.


PLUTON RESOURCE: Watpac Sue KordaMentha for Mining Services
-----------------------------------------------------------
Australian Financial Review reports that property developer and
mining contractor Watpac has lashed insolvency firm KordaMentha
after launching legal action against three of its partners as it
seeks AUD3.2 million for work on an iron ore mine.

In a writ filed with the Supreme Court of Western Australia,
Watpac claimed the amount owed was agreed to by the defendants;
KordaMentha partners John Bumbak, Cliff Rocke and Janna
Robertson, AFR relates.

According to AFR, Watpac claims it is owed AUD3.2 million for
mining services work carried out, at the request of KordaMentha,
at Pluton Resource's Cockatoo Island iron ore mine in Western
Australia in late 2014 and early 2015.

At the time, Mr. Bumbak, Mr Rocke and Ms Robertson were acting on
behalf of KordaMentha as the receivers and managers of Pluton,
the report says.

AFR relates that Watpac chief executive Martin Monro said the
fact the company had been forced to pursue legal action reflected
"a massive hole in the structural arrangements for the way in
which work is conducted in these circumstances".

According to the report, KordaMentha co-founder Mark Mentha said
the firm was still trying to recoup funds it was owed by Hong
Kong group, General Nice Resources (GNR), which appointed it as
Pluton's receiver in November 2014.

But Mr. Monro said it was unreasonable to expect Watpac to wait
almost two years for payment, AFT relates.

"For an organisation that has already lost a substantial amount
of money [on Pluton], under no circumstances would we have done
the work we did under the instructions of KordaMentha and
incurred those costs had we had an expectation more than two
years later we would still not be paid and we would be forced to
sue individuals through the court system to recover that money,"
AFR quotes Mr. Monro as saying.

"I really worry about the obvious flaws that this particular set
of circumstances has brought up in respect to working in this way
with receivers who expect us to take a risk on their warranties.
It is not reasonable and [waiting] two years is more than
patient."

Under section 419 of the Corporations Act, receivers are
personally liable for any debts a company incurs while they are
at the helm, the report notes.

AFR says the KordaMentha partners are understood to have racked
up about AUD8 million in bills during the five months they were
the company's receivers, with about AUD5 million thought to
remain outstanding, including the AUD3.2 million owed to Watpac.

On Dec. 5, KordaMentha successfully petitioned for a GNR
subsidiary, GNR Hong Kong, to be wound up, AFR discloses.

"We have lots of avenues available to us to pursue but it all
takes time," Mr. Mentha, as cited by AFR, said, adding the
company had various guarantees and a registered lien in relation
to the debt it incurred, giving it security over the assets at
Cockatoo Island.

"We are comfortable with the value of Cockatoo Island and we are
comfortable all creditors will be paid," he said.

"All the creditors agreed to take a course that we would deal
with each of the processes that we were moving through."

Ms. Robertson has left KordaMentha and Mr. Rocke recently
resigned citing personal reasons. Mr. Bumbak is still employed by
KordaMentha, the report notes.

AFR adds that Mr. Mentha said there was no issue in relation to
the partners' performance.

According to AFR, the controversy represents another twist in the
lengthy Pluton saga, which has seen three separate appointments
of receivers to the company since November 2014.

After KordaMentha was retired in March 2015, Pluton sunk back
into receivership in September 2015, this time with Pitcher
Partners as receivers and PwC as administrators, says AFR. PwC
was eventually appointed liquidators of the company by the
Supreme Court in August 2016 after a deed of company arrangement
was terminated.

The assets of the company remain subject to the control of
Pitcher Partners, which is also reliant on ongoing funding from
GNR, adds AFR.

                      About Pluton Resources

Pluton Resources Limited was engaged the exploration and
production of mineral assets within Australia. The Company's
interests focused on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation
and is located approximately 140 kilometers north of Derby in
Yampi Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.



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GUANGXI FINANCIAL: Moody's Assigns Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating (CFR) to Guangxi Financial Investment Group Co., Ltd
(GXFIG).

The ratings outlook is stable.

RATINGS RATIONALE

GXFIG's Ba1 CFR combines its baseline credit assessment (BCA) of
ba3, and a two-notch uplift based on Moody's expectation of
strong support for the company from the Guangxi Provincial
government, under Moody's joint-default analysis approach for
government-related issuers.

The ba3 BCA reflects GXFIG's (1) dominant position in the
microfinance and guarantee businesses in Guangxi province; and
(2) good profitability, financial leverage and liquidity metrics.
However, the BCA is constrained by GXFIG's (1) rapid asset growth
and business expansion; (2) high geographic and sector
concentration of its financial services; and (3) increasing asset
quality pressure on its microfinance and guarantee businesses.

The two-notch uplift reflects Moody's expectation of strong
support from the Guangxi Provincial government, based on GXFIG's
strategic importance in the development of the financial services
sector in Guangxi and financing of the province's small- medium-
sized enterprises (SMEs).

GXFIG was founded in 2008 and is 100% owned by the Guangxi State-
owned Assets Supervision and Administration Commission (SASAC).
It is a financial conglomerate and its subsidiaries are engaged
in microfinance, SME credit guarantee, P&C insurance, credit re-
guarantee, private equity investment, leasing and distressed
asset management.

GXFIG plays key roles in supporting SME financing and
facilitating the development of the financial services sector in
Guangxi, and has a track record of receiving capital injections
and subsidies from the local governments. GXFIG's investment
decisions are directed by the government. The company is also in
line with Guangxi government's policy to attract funding from
other provinces into Guangxi province.

In addition, a letter of support from Guangxi SASAC further
demonstrates the government's commitment to providing capital
support for GXFIG's business development and liquidity support if
the company faces any liquidity crunch. These factors underpin
the two notches of uplift included in GXFIG's final Ba1 rating.

The group has a strong franchise and experience in SME and micro
enterprise financing in Guangxi. Its credit guarantee business
was established in 2002, and its microfinance business held an
approximate 60% share of the market in Guangxi in terms of total
outstanding loans at end-September 2016, according to data from
the People's Bank of China.

The company reports good profitability and capital adequacy. Its
return on average assets has been around 2.0%-2.5% over the past
few years. It has also received share capital injections,
totaling RMB1 billion over 2013-2014, from the Guangxi government
to support its business growth and expansion. GXFIG's tangible
common equity to total assets ratio exceeded 15% at end-2015.

GXFIG has well-spread debt maturities and modestly diversified
funding sources. Nearly 70% of its funding sources have longer
than one year maturities and are evenly distributed over the next
five years. It has diversified its interest bearing liabilities
to bank borrowing, bond financing, loans from distressed asset
management companies, asset management products and trust
products from different provinces in China, thereby helping
mitigate refinancing risk, while some of these are shadow banking
and confidence sensitive funding.

However, the company has reported rapid asset growth and business
expansion over the past few years, with total assets rising by
more than 50% to RMB51.3 billion at end-2015 from RMB31.5 billion
at end-2014. Such rapid growth and expansion create operating and
credit risks and could lead to a deterioration in asset quality
as China's economic growth rate moderates.

Since GXFIG's major businesses and operations are in Guangxi
province, it is vulnerable to regional economic uncertainties and
potential volatility in earnings and asset quality through the
economic cycles. The company reported a significant increase in
the non-performing loan (NPL) ratio of its microfinance business
to 1.9% at end-June 2016 from 0.5% at end-2013.

Moody's has not notched GXFIG's issuer rating for structural
subordination because majority of its debt are held at the
holding company level. Debt issued by the holding company
accounted for nearly 90% of total debts at end-June 2016.

GXFIG's stable outlook reflects Moody's expectation that (1)
support from the Guangxi government is unlikely to change in the
medium term; (2) GXFIG's BCA is appropriately positioned at
current level; and (3) GXFIG's rating is resilient to a
hypothetical downside scenario in which the sovereign rating is
downgraded by one notch.

What Could Change the Rating -- Up

GXFIG's ratings could be upgraded if: (1) Moody's believes that
support from central government will pass through Guangxi
government due to an increased national importance of GXFIG's
activities; (2) the company's obligations are directly linked to
Guangxi government obligations; (3) the company maintains its
asset quality as its portfolio seasons; and (4) it significantly
slows its current growth rate without negatively impacting its
overall financial metrics.

What Could Change the Rating -- Down

GXFIG's ratings could be downgraded if Moody's believes that
support from Guangxi government will weaken due to GXFIG becoming
less strategically important.

Downward rating pressure could also emerge if its (1) 24-month
coverage ratio falls below 50%; (2) secured borrowings increase
to over 35% of total borrowings; (3) tangible common equity to
tangible managed assets materially declines to below 10%; and/or
(4) problem loans ratio exceeds 4%.

The methodologies used in this rating were Finance Companies
published in October 2015, and Government-Related Issuers
published in October 2014.

Guangxi Financial Investment Group Co., Ltd (GXFIG) is a state-
owned financial conglomerate focused on SME lending and guarantee
businesses in Guangxi province. Headquartered in Nanning, it
reported consolidated assets of RMB51.3 billion at end-2015.


GUANGZHOU R&F: Investments No Impact on Moody's Ba3 CFR
-------------------------------------------------------
Moody Investors Service says that Guangzhou R&F Properties Co.,
Ltd.'s announced investments in Korea (Aa2 stable) -- an
integrated resort project and a land parcel for residential
development -- are credit negative.

Nevertheless, the investments will not immediate affect its Ba3
corporate family rating, or the B1 corporate family rating of its
wholly owned subsidiary, R&F Properties (HK) Company Limited (R&F
HK), or the stable outlook.

On Dec. 5, 2016, Guangzhou R&F announced that R&F HK entered into
an agreement with Caesars Korea Holding Company, LLC (unrated) to
set up a 50-50 joint venture to develop, own and operate an
integrated resort in Incheon. The integrated resort -- with a
total gross floor area of 170,000 sqm -- is scheduled to open by
2020, and will contain facilities such as a foreigner-only
casino, a luxury hotel and serviced residences.

The company will also acquire a land parcel -- 50,806.3 sqm in
site area -- adjacent to the integrated resort. This land will be
developed into residential properties with an estimated saleable
gross floor area of around 200,000 sqm.

The closing of these transactions is subject to the fulfillment
of various conditions, including approvals by the Korean
authorities and the issuance of the final gaming license.

"Guangzhou R&F's investments in Korea, if they materialize, could
increase its financial leverage and raise its business and
execution risks," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

Guangzhou R&F is new to both the gaming and residential
development businesses in Korea. It will take time for the
company to understand the market dynamics and customer
preferences in this new market.

Its performance will be subject to the market's competitive
landscape, Korea's tourism industry and the travel policies of
its neighboring countries, especially China (Aa3 negative).

Given the different regulatory regime in Korea when compared with
its home base of China, the new projects will also expose the
company to regulatory uncertainties.

In addition, the long term investment nature of the integrated
resort and the longer cash collection cycle for property sales in
Korea relative to the company's residential developments in
China, will also increase the company's funding needs for its
Korean projects.

While the gaming experience of Caesars Korea, a wholly-owned
subsidiary of Caesars Entertainment Corporation (CEC, unrated),
will help manage the development and operating risks of the new
integrated resorts, the debt restructuring of CEC and its
subsidiary, Caesars Entertainment Operating Company, Inc.
(unrated) in the US, could add uncertainties over Caesars Korea's
ability to provide timely funding to the joint venture.

"Nevertheless, any such impact on Guangzhou R&F's credit profile
will be manageable, given the moderate scale of the investments
relative to its assets and financial flexibility," adds Tsang.

Moody's estimates that total investment costs for both the
integrated resort, including the share of Caesars Korea, and the
residential development project will register around USD1.0-
USD1.2 billion (RMB6.9 to RMB8.2 billion), representing around
3%-4% of Guangzhou R&F's total assets of RMB206 billion at end-
June 2016, and 6%-7% of its reported debt, including perpetual
capital securities, as of the same date.

The company held RMB37.3 billion in cash on hand at end-June
2016. This amount is more than sufficient to cover the
investments. The investments, which will be conducted in stages,
will also reduce the company's immediate funding needs.

In this regard, while Guangzhou R&F is likely to fund part of its
investments with debt, its key financial metrics will weaken only
modestly.

Moody's expects that the company's revenue/debt will continue to
improve over the next 12-18 months, registering 55%-60% from 48%
at end-June 2016, while its interest coverage will improve to
2.5x-3.0x from 2.4x over the same period, supported by its
revenue growth, against a solid contracted sales growth, and
lower interest costs.

The company recorded a 24% year-on-year growth in contracted
sales during the first 11 months of 2016 to RMB56.13 billion,
indicating that it is on track to meeting its full year target of
RMB60 billion.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in April 2015.

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a mid-sized developer
in China's residential and commercial property sector. At 30 June
2016, the company's land bank totaled 38.2 million square meters
in attributable saleable area, spread across 31 locations: 28 in
cities and areas in China, one in Malaysia and two in Australia.



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AMRIT FEEDS: ICRA Suspends 'D' Rating on INR300cr Line of Credit
----------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the
INR300.00 crore line of credit of Amrit Feeds Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the entity.


ANIL AND COMPANY: CRISIL Ups Rating on INR92MM Bill Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Anil
and Company to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             1       CRISIL A4+ (Upgraded
                                      from 'CRISIL A4')

   Foreign Bill Purchase     92       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit           4.5     CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Packing Credit            22.5     CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

The upgrade reflects the expected improvement in the firm's
credit risk profile, supported by its improved liquidity. Topline
is likely to be healthy, reflected in sales of INR340 million
till October 31, 2016, in fiscal 2017, and sustained
profitability and working capital management. This will lead to
an increase in net cash accrual and improvement in gearing to 3.5
times as on March 31, 2017, from above 4.5 times as on March 31,
2016. Debt protection metrics should also improve over the medium
term.

The ratings reflect the extensive experience of the firm's
partners in the processed foods industry. This strength is
partially offset by its large working capital requirement and
exposure to intense competition.
Outlook: Stable

CRISIL believes AC will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is a sustained improvement in working capital
cycle, or in capital structure because of sizeable equity
infusion. The outlook may be revised to 'Negative' in case of a
steep decline in profitability, or significant deterioration in
capital structure due to large, debt-funded capital expenditure
or a stretch in working capital cycle.

AC was set up in 1974 as a partnership firm by the Shah family.
The firm is a merchant exporter of food items such as papads,
pickles, canned vegetables, canned fruits, and spices. It also
processes and exports spices such as chillies, coriander, and
turmeric. It has four partners: Mr Anil Shah, Mr Arvind Shah, Mr
Ramesh Shah, and Mr Satish Shah.


AVADH INFRA: ICRA Reaffirms B+ Rating on INR50cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR50.00
crore Long Term Fund Based Limits of Avadh Infra to [ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               50.00        [ICRA]B+ Re-affirmed

The reaffirmation of rating, continue to factor in the moderate
execution risks associated with the project as construction work
is to be completed by March 2017. Also the ability of the firm to
maintain project execution deadlines and achieve sales of the un-
booked portion (~55% of envisaged development) in a timely manner
remains critical from the credit perspective. The rating also
continues to factor in the exposure of the project to cyclicality
inherent in the real estate sector and the susceptibility of the
profitability to fluctuations in prices of construction materials
and labour costs. ICRA also notes the risks associated with a
partnership concern, where any substantial withdrawal of capital
will impact the capital structure of the firm adversely.

The rating, however, continues to favorably take into account the
long and established presence of the partners of the firm in the
real estate business, favorable demand potential for Real Estate
in Surat and low regulatory risks as the necessary approvals and
clearances required for construction of project are already in
place.

Going forward, the firm's ability to maintain its sales,
collection efficiency and to timely execute the on-going project
given the intense competition in the Surat market would remain
critical and hence the key rating sensitivities.

Firm Profile

Avadh Infra (AI) is a partnership firm incorporated in 2013, as a
Special PurposeVehicle (SPV) for construction of the residential
project named 'Avadh Kimberly' at Palsana, near Surat (Gujarat).
The firm is promoted by four partners, who have extensive
experience of nearly a decade in the field of real estate
construction in Surat and adjoining areas. Under different
partnership concerns, they have successfully executed several
residential and commercial projects in the past in Gujarat. The
projects are marketed under the brand of the 'Avadh' group.
The project, Avadh Kimberly entails the construction of 443 row
houses, classified into three categories, viz. A, B and C, with a
total saleable area of 8,95,311 square feet.


BHARAT INDUSTRIAL: ICRA Suspends B+ Rating on INR6.05cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned for
the INR3.70 crore long term fund based facility and a short term
rating of [ICRA]A4  for the INR6.05 crore fund based and non fund
based facility of Bharat Industrial Corporation. ICRA has also
suspended assigned rating of [ICRA]B+/A4 for the INR0.25 crore
non fund based facility of the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


BIHAR RAFFIA: CRISIL Lowers Rating on INR118MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bihar Raffia Industries Ltd to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL D (Downgraded from
                                     'CRISIL C')

   Funded Interest          52.1     CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

   Proposed Long Term       45.4     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

   Term Loan                19.0     CRISIL D (Downgraded from
                                     'CRISIL C')

   Working Capital         118.0     CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

The downgrade reflects delays by the company in payment of
interest on its cash credit facility and term loans in August and
September 2016.

BRIL has large working capital requirement, and a weak financial
risk profile because of a leveraged capital structure and subdued
debt protection metrics. However, it benefits from its promoters'
extensive experience in the packaging industry, and its
established customer base.

BRIL, incorporated in 1998, manufactures bulk packaging materials
made of polypropylene and high-density poly ethylene (HDPE). The
company has two units, at Jamshedpur in Jharkhand and at Satna in
Madhya Pradesh, with combined capacity of 7500 tonne per annum.


BRAZA TYRES: CRISIL Raises Rating on INR60MM Cash Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities
of Braza Tyres Private Limited to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable' and assigned its 'CRISIL A4+' to the short
term bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Corporate Loan         12.9       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan              10.0       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       10.0       CRISIL A4+ (Assigned)

The upgrade reflects CRISIL's belief that BTPL's (part of Braza
group) business risk profile will continue to improve with an
increase in operating income. In fiscal 2016, operating income
was more than CRISIL's expectation at INR634.5 million, which led
to higher-than-expected net cash accrual of INR21 million. There
has also been improvement in the operating margins which has
resulted in more than expected interest coverage ratio and Net
Cash accruals to Adjusted Debt.

The rating reflects the extensive experience of its promoters in
the tyre manufacturing industry and comfortable debt protection
metrics and healthy return on capital employed (RoCE). This
strength is partially offset by Braza Tyres's modest scale of
operations and susceptibility to volatility in raw material
prices which are linked to international crude prices.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles Braza Tyres Pvt Ltd and Cinq Micron Chem
Pvt Ltd. This is because all these companies, together referred
to as the Braza group, are in similar lines of business and have
the same promoters. Furthermore, they have common dealers for
marketing and distributing products, key raw materials are
procured from the same set of suppliers and there is buying and
selling between them. The promoters have indicated that the
companies will support each other financially in case of
exigency.

Outlook: Stable

CRISIL believes that BTPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong marketing network. The outlook may be revised to
'Positive' if BTPL reports a substantial increase in its scale of
operations and maintains its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significantly low revenue and profitability, or considerable
stretch in working capital requirements, or additional debt-
funded capital expenditure, weakening the company's financial
risk profile.

BTPL was set up in 2006 by Mr. Achal Dev Sharma. The company
manufactures tyres, tyre tubes, and precured tread rubber used in
tyres. BTPL initially manufactured automobile tubes for two-
wheelers, motorcycles, and cars. In 2009, the company commenced
manufacturing tread rubber and tyres for various vehicles such as
scooters, motorcycles, jeeps and light commercial vehicles, and
tractors and trucks. Mr. Achal Sharma, his wife Ms. Nisha Sharma,
and his brother Mr. Kapil Dev Sharma are BTPL's directors.


CINQ MICRON: CRISIL Upgrades Rating on INR60MM Cash Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Cinq Micron Chem Private Limited to 'CRISIL BB-/Stable from
'CRISIL B+/Stable' and assigned its 'CRISIL A4+' to the short
term bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Corporate Loan          12.8      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                9.7      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit        10.0      CRISIL A4+ (Assigned)

The upgrade reflects CRISIL's belief that CMCPL's (part of Braza
group) business risk profile will continue to improve with an
increase in operating income. In fiscal 2016, operating income
was more than CRISIL's expectation at INR634.5 million, which led
to higher-than-expected net cash accrual of INR21 million. There
has also been improvement in the operating margins which has
resulted in more than expected interest coverage ratio and Net
Cash accruals to Adjusted Debt.

The rating reflects the extensive experience of its promoters in
the tyre manufacturing industry, comfortable debt protection
metrics, and healthy return on capital employed (RoCE). These
strengths are partially offset by modest scale of operations and
susceptibility to volatility in raw material prices which are
linked to international crude prices.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles Braza Tyres Pvt Ltd and Cinq Micron Chem
Pvt Ltd. This is because all these companies, together referred
to as the Braza group, are in similar lines of business and have
the same promoters. Furthermore, they have common dealers for
marketing and distributing products, key raw materials are
procured from the same set of suppliers and there is buying and
selling between them. The promoters have indicated that the
companies will support each other financially in case of
exigency.
Outlook: Stable

CRISIL believes CMCPL will continue to benefit over the medium
term from its promoters' extensive experience and strong
marketing network. The outlook may be revised to 'Positive' in
case of substantial scaling up of operations while maintaining
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of significantly low revenue and
profitability, or considerable stretch in working capital
requirement, or additional, debt-funded capital expenditure,
weakening the financial risk profile.

Incorporated in 1994, CMCPL is a Himachal Pradesh-based company
that is primarily engaged in the manufacturing of butyl rubber
inner tubes, catering to the needs of automobiles, tractors and
CV segment. The company was previously engaged in the manufacture
of calcium carbonate till January, 2010. On account of ban on
mining limestone, the company shifted to manufacture of tubes in
March 2010. The operations of the company are being managed by
Mr. Bharat Dhamiraja, who has over 2 decades of experience in the
tyre business. The company has a plant based at Paonta Sahib,
Himachal Pradesh.


CRESCENT THERAPEUTICS: ICRA Suspends B+ Rating on INR8.6cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR8.60 crore fund
based facilities and [ICRA]A4 rating assigned to INR3.00 crore
non fund based limits of Crescent Therapeutics Limited. ICRA has
also suspended [ICRA]B+/[ICRA]A4 rating assigned to INR0.40 crore
unallocated limits of CTL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Crescent Therapeutics Limited is the manufacturing arm of the
Crescent Group. CTL is into manufacturing of tablets, capsules,
DC granules, pellets and nutraceuticals which are approved by
regulatory authorities. The manufacturing location is at SEZ in
Baddi, Himachal Pradesh. The company has commenced the production
in October 2008. The plant is constructed with WHO-GMP standards
and having GMP certificate.


DEEPAK FASTENERS: CRISIL Cuts Rating on INR1.23BB Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Deepak Fasteners Ltd (part of Deepak Fasteners) to 'CRISIL
D/CRISIL D' from 'CRISIL BBB-/Negative/CRISIL A3'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit@           1230       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Cash Credit^            390       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Cash Credit&            300       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Cash Credit$            390       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Cash Credit#            390       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   External Commercial    1008.7     CRISIL D (Downgraded from
   Borrowings                        'CRISIL BBB-/Negative')

   Foreign Bill            100       CRISIL D (Downgraded from
   Discounting**                     'CRISIL A3')

   Letter of Credit%       500       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Letter of Credit^^      200       CRISIL D (Downgraded from
                                     'CRISIL A3')

   Letter of Credit$$      150       CRISIL D (Downgraded from
                                     'CRISIL A3')

   Letter of Credit&&      150       CRISIL D (Downgraded from
                                     'CRISIL A3')

   Letter of Credit##      250       CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Term Loan               421.3     CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

** Represents foreign outward bill negotiated under letter of
   credit (FOBNLC)/ foreign outward

@ Includes a sub limit of INR650 million packaging credit and
   INR300 million of bill discounting

^ Includes a sub limit of INR390 million packaging credit and
  Rs.390 million of bill discounting

& Includes a sub limit of INR300 million packaging credit

$ Includes a sub limit of INR200 million packaging credit

# Includes a sub limit of INR180 million packaging credit

% Includes a sub limit of INR500 million buyer credit and
  Rs150 million of bank guarantee. Interchangeable from non-fund
  based to fund based limits to the extent of Rs. 200 million

^^ Includes a sub limit of INR200 million of buyer credit and Rs.
   20 million of bank guarantee

$$ Includes a sub limit of INR150 million buyer credit and INR45
   million of bank guarantee

&& Includes a sublimit of Rs. 150 million buyer credit and
   Rs.100 million of bank guarantee

## Includes a sublimit of Rs. 250 million of buyer credit.
   Interchangeable from non-fund based to fund based limits to
   the extent of Rs. 50 million

The downgrade reflects recent instances of delays by the company
in meeting obligations on its fund-based and non-fund-based
facilities, following deterioration in liquidity on account of
disruption of business operations in the recent past because of
floods at its large plant in Bhopal, Madhya Pradesh. Though
operations at the plant are being stabilised, DFL's liquidity is
expected to improve only gradually in the near term.

In June 2016, CRISIL revised the outlook on DFL's long-term debt
facilities to 'Negative' from 'Stable' because of decline in
liquidity and large working capital requirement (reflected in
gross current assets of over 400 days). In the quarter through
September 2016, production at the Bhopal plant was affected for
almost 4 weeks by floods. The plant was not operational for 4
months in fiscal 2016 as well due to floods. DFL's management
subsequently undertook sizeable capital expenditure and took
steps to limit impact of flooding, and is focused on
stabilisation of operations to fulfil large orders. Loss of
revenue, higher costs of recommissioning, and continuing large
working capital requirement has impacted liquidity and ability to
service its debt obligations in a timely manner.

The promoter infused about INR210 million in the form of equity
and unsecured loans into DFL in fiscal 2017, which is in line
with CRISIL's expectation, to support the working capital needs
for the large orders on hand, mainly from overseas customers.
While CRISIL believes the healthy order book augurs well for
business prospects, increase in capacity utilisation at the
Bhopal plant and efficient working capital management will be
critical for improvement in DFL's credit quality.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DFL and its wholly owned subsidiaries:
Deepak Fasteners (Shannon) Ltd, Deepak Fasteners Australia Pty
Ltd, and Deepak Fasteners (UK) Ltd. All the entities,
collectively referred to as Deepak Fasteners, are in the same
business, and have significant operational and financial
linkages. DFL has provided corporate guarantee for the debt of
overseas subsidiaries. CRISIL has moderately integrated the
business and financial risk profiles of Deepak Fasteners'
associate company, Shree Ganesh Jewellers Ltd, which manufactures
and trades in gold and diamond jewellery, as DFL has provided
corporate guarantee for SGJL's debt and will extend support to
SGJL, if required.

DFL, incorporated in 1958 and promoted by Mr. Kailash Kalra, has
consolidated finishing capacity of 70,000 tonne per annum (tpa)
of fasteners at its facilities in Punjab, Himachal Pradesh, and
Madhya Pradesh. In fiscal 2009, DFL acquired the Unbrako brand
from Precision Castparts Corp, along with its intellectual
property rights, manufacturing facilities in Ireland, and
workforce and distribution network. In fiscal 2011, Banyan Tree
Growth Capital LLC and DEG-Deutsche infused INR700 million into
DFL in the form of zero-coupon compulsorily convertible bonds for
a 13% equity stake (post conversion into equity). In fiscal 2014,
DFL commissioned a plant, with finishing capacity of 28,500 tpa,
near Bhopal.

DFUK and DFA commenced commercial operations in fiscals 2008 and
2009, respectively, and are distribution arms. DFSL was set up in
fiscal 2009 after DFL acquired the Unbrako fastener business from
PCC, and has a manufacturing and research facility in Shannon,
Ireland.

CRISIL is awaiting Deepak Fasteners' audited financials for
fiscal 2016 and the year-to-date performance for fiscal 2017. For
fiscal 2015, Deepak Fasteners incurred net loss of INR47 million
and had operating income of INR4.2 billion, against a profit
after tax of INR204 million and operating income of INR3.7
billion for fiscal 2014. For the nine months ended December 31,
2015, profit before tax (PBT) was INR28.7 million and operating
income was INR3.3 billion, on a provisional basis. DFL's
standalone PBT was INR91.5 million and operating income was
INR3.6 billion for fiscal 2016, on a provisional basis.


GAURAV WORLDWIDE: ICRA Assigns 'B' Rating to INR50cr Cash Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 to the INR50.00 crore1 bank facilities of
Gaurav Worldwide Trading Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund
   based limit-
   Cash credit            50.00         [ICRA]B Assigned

   Short term non
   fund based limit-
   Letter of Credit      (50.00)        [ICRA]A4 Assigned

The ratings are constrained by GWTPL's Limited track record of
operations and the limited revenue booked till October 31, 2016.
ICRA also notes the low profitability as a result of limited
value addition in the metal trading business. The company also
witnesses intense competition because of its presence in the
highly fragmented metal trading industry, given the low entry
barriers which exert pressure on its profit margins. The revenue
and profitability are also susceptible to Government regulations
and foreign exchange fluctuations.

However, the ratings favorably take into account the long
experience of the promoter in metal trading and asset dismantling
business.

ICRA notes the opportunistic nature of the company's business and
the revenue of the company may register a year on year (y-o-y)
de-growth in FY2017 due to limited revenue till October 31, 2016.

Gaurav Worldwide Trading Private Limited was established in 2004
with the objective of ship breaking, factory dismantling and
trading in metals. It started its operations in FY2016, wherein
it traded majorly in shredded metal scrap imported from the USA.
Sales were mainly spread across the markets of Maharashtra and
Gujarat. GWTPL has its registered office in Mumbai and its rented
warehousing facility at Navi Mumbai. The company is managed by
its promoter, Mr. Gaurav Jhaveri, along with his son, Mr. Utsav
Jhaveri.

Recent Results

GWTPL recorded a profit before tax of INR0.45 crore on an
operating income of INR32.64 crore for the year ending March 31,
2016.


GLOBAL TECHNOLOGIES: ICRA Suspends B+/A4 Rating on INR7cr Loan
--------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B+/[ICRA]A4 assigned to the
INR7.00 crore bank facilities of Global Technologies. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


HANUMAN AGRO: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Agro
Industries Pvt Ltd continue to reflect the company's weak
financial risk profile because of small networth and weak debt
protection metrics, and its small scale of operations. These
weaknesses are partially offset by its promoters' extensive
experience in the trading business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       200       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes HAIPL will continue to benefit from the extensive
industry experience of its promoters and its established
relationships with customers. However, its scale of operations
will remain small over the medium term. The outlook may be
revised to 'Positive' if there is a significant increase in
revenue while operating margin remains stable, leading to larger-
than-expected net cash accrual. The outlook may be revised to
'Negative' if working capital requirement increases, leading to
rise in debt, or if revenue and operating margin decline
substantially, adversely affecting cash accrual.

HAIPL, set up in 1991 by Mr. Balwant Rai, trades in plastic and
petrochemical-related products, including ethylene-vinyl acetate,
synthetic rubber, polyvinyl chloride resin, K-resin and Styrene
Bituadmein Strye. Operations are managed by director Mr. Devik
Garg.


HEMANTH HOMES: CRISIL Suspends B+ Rating on INR59.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hemanth
Homes Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          59.5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      40.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
HHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HHPL is yet to
provide adequate information to enable CRISIL to assess HHPL'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 1998, HHPL is a Bengaluru-based residential real
estate development company. Its operations are managed by its
managing director, Mr. Hemanth Kumar.


HERODEX POWER: CRISIL Assigns 'D' Rating to INR190MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Herodex Power Systems Private Limited. The ratings
reflect a continuously overdrawn cash credit account. The default
was on account of out of large working capital requirements.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     104.2      CRISIL D

   Letter of Credit        50.0      CRISIL D

   Bank Guarantee         145.0      CRISIL D

   Cash Credit            190.0      CRISIL D

Moreover, the company has a modest scale of operations, and a
below-average financial risk profile because of a small networth,
high gearing, and weak debt protection metrics. However, it
benefits from the extensive experience of its promoters in the
Engineering Procurement Contract (EPC) business.

HPSPL, established in August 1995 is promoted by Mr. Shashank
Kalkar and Mr. Prashant Desai. The company provides products and
services for the electricity transmission and distribution
sector. It manufactures automatic power factor controller panels
and offers various power systems-based EPC turnkey project
solutions to the sector. Its manufacturing facility is at Nashik,
Maharashtra.


IENERGIZER LIMITED: Moody's Affirms Caa1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed iEnergizer Limited's Caa1
corporate family and senior secured bank credit facility ratings.

At the same time, Moody's has changed the outlook on both ratings
to stable from negative.

RATINGS RATIONALE

"The stable outlook reflects our expectation that iEnergizer will
sustain its improved earnings performance, which will result in a
wider headroom under its covenants," says Kaustubh Chaubal, a
Moody's Vice President and Senior Analyst.

For the 12 months ended September 30, 2016, iEnergizer reported
EBITDA of USD34.3 million compared to USD25.5 million for the
financial year ended March 31, 2015 (FY2015). The improved
performance was driven by higher revenue from its real-time
processing and back office services businesses, as well as the
company's continuing cost savings initiatives.

These improvements helped boost the company's EBITA margins to
22% from 16%, despite the otherwise modest revenue growth.

As a result, the company's leverage improved to 2.58x in
September 2016 versus the covenanted limit of 2.85x.

As to the company's EBITDA/interest covenant of 3.5x, the actual
ratio was a solid 4.6x, indicating a wide headroom.

"Stability in revenues, improving earnings and reduced debt
levels will drive a further improvement in iEnergizer's credit
metrics, such that the covenant headroom will further widen,"
adds Chaubal, who is also the lead analyst for iEnergizer.

Moody's points out that the company continues to generate
consistent positive free cash flows, as it does not make dividend
payments and has limited capital expenditure requirements due to
the asset-light nature of its operations. The available cash
flows are applied towards scheduled debt repayments of around
USD3.4 million per quarter that iEnergizer has to make under the
terms of its loan agreement.

The change in outlook to stable also reflects the stability in
the company's senior management following several departures in
FY2015 and FY2016.

In February 2016, the company's board re-designated its founder
and former CEO, Mr. Anil Aggarwal, as CEO and executive director,
filling the position that had been vacant for 14 months. It also
appointed Mr. Richard Day as CFO, a position that had been vacant
for 7 months.

The CEO and CFO office positions continue to be held by Mr.
Aggarwal and Mr. Day respectively. In Moody's view, continued
stability in senior management will support the company's revenue
and earnings growth and drive its improving trajectory.

That said, Moody's believes the company remains exposed to key
man risk due to the continued dependence on Mr. Aggarwal to
generate new business.

The stable outlook reflects Moody's expectation that iEnergizer
will maintain its improved operating performance. Moody's also
expects positive free cash flow generation and reduced debt
levels to drive further improvements in leverage and covenant
headroom.

iEnergizer's credit metrics are strong for its current rating.
Continued stability in its senior management team while the
company further grows its earnings and the maintenance of a solid
liquidity position will remain key for Moody's to consider a
rating in the single-B category.

Specifically, Moody's could upgrade the CFR if the company
further improves its operating performance by securing new
contracts, such that EBITDA remains above USD35 million on a
sustained basis, and if it continues to generate positive free
cash flow in excess of its scheduled debt maturities of around
USD13.5 million a year.

The ratings could be downgraded if the company (1) loses any
existing contract and/or is unable to replace such contracts; (2)
experiences a weakening operating performance such that its
EBITDA falls below USD28-30 million; or (3) sees a decline in
cash and cash equivalents from current levels.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

iEnergizer Limited is an international business process
outsourcing (BPO) company, incorporated in Guernsey, and was
listed on the Alternative Investment Market (AIM) of the London
Stock Exchange on 14 September 2010.

iEnergizer is primarily engaged in call center operations, BPO
services, content delivery services and back office services
(legacy operations). Following the acquisition of Aptara Inc. in
2012, for USD150 million, iEnergizer expanded its business
services to the provision of content process outsourcing
solutions, delivering a comprehensive offering for the
transformation and management of content such as text, audio,
video and graphic files.

As of 31 March 2016, the company had more than 13,000 employees
-- including subcontracted staff -- working from 11 delivery
centers located in India, the US, UK, Mauritius, Australia and
France. iEnergizer reported revenues totaling USD143 million in
the 12 months ended September 30, 2016 and EBITDA of USD34
million.


INTERNATIONAL MEGA: CRISIL Lowers Rating on INR749MM LT Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of International Mega Food Park Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         749       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delays in servicing term debt due to
insufficient cash accrual on account of lower-than-expected ramp-
up in operations.

IMFPL also has a weak financial risk profile because of muted
debt protection metrics, and working capital-intensive, and small
scale of, operations. However, the company benefits from the
extensive experience of its promoters in the food processing
industry and diverse revenue profile.

Incorporated in 2010 as a closely held public limited company and
special-purpose vehicle, IMFPL has set up a mega food park under
the ministry of food processing industries' Mega Food Parks'
scheme at village Dabwala Kalan in Punjab. Total project cost of
INR1364 million is being funded with term debt of INR564 million,
promoters' contribution of INR300 million, and Government of
India grant of INR500 million. Key promoters include
International Fresh Farm Products Pvt Ltd, Narain Exim
Corporation, and Citrus Estates. The project is expected to
provide adequate infrastructure facilities for food processing
along the entire value chain. Major revenue streams will be
retailing and wholesaling of dairy and agricultural products,
rentals from food processing and cold storage facilities, and
selling power to Punjab State Electricity Board from its biomass
power plant. Operations of the dairy, cold storage, and
warehousing segments commenced in February 2014, while the
biomass plant is expected to start operating in April 2015.


JAI MAAKALI: ICRA Reaffirms 'D' Rating on INR45cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR45.00
crore (enhanced from INR35.00 Crore) fund based facilities of Jai
Maakali Fish Farms Private Limited at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   LT-Cash Credit
   Facilities               45.00       [ICRA]D

The rating downgrade factors in delays in debt servicing with
cash credit limits overutilised beyond 30 days due to liquidity
pressures arising from delays in payments by customers. The
rating also take into consideration weak financial profile of the
company characterised by high gearing of 5.18 times as on
March 31, 2016 and weak coverage indicators with interest
coverage ratio of1.30 times, NCA/Debt at 3% for FY2016. The
company also faces intense competition and is exposed to the
inherent risks in the sea-food industry like susceptibility to
diseases, climatic change risks and government policies. The
rating takes note of the experience of promoters in the sea food
industry and the large scale of operations with fish farming
spread across 2380 acres.

Going forward, the ability of the company to manage their working
capital requirements and regularly service their debt will remain
a key rating sensitivity from credit perspective.

Jai Maakali Fish Farms Private Limited is part of the Jai Maakali
Group of companies based at Tanuku, West Godavari district.
JMFFPL was incorporated in 2003 and is engaged in fish farming.
The company is engaged in cultivation of fish such as Rohu and
Katla in 2380 acres at Pothunuru and Dosapadu villages in West
Godavari District (Andhra Pradesh). The annual production
capacity is around 10000 tonnes.

Recent Results

According to the provisional financials for FY2016, the company
reported a profit after tax of INR0.77 crore on an operating
income of INR59.2 crore as against a profit after tax of INR0.59
crore on an operating income of INR50.3 crore in FY2015.


JAYANTI BOARDS: ICRA Suspends B+ Rating on INR2.0cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to the
INR2.00 crore long term fund based limits. ICRA has also
suspended [ICRA]B+/[ICRA]A4 to the INR8.00 crore unallocated
limits of Jayanti Boards Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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

Incorporated in 1994, Jayanti Boards Limited is into the
manufacturing of straw boards. JBL manufactures various types of
straw boards like pasted straw boards and straw board reels. The
final product is used in the fire cracker industry, note book
industry, textile processing industry and core pipe industry. JBL
has its manufacturing facility at Mandapaka village, Tanuku
Mandal, Andhra Pradesh with an installed capacity of 9000MT per
annum.


KRIFOR INDUSTRIES: ICRA Reaffirms 'B' Rating on INR26.26cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B as well as
the short-term rating of [ICRA]A4  for the INR46.26 crore1
(earlier INR53.14 crore) fund based and non-fund based bank
facilities of Krifor Industries Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term-Term Loan     26.26       [ICRA]B; Re-affirmed
   Long-term-Cash Credit   20.00       [ICRA]B; Re-affirmed
   Short-term-Letter
   of Credit cum
   Buyers Credit           (9.20)      [ICRA]A4; Re-affirmed

The rating re-affirmation continues to factor in KIPL's limited
operational track record, continued weak financial risk profile
as indicated by net loss during FY2016 and highly leveraged
capital structure. In addition, stretched debtors and high
inventory levels due to its limited availability, leads to a
stretched liquidity position as indicated by NWC/OI of about 68%
during FY2016 and almost full utilisation of working capital
limits. The rating also factors in the vulnerability of the
company's profitability to the cyclicality inherent in the real
estate industry, which is KIPL's key end-user sector. The
profitability is also exposed to the adverse fluctuations in
bagasse prices - the key raw material, whose availability is
subject to cyclicality in the sugar industry. The ratings are
further constrained by the threat from the availability of
substitute products. ICRA also notes the intensely competitive
industry structure, characterised by a large number of organised
as well as unorganised players in the field.

However, the ratings positively factor in the favorable demand
outlook of particle boards due to its eco-friendly and economical
nature as compared to plywood. The ratings, moreover, favorably
factor in the locational advantages of KIPL's proximity to raw
material suppliers and major consumption centers, along with the
steady ramp up of manufacturing activities during the initial
stage of operations.

ICRA expects the operations of the company to grow at a moderate
pace in the near future, marked by the growing demand for
particle boards due to its eco-friendly nature. However, KIPL's
vulnerability in managing timely procurement of bagasse in the
right quantity, while managing fluctuations in its prices, which
is dependent upon agro-climatic conditions, will remain the key
rating sensitivities. Furthermore, the company's ability to scale
up operations amid competitive pressures and improve profit
margins, remains some of the other key rating sensitivities in
the near future.

Krifor Industries Private Limited was incorporated in April 2012
with the objective of manufacturing particle boards from
sugarcane bagasse. Manufacturing operations were initiated from
March 2014. The company has an installed manufacturing capacity
of ~14.85 lakh units per annum (4,070 units per day) for boards
of an approximate size of 8ft. x 4ft. and ~17mm thickness. Mr.
Sanjeev Dalmia, Mr. Mandeep Bajaj, Mr. Chetandas Khatri and Mr.
Jugal Bhutra are the key management personnel of the company, who
manage the overall operations of the company.

KIPL has nine other operational group companies -- Gannayak
Agency Private Limited, Ridhi Sidhi Organisors Private Limited,
Prayagraj Dyeing & Printing Mills Private Limited, Armaan
Industries Private Limited, Aastha Fashions Private Limited, K
Fins Pumps Private Limited, Jai Mata Di Fashions Private Limited,
Jai Mata Di Dyeing & Printing Mills Private Limited and Jai Mata
Di Art & Creations Private Limited. Out of these nine, seven are
associated with the textile industry.

Recent Results

The firm has achieved an operating profit of INR9.43 crore and a
net loss of INR2.63 crore, on a turnover of INR53.91 crore during
FY2016, as against an operating profit of INR9.35 crore and a net
loss of INR4.93 crore, on a turnover of INR47.44 crore during
FY2015.


KSHITIJ KUMAR: ICRA Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ to the
INR10.00-crore non-fund based bank facilities of Kshitij Kumar
Choudhary.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Non-fund Based Facility      10.00       [ICRA]B+; Reaffirmed

ICRA's rating is constrained by the firm's high operating
leverage because of the fixed toll collection payable to the
concessioning authority. Additionally, the revenues remain
dependent on the traffic volumes and the collection efficiency.
ICRA also takes note of the firm's partnership constitution,
which exposes it to risks related to capital withdrawal, risk of
dissolution etc. The rating further takes into account the
deterioration in the capital structure primarily owing to the
capital withdrawal, which resulted in a gearing of 2.59 times as
on FY2016 as compared to 0.16 times as on FY2015. The rating is
also constrained by the limited revenue visibility and the high
concentration risk as the company executes one single big order
for toll collection in the Sikar region of Rajasthan. The rating,
however, derives comfort from the extensive experience of the
promoters in the royalty and toll collection business in
Rajasthan. This apart, the rating favorably factors in the steady
execution of the current order book.

The ability of the firm to secure new contracts, maintain revenue
visibility and achieve healthy volumes will be the key rating
sensitivity.

KKC, incorporated in 2009, is a partnership concern promoted by
Mr. Kshitij Kumar Choudhary. The firm is a royalty contractor for
sand stone and khanda mining in the Sikar region of Rajasthan.
Such contracts are awarded on competitive bidding by Directorate
of Mines and Geology (DMG), Government of Rajasthan. Under these
contracts, the firm collects royalties from the miners based on
volumes extracted by the latter and in turn pays a fixed royalty
amount to DMG as per the pre-fixed schedule. The firm also
undertakes toll collection contract awarded by Rajasthan State
Road Development and Construction Corporation Ltd, and it
operates a contract for toll collection at Kotputlli - Sikar -
Konchaman stretch.

Recent Results

The firm, on an operating income (OI) of INR50.21 crore, reported
a net profit of INR2.71 crore in FY2016 as against an operating
income (OI) of INR9.97 crore on which it reported a net profit of
INR0.61 crore in FY2015.


LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR22.00 crore cash credit facility of Lakshmi Cot-Gin Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             22.00       [ICRA]B+ reaffirmed

The rating reaffirmation reflects the company's weak financial
risk profile marked by low profitability, weak return indicators,
unhealthy capital structure and weak debt-coverage indicators.
The rating is further constrained by the vulnerability of the
company's profitability to agro-climatic risks, the inherently
low value-adding ginning business, which also has high
fragmentation and competition as there are numerous small and
unorganized players in the industry.

The rating, however, continue to draw comfort from the logistical
advantage enjoyed by the company by virtue of its location in the
cotton-producing region, giving it easy access to quality raw
cotton.

Established in 2006 as a closely held private limited company,
Lakshmi Cot-Gin Private Limited is involved in the ginning and
pressing of raw cotton. The company's manufacturing facility is
located at Gondal in Rajkot district of Gujarat and is equipped
with 40 ginning machines and 1 fully automated pressing machine,
with total processing capacity of 385 bales3 per day (MTPD). The
company also trades in raw cotton, cotton bales and cotton seeds.
The company's promoters have extensive experience in the cotton
industry by virtue of their association with other entities
involved in the similar line of business.

Recent Results

During FY2016, LCPL reported an operating income of INR116.40
crore and profit after tax of INR0.09 crore as against the
operating income of INR137.87 crore and profit after tax of
INR0.18 crore during FY2015.


LAKSHMI GANAPATHI: ICRA Suspends B+ Rating on INR4.75cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR4.75 crore cash credit, INR2.20 crore term loan, INR2.55
unallocated limits and the short term rating of [ICRA]A4 assigned
to INR0.50 fund based limits of Lakshmi Ganapathi Rice
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

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


LAKSHMIDURGA TEXTILES: ICRA Reaffirms B+ Rating on INR7.5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating for INR7.50 crore cash
credit limits of Lakshmidurga Textiles Private Limited at
[ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              7.50        [ICRA]B+; Re-affirmed

The rating reaffirmation takes into account the weak financial
profile of the company characterized by low profitability & high
gearing of 1.33 times as on March 31, 2016. The rating considers
highly fragmented and competitive nature of the industry limiting
the ability of the company to pass on the hike in input costs.
The ratings are further constrained by the susceptibility of
revenues and margins to raw material (RCN) prices, which exhibit
high volatility, and the significant dependence on agro-climatic
conditions and global demand-supply scenario.

The rating, however, draws comfort from the long standing
experience of the promoters in the field of agro-based business
and favorably factors in the presence of the company in the major
cotton growing region of Andhra Pradesh (Guntur Dist.) resulting
in better availability of raw cotton.

Going forward, the company's ability to improve its profitability
and effective management of working capital would be the key
rating sensitivities.

LDTPL was incorporated as a private limited company in the year
2010. After procuring raw cotton (Kapas) from the market, the
company processes it and is involved in the ginning and pressing
of Kapas to produce bales of cotton lint and seeds. It is engaged
in the ginning and pressing of raw cotton, oil extraction and
trading of cotton lint seed & maize. The company is located in
Chillakamari Village of Nalgonda District.

Recent Result

According to audited FY2016 results, the company recorded an
operating income of INR41.08 crore with a net profit of INR0.31
crore. As per audited FY2015 numbers, the company recorded an
operating income of INR39.97 crore with a net profit of INR0.48
crore.


MADRAS FERTILIZERS: ICRA Assigns 'C' Rating to INR191.4cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to the INR194.24
crore fund based bank facilities of Madras Fertilizers Limited
ICRA has also assigned a short term rating of [ICRA]A4 to the
INR330.0 crore non fund based bank facilities of MFL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term: Fund
   based facilities        191.40       [ICRA]C; assigned

   Long term: Proposed
   fund based facilities     2.84       [ICRA]C; assigned

   Short term: Non
   fund based facilities   330.00       [ICRA]A4; assigned

The assigned ratings reflect the weak financial profile of the
company with large net losses in the recent years, substantially
negative net worth position and continuing default on the
repayment of the Government of India loans drawn down for the
factory revamp project. Owing to the weak financial profile and
inadequate cash flows, the company has ceased to service the
interest and principal on the Government of India loans drawn for
the revamp project initiated in late 1990s. However, as part of
the BIFR proposal, the management expects waiver of the GoI loan
repayments/conversion to equity which could substantially improve
the capital structure of the entity.

MFL's plant is of old vintage having been operational for close
to 50 years and is one among the only three urea plants in the
country still operating with naphtha as feedstock. It falls under
the pre-1992 naphtha group and the existing NPS-III mandated
liquid fuel-based players like MFL to switch over to gas
feedstock. MFL has undertaken the conversion project and incurred
most of the capex, but it could not switch over due to lack of
gas availability. The GoI had been extending the deadline for
such units under Modified NPS-III on a provisional basis for
conversion to gas. However, during FY2015 and FY2016, the company
had to undertake shutdowns multiple times as the GoI policy
continuity was uncertain and did not extend the policy for
intermittent period as well. Finally in June 2015, GoI approved
the continuation of the production of urea using naphtha as
feedstock, till availability of gas. However, subsidy would be
paid as per the cost of production based on naphtha or R-LNG,
whichever is lower, which leads to high variability in the
profits from the urea division, until gas supply is provided to
MFL.

The ratings are constrained by the impact of regulatory policy
changes and agro-climatic conditions on the company's
profitability; and the sensitivity of cash flows to subsidy
budgeting and disbursement by GoI. The ratings also consider the
high energy consumption levels witnessed in the recent past owing
to the vintage of the plant and usage of naphtha as fuel;
inability to maintain the energy consumption levels within the
Govt mandated limits might result in under-recoveries and impact
the profitability. The ratings also consider the lower production
of phosphatic fertilizers in the past few years owing to
unavailability of funding limits to import key raw materials;
these non-urea fertilizers were the key drivers of profitability
in the past.

The ratings also factor in the long shutdowns witnessed in the
last financial year following the Government's decision to shut
down urea plants which haven't completed gas conversion and also
due to the floods in Chennai during the month of December 2015;
these shutdowns impacted the capacity utilisation and had
resulted in large losses during the year. The ratings further
take into account the GoI's order mandating conversion to gas by
FY 2018 and associated reduced energy consumption levels of 6.5
Gcal/MT; MFL has incurred most of the capital expenditure
requisite for gas conversion, however gas from the proximate R-
LNG terminal in Ennore is expected only post 2018 pending
commissioning of the terminal.

These rating concerns are offset to an extent by the strong
sponsor profile of MFL with Govt of India holding a 59.5% stake
and NaftIran (NIOC) holding 25.8%. The ratings also factor in the
established market position of the company as one of the largest
urea manufacturers in South India with reputed brands, wide
dealer network and a leading market share in Tamil Nadu. The
company also has logistical advantages being present in the
vicinity of Chennai Petrochemical Corporation Limited's (CPCL)
refinery, from where naphtha is being sourced, and Ennore port
from where R-LNG will be sourced.

Madras Fertilizers Limited was incorporated on December 8, 1966
as a joint venture between GOI and AMOCO India incorporated of
U.S.A (AMOCO) in accordance with the Fertilizer Formation
Agreement executed on 14.5.1966 with equity contributions of 51%
and 49% respectively. National Iranian Oil Company, an
undertaking of Government of Iran, acquired part of AMOCO's
shareholding and with the company going public in 1997 the
current shareholding pattern is as follows: Government of India
-- 59.5%; NIOC -- 25.8%; Public -- 14.7%. MFL is engaged in the
manufacture of Ammonia, Urea, Complex Fertilizers and
Biofertilizers. MFL has its plant facilities and head quarters
located on 329 acres of freehold land at Manali, about 20 km
north of Chennai city.


MAHESWARI FERTILIZERS: CRISIL Reaffirms B Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Maheswari
Fertilizers continues to reflect the firm's modest scale of
operations and large working capital requirement resulting in
weak liquidity.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           50      CRISIL B/Stable (Reaffirmed)

The rating also factors susceptibility of its revenue and
profitability to changes in government policy and to erratic
monsoon and moderate financial risk profile because of
comfortable gearing and moderate debt protection metrics albeit
constrained by modest net worth. These weaknesses are partially
offset by its promoters' extensive experience in the fertilizer
industry.

Outlook: Stable

CRISIL believes MF will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant increase in revenue and
profitability, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if revenue or profitability
declines, or if working capital cycle lengthens considerably, or
if the firm undertakes larger-than-expected, debt-funded capital
expenditure, weakening its financial risk profile.

MF, a partnership firm set up in September 2009, manufactures
nitrogen-phosphorous-potassium (NPK)-based fertilizers. The firm
is promoted by Mr V Rami Reddy and his associates, and its
manufacturing facility is in Kadapa, Andhra Pradesh.


MANASA QUALITY: CRISIL Reaffirms B+ Rating on INR450MM Pack Loan
----------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Manasa Quality
Enterprises Limited continues to reflect a below-average
financial risk profile because of weak debt protection metrics,
and susceptibility to any adverse impact of regulatory changes
and to intense competition in the agricultural commodities
trading industry. These rating weaknesses are partially offset by
the extensive industry experience of the promoters and a moderate
scale of operations.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit    450     CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes MQEL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-expected revenue and
profitability, leading to a better financial risk profile. The
outlook may be revised to 'Negative' in case of any large debt-
funded expansions, a substantial decline in revenue and
profitability, or a stretched working capital cycle, leading to
weakening of the financial risk profile.

MQEL was incorporated in 2012, promoted by Mr D Veerabhadra Reddy
and his family. The company processes rice, maize, and broken
rice.


MANGALDEEP COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR5.00 crore1 cash credit facility, INR0.91 crore term loan
facility and INR0.53 crore of unallocated bank limits of
Mangaldeep Cotton Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             5.00       [ICRA]B Reaffirmed
   Term Loan               0.91       [ICRA]B Reaffirmed
   Unallocated             0.53       [ICRA]B Reaffirmed

The rating reaffirmation factors in the small scale of operations
and weak financial profile of Mangaldeep Cotton Industries,
characterised by decline in scale of operations, weak coverage
indicators and high inventory holding as on FY2016 end. The
rating also continues to take into account the commoditised
nature of products and the vulnerability of the firm's
profitability to adverse movements in cotton price, which in turn
is subject to seasonality and crop harvest. The firm's operations
are exposed to regulations governing the industry such as
restrictions on cotton exports and minimum support price (MSP).
ICRA also notes the highly fragmented nature of the industry, due
to a large number of manufacturers, which coupled with low-entry
barriers, has led to high competition. Furthermore, the rating
considers the potential adverse impact on net worth and gearing
levels in case of any substantial withdrawal from capital
accounts given its constitution as a partnership firm.

The rating, however, continues to derive comfort from the long
experience of its promoters in the cotton industry and the
proximity of the firm's manufacturing unit to raw materials,
easing procurement.

In ICRA's view, the ability of the firm to manage the impact of
raw material price fluctuations on its profitability in a highly
competitive business environment and improve its capital
structure by managing working capital requirements will remain
the key rating sensitivities.

Established in May 2013 as a partnership firm, Mangaldeep Cotton
Industries (MCI) is involved in the business of ginning and
pressing of raw cotton to produce cotton bales and cotton seeds.
Its manufacturing facility, located at Jabalpur in Gujarat,
commenced commercial production in December 2013. The firm is
equipped with 24 ginning machines and 1 pressing machine with an
installed capacity of pressing 12,000 MT of raw cotton per annum.
The promoters of the firm have extensive experience in the cotton
industry.

Recent Results
During FY2016, MCI reported an operating income of INR20.01 crore
and profit after tax of INR0.01 crore as against an operating
income of INR28.14 crore and profit after tax of INR-0.31 crore
in FY2015.


MEGATRONIC POWER: ICRA Suspends B- Rating on INR7.11cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to INR7.11 crore fund
based facilities and [ICRA]A4 rating assigned to INR1.50 crore
non fund based limits of Megatronic Power & Infrastructure
Private Limited. ICRA has also suspended [ICRA]B-/[ICRA]A4 rating
assigned to INR0.39 crore unallocated limits of MPIPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Megatronic Power & Infrastructure Private Limited was
incorporated in 2011 and started its operations from June, 2013
onwards. The company is promoted by Mr. P. Muralinath Reddy &
Mrs. P. Vijaya Reddy and its manufacturing unit is located in
Mahaboobnagar, Telangana. The company is involved in the
manufacturing of cables for various usages such as telecom,
electricity, railways, etc.


NAKSHATRA UPSCALE: CRISIL Suspends B+ Rating on INR200MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Nakshatra
Upscale Estates Projects Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      200       CRISIL B+/Stable

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

Incorporated in 2011, NUEPL is a Bengaluru-based residential real
estate developer; Mr. Manjunath Naidu, NEUPL's director, manages
its operations. The company is currently developing a project in
North Bengaluru, named Nakshatra Celestia, to be completed by
December 2015. The company plans to develop a multistoried
building project, over the medium term.


NIRMALA INFRA: ICRA Suspends C+ Rating on INR8.3cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to INR6.07 crore fund
based facilities and [ICRA]A4 rating assigned to INR8.30 crore
non fund based limits of Nirmala Infra Projects India Private
Limited. ICRA has also suspended [ICRA]C+/[ICRA]A4 rating
assigned to INR0.63 crore unallocated limits of NIPIPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Nirmala Infra Projects India Private Limited was incorporated in
November 2008 in Hyderabad by Mr. Ch. Narasimha Reddy and family.
Earlier it was operating as a partnership firm named Sri Sairam
Excavators & Loaders for about 7-8 years. The company executes
projects for construction of underground drainage and sewerage
systems for companies such as Ramky Infrastructure Limited,
Prathibha Industries Limited, APR Projects Private Limited, etc.


PANSARI STEELS: ICRA Suspends 'B' Rating on INR8cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR8.00 crore fund based limits of Pansari Steels Private
Limited. ICRA has also suspended the short term rating of
[ICRA]A4  assigned to the INR6.00 crore inter-changeable limits
of the company. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


PATNAIK STEELS: CRISIL Ups Rating on INR671.1MM Cash Loan to 'C'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Patnaik Steels and Alloys Limited to 'CRISIL C/CRISIL A4' from
'CRISIL D/CRISIL D'. The upgrade reflects timely servicing of
debt from June 2016. Furthermore, liquidity profile of the
company has improved aided by higher cash accrual, moderate
working capital intensive operations and bank limit utilisation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          27.5      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit            300        CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Fund-         388.9      CRISIL C (Upgraded from
   Based Bank Limits                 'CRISIL D')

   Term Loan              671.1      CRISIL C (Upgraded from
                                     'CRISIL D')

The ratings reflect susceptibility of operations to cyclicality
in the steel industry, and weak financial risk profile because of
high gearing and below-average debt protection metrics. These
rating weaknesses are partially offset by moderately integrated
operations and extensive experience of the promoters in the steel
industry.

PSAL was set up in 2003 as a private limited company, Patnaik
Steels and Alloys Pvt Ltd, by Mr. Tara Ranjan Patnaik, Mr.
Jitendra Nath Patnaik, and Mr. Prasanta Kumar Mohanty. It was
reconstituted as a public limited company. The company
manufactures sponge iron and billets, in addition to generating
power. Its manufacturing facility is in Keonjhar, Odisha.


PEKON ELECTRONICS: CRISIL Suspends B+ Rating on INR70MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pekon
Electronics Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             40        CRISIL B+/Stable
   Letter of Credit       100        CRISIL A4
   Proposed Fund-Based
   Bank Limits             70        CRISIL B+/Stable

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

PEL was incorporated in 1985 as a public limited company (closely
held). The company, promoted by Mr. Purshottam Bhagchandka, Mr.
Dhiraj Bhagchandka, and Mr. Suresh Kumar Jalani, trades plastic
granules and import licenses, cotton fabrics.


PREMSONS SUPER: CRISIL Suspends B+ Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Premsons Super Steel Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B+/Stable
   Cash Term Loan          35        CRISIL B+/Stable

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

Sonipat (Haryana)-based PSS manufactures steel pipes, tubes and
utensils. The company was acquired by Mr. Sanjeev Kapoor in 2014.


RAVI METALLICS: CRISIL Suspends B- Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ravi Metallics Limited (RML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B-/Stable
   Term Loan                7        CRISIL B-/Stable
   Working Capital
   Term Loan               28        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by RML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RML is yet to
provide adequate information to enable CRISIL to assess RML'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 2004 as limited company, RML trades iron and
steel products. Apart from this, the company also owns a mall in
Rourkela (Odisha). The company is promoted by three brothers -
Mr. Manoj Kumar, Mr. Ravi Kumar and Mr. Kailash Kumar; who also
manage the day-to-day operation of the company.


RAYANI SPINTEX: ICRA Reaffirms 'B' Rating on INR19.4cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B to the
INR19.40 crore (revised from INR15.13 crore) fund based limits,
INR0.60 crore (revised from INR0.50 crore) non-fund based limits
and INR16.00 crore (revised from INR20.37 crore) unallocated
limits of Rayani Spintex Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   Based Limits           19.40        [ICRA]B/reaffirmed

   Long Term Non-
   Fund Based Limits       0.60        [ICRA]B/reaffirmed

   Long Term
   Unallocated Limits     16.00        [ICRA]B / reaffirmed

The rating reaffirmation factors in small scale of operations of
the company in the highly fragmented and competitive spinning
industry which restricts the ability of the company to pass on
hike in input costs. The rating also notes that the operating
margins declined during FY2016 due to higher trading sales and
lower realizations. The rating is further constrained by weak
financial profile of the company as reflected from high gearing
of 2.81 times as on March 31, 2016 and moderate debt coverage
indicators as indicated by interest coverage of 2.62 times, and
Total Debt/OPBDITA at 5.46 times during FY2016; moreover, debt
funded capex plans could impact the coverage indicators further
in the near term. The rating also takes into account high
customer concentration with top 5 customers contributing 70% of
total sales during FY2016. The ratings however, positively factor
in the long track record and active involvement of promoters in
the spinning industry and favorable location in Guntur district
of Andhra Pradesh providing easy access to raw material and
savings on logistics cost. ICRA also notes healthy growth in
revenues at a CAGR of 12% during the last 4 years and 22% growth
in volumes during FY2016 on account of capacity expansion.

Going forward, ability of the company to increase its scale of
operations, profitability and coverage indicators with effective
management of working capital will be the key rating
sensitivities.

Rayani Spintex Private Limited was established by Mr. Rayani
Venkateswarlu, Mr. Borra Uma Maheshwara Rao and Mr. Unnava Subba
Rao in 2007 and is based in Guntur, Andhra Pradesh. RSPL has
commissioned the cotton spinning mill of 11,520 spindles in
November'2011 and further increased to 14,400 spindles in May
2015. The company caters to domestic as well as international
markets and is largely into manufacturing of 32s to 40s counts of
cotton yarn.

Recent Results

As per audited financials for FY2016, RSPL reported an operating
income of INR50.87 crore with profit after tax of INR1.11 crore
as against INR39.05 crore of operating income with profit after
tax of INR0.93 crore during FY2015.


SHANTI DEVELOPERS: CRISIL Suspends 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shanti
Developers - Ahmedabad.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable

   Term Loan               50        CRISIL B/Stable

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

SD, established in 2014, is setting up a residential township,
Shantideep, in Ahmedabad (Gujarat). The firm is a part of the
Shanti group that has more than 25 years of experience in
residential and commercial development. The group generally forms
a new special purpose vehicle or partnership firm for each of its
projects. The main partners of SD are Mr. Bhagubhai Patel, Mr.
Deepakbhai Patel, and Mr. Hashmukhbhai Patel.


SHARDA COTTON: CRISIL Suspends B+ Rating on INR165.3MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sharda
Cotton Factory.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            165.3      CRISIL B+/Stable

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

SCF was set up as a partnership firm in 2007. It gins and presses
cotton into bales, and extracts cotton seed oil. The firm is
managed by Mr. Mahesh Sharda and his brother Mr. Pankaj Sharda.


SHIV SHAKTI: CRISIL Lowers Rating on INR327.5MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shiv Shakti Rice Mills (Partnership) [SSRM] to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            327.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term       7.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Working Capital        200.0      CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B/Stable')

The downgrade reflects instances of delay in servicing debt. The
delays were driven by stretched liquidity because of large
working capital requirement.

The firm has a modest scale of operations in the fragmented rice
industry, a below-average financial risk profile because of a
high total outside liabilities to tangible networth ratio and
weak debt protection metrics, and large working capital
requirement. However, it benefits from the extensive industry
experience of its promoters.

SSRM was set up as a sole proprietorship firm by Mr Ashwani Kumar
in 1999. In 2009, with Mr Hari Ram Bansal and Mr Sweety Singla
also joining in, this firm was reconstituted as a partnership
concern. The firm processes basmati and non-basmati rice, and its
by-products. It is based in Lehragaga, Punjab.


SHRI KRISHNA: ICRA Suspends B+ Rating on INR13cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR13.00 crore fund based limits of Shri Krishna Steelage
Private Limited. ICRA has also suspended the short term rating of
[ICRA]A4  assigned to the INR4.00 crore non-fund based limits of
the company. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


SIDDHARTH PROPERTIES: CRISIL Suspends 'C' Rating on INR430MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Siddharth Properties.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             290       CRISIL C
   Term Loan               430       CRISIL C

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

SP was incorporated in 1999 and is part of the Pune
(Maharashtra)-based Saarrathi group. The group was started by Mr.
Abhijeet Shende, Mr. Nilesh Shende, Mr. Swapnil Shende, and Mr.
Yogesh Shende. It has two windmills, one each in Satara
(Maharashtra) and Jodhpur (Rajasthan), with a capacity of 1.25
megawatts each.


SIDDHI PROPERTY: CRISIL Suspends 'D' Rating on INR130MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Siddhi
Property Developers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              130        CRISIL D

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

SPDPL was incorporated in 1993, promoted by Mr. Kapil Sharma and
Mr. Rajdaksh Sharma. It has rented out units in a commercial
complex, Lake City Mall, in Thane.


SINGLA RICE: ICRA Reaffirms 'B' Rating on INR7.5cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B on the
INR7.50 crore fund based bank facilities of Singla Rice Oil &
General Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund
   Based Limits            7.50         [ICRA]B; reaffirmed

The rating continues to be constrained by the highly competitive
nature of the rice milling industry, along with the vulnerability
of the firm's profitability to fluctuations in raw material
prices, which has resulted in thin profit margins. The rating
also notes the fluctuation in the operating income of SRGM in the
past six years, on account of change in basmati rice realizations
and volumes. The high gearing of the firm, arising out of
substantial debt funding of working capital requirements, coupled
with low profitability, has resulted in the firm's weak coverage
indicators. Further, the rating continues to factor in agro
climatic risks, which can impact the availability of the basic
raw material. However this risk is partially offset by the
proximity of the mill to major rice growing areas which results
in easy availability of paddy. The rating also favorably takes
into account the extensive experience of the promoters in the
rice industry.

Going forward, the firm's ability to register revenue growth, and
bring about a sustained improvement in its coverage indicators
will be the key rating sensitivities.

SRGM was established in 1985 as a partnership firm with Mr. Manoj
Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as
partners in equal ratio. The firm undertakes processing and
trading of rice (Basmati and Non- Basmati) in the domestic
market. It also performs custom milling operations for the state
government of Haryana. The manufacturing unit of the firm is
located in Nissing, Haryana with a milling capacity of 3 tonnes
per hour of paddy.

Recent Results
SRGM reported a net profit of INR0.03 crore on an operating
income of INR41.29 crore for FY2016, as against a net profit of
INR0.03 crore on an operating income of INR31.45 crore for the
previous year.


SRI BALMUKUND: CRISIL Suspends B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Balmukund Polypack Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit             70        CRISIL B+/Stable
   Letter of Credit        20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      13.2      CRISIL B+/Stable
   Term Loan               46.3      CRISIL B+/Stable

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

SBBPL, incorporated in December 2007, manufactures HDPE and PP
fabrics and bags. Its facility in the industrial area of Tendua,
Raipur (Chhattisgarh) has a capacity of 9600 tonnes per annum. It
manufactures bags for cement, fertiliser, petrochemicals, leno,
sugar, tea, food grain, and other commodities.


SRI JYOTI: ICRA Upgrades Rating on INR40.67cr Loan to 'B-'
----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR40.67
crore1 term loans and INR6.50 crore cash credit limits of
Sri Jyoti Renewable Energy Private Limited from [ICRA]D to
[ICRA]B-.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              40.67        [ICRA]B- Upgraded from
                                        [ICRA]D

   Cash Credit              6.50        [ICRA]B- Upgraded from
                                        [ICRA]D

The rating upgrade factors in timely debt servicing of SJREPL in
the last six months following improvement in PLF levels to 82% in
FY2016 from 23% in FY2015 due to reduced plant downtime and
higher availability of raw material coupled with favorable
weather conditions and improved liquidity position of the company
with timely receipt of payments from Haryana Power Purchase
Centre (HPPC). Further, ICRA also notes the prepayment of term
loan obligations with the infusion of funds by promoters; and
long term Power Purchase Agreement with HPPC for entire
generation capacity of 9.50 MW for 20 years. The rating is,
however, constrained by weak operational performance in FY2017
with PLF levels dropping to 38% in 7MFY2017 due to adverse
weather conditions; vulnerability of profits to volatility in raw
material prices and exposure of revenues to counter party credit
risk associated with Haryana state DISCOMs. Further any adverse
variations in weather conditions would affect the availability of
raw material thus impacting the PLF levels as witnessed in
FY2017.

Going forward, the ability of the company to improve PLF levels
and generation of sufficient cash accruals to service the debt
repayment obligations will remain key rating sensitivity from
credit perspective.

Sri Jyoti Renewable Energy Private Limited (SJREPL), incorporated
in the year 2008, operates a 9.5 MW biomass based power plant.
The power plant is located in the Bhiwani District, Haryana. The
plant uses cotton stalk, mustard stalk, Gaur husk and rice stalk
from regions of bhiwani district as fuel to fire the boiler. The
power generated from the biomass plant is evacuated to the 132 kV
substation which is two kilometers from the project site. The
power plant commenced operations in April 2014. The O&M for the
power plant is undertaken in-house by SJREPL. The power generated
from entire contracted capacity of 9.5 MW is being sold to
Haryana Power Purchase Centre (HPPC) which is purchasing on
behalf of state DISCOMs i.e Uttar Haryana Bijli Vitran Nigam &
Dakshin Haryana Bijli Vitran Nigam. The company has a 20 year
Power Purchase Agreement (PPA) with HPPC. The applicable tariff
would be rate decided and amended by HERC from time to time and
current tariff is 7.70 per unit.

Recent Results

In FY2016, SJREPL has reported an operating income of INR51.00
crore with net profit of INR1.53 crore as against an operating
income of INR14.16 crore with net loss of INR0.53 crore in
FY2015.


SRI LAKSHMIKANTHA: ICRA Suspends 'B' Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR15.00 crore cash credit and the ratings of [ICRA]B/A4 assigned
to INR2.25 unallocated limits of Sri Lakshmikantha Enterprise
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


SRI VENKATRAM: ICRA Suspends 'D' Rating on INR23cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
INR2.14 term loan facilities, INR23.00 crore fund based
facilities, the INR0.75 crore non-fund based facilities and the
INR7.78 crore proposed facilities of Sri Venkatram Spinners
Private Limited and short term rating of [ICRA]D outstanding on
the the INR7.00 crore non-fund based facilities of SVSPL. ICRA
has also suspended the long-term /short-term rating of
[ICRA]D/[ICRA]D outstanding on INR3.50 crore long-term/short-term
interchangeable non-fund based facilities (sub-limit) of SVSPL.
The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.


SOBANA OFFSET: CRISIL Suspends 'D' Rating on INR33.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Sobana Offset Printers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL D
   Bill Discounting        0.5      CRISIL D
   Overdraft Facility      6        CRISIL D
   Proposed Long Term
   Bank Loan Facility     24        CRISIL D
   Term Loan              33.5      CRISIL D

The suspension of ratings is on account of non-cooperation by
TSOP with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TSOP is yet to
provide adequate information to enable CRISIL to assess TSOP'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 1972 as a partnership firm, TSOP prints textbooks and
other reading materials for the Karnataka and Tamil Nadu state
textbook associations. The firm has its printing facilities in
Bengaluru.


SUMANJALI PARBOILED: ICRA Suspends B+ Rating on INR8.35cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR8.35 crore fund based facilities and short-term rating of
[ICRA]A4  assigned to INR1.50 crore fund based and non fund based
limits of Sumanjali Parboiled Private Limited. ICRA has also
suspended the long term and short term ratings of
[ICRA]B+/[ICRA]A4 to INR0.15 crore unallocated limits of SPPL.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

Incorporated as a private limited company in 1998, Sumanjali
Parboiled Private Limited is engaged in milling of paddy for the
production of raw and boiled rice. SPPL's plant is located in the
Nalgonda district of Telangana. The total installed capacity of
the plant was increased to 6 tons per hour in FY2014 from 3 tons
per hour in FY2013.


VIJAY STEELS: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vijay
Steels.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               45.0       CRISIL D
   Proposed Long Term
   Bank Loan Facility         8.1       CRISIL D
   Standby Line of Credit     2.2       CRISIL D
   Term Loan                  9.7       CRISIL D

The suspension of ratings is on account of non-cooperation by VS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VS is yet to
provide adequate information to enable CRISIL to assess VS'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 1983-84 (refers to financial year, April 1 to
March 31), VS manufactures mild steel angles, flats, squares, and
rounds. Currently, the firm is owned by three partners: Mrs.
Sheela Gupta, Mr. Murari Lal Gupta, and Mr. Chintan Patel and is
based out of Bhavnagar, Gujarat.


VIJAYA LAKSHMI: ICRA Suspends 'B' Rating on INR9.0cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to INR9.00 crore fund
based facilities of Vijaya Lakshmi R & B Rice Trading Company.
ICRA has also suspended [ICRA]B rating assigned to INR1.00 crore
unallocated limits of VLRBRTC. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the firm.

Established in the year 2010 as a partnership firm, Vijaya
Lakshmi R & B Rice Trading Company is engaged in the milling of
paddy and produces raw & boiled rice. The rice mill is located in
Nellore district, Andhra Pradesh. The firm produces 100% sortex
rice with about 97% being boiled variety and about 3% being raw
variety. The installed production capacity of the rice mill is 12
tons per hour.


WAVE HOSPITALITY: CRISIL Hikes Rating on INR1.40BB Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on bank facility of Wave
Hospitality Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             1,400       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's expectation of sustained
improvement in the business risk profile over the medium term.
Operating income has grown by 40% to INR727 million in fiscal
2016 (vis-a-vis INR518 million in fiscal 2015) on the back of
increased occupancy (over 85% in fiscal 2016). Operating margin
also improved to 31.6% in fiscal 2016 (21% in fiscal 2015), owing
to better control over cost and expenses, in the second year of
operation.

Operating income is likely to grow further by 10% over the medium
term, while the margin may sustain at current levels. Moreover,
the sanctioned limit has been refinanced by Yes Bank, at a lower
rate of interest (in comparison to Indian Overseas Bank earlier)
with effect from April 2016. This is expected to reduce the
interest cost as the interest rate offered by the Yes Bank is
comparatively less than previous bank. Hence, the interest
coverage ratio is expected to improve to 1.5 times in fiscal
2017, from 0.8 time in fiscal 2016.

The rating reflects favorable location of the hotel and
established brand image of Holiday Inn, and the healthy average
rate per room and occupancy rate. These strengths are partially
offset by intense competition in the premium segment and weak
interest coverage.
Outlook: Stable

CRISIL expects WHPL to maintain a stable credit risk profile,
aided by the established brand of Holiday Inn. The outlook may be
revised to 'Positive,' if substantial improvement in the average
room rate and occupancy levels, results in higher cash accrual
and strengthens the financial risk profile. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual, on
account of low occupancy rate or/and debt-funded capex, weakens
the financial risk profile.

WHPL, incorporated in 2009, operates the Holiday Inn hotel in
Delhi Aerocity. The hotel commenced commercial operations from
March 2014.



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


PERISAI PETROLEUM: Emas Tries to End Obligation to Pay US$43MM
--------------------------------------------------------------
The Strait Times reports that Emas Offshore is trying to rid
itself of an obligation to pay US$43 million (SGD61.3 million) to
the collapsed Perisai Petroleum Teknologi as part of an agreement
between the two parties four years ago.

ST relates that in a statement to the Singapore Exchange late on
Dec. 8, Emas, a subsidiary of Ezra Holdings, said that it has
issued a notification of termination of the share sale agreement
and a separate "shareholders' agreement" due to certain breaches
by Perisai.

It did not elaborate on the breaches, the report says.

According to ST, Emas had been in talks with Perisai, a joint
venture partner, since October to try to resolve various issues
among themselves. But despite the efforts made by both sides,
they had yet to fully resolve the various issues, Emas said on
Dec. 8.

Back in December 2012, Emas and Perisai entered into an agreement
that gives Perisai the right to exercise a "put option" to sell
its 51% stake in subsidiary SJR Marine and a mobile offshore
production unit to Emas for US$43 million, the report recalls.
The put was originally exercisable on Nov. 26.

On Dec. 1, Emas said that it had reached an interim agreement
with Perisai to defer the exercise of the put option to after
close of business on Dec 8, ST reports.

If the share sale agreement is in fact terminated, the put option
will be extinguished. Perisai will remain the 51% shareholder of
SJR while Emas will retain its 49% share, the report notes.

Under the terms of the shareholders' agreement, Perisai is
required to sell its 51% shares in SJR to Emas for US$1 apiece,
Emas said, adds ST.

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

The Star related that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.



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


HANSA LIMITED: Liquidators Find NZ$9MM in Suspected Ponzi Scheme
----------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that investors poured at
least NZ$9 million into a company now thought to be a significant
ponzi scheme, liquidators say.

But not much of that money went back out to investors, and
instead "substantial funds" appear to have been transferred to
related companies, the report says.

In July, the Serious Fraud Office (SFO) and Financial Markets
Authority (FMA) said they were investigating Paul Clifford Hibbs
and his company, Hansa, Stuff.co.nz recalls.

Stuff.co.nz relates that while regulators would not comment
further, investor John Docherty said in September he and his wife
had been left stranded after allegedly being swindled out of
NZ$650,000.

According to Stuff.co.nz, Mr. Docherty wanted to share his story
after a meeting was held with investors in August, at which they
were told the investigation had found the hallmarks of a ponzi
scheme.

The SFO and FMA have both declined to respond to Docherty's
claims, but multiple sources have since said investors were told
at least NZ$20 million was missing, Stuff.co.nz relates.

Late last month, Hansa went into liquidation on application by
Mr. Docherty and his wife, Stuff.co.nz discloses.

According to the report, Waterstone Insolvency liquidator Damien
Grant said on Dec. 8 they had so far identified payments of at
least NZ$9 million into the company. But they were not seeing
large amounts of that money being transferred back out to
investors, of which there was at least a dozen.

"Substantial funds appear to have gone to related entities," the
report quotes Mr. Grant as saying.

Liquidators were yet to interview Mr. Hibbs or recover the
company's books and records.

Stuff.co.nz relates that Mr. Grant said some investors were told
their funds were held with various institutional investors, but
liquidators had confirmed that was not the case.

"It's now a tracing exercise for us."

According to Stuff.co.nz, Hansa's investment prospectus said
clients, of which it has been claimed there were about 30, needed
to have investable assets of at least NZ$1 million.

The prospectus said Hansa's "unique privileges and benefits" were
only available by invitation, Stuff.co.nz relays.

High-profile businessman Craig Stobo was listed as Hansa's
managing director in its prospectus, but in October said he was
"completely unaware" this was the case until regulators contacted
him, Stuff.co.nz reports.

Stuff.co.nz relates that Mr. Stobo said he was never involved or
had any relationship with Hansa, and gave regulators as much
information as he could.

Hansa was established in 2005, with Mr. Hibbs listed as the only
director and shareholder the company has ever had, Stuff.co.nz
discloses.



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


PACIFIC ANDES: May Have Overstated Assets, Revenues and Profits
---------------------------------------------------------------
Marissa Lee at The Strait Times reports that Pacific Andes
Resources (Pard), which defaulted on SGD200 million worth of
Singdollar bonds in January, is "highly likely" to have
overstated its assets, revenues and profits, according to a
letter to creditors.

ST relates that the letter from FTI Consulting, which is the
liquidator of Pard unit Pacific Andes Enterprises (PAE), has
alleged that PAE's largest asset -- prepayments exceeding US$700
million as at March 28 -- "cannot be genuine".

According to the report, PAE, which trades frozen seafood
products, was supposed to have used the prepayments to pay Solar
Fish Trading, an agent that purportedly dealt with Russian
fishing companies to supply fish to PAE.

But according to trade finance documentation from five banks for
periods from January 2013, all invoices of Solar Fish financed by
these lenders were paid to the same bank accounts that had been
previously alleged to be involved in "substantial circular fund
flows", FTI said, the report relays.

ST relates that since the funds were channelled this way, Solar
Fish could not have used the money from PAE to deal with Russian
fishing companies, FTI added in the letter, an update to
creditors on the status of the liquidation dated Dec 6.

It also noted that it is "highly likely that all or the majority
of the prepayment and sales recorded in the financial accounts of
the company are fictitious," relays ST.

"As such, it is apparent that material levels of revenue,
purchases, profit and assets reported by the company (PAE), and
consolidated in relevant holding companies, cannot be genuine."

In response to queries from ST, a Pacific Andes spokesman called
the letter a "vendetta" by FTI.

"These are largely old allegations that originated from an FTI
report which was written two years ago . . . the allegations
formed the basis of an application by HSBC for the appointment of
provisional liquidators before the Hong Kong High Court at the
end of 2015, and the court was totally unconvinced by the
allegations and dismissed the application," the report quotes
Mr. Geoff Walsh as saying.

The earlier FTI report had been commissioned by HSBC, after the
bank's risk team spotted certain "red flags" at parent company
Pacific Andes International Holdings, says ST. FTI said that most
of the payments it traced from Solar Fish went to Hangzhou
Investments, and from there to Parkmond Group, a unit of Pard,
rather than to Russian fishing firms, according to ST.

Separately, a draft report from PwC seen by ST also detailed how,
at the end of June last year, Pard had made about US$611 million
(SGD873.3 million) worth of prepayments to three Russian agents
without any formal documentation.

PwC had been engaged by Pard at the banks' behest in December
last year, ST notes.

Mr. Walsh added that Pard's independent directors have engaged
RSM Corporate Advisory to undertake a forensic review of the
allegations, but did not say when those findings are expected to
be published. Pard had earlier said that a draft report would be
out in September, says ST.

                       About Pacific Andes

Pacific Andes Resources Development Limited sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case
No. 16-12739) on September 29, 2016.  The petition was signed by
Ng Puay Yee, Annie (Jessie), executive chairman.

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

At the time of the filing, the Debtor estimated its assets at
$1 billion to $10 billion and debts at $100 million to $500
million.

The Debtor's case is not jointly administered with the case of
its affiliate China Fishery Group Ltd. (Cayman), which sought
Chapter 11 protection on June 30, 2016.


SKY TRAVEL: STB Revokes License as Travel Agency Closes
-------------------------------------------------------
The Singapore Tourism Board (STB), in accordance with the Travel
Agents Act (Chapter 334), a Notice of Revocation has been served
to Sky Travel & Tours Pte Ltd on Dec. 6, 2016, as the company has
ceased operations and is unable to fulfil its obligations towards
its customers.

In accordance with the TA Act, Sky Travel & Tours Pte Ltd will be
given until Dec. 27, 2016, to provide reasons against the
revocation of their travel agent licence, failing which the
revocation will take effect unless an appeal is submitted to the
Ministry of Trade & Industry (MTI).

STB said affected consumers should contact Sky Travel regarding
the status of their booking or to seek a refund.

"In the event that Sky Travel cannot be reached or fails to
provide the relevant service delivery or refund, consumers with
applicable travel insurance should approach their insurance
providers for assistance. Consumers who are not covered by travel
insurance can approach the Consumers Association of Singapore
(CASE) or the Small Claims Tribunal (SCT), where appropriate,"
STB said.

STB is looking into the matter and may consider taking further
action against Sky Travel and its directors, if necessary, STB
added.

"We take this opportunity to remind consumers to take
precautionary measures such as purchasing travel insurance upon
payment of the travel plans, and to pay by instalments instead of
making full payment. The travel insurance should provide coverage
for unforeseen events such as when a travel agent becomes
insolvent," STB said.

STB added that it adopts a serious view against errant travel
agents and will not hesitate to take necessary action to protect
consumers' interest and safeguard the reputation of Singapore's
tourism sector.



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


SAMSUN LOGIX: Court OKs Termination of Corporate Turnaround
-----------------------------------------------------------
Reuters reports that Korea Line Corp said the Seoul Central
District Court has approved its unit Samsun Logix Corporation's
termination of corporation turnaround process, on Dec. 8.

Based in Seoul, South Korea, Samsun Logix Corporation --
http://www.samsunlogix.com/eng/index.php-- owns and operates
ships worldwide. The company operates cape, panamax, handymax and
supramax, small handy, and POSCO size ships, as well as tankers.

Samsun Logix filed for bankruptcy protection in July 2015.



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


NATIONAL DEVELOPMENT: S&P Lowers ICR to 'B'; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings said that it lowered its long-term issuer
credit rating on National Development Bank PLC (NDB) to 'B' from
'B+'.  The outlook is stable.  S&P affirmed its short-term issuer
credit rating on the Sri Lanka-based bank at 'B'.

"The downgrade reflects our view that NDB's weakened capital
position is unlikely to improve over the next 12 months," said
S&P Global Ratings credit analyst Amit Pandey.  Accordingly, S&P
has lowered its assessment of the bank's stand-alone credit
profile (SACP) to 'b' from 'b+'.

"We now consider that NDB's capital and earnings profile has
become weak.  We had earlier expected the bank to raise capital,
which would strengthen its risk-adjusted capital (RAC) ratio to
above 5%, after it dropped to 4.9% as of Dec. 31, 2015.  But the
bank has been unable to do that.  Additionally, we believe that
the bank is unlikely to raise capital in the next six months,
given the recent changes in the top management and lack of any
progress on plans to raise any capital.  Therefore, we do not
expect the bank's RAC ratio to strengthen during this time," S&P
said.

S&P expects NDB to maintain its satisfactory business and revenue
diversification over the next 12 months.  In S&P's view, the bank
has an adequate risk position for its size and business scale.
However, the bank's aggressive growth and small branch network
has resulted in a below-average--albeit improved--funding
profile.

"The stable outlook over the next 12 months reflects our view
that NDB is relatively insulated compared to peers from potential
heightening of economic risks facing all financial institutions
operating in Sri Lanka," said Mr. Pandey.  "Although we expect no
rating movement in the next one year, rating upside will outweigh
downside risks over the longer term."

S&P sees limited downside to the rating on NDB in the next one
year.

S&P could upgrade NDB to 'B+' if it anticipates that the bank is
likely to maintain its RAC ratio above 5% or its funding profile
has improved to be in line with that of the overall industry.
Nevertheless, S&P considers both scenarios unlikely in the next
one year.




                             *********

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

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

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


                            *********


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

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

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

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

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



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