TCRAP_Public/161215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, December 15, 2016, Vol. 19, No. 247

                            Headlines


A U S T R A L I A

AMBRY INSTALLATIONS: First Creditors' Meeting Slated for Dec. 22
HUNTER PROJECT: First Creditors' Meeting Slated for Dec. 22
KUDOS AUSTRALIA: Owes AUD1 Million to Creditors
MESOBLAST LTD: MDACC to Fund Clinical Trial for Cancer Patients
NORFOLK ISLAND: Mutiny Brewing Against Australian Administrator

PAYLESS SHOES: To Close All 132 Stores by February 2017


C A M B O D I A

ACLEDA BANK: S&P Affirms 'B' ICR; Outlook Stable


C H I N A

KING & WOOD MALLESONS: In Merger Talks with Handful of Firms
WANDA COMMERCIAL: S&P Lowers CCR to 'BB+'; Outlook Negative


H O N G  K O N G

LIFESTYLE INTERNATIONAL: Moody's Assigns Ba1 CFR; Outlook Stable


I N D I A

A.S. CARGO: CRISIL Assigns B+ Rating to INR610MM Loan
AADHEESH TEXFAB: CARE Revises Rating on INR16.15cr Loan to 'BB-'
ACCORD PLUS: ICRA Hikes Rating on INR13cr Loan to 'B'
ADILABAD EXPRESSWAY: CARE Hikes Rating on INR291.76cr Loan to BB-
ARAWALI PHOSPHATES: ICRA Suspends B+ Rating on INR7.5cr Loan

AVADH COTTON: CARE Assigns B+ Rating to INR5.27cr Long Term Loan
BALAJI TRADING: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
C.A. VEGEFRUIT: CARE Assigns B+ Rating to INR14.37cr Loan to B+
DUDHEPUKUR COLD: CRISIL Suspends 'C' Rating on INR53.5MM Loan
EARTHCON UNIVERSAL: CRISIL Cuts Rating on INR1.0BB Loan to 'D'

GLOBAL FARM: CARE Ups Rating on INR14.48cr LT Loan to 'BB-'
GOOSE GLOBAL: CRISIL Suspends 'B' Rating on INR120MM Loan
GOPSONS PAPERS: CRISIL Cuts Rating on INR325MM Corp. Loan to 'D'
GREENLEAF TOBACCO: CRISIL Hikes Rating on INR150MM Loan to B-
GVK TRANSPORTATION: CARE Cuts Rating on INR334.65cr Loan to 'B'

HARI KRIPA: ICRA Reaffirms 'B' Rating on INR31cr LT Loan
HARIOM PULSES: ICRA Reaffirms 'B' Rating on INR9.32cr LT Loan
ICFAI UNIVERSITY: ICRA Reaffirms B+ Rating on INR8cr Loan
JALAN TRANSOLUTIONS: CRISIL Suspends B+ Rating on INR150MM Loan
K.M.M. FOODS: CARE Assigns 'D' Rating to INR5.66cr LT Loan

KARAM MULTIPACK: CRISIL Suspends B+ Rating on INR80MM Cash Loan
KBN GOLD: CRISIL Assigns 'B' Rating to INR98MM Cash Loan
KG FABRIKS: CARE Assigns 'C' Rating to INR13.33cr Long Term Loan
KRISHNA STEEL: CRISIL Assigns B+ Rating to INR40MM Loan
MANGAL MURTI: CARE Assigns 'B' Rating to INR8.36cr Long Term Loan

MARS PACKAGING: CARE Assigns 'B+' Rating to INR7.38cr LT Loan
MIRAJ METALS: ICRA Lowers Rating on INR13cr Cash Loan to 'D'
MITTAL INFRASTRUCTURE: CARE Assigns B+ Rating to INR6cr LT Loan
NNB ENGINEERS: ICRA Reaffirms B+ Rating on INR10cr Bank Loan
PARAS DYEING: ICRA Suspends B+ Rating on INR6.0cr Bank Loan

PARK SARVAMANGALA: CRISIL Suspends 'B' Rating on INR125MM Loan
PICCADILY HOTELS: CARE Reaffirms B+ Rating on INR171.01cr LT Loan
PRACHI INDIA: CRISIL Suspends 'B' Rating on INR140MM Cash Loan
PRADEEP UDYOG: CARE Revises Rating on INR10cr LT Loan to B+
PRO-ARC WELDING: CRISIL Reaffirms 'B+' Rating on INR25MM Loan

R.S. GREEN: CARE Lowers Rating on INR12.73cr LT Loan to 'D'
RAHUL URO: CRISIL Suspends B+ Rating on INR90MM Term Loan
RAJA RAJESWARI: CRISIL Suspends 'B' Rating on INR26.4MM LT Loan
RD FORGE: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
RELIABLE SPACES: ICRA Assigns B+ Rating to INR185cr Term Loan

SANEE INFRASTRUCTURE: CRISIL Assigns 'B' Rating to INR29MM Loan
SINGH CONSTRUCTION: CRISIL Suspends 'C' Rating on INR40MM Loan
SOPAN PAPER: CRISIL Suspends B+ Rating on INR71MM Term Loan
SRI HANUMA: ICRA Suspends B+ Rating on INR9.0cr Cash Loan
ST. LAWRENCE: CRISIL Suspends 'B' Rating on INR75.5MM LT Loan

SURAJ ISPAT: CARE Assigns B+ Rating to INR6.0cr Long Term Loan
TAKSH INFRASTRUCTURE: CARE Reaffirms B+ Rating on INR9cr LT Loan
TRISHAN METALS: CRISIL Suspends 'B' Rating on INR81.1MM Loan
VIRGO CEMENTS: CRISIL Suspends 'D' Rating on INR212.8MM Loan
WEB TECH: CRISIL Suspends 'D' Rating on INR65MM Cash Loan


M A L A Y S I A

1MALAYSIA: US Court Rejects Low Family to Claim Assets Seized


N E W  Z E A L A N D

NEW ZEALAND ASSOCIATION: Fitch Affirms BB+ Issuer Default Rating
VERITAS INVESTMENTS: Nosh Likely to Close by March Next Year


                            - - - - -


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A U S T R A L I A
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AMBRY INSTALLATIONS: First Creditors' Meeting Slated for Dec. 22
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ambry
Installations Pty Limited will be held at the offices of Joubert
Rubinstein, Level 7, 55 York Street, in Sydney, on Dec. 22, 2016,
at 10:00 a.m.

Neville Ralph Rubinstein of Joubert Rubinstein was appointed as
administrator of Ambry Installations on Dec. 14, 2016.


HUNTER PROJECT: First Creditors' Meeting Slated for Dec. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hunter
Project Services Pty Limited will be held at the offices of
PPB Advisory, Level 7, 8-12 Chifley Square, in Sydney, on
Dec. 22, 2016, at 11:00 a.m.

Andrew Scott and Mark Robinson of PPB Advisory were appointed as
administrators of Hunter Project on Dec. 12, 2016.


KUDOS AUSTRALIA: Owes AUD1 Million to Creditors
-----------------------------------------------
Michael Jenkin at CRN reports that Kudos Australasia has entered
administration owing almost AUD1 million to creditors.

Domenic Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed administrators on November 9, and it is understood
they are continuing to trade the company, CRN relates.

CRN says Kudos Australasia trades as Kudos Security Solutions and
was established in 1999 by director Andrew Christodoulou. The
company comprises two divisions: Kudos Security Solutions and
Kudos Audio Visual, offering a range of security products and
services including CCTV installations and servicing, 24-hour gym
access provision, audio visual systems and automation and building
management solutions.

Its website boasts partnerships with a bevy of physical security
and IT hardware vendors, including Hikvision, Synology,
PowerShield and Ubiquity Networks.

According to CRN, the company has a AUD95,000 outstanding bill
with CCTV distributor Central Security Distribution. A AUD5,100
debt is outstanding with Queensland ID security specialist Nxient,
according to a report to creditors. The bulk of Kudos' AUD750,000
is owed to electrical and communications contractor Stowe
Australia.

CRN relates that minutes of the first creditors' meeting, held on
November 21, were released by corporate regulator ASIC and
revealed that many suppliers of the company were continuing to
trade with Kudos, but that all post-appointment purchases and
company expenses were subject to approval by the administrators.
Mackay Goodwin's Ward also disclosed that the position of secured
creditors had not yet been verified.

It is understood the administrators discussed at least two
potential options: a deed of company arrangement or a sale of the
business, adds CRN.


MESOBLAST LTD: MDACC to Fund Clinical Trial for Cancer Patients
---------------------------------------------------------------
Mesoblast Limited announced that MD Anderson Cancer Center (MDACC)
in Texas and the United States National Institutes of Health (NIH)
will fund a clinical trial combining Mesoblast's two synergistic
proprietary technologies, Mesenchymal Precursor Cell (MPC)-based
expansion and ex-vivo fucosylation of hematopoietic stem cells
(HSCs) for cord blood transplantation in cancer patients.  The
trial will provide clinical data on whether the combination of
these two technologies synergistically facilitates more rapid cord
blood HSC engraftment for bone marrow transplant patients than can
be achieved by either technology alone.

The number of allogeneic bone marrow transplants performed
globally each year could be substantially increased beyond the
current 30,000, for cancer and non-cancer indications, if safe and
effective alternative sources of allogeneic HSCs are available,
such as cord blood, for patients who cannot find a matched donor.
Unfortunately, cord blood transplants are associated with
prolonged engraftment times due to insufficient numbers and
inadequate homing capacity of cord blood HSCs, adversely impacting
their clinical outcomes.  Combining Mesoblast's proprietary
technologies using MPC-based expansion plus ex-vivo fucosylation
of cord blood HSCs aims to overcome the two key limitations to
using cord blood for rapid, early engraftment and bone marrow
reconstitution in adult bone marrow transplant patients.  This
novel clinical strategy has the potential to significantly
increase the number of patients who can receive unrelated donor
transplants.

Previously, Mesoblast conducted a Phase 2 clinical trial which
demonstrated that transplantation of HSCs from MPC-expanded cord
blood resulted in a reduced engraftment time, from a median of 24
days for placebo-treated cells to a median of 15 days for co-
cultured cells.  Separately, another Phase 2 clinical study showed
that transplantation of fucosylated, but non-expanded, cord blood
HSCs also resulted in a reduced median engraftment time of 17
days.  More recently, preclinical results from a group led by Dr
Elizabeth J. Shpall, Director of the Cell Therapy Laboratory and a
Professor in the Department of Stem Cell Transplantation at MDACC,
where MPC-based expansion and ex vivo-fucosylation technologies
were combined, showed a very rapid engraftment time of
approximately seven days.

"Our data suggest that combining Mesoblast's MPC-based HSC
expansion and ex vivo fucosylation technologies may be the optimal
clinical strategy for rapid engraftment of cord blood transplants,
potentially making cord blood transplantation a real option for
many desperate patients who cannot find a suitable alternative,"
said Dr. Shpall.

The new trial of up to 25 patients, entitled 'Cord Blood Ex-vivo
MPC Expansion Plus Fucosylation to Enhance Homing and
Engraftment', is supported by a grant from the NIH National Cancer
Institute (NCI Grant R01 CA061508-19) and will be led by Dr Amanda
Olson, Assistant Professor, Department of Stem Cell
Transplantation and Dr Shpall at MDACC.  If the results of the
combination study are positive, Mesoblast's proprietary ex vivo-
fucosylation technology may be incorporated into the company's
Phase 3 program of MPC-expanded HSCs.

        About HSC Transplantation Treatment of Patients
                   with Advanced Blood Cancers

Many patients with advanced blood cancers, such as acute myeloid
leukemia, require a stem cell transplant to repopulate bone marrow
HSCs after treatment with high dose chemotherapy.  Patients
typically undergo transplant with blood stem cells taken from the
bone marrow or peripheral blood of a donor with a matched tissue
type.  However, it may be difficult to find a matched donor,
especially for patients who are part of a racial or ethnic
minority.

While transplants using cord blood-derived stem cells do not
require the same degree of donor matching as blood and marrow,
this approach has had limited success due to the low yield of stem
cells in cord blood and their reduced ability to localize within
the recipient's bone marrow.

               About Ex-Vivo Fucosylation Technology

Ex vivo fucosylation is the addition of the sugar fucose to
surface receptors on cells, including HSCs and mesenchymal lineage
stem cells.  This process modifies receptors on these cells by
adding carbohydrate or sugar sequences which allows them to be
recognized by and bound to their ligands present on endothelial
cells lining blood vessels in inflamed tissues and in human bone
marrow.  As a result, such modified cells demonstrate enhanced
homing properties to bone marrow or to tissues that are inflamed.
Mesoblast has exclusively licensed the ex-vivo fucosylation
technology, which was developed at the Harvard Medical School by
Dr Robert Sackstein, for use with HSCs and with allogeneic
mesenchymal lineage cells.  This cell targeting technology
resulted in engraftment of systemically infused human HSCs into
mouse bone marrow at a rate ten times that of unmodified human
HSCs.

                     About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.44 million in total
assets, $155.57 million in total liabilities and $509.87 million
in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


NORFOLK ISLAND: Mutiny Brewing Against Australian Administrator
---------------------------------------------------------------
Mark Willacy and Alexandra Blucher of the Australian Broadcasting
Corporation (ABC) report that the Australian administrator of
Norfolk Island, Gary Hardgrave, said his wife has been spat on and
his car egged by some pro-independence supporters, as the fight
for sovereignty of the tiny island descends into name-calling and
confrontation.

According to ABC, opponents of Canberra's takeover of the island
are accusing the Australian administration of wasting taxpayers'
money, favoring pro-Australian businesses and censoring the radio
station -- claims that Mr. Hardgrave has denied.

Australia abolished self-government on the island in June,
prompting protests from members of the British Parliament and a
leading human rights lawyer to approach the United Nations to
allow an act of self-determination, ABC relates.

But the Federal Government defends the takeover, saying Norfolk
was reliant on funding from Canberra and was unable to run basic
services such as the hospital, ABC says.

ABC notes that Norfolk's laws will be taken from New South Wales
and its residents will vote in the federal electorate of Canberra.

About half of the 1,400 people who live permanently on Norfolk
Island are descended from the Bounty mutineers and their Tahitian
wives whose families moved from Pitcairn Island in 1856, the
report discloses.

According to ABC, former chief minister Andre Nobbs, who is
descended from an old Pitcairn family, said Norfolk Islanders
wanted an official vote on the issue of the island's sovereignty.

"History is being rewritten around us about who we are and who we
were. Our political heritage has been completely erased. You
imagine all of those things happening to you as a people or a
nation."

However, another former chief minister, Mike King, disagreed and
said self-government failed and access to Medicare and other
services under Australian administration was a boon for the
isolated community.

"We put our hand up in 2010 for some funding from the Federal
Government, from the Australian taxpayers because we couldn't pay
our bills," ABC quotes Mr. King as saying.

"We were approaching insolvency, if not having already arrived at
that point of insolvency."

An internal Federal Government report, seen by ABC, suggests only
200 people on the island are "strongly opposed" to the takeover, a
figure rejected by pro-independence supporters.


PAYLESS SHOES: To Close All 132 Stores by February 2017
-------------------------------------------------------
Administrators to Payless Shoes Pty Limited, James Stewart, Jim
Sarantinos and Peter Gothard of Ferrier Hodgson announced on
Dec. 14, 2016, the planned closure of all 132 Payless Shoes stores
in Australia.

Administrator Jim Sarantinos said, "While we received a number of
expressions of interest from various parties, there were no
acceptable offers for the business as a whole."

While the closure process is progressed, the Administrators will
continue to work with interested parties and landlords to transfer
stores and employee contracts where possible.

Approximately 730 staff may be impacted, with all stores
anticipated to be transferred or closed sometime in
February 2017.

Mr. Sarantinos said this is a disappointing outcome for the
employees of Payless Shoes who have given loyal service to the
business over many years.

"We would particularly like to thank the Payless Shoes employees
for their support during the Administration process".

All employee entitlements will rank as priority unsecured claims
and are expected to be paid in full.

Employees across head office and stores have been briefed, and
will be provided with appropriate support by the Administrators.

Payless Shoes began in 1980 and grew its store network over the
next 3 decades. In 2013, after going into administration, the
business (around 150 stores) was sold to Payless ShoeSource in the
USA.

Payless Shoes Pty Ltd is one of Australia's largest independent
shoe retailers.

Ferrier Hodgson partners Jim Sarantinos, James Stewart, and Peter
Gothard were appointed Voluntary Administrators by the company's
board of directors on Nov. 22, 2016.



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C A M B O D I A
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ACLEDA BANK: S&P Affirms 'B' ICR; Outlook Stable
------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term and short-term
issuer credit rating on Cambodia-based ACLEDA Bank Plc.  The
outlook is stable.  At the same time, S&P affirmed its 'axBB-'
long-term and 'axB' short-term ASEAN regional scale ratings on
ACLEDA.

"The affirmed ratings on ACLEDA reflect our view that the bank
will maintain its strong market position, sound earnings
capability, above-average funding profile in Cambodia over the
next 12 months, despite rising challenges emanating from its rapid
credit expansion and potential downside risks from the country's
overheated property market," said S&P Global Ratings credit
analyst Nancy Duan.

In S&P's view, the financial profile of ACLEDA is likely to stay
resilient in the next one year, commensurate with its 'b+' stand-
alone credit profile.  Being the largest bank in Cambodia, ACLEDA
has been able to keep its dominant market shares in domestic loans
and deposits through robust balance sheet growth.  While the fast
credit expansion supports the bank's strong market position and
sound bottom-line performance, S&P believes it also continues to
pose challenges to the bank's risk management as demonstrated by
its moderate risk position assessment.  S&P expects marginal
increase in NPL ratio and credit cost for ACLEDA in its forecast
12-month period.  However, the bank will continue to outperform
the industry on asset quality, in S&P's opinion.

S&P believes the accumulating economic imbalances in the Cambodian
banking sector, as a result of several years of unrestrained loan
growth and rising exposure to a risky real estate sector, could
become a material downside risk for local banks in the medium
term, with ACLEDA not entirely shielded.  In S&P's view, a
potential sharp correction in the local property market may expose
ACLEDA to some negative spill-over effects, given the vulnerable
depositors' confidence in Cambodia.  A sharp property market
correction is not part of S&P's base-case scenario though.  The
direct impact from such a market correction on ACLEDA is likely to
be limited because of the bank's prudent lending practices toward
the real estate sector (real estate credit accounts for 6.8% of
gross loans as of December 2015).

"The stable outlook reflects our expectation that ACLEDA will
maintain its financial profile in next 12 months despite high loan
growth as sound profitability and still low credit costs offsets
downside risks to its moderate capital position," Ms. Duan said.

S&P also anticipates that the bank's large retail deposit base
will help it to sustain its above-average funding profile.  While
S&P foresees rising risks of economic imbalances in the Cambodian
banking sector, stemming from rapid credit expansion and soaring
property prices, S&P expects the direct negative impact on
ACELDA's financial profile to be limited in its base case.  The
outlook on ACLEDA also reflects S&P's outlook on the sovereign
credit rating on Cambodia.

S&P does not expect the ratings on ACLEDA to change in the
forecast 12-month period.



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C H I N A
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KING & WOOD MALLESONS: In Merger Talks with Handful of Firms
------------------------------------------------------------
Tabby Kinder, writing for TheLawyer.com, reported that King & Wood
Mallesons has confirmed it has received a number of "indicative
purchase offers" and is now "entering into detailed discussions
with a small number of parties".

Thomas Connelly, writing for LegalCheek.com, reported that the
firm entered into merger talks after its bank lender, Barclays,
had taken out additional security against the firm's assets,

According to the LegalCheek.com report, KWM released a statement
saying: [P]leased to confirm that it has received a number of
indicative purchase offers.  The management team and its financial
advisers have reviewed these and are now entering into detailed
discussions with a small number of parties."

The firm said it will not be commenting further given the
confidential nature of the discussions.  A further announcement
will be made once discussions have been completed.

According to LegalCheek.com, KWM is in discussions for a potential
merger with Dentons.  The report said Dentons is reportedly
interested in acquiring KWM's entire European arm.

LegalCheek.com also said other rumored suits are DLA Piper,
Greenberg Traurig and Winston & Strawn.

The LegalCheek.com report recounted that KWM in November revealed
that a planned GBP14 million partner-funded lifeline to cover its
debts had not been given the go-ahead. Initially put on hold due
to several high profile partner resignations, KWM eventually
confirmed that the "planned recapitalisation program" had failed.
According to a statement released at the time, KWM will now be
considering "a range of strategic options," including the
possibility of a merger.

The law firm of King & Wood Mallesons -- http://www.kwm.com/--
has 2,700 lawyers across more than 30 international offices.  It
claims to be the only firm in the world able to practice PRC, Hong
Kong, Australian, English, US and a significant range of European
and Middle Eastern laws.


WANDA COMMERCIAL: S&P Lowers CCR to 'BB+'; Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Dalian Wanda Commercial Properties Co. Ltd. to 'BBB-' from
'BBB'.  The outlook is negative.  At the same time, S&P lowered
its long-term corporate credit rating on Wanda Commercial
Properties (Hong Kong) Co. Ltd. (Wanda HK) to 'BB+' from 'BBB-'.
The outlook is negative.

S&P also lowered the issue rating on the outstanding senior
unsecured notes that Wanda HK guarantees to 'BB' from 'BB+'.  In
addition, S&P lowered its long-term Greater China regional scale
rating on Wanda Commercial to 'cnBBB+' from 'cnA-', as well as
that on Wanda HK to 'cnBBB' from 'cnBBB+', and on the notes to
'cnBBB-' from 'cnBBB'.

"We downgraded Wanda Commercial because its leverage has
deteriorated and will likely remain high over the next one to two
years," said S&P Global Ratings credit analyst Matthew Kong.  "The
company's capital expenditure, including expenses for land
acquisitions, construction, and new investments, exceed our
previous expectations."

Wanda Commercial's strategy to transition into a more asset-light
business model is progressing slowly and asset sales have been
limited, in S&P's view.  S&P anticipates that the company's
financial leverage will increase, with a ratio of debt to EBITDA
of 5.0x-6.0x for the next 12-18 months, from about 4.5x in
December 2015.

"We also lowered the rating on Wanda HK in tandem with that on its
parent, Wanda Commercial.  Wanda HK is the key offshore investment
holding company and financial platform for Wanda Commercial.  The
rating on Wanda HK is one notch lower than that on its parent to
reflect the company's highly strategic status to the parent
group," Mr. Kong said.

The negative outlooks on both ratings reflect uncertainty on Wanda
Commercial's proposed listing on a mainland stock exchange.  In
S&P's view, the company's independence from the Dalian Wanda
Group, including its business and financial separation,
independence of decision-making and governance could weaken over
time if the IPO does not materialize.  The visibility of Wanda
Commercial's asset-light transition strategy is also limited,
which may cause the company to undertake a more aggressive
financial policy.

"We believe Wanda Commercial's asset-light business transition
carries a high degree of uncertainty and execution challenges,"
Mr. Kong said.  The company has an ambitious pipeline of opening
about 50 new malls each year, and the degree to which it would
self-fund these projects is uncertain, in S&P's view.

During the business transition, the company's financial leverage
should weaken as the robust growth in rental income of 20% a year
is unlikely to offset lower cash flow generation from annual
contracted sales of about Chinese renminbi (RMB) 100 billion and
high annual capital spending of about RMB120 billion-
RMB140 billion.  Capex includes construction costs, land premium
payments, and investment spending.

The company's privatization from the Hong Kong Stock Exchange
weakens its transparency and disclosure, in S&P's view.  However,
S&P expects Wanda Commercial's status as a private company to be
temporary as the company is seeking a public listing on a mainland
stock exchange.

According to the company, it purposely maintains a governance
structure that resembles that of a publicly listed company.  This
includes having independent directors on its board, maintaining a
supervisory committee, and ensuring the adequate protection and
fairness of all stakeholders, including minority interests, and
onshore and offshore creditors.  Given Wanda Commercial's listing
application, S&P also expects the company to maintain an arms-
length relationship with Dalian Wanda Group, including separation
of financials, cash flows, and business operations.

S&P sees a risk that Wanda Commercial's independence could weaken
over time if it remains a private company.  In such a scenario,
decisions could favor Dalian Wanda Group at the expense of other
stakeholders or result in cash leakage to the parent group
company.

The negative outlook on Wanda Commercial reflects the uncertainty
on the company's proposed listing on a mainland stock exchange.
In S&P's view, Wanda Commercial's independence from the group and
governance could weaken over time if it remains a private company.
The visibility of Wanda Commercial's asset-light transition
strategy is also limited, and may cause the company to undertake a
more aggressive financial policy.

The negative outlook on Wanda HK reflects the outlook on Wanda
Commercial and Wanda HK's highly strategic status to the parent.

S&P could lower the rating on Wanda Commercial if the company does
not relist on a mainland stock exchange within the next 18-24
months, such that S&P believes its governance standards have
weakened and the increase in business and financial integration
with Wanda Group have weakened its credit profile.

S&P may also downgrade Wanda Commercial if its information quality
and disclosures weaken.  S&P could also lower the rating if the
company's debt-funded expansion is more aggressive or its earnings
are weaker than S&P anticipates.  This could happen if Wanda
Commercial's transformation to an asset-light business model is
delayed while the company continues to expand its property
portfolio.  A debt-to-EBITDA ratio significantly above 6x or
EBITDA interest coverage below 2.0x could indicate such a
weakness.

S&P could downgrade Wanda HK if S&P lowers the rating on Wanda
Commercial.

S&P may change revise the outlook to stable if the company's asset
sales materialize and the visibility for an IPO improves.  At the
same time, the company should maintain stable earnings growth and
debt control such that its ratio of debt-to-EBITDA remains at
about 5.5 and EBITDA interest coverage is materially above 2.5x.

S&P could revise the rating outlook on Wanda HK to stable if S&P
takes a similar action on Wanda Commercial.



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H O N G  K O N G
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LIFESTYLE INTERNATIONAL: Moody's Assigns Ba1 CFR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Lifestyle International Holdings Limited and has
withdrawn the company's Baa3 issuer rating.

At the same time, Moody's has downgraded to Ba2 from Baa3 the
senior unsecured ratings on the notes issued by LS Finance (2017)
Limited, LS Finance (2022) Limited and LS Finance (2025) Limited.
These notes are guaranteed by Lifestyle.

The ratings outlook is stable.

These actions conclude Moody's review for downgrade initiated on
Nov. 25, 2016.

                         RATINGS RATIONALE

"The downgrade of Lifestyle's ratings reflects the deterioration
in the company's credit profile as a result of its new development
project in Kai Tak," says Gloria Tsuen, a Moody's Vice President
and Senior Analyst.

The new project, an office-cum-retail complex that houses a new
SOGO department store, is estimated to cost around HKD14 billion
(including HKD7.4 billion in land premium), and is sizable when
compared with the company's total assets of HKD28 billion at end-
June 2016.

Upon completion, the store will reduce Lifestyle's reliance on the
existing flagship SOGO store in Causeway Bay, which accounts for
over 90% of total revenues and cash flows.

However, during the construction phase, the project will also
increase the company's debt, erode its cash and financial asset
buffer, and increase its business and development risks over the
next 5-6 years.

Moody's expects Lifestyle's adjusted total debt/EBITDA will be
around 5x-6x in the next two years, but its leverage could be
higher if the company decides to borrow more in order to keep more
cash on hand.  The company's adjusted total debt/EBITDA was 4.3x
at end-2015.

Notwithstanding this high gross debt leverage, Moody's estimates
that Lifestyle's net debt will increase to around HKD10-11 billion
in 2017 and 2018 from HKD3 billion in 2015, and net debt/EBITDA
will rise to around 4.5x-5.0x from 1.0x in 2015.  At the same
time, the company's adjusted retained cash flow/net debt --
including 50% of listed short-term financial assets -- will
decline to 5%-10% from 36% in 2015.

These levels of net debt more appropriately position the company's
corporate family rating at the Ba level.

The Ba1 rating reflects Lifestyle's established operating track
record.  The company's revenue was up by 3.8% and down by 3.0% in
2015 and 1H 2016 compared with the Hong Kong's overall retail
sales which declined by 3.7% and 10.5% over the periods.

The Ba1 rating also factors in the company's resilient cash flows,
driven by (1) the store's prime location; (2) the company's active
management of concessionaires and product mixes; (3) its low
inventory risk; and (4) strong customer loyalty.

On the other hand, the rating remains constrained by Lifestyle's
scale and high business concentration risk in its flagship store.

Lifestyle's liquidity is adequate.  It had HKD6.3 billion in cash
and HKD4.4 billion in short-term financial assets at end-June
2016.  In addition, it has capacity under its HKD8 billion secured
syndicated bank facility, which remains largely unused.  These
funding sources will be enough to cover the HKD7.4 billion Kai Tak
land premium, $500 million in bonds due in January 2017, and
HKD2.3 billion in other short-term debt.

The company can also fund the construction costs that will start
in 2017 with existing cash and bank lines, but it may also arrange
another bank facility to maintain more liquidity.

Moody's has notched down the senior unsecured debt rating on
Lifestyle's notes from the corporate family rating.  This is due
to the subordination risk arising from the company's higher level
of secured debt, which will represent around 60% of total debt as
of end-2017.

Moody's points out that the high levels of secured debt reduce the
financial flexibility of the company.

The stable outlook reflects Moody's expectation that the company
will (1) maintain its net debt leverage of around 4.5x, and (2)
manage cautiously the risks of delays and cost overruns of the Kai
Tak project.

An upgrade of the ratings in the near term is unlikely, given the
moderately high net debt leverage.

However, upward rating pressure could emerge if Lifestyle (1)
increases its scale while maintaining stable revenue and profit
growth, (2) increases its financial flexibility by reducing its
secured debt, and (3) improves its debt leverage.

Credit metrics indicative of upward rating pressure include
adjusted net debt/EBITDA declining below 3.0x-3.5x, and adjusted
RCF/net debt -- including 50% of listed short-term financial
assets -- rising above 25%, both on a sustained basis.

The ratings would be downgraded if (1) the company's liquidity,
profitability or cash flows from its Hong Kong stores deteriorate,
or (2) its financial profile deteriorates further due to delays
and/or cost overruns in the Kai Tak project.

Credit metrics indicative of downward rating pressure include
adjusted net debt/EBITDA above 5.0x beyond 2017 or adjusted
RCF/net debt -- including 50% of listed short-term financial
assets -- falling below 5%.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Listed on the Hong Kong Stock Exchange in 2004, Lifestyle
International Holdings Limited is a Hong Kong-based retail
operator that focuses on mid- to upper-end department stores.  At
end-2015, the company operated two SOGO stores in Hong Kong and
three Jiuguang stores in China.  The company completed the spin-
off of its China operations, Lifestyle China Group Limited
(unrated), in July 2016.



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


A.S. CARGO: CRISIL Assigns B+ Rating to INR610MM Loan
-----------------------------------------------------
CRISIL has revoked the suspension of its rating on bank facility
of A.S. Cargo Movers Private Limited and assigned its 'CRISIL
B+/Stable' rating to the long-term bank facility. CRISIL had
suspended the rating vide its rating rationale dated May 19, 2016,
as ASCM had not provided necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign its rating to the bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Lease Rental
   Discounting Loan       610        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects modest scale of operations, below-average
financial risk profile and exposure to cyclicality in economy.
These rating weaknesses are partially offset by the promoters'
extensive experience in the logistic business.
Outlook: Stable

CRISIL believes that ASCM will continue to benefit from the
extensive experience of the promoters in the logistics business.
The outlook may be revised to 'Positive' if the company is able to
successfully scale up its operations and strengthen its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if any large debt-funded capital expenditure, or unexpected
cancellation in warehouse contracts leads to lower occupancy, and
weakens business risk profile.

ASCM, established in 1992, operates warehouses in several
industrial regions in Tamil Nadu and Karnataka to meet the
requirements of customers. Mr Amar Rahman and his family are the
promoters.


AADHEESH TEXFAB: CARE Revises Rating on INR16.15cr Loan to 'BB-'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Aadheesh Texfab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.15      CARE BB-, Stable

Rating Rationale

The revision in the rating assigned to bank facilities of Aadheesh
Texfab Private Limited (ATPL) takes into account the growth in the
operating income and cash accruals along with improvement in
capital structure and debt coverage indicators and improved
working capital cycle during FY16 (refers to the period April 1 to
March 31).

The rating however, continues to be constrained by the modest
scale of operations in the highly fragmented and competitive grey
fabric manufacturing industry, susceptibility of operating margins
to fluctuation in raw material prices, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations.  The rating continues to benefit
from experience of promoters and operational support from group
entities.

The ability of ATPL to achieve envisaged sales growth and improve
profitability and capital structure amidst intense competition
along with efficient management of working capital requirement are
the key rating sensitivities.

Incorporated in 2012 by Mr. Vijay Bhandari and Mr. Chintan Patel,
Aadheesh Texfab Private Limited is engaged in manufacturing of
grey fabric for domestic market. At present, the company has 16
looms with capacity to manufacture 80,000 metres of grey fabric
per month. Its facility is located at Dahiwad, Shirpur, Dhule.
ATPL is a part of Deesan group, which has been in the business of
textile since 1996 and have several companies operating under it
and has presence in all segments of cotton textile starting from
cultivation of cotton to manufacturing of garments. ATPL's plant
is established under the "Group Work Shed Scheme" (Scheme of
Integrated Textile Park of Ministry of Textile, the Government of
India) promoted by Deesan Infrastructure Private Limited (part of
Deesan group and rated CARE BB). GWSS consist of several SSI units
within, which will provide job-work services only to ATPL.

During FY16, ATPL has posted total operating income of INR80.15
crore (vis-a-vis INR15.20 crore in FY15) with PAT of INR0.46 crore
(vis-a-vis net loss of INR0.02 crore in FY15). Moreover, the
company has posted revenue of INR43 crore for the period April
2016 to September 2016.


ACCORD PLUS: ICRA Hikes Rating on INR13cr Loan to 'B'
-----------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR13.00-
crore1 term loan and the INR5.00-crore cash credit facility of
Accord Plus Ceramics Private Limited to [ICRA]B+ from [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based Term Loan    13.00      Revised from [ICRA]B
                                      to [ICRA]B+

   Fund-based Cash Credit   5.00      Revised from [ICRA]B
                                      to [ICRA]B+
   Non-fund Based Bank
   Guarantees               2.30      [ICRA]A4 reaffirmed

ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the
INR2.30-crore non-fund based bank guarantee facility of APCPL.
The upgrade in ratings takes into account the long experience of
the key promoters of Accord Plus Ceramic Private Limited (APCPL)
in the ceramic industry as well as the marketing support from the
group company, which is involved in a similar line of business.
The ratings also take note of the favourable location of the
company's plant, with respect to raw material procurement, and the
satisfactory ramp-up in the scale of operations in the first full
year.

The ratings, however, continue to be constrained by APCPL's modest
scale of operation and stretched liquidity position caused by high
debtor outstanding in FY2016. However, higher payables give
comfort to its working capital cycle to some extent. The ratings
are further constrained by the stretched capital structure as
evident from the high gearing level due to the debt-funded capex
and modest coverage indicators in FY2016. Furthermore, the ratings
take into account the highly competitive nature of the ceramic
tile industry and the vulnerability of APCPL's profitability to
the cyclicality associated with the real estate industry, which is
expected to be mitigated by its growing export volume. ICRA also
notes APCPL's susceptibility to fluctuations in raw material and
fuel prices. The recent announcement of reduction in piped natural
gas (PNG) prices would have a favourable impact on profitability
in the near term, as gas is the major fuel source for ceramic
players.

In FY2017, ICRA expects APCPL's operating income to grow at a
healthy pace, in anticipation of increase in export volumes and
optimum utilisation of its production capacity. Furthermore, the
operating profitability would remain healthy due to savings in
fuel costs as gas prices are expected to fall in the current
fiscal and increase in usage of coal-generated gas. APCPL's
capital structure is also expected to improve resulting in gradual
repayment of debt obligations. However, any delay in realisation
and increase in inventory to support the growing scale of
operations will impact the company's working capital intensity.

Accord Plus Ceramics Private Limited, established in 2013, is a
private limited company promoted by Mr. Khimjibhai Saidva and his
relatives and friends. The company started manufacturing digitally
printed ceramic wall tiles from April 2015. The manufacturing
facility is in Morbi, Gujarat, and has an installed capacity to
produce 2.50 lakhs boxes of ceramic wall tiles per month in sizes-
12"X12", 12"X18", 12"X24" and 10"X30". In FY2017, the installed
capacity increased to 4.00 lakhs boxes per month after a new kiln
became operational in April 2016.

The promoters of the company have a long experience in the ceramic
industry and are associated with the group company, Accord
Ceramics Private Limited. Directors Mr. Kishorbhai Saradava, Mr.
Bharatbhai Saidava, Mr. Narbherm Patel, Mr. Khimjibhai Saidva and
Mr. Jay Saidva manage the operation of the company.

Recent Results

In FY2016, APCPL reported an operating income of INR28.13 crore
and a net profit of INR0.01 crore.


ADILABAD EXPRESSWAY: CARE Hikes Rating on INR291.76cr Loan to BB-
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Adilabad Expressway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    291.76      CARE BB-; Stable
                                            Revised from CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Adilabad Expressway Private Limited takes into account continued
improvement in liquidity position of the company at the back of
timely receipt of annuities due from National Highways Authority
of India (NHAI), part tie-up of funds required for first major
maintenance (MM) cycle and company having entered into fixed MM
contract with its sponsor; Soma Enterprise Limited (SEL). The
rating however continues to be constrained by thin debt coverage
indicators, Operations and Maintenance (O&M) risk with absence of
Major Maintenance Reserve Account (MMRA), interest rate risk,
absence of Debt Service Reserve Account (DSRA) The rating is,
however, underpinned by the experienced promoter, continued
liquidity support towards the project and envisaged additional
funding support to meet the major maintenance expenses and low
credit risk of annuity provider.

The ability of the company to bring in timely sponsor support to
fund the major maintenance expenses, timely receipt of annuities,
completion of first major maintenance cycle within the estimated
cost and time frame, manage interest rate risk and/or occurrence
of force majeure events are viewed as the key rating
sensitivities.

AEPL is a special purpose vehicle (SPV) promoted by Soma
Enterprise Limited (87.99% holding) for the design, construction,
development, finance, operation and maintenance of a 55 km road
stretch on NH-7 on a build, operate and transfer (BOT) Annuity
basis. The scope of work involves developing the 55 km road
stretch to four-lane divided carriageway standards including
strengthening of the existing two lane road. The project is
located in Andhra Pradesh (close to the AP Maharashtra border) and
is part of the North-South Corridor of National Highways
Development Project (NHDP) - Phase 2. The concession term is 20
years starting from November 2007 (including a two year
construction period).  Against a scheduled commercial operation
date (COD) of November 2009, the project had achieved provisional
COD for the complete stretch in June 2010. AEPL is entitled to an
annuity of INR62.96 crore payable semi-annually.

However, on account of the delayed commissioning, the project cost
has increased by INR48.02 crore which has been funded by the short
term debt of INR24 crore and balance by means of unsecured loans
from Soma Enterprise Limited. SEL's subsidiary STL which currently
holds 67% in AEPL plans to acquire entire stake in AEPL which is
pending Shareholder's and NHAI approval. Furthermore, J.P Morgan,
which has acquired 26% stake in Soma Tollways Private
Limited (STL) shall act as a strategic investor for AEPL.

During FY16 (refers to the period April 1 to March 31), the
company registered total operating income of INR63.46 crore
(INR63.23 crore in FY15) with profit of INR0.15 crore (net loss of
INR3.72 crore in FY15).


ARAWALI PHOSPHATES: ICRA Suspends B+ Rating on INR7.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.50
crore bank facilities of Arawali Phosphates Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AVADH COTTON: CARE Assigns B+ Rating to INR5.27cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Avadh
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.27      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Avadh Cotton
Industries are primarily constrained on account of its financial
risk profile marked by thin profit margins, leveraged capital
structure, moderate debt coverage indicators and working capital
intensive nature of operations during FY16 (refers to the period
April 1, 2015 to March 31, 2016).

Furthermore, the ratings are also constrained on account of its
presence in a highly fragmented industry with constitution
as a partnership firm, seasonality associated with cotton
availability and susceptibility of margins to cotton price
fluctuations and prices and supply for cotton are highly regulated
by the government.

The rating, however, derive comfort from the experienced partners
and proximity to the cotton growing area of Gujarat.

Going forward, ACI's ability to increase its scale of operations
with improvement in profitability, capital structure, and
debt coverage indicators along with better working capital
management will be the key rating sensitivity.

Jamnagar-based (Gujarat) ACI, a partnership firm, was constituted
in January 2014. The key partners of the firm are Mr. Bharat
Vaishnav, Mr. Rohit Sitapara, Mr. Parshotam Vaishnav, Mr. Rasik
Vaishnav and Mr. Jaydeep Sapovadia. The firm is engaged in the
cotton ginning and pressing of raw cotton with an installed
capacity of 12600 metric tonnes per annum (MTPA) of cotton bales
as on March 31, 2016.

As per the audited results for FY16 (refers to the period April 1
to March 31), ACI reported a TOI of INR35.34 crore with a PAT of
INR0.04 crore as compared with TOI of INR21.52 crore and PAT of
INR0.02 crore in FY15. During 6MFY17 (Provisional), ACI has
achieved a turnover of INR10 crore.


BALAJI TRADING: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Balaji
Trading Co. Rajkot.

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

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

BTC, based in Rajkot (Gujarat), trades in cotton bales, cotton
seeds, and oil cake. The firm was formed as a proprietorship firm
in 2013 by Ms. Manishaben P Kakadiya and managed by Mr. Parvin
Kakadiya (husband of Ms. Kakadiya).


C.A. VEGEFRUIT: CARE Assigns B+ Rating to INR14.37cr Loan to B+
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of C.A. Vegefruit
Stores.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.37      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of C.A. Vegefruit
Stores is constrained by its limited track record & small
scale of operations and weak debt coverage indicators. The rating
is further constrained by seasonality of business with
susceptibility of margins to vagaries of nature, CAVS's presence
in a highly competitive and fragmented nature of industry
with high level of government regulation as well as the
constitution of the entity being a proprietorship firm.

The rating, however, derives strength from the experience of the
promoter along with healthy profitability margins, comfortable
capital structure and positive outlook for the cold storage
industry Going forward, the ability of the firm to profitably
scale-up its operations and improve the overall solvency position
would remain the key rating sensitivities.

Mohali-based (Punjab), C.A. Vegefruit Stores, is a proprietorship
concern established in June, 2010 by Mr. Rajiv Malhotra. However,
the firm commenced its commercial operations in January, 2015.
Currently, the firm is engaged in providing cold storage facility
for fruits and vegetables at its warehouse located in Mohali,
Punjab. The warehouse of the firm consists of 31 rooms of which 28
are controlled automated rooms having installed storage capacity
of 5,300 metric tonnes per annum as on August 26, 2016. The firm
caters to various traders of fruits and vegetables located in
nearby region of Mohali, Punjab. CAVS plans to establish the firm
as integrated cold chain by engaging in procurement, cold storage
and distribution of agricultural products like cabbage, lemon,
pomegranate, apples etc. For this, the firm will purchase the
fruits and vegetables directly from the farmers wherein apples
will be procured from Himachal Pradesh & Jammu & Kashmir,
pomegranate from Maharashtra, lemon, carrot and ginger from Andhra
Pradesh, Uttar Pradesh and Karnataka respectively. CAVS will sell
these fruits and vegetables to wholesalers in the local market.

In FY16 (Provisional; refers to the period April 1 to March 31),
CAVS has achieved a total operating income of INR3.09 crore with
PAT of INR0.49 crore, as against the total operating income of
INR0.93 crore with PAT of INR0.21 crore in FY15.


DUDHEPUKUR COLD: CRISIL Suspends 'C' Rating on INR53.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dudhepukur Cold Storage Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.8       CRISIL A4
   Cash Credit            53.5       CRISIL C
   Proposed Long Term
   Bank Loan Facility     29.4       CRISIL C
   Term Loan              40         CRISIL C
   Working Capital Loan    6.2       CRISIL C

The suspension of ratings is on account of non-cooperation by
DCSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DCSPL is yet to
provide adequate information to enable CRISIL to assess DCSPL'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, DCSPL operates a cold storage unit
(primarily for storing potatoes) in Bankura (West Bengal). The
unit started its operations from February 2012.


EARTHCON UNIVERSAL: CRISIL Cuts Rating on INR1.0BB Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Earthcon Universal Infratech Pvt Ltd (EUIPL; part of
the Earthcon group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Rupee          250       CRISIL D (Downgraded from
   Term Loan                         'CRISIL BB/Stable')

   Rupee Term Loan        1000       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects delays in servicing the interest
payment on the term loan, mainly due to weak liquidity. The
slowdown in demand has impacted new sales, whereas, slippages in
collections from sold inventory, further widened the cash flow
mismatch.

In addition to the weak liquidity, the company remains exposed to
cyclicality inherent in the Indian real estate sector. The rating
continues to reflect the company's long track record in executing
residential projects.

EUIPL was incorporated on October 9, 2009 as Zayat Infratech Pvt
Ltd. Further on March 29, 2010, it was renamed as Earthcon
Universal Infratech Pvt Ltd. The Greater Noida Industrial
Development Authority (GNIDA), through a bid system, allotted a
plot of land in Sector-I, Greater Noida measuring 65,330 sq.
metres, to a three-member consortium, comprising Universal
Construction Company (a partnership firm), Earthcon Construction
Pvt Ltd and Omaxe Ltd. A special purpose entity, named EUIPL was
formed for developing the plot of land, with a shareholding ratio
of 46:44:10, respectively. Omaxe subsequently transferred its
shareholding to other shareholders.

The Earthcon group, promoted by Mr Shabad Khan, constructs
residential and commercial apartments in northern India. Since
inception, the group has delivered various projects, including
villas, cottages, and apartments in Delhi, Noida, Lucknow, and
Moradabad (all in UP) and Nainital (Uttarakhand).


GLOBAL FARM: CARE Ups Rating on INR14.48cr LT Loan to 'BB-'
-----------------------------------------------------------
CARE reaffirms/revises the raitngs assigned to the bank facilities
of Global Farm Fresh Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.48      CARE BB-;Stable
                                            Revised from CARE B+

   Short-term Bank Facilities     2.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Global Farm Fresh Private Limited take into account improvement in
the overall financial risk profile of the company as reflected in
increase in the company's total operating income, improvement in
profitability margins, debt coverage indicators and working
capital cycle in FY16 (refers to period April 1 to March 31). The
ratings continue to derive strength from experienced promoter,
location advantage and healthy demand outlook for processed food.

The ratings are, however, constrained by the limited track record
and relatively small scale of operations, leveraged capital
structure albeit marginal improvement, working capital nature of
business and presence in highly competitive and fragmented food
processing industry.

The ability of the company to increase its scale of operations,
profitability margins and improve its capital structure are the
key rating sensitivities.

Global Farm Fresh Private Limited was incorporated in 2010 and
promoted by Mr. Umapathi and his relatives. The company is engaged
in processing of mango pulp, papaya pulp, guava pulp and
pine apple pulp. The company procures its entire raw material
(fruits and vegetables) from the local market i.e., from local
farmers and dealers. GFFPL sells its products in Andhra Pradesh,
Maharashtra, Telangana, Tamil Nadu and Karnataka. The company
started commercial operations from May 2012.

During FY16, GFFPL has reported a total operating income of
INR50.03 crore (Rs.42.68 crore in FY15) and a PAT of INR0.86 crore
(INR0.12 crore in FY15). Furthermore, the company has achieved
sales of INR31 crore during 7MFY17.


GOOSE GLOBAL: CRISIL Suspends 'B' Rating on INR120MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Goose
Global Agri Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility      120         CRISIL B/Stable

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

GGAPL, incorporated in December 2012, at Bapatla (Andhra Pradesh),
trades cotton. The company commenced its operations in April 2013
and is promoted by Mr. Vinayak Koteshwar, Mr. Srinivas Babu and
Mr. A Subramaniyam.


GOPSONS PAPERS: CRISIL Cuts Rating on INR325MM Corp. Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gopsons Papers Limited to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             160       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Corporate Loan          325       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Export Packing Credit    50       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan               186       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects overdrawals in the cash credit limit for
more than 30 days, on account of devolvement of letter of credit.
Lack of timely realisation of payments from customers weakened
liquidity, and led to a delay in repayment of the term loan.

The ratings also reflect the weak financial risk profile, marked
by the below-average debt protection metrics, and the large
working capital requirement and low cash accrual. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the publishing industry.

GPL is a printing and publishing house, providing type setting,
pre-press, printing, and post-press services to international and
national publishers. The company was incorporated in 1986, by
promoter, Mr. Sunil Goyal and his family, which has been engaged
in the printing business since 1950. The product portfolio
includes fiction and non-fiction books, course books, and
holograms. Plants are located at Noida and Sivakasi (Tamil Nadu).
Operations are now managed by Mr Sunil Dutt Goel.


GREENLEAF TOBACCO: CRISIL Hikes Rating on INR150MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Greenleaf Tobacco Threshers Ltd to 'CRISIL B-/Stable' from 'CRISIL
C'.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit      150      CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

The upgrade reflects timely servicing of the long-term loan since
the last 6 months ended November 2016 through promoters' funding
support and the same is expected to continue over the medium term
to meet any obligations.

The rating reflects Greenleaf's large working capital requirement
and susceptibility to volatility in tobacco prices and foreign
exchange rates. The rating also factors in exposure to intense
competition and regulatory risks in the tobacco industry. These
weaknesses are partially offset by promoters' extensive experience
in the tobacco industry and established relations with customers.
Outlook: Stable

CRISIL believes Greenleaf will continue to benefit from the
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue and
profitability, leading to rise in net cash accrual, and
consequently, a better financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of further deterioration in revenues and margins or large
debt-funded capital expenditure or a stretch in working capital
cycle.

Greenleaf was set up in 1985 as a private limited company by Mr
Shyamsundara Rao and his family, and was reconstituted as a
closely held public limited company in 1990. The company processes
tobacco leaves and is based in Guntur (Andhra Pradesh).


GVK TRANSPORTATION: CARE Cuts Rating on INR334.65cr Loan to 'B'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
GVK Transportation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    334.65      CARE B; Stable
                                            Revised from
                                            CARE BB (SO)

   Short term Bank Facilities    30.00      CARE A4 Revised from
                                            CARE A4 (SO)

Rating Rationale

CARE has assessed the company on a standalone basis due to
weakening of financial profile of the guarantor which no longer
provides any credit enhancement. The rating revision factors in
capital commitments of the company towards ongoing road projects,
eroded networth on account of accumulated losses as on March 31,
2016, high debt levels resulting in high dependency on group
companies and weak debt coverage indicators during FY16 (refers to
the period April 1 to March 31). The rating is, however,
underpinned by experienced promoters having a diversified
portfolio, the company being a holding company for road projects
under transportation vertical of the group and growth in the total
operating income during FY16.

The ability of the company to receive timely support from group
companies for meeting debt servicing obligations and to de-
leverage its capital structure will be the key rating
sensitivities.

Incorporated in August 2009, GVKTPL is the wholly-owned subsidiary
of GVK Power & Infrastructure Limited (GVKPIL), the flagship
company of the GVK group. GVKTPL was formed to consolidate the
existing group assets in transportation segment and also for
bidding/development of new projects in transportation segment,
thereby creating a separate transport vertical.

Currently, GVKTPL has four road projects in its portfolio. The
company has two operational road projects, one is under
construction and the concession agreement of one has been
terminated by the company on account of Force Majeure
event.

During FY16, GVKTPL Ltd earned a PAT of INR10.13 crore (net loss
of INR78.75 crore in FY15) on a total income of INR72.65
crore (nil in FY15).


HARI KRIPA: ICRA Reaffirms 'B' Rating on INR31cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 on the INR20.00-crore bank facilities of Hari
Kripa Business Ventures Private Limited. ICRA has also assigned
its long-term rating of [ICRA]B and short-term rating of [ICRA]A4
to the company's additional limits of INR14.00 crore.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits-
   Long Term               31.00       [ICRA]B; reaffirmed

   Non-fund Based
   Limits-Long Term/
   Short Term               3.00       [ICRA]B/A4; reaffirmed

ICRA's ratings continue to favorably factor in the experienced
management and its established relationship with the customers.
ICRA also notes the company's integration into pipe manufacturing,
which is expected to enhance its revenue stream.

The ratings are, however, constrained by the modest scale of
operations, with revenues witnessing a slight decline in FY2016;
and the adverse capital structure, though the company has infused
unsecured loans to support the business. The ratings also consider
the intense competition on account of the fragmented industry
structure, exerting pressure on operating margin; and the
vulnerability of the company's profitability to fluctuations in
raw material prices, which are linked to global prices. The
ratings also factor in HKBV's stretched liquidity position as
evidenced by full utilisation of its working capital limits. The
ratings are further constrained by the company's exposure to price
risk and demand cyclicality inherent in the steel business, which
is likely to keep the company's cash flows volatile.

Going forward, the company's ability to scale up the operations
while maintaining adequate profitability amid the volatility in
the steel industry and improve the capital structure will remain
important from a credit perspective.

Hari Kripa Business Venture Pvt. Ltd. was established in 2008 at
Kaladera in Jaipur. The company started its commercial production
on September 1, 2012. The company is promoted by Mr. Mahendra
Kumar Agarwal, Mr. Raghuveer Agarwal along with the other members
of the family. HKBV manufactures Mild Steel (MS) ingots/billets,
pipes, and flats. In FY2013, the company forward integrated and
commenced the manufacturing of MS flats and other rolled products,
wherein the key raw materials (billets and ingots) used were
captively produced. Only about 20% of the billets produced is sold
in the local market. In FY2015, the company underwent another
round of forward integration and started manufacturing MS pipes
from MS flat; this manufacturing facility is located at Jaipur,
spanning an area of 15,000 sq. mt.

Recent Results
HKBV reported a net profit of INR0.34 crore on an operating income
of INR90.86 crore in FY2016, as compared to a net loss of INR0.10
crore on an operating income of INR102.28 crore in the previous
year.


HARIOM PULSES: ICRA Reaffirms 'B' Rating on INR9.32cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR6.32 crore fund
based limits of Hariom Pulses at [ICRA]B, and has also reaffirmed
its short-term rating on the INR3.00 crore fund based limits of
the firm at [ICRA]A4. ICRA has also assigned its long term rating
of [ICRA]B to the firm's additional fund based limit of INR3.00
crore.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based-Long Term     9.32       [ICRA]B; reaffirmed
   Fund based-Short term    3.00       [ICRA]A4; reaffirmed

ICRA's ratings continue to favourably factor in the experienced
management along with positive demand prospects of food grains,
which form an essential constituent of the Indian diet. ICRA also
notes the firm's recent diversification into rice milling
business, which will protect the firm from slowdown in any one
segment. The ratings further also factor in the favourable
location of the firm's manufacturing unit, in proximity of major
cultivation areas for pulses, which results in easy availability
of raw material.

The ratings are, however, constrained by the low value addition
involved in the business, which combined with fragmented and
unorganised market have resulted in thin profit margins. The
profitability of the firm remains exposed to commodity price
cycles. The firm also has a highly leveraged capital structure and
weak coverage ratios due to substantial debt funding of the
working capital requirements. ICRA also notes the risk of capital
withdrawal the firm is exposed to, being a partnership firm.
Going forward, the ability to scale up its operations will be
contingent on the performance of the domestic agriculture sector.
Supply side risks are likely to pertain in light of stock limits
regulated by the Government. Given the enhancement in the bank
limits, the ability to moderate the capital structure may warrant
additional capital infusion by partners which will also help in
improving profitability by limiting interest payouts.

Hariom Pulses was established in 2002 as a partnership concern
with Mr. Omprakash Multani and Mr. Harish Kumar Multani as
partners in equal ratio. The firm is engaged in trading and
processing of grains. Arhar dal is the main product of the firm,
having significant share in revenues. In FY2016 the firm
diversified into rice milling operations and had set-up its own
rice milling unit for sale of non basmati rice under its own
brand. The firm's factory is located at Industrial Estate, Katni,
Madhya Pradesh with a pulse processing capacity of 18,250 MT per
annum, and rice milling capacity of 4 tonnes per hour.

Recent Results
HOP, reported a net profit of INR0.38 crore on an operating income
of INR75.01 crore in FY2016, as compared to a net profit of
INR0.68 crore on an operating income of INR69.12 crore in the
previous year.


ICFAI UNIVERSITY: ICRA Reaffirms B+ Rating on INR8cr Loan
---------------------------------------------------------
ICRA has upgraded the long-term rating assigned earlier to the
INR15.00 crore working capital demand loan facility of ICFAI
University Sikkim to [ICRA]A- (SO) from [ICRA]BBB+ (SO) earlier.
The outlook on the rating continues to be Stable. The letters SO
in parenthesis suffixed to the rating symbol stand for Structured
Obligation. An SO rating is specific to the rated issue, its
terms, and its structure. SO ratings do not represent ICRA's
opinion on the general credit quality of the issuers concerned.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working capital       15.00      [ICRA]A- (SO) (Stable);
   demand loan                      upgraded

   Term Loan              3.00      [ICRA]B+ reaffirmed

   Unallocated/           8.00      [ICRA]B+ reaffirmed
   Proposed limits

Further, ICRA has reaffirmed the stand-alone long-term rating of
[ICRA]B+ for the INR3.00 crore (revised from INR5.65 crore) fund-
based bank facilities and INR8.00 crore (revised from INR5.35
crore) unallocated/ proposed limits of IUS.

The [ICRA]A-(SO) (Stable) rating is based on an unconditional and
irrevocable guarantee provided by The ICFAI Society (ICFAI,
erstwhile the Institute of Chartered Financial Analysts of India)
(rated [ICRA] A- (Stable)3) for due payment against the working
capital demand loan of IUS. The rated instrument does not involve
a structured payment mechanism. The [ICRA]A-(SO) (Stable) rating
addresses the servicing of the loan to happen as per the terms of
the underlying loan and the guarantee arrangement and the rating
assumes that the guarantee will be duly invoked, as per the terms
of the underlying loan and guarantee agreements, in case there is
a default in payment by the borrower. It is to be noted that in
the event that the Guarantor revokes or discontinues the
guarantee, the captioned rating for the above mentioned facility
will not apply. In that event, the rating on the facility will
have to be reviewed.

While assigning rating to The ICFAI Society, ICRA has taken a
consolidated financial view of ICFAI along with its key associate
entities like ICFAIAN Foundation (IF), ICFAI Foundation for Higher
Education (IFHE), The ICFAI University Dehradun (IUD), The ICFAI
University at Sikkim (IUS) and The ICFAI University Tripura (IUT).
ICFAI acts as the holding entity and owns most of the group assets
whereas the sponsored independent entities carry out academic
activities and operational cash surpluses from these entities are
transferred back to ICFAI, which are in turn used by ICFAI for
debt servicing and funding expansion.

The reaffirmation of stand-alone rating of [ICRA]B+ factors in the
weak enrolments for various on-campus and off-campus programs
offered by IUS. The enrolments for Flexible Learning Program
(FLP), that accounts for ~90% of the society's fee receipts, has
been declining over the years resulting in declining revenue
receipts and surpluses. Further the financial profile of IUS
continues to remain weak with high Net debt (TD adjusted for
unsecured loans and liquid cash balances)/TNW of 5.87 times and
weak coverage indicators (as reflected in interest cover of 1.33
times and NCA/Debt of 4% in FY2016). Attracting students and
retention of faculty remains a key challenge for IUS given the
increasing competition in higher education segment.
With further decline in enrollments reported for AY (Academic
Year) 2016-17, the revenue receipts along with operating surplus
for IUS is expected to decline further. The rating however draws
comfort from the operational and financial support from the
sponsor ICFAI (rated [ICRA]A- (Stable)) which has been extending
financial support by way of unsecured loans to IUS. Going forward,
the ability of the University to improve enrolments for the FLP
program and improve its profitability will be the key rating
sensitivities.

The ICFAI University, Sikkim was established under Section 4 (2)
of the Institute of Chartered Financial Analysts of India
University, Sikkim Act 2004 (Act 9 of 2004) passed by Legislative
Assembly of Sikkim. The university currently offers BBA, MBA and
BHTM (Bachelor of Hospitality and Tourism Management) under
Faculty of Management; BCA under Faculty of Science and Technology
and 5 year integrated law program under Faculty of Law from its
own premises at Sichey, Sikkim. Of the above mentioned programs,
BBA and BCA are relatively well established. The response for the
B.Tech program was not so encouraging which resulted in
discontinuation of the program from AY12-13.

The University also has received approval from Distance Education
Council to offer various distance learning programs. From FY2011,
enrolments for the flexible learning program (FLP- distance
learning courses offered by ICFAI) are made under IUS and ICFAI
University Tripura. In relation to FLP revenues (~90%), the
contribution from on campus programs (~10%) remain insignificant.

Recent Results - IUS
During FY2016, IUS' revenue receipts stood at INR37.27 crore with
an operating surplus of INR2.61 crore and net deficit of INR0.61
crore against INR39.30 crore with operating surplus of INR3.89
crore and net surplus of INR0.90 crore in FY2015.

About the Guarantor (The ICFAI Society)

The Institute of Chartered Financial Analysts of India Society
(ICFAI) was established as a not-for-profit society in 1984. It
commenced its operations with the launch of the Chartered
Financial Analyst (CFA) programme in 1985. Over the years, ICFAI
added several courses under different institutions and
universities. Subsequently, the three key not for profit entities,
namely, ICFAIAN Foundation, ICFAI Academy and ICFAI Foundation for
Higher Education (IFHE) started offering these courses at
undergraduate and post graduate levels. ICFAI Academy ceased
operations from FY2011.

The IFHE governs the IBS (ICFAI Business School), Hyderabad
campus. Having been awarded the Deemed-to-be-University status in
December 2008, the foundation confers its own degree for various
courses. The ICFAIAN Foundation covers operations of five IBS
centers (IBS Bangalore transferred to The ICFAI Society from
FY2015-16 onwards) that are located across India. In addition, the
society has other private state universities offering various
courses.

Ten "ICFAI Universities" were established as State Private
Universities by the respective state legislature acts in
Uttarakhand, Tripura, Sikkim, Meghalaya, Mizoram, Nagaland,
Jharkhand, Jaipur, Raipur and Himachal Pradesh. Some of these
Universities that are self-sufficient in funding their own
operating expenses receive financial support from ICFAI towards
their infrastructure/campus development. For other Universities,
ICFAI also supports funding shortfall to meet operating expenses
in case of newly established Universities.

Recent Results - The ICFAI Society
As per the FY2015-16 audited financials, ICFAI's consolidated
revenue receipts stood at INR356.98 crore with an operating
surplus of INR167.02 crore and net surplus of INR141.97 against
revenue receipts of INR328.50 crore with an operating surplus of
INR168.13 crore and net surplus of INR136.83 crore for FY2014-15.


JALAN TRANSOLUTIONS: CRISIL Suspends B+ Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jalan Transolutions India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            150        CRISIL B+/Stable
   Proposed Cash
   Credit Limit            70        CRISIL B+/Stable
   Term Loan              100        CRISIL B+/Stable

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

JTL was incorporated in 2003, promoted by the Jalan family of
Delhi. The company is engaged in handling the transportation of
two-wheelers (scooters and motorcycles) for Original Equipment
Manufacturers (OEMs) from OEMs' manufacturing facilities to the
dealers. It has a pan-India presence with more than ten offices
across the country.


K.M.M. FOODS: CARE Assigns 'D' Rating to INR5.66cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE D' rating assigned to bank facilities of
K. M. M. Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.66      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of K. M. M. Foods
Private Limited are primarily constrained on account of
instances of delay in debt servicing due to its stretched
liquidity position.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position is
the key rating sensitivity.

KFPL was incorporated in 2007 by Mr. Prem Manglani and Mr.
Ghanshyam S Manglani. It is a contract based manufacture of Parle
20-20 biscuits for Parle Products Private Limited. The company has
its manufacturing unit in Ahmedabad, Gujarat with an installed
capacity of 1196 Metric tonne (MT). The raw materials are entirely
supplied by PPPL and the manufacturing process is as per standards
and specifications of PPPL. KFPL is a part of the Manglani Group,
Gujarat, which has a presence in confectionery and bakery products
for over four decades.

During FY16 (Audited) (refers to the period April 1 to March 31),
KFPL reported a net profit of INR0.14 crore on a TOI of INR6.83
crore as against PAT of INR0.22 crore on a TOI of INR7.38 crore
during FY15.


KARAM MULTIPACK: CRISIL Suspends B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Karam
Multipack Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            80         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     27.7       CRISIL B+/Stable
   Term Loan              10.5       CRISIL B+/Stable

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

KMPL was set up by members of the Kagathra family in 2006. The
company manufactures non-woven fabrics, which are used in
manufacturing a variety of packaging and textile products. The
company is based out of Veraval (Rajkot), Gujarat.


KBN GOLD: CRISIL Assigns 'B' Rating to INR98MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of KBN Gold and Diamond Jewellery.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             98        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B/Stable

The rating reflects KBN's geographical concentration in revenue
and exposure to intense competition, small scale of operations,
and below-average financial risk profile. These weaknesses are
partially offset by longstanding experience of promoters in the
gold and diamond jewellery industry.
Outlook: Stable

CRISIL believes KBN will continue to benefit from its partners'
extensive experience in the gems and jewellery retail industry.
The outlook may be revised to 'Positive' if larger-than-expected
cash accrual most likely due to a significant scaling up of
operations strengthens the financial risk profile.  Conversely,
the outlook maybe revised to 'Negative' if lower-than-expected
cash accrual, or a stretch in working capital cycle weakens the
financial risk profile, particularly, liquidity.

Established in 2013 as a partnership between Mr Deepak Kamboj, his
wife, Ms Pinki Kamboj and his daughter, Ms Malika Kamboj, KBN is
engaged in retail and wholesale of gold and diamond jewellery. It
operates a jewellery showroom in Varanasi, Uttar Pradesh.

KBN reported a book profit of INR2.26 million on net sales of
INR500.2 million for fiscal 2016, as against a book profit of
INR1.33 million on net sales of INR195.4 million for fiscal 2015.


KG FABRIKS: CARE Assigns 'C' Rating to INR13.33cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of KG Fabriks
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.33      CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of KG Fabriks Limited
is constrained by its weak capital structure, stretched liquidity
position with delays in debt servicing of term loans (not rated by
CARE) and working capital intensive nature of operations. The
rating is also constrained by moderate financial performance,
marked by net loss for the past three years ended FY15 (refers to
the period April 1 to March 31) albeit improved during FY16.

However, the ratings derive strength from vast experience of the
promoters in the textile industry and long track record of the
group with reputed clientele.

Going forward, ability of the company to scale up the operations,
improve profitability, effectively utilize its working capital
limits and improve capital structure would be the key rating
sensitivities.

KGFL was originally incorporated as an NBFC in 1994 under the name
of 'KG Denim Finance Limited' engaged in hire purchase and leasing
business. Later during 1999, the company changed its business into
trading activities under the name of 'Southern Technologies
Limited'. Further during 2004, the company ventured into denim
fabric production under the name of KGFL. KGFL started commercial
production in March 2006 with 64 looms.

The KG Group also comprises K G Denim Limited (KGDL, rated 'CARE
BBB-/A3'), the flagship company engaged in manufacture of denim
fabrics and Sri Kannapiran Mills Limited engaged in manufacture of
cotton yarn.

For the year ended FY16, the company reported total operating
income of INR163.7 crore and PAT of INR1.2 crore as against total
operating income of INR161.2 crore and net loss of INR2.1 crore
during FY15.


KRISHNA STEEL: CRISIL Assigns B+ Rating to INR40MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Krishna Steel Industries.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Short Term
   Bank Loan Facility        35        CRISIL A4

   Bill Discounting          40        CRISIL B+/Stable

   Cash Credit               25        CRISIL B+/Stable

The ratings reflect the firm's small scale of operations in the
competitive agricultural equipment industry and weak financial
risk profile because of high gearing. These weaknesses are
partially offset by the extensive experience of its promoters.
Outlook: Stable

CRISIL believes KSI will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if substantial improvement in working
capital management leads to a better liquidity, or if significant
increase in revenue and profitability results in sizeable cash
accrual and hence an improved financial risk profile. The outlook
may be revised to 'Negative' if a further stretch in working
capital cycle, large, debt-funded capital expenditure, or low cash
accrual results in deterioration in financial risk profile.

Set up in 2009 in Karnal, Haryana, as a partnership firm by Mr.
Rakesh Bajaj and Mr. Harish Kumar Juneja, KSI manufactures
agricultural equipment (disc harrow).

The firm posted a book profit of INR4.4 million on sales of INR228
million in fiscal 2016, against a book profit INR2.5 million on
sales of INR147.9 million in fiscal 2015.


MANGAL MURTI: CARE Assigns 'B' Rating to INR8.36cr Long Term Loan
-----------------------------------------------------------------
CARE assigns the ratings assigned to the bank facilities of
Mangal Murti Fabrics Private Limited.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Bank Facilities    8.36      CARE B; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Mangal Murti Fabrics
Private Limited are primarily constrained on account of its
financial risk profile marked by small scale of operations,
moderate operating margins with net loss, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations and weak liquidity position during
FY16 (Provisional; refers to the period April 1 to March 31). The
ratings are further constrained on account of susceptibility of
its profitability to volatility in raw material prices and
seasonality associated with the textile industry.
The above constraints far offset the benefits derived from the
experience of the promoters in the textile business along
with established track record of operations. The ratings further
derive benefits from its location which results into easy
access of raw material.

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

Ahemdabad-based (Gujarat) MMFPL is a private limited company which
was incorporated by three directors Mr. Rikin Agarwal, Mr. Anup
Agarwal and Mr. Nityanand Agarwal in June 2006. MMFPL is engaged
in embroidery work on job wok basis and also knitting of net
material. MMFPL installed two Knitting machines for production of
Net material with an installed capacity of 17 lakhs meters per
annum. Mr. Nityanand Agarwal looks after overall operations of the
company. Mr. Rikin and Anup Agarwal look after Sales and Marketing
of the company.

MMFPL has reported a net loss of INR0.34 crore on a TOI of INR5.44
crore during FY16 (A) as against PAT of INR0.01 crore on a TOI of
INR4.10 crore during FY15 (A). During 7MFY17 (Provisional), MMFPL
has achieved a turnover of INR5.47 crore.


MARS PACKAGING: CARE Assigns 'B+' Rating to INR7.38cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mars
Packaging Industries.

                              Amount
   Facilities               (INR crore)  Ratings
   ----------               -----------  -------
   Long-term Bank Facilities    7.38     CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Mars Packaging
Industries is primarily constrained on account of its small scale
of operations coupled with moderate profit margins, moderately
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. Furthermore, the rating is also
constrained on account of partnership nature of constitution
leading to limited financial flexibility susceptibility of profit
margins to volatility in raw material prices and presence into
highly fragmented and competitive industry.

The rating, however, derives comfort from the experienced partners
into packing industry and reputed customer base.

MPI's ability to increase its scale of operations with improvement
in profitability, working capital management, capital structure,
debt coverage indicators and liquidity position thereby improving
overall financial risk profile remains the key rating
sensitivities.

Daman-based MPI was established in 2003 as a partnership firm with
a vision to cater to the growing demand for printing flexible
packaging material. Firm is engaged in the manufacturing of high
quality printing flexible packaging. Major raw material consists
of three categories like Polyester film, LDPE (Low Density
Polyethylene), Metalized polyester. During FY15-FY16, the firm
undertook a diversification plan by purchasing a new land for
installing a plant for manufacturing of one of the raw material
named LDPE (Low Density Polyethylene). The plant is situated at
Daman, Industrial estate and is spread across an area of 4140
square meters. The firm has an ISO 9001-2008 certification. The
packaging material manufactured by the firm finds application in
food & food products, chemicals, fertilizers, textile and cement
industries.

As per the audited results for FY16 (refers to the period April 1
to March 31), MPI reported a TOI of INR23.92 crore with a PAT of
INR0.12 crore as compared with TOI of INR26.28 crore and PAT of
INR0.10 crore in FY15. During 7MFY17 (Provisional), MPI has
registered a TOI of INR14.57 crore.


MIRAJ METALS: ICRA Lowers Rating on INR13cr Cash Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating of [ICRA]BB- assigned to the
INR2.00 crore fund based cash credit facility and the short-term
rating of [ICRA]A4 assigned to the INR13.00 crore non-fund based
Letter of Credit/Buyers Credit facilities of Miraj Metals  to
[ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Dena Bank: Fund          2.00        Revised to [ICRA]D
   Based Cash Credit                    from [ICRA]BB- (Stable)
   Limit

   Dena Bank: Non          13.00        Revised to [ICRA]D
   Fund Based Letter                    from [ICRA]A4
   of Credit/Buyers
   Credit Limit

The rating revision takes into account the delays in the debt
servicing by the company due to its stretched liquidity position.
ICRA also notes the presence of the company in the intensely
competitive and fragmented metal scrap trading industry, and the
susceptibility of its business operations to a sluggish demand
scenario.

Established in August 2010, Miraj Metals (Miraj) is a
proprietorship concern, promoted by Mr. Hiten D Mehta and is
engaged in the business of trading of non-ferrous metal scrap. The
concern has its registered office in Vile Parle, Mumbai, a branch
office in Bhavnagar and a godown in Bhiwandi.


MITTAL INFRASTRUCTURE: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Mittal Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+; Stable
                                            Assigned

   Short-term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mittal
Infrastructure Private Limited are constrained by its small scale
of operations with declining revenue and moderate profit margins,
susceptibility of margins to volatility in input prices and its
presence in highly fragmented nature of the industry with intense
competition and exposure to tender driven process. The ratings are
also constrained on account of leveraged capital structure with
weak debt coverage indicators and working capital intensive nature
of operation with elongated operating cycle.

The above constraints outweigh the comfort derived from the long
track record of operations of the company along with experienced
promoters and satisfactory order book position.

The ability of the company to strengthen its order book and
execute the order in a timely manner along with improvement in
capital structure and efficient management of working capital
requirement are the key rating sensitivities.

MIPL was incorporated in October 2005 by the Mittal family of
Pune. The company is engaged in civil construction business and
undertakes the infrastructure work like construction of
residential complex, office building, hostel building,
college building, parking space, institute campus, etc. The
company is registered as Class A contractor with Military
Engineer Services (MES) and has constructed 17 projects worth
INR32.46 crore in the past two years. The company executes orders
for government/semi government authorities as well as private
players. The company has an outstanding order book of INR30.77
crore as on October 31, 2016.

During FY16 (refers to the period April 1 to March 31), MIPL
achieved a PAT of INR0.68 crore on a total income of INR14.06
crore as against a PAT of INR0.27 crore on a total income of
INR19.54 crore for FY15.


NNB ENGINEERS: ICRA Reaffirms B+ Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR1-crore
(reduced from INR4 crore) cash credit and INR10-crore (reduced
from INR16 crore) non-fund based bank limits of NNB Engineers
Private Limited (NNB; erstwhile Nav Nirman Builders and Developers
Private Limited). ICRA has also assigned the [ICRA]B+ rating to
the INR9.00-crore unallocated line of credit of NNB.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based limit-
   Cash Credit               1        [ICRA]B+ reaffirmed

   Non-fund based
   Limit-Bank Guarantee     10        [ICRA]B+ reaffirmed

   Unallocated limit         9        [ICRA]B+ assigned

The rating reaffirmation takes into consideration the intense
competition in the construction business, characterised by the
presence of a large number of players along with a tender-based
contract-awarding system, which keep margins under check. The
company is also exposed to significant client and geographical
concentration risks, as a major portion of the revenue is
generated from a few government departments in Jharkhand. The
company has dependence on creditor funding to manage working
capital requirement, which kept its total outside liabilities
relative to net worth ratio at a high level over the past few
years. The rating is also constrained by a slow progress of a
number of ongoing projects along with a modest booking status of
the real estate project undertaken by the company, which may
adversely impact its turnover and cash flows in the near to medium
term. ICRA also notes that during FY2016, the company's operating
margin declined significantly due to a sizeable amount of penalty
imposed by its customers for a delay in contract execution.

The rating, however, continues to factor in the moderate
experience of the promoters in the construction business in
Jharkhand, its low gearing and comfortable debt coverage metrics.
The company achieved a significant turnover growth during FY2016
aided by higher execution of spilled-over projects; though its
scale of operations still stands at a modest level. NNB's current
order-book position renders revenue visibility in the near term.
However, augmentation of the order-book would remain critical to
its future growth.

The company's ability to strengthen its order-book position and
timely execution of the contracts would remain the key rating
sensitivity, going forward.

Incorporated in 2004, the company is involved in executing civil
(mainly road, canal, bridge) construction contracts. It is also
constructing a residential real estate project in Jamshedpur,
Jharkhand. At present, the entire operations of the company are in
Jharkhand and it primarily undertakes Government contracts. The
company has a group entity, Nav Nirman Builders, which was started
in 1986 and since then has been engaged in the business of
material handling for various infrastructure-based companies in
Jharkhand.

The company's name has been changed to 'NNB Engineers Private
Limited' (NNB) from the erstwhile 'Nav Nirman Builders and
Developers Private Limited' with effect from June 16, 2015.

Recent Results

In FY2016, NNB reported a net profit of INR1.73 crore on an
operating income of INR39.20 crore compared to a net profit
INR0.93 crore on an operating income of INR25.38 crore in FY2015.


PARAS DYEING: ICRA Suspends B+ Rating on INR6.0cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR6.00 crore fund-based bank facilities of Paras Dyeing and
Printing Mills. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


PARK SARVAMANGALA: CRISIL Suspends 'B' Rating on INR125MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Park
Sarvamangala Projects Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               125       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by PSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSPL is yet to
provide adequate information to enable CRISIL to assess PSPL'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 May 2005, PSPL develops commercial and residential
real estate in Ranchi (Bihar). The day to day operation of the
company is being managed by Mr. Narendra Butala.


PICCADILY HOTELS: CARE Reaffirms B+ Rating on INR171.01cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Piccadily Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    171.01      CARE B+ Reaffirmed

Rationale

The rating assigned to the bank facilities of Piccadily Hotels
Private Ltd remain constrained by weak financial risk profile
marked by continued net losses in FY16 (Audited - refers to the
period April 1 to March 31), leveraged capital structure and
stressed debt coverage indicators. The rating also factors in the
subdued hospitality industry scenario. The rating, however,
continues to draw strength from experience of the promoters, long
track record of operations and operating and marketing arrangement
for its two hotel properties with Hyatt International.

Going forward, the company's ability to improve its average room
revenue (ARR) and occupancy levels for all the hotel properties
would remain the key rating sensitivities.

Incorporated in 1973, PHPL was promoted by Mr. Venod Sharma. He is
currently assisted by his wife Mrs Shakti Rani Sharma (Director)
and son Mr. Kartikeya Sharma. PHPL owns five hotels in Delhi,
Gurgaon, Chhattisgarh and Punjab out of which 2 are operating
under the brand 'Hyatt Regency' hotels (operated by Hyatt Intl) &
3 are being operated under its own brand 'Piccadily'.

As per FY16 (A, refers to the period April 1 to March 31), PHPL
incurred net loss of INR88.98 crore on total income of INR125.40
crore against net loss of INR79.75 crore on total income of
INR119.50 crore in FY15 (Audited).


PRACHI INDIA: CRISIL Suspends 'B' Rating on INR140MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prachi
India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       30       CRISIL B/Stable
   Term Loan                30       CRISIL B/Stable

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

PIPL, incorporated in 1997, is promoted by Mr. Mukesh Tyagi and
Mr. Rakesh Tyagi. The company prints and publishes educational
text books for the Central Board of Secondary Education, the
Indian Certificate of Secondary Education board, and the state
education board (Delhi).


PRADEEP UDYOG: CARE Revises Rating on INR10cr LT Loan to B+
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pradeep Udyog.

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

Rating Rationale

The revision in rating assigned to the bank facilities of Pradeep
Udyog factors in the commencement of commercial operations with
satisfactory operating performance of the firm during FY16.

The rating continues to remain constrained on account of the
nascent stage of operations, vulnerability to fluctuations in
prices of steel, low profitability, leveraged capital structure
and weak debt coverage indicators, working capital intensive
nature of operations, presence in a highly fragmented industry and
proprietorship nature of business leading to limited financial
flexibility.

The rating, however, continues to derive strength from the
extensive experience of the proprietor in trading of steel
products along with established relations with customers and
supplier and support from group companies in terms of marketing
and technical aspects.

The ability of the company to establish itself and increase its
scale of operations and improve profitability and capital
structure and manage working capital requirement efficiently is
the key rating sensitivity.

PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep
Agarwal and commenced operation in January 2016. PU is engaged in
trading of iron &steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
etc, which find application in various industries like
construction, infrastructure and engineering, amongst others. The
entity has its registered office and servicing facility based in
Nagpur. The servicing facility is owned by the entity and has an
area of 6,000 square feet (sq. ft.). The entity procures materials
from local and domestic suppliers based in Nagpur and Raipur and
sells its products in the state of Maharashtra.

PU is an associate concern of Miltech Industries Private Limited
(MIPL; erstwhile Miltech Metals Private Limited) (rated 'CARE B+')
in March 2016, promoted by Mr. Govindlal Nityanand Agarwal in
1982. MIPL is engaged in plastic injection moulding and mainly
caters to the requirements of the defence ordnance factories and
has an in-house accredited laboratory by National Accreditation
Board for Testing and Calibration Laboratories (NABL). The firm
has reported a total operating income of INR10.22 crore in 3
months FY16 (refers to a period from April 1 to March 31)


PRO-ARC WELDING: CRISIL Reaffirms 'B+' Rating on INR25MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pro-Arc
Welding and Cutting Systems Private Limited continues to reflect
leveraged capital structure due to working capital-intensive
operations.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           25      CRISIL B+/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee      30      CRISIL A4 (Reaffirmed)

The ratings also factor in improving but modest scale of
operations in the competitive metal-cutting equipment industry.
These weaknesses are partially offset by the extensive experience
of promoters and their established relationships with key
customers and suppliers.

CRISIL had on October 18, 2016, upgraded its rating on the long-
term bank facilities of Pro-Arc to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on short-term bank facilities
at 'CRISIL A4'.
Outlook: Stable

CRISIL believes that Pro-Arc's will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of an improvement in the working
capital cycle and sizeable increase in cash accrual. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile due to large working capital
requirement, or debt-funded capital expenditure.

Incorporated in 1996, Pro-Arc manufactures computer numerical
controlled-metal-cutting machines that operate using plasma or
gas. Its customers are mainly engineering and fabrication
companies and government entities. Its manufacturing facilities
are based in Pune.


R.S. GREEN: CARE Lowers Rating on INR12.73cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the long term rating assigned to bank facilities of
R.S. Green Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.73      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of R.S.
Green Foods Private Limited takes into account the delays in debt
servicing due to stretched liquidity.

RGF was incorporated in December 2011 and the operations of the
company are being managed by Mr. Harbhajan Singh Nadha and Mr.
Taman Raj. The company is engaged in trading as well as processing
of paddy at its manufacturing unit located at Patiala, Punjab,
with total installed capacity of 36,000 metric ton per annum
(MTPA), as on March 31, 2015.  Currently, the company is milling
rice for government and other private entities.


RAHUL URO: CRISIL Suspends B+ Rating on INR90MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Rahul Uro
Gynaec and Research Private Limited (RUGR).

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

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

RUGR, incorporated in 2011, operates a urology and gynaecology
hospital with 30 beds in Patna.  The company is promoted by Dr.
Praveen Kumar Sinha and his wife Dr. Rashmi Prasad, who are also
full-time doctors at the hospital. Besides, it has one part-time
anaesthesiologist and around 20 para-medical staff.


RAJA RAJESWARI: CRISIL Suspends 'B' Rating on INR26.4MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Raja Rajeswari Krafts Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            20        CRISIL B/Stable
   Letter of Credit       20        CRISIL A4
   Line of Credit         15        CRISIL B/Stable
   Long Term Loan         26.4      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     16.0      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RKPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RKPL is yet to
provide adequate information to enable CRISIL to assess RKPL'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 2006, RKPL manufactures Kraft paper. The company is
promoted by Mr. K R Radha Krishnan and is based in Sivakasi (Tamil
Nadu).


RD FORGE: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of RD Forge Private
Limited (RDFPL; part of the RD group) continue to reflect a weak
financial risk profile because of high gearing and modest debt
protection metrics. The ratings also factor in a modest scale of
operations and customer concentration in revenue. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the forging industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          50       CRISIL B+/Stable (Reaffirmed)
   Term Loan               60       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RDFPL and RD Forge (a unit of RD
Chemicals Pvt Ltd). This is because both these entities, together
referred to as the RD group, have integrated operations, a similar
product line, and a common management.
Outlook: Stable

CRISIL believes the RD group will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case of a substantial increase in revenue
and profitability, while the financial risk profile improves. The
outlook may be revised to 'Negative' if revenue or profitability
is lower than expected, working capital requirement increases, or
there is significant debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

Update
Operating income decreased to INR494.7 million in fiscal 2016 from
INR559.2 million in fiscal 2015 driven by a decline in prices of
raw material and consequently in those of finished goods. Sales
growth is expected to be moderate at 3-5% per fiscal over the
medium term on account of healthy demand from existing customers.
Operating margin increased to 13.0% in fiscal 2016 from 11.6% in
fiscal 2015 because of reduction in operating expense. The margin
is likely to remain at this level over the medium term.

Working capital requirement is large, with gross current assets of
144-150 days as on March 31, 2016, due to high inventory and
sizeable receivables of 93 days and 34 days, respectively.

The financial risk profile remains below average because of a high
total outside liabilities to tangible networth ratio of around 2.3
times as on March 31, 2016. The debt protection metrics also
remained modest: interest coverage and net cash accrual to total
debt ratios were 1.9 times and 0.11 time, respectively, in fiscal
2016. The financial risk profile is expected to remain weak over
the medium term because of modest profitability and incremental
working capital requirement.

Cash accrual of INR25-30 million will be sufficient to meet debt
obligation of INR23 million in fiscal 2017. During fiscal 2016,
unsecured loans from promoters reduced to INR57 million from
INR104.5 million in the previous fiscal.

Operations of the RD group are managed by Mr Subhash Garg along
with his son, Mr Saurabh Garg, and his nephew, Mr Gaurav Garg. The
group manufactures forging parts such as flanges that are used
largely in the oil and gas industry. Its plant in Ghaziabad, Uttar
Pradesh, has a capacity to machine 1200 tonne per month of forging
parts.


RELIABLE SPACES: ICRA Assigns B+ Rating to INR185cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR185.0
crore term loans of Reliable Spaces Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term, term loans      185.00      [ICRA]B+; assigned

The rating favourably factors in the attractive location of RSPL's
properties (Reliable Plaza and Reliable Liberty Tower) in Navi
Mumbai coupled with the company's reputed client profile.
Moreover, significant investments made by the lessees towards fit-
outs at the properties mitigate the vacancy risk for RSPL to some
extent. ICRA notes that the company has access to land bank, book
value of which is about Rs64 crore as on March 31, 2016, which can
be liquidated in case of exigencies. Further, the stable income
from the call centre business can also be used to service the debt
obligations.

The rating is, however, constrained by the modest cover of 1.08x
of monthly rentals over EMI. The rating also takes into account
the weak capital structure and coverage indicators of the company
which may weaken further owing to the top up LRD loan availed by
the company. The rating also takes into account the absence of
liquidity support in the form of DSRA (Debt Service Reserve
Account) and the inherent risk of LRD loans in terms of cash flow
mismatch between rent inflow date and EMI deduction date, though
ICRA takes note of the cushion available to RSPL between these two
dates.

ICRA also notes that the company has advanced ~Rs. 38.6 crore to a
group company for construction activity; timely refund of the
advance in case of requirements is a rating sensitivity.

Reliable Spaces Private Limited (RSPL/the company), promoted by
the Sequeira family, currently has two buildings - Reliable Plaza
and Reliable Liberty Tower - at Airoli (Navi Mumbai), which have
been entirely leased out to corporates on a leave and license
basis. Apart from that, the company also has a call centre
business wherein ~1,000 employees are employed who manage about
5.4 million calls per month.

In FY2014, the business of Reliable Spaces Private Limited was
merged into Reliable Informatics Park Private Limited (an entity
with minimal business operations); and in FY2015, the name was
changed to Reliable Spaces Private Limited.


SANEE INFRASTRUCTURE: CRISIL Assigns 'B' Rating to INR29MM Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' to Sanee
Infrastructure Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             1        CRISIL B/Stable
   Bank Guarantee          80        CRISIL A4
   Cash Credit             29        CRISIL B/Stable

The ratings reflect modest scale, and working capital intensity,
of operations, exposure to risks related to tender-based business
and below-average financial risk profile due to average gearing
and subdued debt protection metrics. These weaknesses are
partially offset by extensive experience of promoters in the civil
construction industry and their funding support.

Outlook: Stable

CRISIL believes SIPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if SIPL sustainably scales up operations while
maintaining profitability, leading to higher cash accrual thus
cushioning liquidity. Conversely, the outlook maybe revised to
'Negative' if low cash accrual, further stretch in receivables or
any unanticipated capital expenditure constrains financial risk
profile, especially liquidity.

Incorporated in 2002, SIPL is a construction and infrastructure
development firm that executes projects related to construction of
roads for the Madhya Pradesh government. The company is promoted
by Mr.Nilay Jain and Ms.Nisha Jain.


SINGH CONSTRUCTION: CRISIL Suspends 'C' Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Singh
Construction Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         160        CRISIL A4
   Cash Credit             40        CRISIL C

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

SCPL, based in Bihar, was originally established as a proprietary
concern by Mr. Shailesh Kumar Singh; the company was reconstituted
as a private limited company in 2011. SCPL undertakes
constructions of roads for government departments in Bihar.


SOPAN PAPER: CRISIL Suspends B+ Rating on INR71MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sopan
Paper Mill Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable
   Term Loan              71        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPPL is yet to
provide adequate information to enable CRISIL to assess SPPL'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 2014, SPPL is promoted by the Raiyani and Patel
families. SPPL has set up a plant to manufacture kraft paper at
Morbi (Gujarat). The commercial production is expected to start
from July 2015.


SRI HANUMA: ICRA Suspends B+ Rating on INR9.0cr Cash Loan
---------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B+ to INR9.00 crore
cash credit facilities and INR1.75 crore unallocated limits of Sri
Hanuma Enterprises. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.

Sri Hanuma Enterprises was incorporated in September 2009 by
Mr. Chunduri Venkateswarlu. The firm is owned by Mr. Venkateswarlu
(managing partner) and his family (wife and two sons). The unit is
registered with the Tobacco Board as a tobacco dealer and can
participate in the auctions conducted by the same. The firm is
involved in trading of tobacco leaves, primarily Virginia Flue
Cured (VFC) and Virginia Air Cured (VAC). The firm is situated in
Prakasam district of Andhra Pradesh which is among high tobacco
growing regions in the state.


ST. LAWRENCE: CRISIL Suspends 'B' Rating on INR75.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
St. Lawrence Educational and Charitable Trust.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      75.5      CRISIL B/Stable
   Term Loan               54.5      CRISIL B/Stable

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

SLECT was established in 1989 and operates two schools, one each
in Thane and Kalyan. The trust established St. Lawrence High
School and Junior College in Thane in 1990, affiliated to the
Mumbai Divisional Board of Secondary & Higher Secondary Education.
SLECT's school in Kalyan, St. Lawrence International School,
affiliated to the Central Board for Secondary Education (CBSE),
was launched in 2014.


SURAJ ISPAT: CARE Assigns B+ Rating to INR6.0cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Suraj
Ispat.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE B+; Stable
                                            Assigned

Rating Rationale

The rating assigned to the bank facility of Suraj Ispat are
constrained on account of nascent stage of operations, presence in
competitive and cyclical steel industry, susceptibility of margins
to fluctuation in traded goods prices and the risks associated
with the partnership nature of constitution. The ratings are
further constrained on account of the predominantly low profit
margins, leveraged capitals structure and weak debt coverage
indicators along with working capital intensive nature of
business.

The above constraints are partially offset by the extensive
experience of promoter, longstanding relationship with customers
and suppliers and the adequate warehousing and stocking
facilities.

The ability of the entity to increase its scale of operations
along with improvement in profitability and capital structure
and efficient management of working capital requirement are the
key rating sensitivities.

Suraj Ispat, a proprietorship firm incorporated in 2016, is a part
of Suraj Group, based in Nanded. The group was initially promoted
by Mr. Vishambhar Parsewar in the year 1956. Currently, the group
is headed by his son Mr. Ramesh Parsewar. The group has
diversified business in the areas of steel trading, manufacturing
of fertilisers and polymers. The group has also backward
integrated its operations to a certain extent by incorporating a
manufacturing unit viz. Suraj Value Infrastructures Private
Limited (erstwhile Suraj Tubes India Private Limited; rated CARE
B+/A4 in January 2016).

SIT is established by Mr. Vishwambhar Parsewar having an
experience of around four decades in trading of steel business.
Prior to SIT, Mr. Parsewar was associated with Suraj Depot (SD).
SD was established as a partnership firm in the year 2001
by Mr. Vishwambhar along with Mrs. Kaushalyabai Parsewar, Mrs.
Saroj Parsewar and Mr. Shashikant Tuptewar. The firm
was engaged in the business of trading of various steel products
like hot rolled (HR) sheets, Cold rolled (CR) sheets,
galvanised coils/sheets, TMT bars, Mild Steel (MS) bars, steel
tubes & pipes and PVC pipes etc. and was operational till
December 2015. Post December 2015, SIT was established to carry
out the similar business. The operations of SD were transferred to
SIT. However, the partnership has not yet dissolved and is in
process. In 3 months FY16 (Audited - refers to the period April 1
to March 31), the firm has reported a total operating income of
INR6.15 crore and profit after tax of INR0.04 crore.


TAKSH INFRASTRUCTURE: CARE Reaffirms B+ Rating on INR9cr LT Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Taksh
Infrastructure LLP.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities      9        CARE B+; Stable
                                           Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Taksh
Infrastructure LLP continue to remain constrained on account of
high project implementation risk owing to high dependence on
external sources of funds and moderate project saleability
risk in light of moderate booking. The ratings further continue to
remain constrained on account of its presence in the highly
fragmented real estate industry.

The ratings continue to derive strength from the wide experience
of the promoters and established track record of operations and
moderate booking status of the ongoing project and lease agreement
for recently developed commercial space.

TILLP's ability to successfully complete the project within
envisaged time and cost parameters and timely receipt of
proceeds from the customers remains the key rating sensitivities.

Taksh Infrastructure LLP is a Limited Liability Partnership (LLP)
firm incorporated on January 22, 2013 in Vadodara.

The firm was originally constituted as a private limited company
on Feb. 13, 2007 and was later converted into a LLP. TILLP is
promoted by Taksh Group of Vadodara, founded by Mr. Girish Shah,
Mr. Girish Chandra Patel, Mr. Samir Amin and Mr. Chintan Shah. The
firm is engaged in the real estate development business.

During FY16 (refers to the period April 1 to March 31), TILLP
reported a net profit of INR4.88 crore on a Total Operating
Income(TOI) of INR29.73 crore against reported net profit of INR
0.00 crore on a TOI of INR7.86 crore during FY15(A).


TRISHAN METALS: CRISIL Suspends 'B' Rating on INR81.1MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Trishan
Metals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             81.1      CRISIL B/Stable
   Letter Of Guarantee      5        CRISIL A4
   Working Capital
   Term Loan                8.9      CRISIL B/Stable

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

TMPL, located in Hoogly (West Bengal), manufactures cold-rolled
strips. Till November 2012, Walzen Strips Pvt Ltd and Walzen Steel
India Pvt Ltd (WSIPL) were part of the Kolkata-based Lyca group of
companies promoted by Mr. Tejomoy Roychowdhury. In November 2012,
the ownership and management of WSIPL was transferred to the Bagga
family and the company was renamed as TMPL. The Bagga family also
exports its products to Bangladesh through Trishan Exports Pvt Ltd
(TEPL; holding company of TMPL). It also operates a hotel under
TEPL.


VIRGO CEMENTS: CRISIL Suspends 'D' Rating on INR212.8MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Virgo
Cements Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            64        CRISIL D
   Term Loan             212.8      CRISIL D

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

VCL, incorporated in 1986, manufactures portland pozzolona cement.
The company sells its products under the brand, Virgo Cement.


WEB TECH: CRISIL Suspends 'D' Rating on INR65MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Web Tech Engineering Private Limited (WEPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         15        CRISIL D
   Cash Credit            65        CRISIL D
   Cash Term Loan         42        CRISIL D
   Proposed Cash
   Credit Limit           43        CRISIL D

The suspension of ratings is on account of non-cooperation by WEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WEPL is yet to
provide adequate information to enable CRISIL to assess WEPL'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 and promoted by Mr. Sabajeet Singh, WEPL
manufactures security printing and food packaging machines,
automotive component, and solar products. The company has its
manufacturing unit in Faridabad (Haryana).



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


1MALAYSIA: US Court Rejects Low Family to Claim Assets Seized
-------------------------------------------------------------
Bloomberg News reports that a U.S. effort to seize about
$1 billion in assets allegedly acquired with funds siphoned from
1Malaysia Development Bhd. is moving ahead over objections from
relatives of the Malaysian financier at the center of the scandal.

Bloomberg relates that a Los Angeles federal judge's ruling on
Dec. 12 blocking family members of Low Taek Jho, known as Jho Low,
from intervening in the forfeiture lawsuits gives the government
the upper hand as it seeks to confiscate properties including a
$100-million interest in EMI Music Publishing Group, a $35 million
Bombardier jet and a $380-million stake in the Park Lane Hotel in
New York.

To fight back against the U.S. in Low's absence, four of his
relatives, including his father and brother, are trying to replace
the Swiss trustees holding the assets that have declined to oppose
the forfeiture. According to the family, the Swiss trustees fear
being exposed to criminal liability if they get involved,
Bloomberg says.

Bloomberg relates that U.S. District Judge Dale Fischer refused in
the ruling to give the relatives additional time to pursue legal
action in New Zealand and the Cayman Islands, where they are
trying to replace the trustees with others who are more willing to
defend their interests.

While they are beneficiaries of the trust, the Low family members
don't control the assets and therefore aren't qualified to ask the
court to delay proceedings in the forfeiture cases, Judge Fischer,
as cited by Bloomberg, said. The judge also said that their
request to intervene was denied because they are already
participants in the lawsuits by having filed proposed claims.

Robin Rathmell, a lawyer for the family members, told the judge
the family members expected to secure court orders overseas
replacing the trustees as soon as next month, according to
Bloomberg. Rathmell declined to comment on the ruling.

Bloomberg says the Justice Department contends that the family
members have no standing to contest forfeiture of the assets.

According to Bloomberg, Mr. Low has said he provided consulting to
1MDB that didn't break any laws. His family members have said that
without a trustee defending the assets, they may go to the U.S. by
default.

Even if the U.S. wins a default judgment, there may be years of
legal wrangling ahead for the government to actually take
possession of the real estate and investments at issue, said Raj
Malviya, an estate planning lawyer with Miller, Johnson, Snell &
Cummiskey Plc, Bloomberg relays.

"A U.S. judgment is not going to be conclusive," Bloomberg quotes
Malviya as saying in a phone interview. "The government will need
to enforce it against a foreign trust in a foreign jurisdiction
that may not give full faith and credit to a U.S. judgment."

The case is U.S.A. v. Any Rights to Profits, Royalties and
Distribution Proceeds Owned by or Owed to JW Nile (BVI) Ltd.,
16-cv-05364, U.S. District Court, Central District of California
(Los Angeles), Bloomberg discloses.

                           About 1MDB

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

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

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

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

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

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

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



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


NEW ZEALAND ASSOCIATION: Fitch Affirms BB+ Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed New Zealand Association of Credit
Unions' (trading as Co-op Money NZ) Long- and Short-Term Issuer
Default Ratings (IDR) at 'BB+' and 'B' respectively. The Outlook
on the Long-Term IDR is Stable.

KEY RATING DRIVERS

The affirmation of Co-op Money NZ's IDRs and Stable Outlook
reflect Fitch's view that the association is likely to maintain a
comparable level of performance over the next year or two. Co-op
Money NZ's ratings are constrained by its moderate franchise and
small customer base. Although it serves all the credit unions and
building societies in New Zealand, the combined market share of
its members is low relative to the financial system. Geographical
concentration and limited financial flexibility also means it is
unlikely to reach investment grade ratings.

Co-op Money NZ is primarily a trade organisation and service
provider to its members, offering sector support, central banking
services, IT support and payment solutions with scale benefits
that members cannot achieve individually. Co-op Money NZ is a
business-to-business financial service provider and it has no
direct exposure to the end-customer outside of its wholly owned
insurance subsidiary - Credit Union Insurance Limited, which
trades as Co-op Insurance NZ (IFS: BBB-/Stable). Co-op Money NZ
also offers its services to institutions outside of its member
base, an area that Fitch believes will be the main driver of
future growth.

At the end of the financial year to June 2016 (FYE16), the
provision of central banking services accounted for the majority
of Co-op Money NZ's balance-sheet assets and non-equity balance-
sheet funding. Deposit concentration is high due to the low number
of members and customers. Co-op Money NZ's liquid asset holdings
were also concentrated, mainly in the major banks, although the
high quality and short duration of its holdings mitigate some of
this risk.

Fitch expects Co-op Money NZ's profitability to remain flat in
FY17. The association's absolute profit levels are low, which
reflect its scale and the subsidies provided to members for
services provided. Profitability has been constrained by high
investment expenses related to IT and software development,
however, this investment has also helped the association to expand
its non-member revenue sources and customer base, which should
benefit earnings in the long term.

Co-op Money NZ's capitalisation is adequate for its size and
operations. The association does not hold any debt but this is
reflective of its business model as a service provider. Fitch
believes Co-op Money NZ's capital is more susceptible to shocks
than that of broader industry peers due to its significant
concentration, small absolute capital base and limited access to
new capital.

RATING SENSITIVITIES

Co-op Money NZ's ratings are sensitive to developments in New
Zealand's non-bank financial institution sector. Negative rating
action could take place if Co-op Money NZ were to lose the
confidence of its members, resulting in member exits or
dysfunctional operation of the association

Significant diversification of Co-op Money NZ's non-member
revenues and an increase in capital and profitability levels would
be required for positive rating momentum, which Fitch considers
unlikely in the short term.


VERITAS INVESTMENTS: Nosh Likely to Close by March Next Year
------------------------------------------------------------
Stuff.co.nz reports that the troubled gourmet supermarket brand
Nosh is likely to be closed by March by its owner, Veritas
Investments, as part of a deal with its bank.

According to Stuff.co.nz, Veritas, the listed company which also
owns the Mad Butcher franchise, went into a trading halt on
Dec. 14 pending an announcement, having last month denied it was
at the "mercy" of its bank.

But later in the day Veritas said the agreement it reached with
ANZ in September required the company to provide ANZ with an
unconditional contract for the sale of Nosh by January 15, or a
proposal to wind it down, Stuff.co.nz relates.

If Veritas failed to sell the Nosh franchise, it was required to
close and wind down that business by the end of March next year,
the report states.

Stuff.co.nz relates that Veritas said it could not be certain a
buyer could be found in time, and as such proposed to investigate
closing and winding down Nosh.

"The sale or closure of the loss-making Nosh business would result
in non-cash asset write-downs and one-off expenditure related to
the sale or closure, although the amount of that expenditure
cannot be quantified at this stage," Veritas, as cited by
Stuff.co.nz, said.

"From a go-forward perspective, although the sale or closure of
Nosh will result in lower revenue for the group, it is likely to
have a positive effect on the group's overall earnings."

Nosh made a loss of NZ$1.9 million last year, and Veritas had been
working to franchise Nosh stores, says Stuff.co.nz.

It had said margins and revenue were improving and that there had
been interest from potential franchisees before the announcement
on Dec. 14, adds Stuff.co.nz.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***