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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, December 19, 2016, Vol. 19, No. 250

                            Headlines


A U S T R A L I A

FAMIGLIA AMORE: First Creditors' Meeting Set for Dec. 23
GTC MEDICAL: Placed Into Voluntary Administration
LIBERTY FUNDING: Moody's Assigns Ba2 Rating to Class E Notes


C H I N A

FOSUN INT'L: Moody's Changes Outlook on Ba3 CFR to Positive
JIANGSU NEWHEADLINE: Fitch Affirms 'BB+' IDR; Outlook Stable
LEECO: Balloning Debt Prompts Firm to Make Structural Changes


I N D I A

A. R. ENTERPRISES: CRISIL Suspends B+ Rating on INR55MM Loan
AL - MARZIA AGRO: CRISIL Suspends B+ Rating on INR85MM Term Loan
ANUSHREE INFRASTRUCTURE: CRISIL Suspends B Rating on INR30MM Loan
DS AGRIFOODS: CRISIL Suspends 'B' Rating on INR110MM Cash Loan
EAST INDIA: CRISIL Suspends 'B+' Rating on INR71.6MM Term Loan

EMPKEE ENGINEERS: CRISIL Suspends B- Rating on INR50MM Loan
FRANSKO AGRO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
GLINT COSMETICS: CRISIL Suspends B+ Rating on INR30MM Loan
GODWIN AGRO: CRISIL Suspends B- Rating on INR131MM Term Loan
GREEN FACADE: CRISIL Suspends 'B' Rating on INR10MM Cash Loan

HARA PARBATI: ICRA Suspends C/A4 Rating on INR7cr Loan
IGAKU NEEDLES: CRISIL Suspends 'D' Rating on INR46MM Term Loan
INDER MOHAN: CRISIL Suspends B+ Rating on INR60MM Cash Loan
INDUS VEGPRO: ICRA Reaffirms B+ Rating on INR0.5cr LT Loan
JOTESRIRAM HIMGHAR: CRISIL Suspends 'B' Rating on INR59MM LT Loan

KALYAN ROLLER: ICRA Suspend B+/A4 Rating on INR10cr Loan
KANDALAA: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
KASTURI RAM: CRISIL Reaffirms 'D' Rating on INR75MM Term Loan
KEY LOCKS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
KOTSONS PRIVATE: CRISIL Reaffirms 'B' Rating on INR230MM Loan

M.G. INDUSTRIES: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
NAVYA INFRACON: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
NISHI FOREX: CRISIL Suspends B+ Rating on INR255MM LT Loan
OM CORRUGATED: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
OSWAL MOTELS: CRISIL Suspends B- Rating on INR150MM Term Loan

PAARTH INFRATECH: CRISIL Suspends 'B' Rating on INR360MM Loan
PARAMOUNT WHEELS: ICRA Raises Rating on INR18.25cr LT Loan to B+
R.S. MILLS: CRISIL Ups Rating on INR150MM Cash Loan to BB-
RAICHUR ROLLER: ICRA Reaffirms 'B' Rating on INR3.5cr Loan
RAJAT ISPAT: ICRA Suspends B+/A4 Rating on INR6.5cr Loan

RAO CONSTRUCTION: ICRA Suspends B/A4 Rating on INR11.95cr Loan
ROJER MATHEW: CRISIL Reaffirms B- Rating on INR120MM Cash Loan
RTM REAL: CRISIL Assigns B+ Rating to INR90MM Long Term Loan
S. RAJIV: CRISIL Reaffirms B+ Rating on INR60MM Loan
SAH POLYMERS: ICRA Revises Rating on INR6.50cr Loan to B+

SAJEE BABA: ICRA Suspends B/A4 Rating on INR6.2cr Loan
SAMRAKSHA HEALTH: CRISIL Assigns 'B' Rating to INR100MM LT Loan
SAWLANI SYNTHETICS: ICRA Lowers Rating on INR12cr LT Loan to C+
SHAH LAXMI: ICRA Reaffirms B+ Rating on INR3.50cr Cash Loan
SHREE GANESH: ICRA Reaffirms B Rating on INR6.0cr Cash Loan

SHRISHTI ENTERPRISES: CRISIL Suspends B+ Rating on INR85MM Loan
SONA SATI: CRISIL Upgrades Rating on INR498.2MM Loan to 'C'
SOUTH INDIA: CRISIL Assigns 'B' Rating to INR113MM LT Loan
SREE VIJAYALAKSHMI: ICRA Suspends B+ Rating on INR5.5cr LT Loan
TEXTREND LIFESTYLE: ICRA Upgrades Rating on INR6cr Loan to 'B'

TIRUPATHI YARNTEX: ICRA Reaffirms C+ Rating on INR16.5cr Loan
VAIBHAV LAXMI: ICRA Reaffirms B+ Rating on INR5.0cr Term Loan


I N D O N E S I A

GAJAH TUNGGAL: Moody's Cuts Corporate Family Rating to B3
JAPFA COMFEED: Fitch Affirms 'BB-' IDR; Revises Outlook to Stable


J A P A N

KAMORI KANKO: Space World Theme Park to Close in 2017


P H I L I P P I N E S

CENTURY COMMUNITIES: DENR Shuts Down 6 Firms Over Envir. Breaches


S O U T H  K O R E A

DOOSAN BOBCAT: S&P Affirms 'B+' CCR; Outlook Stable


                            - - - - -


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A U S T R A L I A
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FAMIGLIA AMORE: First Creditors' Meeting Set for Dec. 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Famiglia
Amore Nominees Pty Ltd will be held at the offices of Worrells
Solvency and Forensic Accountants, Level 3, 15 Ogilvie Road, in
Mount Pleasant, WA, on Dec. 23, 2016, 10:30 a.m.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Famiglia Amore on Dec. 13, 2016.


GTC MEDICAL: Placed Into Voluntary Administration
-------------------------------------------------
Dominic Powell at SmartCompany reports that a medical institute
that was included in this year's Shonky Awards has entered
voluntary administration. However, the business is continuing to
trade while administrators seek potential buyers.

GTC Medical, trading as the Medical Weightloss Institute (MWI) is
a Sydney-based medical business that has previously attracted
complaints to both healthcare and consumer protection bodies, the
report discloses.

On Dec. 15, the company appointed administrators from Hall
Chadwick Chartered Accountants, who told SmartCompany they were
"continuing to trade the business of the company, while also
seeking expressions of interest for the sale of the business".

The business copped a "Shonky Award" this year from consumer
advocacy group Choice over what it called "dodgy diet advice" and
misleading practices and claims.

According to the report, Choice said the institute's weight loss
treatments include hormones that "lead to no better weight loss
results than a placebo".

Fairfax reported the business has attracted further scrutiny as a
result of former director Thomas Goyer being banned by healthcare
authorities from prescribing peptide human chorionic
gonadotropin, according to SmartCompany. The peptide has been
found to have no proven benefits for weight loss.

Mr. Goyer reportedly resigned as a director of MWI in July and
administrators Hall Chadwick confirmed to SmartCompany GTC
Medical has one director, Chibuzo Okereke.

A Hall Chadwick spokesperson told SmartCompny the administrators
will be "assessing the financial affairs of the [MWI] over the
forthcoming weeks and reporting to creditors on a detailed
basis".

"This report to creditors will detail the administrators'
recommendation as to the future of the company based on their
investigations," the spokesperson said.


LIBERTY FUNDING: Moody's Assigns Ba2 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2016-3 Trust

   -- AUD 100.0 million Class A1a Notes, Assigned (P)Aaa (sf)

   -- AUD 225.0 million Class A1b Notes, Assigned (P)Aaa (sf)

   -- AUD 105.0 million Class A2 Notes, Assigned (P)Aaa (sf)

   -- AUD 33.5 million Class B Notes, Assigned (P)Aa2 (sf)

   -- AUD 9.5 million Class C Notes, Assigned (P)A2 (sf)

   -- AUD 8.0 million Class D Notes, Assigned (P)Baa2 (sf)

   -- AUD 5.5 million Class E Notes, Assigned (P)Ba2 (sf)

   -- AUD 4.5 million Class F Notes, Assigned (P)B2 (sf)

The AUD 9.0 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

RATINGS RATIONALE

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (13.0%) or made on a alternative
documentation basis (1.1%).

This is the 20th non-conforming RMBS transaction sponsored by
Liberty Financial Pty Ltd ("Liberty").

The ratings take account of, among other factors:

   -- Class A1a and Class A1b Notes benefit from 35.0% credit
      enhancement (CE) and Class A2 Notes benefit from 14.0% CE,
      while our MILAN CE assumption, the loss we expect the
      portfolio to suffer in the event of a severe recession
      scenario, is at 13.7%. Moody's expected loss for this
      transaction is 1.4%. The subordination strengthens ratings
      stability, should the pool experience losses above
      expectations.

   -- A liquidity facility provided by Commonwealth Bank of
      Australia, with a required limit equal to 3.0% of the
      aggregate invested amount of the notes less the redemption
      fund balance. The facility is subject to a floor of
      AUD600,000. If the facility provider loses its P-1(cr), it
      must within 30 days either: (1) Procure a replacement
      facility provider; or (2) Deposit an amount of the undrawn
      liquidity commitment at the time into an account with P-1
      rated bank.

   -- The guarantee fee reserve account. The reserve account is
      unfunded at closing and will build up to a limit of 0.30%
      of the issued notional from proceeds paid to Liberty Credit
      Enhancement Company Pty Limited as Guarantor, from the
      bottom of the interest waterfall prior to interest paid to
      the Class G noteholders. The reserve account will firstly
      be available to meet losses on the loans and charge-offs
      against the notes. Secondly, it can be used to cover any
      liquidity shortfalls that remain uncovered after drawing on
      the liquidity facility and principal. Any reserve account
      balance used can be reimbursed to its limit from future
      excess income.

   -- The experience of Liberty in servicing residential mortgage
      portfolios. This is Liberty's 20th non-conforming
      securitisation, which highlights the lender's experience as
      a manager and servicer of securitised transactions.

   -- Interest rate mismatch arises when the movements of the 30-
      day BBSW are not (simultaneously) passed on to the variable
      rate loans. To mitigate the basis risk, the threshold rate
      mechanism obligates the Servicer to set interest rates on
      the mortgage loans at a minimum rate above 1mBBSW, or
      higher if the trust's income is insufficient to cover the
      obligations of the Trustee under the transaction documents.

The key transactional and pool features are as follows:

   -- The notes will initially be repaid on a sequential basis
      until, amongst other stepdown conditions, the second
      anniversary from closing and absence of charge offs on any
      notes. Upon satisfaction of all stepdown conditions, Class
      A1b, Class A2, Class B, Class C, Class D, Class E, and
      Class F Notes will receive a pro-rata share of principal
      payments (subject to additional conditions). The Class A1a
      will receive principal prior to any other notes at all
      times, unless there is an event of default. The Class G
      Notes do not step down and will only receive principal
      payments once all other notes have been repaid.

   -- The principal pay-down switches back to sequential pay
      across all notes, once the aggregate loan amount falls
      below 20% of the aggregate loan amount at closing, or
      following the fourth anniversary of the closing date.

   -- The weighted average scheduled loan to value ratio of the
      pool of 73.8%.

   -- The portfolio is geographically well diversified due to
      Liberty's wide distribution network.

   -- The portfolio contains 13.0% exposure with respect to
      borrowers with prior credit impairment (default, judgement
      or bankruptcy). Moody's assesses these borrowers as having
      a significantly higher default probability.

   -- 1.1% of the loans were extended on an alternative
      documentation basis. For these alternative documentation
      loans Liberty performs additional verification checks over
      and above the typical checks for a traditional low
      documentation product. These checks include a declaration
      of financial position and six months of bank statements,
      two quarters of Business Accounting Statements or GST
      returns.  Liberty's alternative documentation loans have
      stronger arrears performance when compared to traditional
      low documentation loans. Given the additional verification
      checks and the stronger arrears performance, these
      alternative documentation loans have been assessed to have
      a lower default frequency than standard low documentation
      loans.

   -- Investment and interest only loans: Investment and interest
      only loans represent 32.8% and 32.2% of the pool
      respectively. Whilst these are below Australian mortgage
      market averages, they are higher than previous Liberty
      transactions. Moody's assesses that investor buyers have a
      higher probability of default compared to borrowers who
      live in the property that serves as security for that loan.
      Similarly, Moody's MILAN analysis has factored in a higher
      default probability for loans with interest-only periods
      than loans amortising from loan origination without
      interest-only periods.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure and assuming no benefit to LMI, if
the MILAN CE losses were to increase to 20.6% from 13.7%, and the
mean expected loss were to increase to 2.1% from 1.4%, the model-
indicated rating for the Class A2 Notes would drop one notch to
Aa1. Using these same assumptions, the ratings on the Class B
Notes would drop two notches and Class C and D Notes would drop
three notches. The Class A1-a and Class A1-b Notes are not
sensitive to any rating migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.



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FOSUN INT'L: Moody's Changes Outlook on Ba3 CFR to Positive
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Fosun International Limited's Ba3 corporate family
rating.

At the same time, Moody's has affirmed Fosun's Ba3 corporate
family rating, as well as the Ba3 rating on the senior unsecured
bonds issued by Sparkle Assets Limited and guaranteed by Fosun.

RATINGS RATIONALE

The change in the rating outlook to positive follows Fosun's
announcement on Dec. 12, 2016 that it plans to dispose of a 50%
stake in its Shanghai Bund Financial Centre (BFC) projects. The
announcement came just days after Fosun revealed on 5 December
2016 that it intends to sell 100% stake in Ironshore Inc., the
parent of Ironshore Insurance Ltd. (insurance financial strength
Baa1, on review for upgrade).

"The two major asset disposals, if successful, should generate
approximately RMB26 billion in cash proceeds for Fosun, which
will help improve the company's liquidity profile and lower its
leverage, based on our expectation that the company will use part
of the sales proceeds to repay debt," says Lina Choi, a Moody's
Vice President and Senior Credit Officer, and also the
International Lead Analyst for Fosun.

During 2016, Fosun slowed its pace of overseas expansion, and
management has indicated its commitment to focusing on
integrating previously acquired businesses.

In a letter to Fosun's shareholders in December 2015, Chairman
Mr. Guangchang Guo stated that the company planned to improve its
financial profile by optimizing its debt maturity profile and
lowering its funding costs. So far, Fosun has lengthened its debt
maturity profile moderately, by reducing its reliance on short-
term debt to 33.6% of total reported debt at 30 June 2016 from
42.5% as at 31 December 2015.

The two transactions proposed in December 2016 further indicate
management's commitment to improve its financial profile. Moody's
will continue to monitor Fosun's investment and asset disposal
strategy, its financial policies and the performance of its
underling investments.

Fosun's Ba3 corporate family rating reflects its: (1) diversified
business profile; and (2) the multiple funding channels it has
available to it to support its investments.

However, the rating is constrained by its: (1) evolving
investment strategy; (2) rapid expansion into new businesses
through acquisitions, increasing execution risks; and (3) debt-
funded expansion, which has resulted in a moderate financial
profile and liquidity position.

Upward rating pressure could emerge if: (1) Fosun's financial
profile and liquidity position further improve; (2) Fosun
demonstrates stronger investment discipline and prudent financial
management while pursuing growth; and (3) the company delivers
satisfactory performance in its key businesses, such as
insurance, investment, healthcare and property.

Specific credit metrics that would indicate upward rating
pressure include: (1) its market value-based leverage (MVL) at
the holding company level registering below 30%-35%; (2) a funds
from operations (FFO) interest coverage ratio at the holding
company level exceeding 2.0x-2.5x , and (3) an adjusted
consolidated debt/capital below 45%-50% on a sustained basis.

On the other hand, downward rating pressure could arise if: (1)
Fosun continues its ambitious debt-funded growth; (2) it fails to
raise enough equity capital or speed up its asset disposals to
fund its acquisitions; (3) the quality and performance of its
investment portfolio deteriorates and contagion risk from its
investees increases; and/or (4) the company's financial profile
and liquidity position deteriorate significantly.

Credit metrics indicative of downward rating pressure include:
(1) Fosun's MVL at the holding company level exceeding 50%-55%;
or (2) an FFO interest coverage ratio at the holding company
level of below 1.0x-1.5x, or (3) an adjusted consolidated
debt/capital ratio above 55%-60% over a prolonged period.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in December 2015.

Fosun Group was founded in 1992. Fosun International Limited
(Fosun), the holding company of Fosun Group, is headquartered in
Shanghai and listed on the Hong Kong Stock Exchange in 2007.

Fosun is an investment holding company. Its principal businesses
are in integrated finance (wealth) and industrial operations. The
integrated finance (wealth) business involves four major
segments: insurance, investment, wealth management and innovative
finance, while the industrial operations business involves four
key segments: health, happiness, property development & sales and
resources.

At Dec. 31, 2015, Fosun was 71.37% beneficiary-owned by its
chairman and co-founder, Mr. Guangchang Guo, and the company's
two other co-founders.

The Local Market analyst for this rating is Kai Hu, +86 (21)
2057-4012.


JIANGSU NEWHEADLINE: Fitch Affirms 'BB+' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Jiangsu NewHeadLine Development Group
Co., Ltd's (Jiangsu NHL) Long-Term Foreign- and Local- Currency
Issuer Default Ratings (IDRs) at 'BB+' with a Stable Outlook.

                        KEY RATING DRIVERS

Links to Lianyungang Municipality: The ratings of Jiangsu NHL are
credit-linked to Lianyungang municipality in China's north-
eastern Jiangsu province.  This is reflected in full state
ownership of Jiangsu NHL, moderate municipal oversight of its
financials, strategic importance of the entity's operation to the
municipality and its legal status.  These factors result in a
high likelihood that the municipality will provide Jiangsu NHL
with extraordinary support, if needed.  Therefore, Jiangsu NHL is
classified as a credit-linked public sector entity under Fitch's
criteria.

Lianyungang's Creditworthiness: Lianyungang municipality reported
satisfactory economic growth for 2015 and the first three
quarters of 2016.  However, fiscal performance for the first
three quarters of 2016 weakened due to lower fiscal income and
increased debt. Nonetheless, Fitch's assessment of the
municipality's overall credit profile remains unchanged.

Strategic Importance Assessed at Mid-Range: Jiangsu NHL is an
integral part of the municipality's flagship economic zone, the
Lianyungang Economic and Technology Development Zone (Lianyungang
ETDZ).  The company plays an important role in implementing the
blueprint of Lianyungang municipality and the Lianyungang ETDZ's
management committee.  It is an important municipal entity for
developing large-scale urban infrastructure projects and
providing ancillary services in the Lianyungang ETDZ.

Integration Assessed at Mid-Range: Jiangsu NHL received
CNY1.58 bil. in government subsidies between 2012 and 2015.
According to Jiangsu NHL, from 2016 to 2020, Lianyungang ETDZ is
committed to injecting at least CNY500 mil. in capital each year
for debt repayment and providing at least CNY400 mil. in
subsidies each year to support the entity's operations.  Jiangsu
NHL received capital injections from Lianyungang ETDZ's
management committee during 2016 and its paid-up capital
increased to CNY12.2 bil. by end-October 2016, from CNY10.5 bil.
a year earlier.

Moderate Control and Supervision: Lianyungang municipality
appoints most of Jiangsu NHL's board members and approves its
major projects.  The municipality also closely monitors Jiangsu
NHL's financing plan and debt levels and the company is required
to regularly report its operational and financial results to the
municipality and Lianyungang ETDZ's management committee.

Weak Financial Profile: Jiangsu NHL incurred large capex,
negative free cash flow and high leverage over the past three
years.  Fitch expects this trend to continue in the medium term,
driven by ongoing infrastructure construction and a long
receivables settlement period.  A large amount of receivables are
from Lianyungang ETDZ and its finance bureau.  An extension in
receivable settlement could adversely affect the company's
liquidity.  Fitch sees ongoing subsidies and capital injections
as potential mitigants to Jiangsu NHL's liquidity risk.

                     RATING SENSITIVITIES

An upgrade of Fitch's credit view on Lianyungang municipality and
a stronger or more explicit support commitment from the
municipality may trigger positive rating action on Jiangsu NHL.

Significant weakening of Jiangsu NHL's strategic importance to
the municipality, a dilution of the municipality's shareholding
to below 75% or reduced explicit and implicit municipality
support may result in a downgrade.  A downgrade could also result
from the municipality's weaker fiscal performance or increased
indebtedness, leading to deterioration in the sponsor's
internally assessed creditworthiness and, as a result, of Jiangsu
NHL's ratings.

The full list of rating actions is:

Jiangsu NewHeadline Development Group Co., Ltd.
  Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
Stable
  Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable

ZHIYUAN Group (BVI) Co., Ltd. (Jiangsu NHL's wholly owned
subsidiary)
  USD300 mil. of 6.2% senior unsecured notes due 2019 affirmed at
   'BB+'


LEECO: Balloning Debt Prompts Firm to Make Structural Changes
-------------------------------------------------------------
Nikkei Asian Review reports that Chinese technology and
entertainment company LeEco has aggressively expanded into
diverse sectors, from video streaming and smart devices to
electric cars and content production, but mounting debts are
forcing it to make structural adjustments.

Jia Yuemin, vice president of the group's holding company Le
Holdings and an older brother of the company's founder and CEO
Jia Yueting, revealed the company's restructuring blueprint to
the Nikkei Asian Review.

"LeEco has entered its second phase of growth from the previous
expansion phase," the report quotes Jia as saying. Instead of
aggressive expansion, he said the company's goal in the second
phase is to rein the business in and be more profit-oriented.

"We were hoping to tap into broader markets, but considering the
current situation, it is better off focusing on structural
adjustment," the report quotes Jia as saying. Delaying an earlier
plan, "LeEco will not tap into a new sector for the next five to
10 years -- at least not for five years."

Jia has served as deputy general manager of its Shenzhen-listed
arm Leshi Internet Information & Technology between 2005 and
2015, and spearheaded LeEco's overall business expansion with his
younger brother, the report discloses.

The company will now focus on cost-cutting, the report notes. "We
will lay off about 10% of our workers," Jia, as cited by Nikkei
Asian Review, said. Currently there are 13,000 to 14,000 across
the world working for LeEco.

In the existing television business, the company seeks to
increase revenue from abroad, mainly from the U.S, Russia, and
India where it has already gained a foothold, says Nikkei. By
joining hands with Chinese electronics and handset maker TCL
Group and by using the U.S. budget TV maker Vizio, which it
announced it would purchase in July, Jia said that "within a
couple of years, we are aiming to hold the top shares among the
global television market, surpassing Samsung Electronics." In the
coming year, the company is expecting one third of its revenue to
come from overseas.

Its video streaming business, the company's bread and butter, has
generated CNY500 million in profits in 2015 but Jia is expecting
this to maintain healthy further growth, according to Nikkei.

Nikkei notes that the company began as a video streaming business
in Beijing in 2004. It took a big leap in 2013, when it entered
the smart TV business. Thanks to revenues from the content
division, it was able to set its price of a smart TV set, under
the brand of LeTV, at roughly 30-40% lower than those of other
brands. Selling its on-demand content through LeTV was highly
popular in China, leading to sales of 10 million TV units.

Buoyed by this success, the company expanded into smartphones.
However, this business has been disappointing. Filings by the
holding company in May revealed its net loss last year widened to
CNY174.49 million ($25.3 million), from CNY17.53 million from a
year ago, Nikkei discloses.

In October, news reports about LeEco's payment delays to
Taiwanese manufacturers started to surface, according to Nikkei.
With concerns about the state of the company's finances rising,
trading in shares of Leshi Internet Information & Technology was
halted on Dec. 6 at CNY35.80, having dropped 39% from about a
year ago, the report says.

Nikkei relates that Jia blamed the company's loss-making
smartphone segment for the cash crunch. "The pace of expansion
was too fast, so our supply chain capability couldn't catch up
with the speed." To cut costs, the company will sell its
smartphones via its 10,000 TV sales outlets in China, adds
Nikkei.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.



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A. R. ENTERPRISES: CRISIL Suspends B+ Rating on INR55MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A. R. Enterprises - Korba (AREN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            19.5       CRISIL B+/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                55.0       CRISIL B+/Stable

   Letter of Credit       25.0       CRISIL A4

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

AREN, a partnership firm incorporated in 2003, supplies steel
sheets, thermo-mechanically treated steel bars, cement, pipes,
paints and other construction materials. The firm's offices are
located in Korba, Raipur (both in Chhattisgarh) and Rourkela
(Odisha). It is an authorised distributor of Jindal Steel and
Power Ltd (rated 'CRISIL D//CRISIL D') for Chhattisgarh and
eastern Madhya Pradesh since 2013. It is also a distributor for
Sika India Pvt Ltd, JSW Steel Ltd and dealer for Berger Paints
and Ultratech Cement Ltd. Mr. Rajesh Modi and Mrs. Neelu Modi are
the partners of the firm. The operations of the firm are managed
by Mr. Rajesh Modi.


AL - MARZIA AGRO: CRISIL Suspends B+ Rating on INR85MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of AL -
Marzia Agro Foods.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             27.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      47.5      CRISIL B+/Stable
   Proposed Term Loan      85.0      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.

AAF was established in 2007 by Mr. Israr Mohammed, Mr. Abid Ali,
Mr. Mohammed Naiem Qureshi, and Mr. Umar Qureshi. AAF started its
business by exporting frozen meat.  Due to the government's
change in policy, the firm could not continue its business in the
past and was generating revenue through rental income from its
cold storage for frozen meat since 2013. Now AAF has obtained
license to operate a slaughter house. The firm is constructing
its own slaughter house which is expected to start operations in
December 2015. AAF's slaughter house will at the same place of
cold storage facility in Jhansi (Uttar Pradesh).


ANUSHREE INFRASTRUCTURE: CRISIL Suspends B Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anushree Infrastructure Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Overdraft Facility      18        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       8        CRISIL B/Stable

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

AIPL was incorporated in 2007, promoted by the Delhi-based Singh
family. The company undertakes civil construction for its group
entity. Mr. Sanjay Singh is the major promoter of the company and
is also actively engaged in managing its day-to-day activities.


DS AGRIFOODS: CRISIL Suspends 'B' Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of DS
Agrifoods Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL B/Stable

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

DSAPL was established in 2000 as a partnership firm 'DS Exports'
and was reconstituted in its present form in 2013. It is engaged
in milling of Basamati (60 per cent of its sales) and non-
basamati rice (40 per cent of its sales).  DSAPL's rice
processing unit is at Pilbhit (Uttar Pradesh).


EAST INDIA: CRISIL Suspends 'B+' Rating on INR71.6MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of East
India Packaging Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            37. 8      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       0.6      CRISIL B+/Stable
   Term Loan               71.6      CRISIL B+/Stable

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

EIPPL was incorporated in 2010 by the Kolkata-based Jhawar
family. The company manufactures corrugated boxes which are used
for industrial packaging. The major clients of the company are
Pepsico India Pvt Ltd, Britannia Industries Ltd, and Ruchi Soya,
etc. Its manufacturing facility is located at Haldia (West
Bengal). EIPPL's daily operations are managed by its promoter
director, Mr. Shashi Kant Jhawar, and Mr. Suresh Kumar Jhawar.


EMPKEE ENGINEERS: CRISIL Suspends B- Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Empkee
Engineers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft
   Facility                50        CRISIL B-/Stable
   Long Term Loan          38.4      CRISIL B-/Stable
   Proposed Working
   Capital Facility        11.6      CRISIL B-/Stable

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

Established in 1996, EEPL undertakes the machining and
fabrication of industrial components primarily used in the heavy
engineering segment. The company's operations are managed by its
promoter, Mr. O M Periasamy.


FRANSKO AGRO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Fransko Agro Foods.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             70        CRISIL B+/Stable
   Proposed Working
   Capital Facility        10        CRISIL B+/Stable
   Term Loan                5        CRISIL B+/Stable

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

Set up in 2013 as a partnership firm, FAF mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
based in Ernakullam (Kerala) and is promoted by Mr. Felvin
Francis and his family members.


GLINT COSMETICS: CRISIL Suspends B+ Rating on INR30MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Glint
Cosmetics Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          13        CRISIL B+/Stable
   Overdraft Facility      30        CRISIL B+/Stable
   Proposed Overdraft
   Facility                20        CRISIL B+/Stable
   Proposed Term Loan      32        CRISIL B+/Stable

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

GCPL, incorporated in 2004, manufactures and exports cosmetic and
baby care products. It is promoted by Mr. Brijmoham Chopra. The
current operations of GCPL are managed by Mr. Puneet Chopra and
his brother Mr. Manish Chopra who are the directors of the
company. GCPL has a manufacturing facility in Turbhe (Navi
Mumbai) with a manufacturing capacity of 15 tonnes per day.


GODWIN AGRO: CRISIL Suspends B- Rating on INR131MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Godwin
Agro Products Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             59        CRISIL B-/Stable
   Term Loan              131        CRISIL B-/Stable

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

GAPL was set up in 1995 by Mr. Ajit Jain and his son, Mr. Akaash
Jain. The operations of the company started in 2011. The company
operates an integrated cold chain providing a controlled-
atmosphere storage facility for fruits and vegetables; it has a
capacity of 3000 tonnes at Lalru, Dera Bassi (Punjab).


GREEN FACADE: CRISIL Suspends 'B' Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Green
Facade Solutions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Cash Credit             10        CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility      50.7      CRISIL A4
   Rupee Term Loan          9.3      CRISIL B/Stable

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

GFSPL, based in New Delhi, was established in 2009 by Mr. Rai
Singh and Mrs. Anju Singh. The company began commercial
operations 2010-11 (refers to financial year, April 1 to
March 31). GFSPL is engaged in engineering and installation of
aluminium and glass doors and windows, cladding, and facades.


HARA PARBATI: ICRA Suspends C/A4 Rating on INR7cr Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]C and [ICRA]A4 assigned to
the INR7.0 crore line of credit of Hara Parbati Cold Storage
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity.


IGAKU NEEDLES: CRISIL Suspends 'D' Rating on INR46MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Igaku
Needles Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              22       CRISIL D
   Proposed Long Term
    Bank Loan Facility       2       CRISIL D
   Term Loan                46       CRISIL D

The suspension of ratings is on account of non-cooperation by
INPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, INPL is yet to
provide adequate information to enable CRISIL to assess INPL'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 on June 20, 2012, Igaku Needles private limited is a
Delhi based company which is engaged in the manufacturing and
supplying of biopsy needles and surgical needles in India. There
products varies from Akuret needle, blood bag needle, flash back
needle to spinal needle. The promoters of the company are Jyoti
Singh and Chayan Anand.


INDER MOHAN: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Inder
Mohan Singh Contractor.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         25        CRISIL A4
   Cash Credit            60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     25        CRISIL B+/Stable

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

Established in 1965 as a proprietorship firm, IMSC provides
building and construction services, mainly related to civil
engineering work. It is registered as a 'Class A' contractor with
agencies such as Punjab Public Works Department, Punjab Urban
Development Authority etc. IMSC is managed by its proprietor Mr.
Inder Mohan Singh, who has experience of more than two decades in
the construction industry.


INDUS VEGPRO: ICRA Reaffirms B+ Rating on INR0.5cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed a long term rating of '[ICRA]B+' to the
INR0.50 crore fund based facilities and '[ICRA]A4' to the INR5.00
crore short term fund based facilities of Indus Vegpro Private
Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based      0.50       [ICRA]B+ Reaffirmed
   Short term-Fund based     5.00       [ICRA]A4 Reaffirmed

The reaffirmation of ratings takes into account the promoter's
long track record in the food processing industry and the
established network with suppliers and their key customer
providing revenue visibility in the near term. The rating also
takes into account the strategic location of the plant in the
gherkin producing region of India giving it easy access to raw
material and the financial profile marked by adequate coverage
indicators. ICRA notes the revenue and profitability growth
achieved by the company during FY2016 with stabilization of
operations. However, the ratings, continue to remain constrained
by the modest scale of operations of the company limiting the
operational and financial flexibility of the company to a major
extent. The ratings factor in the intense competition due to the
fragmented nature of the industry and the high client
concentration with top three customers contributing more than 90%
of total sales in FY2016 and 6M FY2017. The company is also
exposed to geographic concentration risks with sales to North
America and Europe contributing to more than 80% of total sales
in FY2016 and 6M FY2017,. The ratings also consider the
vulnerability of profits to fluctuations in foreign exchange
rates and raw material prices due to seasonality. ICRA also takes
note of the regulatory and policy risks associated with export of
food products.

Indus Vegpro Private Limited, promoted by Mr. G Girish and Mr. S
Mahadevaiah, established in 2013 at Devangere is engaged in
growing, procuring, processing and export of semi-finished
gherkins (in natural vinegar, acetic acid and in brine) and other
vegetables for the food processing industry. The company is a
100% export oriented unit (EOU).

Recent Results
The company reported a Profit after Tax (PAT) of INR1.49 crore on
an operating income (OI) of INR13.96 crore during FY 2016
compared to Profit after Tax (PAT) of INR0.31 crore on an
operating income (OI) of INR10.21 crore during FY 2015.


JOTESRIRAM HIMGHAR: CRISIL Suspends 'B' Rating on INR59MM LT Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jotesriram Himghar Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           1.3       CRISIL A4
   Cash Credit             34         CRISIL B/Stable
   Long Term Loan          59         CRISIL B/Stable
   Working Capital Loan     5.5       CRISIL B/Stable

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

JHPL, incorporated in 2013, provides cold storage services to
potato famers and traders. The company also undertakes
opportunistic trading in potatoes. Its day-to-day operations are
looked after by its promoter-director, Mr. Basudeb De.


KALYAN ROLLER: ICRA Suspend B+/A4 Rating on INR10cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to the
INR10.00 crore fund based and non fund based facilities of Kalyan
Roller Flour Mills Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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


KANDALAA: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR11.00 crore (reduced from INR20.70 crore) fund based
facilities of Kandalaa.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term scale-
   Fund based/Cash
   Credit                  11.00       [ICRA]B+; reaffirmed

The rating reaffirmation is constrained by the firm's stretched
financial profile characterized by a highly leveraged capital
structure as indicated by a gearing of 2.45x as on 31st March,
2016 and weak coverage indicators. The working capital intensity
continues to be high as indicated by a NWC/OI of 59% in FY2016 on
account of the high inventory holding inherent to the jewellery
industry. ICRA also notes the intense competitive pressures
exerted by larger regional/pan-India players which limits the
pricing flexibility to an extent, and the firm's exposure to
volatility in the gold prices in the absence of any formal
hedging mechanisms. The rating, however, positively factors in
the consistent revenue growth supported by the growing brand
presence of the firm in the Bangalore market and the wide variety
of designs offered by the firm with in-house professionally
qualified designing team aiding in increasing the brand
visibility. The rating also continues to factor in the financial
support from the promoters.

Established in 2011 by Mr. K.G. Subbaraj, his son Mr. Srikanth
and other family members, Kandalaa is engaged in retailing of
gold and diamond jewellery. The firm was set-up as an ancillary
business to the promoter's primary venture of pharmaceutical
distribution under a separate entity Avenues Pharmaceuticals
Associates with initial operations carried out from the same
premise as Avenues Pharmaceuticals Associates. With healthy
response by the customers to its jewellery retailing business,
the promoters set up an exclusive showroom during October 2012.
The firm currently operates out of its single retail showroom
located at Jayanagar in Bangalore on a leased premise of 7,000 sq
ft (comprising of 6,000 sq ft of display area and 1000 sq ft of
administrative area). The firm's retail store sells both
readymade and customized jewellery.

Recent Results
For 2016, the firm reported an operating income of INR76.27 crore
(as per provisional results) as against an operating income of
INR69.98 crore in FY 2015.


KASTURI RAM: CRISIL Reaffirms 'D' Rating on INR75MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kasturi Ram
Science and Technological Park Ltd continues to reflect the
instances of delays in servicing debt because of weak liquidity
due to non-commercialisation of the warehouse being constructed.
The warehouse was expected to be constructed and commercialised
by September 2014 but it got delayed.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                75       CRISIL D (Reaffirmed)

As on date, construction of warehouse is now complete however,
commercial operations are yet to start which is expected in next
two-three months.

The ratings continue to reflect the project related risks and
weak financial risk profile of KRSTP. These weaknesses are
partially offset by the advantageous location of the warehouse.

KRSTP, incorporated in 1997, is promoted by the Aggarwal family
of New Delhi. The company is engaging in farming. It is
constructing a warehouse to facilitate storage of agricultural
products in Sonepat, Haryana.

KRSTP, on a provisional basis, had a profit after tax (PAT) of
INR2.7 million and sales of INR7.1 million for fiscal 2016,
against a PAT of INR4.5 million on sales of INR7.4 million for
fiscal 2015.


KEY LOCKS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Key
Locks India.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20       CRISIL B/Stable

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

KLI was established in 1987 by Mrs. Purnima Jain and family. The
Firm manufactures security locks that are sold under the brand
name 'Pride'. KLI's facility is located at Aligarh (UP).


KOTSONS PRIVATE: CRISIL Reaffirms 'B' Rating on INR230MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Kotsons Private Limited
continue to reflect the company's sizeable working capital
requirement and modest interest coverage ratio. These weaknesses
are partially offset by extensive experience of promoters in the
transformer manufacturing industry and healthy order book backed
by diversified customer base.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             230       CRISIL B/Stable (Reaffirmed)

   Export Packing Credit   195       CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee          610       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      100       CRISIL B/Stable (Reaffirmed)

   Standby Letter of
   Credit                   50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KPL will continue to benefit from the experience
of its promoters leading to stable operations. The outlook may be
revised to 'Positive' if prudent working capital management and
stable scale of operations and operating margin improves
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if low profitability or slowdown in
revenue growth or further stretch in working capital cycle
weakens financial risk profile.

Set up in 1978 by Mr. Pawan Kumar Jain and family, KPL
manufactures, repairs, and services power and distribution
transformers. It manufactures oil-filled single/three-phase
electric transformers and dry type transformers. It has a
manufacturing unit each in Alwar (Rajasthan; set up in 1978),
Agra (Uttar Pradesh; 1990), and Bajpur (Uttarakhand; 2007).


M.G. INDUSTRIES: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M.G.
Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             40        CRISIL B/Stable
   Long Term Loan           1.3      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      13.7      CRISIL B/Stable

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

MGI was set up as a partnership firm in 2005, and commenced
operations in June 2007. The firm is promoted by Mr. Nanu Ram
Aggarwal, Mrs. Meena Agarwal and Mr. Ashok Anand. It manufactures
aluminium conductors steel reinforced, which are used for
overhead transmission and distribution of electricity. MGI's
manufacturing unit is located at Bari Brahmana, Jammu.


NAVYA INFRACON: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Navya Infracon Projects India Private
Limited.

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


The rating reflects the exposure to risks related to completion
and saleability of the ongoing projects, and susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by the extensive experience of
the promoters in real estate development.
Outlook: Stable

CRISIL believes that NIPIPL will continue to benefit from the
extensive experience of its promoters in the real estate market
of Vishakhapatnam. The outlook may be revised to 'Positive' if
the company reports substantial increase in cash flows, on the
back of earlier-than-expected completion of, or significantly
higher realisations for, its upcoming projects. The outlook may
be revised to 'Negative' in case of any delay in project
completion or in receipt of payments from customers, inability to
sell units in the upcoming projects, or any large, debt-funded
projects undertaken by the company.

NIPPL, established in 2007, is engaged in the residential real
estate construction business in Visakhapatnam. The company has
four ongoing projects, namely, GR Empire, NU Indus Valley, NU
Orchid and GVR Towers. Operations are managed by the promoter and
managing director, Mr. Vijaya Kumar, and by Mr. MK Subhasini, and
Ms A.Swati, who are directors of the company.

Profit after tax (PAT) was estimated at INR4.2 million on net
sales of INR324.8 million for fiscal 2016, vis-a-vis INR12.7
million and INR237.2 million, respectively, for fiscal 2015.


NISHI FOREX: CRISIL Suspends B+ Rating on INR255MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nishi
Forex and Leisure Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     255        CRISIL B+/Stable
   Proposed Overdraft
   Facility               112.5      CRISIL B+/Stable
   Proposed Term Loan      32.5      CRISIL B+/Stable

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

Incorporated in 2014 and based in Bengaluru, NFLPL is a travel
solution company offering services such as corporate travel
management, forex services, air ticketing, and travel and tour
packages. It is promoted by Mr. K Rama Chandra and Mr. Arjun
Anantha.


OM CORRUGATED: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR2.65 crore term loans (revised from INR5.32 crore earlier)
and INR4.00 crore cash credit facilities of Om Corrugated Pack
Private Limited. ICRA has also assigned a long-term rating of
[ICRA]B+ and short-term rating of [ICRA]A4 to the INR2.70 crore
unallocated limits of OCPPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              2.65       [ICRA]B+/Reaffirmed
   Cash Credit             4.00       [ICRA]B+/ Reaffirmed
   Unallocated Limits      2.70       [ICRA]B+/[ICRA]A4 Assigned

The reaffirmation of the ratings takes into account OCPPL's
relatively small scale of operations, and weak financial profile
as reflected by its low net profit margin, leveraged capital
structure and subdued level of coverage indicators. The ratings
also take into account the high working capital intensity of the
business on account of high inventory holding and receivables
that exerts pressure on the liquidity position of the company,
and significant debt-repayment obligations in the near future,
which is likely to keep its cash flows under pressure. The
ratings also take note of the competitive business environment
due to fragmented nature of the industry and the presence of
multiple players in the organised as well as unorganised
segments.

The ratings, however, derive comfort from the long experience of
the promoters in the packaging industry, reputed customer
profile, which mitigates counterparty credit risk to a large
extent, and favorable demand outlook of the end-user industries
with the company catering mainly to the FMCG sector at present.

In ICRA's opinion, the ability of the company to scale up
operations while improving its profitability, capital structure
and coverage indicators, and managing its working capital
requirement efficiently would remain key rating sensitivities,
going forward.

Incorporated in 2011, Om Corrugated Pack Private Limited (OCPPL)
manufactures corrugated boxes. The manufacturing facility is
located at Bihta, Bihar, with an installed capacity of 21,600
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Singh and Kumar families who have more than four
decades of experience in the packaging industry.

Recent Results
During FY2016, OCPPL reported a net profit of INR0.24 crore on an
operating income (OI) of INR26.54 crore, as against a net profit
of INR0.22 crore and OI of INR21.14 crore during FY2015.


OSWAL MOTELS: CRISIL Suspends B- Rating on INR150MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Oswal
Motels and Resorts Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      100       CRISIL B-/Stable
   Term Loan               150       CRISIL B-/Stable

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

OMRL was incorporated in June 1995 in Orchha. The company has
been operating a 32-room resort in Orchha since 1997. OMRL is
setting up a new 4-star hotel in Orchha which will have 98 rooms.
The new hotel is expected to commence full-fledged operations by
April 2016. The company is promoted by Mr. Ashok Jain and his
wife Ms. Usha Jain.


PAARTH INFRATECH: CRISIL Suspends 'B' Rating on INR360MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Paarth
Infratech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               360       CRISIL B/Stable

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

PIPL is part of the M2K group promoted by Mr. Mahesh Kumar
Bhagchandak. The company, formed in 2008, is developing a
commercial complex in Gurgaon.


PARAMOUNT WHEELS: ICRA Raises Rating on INR18.25cr LT Loan to B+
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR18.25 crore
(enhanced from INR16.00 crore) fund based bank facilities of
Paramount Wheels Private Limited to [ICRA]B+ from [ICRA]B and
assigned long term rating of [ICRA]B+ to INR7.25 crore
unallocated limits of Paramount Wheels Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Fund         18.25       [ICRA]B+; Upgraded
   Based Facility                     from [ICRA]B

   Unallocated Amount      7.25       [ICRA]B+ Assigned

The rating upgrade takes into account the company's account
consistent growth in the sales volume and revenue on the back of
increased new showrooms and workshops added by the company y-o-y
which has continued during H1 FY2017. The rating continue to
factor in the long track record and experience of the promoters
in the automobile dealership business, the established presence
of the company as a dealer for Maruti Suzuki India Limited cars,
the strong brand recognition of "Maruti Suzuki" in India and the
continued market leadership of MSIL as the largest domestic
passenger car manufacturer. The rating also takes cognisance of
the relatively large catchment area for the company's outlets in
Mumbai suburban region and its diversified revenue stream across
sales, services and spares.

Nonetheless, the rating continues to remain constrained by the
company's thin operating margin on account of weak bargaining
power as inherent in the automobile dealership business. The
company's capital structure remains highly leveraged with muted
coverage indicators and the working capital intensive nature of
operations with high dependence on bank finance. ICRA however
notes that the promoters have infused INR0.50 crore equity in the
current year, which moderated the capital structure to some
extent. The rating also takes into account the intense
competition from other MSIL dealers as well as from dealers of
other OEMs and susceptibility to downturn in sales due to the
cyclicality inherent in the passenger vehicle industry.

Going forward, the ability of the company to increase revenues
from existing showrooms as well as from new Nexa showroom for
premium cars thereby improving its profitability; manage its
working capital requirements efficiently and improve its capital
structure will remain the key rating sensitivities.

Incorporated in 2010, Paramount Wheels Private Limited - promoted
by Mr. Sanjeev Arora and Mr. Rajeev Arora - operates as an
authorised dealer of MSIL on Mira Bhayandar road near Mumbai for
passenger cars manufactured by Maruti Suzuki India Limited
(MSIL). PWPL operates from four sales outlets located in Mira
Road, Wada and Dahisar (True value). It also expects to start
Nexa showroom by January 2018.

Along with the sales outlets, the company also has four service
outlets in Mira Road, Wada and Goregaon, one driving school
outlet in Mira Road. In addition to sale of vehicles and spare
parts, the company provides a broad portfolio of value added
services including insurance, registration, trade finance and
annual maintenance contracts.

Recent Results
In FY2015, PWPL reported a profit after tax (PAT) of INR0.12
crore on an operating income of INR89.01 crore. As per the FY
2016 audited results, PWPL reported a profit after tax (PAT) of
INR0.25 crore on an operating income of INR105.94 crore.


R.S. MILLS: CRISIL Ups Rating on INR150MM Cash Loan to BB-
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
R.S. Mills Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          9.5       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit           150.0       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan              92.9       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that RSMPL will sustain its
improved business risk profile over the medium term, driven by
moderate revenue growth and sustained operating margin. Revenue
increased by 33 per cent year-on-year to INR664 million for 2015-
16 (refers to financial year, April 1 to March 31). Operating
margin has sustained at 10 percent for 2015-16 supported by
increased focus on fabric sales. The upgrade also reflects
CRISIL's belief that RSMPL's liquidity will remain adequate over
the medium term, marked by moderate cash accrual despite its
working capital intensive operations. Cash accrual is expected at
around INR35 million per annum against annual debt obligation of
INR16.8 million, over the medium term.

The ratings also reflect the promoter's extensive experience in
the textile industry and its moderate financial risk profile
marked by moderate net worth, gearing and debt protection
metrics. These rating strengths are partially offset by company's
modest scale of operations and susceptibility of profitability to
volatility in raw material prices.
Outlook: Stable

CRISIL believes RSMPL will continue to benefit over the medium
term from promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement
in business risk profile and credit risk profile, resulting from
large cash accrual and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on business risk profile and financial risk profile
because of low cash accrual or large working capital requirement
or debt-funded capital expenditure.

Incorporated in 1993 by Mr. S Selvaraj, RSPML was taken over by
Mr. Selliappan in November 2012. The company manufactures cotton
yarn and fabric at its plant in Tirupur (Tamil Nadu).


RAICHUR ROLLER: ICRA Reaffirms 'B' Rating on INR3.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR7.50 crore fund based limits of Raichur Roller Flour Mills.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term scale-
   Cash Credit             3.50        [ICRA]B ; reaffirmed

   Long term scale-
   Term Loan               1.78        [ICRA]B ; reaffirmed

   Long term scale-
   Unallocated             2.22        [ICRA]B ; reaffirmed

The rating reaffirmation remains constrained by the modest scale
of operations of the firm and its weak financial profile as
characterized by thin profitability, low net worth, high gearing
of 3.59 times as on March 31, 2016 and moderate coverage
indicators. The rating also takes into consideration the highly
fragmented nature of the flour milling industry which results in
intense competitive pressures, and the risks associated with the
partnership nature of the firm. ICRA also takes into
consideration the agro-climatic risks and government policies
which impact the availability and the prices of the raw material,
which in turn affect the revenues and the profitability of the
firm. The rating reaffirmation, however, positively factors in
more than three decade of promoters' experience in flour mill
industry and the stable demand outlook of wheat flour as it forms
an important part of the staple Indian diet.

Going forward, the firm's ability to scale up its operations
coupled with sustained improvement in its profitability, capital
structure and debt coverage indicators will be the key rating
sensitivities.

Raichur Roller Flour Mills was incorporated in year 1986 and is
engaged in milling of wheat to manufacture Maida, Atta, Suji,
Rawa and Bran. The firm has a well-diversified wholesaler
distribution network which caters primarily to the markets in
Karnataka and Andhra Pradesh. The firm's manufacturing facility
is located at Raichur district of Karnataka.

Recent Results
The firm reported a net loss of INR0.17 crore on an operating
income of INR31.32 crore in FY 2016 as compared to a net profit
of INR0.56 crore on an operating income of INR31.59 crore in FY
2015


RAJAT ISPAT: ICRA Suspends B+/A4 Rating on INR6.5cr Loan
--------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ and [ICRA]A4 assigned
to the INR6.50 crore line of credit of Rajat Ispat Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


RAO CONSTRUCTION: ICRA Suspends B/A4 Rating on INR11.95cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR11.95 crore limits of Rao Construction Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Rao Construction Private Limited is based out of Ahmedabad
(Gujarat) and is engaged in the construction of roads, canals and
bridges. RCPL was established as a partnership firm by Mr.
Navneet Brahmbhatt in 1971 and later on converted into a private
limited company in 1991. The operations of the company are headed
by Mr. Navneet Brahmbhatt who is a Civil Engineer and has
previously worked for Public Works Department (PWD) of Gujarat.
RCPL is a registered "AA" class contractor and has "Special
Category - I" registration from the Government of Gujarat. The
company has one automatic hot drum mix plant situated at Dhansura
(Gujarat) and is mainly engaged in execution of road construction
projects for government and semi-government bodies/departments in
the state of Gujarat.


ROJER MATHEW: CRISIL Reaffirms B- Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rojer Mathew and
Company continue to reflect RMC's moderate scale of operations,
its working capital intensive operations and below average
financial risk profile, with weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the civil construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)
   Cash Credit           120        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RMC will continue to benefit over the medium term
from the promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive'
if ramp-up in scale of operations, healthy operating
profitability, or efficient working capital management leading to
improvement in credit metrics. Conversely, the outlook may be
revised to 'Negative' if low cash accrual or deterioration in
working capital management results in weaker liquidity.

Set up as a partnership firm in Kochi (Kerala), RMC executes
civil contracts for Kerala Public Works Department. Operations of
the firm are managed by key partner, Mr. Rojer Mathew.


RTM REAL: CRISIL Assigns B+ Rating to INR90MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of RTM Real Estates.

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

The rating reflects the firm's moderate implementation risk
related to second phase of school building and below-average
financial risk profile because of nascent stage of operations.
These weaknesses are partially offset by the extensive experience
of its promoters in the real estate business and low demand and
funding risks for the school project.
Outlook: Stable

CRISIL believes RTM will benefit over the medium term from its
long-term lease agreement with Narayana Educational Society. The
outlook may be revised to 'Positive' if timely completion of
project results in adequate cash accrual leading to better
liquidity. The outlook may be revised to 'Negative' if delay in
completing the project, additional debt to fund new projects, or
lower-than-expected cash flow due to cost overrun weakens
liquidity.

Set up as a partnership concern in 2011 by Mr. Chandra Prakash
MV, Ms. R Lalitha and Mr. T Ramakrishnan, RTM has constructed a
school that it has leased to Narayana Educational Society for 15
years. Operations are managed by Mr. T Ramakrishnan.


S. RAJIV: CRISIL Reaffirms B+ Rating on INR60MM Loan
----------------------------------------------------
CRISIL's ratings on bank facilities of S. Rajiv and Co. reflects
the firm's modest scale of operation in the intensely competitive
diamond industry, large working capital requirements, and
susceptibility of its profitability margins to volatility in
diamond prices and in foreign exchange rates.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Exchange
   Forward                 2.6      CRISIL A4 (Reaffirmed)

   Post Shipment Credit   60.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     27.4      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SRC's promoters in the diamond industry, and its
established relationship with customers. The ratings also factor
in a moderate financial risk profile marked by its modest net
worth, low total outside liabilities to tangible networth ratio,
and average debt protection metrics.
Outlook: Stable

CRISIL believes SRC will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
profitability margins, or a sustained improvement in 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 on account of stretch in working capital requirements.

SRC was set up in 1972 as a partnership firm by the late Mr.
Ramniklal Jhaveri and his family members. The firm primarily
trades in polished diamonds; it also undertakes cutting and
polishing of diamonds. SRC is headquartered in Mumbai
(Maharashtra).


SAH POLYMERS: ICRA Revises Rating on INR6.50cr Loan to B+
---------------------------------------------------------
ICRA has revised its rating on the INR10.57 crore long term fund
based facilities of Sah Polymers Limited to [ICRA]B+ from
[ICRA]BB-. ICRA has also revised its long term rating on the
INR0.43 crore unallocated limits of Sah Polymers Limited (SPL) to
[ICRA]B+ from [ICRA]BB- (Stable) and reaffirmed the short term
rating of [ICRA]A4 on the bank lines of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      4.07        [ICRA]B+; revised
   Term Loan                           from [ICRA]BB- (stable)

   Fund Based Limits-
   Cash Credit             6.50        [ICRA]B+; revised
                                       from [ICRA]BB- (stable)

   Fund Based Limits-
   Unallocated             0.43        [ICRA]B+; revised
                                       from [ICRA]BB-(stable);
                                       [ICRA]A4 reaffirmed

The ratings revision factors in the decline in the operating
income to INR42.85 crore in FY2016 from INR43.65 crore in FY2015,
attributable to the decline in the crude oil prices during
FY2016. This has resulted in net losses to the tune of INR1.42
crore for the company in FY2016.

The revision also factors in the deterioration in the debt
coverage indicators (Interest Coverage of -0.33 times and DSCR of
0.28 times in FY2016 as against 1.62 times and 0.94 times
respectively in FY2015) and the tight liquidity position of the
company as reflected by the high utilisation of working capital
limits. The ratings continue to take into account the modest
scale of the company's operations; the high customer
concentrations risks and the weak bargaining power with customers
and suppliers due to their relatively large scale of operations.
The ratings are also constrained by the high competition in the
industry due to low entry barriers and limited product
differentiation as well as the highly working capital intensive
nature of the business. Further, the key customer sectors -
cement and fertilizers - have faced weakness in the recent past,
which may continue to result in pressure on profitability and
return indicators of the company. However, ICRA positively
factors in the established track record of the company and its
promoters in the poly-woven sacks industry and the proximity of
the manufacturing unit to customers and suppliers.

ICRA expects the revenues of the company to increase to some
extent due to the increased focus on exports to countries like
Algeria, Dubai and other South African countries. The
profitability levels of the company are expected to remain low
due the muted demand in the near term and on account of decline
in the crude oil prices. The ability of the company to improve
its revenues and profitability margins will be the key rating
sensitivities.

SPL is engaged in the manufacture of high density polyethylene
(HDPE)/polypropylene (PP) woven fabrics and sacks. It is a public
limited company, incorporated in April 1992 as Peacock
Continental Limited, and has its manufacturing facility at
Udaipur, Rajasthan. The capacity of the plant stands at 6,060
metric tonnes per annum (MTPA).

The unit was taken over by the Managing Director, Mr. Hakim S.
Tidiwala, in 1998 and renamed as SPL. Sat Industries Limited and
Sat Invest Private Limited acquired 89% of the company's
shareholding till 2010-11, but the stake of Sat Industries
Limited was taken over by Lion Houseware Private Limited and Park
Continental Limited in 2011-12. These are investment companies
held by Mr. Shehnaz D. Ali and do not have management
representation. HDPE/PP bags are used for packing and transport
of products in the cement, textiles, soapstone, fertilisers, food
grains, chemicals and salt industries.

Recent Results
As per its unaudited financials for 2015-16, the company reported
a net loss of INR1.42 crore on an operating income of
INR42.85crore, as against a net profit of INR0.01 crore on an
operating income of INR43.65 crore in the previous year.


SAJEE BABA: ICRA Suspends B/A4 Rating on INR6.2cr Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]B and [ICRA]A4 assigned to
the INR6.20 crore line of credit of Sajee Baba Grains Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.


SAMRAKSHA HEALTH: CRISIL Assigns 'B' Rating to INR100MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-
term bank facility of Samraksha Health Care Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          100       CRISIL B/Stable

The rating reflects SHPL's exposure to risks related to execution
of its hospital project and to stabilisation of operations. These
weaknesses are partially offset by extensive experience of its
promoter in the healthcare industry, and strategic location of
its hospital.
Outlook: Stable

CRISIL believes that SHPL will benefit over the medium term from
its promoters' extensive experience in the healthcare industry.
The outlook may be revised to 'Positive' if SHPL stabilises
operations at its hospital earlier than expected, resulting in
higher-than-expected accruals. Conversely, the outlook may be
revised to 'Negative' if there is a significant cost or time
overrun in setting up the project, impacting the company's
financial risk profile.

Incorporated in September 2013, SHPL is setting up a 160 bedded
hospital in Warangal. The company is promoted by Mr. Nagelli
Samuel.


SAWLANI SYNTHETICS: ICRA Lowers Rating on INR12cr LT Loan to C+
---------------------------------------------------------------
ICRA has re-assigned the long term rating from [ICRA]B-(SO) to
[ICRA]C+ to the INR12.00 crore fund based bank facility of
Sawlani Synthetics Private Limited. ICRA has also re-assigned the
short term rating from [ICRA]A4(SO) to [ICRA]A4 to the INR2.50
crore non fund based bank facility of SSPL. The re-assigned
ratings are constrained by SSPL's revenue de-growth and operating
loss incurred in FY2016.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term fund based      12.00       [ICRA]C+ Revised
   Limit-FBD/FBN/FBP                     from [ICRA]B-(SO)

   Short-term non fund        2.50       [ICRA]A4 Revised
   based limit-Value at                  from [ICRA]A4(SO)
   Risk (VaR)

The ratings are also constrained by the company's high working
capital intensity of operations, largely on account of its
stretched receivable position, which adversely impacts liquidity.
ICRA notes that although a high creditor funding supported the
company's liquidity to some extent, but has kept the total
outside liabilities relative to tangible net-worth at a high
level over the last two fiscals. The high financial leverage
coupled with weak profitability due to limited value addition
continues to result in weak debt coverage indicators. The ratings
also take cognizance of the vulnerability of the company's
profitability to the cyclicality inherent in the textile industry
and to foreign exchange rate fluctuations risk and high
dependence on the export incentives provided by the Government of
India. The ratings are also inhibited by the intense competition
from other domestic players as well as low-cost countries, which
restricts the company's pricing flexibility.

However, the ratings favorably factor in the long experience of
the promoters in the textile industry and the location advantages
arising from its presence in the textile hub of Surat, giving
access to a large base of raw material sources and processing
houses.

The company's ability to grow its revenues and profitability
while maintaining adequate liquidity with efficient working
capital management due to timely receipt of receivables will be
the key rating sensitivities.

Sawlani Synthetics Private Limited was incorporated in October
1993, and the company was converted to a 100% subsidiary of
Shantai Exim Limited (Rated [ICRA]B- and [ICRA]A4) in August
2014. SSPL is a part of the Surat-based 'Sawlani group' which has
its presence in the textile and real estate sectors through its
associate entities, namely Shantai Developers, Shantai Realty
India Limited (real estate) and Shantai Exim Limited (textiles).
SSPL manufactures shirts, women's readymade wear and dress
materials and exports them. The company procures greige fabric
from Surat and gets the fabric processed by third parties on job
work basis. The activities outsourced on job work include dyeing,
printing, embroidery, pleating, crushing, stamping, foiling,
coding, taping and flocking. Stitching, garmenting, hand-work and
final packaging of the products are done at the company's
facility in Surat. At times, SSPL also buys finished fabrics and
gets them processed further. The company has its registered
office and processing facility in Surat (Gujarat).

Recent results
SSPL recorded a profit after tax (PAT) of INR1.77 crore on an
operating income of INR220.28 crore for the year ending March 31,
2016.


SHAH LAXMI: ICRA Reaffirms B+ Rating on INR3.50cr Cash Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR3.50 crore fund-based facilities of Shah Laxmi Narayan
Satish Chandra Exim Private Limited. ICRA has also re-affirmed
the long-term rating of [ICRA]B+ and short-term rating of
[ICRA]A4 assigned to the INR6.45 crore non-fund based facilities
of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Overdraft/Cash
   Credit                  3.50       [ICRA]B+;re-affirmed

   Non-Fund Based          6.45       [ICRA]B+/[ICRA]A4;
   Limits-Letter of                   re-affirmed
   Credit

The re-affirmation of ratings continue to factor SLN's modest
scale of operations and weak financial profile, characterised by
thin profitability, leveraged capital structure and low debt
coverage indicators. ICRA notes the limited value-added nature of
the company's operations, which coupled with the highly
competitive and fragmented industry structure, exerts pressure on
its profitability margins. SLN's profitability remains
susceptible to any adverse fluctuations in the prices of key
products traded-viz. polymers, which being crude oil derivatives,
remain volatile. Furthermore, with over 90% of the traded goods
being imported, SLN's margins remain vulnerable to any adverse
fluctuations in foreign exchange rates.

The ratings, however, continue to favorably factor in the past
experience of the promoters in the trading of various products
and SLN's diversified customer base. The ratings also consider
the favourable demand outlook for all types of polymers in India,
backed by growth in end-user industries such as automobiles and
FMCG.

ICRA expects SLN's revenues to increase by 5% in FY2017 over that
of FY2016. The firm's capital structure, albeit leveraged, is
expected to improve in FY2017 as supported by the increase in the
net-worth base, following an increase in retained profits. The
company's ability to scale up its operations, while improving its
profitability and effectively managing its working capital
requirements, will be positive rating factors.

Shah Laxmi Narayan Satish Chandra Exim Private Limited was
incorporated in June 2013 and commenced operations in January
2014. The company was formed as a part of Shah Laxmi Group's
efforts to corporatise its business operations. Accordingly, the
group s gradually shifted all its business operations to SLN from
Shah Laxminarayan Satishchandra (a proprietorship firm) which was
set up in 1963 by the Late. Mr. Laxmi Narayan at Jodhpur,
Rajasthan. Over the years, the group has been trading in various
mercantile products. Currently, the business is handled by Mr.
Satish Chandra (son of Mr. Laxmi Narayan) and his sons, Mr.
Hemant and Mr. Sharad. The company's registered office is at
Jodhpur, with a branch office in Mumbai.

Recent Results
SLN has reported a net profit after tax and depreciation of
INR0.03 crore on an operating income of INR28.43 crore for the
year-ending March 31, 2016.


SHREE GANESH: ICRA Reaffirms B Rating on INR6.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR8.00-
crore fund-based facility of Shree Ganesh Cotton Industries at
[ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based-Cash
   Credit                  6.00         [ICRA]B re-affirmed

   Fund-based-Term
   Loan                    2.00         [ICRA]B re-affirmed

The rating reaffirmation takes into account the limited track
record of the company's operations (commenced commercial
production in FY2016) and the weak financial profile as is
evident from its low profitability, weak debt coverage indicators
and adverse capital structure. The ratings are further
constrained by the highly competitive and fragmented industry
structure due to low-entry barriers; and the vulnerability of the
company's profitability to raw material (cotton) prices, which
are subject to seasonality, crop harvest and regulatory risks.
ICRA also notes that SGCI, being a partnership firm, is exposed
to risks such as significant withdrawals from the capital account
by the partners, which could adversely affect its net-worth, and
thereby its capital structure.

The ratings, however, continues to favourably factor in the long
standing experience of the promoters in the cotton industry and
the favourable location of the firm's plant with respect to raw
material procurement. ICRA also considers firm's stabilisation of
operations in its first year of operations.

ICRA expects SGCI's revenue to increase by 5% in FY2017 from that
of FY2016. The firm's capital structure, though leveraged, is
expected to improve in FY2017 supported by repayment of term loan
and increase in net worth base, following an increase in retained
earnings. The company's ability to improve profitability and
efficiently maintain its working capital requirements will be a
rating positive, SGCI's profitability will continue to remain
exposed to adverse fluctuations in raw materials prices, which
are subject to seasonality, crop harvest and government
regulations regarding MSP of raw cotton and export of cotton
bales.

Established in 2015, Shree Ganesh Cotton Industries commenced
ginning, pressing and crushing operations in FY2016. The
operations of the firm is managed and owned by Mr. Kishorebhai
Patel and Gelabhai Ghanghai who have extensive experience in the
cotton industry through its group concern, namely KK Cotex (rated
at ICRA B+). SGCI has set up a cotton ginning and crushing
facility at Rajkot. The plant is equipped with 36 ginning
machines and one pressing machine and has a manufacturing
capacity of 300 bales per day. The firm is also equipped with
eight expellers that have a crushing capacity of 60 tonnes of
cottonseeds per day.

Recent Results
In 11M FY2016, SGCI reported an operating income of INR105.25
crore with a net profit of INR0.30 crore.


SHRISHTI ENTERPRISES: CRISIL Suspends B+ Rating on INR85MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shrishti Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      15        CRISIL B+/Stable

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

Established in 2003 as a partnership firm, SE, is an authorised
dealer of Hindustan Unilever Ltd's (rated, CRISIL AAA/Stable) and
GlaxoSmithKline Pharmaceuticals Ltd's products. The firm is
promoted by Mr. Sanjay Akhouri and Mr. Vivek Akhouri. The firm is
based out of Ranchi, Jharkhand.


SONA SATI: CRISIL Upgrades Rating on INR498.2MM Loan to 'C'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Sona Sati Organics Pvt Ltd to 'CRISIL C' from CRISIL D.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL C (Upgraded from
                                     'CRISIL D')

   Term Loan              498.2      CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects SSOPL's timely servicing of its term
debt since August 2016.

The ratings continue to reflect SSOPL's below-average financial
risk profile with high gearing and subdued debt protection
metrics; and tightly matched accrual to maturing debt
obligations. These weaknesses are partially offset by the
promoters' extensive industry experience and ability to extend
need-based support.

SSOPL, incorporated in 2004 was earlier into manufacturing of
extra neutral alcohol and rectified spirit with its unit located
in Bihar. With the Government of Bihar imposing a ban on liquor,
SSOPL ventured into manufacturing of ethanol. Mr. Rakesh Kumar,
Mr. Manish Kumar Jaiswal, Mr. Manoj Kumar, Mr. Ramashankar Prasad
and Mr. Devendra Prasad Singh are the directors of the company.


SOUTH INDIA: CRISIL Assigns 'B' Rating to INR113MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to long-term the
bank facilities of South India Spinning Mills Private Limited.
CRISIL's rating reflects the company's initial phase of
operations and below average financial risk profile, driven by
low net worth and highly leveraged capital structure. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the textile industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         113        CRISIL B/Stable
   Buyer Credit Limit      52        CRISIL B/Stable
   Cash Credit             60        CRISIL B/Stable

Outlook: Stable

CRISIL believes that SIS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive', if the company stabilises
its operations as per schedule and demonstrates a significantly
better than expected performance in terms of cash accruals and
debt protection indicators. Conversely, the outlook may be
revised to 'Negative', if there are delays in stabilizing the
operations of the company translating to weakening of its debt
servicing ability.

Incorporated in 2015, South India Spinning Mills Pvt Ltd (SIS) is
engaged in manufacturing of cotton yarn of counts 30s to 40s with
an installed capacity if 23860 spindles. The company is promoted
and managed by two directors, namely Mr. C. Duraiswamy and Mr. D.
Senthil Kumar. The company started its commercial operations in
September 2016.


SREE VIJAYALAKSHMI: ICRA Suspends B+ Rating on INR5.5cr LT Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR5.50 crore long-term bank facilities of Sree Vijayalakshmi
Rice Industries. ICRA has also suspended the issuer rating of
IrB+ assigned to SVRI. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


TEXTREND LIFESTYLE: ICRA Upgrades Rating on INR6cr Loan to 'B'
--------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B- to [ICRA]B
for INR6.00 crore bank facilities of Textrend Lifestyle Private
Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-Cash Credit     6.00       [ICRA]B; Upgraded from
                                        [ICRA]B-

The rating upgrade primarily takes into account TLPL's improved
scale of operations and sustained growth in revenue supported by
better product diversification. The rating continues to take note
of favourable location of the company in Ahmedabad in proximity
to raw material suppliers and downstream processing units and
strong experience of the promoters in the textile industry.

Nevertheless, the rating remains constrained by TLPL's weak
financial profile as reflected by weak profit margins, leveraged
capital structure, weak debt coverage indicators and stretched
liquidity position as is evident from the high utilisation of
fund-based bank limits due to high inventory and receivables.
Further, the ratings continue to factor the exposure of
profitability to intense competitive pressures from numerous
small as well as large manufacturers because of the fragmented
nature of the textile industry.

Going forward, the company is expected to report a moderate
revenue growth backed by stable demand for cotton-based textile
products. The profitability indicators are, however, expected to
remain subdued due to low value added nature of operations as
well as the competitive pressures in the textile industry. The
ability of the company to improve its profitability levels and
efficiently manage working capital requirements through the
management of inventory and receivables along with improvement in
the capital structure would remain important from a credit
perspective.

Incorporated in 2011, Textrend Lifestyle Private Limited trades
high-end men's wear fabrics, which majorly includes fabrics for
cotton suiting's and shirting's, linens, polyester rayon suiting,
cotton silk, burqua, grey fabrics and un-dyed yarn. The company
has its registered office in Surat and operates from Ahmedabad.
The company sells its products under the trademark 'Lorenzini' in
India.

Mr. Rakesh Agarwal, Mr. Sumit Agarwal and Mr. Suryakant Shah are
the key directors with more than two decades of experience in
textile industry. Babita Synthetics Private Limited and Ayush
Texlene Limited are the group companies associated with the
textile industry.

Recent Results
The firm has achieved an operating profit of INR0.99 crore and a
net profit of INR0.21 crore, on a turnover of INR26.22 crore
during FY2016, as against an operating profit of INR0.87 crore
and a net profit of INR0.08 crore, on a turnover of INR24.33
crore during FY2015.


TIRUPATHI YARNTEX: ICRA Reaffirms C+ Rating on INR16.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR7.14 crore (revised from INR11.41 crore) term loan facilities,
INR16.50 crore (revised from INR15.00 crore) fund based limits,
INR0.60 crore (revised from 0.75) non-fund based facilities and
INR12.61 crore (revised from INR8.19 crore) proposed facilities
of Tirupathi Yarntex Spinners Private Limited at [ICRA]C+. ICRA
has also reaffirmed the short term rating outstanding on the
INR1.50 crore non-fund based facilities of the Company at
[ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT-Term loans           7.14        [ICRA]C+/reaffirmed
   LT-Fund based
   facilities             16.50        [ICRA]C+/reaffirmed

   LT-Non-fund based
   Facilities              0.60        [ICRA]C+/reaffirmed

   Proposed limits        12.61        [ICRA]C+/reaffirmed

   ST-Non-fund based
   facilities              1.50        [ICRA]A4/reaffirmed

The re-affirmation of the ratings factors in the decline in
operating income of the company by ~15.2% during FY2016 on
account of low yarn prices, although the impact was partially
offset by an increase in share of value-added yarns during the
year. The operating margin also declined during the period owing
to increase in power and maintenance costs during the year. The
ratings remain constrained by the company's financial profile
characterised by stretched capital structure, weak coverage
indicators due to debt-funded capital expenditure incurred in the
past, and constrained liquidity position.

Further, the company's scale of operations remains moderate and
its presence in a highly fragmented industry characterised by
intense competition restricts the company's pricing flexibility
thereby exposing the margins to volatility in cotton and yarn
prices. The ratings, however, continue to favourably factor in
the long standing experience of the promoters in the spinning
industry and the funding support in the form of unsecured loans
from the promoters. The ratings also draw comfort from the
proposed equity infusion by the Company in the current fiscal.
Going forward, the company's ability to increase its scale by
increasing share of value added yarns and capitalise on its
investments improving the product mix, thereby increasing its
margins, remains critical to service the debt in a timely manner.

TYSPL commenced operations as a partnership firm (M/s. Tirupathi
Spinners), with an installed capacity of 2,032 spindles, and was
converted into a private limited company in 1996. TYSPL is
engaged in manufacturing 100% cotton yarn with a capacity of
30,696 spindles. The factory units are located at two separate
locations in Rajapalayam, Tamil Nadu. Unit A has an installed
capacity of 19,080 spindles, which produces hank yarn and cone
yarn catering to domestic markets such as Tamil Nadu and
Maharashtra; while Unit B is installed with 11,616 spindles of
modern equipments to produce cone yarn. The company is closely
held by the promoters and their family. The company has also
installed a wind mill with a generation capacity of 850KW.

Recent Results
According to the audited financials, the Company reported net
loss of INR3.8 crore on an operating income of INR58.9 crore
during FY2016 as against a net loss of INR0.5 crore on an
operating income of INR69.4 crore during FY2015.


VAIBHAV LAXMI: ICRA Reaffirms B+ Rating on INR5.0cr Term Loan
-------------------------------------------------------------
ICRA has revoked the suspension of Vaibhav Laxmi Tex Private
Limited and has re-affirmed the long-term rating of [ICRA]B+ for
the INR9.00 crore bank facilities of VLTPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term-Term Loan      5.00      [ICRA]B+; Re-affirmed
   Long-term-Cash Credit    4.00      [ICRA]B+; Re-affirmed

The rating re-affirmation continues to factor in VLTPL's weak
financial profile as reflected by weak coverage indicators,
stretched capital structure and tight liquidity position due to
adverse credit terms with its customers and suppliers. ICRA notes
that this has led to moderate working capital intensity and
almost full utilization of working capital limits. In addition,
the firm's ongoing debt funded capital expenditure plan will
further exert pressure on its credit metrics in the near to
medium term. ICRA also notes VLTPL's moderate profitability
levels, which remains vulnerable to fluctuations in raw material
prices that are dependent on global crude prices. Furthermore,
stiff competition within the industry due to limited entry
barriers and highly fragment nature of the industry limits the
pricing flexibility of the company.

However, the rating favorably factor in the promoters' experience
in the textile industry as well as the locational advantage
enjoyed by the company from its presence in Surat, which is one
of the major textile hubs of India. ICRA also notes VLTPL's
moderated customer concentration risks during its initial years
of operations.

ICRA expects the operations of the company to grow at a moderate
pace in the near future, marked by expected increase in textured
yarn manufacturing and dyeing capacity. However, VLTPL's
profitability is expected to remain under pressure due to
fluctuations in raw material prices that are dependent on highly
fluctuating crude prices. Furthermore, ongoing capital
expenditure would keep credit metrics under pressure in the near
to medium term. Going forward, the ability of the company to
timely complete its capital expenditure for capacity addition and
its ability to scale up operations amid competitive pressures and
improve profit margins, will remain some of the other key rating
sensitivities in the near future.

Incorporated in 2009, Vaibhav Laxmi Tex Private Limited started
its operations in July 2011 by manufacturing air-textured yarn
(ATY) from partially oriented yarns (POY). The company has a
yarn-texturing unit at Surat, Gujarat, with a production capacity
of ~75MT/month. Subsequently, VLTPL also established a yarn
dyeing plant with an installed capacity of 150 MT/month in 2012.
The company increased its texturised yarn manufacturing capacity
to ~150MT/month (1,800MT/annum) and yarn dyeing capacity to
~220MT/month (~2,640MT/annum) from FY2015.

Mr. Vinay Nandwani, Mr. Rajesh Nandwani, Mr. Neeraj Khurana and
Mr. Amit Khurana are the key directors of the company. They and
their families are shareholders of the company. The promoters
have been in the textile business for over two decades through
the group company, 'Minakshi Fashion Private Limited', which is
engaged in dyeing grey fabric in Surat.

Recent Results
The firm has achieved an operating profit of INR1.91 crore and a
net profit of INR0.94 crore, on a turnover of INR17.47 crore as
per provisional figures for 6M FY2017, as against an operating
profit of INR2.99 crore and a net profit of INR0.39 crore, on a
turnover of INR30.76 crore during FY2016.



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


GAJAH TUNGGAL: Moody's Cuts Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Gajah Tunggal Tbk (P.T.) and the rating on its
$500 million senior secured notes due 2018 to B3 from B2.

The rating outlook is negative.

This rating action concludes the review for downgrade Moody's
initiated on 30 September 2016.

RATING RATIONALE

"The downgrade of Gajah Tunggal's CFR to B3 reflects the
increasing refinancing risk surrounding the maturity of its $500
million notes due February 2018," says Brian Grieser, a Moody's
Vice President and Senior Analyst.

Moody's downgrade captures our view that the upcoming maturity of
the notes materially weakens GJTL's credit profile as it exposes
GJTL's entire capital structure to near term market risk, which
can make large refinancing requirements challenging for
Indonesian high-yield companies.

"Gajah Tunggal's elevated refinancing risk outweighs the benefits
of its solid operating performance and strong market position and
is more consistent with a B3 credit profile at this point" says
Grieser, also Moody's Lead Analyst for GJTL.

GJTL has stated that it is in the advanced stages of raising
onshore funding to refinance the bonds with the intention of
addressing both the single maturity and single currency issue of
the current debt structure. GJTL has also successfully completed
a consent solicitation in November 2016 allowing it raise secured
refinancing indebtedness.

While the company's intentions and consent solicitation are both
viewed positively, GJTL has yet to demonstrate access to either
bank or bond refinancing options sufficient to refinance its
upcoming maturity.

Aside from the mounting refinancing risk, GJTL's credit metrics
have substantially improved in 2016 with adjusted debt-to-EBITDA
falling to 3.2x at 30 September 2016 from 4.4x at 31 December
2015 and an expansion of EBITDA margins to 18.0% for the twelve
months ending 30 September 2016 from 14.8% in 2015.

However, GJTL's liquidity position is weak given that it has cash
holdings of approximately $55 million at 30 September 2016 versus
total debt maturities of approximately $545 million over the next
15 months, therefore a timely resolution on the refinancing is
core to the rating and credit profile of the company.

The negative outlook captures the likelihood that refinancing
risk will continue to intensify over coming months as the bond
maturity date approaches.

The ratings could be downgraded further if GJTL is unable to
demonstrate access to capital markets to fund the $500 million
notes refinancing in the near term. To stem the downgrade
pressure, Moody's would expect GJTL to execute loan facilities,
access the IDR bond market or launch a new USD bond.

As the maturity approaches, any deemed coercive exchange of the
existing notes into new notes would likely be viewed as a
distressed exchange under Moody's definition of default.

The ratings are unlikely to be upgraded or the outlook stabilized
prior to the completion of its refinancing of the 2018 notes. The
successful completion of the refinancing and rebalancing of the
debt maturity profile would likely trigger an upgrade as it would
materially improve the GJTL's liquidity profile and capital
structure.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Indonesia-based GJTL is Southeast Asia's largest integrated tire
manufacturer with capacity to produce 55,000 tires/day of radial,
14,500 tires/day of bias, 95,000 tires/day of motorcycle tires
and 600 tires/day of truck and bus radial tires (TBR).

GJTL's key shareholders include Denham Pte Ltd (49.5%), a
subsidiary of Chinese Tire Manufacturer Giti Tire (unrated) and
Compagnie Financiere Michelin SCmA (10%, A3 stable). The
remaining shares are publicly traded on the Indonesian Stock
Exchange.


JAPFA COMFEED: Fitch Affirms 'BB-' IDR; Revises Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised PT Japfa Comfeed Indonesia Tbk's
Outlook to Stable from Negative.  The agency has affirmed the
Long-Term Issuer Default Rating at 'BB-'.  Fitch Ratings
Indonesia has also upgraded Japfa's National Long-Term Rating to
'AA-(idn)' from 'A+(idn)'.

The revision of Japfa's Outlook and upgrade of its National
Rating reflects improved industry dynamics following intervention
by the Indonesian government to address the demand-supply
imbalance, lower leverage driven mainly by higher profitability
and better liquidity.  Apart from stronger cash flows, Japfa's
liquidity has also been boosted by its bond issue in November
2016 and equity issuance in August 2016.  This has alleviated
repayment risks related to upcoming bond maturities in 2017 and
2018.

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country.  The default risk inherently differs only slightly from
that of the country's highest rated issuers or obligations.

                         KEY RATING DRIVERS

Better Market Conditions: The Indonesian government has taken
steps to manage poultry supply since 2H15, after oversupply
weakened prices for day-old chicks (DOC) and live birds in 2H14
and 1H15, which resulted in losses at producers, including small-
scale farmers.  Domestic poultry producers culled around 3
million birds (parent stock), following a government directive in
October 2015.  Fitch believes the industry is more sustainable
now that the Ministry of Agriculture has been formally given the
authority to manage the domestic chicken supply.  Chicken demand
in Indonesia has also risen healthily in 2015, and Fitch sees
robust growth prospects as per capita poultry consumption is low
and the agency expects GDP growth to accelerate.

Higher Margins, Lower Leverage: Japfa's EBITDA margin widened to
14.5% in 9M16, from 9.1% in 2015, driven by improved market
conditions.  Profitability in the animal-feed segment improved
while sales of day-old chicks returned to significant profit in
9M16 after losses in 2014-2015.  Japfa's net debt-to-EBITDA
leverage dropped to 0.9x at end-September 2016, from 2.6x at end-
2015.  Fitch estimates Japfa's leverage will remain at around
1.5x, assuming EBITDA margin narrows from 2017.  Fitch also
expects Japfa to continue to generate free cash flows and have
healthy fixed-charge coverage of over 4x.

Improved Liquidity: Japfa issued IDR1 tril. of bonds with tenors
of three and five years in November 2016 under its IDR3trn bond
programme.  Global investment firm KKR took a 12% stake in Japfa
in August 2016, which injected IDR702bn of cash into the company.
These should allow Japfa to meet the maturities of IDR1.5 tril.
of bonds in January and February 2017.  The company is likely to
need further refinancing to repay USD199 mil. of bonds due in
2018. However, the risk of Japfa failing to secure refinancing is
low because of its robust credit metrics and good access to
diverse funding sources, in Fitch's view.

Cost Pass-Through Ability: Japfa is able to mitigate its exposure
to rising raw material costs through a strong ability to pass
through cost increases to customers in the animal-feed segment.
This is due to the company's high market share and its ability to
retain corn inventory and adjust output.  PT Charoen Pokphand
Indonesia Tbk (CPIN) and Japfa together control about 50% of
Indonesia's poultry feed market, and react similarly to increases
in raw material costs by seeking to raise prices.  Japfa's corn
dryers also allow it to store dried corn for up to four months,
providing some flexibility in production.

                          KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Animal-feed sales volume to rise by 3% annually from 2017
   -- Average annual sales volume growth of 3%-5% for DOC and
      live poultry from 2017
   -- EBITDA margin narrows to around 9% from 2017
   -- Capex of around IDR700 bil. from 2017

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Leverage (net debt/EBITDA) below 1.5x on a sustained basis
      (2015: 2.6x)
   -- No material weakening of industry fundamentals and Japfa's
      market position

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Leverage above 2.5x on a sustained basis
   -- Significant reduction in size of the animal-feed segment,
      which would be demonstrated in its share of total revenue
      falling below 30% (2015: 36%)
   -- Failure to adequately address maturity of its US dollar
      bonds in 2018.

                    FULL LIST OF RATING ACTIONS

PT Japfa Comfeed Indonesia Tbk

   -- Long-Term Foreign-Currency IDR affirmed at 'BB-' and
Outlook
      revised to Stable
   -- National Long-Term Rating upgraded to 'AA-(idn)' from
      'A+(idn)' and Outlook revised to Stable
   -- Senior unsecured rating affirmed at 'BB-'
   -- US dollar notes issued by Comfeed Finance B.V. and due in
      2018 affirmed at 'BB-'
   -- IDR1.5 tril. bonds due in 2017 upgraded to 'AA-(idn)' from
      'A+(idn)'
   -- IDR3 tril. bond programme and IDR1trn of bonds issued under
      the programme upgraded to 'AA-(idn)' from 'A+(idn)'



=========
J A P A N
=========


KAMORI KANKO: Space World Theme Park to Close in 2017
-----------------------------------------------------
The Japan Times reports that an amusement park in Fukuoka
Prefecture that sparked a flood of criticism for inserting
thousands of frozen fish into its ice skating rink said Dec. 16
it will close next year.

According to the report, Space World in Kitakyushu closed the
rink last month after people complained about the attraction, in
which around 5,000 fish purchased from a market were embedded in
the ice to give the impression of skating on the sea. An online
rumor at the time claimed the fish had been frozen alive.

The Japan Times relates that the theme park, which opened in
April 1990 on an unused lot at the Yawata steelworks, did not
specify why it has decided to close.

The park was getting 2.16 million visitors a year at its peak in
fiscal 1997, but the number of visitors has dwindled recently,
the report says.

"We will be closing on the last day of December 2017 for various
reasons," the park's website said, The Japan Times relays. "We
thank you for your patronage for such a long time."

Space World informed the Kitakyushu Municipal Government of its
intent to close on Dec. 15, municipal officials said, according
to the report.

The report relates that the city held talks the same day with
Nippon Steel & Sumitomo Metal Corp., which owns the land, about
what to do with the 240,000-square-meter site.

NSSMC promised to seek a new tenant for the land, taking
promotion of the local economy into consideration, the officials
said.

Both Kitakyushu Mayor Kenji Kitahashi and Fukuoka Gov. Hiroshi
Ogawa expressed concern about how the theme park's closure will
affect the local economy, says The Japan Times.

Space World "has led the tourism industry as a symbol of the
city," the report quotes Kitahashi as saying. "It is truly
regrettable," he said.

Resort operator Kamori Kanko Co., based in Sapporo, is managing
the theme park, the report discloses.

A subsidiary of what was then Nippon Steel Corp. filed for court
protection from creditors in May 2005 and handed over the
management rights to the park to Kamori Kanko in July that year,
the report discloses.



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


CENTURY COMMUNITIES: DENR Shuts Down 6 Firms Over Envir. Breaches
-----------------------------------------------------------------
Manila Standard Today reports that the Environment Department
said on Dec. 15 it cancelled the environmental compliance
certificates of six companies for their alleged failure to meet
some of the government conditions for their operations.

Manila Standard relates that Environment Secretary Regina Lopez
said in a news briefing the companies whose ECCs were cancelled
were Century Communities Corp., Austral-Asia Link Mining Corp.,
Ipilan Nickel Corp., Core Mining Corp., Lebach Mining Corp. and
Donggwang Clark Corp.

Century Communities is the developer of the proposed 58-hectare
Metropolitan Waterworks and Sewerage System housing project in La
Mesa dam, the report discloses.

According to the report, Ms. Lopez said the proposed housing
project would be located 24 meters above the water level.

"The DENR has decided to adopt social justice. Social justice
means that the use of the land benefits the greater majority and
the common good. It is in our determination that we issue policy
such as the use of the land contributes to the well being of our
people," the report quotes Ms. Lopez as saying.

"If you have households and it rains, that waste will go down the
water table which will eventually go down the water reservoir.
The land is still in a protected area even if they already sold
it so we decided to cancel the ECC. The cancellation will be
effective immediately," said Ms. Lopez.

Environment undersecretary for legal services Ipat Luna said the
ECC given to Century Communities was subject to a lot of
conditions. "Some conditions are fulfilled while some were not.
They need a permit from the DENR for tree cutting and we cannot
give them that because of Republic Act 1336.

"Why keep the ECC alive if they are constricted to do the
conditions. The ECC as a planning tool can be cancelled and
changed. We see no future in the fulfillment of the conditions
since we are constrained to that," Ipat said.

Manila Standard adds that the agency said Austral-Asia's project
was located between two heritage sites in Davao. "On one side is
a bonsai forest and the other side is a cove. We've sent our
people there for a biodiversity. The people that live there are
very unhappy about the mining that's happening there. In the
context of social justice and common good we are canceling it,"
the report quotes Ms. Lopez as saying.

Manila Standard relates that Ms. Lopez said the ECCs of the other
companies had lapsed. "We are also denying the ECC of Egerton
Gold in Batangas because it is located in Verde passage which is
the center of marine biodiversity of the planet. We told the
company is not compatible with the current plans for tourism of
the town," Ms. Lopez said.

The department also issued 'show cause' orders to 11 companies
which included mining, cement and manufacturing companies, the
report adds.



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


DOOSAN BOBCAT: S&P Affirms 'B+' CCR; Outlook Stable
---------------------------------------------------
S&P Global Ratings said it has affirmed its 'B+' long-term
corporate credit rating on Doosan Bobcat Inc., a Korea-based
holding company in the construction equipment market.  The
outlook is stable.  S&P also affirmed its 'BB-' issue rating with
'2' recovery rating on the $950 million senior secured term loan
belonging to subsidiaries Clark Equipment Co. and Doosan Holdings
Europe Ltd. that is due in 2021.  CEC and DHEL are co-borrowers
of the term loan, and DBI is the guarantor.  At the same time,
S&P revised the stand-alone credit profile (SACP) for DBI to 'bb'
from 'bb-'.

S&P expects DBI will improve its operating profitability modestly
over the next one to two years mainly owing to steady growth in
demand in the U.S. construction equipment market and ongoing cost
optimization efforts.  Also, S&P believes the company will
benefit from improvements to its product mix, supported by an
increasing proportion of high margin products such as compact
track loaders.

S&P expects DBI will generate positive free cash flows over the
next two years, given its good operating cash flows and moderate
capital expenditure (capex).  S&P believes the company will use
some free cash flow to reduce debt, as evidenced by its recent
early repayments on the term loan of about $210 million during
2016.  Under S&P's base case, it estimates DBI's adjusted debt to
EBITDA ratio to be about 2.8x-3.2x in 2016 and 2017, compared
with 3.5x in 2015.  As a result, S&P revised the SACP for DBI to
'bb' from 'bb-' and revised its financial risk profile to
significant from aggressive.

Despite the improved SACP, we affirmed the ratings on DBI at the
current level because of the weaker credit profile of the parent
group.  S&P continues to assess parent Doosan Infracore Co.
Ltd.'s (DI; not rated) group credit profile as 'b', mainly
reflecting the group's weaker financial measures and liquidity
position.  DI group has improved its financial metrics in 2016
primarily thanks to the sale of its machinery tool business, the
IPO of DBI, and ongoing cost reduction efforts.  S&P estimates DI
group's adjusted debt to EBITDA will improve to about 6x-7x in
2016, compared with about 20x in 2015.  However, DI still has a
high portion of short-term debt with ongoing refinancing needs,
which are sensitive to its banking relationships and credit
market conditions.

The rating on DBI is higher than the group credit profile because
S&P believes that DBI is somewhat distanced from its parent in
financial terms as it operates under different bankruptcy codes.
S&P views DBI as severable from the group and able to maintain
its major operational functions fairly independently from the
group. Also, covenants in DBI's term loans should restrict
somewhat the potential for the parent to extract value, in S&P's
view. Nonetheless, the overall rating on DBI is lower than the
SACP because of the group's weaker credit profile and large
ownership stake with very close management ties.  DI currently
has 59.3% ownership of DBI, and S&P expects DI will continue to
maintain its majority stake at least in the near term.

The stable outlook on DBI reflects S&P's expectation that the
company will maintain stable operating performance and modestly
improve its financial metrics over the next one to two years
thanks to its well-established market position and good cash
flows.

S&P may raise the rating if the parent DI group improves its
profitability and reduces its debt significantly with prudent
financial policies and, as a result, debt to EBITDA for the group
approaches 5.0x while maintaining good access to capital markets.
S&P could also raise the rating if DBI's ties with its parent
group weaken significantly, possibly through the parent selling a
significant portion of its shares in DBI.

The ratings could come under pressure if S&P lowers the group
credit profile for the parent group, potentially due to weakening
liquidity. Also, though less likely, S&P may lower the rating if
it revises downward the SACP for DBI to 'b' or below as a result
of significant deterioration in profitability and financial
measures, potentially due to a weakening market position or
decreasing demand.  An increase in DBI's debt to EBITDA after S&P
Global Ratings' adjustments to about 6.0x would indicate such a
deterioration.



                             *********

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, 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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