TCRAP_Public/161216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, December 16, 2016, Vol. 19, No. 249

                            Headlines


A U S T R A L I A

BLANDISE PTY: First Creditors' Meeting Slated for Dec. 22
CASMAR (AUSTRALIA): S&P Assigns 'B+' ICR; Outlook Stable
CONTROL AND LOGISTICS: First Creditors' Meeting Set for Dec. 23
GTC MEDICAL: First Creditors' Meeting Slated for Dec. 23
KINGSROSE MINING: First Creditors' Meeting Set for Dec. 23

NATIONAL DAIRY: Has AUD9.2MM Liabilities to Unsecured Creditors


C H I N A

JIANGSU NEW: S&P Affirms 'BB+' CCR; Outlook Negative
POWERLONG REAL: S&P Revises Outlook to Positive & Affirms 'B' CCR


I N D I A

AMGC LOGISTICS: CRISIL Suspends B Rating on INR78MM Cash Loan
AMMA AGRO: CRISIL Suspends 'B' Rating on INR61MM LT Loan
AXIS OVERSEAS: ICRA Suspends B+/A4 Rating on INR25cr Loan
BALAJI TRADING: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
BANKE BIHARI: ICRA Suspends B+ Rating on INR9.23cr Bank Loan

CHIRAG INFRAPROJECTS: ICRA Suspends B/A4 Rating on INR30cr Loan
COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR170MM Loan
CONFEDERATION FOR AYURVEDIC: CRISIL Rates INR71.4MM Loan 'D'
DC WOVENSACK: ICRA Reaffirms 'B' Rating on INR6.60cr Term Loan
GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR12.35cr Loan

HARITHA FERTILISERS: CRISIL Suspends 'B' Rating on INR350MM Loan
HEMCO GARMENT: CRISIL Lowers Rating on INR40MM Term Loan to 'D'
INCAP LTD: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
ISMT LTD: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating
JAGRUTHI EDUCATIONAL: CRISIL Suspends D Rating on INR70MM Loan

JANAKI COTTON: CRISIL Suspends 'B' Rating on INR31MM Term Loan
KERNEX MICROSYSTEMS: CRISIL Reaffirms B- Rating on INR175MM Loan
KIRTI SOLAR: CRISIL Suspends 'B+' Rating on INR60MM Cash Loan
KISH EXPORTS: ICRA Reaffirms 'B' Rating on INR10cr Loan
KRISHNA SHIPPING: CRISIL Suspends B+ Rating on INR50MM Loan

M S AHUJA: ICRA Suspends 'B' Rating on INR8.5cr Bank Loan
MADISON HOLDING: CRISIL Suspends 'D' Rating on INR140MM LT Loan
MATA RANI: Ind-Ra Cuts Term Loans Ratings to 'IND D'
MEHTA ART: ICRA Suspends B+ Rating on INR9cr Bank Loan
MEWAR HI-TECH: ICRA Suspends 'B' Rating on INR8cr Bank Loan

MULTITUDE INFRASTRUCTURES: Ind-Ra Withdraws IND BB- Issuer Rating
NAKUL ENTERPRISE: CRISIL Reaffirms B Rating on INR50MM Cash Loan
NAREDI TEXFAB: CRISIL Assigns B+ Rating to INR77.3MM Term Loan
NILACHAL REFRACTORIES: CRISIL Reaffirms 'D' Cash Credit Rating
NOMAX ELECTRICAL: ICRA Reaffirms C Rating on INR17.33cr Loan

PARAMESHWARA INDUSTRIES: CRISIL Suspends B+ Cash Credit Rating
PAVAS POLYCHEM: CRISIL Ups Rating on INR5MM Cash Loan to B+
POOJA SOLVEX: CRISIL Suspends B+ Rating on INR39MM Cash Loan
PRATIK HOSIERY: CRISIL Reaffirms B- Rating on INR20MM Cash Loan
RADICAL PLASTPACK: ICRA Suspends B Rating on INR5.90cr Loan

REDDY AND REDDY: CRISIL Suspends B+ Rating on INR60MM Cash Loan
SAISREE ENGINEERS: CRISIL Reaffirms 'D' Rating on INR50MM Loan
SHANKAR RICE: ICRA Reaffirms 'B' Rating on INR44cr Bank Loan
SHEPA: Ind-Ra Withdraws 'IND BB' Term Loan Facility Rating
SHRI KISHAN: CRISIL Suspends 'B' Rating on INR35MM Cash Loan

SINGH CONSTRUCTION: CRISIL Suspends C Rating on INR40MM Loan
SINGHAL METALLOYS: ICRA Suspends B/A4 Rating on INR7.5cr Loan
SURMOUNT LABORATORIES: ICRA Suspends B+ Rating INR9.5cr Loan
SWAMINATHAN ENTERPRISES: CRISIL Suspends B- Rating on INR50M Loan
SWASTIK GINNING: CRISIL Assigns B+ Rating to INR70MM Cash Loan

TEZPUR INSTITUTE: ICRA Suspends B- Rating on INR13.46cr Loan
VENUS REMEDIES: CRISIL Reaffirms 'D' Rating on INR1.46BB Loan


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Thailand to Free Swiss National X. Justo


S O U T H  K O R E A

HANJIN SHIPPING: Must Disclose U.S. Assets, Judge Says


                            - - - - -


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A U S T R A L I A
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BLANDISE PTY: First Creditors' Meeting Slated for Dec. 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Blandise Pty Ltd, CLL (QLD) Pty Ltd, Nashwood Pty Ltd, and
Statewide Loan Centres Pty Ltd, will be held at Level 14,
12 Creek Street, in Brisbane, Queensland, on Dec. 22, 2016, at
10:00 a.m.

Robert William Hutson and Rahul Goyal of KordaMentha were
appointed as administrators of Blandise Pty on Dec. 14, 2016.


CASMAR (AUSTRALIA): S&P Assigns 'B+' ICR; Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer ratings to
Casmar (Australia) Pty Ltd., SAI GLOBAL CIS US GP, and SAI GLOBAL
GP (collectively Casmar), the funding vehicles for Baring Asia
Private Equity Fund VI's (Baring Asia) acquisition of SAI Global.
The rating outlook is stable.

At the same time, S&P assigned its 'B+' issue rating and recovery
rating of '3' to Casmar's first-lien facilities, which consist of
US$515 million equivalent term loan due 2023 and a US$60 million
revolving credit facility (RCF) due 2021.  The '3' recovery rating
indicates S&P's expectation for meaningful (50%-70%; higher end of
the range) recovery in the event of a payment default.  The RCF is
largely undrawn at financial close.

S&P also assigned its 'B-' long-term issue rating and recovery
rating of '6' to the company's A$160 million second-lien term loan
due 2024.  The '6' recovery rating indicates S&P's expectation for
negligible (0%-10%) recovery in the event of a payment default.

"The corporate credit rating on Casmar reflects our assessment of
SAI Global's leading market position for its risk management
services in large global markets and property settlement services
in Australia, its highly diverse customer end-markets, and high
customer retention rates," said S&P Global Ratings credit analyst
Parvathy Iyer.

Offsetting these strengths is the company's highly leveraged
financial profile under financial sponsor ownership, as well as
SAI Global's small size and modest entry barriers in certain
services, and exposure to competitive pressures from larger
players and business conditions.

SAI Global is established as one of the leading providers of a
range of risk management services globally as well as property
information, brokerage, and settlement related services in
Australia.  Risk management services include assurance services,
aggregation and distribution of standards, e-learning platforms,
and risk-management software services.

SAI Global's competitive profile reflects the critical services it
provides to businesses.  These services enable its clients to
comply with increasing regulatory standards and scrutiny, manage
complex supply chain issues, and appropriately manage risk.  It is
the second-largest aggregator of standards globally and holds an
exclusive license to distribute Australian Standards until 2023;
the main assurance provider in Australia; and one of the top-three
providers of risk management software globally.  It is also the
leading property settlement service provider in Australia,
operating across the entire property settlement value-chain.

While the company has presence across 29 countries, in fiscal 2016
it derived 60% of its EBITDA from Asia-Pacific (majority of which
is from Australia) and 37% from North America, with the balance
coming from the European markets.  It provides services across 15
end-market segments, although it caters to a niche in food and
healthcare sector and is growing in these segments in Europe and
the U.S.  The nature of its services limits its exposure to legal
or monetary risks.

Although there isn't a competitor who competes across all of the
company's services, SAI Global has some larger competitors in each
service segment who can provide a substitute to varying degrees
and limit the company's pricing power.  For example, the assurance
business can face competition from larger global players, such as
SGS International Inc. and Bureau Veritas, who may be able to
price aggressively.  The prominence of the larger players in
Europe and the U.S. could curtail SAI Global's growth rate for its
services in these larger markets.  Over the medium term, contract
renewal with Standards Australia in 2023 could face competition
from global players.

Likewise, transaction volumes in the property segment can be
exposed to better and newer forms of settlement procedures, such
as online settlements.  However, S&P notes that the take-up rate
of online settlement has been slow to date, largely due to the
complexity of multi-party transactions.

High customer retention rates (90% on average), recurring
subscription-based revenues, and a reasonably flexible cost base
support the company's earnings predictability.  Also supporting
the earnings is SAI Global's diversity of end-markets, with no
major exposure to any sector or single customer.  Not all services
are generally backed by multi-year contracts, but strong customer
relationships (typically more than five years) and switching costs
result in high retention rates in the industry.

Nonetheless, a subdued business environment can affect companies'
discretionary spend and the take-up of some services,
subscriptions, or renewals.  Poor service quality or problems with
software platforms can lead to loss of customers, as occurred over
the past few years.  In this regard, SAI Global's ability to
retain its professional staff while achieving its forecast cost
efficiency, maintaining service quality, and proactively investing
in efficient platforms will be important to protecting its market
position and maintaining its customer base and profitability.

S&P assesses Casmar's financial risk profile as highly leveraged
because S&P expects the company's adjusted debt to EBITDA to stay
at the low-to-mid 5x from the year ending June 30, 2018, down from
about 6x at fiscal 2017, including one-time costs.  In addition,
the company's ownership by a financial sponsor constrains its
financial risk profile.

S&P's forecasts reflect its expectation that the company will
achieve cost savings of about A$20 million in the first 12 months
of its operations with the benefit flowing thereafter.  The
company's high cash conversion rate should generate positive free
operating cash flow, and S&P expects the company to make some
mandatory debt repayments over the next two or three years.

S&P expects some one-time restructuring costs of about
A$12 million in fiscal 2017 as part of the transition to the new
ownership structure and due to cost-saving measures.  S&P's
adjusted debt-to-EBITDA calculation of about 6x at fiscal 2017
does not exclude the one-time costs. Excluding these one-off costs
in fiscal 2017, the adjusted debt to EBITDA is likely to be
slightly below 6x in fiscal 2017.  In fiscal 2016, SAI Global
reported total revenues of A$570 million and EBITDA of
A$124 million.

Ms. Iyer added: "The stable rating outlook reflects the company's
reasonably established market position across its suite of
services, its brand recognition in Australia, and its modest
global footprint.  We expect the company would consolidate and
leverage on its current market position, grow its revenue in the
mid-single digit annually, and substantially achieve its targeted
cost savings over the next 12 months."

Furthermore, S&P does not expect any dividend payments, divestment
of any business lines or major acquisitions, although S&P has
factored in small acquisitions.  On this basis, S&P forecasts the
company's debt to EBITDA to be 6.3x at fiscal 2016, before
settling in the range of 5x-5.3x, and an EBITDA interest coverage
of about 2.5x over the next two years.

S&P could lower the rating if the targeted cost savings do not
occur over the next 12 months or the forecast growth in revenues
does not materialize.  These factors can lead to lower-than-
forecast free cash flows and delay potential deleveraging.  Such a
scenario is likely to result from management's inability to
transform the business, higher-than-expected competition or weaker
customer retention rates.

While S&P doesn't expect Casmar to increase its leverage
aggressively, any change in its philosophy toward debt-funded
acquisition above our expectation or shareholder distributions
could lead to downward rating pressure.  An EBITDA interest
coverage of below 2x or debt to EBITDA approaching 6x will likely
lead to a lower rating.

S&P believes rating upside is limited, based on the ratio trend of
debt to EBITDA staying above 5x over the next couple of years.
Nonetheless, the rating could move up by a notch if the company's
performance exceeds S&P's expectations; excess cash is applied to
debt reduction, bringing debt to EBITDA to below 5x; and the
management remains committed to such a financial profile on a
sustained basis.


CONTROL AND LOGISTICS: First Creditors' Meeting Set for Dec. 23
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Control and
Logistics Management Pty Ltd will be held at the offices of
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, NSW, on Dec. 23, 2016, at 10:00 a.m.

Blair Pleash and Joanne Freeman of Hall Chadwick were appointed as
administrators of Control and Logistics on Dec. 15, 2016.


GTC MEDICAL: First Creditors' Meeting Slated for Dec. 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of GTC Medical
Pty Ltd, trading as Medical Weightloss Institute, will be held at
the offices of Hall Chadwick Chartered Accountants, at Level 40, 2
Park Street, in Sydney, NSW, on Dec. 23, 2016, at 10:30 a.m.

Blair Pleash and Joanne Freeman of Hall Chadwick were appointed as
administrators of GTC Medical on Dec. 15, 2016.


KINGSROSE MINING: First Creditors' Meeting Set for Dec. 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kingsrose
Mining Limited, Natarang Offshore Pty Limited, and MM Gold Pty
Limited, will be held at the offices of FTI Consulting, Level 6,
30 The Esplanade, in Perth, on Dec. 23, 2016, at 11:00 a.m.

Ian Charles Francis and Michael Joseph Patrick Ryan of FTI
Consulting were appointed as administrators of Kingsrose Mining on
Dec. 14, 2016.


NATIONAL DAIRY: Has AUD9.2MM Liabilities to Unsecured Creditors
---------------------------------------------------------------
Andrew Miller at Stock and Land reports that a transport company
and milk processors Warrnambool Cheese and Butter (WCB) and Tatura
Milk are among unsecured creditors owed money by failed Victorian
broker National Dairy Products.

According to the report, NDP administrators have told unsecured
creditors they could expect as little as five cents in the dollar,
under a deed of company arrangement (DOCA).

Stock and Land relates that in a letter to unsecured creditors,
joint and several administrators Salvatore Algeri and Glen
Kanvesky said if NDP was declared insolvent, they could expect
nothing, or just over a cent in the dollar.

Deloitte found the company had liabilities of AUD9.2 million, made
up largely of AUD4.3 million to unsecured creditors and a further
AUD4.7 million owed to former managing director, Tony Esposito, as
an unsecured loan, the report relates.

Among those owed substantial amounts of money include Warrnambool
Cheese and Butter (WCB), AUD479,756, Peter Stoitse Transport,
AUD1.35 million, and Tatura Milk, AUD197,000, the report
discloses.

Stock and Land relates that the letter to creditors also said
dairy farmers were also owed sums of up to AUD1.1 million in
projected claims.

According to Stock and Land, the administrators found the company
had never operated profitably, incurring year-on-year losses from
2015.

"This appeared to be primarily due to an inability to negotiate
profitable pricing with suppliers and customers, which, as a
result, negatively impacted the company's margins," the report
quotes Mr. Algeri and Mr. Kanvesky as saying.  "The company was
also impacted by a high overhead structure and generally poor
management."

The report says management had advised the administrators the
company's start up strategy was to establish and secure a supplier
base by offering better pricing, than its competitors.

"This meant agreeing to inflated pricing with its suppliers, which
was to be renegotiated, at a later date.

"This resulted in higher cost, incurred in financial year 2015,
being the primary driver of the company's net loss."

The administrators said management had agreed to continue paying
the higher prices, to maintain supply agreements, Stock and Land
relays.

Last month, Mr. Esposito blamed NDP's financial woes on major
processors, Fonterra and Murray Goulburn (MG) undercutting him,
the report notes.

National Dairy Products (NDP) is a milk brokering company based in
Victoria, Australia.  Salvatore Algeri and Glen Kanevsky of
Deloitte were appointed as administrators of National Dairy on
Nov. 17, 2016.



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JIANGSU NEW: S&P Affirms 'BB+' CCR; Outlook Negative
----------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Jiangsu New Headline Development Group Co. Ltd. (NHL).
The outlook is negative.  S&P also affirmed its 'cnBBB' long-term
Greater China regional scale rating on the company.  NHL is a
construction services provider and one of the largest financing
and investment companies of the Lianyungang municipal government.

S&P also affirmed the 'BB' rating on NHL's fully owned subsidiary
HK Zhiyuan Group Ltd. with negative outlook.  S&P also affirmed
the 'cnBB+' Greater China regional scale rating on the company and
ratings on HK Zhiyuan's outstanding issuances.

S&P has revised its assessment of NHL's liquidity to less than
adequate from adequate because S&P believes ongoing funding
support for the company from the Lianyungang municipal government
is diminishing.  None of the ratings on NHL are affected by the
assessment change.

S&P expects NHL's ratio of liquidity sources to liquidity uses to
be less than 1.2x over the next 12 months.  A sizeable portion of
NHL's debt is classified as government debt.  The company is
therefore entitled to receive government funds for swap with its
debt.

S&P believes the Lianyungang government is about to complete most
of its swap program with NHL via early payments on the company's
receivables.  While NHL can accordingly reduce a fair amount of
its borrowings, the government move indicates a lower likelihood
of ongoing funding support from the government in the future.  On
the other hand, S&P expects NHL will still need a high level of
funds for debt repayment and working capital activities over the
coming 12 months.

"We affirmed the rating on NHL because we expect the Lianyungang
government to maintain its credit profile over the next 12-24
months.  In our opinion, NHL has an extremely high likelihood of
receiving timely and sufficient extraordinary government support
if it comes under financial stress.  The rating on NHL is four
notches above the company's stand-alone credit profile (SACP) of
'b', reflecting NHL's high dependence on the government's public
spending plan, and the company's small scale, limited
diversification, and significant debt-funded expansion," S&P said.

The negative outlook on NHL reflects S&P's view of the credit
profile of the Lianyungang municipal government.  At the same
time, S&P continues to see an extremely high likelihood that the
company will receive extraordinary support from the government
over the next 12 months.

S&P could lower the rating on NHL if it expects the
creditworthiness of the Lianyungang government to deteriorate.
The city's tax-supported debt continuing to grow significantly
faster than its operating revenues would indicate such
deterioration.  S&P anticipates such a scenario should the
government embark on large-scale stimulus spending while supply-
side reforms in Lianyungang's manufacturing sector continue
without an improvement in economic growth.  In such a scenario,
the municipal government's debt ratios will likely exceed 270% of
operating revenues.

Alternatively, S&P could lower the ratings on NHL if S&P believes
the likelihood of extraordinary government support has materially
diminished.  Heightened policy risk that may prevent the
Lianyungang municipal government from providing extraordinary
support in a timely manner would trigger our downside rating
review.  The Lianyungang government significantly reducing its
ownership of NHL or loosening its supervision control could
indicate diminishing government support.  Government support could
also decline if NHL's role as a construction services provider and
one of the largest financing and investment companies of the
Lianyungang municipal government weakens.  This could happen if
the government reduces its new project releases due to local
economic slowdown, or opening such services for other state-owned
enterprises or for commercial entities.

S&P could revise its outlook on NHL to stable if S&P believes the
creditworthiness of the Lianyungang municipal government has
significantly improved.  This could occur if the Lianyungang
government mitigates its debt burden by containing its tax-
supported debt growth, boosting operating revenues through further
economic growth, and reforming its state-owned enterprise sector,
resulting in lower contingent liabilities.


POWERLONG REAL: S&P Revises Outlook to Positive & Affirms 'B' CCR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based property
developer Powerlong Real Estate Holdings Ltd. to positive from
stable.  At the same time, S&P affirmed its 'B' long-term
corporate credit rating and 'cnBB-' long-term Greater China
regional scale rating on Powerlong.  S&P also affirmed its 'B-'
long-term issue rating and 'cnB+' long-term Greater China regional
scale rating on its outstanding senior unsecured notes.

"We revised the outlook to positive because we believe Powerlong
will continue to reduce its leverage over the next two years,"
said S&P Global Ratings credit analyst Brian Huang.  "At the same
time, the company is likely to improve its earnings stability with
growing recurring rental income."

With its strong pipeline, Powerlong's rising recurring rental
income will likely cover about half of the company's interest
payments in 2017.  The company has launched 12 new shopping malls
(mostly in Shanghai and Hangzhou) over the past two years, and is
scheduled to open at least another 10 new malls from its existing
land bank in 2017 and 2018.  In addition, Powerlong also has
somewhat more diversified income sources than its peers', with
rental, management fee and other income accounting for about 15%
of gross profits in 2015.

S&P could upgrade Powerlong if: (1) the company expands its
investment property portfolio and significantly increases its
recurring rental income to the level similar to S&P's base case in
2017; and (2) its leverage continues to decrease with debt-to-
EBITDA notably improving toward 5x.

S&P could revise its outlook to stable if Powerlong's sales
execution or rental growth is weaker than S&P expects, or the
company fails to maintain disciplined financial management during
expansion, with the pace of deleveraging slower than S&P's base
case.  This could happen if: (1) its rental income grows below
S&P's base case; and (2) its debt-to-EBITDA ratio does not improve
towards 5x.

"We affirmed the ratings largely due to the execution risks
Powerlong still faces following its rapid expansion in some new
cities, particularly in Shanghai and Hangzhou," said Mr. Huang.
The majority of its malls in these two cities have only up to one
year of operating history.  Therefore, the company's ability to
manage its quickly expanded portfolio in these cities will be
further tested.  Powerlong plans to launch an additional seven
malls in these two cities in 2017-2018.  Keeping to its launching
schedule will be instrumental to Powerlong's strategic goals of
reaching 50 malls by 2020, which still face some operational
uncertainties, in S&P's view.

S&P expects Powerlong to maintain prudent financial management,
and continue to deleverage.  Powerlong has remained disciplined
towards land acquisitions in recent years, with only Chinese
renminbi (RMB) 2.7 billion in land payments in 2015.  While
Powerlong's cash payments for land acquisitions will likely
increase to around RMB4 billion-RMB5 billion in 2016, this is
still around 30% of its contracted sales.

Powerlong's capital spending on land will likely remain manageable
in 2017 and 2018, given it has already secured land for the 10
malls scheduled to launch during this period.  S&P's base case
forecasts a debt-to-EBITDA ratio of 6.5x-6.6x in 2016 that should
decrease to below 6.0x in 2017, compared with 6.5x for the rolling
12 months in June 2016, 7.5x in 2015, and 8.1x in 2014.

S&P estimates Powerlong's recurring income will grow above 25%
each year over the next three years, driven by its robust pipeline
of four to six new shopping malls a year.  As a result, its
recurring rental income interest coverage should increase to 0.5x
in 2017, from 0.4x in 2016.  Powerlong has also improved the asset
quality of its investment portfolio, with increased contributions
from community malls in higher-tier cities with more favorable
tenancy profiles.  The yield on cost of its investment portfolio
appears decent at about 12%, thanks to low-cost commercial land
acquired in the past.

S&P expects Powerlong's sales to grow steadily by about 12%-17%
each year to about RMB16 billion in 2016 and RMB18 billion-RMB19
billion in 2017 (from RMB 14.3 billion in 2015), considering its
sufficient salable resources.  Shanghai will likely remain its
largest revenue source at over 25% of sales over the next 12
months, primarily in commercial properties.

Powerlong's profitability should improve slightly in 2016 and
2017, with an EBITDA margin of 30%-32%, up from 29.1% in 2015.
This is due to increased contributions from Shanghai.  So far this
year, land costs account for lower than 20% of its selling prices
for the sales made in Shanghai.



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AMGC LOGISTICS: CRISIL Suspends B Rating on INR78MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of AMGC
Logistics Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             78        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B/Stable

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

ALPL was established in 2012 based out Nagpur (Maharashtra) by Mr.
DTS Moorthy, engaged in export of agro commodities such as rice
and sugar. The day to day operations of the company are managed by
Mr. DTS Moorthy.


AMMA AGRO: CRISIL Suspends 'B' Rating on INR61MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Amma
Agro Farms.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable
   Long Term Loan          61        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by AAF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AAF is yet to
provide adequate information to enable CRISIL to assess AAF'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 2008, AAF is engaged in the poultry business. AAF
is promoted by Mr. R D Subramanyam Reddy and his family. The firm
is located in Chittoor district (Andhra pradesh).


AXIS OVERSEAS: ICRA Suspends B+/A4 Rating on INR25cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR25.00 crore fund based and non-fund based limits of Axis
Overseas Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Axis Overseas Limited was incorporated as a limited company in the
year 2005 in Kolkota (West Bengal). The company is currently
managed by Mr. Aditya Sarda.The company started its operations in
2005 and is involved in trading of raw jute and finished jute
products. AOL supplies raw jute to jute mills in West Bengal and
Madhya Pradesh to be used for manufacture of jute bags. AOL owns
14 warehouse with a total floor space of 8000 square feet in
Kolkota.


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).


BANKE BIHARI: ICRA Suspends B+ Rating on INR9.23cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR9.23 crore,
bank lines of Banke Bihari Associates. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company


CHIRAG INFRAPROJECTS: ICRA Suspends B/A4 Rating on INR30cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 rating assigned to the
INR30.00 crore bank facilities of Chirag Infraprojects Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Chirag Infraprojects Private Limited is a Mumbai based civil
contractor promoted by Mr. Moolchand Jain, Ms. Pushpa Shah, and
Mr. Arun Jain. The company is primarily engaged in execution of
civil construction contracts with focus on construction of roads,
structures, buildings, storm water drains & drain works etc.


COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR170MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Coastal Consolidated
Structures Private Limited continues to reflect its modest scale
of operations, large working capital requirement and exposure to
intense competition in the civil construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          200      CRISIL A4 (Reaffirmed)

   Cash Credit             170      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       90      CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the average financial risk profile,
marked by moderate net worth, moderate gearing and average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of promoters in the civil construction
industry.

Outlook: Stable

CRISIL believes CCSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins, or
significant deterioration in the capital structure caused most
likely by a large, debt-funded capital expenditure or a stretch in
the working capital cycle.

CCSPL, established in 1996 by Mr. M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road
and ports work. It is headquartered in Vijayawada (Andhra
Pradesh).


CONFEDERATION FOR AYURVEDIC: CRISIL Rates INR71.4MM Loan 'D'
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Confederation for Confederation For Ayurvedic
Renaissance-Keralam Limited (CARe-K) and has assigned its 'CRISIL
D' rating. The rating was previously suspended (rating rationale
dated August 20, 2016) since the company had not provided the
necessary information required for a rating review. CARe-K has now
shared the requisite information, enabling CRISIL to assign the
rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D (Assigned;
                                     Suspension Revoked)

   Term Loan               71.4      CRISIL D (Assigned;
                                     Suspension Revoked)

The rating reflects delays in servicing interest on term loan
because of weak liquidity.

The company also has a weak financial risk profile because of
continuous cash losses, modest and fluctuating scale of operations
in a competitive industry, and large working capital requirement.
However, CARe-K benefits from the extensive experience of its
promoters.

Set up as a private limited company in 2004 and reconstituted as a
public limited company in 2008, CARe-K is a joint venture between
various ayurvedic enterprises and the Kerala Industrial
Infrastructure Development Corporation (KINFRA) of the Government
of Kerala. The company was formed to create infrastructure
facilities for the standardisation of ayurvedic medicines and
services, and is also supported by the AYUSH Department of
Government of India.


DC WOVENSACK: ICRA Reaffirms 'B' Rating on INR6.60cr Term Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B for the
INR6.60 crore term loan facility and the INR3.25 crore cash credit
facility of DC Wovensack Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits:
   Term Loan                6.60      [ICRA]B/Re-affirmed

   Fund-Based Limits:
   Cash Credit              3.25      [ICRA]B/Re-affirmed

The ratings reaffirmation continues to take into account the long-
standing experience of DWS's promoters in the woven sack
manufacturing business and the benefits received by way of
interest subsidy on account of registration under Technology
Upgradation Fund Scheme. The ratings, however, continue to remain
constrained by the weak financial risk profile of the company as
characterized by losses at net levels, leveraged capital structure
and weak debt coverage indicators. ICRA notes that the scale of
operations of the company remains modest at present due to
relatively recent foray into manufacturing operations. The ratings
also remain constrained by the high competitive pressures from
conventional plastic bag manufacturers and the vulnerability of
DWS's profitability to adverse fluctuations in raw material
prices.

Going forward, the ability of the company to ramp up operations so
as to improve overall scale and generate profits thereby
improvising its debt coverage indicators remains critical from the
credit perspective. Further, given the relatively low cash
accruals, timely infusion of funds either through equity or
unsecured loans remains crucial to support debt repayments in a
timely manner.

DC Wovensack Private Limited (DWS) was incorporated in 2012, and
commenced operations from April 2014. The company, promoted by Mr.
Navalkumar Agarwal, has established a Polypropelene (PP) woven
fabric manufacturing unit at the Pipodara Village in Mangrol
district of Surat, Gujarat, with an annual installed capacity of
4,372.50 metric tons of woven fabric. Woven fabric is used to
produce woven sacks that are utilized as packaging material for
fertilizer, cement, food, sugar and chemical industries.

Recent Results

DWS reported a Net loss of INR0.48 crore on an operating income of
INR18.30 crore in FY2016, as compared to a net loss of INR0.96
crore on an operating income of INR10.64 crore in FY2015.


GAYATHRI SUSTAINABLE: ICRA Reaffirms C Rating on INR12.35cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C assigned to
INR12.35 crore (revised from INR15.63 crore) term loan, INR10.52
crore (revised from INR7.24 crore) unallocated limits of Gayathri
Sustainable Energies India Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund-
   based limits
   (Term Loan)             12.35      [ICRA]C reaffirmed

   Long term
   Unallocated             10.52      [ICRA]C reaffirmed

The rating reaffirmation continues to be constrained by low Plant
Load Factor (PLF) of 12.81% of the wind power plant of GSEPL
during FY2016 due to the unavailability of continuous grid
connectivity in Tamil Nadu; overall poor wind season in the
country for the year which resulted in lower cash accruals than
the debt servicing requirements; and weak financial risk profile
of the company with negative net worth and modest coverage
indicators. The rating is also constrained by high customer
concentration with the entire generation from the wind turbines
sold to a single customer under group captive mode; and weak exit
clause in the Power Purchase Agreement (PPA) exposing the company
to high revenue generation risk. The rating, however, derives
comfort from the reputation of Gamesa, a leader in wind energy
equipment manufacturing, which is the operational and maintenance
partner of the company; attractive tariff received by the company
at INR5.75 per unit and continuous support from promoters in form
of interest free unsecured loans to make timely debt repayments.
Going forward, improvement in PLF levels and timely infusion of
promoter funds to support debt servicing will remain key rating
drivers from credit perspective.

Founded in 2011, Gayathri Sustainable Energies India Private
Limited is engaged in wind power generation. The company is
headquartered in Hyderabad while its wind power plants are located
in Tamil Nadu. It has established five wind electric generators,
with 0.85MW generation capacity each, in association with Gamesa
in Coimbatore. Additionally, two wind electric generators with
0.85MW capacity each, based in Theni district in Tamil Nadu, were
added by GSEPL in 2012. The total wind power capacity of the
company stands at 5.95 MW.

Recent Results

As per the audited results of FY2016, the company has reported an
operating income of INR4.09 crore and a net loss of INR0.96 crore
as against an operating income of INR5.66 crore and a net loss of
INR0.08 crore for FY2015.


HARITHA FERTILISERS: CRISIL Suspends 'B' Rating on INR350MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Haritha
Fertilisers Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             350       CRISIL B/Stable

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

HFL, incorporated in 2006, is promoted by Mr. Ravindranath Reddy,
Mr. Gangi Reddy, and their family members. The company
manufactures nitrogen-phosphorous-potassium (NPK) mixture
fertilisers at its units in Keesara and Damarchela (both in
Telangana).


HEMCO GARMENT: CRISIL Lowers Rating on INR40MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hemco Garment Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              25       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                40       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects the company's delays of over 30 days in
meeting interest obligation on its term loan because of operating
loss in fiscal 2016 on account of competition from established
players in the washing detergents industry.

HGPL has a weak financial risk profile because of modest networth
and high gearing, a stretched working capital cycle, and a short
track record in the homecare and personal products industry.
However, the company benefits from funding support from its
promoters.

HGPL, incorporated in 2009, in Dehradun, manufactures detergent
powders, cakes, soaps, shampoos, and other personal and homecare
products. It is promoted by Mr. Rajiv Rana and his family.


INCAP LTD: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Incap Ltd. continue to
reflect the company modest scale and working capital intensive
nature of its operations. The ratings also factor in the client
concentration risk in Incap's revenue profile. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive experience in the electrical
components industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)

   Cash Credit            65        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       40        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15        CRISIL B+/Stable (Reaffirmed)

The rating reaffirmation is solely based on information available
in the public domain as Incap has not cooperated with CRISIL in
its surveillance process.

Outlook: Stable

CRISIL believes that Incap will continue to benefit over the
medium term from its promoters' experience in the electrical
components industry and their established relationships with
customers. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the company's revenue and
profitability margins from the current levels or if there is
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if there is a steep decline
in Incap's profitability margins from the current levels or if
there is significant deterioration in its capital structure, most
likely because of larger-than-expected working capital
requirements.

Incap, set up in 1993 by Mr. C Bhagvantha Rao, manufactures
aluminium electrolyte capacitors. The company also provides
logistical support for transport of insulators from ports to Power
Grid Corporation of India Ltd's project locations for Chinese
suppliers.

For 2015-16 (refers to financial year, April 1 to March 31), Incap
reported profit after tax (PAT) of about INR15.34 million on total
revenue of INR304.16 million as against net profit of INR19.75
million on total revenue of INR471.89 million for 2014-15.


ISMT LTD: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ISMT Ltd's
ratings.

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

ISMT's ratings:

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

   -- INR3 billion long-term debt: Long-term 'IND D'; rating
      withdrawn

   -- USD121.3 million long-term debt: Long-term 'IND D'; rating
      withdrawn

   -- EUR12.7 million long-term debt: Long-term 'IND D'; rating
      withdrawn

   -- INR4 billion fund-based working capital limits: Long-
      term/Short-term 'IND D'; rating withdrawn

   -- INR9.6 billion non-fund-based working capital limits:
      Short-term 'IND D'; rating withdrawn


JAGRUTHI EDUCATIONAL: CRISIL Suspends D Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jagruthi
Educational and Welfare Society (Jagruthi).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL D

   Rupee Term Loan         70        CRISIL D

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

Jagruthi was registered in 1997 under the Societies Registration
Act, 1860, and started operations in 2008; it offers graduate and
postgraduate courses in engineering and management. Dr. Srinivas
Reddy is the president and Dr. Venkateshwara Rao is the general
secretary of the society.


JANAKI COTTON: CRISIL Suspends 'B' Rating on INR31MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Janaki
Cotton Mills Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.7       CRISIL A4
   Cash Credit            30         CRISIL B/Stable
   Letter of Credit       30         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      3.7       CRISIL B/Stable
   Standby Line of Credit  9.0       CRISIL B/Stable
   Term Loan               31        CRISIL B/Stable

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

JCML, established in 1995, manufactures cotton yarn. Its day-to-
day operations are managed by Mr. S Nambirajan.


KERNEX MICROSYSTEMS: CRISIL Reaffirms B- Rating on INR175MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kernex Microsystems
India Limited continue to reflect the company's modest scale of
operations, weak debt protection metrics, and stretched liquidity
driven by large working capital requirement. These weaknesses are
partially offset by its promoters' extensive experience in the
railway safety equipment segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         165       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     175       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KMIL will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' if
the company reports large cash accrual, driven by a substantial
increase in revenue and profitability, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if profitability declines or working capital cycle lengthens,
leading to pressure on liquidity.

KMIL, established in 1991, manufactures, installs, and maintains
anti-collision devices, and conceptualises, designs, and develops
railway safety and signal systems. The company also manufactures
train collision avoidance systems and automatic level crossing
gates. Based in Hyderabad, it is promoted by Mr. Raju N Mantena,
Ms. Anji Raju Mantena, Mr. Janardhana Reddy Vinta . It is listed
on the Bombay Stock Exchange.


KIRTI SOLAR: CRISIL Suspends 'B+' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kirti
Solar Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4
   Cash Credit             60       CRISIL B+/Stable
   Letter of Credit        15       CRISIL A4

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

KSL was incorporated in 2001, and is promoted by Mr. Dhiraj
Bhagchandka and his family members. The company manufactures and
assembles solar power equipment and systems. It also executes
engineering, procuring, and construction projects for government
agencies.


KISH EXPORTS: ICRA Reaffirms 'B' Rating on INR10cr Loan
-------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR10.00-crore
fund-based limits of Kish Exports Limited. ICRA also reaffirms its
[ICRA]A4 rating on the INR1.00-crore non-fund based limits of the
company.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         10.00      [ICRA]B; reaffirmed
   Non-Fund Based Limits      1.00      [ICRA]A4; reaffirmed

The rating action factors in decline in scale of operations of the
company, deterioration in interest coverage ratio and increase in
working capital intensity in FY 2016.This was however accompanied
by improvement in operating profit margins and improvement in net
profits.

The ratings continue to be constrained by the company's weak
return on capital indicators due to modest profitability of
textile operations and sizeable investments in low-return yielding
real estate investments, which have also resulted in weak debt
coverage indicators such as high TD/OPBITDA and weak NCA/Total
Debt ratios. Furthermore, the ratings also take into account the
high working capital intensity, led by high inventory holdings.
Moreover, the profitability of the company remains exposed to
adverse movements in raw material prices and exchange rate
fluctuations as KEL does not hedge its foreign currency
denominated receivables. Nevertheless, the ratings continue to
derive comfort from KEL's experienced management with long track
record in the garments exports business. The ratings also derive
comfort from the company's comfortable capital structure because
of its healthy net worth position.

Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner and achieve healthy
returns on its investments, while maintaining optimal working
capital intensity, will be the key rating sensitivities.

Kish Exports Limited was incorporated in 1993. Its promoters are
Mr. M.K. Lakhwani and Ms. Sanjana Samtani. The firm is involved in
manufacturing and export of garments. The company manufactures and
exports all types of woven garments catering to ladies and kids
segments and derives ~90% of its revenues from sales of ladies
garments, 5% from kid's garments and the remaining 5% from
accessories. The company is primarily an exporter and derives more
than 95% of its income from exports and the remaining from
domestic sales.

Recent Results

The company reported a profit after tax (PAT) of INR0.68 crore on
an operating income (OI) of INR24.51 crore in FY2016, as against a
PAT of INR0.22 crore on an OI of INR38.84 crore in the previous
year.


KRISHNA SHIPPING: CRISIL Suspends B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Krishna
Shipping and Allied Services.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      50        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KSAS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KSAS is yet to
provide adequate information to enable CRISIL to assess KSAS'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 1996, KSAS is currently a partnership firm promoted by
the Thakker family based in Kutch (Gujarat). The firm provides all
kinds of shipping-related activities according to customers'
requirements. These activities include freight forwarding,
stevedoring, intra-port transportation, and other auxiliary port-
related services such as custom clearances and storage/port
formalities for smooth handling of cargo at the port.


M S AHUJA: ICRA Suspends 'B' Rating on INR8.5cr Bank Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to the
INR8.50 crore bank facilities of M S Ahuja Agro Foods (P) Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MADISON HOLDING: CRISIL Suspends 'D' Rating on INR140MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Madison
Holding.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          140       CRISIL D

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

MD is a 50:50 joint venture between Ethix Realtors Pvt Ltd and
members of the Jain family. The firm launched a project in April
2013 and is likely to complete it in December 2015 at a total cost
of INR390 million.


MATA RANI: Ind-Ra Cuts Term Loans Ratings to 'IND D'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mata Rani
Trust's (MRT) INR91 million term loans (reduced from INR98.5
million) and INR200 million term loans (reduced from INR210
million) to 'IND D' from 'IND BB-'. The Outlook was Stable.

KEY RATING DRIVERS

The rating reflects a three-month delay in the monthly repayment
of interest and principal obligations owing to a tight liquidity
position.

RATING SENSITIVITIES

Positive: The rating could be upgraded if loan interest and
principal obligations are timely met for at least one quarter.

COMPANY PROFILE

Established in 2009, Mata Rani Trust is a non-government, social
service organisation formed as a trust for the primary purpose of
imparting education. The trust runs a K-8 school and a polytechnic
institute.


MEHTA ART: ICRA Suspends B+ Rating on INR9cr Bank Loan
------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR9 crore bank facilities of Mehta Art Press Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MEWAR HI-TECH: ICRA Suspends 'B' Rating on INR8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to the
INR8 crore bank facilities of Mewar Hi-Tech Engineering Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MULTITUDE INFRASTRUCTURES: Ind-Ra Withdraws IND BB- Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Multitude
Infrastructures Private Limited's (MIPL) 'IND BB-' Long-Term
Issuer Rating. The Outlook was Stable. The agency has also
withdrawn the 'IND BB-' rating on MIPL's INR140 million term
loans. The Outlook was Stable.

The bank loan rating has been withdrawn as the term debt has been
reduced below the minimum limit of INR100 million as specified by
the Reserve Bank of India for mandatory rating. Consequently, the
Long-Term Issuer Rating has been withdrawn. Ind-Ra will not
provide ratings or analytical coverage for MIPL.


NAKUL ENTERPRISE: CRISIL Reaffirms B Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on Nakul Enterprise continue to reflect average
financial risk profile marked by high total outside liabilities
total net worth, and its exposure to intense competition in steel
industry. These rating weaknesses are partially offset by
extensive experience of NE's promoters in steel industry and
established relations with the customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       250       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NE's will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with the customers. The outlook may be
revised to 'Positive' if the firm generates higher-than-expected
cash accruals or benefits from significant equity infusion by its
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in NE's cash accruals or deterioration in its
working capital cycle management or the firm undertakes a large,
debt-funded capex programme, resulting in further weakening of its
financial risk profile.

Established in March 2012, NE is engaged in trading of TMT bars,
iron-ore pellets and scraps. The proprietor is Mr. Nakul Ayachi
who oversees the overall operations of the firm.


NAREDI TEXFAB: CRISIL Assigns B+ Rating to INR77.3MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Naredi Texfab Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              77.3      CRISIL B+/Stable
   Cash Credit            40        CRISIL B+/Stable
   Letter of Credit       10        CRISIL A4

The ratings reflect a small, though improving, scale of operations
in the highly competitive and fragmented packaging industry. The
ratings also factor in a constrained financial risk profile
because of a small net worth, leveraged capital structure, and
expected modest cash accrual. These rating weaknesses are partly
offset by the extensive industry experience of the promoters and
their funding support.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR16.1 million extended by the directors and their family members
as neither debt nor equity. This is because these loans bear a
nominal interest rate and are expected to remain in the business
over the medium term.
Outlook: Stable

CRISIL believes NTPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if revenue and
profitability improve, leading to higher-than-expected cash
accrual and hence a better financial risk profile. The outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual, or stretching of working capital cycle, leading to
deterioration in the financial risk profile, particularly
liquidity.

NTPL was incorporated in December 2012, promoted by the Naredi
family of Rajasthan; it commenced commercial operations from April
2014. The company manufactures, prints, and stitches polypropylene
woven sack bags and high-density polyethylene bags used in various
industries for packaging. The manufacturing facility at Nimbahera,
Rajasthan, has an installed capacity of 5 million meter per month.


NILACHAL REFRACTORIES: CRISIL Reaffirms 'D' Cash Credit Rating
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nilachal
Refractories Limited continues to reflect stretched liquidity
position of the company, large working capital requirement, and a
below-average financial risk profile, with high gearing and weak
debt protection metrics. However, the company benefits from the
extensive experience of its promoters in the refractory business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             59.2      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     403.3      CRISIL D (Reaffirmed)

NRL, incorporated in 1977, manufactures refractory bricks and
monolithic products, such as castables, plastic-based ramming
mass, and gunning materials, which are used in linings for
furnaces, kilns, and reactors. Its operations are managed by Mr.
Bhagwati Prasad Jalan, Mr. Vimal Prakash, and Mr. Vijay Kumar
Agarwal.


NOMAX ELECTRICAL: ICRA Reaffirms C Rating on INR17.33cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]C assigned to
the INR17.33 crore cash credit facility of Nomax Electrical Steel
Private Limited. ICRA has also assigned a long term rating of
[ICRA]C to the INR0.46 crore untied limits of NESPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Cash Credit             17.33      [ICRA]C reaffirmed

   Fund Based Limit-
   Untied limits            0.46      [ICRA]C assigned

The reaffirmation of the rating takes into account the weak
financial profile of the company characterized by a leveraged
capital structure and depressed coverage indicators, and a high
working capital intensity of operations of around 79% in FY2016 on
account of significant raw material inventory maintained by the
company due to long transit time involved in imports and high
receivables position. ICRA also notes the stretched liquidity
position of NESPL, which along with full utilization of working
capital limits restricts its financial flexibility. The rating
also factors in the high client concentration risks and
vulnerability of NESPL's profitability to fluctuations in the raw
material (CRGO steel sheets) prices globally. However, ICRA has
favourably considered the established operational track record of
the company, experience of the promoter in CRGO steel laminations
manufacturing business, and healthy margin earned by the company
at operating level in the past few years; though the same declined
sharply in FY21016.

Promoted by Md. Moinuddin Mondal, the company was initially
established in 1981 as a proprietorship firm in the name of
'Eastern Electricals'. It was converted into a private limited
company in 2007 and was renamed Nomax Electrical Steel Private
Limited. The company manufactures Cold Rolled Grain Oriented steel
laminations, which are primarily used in making transformers,
stabilisers, etc. The company carries out its operations from its
two units located at Dakhin Hathiara, Kolkata.

Recent Results

During the first six months of FY2017, NESPL posted a net profit
of INR0.19 crore (provisional) on an operating income of INR11.11
crore (provisional). The company reported a net profit of INR0.28
crore on an operating income of INR30.38 crore in FY2016.


PARAMESHWARA INDUSTRIES: CRISIL Suspends B+ Cash Credit Rating
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Parameshwara Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by PI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PI is yet to
provide adequate information to enable CRISIL to assess PI'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, PI mills and processes paddy into rice, rice bran,
broken rice, and husk. Its rice mill is in Nizamabad (Telangana).
The firm's day-to-day operations are managed by Mr. Amarnath
Reddy, Mr. Gajanand Reddy, Mr. Ram Reddy, Mr. Raja Reddy, and Mr.
Naveen Kumar.


PAVAS POLYCHEM: CRISIL Ups Rating on INR5MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Pavas Polychem Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and has reaffirmed the short-term facility at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        70        CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in the business and financial
risk profiles due to healthy revenue growth. Revenue increased at
a compound annual rate of over 25% over the past three fiscals to
INR250.7 million in fiscal 2016 from INR203.4 million in fiscal
2013. The growth was largely driven by repeat orders from clients
for higher procurement along with addition of some new customers.
Supplies are mainly to pipe manufacturers based in Uttar Pradesh.
Healthy demand for polyvinyl chloride (PVC) resin will support the
business risk profile over the medium term.

Furthermore, the financial risk profile has remained as per
expectation. The interest coverage ratio was 2.09 times for fiscal
2016, against 1.98 times for fiscal 2015. The total outside
liabilities to tangible networth ratio is expected to remain at
0.6-0.7 time over the medium term in the absence of any large,
debt-funded capital expenditure, moderate reliance on bank
borrowing, and no term debt obligations. Net cash accrual, along
with high bank limit utilisation with enhancement in the working
capital facility, is expected to support working capital
requirement.

The rating reflects an average financial risk profile, small scale
of operations in the fragmented PVC resin trading industry, and
vulnerability of the operating margin to fluctuations in PVC
prices. These rating weaknesses are partially offset by the
extensive industry experience of the promoters and financial
support received from them.
Outlook: Stable

CRISIL believes PPPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations, along with improvement in the financial risk profile.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely due to increase in working
capital requirement or large, debt-funded capital expenditure.

PPPL was incorporated in 2011, promoted by Mr. Pavan Khatri; it
started commercial operations from September 2011. The company,
based in Kanpur, Uttar Pradesh, trades in PVC resin.

Net profit was INR1.9 million on sales of INR250.7 million in
fiscal 2016, against net profit of INR1.6 million on sales of
INR235.4 million in fiscal 2015.


POOJA SOLVEX: CRISIL Suspends B+ Rating on INR39MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pooja
Solvex.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             39        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      35.4      CRISIL B+/Stable

   Term Loan                2.6      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by PS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PS is yet to
provide adequate information to enable CRISIL to assess PS'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 2012 by Mr. Sanjeev Kumar and his business associate Mr.
Parshottam Das, PS is a partnership firm engaged in the extraction
of rice bran oil; also sells de-oiled cake, which is a by-product
in the oil-extraction process. The firm's processing facility is
located at Sangrur (Punjab).


PRATIK HOSIERY: CRISIL Reaffirms B- Rating on INR20MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings continue to reflect the small scale and working
capital intensive operations of Pratik Hosiery Pvt Ltd, and an
average financial risk profile marked by average debt protection
metrics and moderate networth. The weaknesses are partially offset
by the benefits from the extensive industry experience of its
promoters in the readymade garments segment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20       CRISIL B-/Stable (Reaffirmed)

   Export Packing Credit   50       CRISIL A4 (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes PHPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations improves revenue and
efficient working capital management enhances liquidity and
capital structure. The outlook may be revised to 'Negative' if
order inflow is low or margins decline, or if any sizeable debt-
funded capital expenditure programme weakens financial risk
profile.

PHPL, incorporated in 1995, manufactures readymade garments. The
operations of the group are managed by Mr. A R R Venkatachalam.


RADICAL PLASTPACK: ICRA Suspends B Rating on INR5.90cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.90 crore,
bank lines of Radical Plastpack Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


REDDY AND REDDY: CRISIL Suspends B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Reddy and
Reddy Automobiles.

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

The suspension of ratings is on account of non-cooperation by RRA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RRA is yet to
provide adequate information to enable CRISIL to assess RRA'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 2004, RRA is an authorised dealer of Hero MotoCorp Ltd's
entire range of two-wheelers, and their spares and accessories.
The firm has one showroom-cum-service station in Bhimavaram
(Andhra Pradesh), and five display centres in West Godavari
(Andhra Pradesh). Mr. Goluguri Rama Krishna Reddy is the firm's
managing partner.


SAISREE ENGINEERS: CRISIL Reaffirms 'D' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saisree Engineers
Private Limited continue to reflect delays by SSEPL in servicing
its term debt obligation owing to weak liquidity resulting from
stretched working capital cycle.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL D (Reaffirmed)
   Cash Credit             50       CRISIL D (Reaffirmed)
   Long Term Loan          50       CRISIL D (Reaffirmed)

The ratings also continue to reflect modest scale of operations,
segmental and customer concentration, and weak financial risk
profile because of high gearing and a small net worth. These
weaknesses are partially offset by the promoters' extensive
experience in the civil construction industry.

Incorporated in 2010, Hyderabad-based SSEPL undertakes coal mining
works (digging and dumping) and civil construction works. The
company is promoted by Mr. Suryanarayana Raju and his family.


SHANKAR RICE: ICRA Reaffirms 'B' Rating on INR44cr Bank Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR44-
crore (enhanced from INR34 crore) fund-based facilities of Shankar
Rice & Gen. Mills.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits        44         [ICRA]B; reaffirmed

ICRA's rating factors in the company's healthy growth in operating
income and marginal improvement in cash accruals in FY2016, along
with an improvement in the capital, on account of increased net
worth. Nevertheless all these factors have been accompanied with
decline in operating margins and deterioration in interest
coverage ratio.

The rating continues to factor in factors in the firm's modest
scale of operations, which coupled with low value-adding business
and high industry competition, has resulted in low profitability
and weak debt coverage indicators. The rating also takes into
account the working capital intensive nature of the rice milling
business due to the need to maintain substantial inventories
although the same has reduced in FY2016. Furthermore, the
incremental working capital requirements have been primarily
funded through bank borrowings, leading to a highly leveraged
capital structure. The rating is also constrained by agro climatic
risks, which can affect the availability of paddy in adverse
conditions.

However, the rating continues to be supported by the firm's long
track record of operations and the experience of the promoters in
the rice industry; proximity of the mill to a major rice growing
area which results in easy availability of paddy; and the stable
demand outlook with rice being an important part of the staple
Indian diet.

Going forward, the ability of the firm to increase its scale of
operations and improve its profitability, while maintaining a
prudent capital structure and optimising the working capital
intensity will be the key rating sensitivities.

Incorporated in 2001, SRGM is a partnership firm involved in
milling and processing of basmati and non basmati rice. The firm's
plant is located in Moga, Punjab and has a milling and sorting
capacity of 5 tonnes/hour. The firm is promoted by Mr. Parveen
Kumar, Ms. Santosh Rani, Mr. Amandeep and Mr. Kamaldeep.

Recent Results

The firm reported a net profit of INR0.28 crore on an operating
income of INR122.94 crore in FY2016 as compared to a net profit of
INR0.26 crore on an operating income of INR71.95 crore in the
previous year.


SHEPA: Ind-Ra Withdraws 'IND BB' Term Loan Facility Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Society For
Higher Education And Practical Application's (SHEPA) INR79.91
million term loan facility's 'IND BB(suspended)' rating.

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

Ind-Ra suspended SHEPA's rating on 9 June 2016.


SHRI KISHAN: CRISIL Suspends 'B' Rating on INR35MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shri
Kishan Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            15        CRISIL B/Stable
   Long Term Loan          5        CRISIL B/Stable
   Proposed Cash
   Credit Limit           35        CRISIL B/Stable
   Proposed Letter
   of Credit              45        CRISIL A4

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

SKI was established in 2007 as a partnership firm by Mr. Sushil
Taori and Mr. Gyanchand Taori. The firm processes raw cashew nuts
to cashew kernels. Its manufacturing facility is in Raipur.


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.


SINGHAL METALLOYS: ICRA Suspends B/A4 Rating on INR7.5cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR7.50 crore bank facilities
of Singhal Metalloys Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SURMOUNT LABORATORIES: ICRA Suspends B+ Rating INR9.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 rating assigned to
the INR9.50 crore bank facilities of Surmount Laboratories Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 1981 as a partnership firm with a subsequent
conversion to a private limited company in 1996, Surmount
Laboratories Pvt. Ltd. was acquired in May 2013 by Mr. Dhirendra
Mehta and Mrs. Vina Mehta who are the current directors and
shareholders of the company. SLPL is engaged in the business of
manufacturing pharmaceuticals products in the therapeutic segments
of anti-cold cough, anti-acidity, anti diarrhoea, etc. The company
has a registered office in Vidyavihar, Mumbai and a fully equipped
factory in Ankleshwar, Gujarat.


SWAMINATHAN ENTERPRISES: CRISIL Suspends B- Rating on INR50M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swaminathan Enterprises Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B-/Stable
   Letter of Credit        45        CRISIL A4
   Long Term Loan          50        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B-/Stable

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

SEPL, incorporated in 2006, manufactures fractional horse power
motors, which are used in various home appliances such as washing
machines, wet grinders, and air conditioners. The company is
promoted by Mr. V M S Namasivayam and his family members. The
company is located at Chennai.


SWASTIK GINNING: CRISIL Assigns B+ Rating to INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Swastik Ginning and Pressing Industries.

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

The rating reflects the firm's modest scale of operations in the
highly-fragmented cotton ginning industry, the susceptibility of
its operating profitability to volatility in cotton prices, and
its weak financial risk profile marked by modest net worth and
high gearing levels. These weaknesses are partially offset by its
promoters' extensive experience in the cotton ginning industry.
Outlook: Stable

CRISIL believes SGPI will benefit from its promoters' extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if the firm reports substantial revenue, and
improves its profitability and capital structure. The outlook may
be revised to 'Negative' if there is a considerable decline in
revenue and profitability, or deterioration in working capital
management impacting liquidity, or large debt-funded capital
expenditure, weakening the financial risk profile.

SGPI, incorporated in 2007 and based in Yavatmal, Maharashtra,
gins cotton, and manufactures raw cotton bales. SGPI is promoted
by Mr. Pankaj Kothari.


TEZPUR INSTITUTE: ICRA Suspends B- Rating on INR13.46cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR13.46 crore proposed term loan and INR0.50 crore proposed
cash credit facilities of Tezpur Institute of Medical Sciences
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


VENUS REMEDIES: CRISIL Reaffirms 'D' Rating on INR1.46BB Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venus Remedies Limited
continue to reflect continued delays in meeting bank obligations;
this was due to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           25       CRISIL D (Reaffirmed)
   Cash Credit            1050       CRISIL D (Reaffirmed)
   Funded Interest
   Term Loan                95.7     CRISIL D (Reaffirmed)
   Letter of Credit        255       CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee           90       CRISIL D (Reaffirmed)

   Term Loan              1467.7     CRISIL D (Reaffirmed)

The company also has working capital-intensive, and a small scale
of, operations in the formulations market. However, it benefits
from its high-value critical care segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VRL and its wholly owned subsidiary,
Venus Pharma GMBH(VP), based in Germany. VP provides out-licensing
services of common technical documents, and warehousing and
logistical support. Both the entities have together been referred
to herein as VRL.

Established in 1991 by Mr. Pawan Chaudhary, VRL has a presence in
both branded and generic-formulation pharmaceuticals. It has a
facility in Panchkula, Haryana, and another in Baddi, Himachal
Pradesh, with aggregate capacity of 0.57 million bottles per day.
VRL is mainly present in the critical care segment, manufacturing
parenterals such as cephalosporins, carbapenems, and oncology
drugs in lyophilised form; infusions; and volume parenterals used
for treating varied ailments such as bacterial infections and
cancer.



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


1MALAYSIA DEVELOPMENT: Thailand to Free Swiss National X. Justo
---------------------------------------------------------------
AFP reports that Thailand will free Swiss national Xavier Justo,
who is jailed for blackmail in a case linked to a graft scandal
engulfing the Malaysian state investment fund, 1Malaysia
Development Bhd (1MDB), his lawyer said on Dec. 14.

Mr. Justo was jailed last August for attempting to blackmail his
former employer PetroSaudi International, a Saudi oil firm
allegedly involved in corrupt dealings with 1MDB, according to
AFP.

AFP relates that Malaysian Prime Minister Najib Razak, who
launched the scandal-mired 1MDB, has been besieged by allegations
that he and his cronies looted billions of dollars from it,
prompting calls for him to resign.

AFP, citing Thai police, says Mr. Justo was jailed after demanding
around US$2.5 million (S$3.6 million) from PetroSaudi to return
sensitive company data he claimed to have taken before leaving the
firm in 2011.

He was arrested on the Thai island of Koh Samui in June 2015 and
was handed a three-year sentence.

But on Dec. 14, his lawyer said he will get out early after a mass
prisoner amnesty, the report relates.

"After he is released he will be sent to Thai immigration and then
sent back to Switzerland," Worasit Piriyawiboon told AFP, adding
that his precise release date had not been set.

According to AFP, Malaysia has been gripped by the financial
fiasco for over a year, with investigations now underway in
several countries, including Switzerland and the United States.

Allegations that hundreds of millions of dollars in 1MDB money
went missing from the PetroSaudi deals have swirled, the report
notes.

AFP relates that the US Justice Department, which has filed
lawsuits to seize assets it says were purchased with stolen 1MDB
money, said the fund was bilked with the involvement of an unnamed
top Malaysian official.

A Malaysian Cabinet official has since admitted that individual as
Najib.  Najib, 1MDB and PetroSaudi deny wrongdoing.

Last month, tens of thousands of protesters gathered in Kuala
Lumpur to demand Najib's resignation, AFP adds.

                             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.



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


HANJIN SHIPPING: Must Disclose U.S. Assets, Judge Says
------------------------------------------------------
Tom Corrigan at The Wall Street Journal reports that Hanjin
Shipping Co. must answer to U.S. creditors by publicly disclosing
all of its U.S.-based assets as well as any cash that has been
transferred out of the country, a federal bankruptcy judge ruled.

During a hearing on Dec. 13 at the U.S. Bankruptcy Court in
Newark, N.J., Judge John Sherwood ordered the disclosures in
response to a plea from American creditors who say they are being
treated unfairly, according to the Journal.

The judge also said he would grant final approval of a host of
legal protections that have helped the shipper, once one of the
world's largest, jump-start stalled supply lines, the report
relays.

The Journal relates that the decision, which some creditors
opposed, affirms the New Jersey court's September ruling that
formally recognized the Hanjin's bankruptcy proceeding in Korea,
bringing the shipper under the umbrella of U.S. bankruptcy law.
Judge Sherwood's order imposes strict prohibitions on U.S.
creditors that prevent them from seizing ships and other assets
without first going to the bankruptcy court.

According to the Journal, the ruling has been key to prodding
Hanjin ships -- loaded with thousands of containers filled with
cargo on its way to store shelves -- to pull into ports in the
U.S.

The Journal says Hanjin's sudden collapse into bankruptcy earlier
this year initially marooned much as $14 billion in cargo just at
sea in international waters.

But Judge Sherwood's order won't end disputes among creditors owed
millions of dollars for fuel, leasing containers, insurance claims
and other vital services, who say his decision unfairly restricts
their rights to pursue repayment in other courts in the U.S. or
elsewhere in the world, the report states.

"What the court is doing is tying our hands," Stephen Simms, a
lawyer representing a group of Hanjin creditors who objected to
the relief that Judge Sherwood granted, said in court Dec. 13, the
Journal relays.

The Journal relates that Hanjin said lingering disputes with
creditors should be worked out in Korea, where the company's
primary bankruptcy proceeding is centered. "I think we should
essentially, Your Honor, punt on the issue," the report quotes
Ilana Volkov, a lawyer for Hanjin, as saying.

A lawyer representing Hanjin in the South Korean proceedings
acknowledged in court on Dec. 13 that creditors who seek repayment
in the Korean proceeding are unlikely to be repaid because
Hanjin's assets aren't sufficient to cover all claims, relays the
Journal.

The Journal says Judge Sherwood on Dec. 13 answered calls from
creditors to require the shipper to file a report detailing its
assets in the U.S. The judge also said the company must disclose
an estimate of its assets world-wide and how much of those assets
could be used to repay creditors. The first report is due
Dec. 23.

"The court really doesn't have enough information," the judge, as
cited by the Journal, said. "I'd like to know what I'm
protecting."

"In a U.S. case, this would be part of the public record," he
added.

Hanjin's U.S. assets include a stake in a port operator in Long
Beach, Calif., real estate and about $10 million in accounts
receivable. The judge required information on the value of the
terminal and real-estate assets only if those figures are already
public. Any sale of U.S. assets must be supervised by the U.S.
Bankruptcy Court, the judge said on Dec. 13.

Hanjin filed for the equivalent of chapter 11 bankruptcy in South
Korea in August and sought recognition of its bankruptcy in the
U.S. days later by filing for chapter 15 protection, the section
of the U.S. bankruptcy code that deals with insolvencies overseas.

"A chapter 15 is supposed to protect U.S. creditors and have them
not be disadvantaged," the Journal quotes Mr. Simms as saying in
an interview following the hearing on Dec. 23. "I think the judge
is moving toward more protection for U.S. creditors."

Other Hanjin insolvency proceedings are under way in Japan, the
U.K., Singapore, Germany and half a dozen other countries, the
Journal reports citing court papers.

On Dec. 12, shares of Hanjin Shipping fell for a second day in a
row to fresh record lows as the company moves one step closer to
liquidation.  Many brokers expect Hanjin will eventually be
liquidated or reduced to a small regional operator after selling
most of its assets. A Seoul court handling Hanjin's bankruptcy
proceedings is expected to make a final decision on its fate in
February, adds the Journal.

                      About Hanjin Shipping

Hanjin Shipping Co., Ltd., is mainly engaged in the transportation
business through containerships, transportation business through
bulk carriers and terminal operation business. The Debtor is a
stock-listed corporation with a total of 245,269,947 issued shares
(common shares, KRW 5000 per share) and paid-in capital totaling
KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean
Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee
shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year. It also operates 13 terminals specialized
for containers, two distribution centers and six Off Dock
Container Yards in major ports and inland areas around the world.
The Company is a member of "CKYHE," a global shipping conference
and also a partner of "The Alliance," another global shipping
conference to be launched in April 2017.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW6,624,326 million as of
June 30, 2016.

As a result of the severe lack of liquidity, Hanjin applied to the
Seoul Central District Court 6th Bench of Bankruptcy Division for
the commencement of rehabilitation under the Debtor Rehabilitation
and Bankruptcy Act on Aug. 31, 2016. On the same day, it requested
and was granted a general injunction and the preservation of
disposition of the Company's assets. The Korean Court's decision
to commence the rehabilitation was made on
Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's
custodian.

The Chapter 15 case is pending in the U.S. Bankruptcy Court for
the District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of Hanjin
Shipping.



                             *********

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

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

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


                            *********


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

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

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

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

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



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