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                      A S I A   P A C I F I C

         Wednesday, December 21, 2016, Vol. 19, No. 252

                            Headlines


A U S T R A L I A

AMBIENT ADVERTISING: Investigation Heads to NSW High Court
T.F. & J.A.: In Liquidation; First Meeting Set for Jan. 11
ZETTA FLORENCE: First Creditors' Meeting Set for Dec. 28

* AUSTRALIA: More Retailers to Enter Into Administration in 2017


C H I N A

BIOSTIME INT'L: Proposed Share Rise No Impact on Moody's Ba2 CFR
FUJIAN ZHANGLONG: Fitch Rates USD150MM Sr. Unsec. Notes at 'BB+'
YINGDE GASES: Moody's Continues to Review B2 CFR for Downgrade


H O N G  K O N G

KING & WOOD MALLESONS: Dentons Drops from Merger Talks


I N D I A

AKHIL INFRA: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
ANAND MINE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ARCHIMEDIS LABORATORIES: CRISIL Suspends B+ Rating on INR60M Loan
ASK HOME: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
BALAJI FABRICCS: CRISIL Suspends 'B' Rating on INR70MM Term Loan

BANSAL INFRATECH: CRISIL Suspends B+ Rating on INR250MM Cash Loan
CAPITAL ELECTRICALS: Ind-Ra Withdraws 'IND B' LT Issuer Rating
CAPITAL POWER: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
CAPITAL POWER SYSTEMS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
CHAUHAN POULTRY: CRISIL Reaffirms 'B' Rating on INR57.5MM Loan

CHOWDHRY RUBBER: CRISIL Suspends B+ Rating on INR175MM Loan
CONTENTRA TECHNOLOGIES: CRISIL Suspends B+ Rating on INR50MM Loan
DATT REALINFRA: CRISIL Assigns B+ Rating to INR90MM Term Loan
EDGETECH AIR: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
ELECON: CARE Assigns 'B' Rating to INR3.0cr Long Term Loan

GROTECH LANDSCAPE: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
JADEJA INDUSTRIES: CARE Assigns 'B+' Rating to INR9.90cr LT Loan
JAYACHITRA GARMENTS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
KAMACHI INDUSTRIES: Ind-Ra Affirms LT Issuer Rating at 'IND D'
KARTHIKEYA AGRO: CARE Reaffirms B+ Rating on INR7.80cr LT Loan

KING REFINERIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
KINGFISHER AIRLINES: Still No Takers for 'Kingfisher House'
KRUPANIDHI CONSTRUCTION: CARE Reaffirms B+ INR4.18cr Loan Rating
MAHARAJA COLD: CARE Assigns 'B' Rating to INR5.0cr LT Loan
MAYA CONSTRUCTION: Ind-Ra Assigns 'IND BB' LT Issuer Rating

MURLIDHAR JEWELLERS: Ind-Ra Withdraws 'IND B' LT Issuer Rating
NIKKI STEELS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
NIKUNJ EXPORTS: CRISIL Suspends 'B' Rating on INR62.5MM Loan
NILKANTH COLD: CARE Assigns 'D' Rating to INR4.40cr LT Loan
PAE LIMITED: CARE Reaffirms 'D' Rating on INR15cr Long Term Loan

PINE EXPORTERS: CARE Reaffirms 'B' Rating on INR3.50cr LT Loan
PRABHU CONSTRUCTIONS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
PREMIER PLASTICS: CARE Assigns B+ Rating to INR12.10cr LT Loan
S S DEVELOPERS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
S. M. INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR99MM Loan

SARAF TRADING: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SAS AUTOMOTIVES: Ind-Ra Withdraws IND BB Long-Term Issuer Rating
SATLUJ SPINTEX: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
SHARON BIO-MEDICINE: CARE Lowers INR367.54cr Loan Rating to 'D'
SHIVA METALLOYS: CRISIL Suspends B+ Rating on INR110MM Cash Loan

SHREE BALAJI: CRISIL Reaffirms 'B' Rating on INR27.5MM Cash Loan
SLR CONSTRUCTION: CRISIL Suspends B+ Rating on INR25MM Loan
STERIMED SURGICALS: CRISIL Suspends 'B' Rating on INR30MM Loan
T.C. TERRYTEX: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
TAURUS POWERTRONICS: CRISIL Suspends B+ Rating on INR51MM LT Loan

TIRUPATI TRADING: CRISIL Suspends B+ Rating on INR110MM Loan
TRIDENT AUTO: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
TWINCITY SUNLIFE: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
UJJAWAL SAVERA: CRISIL Suspends 'B' Rating on INR10MM LT Loan
VIBFAST PIGMENTS: Ind-Ra Affirms 'IND BB-' LT Issuer Rating

VIBFAST PIGMENT PRIVATE: Ind-Ra Affirms IND BB- LT Issuer Rating


J A P A N

TOSHIBA CORP: Canon Completes Acquisition of Medical Unit


M A L A Y S I A

PERISAI PETROLEUM: Ezra Wants to Settle Share Sale Dispute


S O U T H  K O R E A

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


                            - - - - -


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


AMBIENT ADVERTISING: Investigation Heads to NSW High Court
----------------------------------------------------------
Arvind Hickman at AdNews reports that an investigation into
Ambient Advertising headed to the NSW Supreme Court on Dec. 19
where former directors, employees and related parties were cross-
examined about allegations the outdoor specialist deliberately
and systematically overcharged clients and media agencies over a
number of years.

AdNews says the cross-examination is being led by NSW Supreme
Court-appointed special purpose liquidator Nicholas Crouch of
Crouch Amirbeaggi. He has spent months gathering evidence that
suggests a majority of clients and media agencies that used
Ambient Advertising may have paid for phantom advertising -
street posters that were ordered by clients but never delivered,
according to AdNews.

AdNews has seen a handful of cases where media agencies from
Dentsu Aegis Network, GroupM, Publicis Media and more were left
short changed. In some of the more extreme cases, Ambient
Advertising trimmed orders by more than 50%.

"It's clear to us that the advertising agencies have been charged
for services that were not rendered. We're still trying to
determine who is responsible for that behavior . . . it's too
early for us to conclusively say who that may be," Mr. Crouch
told AdNews.

"The clients and ad agencies are innocent in this. It's very
difficult to detect which is why it was probably going on for
years."

AdNews relates that the investigation took a random sample of 100
contracts for street media advertising through Ambient
Advertising.

"In those 100 contracts, 80% of them had transactions which
indicated that the clients had not received what they paid for.
This was usually a 20% trim to their order," the report quotes
Mr. Crouch as saying.

About 60% of Ambient Advertising's revenue comes from street
media sales, the report notes. It is one of five areas being
investigated to establish events that may have contributed to
Ambient Advertising entering voluntary liquidation in 2014.

These include an investment into a New Zealand company Titan
Media Group, management fee payments worth $6 million to Ambient
Advertising directors, and the transfer of Ambient Advertising
assets and contracts into a new advertising business set up prior
to liquidation, says AdNews.

Mark Fishwick, a well-known ad man, founded Titan Media Group,
Ambient Advertising and is group chairman of Revolution 360.

After Ambient Advertising liquidated, several staff members were
offered roles at Revolution 360, AdNews adds.


T.F. & J.A.: In Liquidation; First Meeting Set for Jan. 11
----------------------------------------------------------
Timothy Clifton and Daniel Lopresti were appointed as Joint and
Several Liquidators of T.F. & J.A. Smith Pty. Ltd., formerly
trading as B & T Smith Bros General Builders, on Dec. 19, 2016.

A meeting of creditors will be held at 11:00 a.m. on Jan. 11,
2017, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


ZETTA FLORENCE: First Creditors' Meeting Set for Dec. 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Zetta
Florence Fine Paper Pty Ltd will be held at the Boardroom of
APL Insolvency, Level 5, 150 Albert Road, in South Melbourne,
Victoria, on Dec. 28, 2016, at 11:00 a.m.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Zetta Florence on Dec. 16, 2016.


* AUSTRALIA: More Retailers to Enter Into Administration in 2017
----------------------------------------------------------------
Madeleine Heffernan at The Sydney Morning Herald reports that
after analysing the financial health of retailers with more than
4,000 stores, Macquarie said "profitability for apparel retailers
remaining challenging", particularly for unlisted companies, as
retail sales moderate and the lower Australian dollar raises
import prices.

"Given the challenging retailer environment, we expect further
retailers to enter into administration after the December peak
trading period (i.e. in the first quarter of 2017)," the broker
told clients, SMH relates.

According to SMH, Macquarie said several unlisted retailers with
about 500 stores between them were unprofitable. These were RSH
Australia, which owns jeans brand Westco and shoes brand Novo;
Fast Future Brands, which owns clothing brands Valley Girl and
TEMT; and Pepkor (SE Asia), which owns discount department stores
Harris Scarfe and Best & Less.

"We believe the possibility of further administrations from
underperforming chains remains a risk for the [listed property]
sector," SMH quotes the broker as saying.  "As a result of
declining profitability, a number of the retailers, particularly
the unlisted apparel retailers, have begun closing less
profitable stores.

"Indeed, we expect [clothing brand] Esprit, [clothing brand]
Jeanswest (194 stores), RSH (135 stores) and Pretty Girl (about
382 stores) have been net closers of stores . . ."

SMH relates that John Winter, chief executive of the insolvency
industry body Australian Restructuring Insolvency and Turnaround
Association, said the "general feeling is that we expect to see
an increase in retail insolvencies early in the new year.

"It appears that an increasing number of retailers are coming
under financial pressure.The current level of retail discounting
in a period where retailers tend to try to maximise their margins
is indicative of this.

"Most will endeavour to trade through Christmas, though, and any
traditional post-Christmas sales to move their stock, so January
and February will be telling. The number of recent retailers who
did not even make it to the Christmas period shows that the
sector is coming under real pressure."

According to SMH, the Macquarie report said while two major
listed rag traders have struggled in recent years -- Noni B, and
Specialty Fashion, the owner of Katies and Rivers brands -- big
unlisted companies have generally fared worse.

ARJ Group Holdings, which owns womenswear brands Sussan,
Sportsgirl and Suzanne Grae and is led by Rich Lister Naomi
Milgrom, likely closed some stores, Macquarie, as cited by SMH,
said.

Retail Apparel Group, which owns menswear brands y.d., Tarocash
and Connor, has seen its profitability gradually decline since
the 2011 financial year, it said, adds SMH.



=========
C H I N A
=========


BIOSTIME INT'L: Proposed Share Rise No Impact on Moody's Ba2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Biostime International
Holdings Limited's proposal to raise its stake in Biostime
Australia Holdings Pty Ltd (BAH, unrated) by 17% -- thereby
taking its ownership level to 100% -- and changes in management
will not immediately affect its ratings and outlook.

Biostime has a Ba2 corporate family rating and a Ba3 rating on
its senior notes, with a stable outlook.

On Dec. 15, 2016, Biostime announced that it had entered into an
agreement with BAH's minority shareholders to buy the 17% stake
in BAH for AUD311 million (HKD1.8 billion).

The transaction will -- as indicated -- raise Biostime's stake to
100% from 83%.

"While the timing of the proposed increase in Biostime's stake in
Biostime Australia is earlier than expected, the proposal is in
line with the company's previously announced plan," says Gerwin
Ho, a Moody's Vice President and Senior Analyst.

Moody's expects that the total consideration will be payable in
cash and will be financed from Biostime's internal cash reserve
and from external financing.

The acquisition requires regulatory and shareholder approvals and
is expected to complete before late April 2017.

BAH has in turn a 100% stake in Swisse Wellness Group Pty Ltd
(unrated).

Swisse is engaged in the marketing and distribution as well as
research of vitamins, health supplements, and skincare and sports
nutrition products in Australia, New Zealand and China under the
"Swisse" brand.

"While the headroom for Biostime's ratings is expected to narrow
as a result of higher leverage resulting from the proposed
transaction, Moody's expects its stable business profile and good
profitability to continue to support its Ba2 rating," says Ho.

Moody's estimates that Biostime's debt leverage - as measured by
debt/EBITDA - will rise to about 3.8x-4.0x in the next 12 months
from Moody's expectation of around 3.5x in 2016.

This expected level represents a narrowing in headroom versus its
trigger of 3.5-4.0x.

Moody's estimates that Biostime's cash flow coverage -- as
measured by retained cash flow/net debt -- will fall below
Moody's trigger of 15% in the next 12 months. However, Moody's
expects this situation to be temporary and the ratio to recover
to 16-17% in the next 18-24 months due to scheduled debt
repayments.

Biostime's stable business profile is supported by the strength
of its infant milk formula business, resulting from its premium
product positioning and its strong presence in baby specialty
store channels, as evidenced by its steady market share.

The company's profitability is good, reflecting in turn its brand
equity and the confidence-sensitive nature of its Biostime infant
milk formula product and Swisse's vitamin, herbal and mineral
supplement (VHMS) products.

Moody's estimates that Biostime's profitability -- as measured by
its EBIT margin -- will remain steady at 22%-23%. This level of
profitability is strong for its Ba rating level.

On Dec. 15, 2016, Biostime also announced that Radek Sali, its
executive director and the chief executive officer of Swisse, had
tendered his resignation and will leave the company as of
Dec. 31, 2016.

Moody's believes that the negative impact of the management
change is mitigated by the presence of an already appointed
successor and the fact that most of Swisse's management team will
remain.

Moody's will monitor Swisse's performance after the change in
management.

At end-June 2016, Biostime's cash balance -- including restricted
cash -- was RMB2.7 billion and its short-term debt was RMB2.0
billion, resulting in cash/short-term debt of 134%.

In light of the proposed transaction, Moody's also expects
Biostime to manage its liquidity and to arrange financing, based
on satisfactory terms and conditions.

The stable outlook reflects Moody's expectation that it will
maintain its market positions and stable credit profile,
including stable profit margin and cash generation.

The principal methodology used in these ratings was Global
Packaged Goods published in June 2013.

Biostime International Holdings Limited is a leading domestic
infant milk formula provider in China. The company acquired an
83% stake in the leading Australian vitamin, herbal and mineral
supplements (VHMS) provider Swisse Wellness Group Pty Ltd
(unrated) in September 2015.

Established in 1999, Biostime is headquartered in Guangzhou and
listed on Hong Kong's Stock Exchange in December 2010. Chairman
and CEO Mr. LUO Fei and other principal shareholders together
held a 72% stake at end-June 2016.


FUJIAN ZHANGLONG: Fitch Rates USD150MM Sr. Unsec. Notes at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned Fujian Zhanglong Group Co., Ltd.'s
(Zhanglong, BB+/Stable) USD150 million 4.50% senior unsecured
notes due 2019 a final rating of 'BB+'.

The bond is issued directly by Zhanglong and is rated at the same
level as the Issuer Default Rating on the company. The bond will
constitute a direct, unconditional, unsubordinated and unsecured
obligation of Zhanglong and rank at least pari passu with all of
the company's other present and future unsecured obligations.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the
final rating is in line with the expected rating assigned on
Dec. 5, 2016.

KEY RATING DRIVERS

Linked to Zhangzhou Municipality: The ratings of Zhanglong are
credit-linked to, but not equalised with, Fitch's internal
assessment of the creditworthiness of Zhangzhou Municipality. The
link reflects strong government control and oversight of the
entity, mid-range assessment of the entity's strategic importance
to the municipality, integration with the government budget and
legal status. These factors result in a high likelihood of
extraordinary support, if needed, from the municipality.
Therefore, Zhanglong is classified as a credit-linked public-
sector entity under Fitch's criteria.

Zhangzhou's Creditworthiness: Zhangzhou is the fastest-growing
economy in China's southern Fujian Province. Its gross regional
product (GRP) has been expanding at about 11% a year for the past
three years. GRP per capita for 2015 was CNY55,569, higher than
the national average of CNY49,351. Its operating revenue has been
growing steadily with satisfactory operating margin. Fiscal
strength was partly offset by a high debt burden relative to its
fiscal performance.

Legal Status Attribute Assessed at Mid-Range: Zhanglong is
registered as a state-owned limited liability company under
Chinese company law. It is wholly owned by Zhangzhou State-owned
Assets Supervision and Administration Commission and supervised
by the Zhangzhou government.

Strategic Importance Attribute Assessed at Mid-Range: Zhanglong
is one of the largest investment and financing vehicles owned by
the Zhangzhou Municipality, and it plays an important role in the
city's daily operations and development. It is the city's sewage
treatment service provider and the major water supplier to urban
areas in the city. It also engages in infrastructure construction
and has participated in bridge and expressway projects linking
Zhangzhou Municipality to other cities. In addition, Zhanglong is
a designated agency for sourcing building materials for certain
local-government-owned housing and infrastructure projects.

Integration Attribute Assessed at Mid-Range: Zhanglong has been
receiving subsidies from the Zhangzhou municipal government. It
received CNY912 million in 2013, CNY728 million in 2014, CNY562
million in 2015 and CNY461 million in the first half of 2016.
Furthermore, Zhanglong had other receivables of more than CNY800m
due from government entities at end-2015.

Control and Supervision Attribute Assessed at Stronger:
Zhanglong's board of directors is appointed by the government.
Major projects and investments require the government's approval.
Zhanglong's financing plan and debt levels are monitored by the
government, and the company is required to report its operational
and financial results to the government on a regular basis.

'B' Category Standalone Profile: Zhanglong has a weak credit
profile, with increasing debt and weakening profitability. Its
debt-to-adjusted EBITDA ranged from 7x to more than15x in the
past three years. Fitch believes this trend will continue in the
medium term, driven by ongoing infrastructure investments in
Zhangzhou City, and the thin profitability of its trading
business.

RATING SENSITIVITIES

Link with Municipality: A stronger or more explicit support
commitment from Zhangzhou Municipality, or an increased focus on
public-service provision and infrastructure construction may
trigger a positive action on Zhanglong's ratings. Significant
weakening of Zhanglong's strategic importance to the
municipality, dilution of the government's shareholding, and/or
reduced government support could result in a downgrade.

Creditworthiness of Municipality: An upgrade of Fitch's internal
credit view on Zhangzhou Municipality may trigger a positive
rating action. Negative rating action could derive from
deterioration in Zhangzhou Municipality's credit profile.

A rating action on Zhanglong would also lead to a similar action
on the US dollar notes.


YINGDE GASES: Moody's Continues to Review B2 CFR for Downgrade
--------------------------------------------------------------
Moody's Investors Service says that Yingde Gases Group Company
Limited's B2 corporate family rating, and the B3 senior unsecured
rating on the bonds issued by Yingde Gases Investment Limited and
guaranteed by Yingde Gases continue to be on review for
downgrade. Moody's review is based on concerns over the adequacy
of Yingde Gases offshore funding, even after the company's
announcement of a share placement.

On Dec. 18, 2016, Yingde Gases announced that it and Originwater
Hong Kong Environmental Protection Co., Limited (unrated) - a
wholly owned subsidiary of Beijing OriginWater Technology Co.,
Ltd. (unrated) - entered into a revised proposed equity issuance
agreement. The net proceeds to be raised from the proposed
placing total approximately HKD598 million.

Moody's points out that while the share placement is credit
positive in providing Yingde Gases with offshore funding, Moody's
estimates that Yingde Gases' offshore funding needs exceed the
issuance amount.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB7.9 billion in revenues in 2015. At end-June 2016, it had a
total of 69 gas production facilities in operation and another 11
under development.



================
H O N G  K O N G
================


KING & WOOD MALLESONS: Dentons Drops from Merger Talks
------------------------------------------------------
Suevon Lee, writing for Bankruptcy Law360, reported that Dentons
has withdrawn from discussions to take over King & Wood
Mallesons' troubled European arm, leaving only a handful of
parties left to snatch up all or part of the business, a source
close to Dentons said, confirming media reports.  Though the firm
was once in contention to acquire a large portion of KWM Europe,
the British legal magazine LegalWeek said the firm was no longer
pursuing that avenue as of last week.  A source close to Dentons
independently confirmed to Law360 the report.

In a separate report, Mr. Lee said that a day after Dentons
pulled out of the hunt for King & Wood Mallesons' Europe and
Middle East arms, Reed Smith LLP is trying to snap up partners
looking for a new home, the firm confirmed to Law360.

"I can confirm that discussions are at an early stage," Reed
Smith's Europe & Middle East managing partner Tamara Box said in
a statement, the report said.

                   About King & Wood Mallesons

King & Wood Mallesons is a multinational law firm headquartered
in Hong Kong.

With more than 2,200 lawyers and $1 billion in revenue, King &
Wood Mallesons is a product of two large scale mergers: in 2012,
China's King & Wood PRC Lawyers merged with Mallesons Stephen
Jaques of Australia, and then what became King & Wood Mallesons
merged with SJ Berwin of the United Kingdom in 2013.

KWM is the first and only global law firm based in Asia and is
the largest law firm headquartered outside of the United States
or European Union.  It is the 6th largest firm in the world by
number of lawyers and one of the top thirty by revenue.

The firm's Chinese, Australian and UK divisions each maintains
separate finance units but operates under a single brand name.

                       European Arm's Woes

KWM's European and Middle East (EUME) operation as of November
2016 had 130 partners and more than 500 lawyers altogether.  Its
offices in Europe and the Middle East are London, Cambridge,
Madrid, Brussels, Luxembourg, Milan, Paris, Frankfurt, Munich,
Dubai and Riyadh.  In 2015, the division accounted for 27 percent
of the firm's global revenue.

The Australian, Chinese, Hong Kong portions of KWM are
financially separate and have different management from the
European operations.

KWM Europe faced cash flow issues because of a slowdown in
business and partner defections.  In 2016, it was unable to make
timely payments to partners.

The firm subsequently announced a plan to inject $18 million of
capital by raising it from partners.  But the recapitalization
plan failed due to a number of partner departures.  Among those
who jumped ship are managing partner Rob Day and its head of
investments practices Michael Halford, left.

On Nov. 10, 2016, the firm announced that KWM global managing
partner Stuart Fuller would step down and that a process was
underway to select a new leader.

On Nov. 16, 2016, KWM announced a proposed bail-out, under which
the Chinese division agreed to infuse GBP14 million of additional
capital to KWM Europe, provided that 60% of partners agree to a
12 month "lock-in" and provide some additional capital.  However,
insufficient partners committed to the deal.

By the end of November 2016, KWM announced that it was
considering a range of strategic options, including a merger of
the European division.

In early December 2016, reports say that KWM Europe was in
negotiations to enter pre-packaged administration proceedings in
the UK.

KWM Europe announced on Dec. 9, 2016, that it has received "a
number of indicative purchase offers."



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I N D I A
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AKHIL INFRA: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Akhil Infra
Projects Pvt. Ltd.'s Long-Term Issuer Rating of 'IND BB-' The
Outlook was Stable.

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

AKHIL's Ratings:
- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
  withdrawn
- INR30 million fund-based limit: 'IND BB-'; rating withdrawn
- INR30 million non-fund-based limit: 'IND A4+'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                   WD
Fund Based Working Capital Limit          WD      INR30m
Non-Fund Based Working Capital Limit      WD      INR30m


ANAND MINE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anand Mine Tools
Private Limited a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect AMTPL's small scale of operations and
moderate credit profile. In FY16, revenue was INR208 million
(FY15: INR49 million), net financial leverage (Ind-Ra adjusted
net debt/operating EBITDA) was 5.2x (4.2x), EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.6x (2x)
and EBITDA margin was 9.1% (36.4%).

AMTPL's liquidity profile is moderate with its fund-based
facilities being utilised at an average of 93% over the 12 months
ended October 2016.

However, the ratings benefit from the founders' more than a
decade-long experience in the trading business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations,
while maintaining profitability margins leading to a sustained
improvement in the credit profile will lead to a positive rating
action.

Negative: A substantial decline in the revenue or profitability
margins resulting in sustained deterioration in the credit
profile will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, AMTPL is involved in trading of domestic as
well as imported Wilfley make pumps and spare parts to IFFCO
(Paradeep, Orissa), NTPC Limited, Western Coalfield Limited, etc.
The company is also an authorised dealer of JCB India Limited for
sales and service of all JCB make equipment and spare parts in
Nagpur, Chandrapur, Wardha, Yavatmal, Bhandara, Gondia,
Gadchiroli and Wani. It has a modern workshop facility at
Butibori near Nagpur for repairing and rehabilitation of heavy
mining and construction machinery, and its components.

AMTPL was founded by Hemant Jawade and Tukaramji Mahadeorao
Jawade.

AMTPL's Ratings:
- Long-Term Issuer Rating: assigned 'IND BB; Outlook Stable

- INR40.15 million long-term loan: assigned 'IND BB'; Outlook
  Stable

- INR60 million fund-based working capital facilities: assigned
  'IND BB'; Outlook Stable

Ratings
-------
Long Term Issuer Rating            IND BB/Stable
Fund Based Working Capital Limit   IND BB/Stable   INR60m
Term loan                          IND BB/Stable   INR40.15m


ARCHIMEDIS LABORATORIES: CRISIL Suspends B+ Rating on INR60M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Archimedis Laboratories Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B+/Stable
   Foreign Letter of
   Credit                   20       CRISIL A4
   Long Term Loan           37.4     CRISIL B+/Stable

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

Incorporated in 2004, ALPL is engaged in manufacturing of bulk
drugs and intermediaries. The company is promoted by Mr. M.V.
Reddy.


ASK HOME: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ASK Home
Furnishing Private Limited a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by AHFPL's small scale of operations
as evident from the top line of INR617.76 million in FY16. The
ratings are also constrained by the raw material price
fluctuation risk and high competition from organised and
small/mid-sized unorganised players, faced by the company which
would impact its margins.

The ratings are also constrained by the working capital intensity
of the company's business.

The ratings are supported by the three-decade-long experience of
AHFPL's promoters in manufacturing blankets, the company's strong
relationships with its customers and suppliers and its moderate
operating EBITDA margins (FY16: 7.34%; FY15: 7.72%).

The ratings are also supported by AHFPL's moderate credit metrics
and liquidity, as reflected by its gross interest coverage
(operating EBITDA/gross interest expense) of 2.33x in FY16 (FY15:
2.13x) and financial leverage (total adjusted debt/operating
EBITDAR) of 3.47x (3.33x). Its use of the fund-based facility was
93% on an average over the 12 months ended November 2016.

RATING SENSITIVITIES

Positive:  A significant improvement in the scale of operations,
along with an improvement in EBITDA margins could result in a
positive rating action.

Negative: decline in revenue growth or EBITDA margins leading to
deterioration in the credit metrics could result in a negative
rating action.

COMPANY PROFILE

AHFPL was incorporated in 2005 by Mr. Sandeep Singh Kochar and
his wife Mrs Amita Kochar. The company manufactured mink blankets
and mink blanket fabrics at its facility in Gurgaon, Haryana. The
company sells its products all over India under the brand name
Home Jewels.

AHFPL's ratings:

- Long-Term Issuer rating: assigned 'IND BB+'; Outlook Stable
- INR160 million fund-based facilities: assigned 'IND BB+';
  Outlook Stable and 'IND A4+'
- INR60.8 million term loan facilities: assigned 'IND BB+';
  Outlook Stable
- INR5 million non-fund-based facilities: assigned 'IND A4+'

Ratings
-------
Long Term Issuer Rating               IND BB+/Stable
Fund Based Working Capital Limit      IND BB+/Stable    INR160m
Fund Based Working Capital Limit      IND A4+           INR160m
Non-Fund Based Working Capital Limit  IND A4+           INR5m
Term loan                             IND BB+/Stable    INR60.8m


BALAJI FABRICCS: CRISIL Suspends 'B' Rating on INR70MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Fabriccs.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          30        CRISIL A4

   Proposed Long Term
   Bank Loan Facility      70        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Balaji with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Balaji is yet
to provide adequate information to enable CRISIL to assess
Balaji'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 as a partnership firm in 1995, by Mr. P Shanmugam,
Balaji manufactures and exports home textiles and is based in
Karur (Tamil Nadu).


BANSAL INFRATECH: CRISIL Suspends B+ Rating on INR250MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bansal
Infratech Synergies India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         400        CRISIL A4
   Cash Credit            250        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
BISIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BISIL is yet to
provide adequate information to enable CRISIL to assess BISIL'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 1988 by Mr. Kashi Ram Banal, BISIL undertakes
civil, structural, and road construction work for government
bodies.


CAPITAL ELECTRICALS: Ind-Ra Withdraws 'IND B' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Capital
Electricals Limited's 'IND B' Long-Term Issuer Rating. The
Outlook was Stable.

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

CEL's Ratings:
- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
  Withdrawn

- INR30 million term loans: 'IND B'; Outlook Stable; rating
  Withdrawn

- INR70 million fund-based limits: Long-term 'IND B' Outlook
  Stable and Short-term 'IND A4'; ratings withdrawn

- INR100 million non-fund-based limits: Long-term 'IND B';
  Outlook Stable and Short-term 'IND A4'; ratings withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR70m
Fund Based Working Capital Limit       WD   INR70m
Non-Fund Based Working Capital Limit   WD   INR100m
Non-Fund Based Working Capital Limit   WD   INR100m
Term loan                              WD   INR30m


CAPITAL POWER: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Capital Power
Infrastructure Limited's 'IND BB-' Long-Term Issuer Rating. The
Outlook was Stable.

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

CPIL's Ratings:
- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
  Withdrawn

- INR450 million fund-based limits: 'IND BB-'; Outlook Stable and
  'IND A4+'; ratings withdrawn

- INR944.8 million non-fund-based limits: 'IND BB-'; Outlook
  Stable and 'IND A4+'; ratings withdrawn

Ratings
-------
Long Term Issuer Rating                     WD
Fund Based Working Capital Limit            WD   INR450m
Fund Based Working Capital Limit            WD   INR450m
Fund/Non-Fund Based Working Capital Limit   WD   INR944m
Fund/Non-Fund Based Working Capital Limit   WD   INR944m


CAPITAL POWER SYSTEMS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Capital Power
Systems Limited's 'IND BB' Long-Term Issuer Rating. The Outlook
was Stable.

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

CPSL's Ratings:
- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
  Withdrawn

- INR150 million fund-based limits: Long-term 'IND BB'; Outlook
  Stable and Short-term 'IND A4+'; ratings withdrawn

- INR400 million non-fund-based limits: Long-term 'IND BB';
  Outlook Stable and Short-term 'IND A4+'; ratings withdrawn

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD    INR150m
Fund Based Working Capital Limit      WD    INR150m
Non-Fund Based Working Capital Limit   WD   INR400m
Non-Fund Based Working Capital Limit   WD   INR400m


CHAUHAN POULTRY: CRISIL Reaffirms 'B' Rating on INR57.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chauhan
Poultry Farm continues to reflect CPF's large working capital
requirements, modest scale of operations and below-average
financial risk profile because of high gearing and modest debt
protection metrics. These rating weaknesses are mitigated by the
promoter's extensive experience in the poultry industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             32.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable (Reaffirmed)

   Term Loan               57.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CPF will benefit from its promoter's extensive
industry experience. The outlook may be revised to 'Positive' in
case of increase in scale of operations or profitability
substantially leading to higher-than-expected cash accrual while
prudently managing the working capital requirement. Conversely,
the outlook may be revised to 'Negative' if the cash accrual or
working capital cycle deteriorates, or the capital structure
weakens because of a large, debt-funded capital expenditure
(capex) programme.

CPF, set up as a partnership firm in 1990s, manages a poultry
farm in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-
laying birds. The firm is promoted by Mr. Mansingh.


CHOWDHRY RUBBER: CRISIL Suspends B+ Rating on INR175MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chowdhry Rubber & Chemicals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit            175        CRISIL B+/Stable
   Letter of Credit        75        CRISIL A4

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

CRPL was set up by Mr. Deepak Chaddha and family in 2008 as a
private limited company, by reconstituting Chowdhry Rubber and
Chemical, set up in 1972, by Late Shri V.M Chaddha. The company
is engaged in trading of rubber chemicals, rubber and allied
products and also acts as a consignment stockist for Aditya Birla
Nuvo for Carbon Black. In 2013-14, the company has signed an
exclusive distribution agreement with Indian Synthetic Rubber
Ltd. (ISRL) for distribution of its products in North, North-east
and East India.


CONTENTRA TECHNOLOGIES: CRISIL Suspends B+ Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Contentra
Technologies (India) Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      50        CRISIL B+/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CTIPL and its wholly owned US
subsidiary, Contentra Technologies Inc. The subsidiary is in the
same line of business as CTIPL and the two are together referred
as Contentra group.

CTIPL, formerly known as Planman Technologies India Pvt Ltd, was
started by Planman Consulting Group in 2005 in Okhla, New Delhi.
It is an ISO: 9001-2000- and 27001-certified company in the areas
of archiving services, content conversion, publishing and
creative services, web content, and application development.
CTIPL's wholly owned subsidiary, Contentra Technologies Inc,
based in Cincinnati, Ohio (USA) and established in 2006, is in
the same line of business.


DATT REALINFRA: CRISIL Assigns B+ Rating to INR90MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Datt Realinfra Private Limited.

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

The ratings reflect risk averse nature of the promoter of DRPL
along will its experience in real estate industry. These rating
strengths are partially offset by the susceptibility to risks
inherent in the real estate sector, geographical concentration
resulting high off-take risk.
Outlook: Stable

CRISIL believes that DRPL will maintain its healthy financial
risk profile, because of the experience and risk averse nature of
the promoters in real estate industry. The outlook may be revised
to 'Positive' if the company strengthens its financial
flexibility and cash flow adequacies with sizeable revenue from
the balance portion of its completed projects. Conversely, the
outlook may be revised to 'Negative' if DRPL's liquidity is
stretched by significantly low offtake or weakening of financial
risk profile due to substantial contracting of debt and/or time
and cost overruns in the execution of its new projects.

DRPL was incorporated in 2012 and is engaged in the development
of residential real estate in Jabalpur, Madhya Pradesh. DRPL is
promoted and is currently being run by Mr. Sudhir Datt.


EDGETECH AIR: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Edgetech Air
Systems Private Limited's 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended EASPL's ratings on 15 June 2016.

EASPL' ratings:
- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn

- INR180 million fund-based working capital limits: 'IND BB-
  (suspended)' and 'IND A4+(suspended)'; ratings withdrawn

- INR29.32 million term loans: 'IND BB-(suspended)'; rating
  Withdrawn

- INR60 million non-fund-based bank guarantee:
  'IND A4+(suspended)'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR180m
Fund Based Working Capital Limit       WD   INR180m
Non-Fund Based Working Capital Limit   WD   INR60m
Term loan                              WD   INR29.32m


ELECON: CARE Assigns 'B' Rating to INR3.0cr Long Term Loan
----------------------------------------------------------
CARE assigns the rating to the bank facilities of Elecon.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities    3.00      CARE B; Stable Assigned
   Short-term Bank Facilities   2.60      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Elecon are
primarily constrained by its small and fluctuating scale of
operations with low networth base, low profitability margins,
leveraged capital structure elongated operating cycle. The
rating is further constrained by volatility associated with
copper and aluminium prices coupled with presence of Elecon in
competitive and fragmented nature of the magnetic wires industry.
The rating, however, draws comfort from experienced partners and
healthy relations with customers and suppliers.

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

Uttar Pradesh based Elecon was established in 1992 and the firm
is currently being managed by Mr. Atul Jain and Mrs. Vidushi
Jain. Elecon is engaged in manufacturing of magnetic wires. The
firm procures copper, aluminium, glass fibre and electrical
insulation paper domestically. The firm sells its product
domestically to manufacturing companies.

During FY16 (refers to the period April 1 to March 31), Elecon
has achieved a total operating income (TOI) of INR22.82 crore
with PBILDT and PAT of INR1.08 crore and INR0.10 crore,
respectively, as against TOI of INR20.91 crore with PBILDT and
PAT of INR0.98 crore and INR0.05 crore, respectively. Moreover,
the firm has achieved total TOI of INR15.5 crore till 7MFY17
(refers to the period April 1 to November 30) (as per unaudited
results).


GROTECH LANDSCAPE: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Grotech
Landscape Developers Private Limited's 'IND BB+(suspended)' Long-
Term Issuer Rating.

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

Ind-Ra suspended GLDPL's ratings on 15 June 2016.

GLDPL's Ratings:
- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating withdrawn

- INR15 million fund-based limits: Long-term 'IND BB+(suspended)'
  and Short-term 'IND A4+(suspended)'; ratings withdrawn

- INR70 million non-fund-based limits: Long-term
  'IND BB+(suspended)' and Short-term 'IND A4+(suspended)';
  ratings withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR15m
Fund Based Working Capital Limit       WD   INR15m
Non-Fund Based Working Capital Limit   WD   INR70m
Non-Fund Based Working Capital Limit   WD   INR70m


JADEJA INDUSTRIES: CARE Assigns 'B+' Rating to INR9.90cr LT Loan
----------------------------------------------------------------
CARE assigns rating to the bank facilities of Jadeja Industries
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.90      CARE B+; Stable
                                            Assigned

Rating Rationale

The rating assigned to the bank facilities of Jadeja Industries
Private Limited is constrained primarily on account of its small
scale of operations, thin profit margins, moderately leveraged
capital structure, moderate debt coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained due to stabilization risk associated with recently
completed debt-funded capex and susceptibility of its profit
margins to volatile raw material prices.

The rating, however, derives comfort from the wide experience of
its promoters in the refractory bricks industry.  The ability of
JIPL to increase its scale of operations along with improvement
in profit margins, capital structure and efficient management of
working capital would remain the key rating sensitivities.

Morbi-based (Gujarat) JIPL was incorporated as a private limited
company during September 2004 as Jadeja Refractories Private
Limited (JRPL). Subsequently, JRPL was converted into JIPL during
December 2013. JIPL is managed by three promoters, namely, Mr.
Keshrisinh Jadeja, Mr. Hitendrasinh Jadeja and Mr. Devendrasinh
Rana. Currently, JIPL is engaged in to manufacturing of
refractory bricks which is used in lining furnaces, kilns,
fireboxes, and fireplaces. JIPL operates from its sole
manufacturing facility located in Morbi (Gujarat) with an
installed capacity of 7000 refractory bricks and 6 Metric Tonne
Per Annum (MTPA) for Alumina balls as on March 31, 2016.

As per the audited results for FY16 (refers to the period April 1
to March 31), JIPL reported a total operating income (TOI) of
INR9.18 crore with a PAT of INR0.04 crore as compared with TOI of
INR7.33 crore and PAT of INR0.05 crore in FY15.


JAYACHITRA GARMENTS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jayachitra
Garments' 'IND BB' Long-term Issuer Rating. The Outlook was
Stable.

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

JG's ratings:

- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
  withdrawn
- INR125 million fund based limit: 'IND BB'; Outlook Stable;
  rating withdrawn
- INR13.74 million long-term loans: 'IND BB'; Outlook Stable;
  rating withdrawn
- INR1 million non-fund-based working capital limit: 'IND A4';
  rating withdrawn

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR125m
Non-Fund Based Working Capital Limit  WD      INR1m
Term loan                             WD      INR13.74m


KAMACHI INDUSTRIES: Ind-Ra Affirms LT Issuer Rating at 'IND D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kamachi
Industries Limited's (KIL; earlier known as Kamachi Sponge &
Power Corporation Limited) Long-Term Issuer Rating at 'IND D'.

KEY RATING DRIVERS

The ratings reflect KIL's continuing delays in servicing term
loan interest and principal since October 2015 owing to tight
liquidity.

RATING SENSITIVITIES

The ratings reflect KIL's continuing delays in servicing term
loan interest and principal since October 2015 owing to tight
liquidity.

COMPANY PROFILE

Incorporated in 2003, KIL manufactures and trades in sponge iron,
mild steel billets and thermo-mechanical treated (TMT) bars. The
company has integrated steel plant comprising facilities to
manufacture 120,000MT of sponge iron; 205,000MT of steel billets
and 500,000MT of TMT bars. It also operates a 10MW waste heat
recovery plant and a 70MW thermal power plant to generate power
for captive consumption. The company's debt was restructured
under corporate debt restructuring in February 2013.

KIL's ratings:
- Long-Term Issuer Rating: affirmed at 'IND D'

- INR2,119.8 million fund-based working capital facilities
  (reduced from INR2,569.9 million): affirmed at Long-term/Short-
  term 'IND D'

- INR4,476.8 million non-fund based working capital facilities
  (increased from INR4,067.7 million): affirmed at Short-term
   'IND D'

- INR7,131.1 million term loans (increased from INR6,397.7
  million): affirmed at Long-term 'IND D'


KARTHIKEYA AGRO: CARE Reaffirms B+ Rating on INR7.80cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Karthikeya Agro Industries.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     7.80      CARE B+; stable
                                           Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Karthikeya Agro
Industries continues to be constrained by its short track record
and small scale of operations, moderately leveraged capital
structure with working capital-intensive nature of the business,
constitution of the entity as a partnership firm with presence in
a highly fragmented industry and seasonal availability of paddy.
The rating also takes cognizance of marginal decline in the
PBILDT margin albeit increase in total operating income during
FY16 (refers to the period April 1 to March 31). The rating,
however, derives strength from the experience of the partners in
the industry, presence of the firm in major paddy-cultivation
area resulting in easy access to procurement of raw material and
healthy demand outlook of rice.

The ability of the firm to improve its scale of operations,
profitability, debt coverage indicators and the ability to manage
its working capital requirements efficiently are the key rating
sensitivities.

Karthikeya Agro Industries was established in 2013 as a
partnership firm, promoted by Mr. G Madhusudhana Rao along with
his wife Ms G Naga Malleswari. The firm is engaged in milling and
processing of rice at Nellore District, Andhra Pradesh, with an
installed capacity to process 16,698 metric tons per annum of
rice. The firm also sells the by products such as broken rice,
husk and bran which comes out during the milling and processing
of rice.

The main raw material for the firm is paddy which is directly
procured from local farmers located in and around Nellore. The
firm sells its final product (rice) in the open markets of Tamil
Nadu, Andhra Pradesh and Kerala.

The firm started its commercial operations in March 2014 and FY15
was the first full year of business operations.


KING REFINERIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn King Refineries
Pvt Ltd 'IND B+' Long term Issuer Rating. The Outlook was Stable.

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

KRPL's ratings:
- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
  withdrawn

- INR30 million fund based limit: 'IND B+'; Outlook Stable;
  rating withdrawn

- INR40 million non-fund-based working capital limit: 'IND A4';
  rating withdrawn

Ratings
-------
Long Term Issuer Rating                   WD
Fund Based Working Capital Limit          WD      INR30m
Non-Fund Based Working Capital Limit      WD      INR40m


KINGFISHER AIRLINES: Still No Takers for 'Kingfisher House'
-----------------------------------------------------------
The Times of India reports that lenders' attempt to sell the
erstwhile headquarters of defunct Kingfisher Airlines, Kingfisher
House, in the city failed for the third time on Dec. 19 as none
of the buyers showed interest despite a 15% cut in reserve price.

TOI says the prime property has a built-up area of over 17,000
sqft and is located in the plush Vile Parle area near the
domestic terminal.

"None of the bidders came and the auction of Kingfisher House
failed this time also," the report quotes a source as saying.

The 17-lender consortium, led by State Bank of India had put on
auction the property on Dec. 19 with a reserve price of INR115
crore, which was 15% less than the second auction of the property
held in August and 23% lower than the first auction in March this
year, according to the report.

TOI relates that in the second auction in August, the reserve
price for Kingfisher House was kept at INR135 crore, 10% lower
than the first auction of the asset in March when the reserve
price was fixed at INR150 crore. Both the auctions failed as
bidders found the reserve price too high, the report says.

According to TOI, the lenders are also re-auctioning beleaguered
businessman Vijay Mallya's another plush property -- Kingfisher
Villa -- at Condolim in North Goa on December 22.

The report says the villa will be put under the hammer at a
reserve price of INR81 crore, which is 5% lower than the auction
held in October, when the lenders had tried to sell the sea
facing property at INR85.29 crore.

The villa was once used by Mallya to host lavish parties, adds
TOI.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has
grounded planes since October 2012.  The airline lost its
operating license in January 2013 after failing to convince
authorities it has enough funds to restart flights.

As reported in the TCR-AP on Nov. 25, 2016, the Times of India
said the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA).  Justice Vineet Kothari
gave this direction on Nov. 18, while allowing a petition filed
in 2012 by Aerotron, a UK-based company, for recovery of a little
over $6 million due to it for supply of rotable aircraft
components to KFA.


KRUPANIDHI CONSTRUCTION: CARE Reaffirms B+ INR4.18cr Loan Rating
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Krupanidhi
Construction.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.18      CARE B+; Stable
                                            Reaffirmed

   Long-term/Short-term Bank
   Facilities                     3.25      CARE B+; Stable/
                                            CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Krupanidhi
Construction continue to remain constrained on account of
its modest scale of operations, leveraged capital structure and
weak debt coverage indicators. The ratings further continue to
remain constrained on account of its presence in competitive
construction industry and proprietorship form of organization
leading to limited financial flexibility.

The ratings continue to derive strength from the wide experience
of the proprietor, moderate liquidity position and medium term
revenue visibility.

The ability of KC to successfully bid for new canal and road
construction contracts and timely completion of the projects
would remain the key rating sensitivities.

Vadodara-based (Gujarat) KC is a proprietorship firm established
by Mr. Ajay Shah in the year 2000. Mr. Ajay Shah has an
experience of 15 years in the construction industry. KC
undertakes construction work of roads and canals for the state of
Gujarat and Madhya Pradesh. KC is 'AA' class rated contractor by
Water Resources Department, Gujarat and Water Resources
Department, Madhya Pradesh. KC has also formed a joint venture
with Phaloudi Constructions and Infrastructure Private Limited
(PCIPL) named as Phaloudi Constructions and Infrastructure
Private Limited JV Krupanidhi Construction (PCJVKC).

KC reported a PAT of INR0.22 crore on a total operating income
(TOI) of INR10.50 crore during FY16 (Audited; refers to the
period April 1 to March 31) as against a net profit of INR0.35
crore on a TOI of INR16.19 crore during FY15. The firm
clocked a turnover of INR6 crore till October 31, 2016.


MAHARAJA COLD: CARE Assigns 'B' Rating to INR5.0cr LT Loan
----------------------------------------------------------
CARE assigns the rating to bank facilities of Maharaja Cold
Storage.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long term Bank Facilities      5       CARE B; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Maharaja Cold
Storage is constrained on account of stabilization risk
associated with cold storage project along with competition from
other local players and seasonality associated with cold storage
business. The rating is further constrained on account of risk
associated with delinquency in loans extended to farmers along
with partnership nature of constitution.

The above constraints far offset the benefits derived from the
experience of the partner in the agriculture industry, location
advantage and fiscal benefits from the government.

The ability of MCS to stabilize the project and achieve the
envisaged level of sales and profitability would remain the key
rating sensitivities.

Sabarkantha-based (Gujarat) MCS was formed in March, 2015 as a
partnership firm by six partners to undertake green field project
to provide cold storage facilities to farmers for storing
potatoes on a rental basis. The cold storage will have potato
storage capacity of 8850 MT. Besides providing cold storage
facility, the firm will also provide interest bearing advance to
farmers for potato farming purposes against the stock of potato
stored. MCS has successfully installed the cold storage facility
and commercial operations have commenced from April 2016.


MAYA CONSTRUCTION: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maya
Construction Company Private Limited a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MCPL's small scale of operations and moderate
credit metrics. Provisional FY16 Financials indicate 16.6% yoy
increase in revenue to INR286 million on account of increase in
work orders and reduction in payment gap. The company's net
leverage (total adjusted net debt/operating EBITDAR) was 2.9x in
FY16 (FY15: 2.4x) and EBITDA interest coverage (operating
EBITDA/gross interest expenses) was 1.8x (1.8x).

The company's order book stood at INR342 million (1.19x of FY16
revenue) at end-October 2016, which provides revenue visibility
till April 2018. MCPL has indicated revenue of INR140 million in
1HFY17. EBITDA margins remained volatile in the range of 6.01%-
12.6% during FY12-FY16 on account of fluctuation in the raw
material price.

The ratings, however, derive support from the founder's more than
two decades of experience in the EPC segment. MCPL's liquidity
was comfortable as indicated by average fund-based facility
utilisation of 80.7% over the 12 months ended September 2016.

RATING SENSITIVITIES

Positive: Substantial growth in the company's top-line and
improvement in profitability leading to a sustained improvement
in credit metrics could be positive rating action.

Negative: Any further stress on profitability and sustained
deterioration in credit metrics could lead to a negative rating
action

COMPANY PROFILE

MCPL is a class-AA civil contractor incorporated in 2004. It is
engaged in civil construction works (construction of canal works,
embankment, lining works and structures). More than 95% of the
company's revenue comes from government projects.

Ratings
-------
Long Term Issuer Rating               IND BB/Stable
Fund Based Working Capital Limit      IND BB/Stable   INR50m
Fund Based Working Capital Limit      IND A4+         INR50m
Non-Fund Based Working Capital Limit


MURLIDHAR JEWELLERS: Ind-Ra Withdraws 'IND B' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Murlidhar
Jewellers' 'IND B(suspended)' Long-Term Issuer Rating. The agency
has also withdrawn the 'IND B(suspended)'/'IND
A4(suspended)'ratings on the company's INR50 million fund-based
working capital limits.

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

Ind-Ra suspended Murlidhar Jewellers' ratings on 15 June 2016.

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR50m
Fund Based Working Capital Limit   WD   INR50m


NIKKI STEELS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nikki Steels
Private Limited's 'IND B+(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn the Long-term 'IND B+(suspended)'
and Short-term 'IND A4(suspended)' ratings on the company's
INR100 million fund-based working capital limits.

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

Ind-Ra suspended NSPL's ratings on 15 June 2016.


NIKUNJ EXPORTS: CRISIL Suspends 'B' Rating on INR62.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nikunj
Exports.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable
   Long Term Loan         62.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Nikunj with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Nikunj is yet
to provide adequate information to enable CRISIL to assess
Nikunj'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 2015, Nikunj is a 100 per cent export-oriented unit
involved in the processing and export of granite slabs. The firm
commenced commercial operations in March 2015. It is promoted by
Mr. Vasudev Poddar, who has been associated with the granite
industry for more than 25 years.


NILKANTH COLD: CARE Assigns 'D' Rating to INR4.40cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Nilkanth
Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.40      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Nilkanth Cold
Storage take into account its delay in debt servicing of its
term loan.

The rating, however, derives benefit only from experience of the
promoters and proximity of the firm to the potato growing region.

The ability of NCS to regularize its debt servicing liabilities
is the key rating sensitivity.

Established in the year 2012, NCS is providing cold storage
facility for storing potatoes on a rental basis. NCS was
established by nine partners led by Mr. Vinodbhai Suthar and Mr.
Dineshkumar Suthar. NCS has an installed capacity of 9500 metric
ton at its facilities located at Sabarkantha-Gujarat.

As per the audited results for FY16 (refers to the period April 1
to March 31), NCS reported a Profit after Tax (PAT) of INR0.02
crore on a total operating income (TOI) of INR1.38 crore as
against a PAT of INR0.10 crore on a TOI of INR1.32 crore during
FY15 (Audited).


PAE LIMITED: CARE Reaffirms 'D' Rating on INR15cr Long Term Loan
----------------------------------------------------------------
CARE reaffirms rating to bank facilities of Pae Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      15.00     CARE D Reaffirmed
   Long/Short term Bank
   Facilities                      5.00     CARE D Reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
of PAE Limited takes into consideration the ongoing delay in
servicing of debt obligations and classification of account as
Non-performing asset (NPA).

PAE's ability to establish clear track of servicing of its debt
obligations with improvement in liquidity position is the key
rating sensitivity.

Incorporated in 1950 as a distributor of auto electric
components, PAE Ltd. is presently operational in two segments
viz. Power products and Auto components. In its power products
segment, PAE is engaged in marketing and distribution of lead
storage batteries (for automotive and industrial application) and
power backup systems; while in the Auto component segment it
operates as a distributor of automotive parts. Additionally, the
company has forayed into solar energy space through its various
subsidiaries which are engaged in developing, marketing and
distribution of solar panels and operates 2 solar power plants of
1 MW each. Over the years PAE has developed a pan-India presence.


PINE EXPORTERS: CARE Reaffirms 'B' Rating on INR3.50cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Pine
Exporters Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.50      CARE B; Stable
                                            Reaffirmed

   Short-term Bank Facilities     4.59      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Pine Exporters
Private Limited continue to remain constrained on account of its
financial risk profile marked by fluctuating operating income,
low profitability, leveraged capital structure, weak debt
coverage indicators and moderate liquidity position during FY16
(A; refers to the period April 1 to March 31).

The ratings also remained constrained on account of
susceptibility of its profitability to volatility in raw material
prices and foreign exchange fluctuations along with presence in
the highly fragmented and competitive wood processing industry.

The above constraints far off set benefits derived from the
experience of the promoters in the wood processing business
along with established track record of operations. The ratings
further derive benefits from its location advantage which
results into easy access of raw material.

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

Gandhidham-based (Gujarat), PEPL is a private limited company
incorporated in 2008 by Mr. Manoj Surana and Ms Rashmi Surana.
The company imports round timber logs from New Zealand as well as
from local suppliers of Gandhidham which is subsequently sawn and
sized at its saw mill into various commercial sizes as per the
requirement of its customers. The facility is located at
Gandhidham in Kutch district of Gujarat with an installed
capacity of 3600 cubic meter per month. The timber processed by
PEPL finds its application in packaging of various products apart
from use in infrastructure, building construction, interior
designing, woodwork, transportation and furniture.

PEPL has achieved a PAT of INR0.06 crore on a TOI of INR13.92
crore during FY16 (A) as against PAT of INR0.03 crore on a TOI of
INR17.14 crore during FY15 (A). During 5MFY17 (Prov.), PEPL has
achieved a turnover of INR6.37 crore.


PRABHU CONSTRUCTIONS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prabhu
Constructions a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings are constrained by PC's small scale of operations
with revenue of INR269.66 million in FY16 (FY15: INR219.53
million). The ratings factor in moderate EBITDA margins of 5.30%
in FY16 (FY15:7.45%) and stressed liquidity position as reflected
by almost 100% average cash credit utilisation for the 12 months
ended October 2016.

The ratings, however, are supported by PC's established track
record with more than 28 years of business operations in the
civil construction industry. The ratings are further supported by
the firm's moderate credit metrics with interest coverage
(operating EBITDA/gross interest expense) of 2.92x in FY16 (FY15:
2.95x) and net leverage (adjusted net debt/operating EBITDA) of
2.04x (1.77x).

RATING SENSITIVITIES

Positive: A significant improvement in the topline along with the
improvement in the current credit profile could be positive for
the ratings.

Negative: Deterioration in margins leading to a sustained decline
in credit metrics could be negative for the ratings.

COMPANY PROFILE

Established in 1986, PC works as civil construction contractor
for various reputed clients such as Uttar Pradesh Public works
departments), Lucknow Development Authority and Uttar Pradesh
Rajkiya Nirman Nigam. PC is focused primarily on road projects,
building projects and sewerage works.

PC's Ratings:

- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable

- INR20 million fund-based working capital facilities: assigned
  'IND BB'; Outlook Stable and 'IND A4+'

- INR35 million non-fund-based facilities: assigned 'IND A4+'

Ratings
-------
Long Term Issuer Rating              IND BB/Stable
Fund Based Working Capital Limit     IND BB/Stable   INR20m
Fund Based Working Capital Limit     IND A4+         INR20m
Non-Fund Based Working Capital Limit


PREMIER PLASTICS: CARE Assigns B+ Rating to INR12.10cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Premier Plastics.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    12.10      CARE B+ Assigned
   Short-term Bank Facilities    0.90      CARE A4 Assigned

Rating Rationale

The ratings assigned to Premier Plastics are primarily
constrained by small and fluctuating scale of operations, project
risk associated with the debt funded capital expenditure and
elongated collection & inventory holding period. The ratings are
further constrained by constitution of the entity being a
proprietorship firm along with raw material price fluctuation
risk and competitive nature of the industry.

The ratings, however, draws comfort from experienced proprietor
and moderate profitability margins.

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

Agra based, Premier Plastics, is a proprietorship concern
established in 1997 by Mr. Sudhir Gupta. The firm is engaged
in manufacturing of TPR soles, leather soles, rubber sheet sole
and heels. The key raw material used in manufacturing are
TPR Compound, PVC, leather and thermo plastic rubber which is
procured domestically from the manufacturers and distributors
located in Delhi, Jammu, Silvassa, Agra, Chennai, Alwar and
Noida. The firm mainly sells its products to companies/firms
engaged in exporting of leather and leather products located in
Agra, Chennai, Noida, Bangalore, Kanpur and Gurgaon. The firm is
the exclusive manufacturer of the sole of "Bugatti" shoe brand in
India. The firm has an associate concern i.e. Royal Polymers;
also engaged in manufacturing of sole.

In FY15 (refers to the period April 1 to March 31), Premier
Plastics achieved a total operating income (TOI) of INR9.78
crore with PAT of INR0.66 crore in FY15. Further, the company has
achieved total operating income (TOI) of INR9.91 crore with PAT
of INR0.62 crore in FY16 (based on provisional results).


S S DEVELOPERS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S S Developers'
Long-Term Issuer Rating of 'IND B'. The Outlook was Stable. The
agency has also withdrawn the rating of 'IND B' with a Stable
Outlook on its INR264.3 million term loans.

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

Ratings
-------
Long Term Issuer Rating      WD
Term loan                    WD      INR264.3m


S. M. INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR99MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
S. M. Infrastructure Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               99        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SMIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMIPL is yet to
provide adequate information to enable CRISIL to assess SMIPL'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 June 2008, SMIPL is promoted by Mr. Vikas
Agarwal, Mr. Sarat Kumar Jain, and Mr. Rishi Agarwal. The company
is engaged in real estate development. Currently, SMIPL is
undertaking a residential real estate project, Suryavatika, in
Kampup (Assam).


SARAF TRADING: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saraf Trading
Corporation Private Limited a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect STCPL's moderate scale of operations,
volatile margins and weak credit metrics. Revenue had declined to
INR214.2 million in FY16 (FY15: INR223.3 million) due to volatile
tea prices and slowdown in the global tea market. The EBITDA
margins decreased to 3.9% in FY16 (FY15: 6.6%) and ranged between
3.9% and 6.8% during FY13-FY16. This was due to fluctuations in
tea prices, intense competition from organised and unorganised
players, and volatility in foreign exchange rates as exports
contributed around 87% to the revenue in FY16 (FY15: 91%). The
company's interest coverage (operating EBITDA/gross interest
expense) was 1x (FY15:1.5x) and net leverage (total adjusted net
debt/operating EBITDA) was 9.3x (5.9x).

The ratings are also constrained by STCPL's moderate liquidity as
reflected by its average maximum working capital use of 95% over
12 months ended October 2016. The company also has high customer
concentration with top 10 customers accounting for 79.1% of
revenue in FY16, although decreasing from 94.7% in FY14.

However, the ratings are supported by STCPL's 70 years of
operating experience and the current management's three-decade-
long experience in the tea industry, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: A substantial growth in the top-line with an
improvement in the EBITDA margins leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Located in Kerala, STCPL is a private limited company,
incorporated in 1994. It is engaged in processing, blending and
trading of packaged tea under the brand, Suntips. The business
was founded by Shri. V.G. Saraf in 1948.

STCPL's ratings:
- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable

- INR70 million fund-based working capital limits: assigned
  'IND B'; Outlook Stable and 'IND A4'

- INR17.5 million non-fund-based limits: assigned 'IND A4'

Ratings
-------
Long Term Issuer Rating              IND B/Stable
Fund Based Working Capital Limit     IND B/Stable   INR70m
Fund Based Working Capital Limit     IND A4         INR70m
Non-Fund Based Working Capital Limit


SAS AUTOMOTIVES: Ind-Ra Withdraws IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SAS Automotives
Private Limited's 'IND BB(suspended)' Long-Term Issuer Rating. In
addition, the agency has withdrawn the 'IND BB(suspended)' and
'IND A4+(suspended)' ratings on SAPL's INR100 million fund-based
working capital limits.

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

Ind-Ra suspended SAPL's ratings on June 15, 2016.

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR100m
Fund Based Working Capital Limit   WD   INR100m


SATLUJ SPINTEX: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Satluj Spintex
Limited's 'IND BB-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended SSL's ratings on May 10, 2016.

SSL's ratings are as follows:

- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn

- INR700 million fund-based cash credit limits: IND BB-
  (suspended)' and 'IND A4+(suspended)' ; ratings withdrawn

- INR12.5 milion non-fund-based bank guarantee limits:
  'IND A4+(suspended)' ; rating withdrawn

- INR1,420 milion term loans: 'IND BB-(suspended)'; rating
  withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR700m
Fund Based Working Capital Limit       WD   INR700m
Non-Fund Based Working Capital Limit   WD   INR12.5m
Term loan                              WD   INR1420m


SHARON BIO-MEDICINE: CARE Lowers INR367.54cr Loan Rating to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Sharon Bio-Medicine Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-Term Bank Facilities     367.54     CARE D Revised from
   (Term Loan)                              CARE B+

   Long-Term Bank Facilities     299.99     CARE D Revised from
   Fund Based (Cash Credit)                 CARE B+

Rating Rationale

The revision in the ratings of Sharon Bio-Medicine Limited takes
in to account the instances of delays in debt servicing owing to
strained liquidity position.

Sharon Bio-Medicine Ltd. is engaged in the manufacturing of
Active Pharma Ingredients, Intermediaries, Formulations (own
brands) and Contract Manufacturing for finished formulations. The
company has a diversified product portfolio with presence mainly
in acute therapies such as anti-infectives and anti-biotics along
with presence in chronic therapies such as diabetes and
cardiovascular. The company has three manufacturing facilities,
two at Taloja in Maharashtra and one at Dehradun. In addition,
the company has three R&D centres which are approved by the
Department of Science & Technology, Government of India. The
company's Dehradun plant is UK-MHRA approved, while the other
facilities are ISO 9001-2000 certified. SBML had one wholly-owned
subsidiary, Yusur International FZE (YIFZ), incorporated in the
UAE, which has been shut down in January 2016.

In FY16 (refers to the period July 1 to March 31), the company
reported a net loss of INR299.20 crore (compared to net loss of
INR225.86 crore in FY15) on a total operating income of INR255.40
crore (INR836.55 crore in FY15). In H1FY17 (unaudited), the
company reported a total operating income of INR83.00 crore
(INR217.69 in H1FY16) and a net loss of INR299.85 crore
(INR145.43 crore loss in H1FY16).


SHIVA METALLOYS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shiva
Metalloys International Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL B+/Stable
   Letter of Credit        150       CRISIL A4

The suspension of ratings is on account of non-cooperation by
Shiva with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Shiva is yet to
provide adequate information to enable CRISIL to assess Shiva'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 1982 and based in New Delhi, Shiva is promoted by
Mr. Suresh Kumar Chawla and his family members. It was
reconstituted as a limited company in 1990. Shiva trades in non-
ferrous metal alloys such as nickel, zinc, tin, and lead.
However, about 90 per cent of its revenue is contributed by the
sale of nickel. The company is an authorized agent for Vale Inco,
Canada, and is one of the five distributors in India that imports
nickel from Vale Inco.


SHREE BALAJI: CRISIL Reaffirms 'B' Rating on INR27.5MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Balaji
Cotgin Private Limited continues to reflect a modest scale of
operations in the highly fragmented cotton industry, and low
operating margin with susceptibility to volatility in raw
material prices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             27.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      12.3      CRISIL B/Stable (Reaffirmed)

   Term Loan               20.2      CRISIL B/Stable (Reaffirmed)

The rating also factors in a below-average financial risk profile
because of a weak capital structure and low debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of the promoters and their funding support.
Outlook: Stable

CRISIL believes SBCPL will continue to benefit from the extensive
industry experience of its promoters and their established
relationship with customers. The outlook may be revised to
'Positive' in case of a significant and sustained increase in
scale of operations with improvement in the capital structure.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates due to a stretched working capital cycle or
a decline in profitability, or if the business risks profile is
adversely impacted by a change in government policy.

Update:
Revenue grew by 54% to Rs. 260.2 million in fiscal 2016 from
INR169.3 million in fiscal 2015 due to higher quantity of cotton
bales being sold. Revenue was around INR140 million in the six
months through September 2016. Lower realisation resulted in an
operating margin of 4.6% in fiscal 2016.

The financial risk profile remains below average because of a
small networth of INR18 million and high gearing of 2.65 times,
as on March 31, 2016. The interest coverage ratio was 2.1 times
and net cash accrual to total debt ratio 0.13 time in fiscal
2016. Liquidity is stretched as the expected cash accrual of
around INR8 million will be just sufficient to meet term debt
repayment obligation of around Rs.5 million in fiscal 2017. The
bank limit was moderately utilised at 60% during the 12 months
through August 2016. Liquidity is also supported by unsecured
loans from directors, the balance of which was INR28 million as
on March 31, 2016.

SBCPL, incorporated in 2014, is managed by Mr. Ravikumar Garg and
Mr. Gokulsing Dhobal. The company gins and presses cotton to make
bales. It has a manufacturing capacity of 1000 quintal of cotton
per day. Its registered office is in Mantha, Maharashtra.


SLR CONSTRUCTION: CRISIL Suspends B+ Rating on INR25MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SLR Construction Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL A4
   Overdraft Facility      25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B+/Stable

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

SLRPL was incorporated in 2005 by Delhi-based Bansal family. The
company is a class 'A' civil contractor for Compressed Natural
Gas (CNG) stations and buildings. SLRPL is operating in
Delhi/National Capital Region, Rajasthan, Uttar Pradesh, Gujarat,
Haryana, Karnataka, and Tripura. Mr. Shiv Kumar Bansal is the key
promoter in the company and is also actively engaged in managing
the day-to-day business of the company.


STERIMED SURGICALS: CRISIL Suspends 'B' Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sterimed Surgicals India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Letter of Credit        15        CRISIL A4
   Term Loan               15        CRISIL B/Stable
   Working Capital
   Term Loan               15        CRISIL B/Stable

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

SSPL was incorporated in 2002-03, promoted by Mr. S B Singh
Narang and his two sons, Mr. Sabjot Singh Narang and Mr.
Sarabdeep Singh Narang. SSPL manufactures medical disposables and
industrial and medical adhesive tapes.


T.C. TERRYTEX: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn T.C. Terrytex
Limited's 'IND BB+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended TCTL's ratings on May 10, 2016.

TCTL's ratings are as follows:

- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating withdrawn

- INR875 million fund-based limits: 'IND BB+(suspended)' and
  'IND A4+(suspended)' ; ratings withdrawn

- INR195 million non-fund-based limits: IND BB+(suspended)' and
  'IND A4+(suspended)' ; ratings withdrawn

- INR661.2 million term loans: 'IND BB+(suspended)' ; rating
  withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR875m
Fund Based Working Capital Limit       WD   INR875m
Non-Fund Based Working Capital Limit   WD   INR195m
Non-Fund Based Working Capital Limit   WD   INR195m
Term loan                              WD   INR661.2m


TAURUS POWERTRONICS: CRISIL Suspends B+ Rating on INR51MM LT Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Taurus
Powertronics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4
   Cash Credit             19       CRISIL B+/Stable
   Letter of Credit        10       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      51       CRISIL B+/Stable

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

TPPL was incorporated in 2007 by Mr. Makaram Narasimhan
Ravinarayan and his wife Mrs. Gayathri Ravinarayan. The company
is engaged in manufacturing of test and measurement instruments
for power sector. The company is based out of Bangalore and has
branch offices in Delhi, Kolkata and Mumbai.


TIRUPATI TRADING: CRISIL Suspends B+ Rating on INR110MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Tirupati
Trading Corporation.

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

The suspension of ratings is on account of non-cooperation by TTC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TTC is yet to
provide adequate information to enable CRISIL to assess TTC'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 2004, TTC is a Delhi-based partnership firm
engaged in wholesale trading and indirect export of basmati rice,
dal, and maize. The firm is owned and managed by Mr. Vivek
Bansali and Ms. Parul Bansali.


TRIDENT AUTO: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Trident Auto
Components Private Limited's 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended TACPL's ratings on 15 June 2016.

TACPL's Ratings:

- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn

- INR150 million fund-based working capital limits: Long-term
  'IND BB-(suspended)' and Short-term 'IND A4+(suspended)';
  ratings withdrawn

- INR16.68 million term loans: Long-term 'IND BB-(suspended)';
  rating withdrawn

- INR12.50 million non-fund-based working capital limits: Long-
  term 'IND BB-(suspended)' and Short-term 'IND A4+(suspended)';
  ratings withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR150m
Fund Based Working Capital Limit       WD   INR150m
Non-Fund Based Working Capital Limit   WD   INR12.5m
Non-Fund Based Working Capital Limit   WD   INR12.5m
Term loan                              WD   INR16.68m


TWINCITY SUNLIFE: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Twincity
Sunlife Pvt. Ltd.'s 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended TSPL's ratings on April 22, 2016.

TSLP's ratings:

- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
  withdrawn
- INR65 million fund-based working capital limit: 'IND
  B+(suspended)'; rating withdrawn
- INR35 million non-fund-based working capital limit:
  'INDA4(suspended)'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                   WD
Fund Based Working Capital Limit          WD      INR65m
Non-Fund Based Working Capital Limit      WD      INR35m


UJJAWAL SAVERA: CRISIL Suspends 'B' Rating on INR10MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ujjawal
Savera Samiti.

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

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

USS is a Meerut based organisation operating as a not-for-profit
society and is managed by the Chairman, Mr. Mahesh Kumar and
Secretary, Mr. Ravindra Pal. The society provides free meals
under the mid-day meal scheme and other government mandated
schemes. The society has license from Food Safety Authority of
India.

VIBFAST PIGMENTS: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Vibfast
Pigments' Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The agency has also affirmed VP's INR98.2 million fund-
based working capital limits at 'IND BB-' with a Stable Outlook
and 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects VP's continued moderate financial and
credit profile. In FY16, revenue was INR408.4 million (FY15:
INR379.2 million), net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 6.7x (FY15: 4.7x) and EBITDA interest
cover was 3.2x (3.7x). The fall in credit metrics in FY16 was due
to a marginal decline in the EBITDA margin to 4.2% (FY15: 4.3%).
Moreover, the total debt increased to INR120.3 million in FY16
(FY15: INR82.7 million) and therefore interest expenses grew to
INR5.4 million (INR4.4 million). Susceptibility of VP's margins
to volatility in raw material prices and foreign exchange
fluctuations continues to constrain the ratings. The ratings also
factor in the partnership structure of the firm's business.

The ratings are supported by VP's two decades of experience in
manufacturing dyes and pigments and its strong customer
relationships. VP's comfortable liquidity position as evident
from the average peak utilisation of 73% of its fund-based limits
during the 12 months ended November 2016 also supports the
ratings.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and operating
profitability leading to an improvement in the credit profile
could result in a positive rating action.

Negative: A decline in the operating profitability resulting in
sustained deterioration in the credit profile could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1995, VP is an export-oriented partnership entity
headed by Amit Banthia. The firm manufactures and exports a
variety of dyes and pigments to European and Asian countries.


VIBFAST PIGMENT PRIVATE: Ind-Ra Affirms IND BB- LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vibfast Pigment
Private Limited's Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects VPPL' continued moderate financial and
credit profile. In FY16, revenue was INR385.8 million (FY15:
INR398.2 million), net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 7.4x (FY15: 5.5x) and EBITDA interest
cover was 3.5x (3.7x). The fall in credit metrics in FY16 was due
to a marginal decline in the absolute EBITDA to INR15.3 million
(FY15: INR15.7 million) on the marginal revenue decline.
Moreover, the total debt increased to INR113.1 million in FY16
(FY15: INR87.7 million) and therefore interest expenses grew to
INR4.4 million (INR4.3 million). Susceptibility of VPPL's margins
to volatility in raw material prices and foreign exchange
fluctuations continues to constrain the ratings.

The ratings are supported by VPPL's two decades of experience in
manufacturing dyes and pigments and its strong customer
relationships. VPPL's comfortable liquidity position as evident
from the average peak utilisation of 76% of its fund-based limits
during the 12 months ended November 2016 also supports the
ratings.

RATING SENSITIVITIES

Positive: The company's ability to report a substantial increase
in the revenue while maintaining the operating profitability
leading to an improvement in the credit profile could result in a
positive rating action.

Negative: A decline in the operating profitability resulting in
sustained deterioration in the credit profile could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1993, VPPL (erstwhile Vibgyor Chemtex)
manufactures, supplies and exports a wide assortment of dyes and
pigments. Headed by Amit Banthia, the company exports pigments to
European and Asian countries.

VPPL's ratings:

- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook Stable
- INR93.5 million fund-based working capital limit: affirmed at
  'IND BB-'; Outlook Stable and 'IND A4+'
- INR11 million non-fund-based working capital limit: affirmed at
  'IND A4+'

Ratings
-------
Long Term Issuer Rating               IND BB-/Stable
Fund Based Working Capital Limit      IND BB-/Stable   INR93.5m
Fund Based Working Capital Limit      IND A4+          INR93.5m
Non-Fund Based Working Capital Limit  IND A4+          INR11m



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


TOSHIBA CORP: Canon Completes Acquisition of Medical Unit
---------------------------------------------------------
The Japan Times reports that Canon Inc. has completed its
acquisition of a Toshiba Corp. medical unit that the embattled
parent company put on sale earlier this year in a bid to emerge
from a window-dressing scandal.

The report relates that the printer, photocopier and camera
manufacturer announced the purchase on Dec. 19 of Toshiba Medical
Systems Corp. for JPY665.5 billion after it cleared procedures by
anti-monopoly watchdogs overseas.

The Japan Times says the deal reflects Canon's hope to enhance
its medical sector by utilizing Toshiba Medical Systems' strength
in equipment such as magnetic resonance imaging and X-ray
systems.

In March, Toshiba announced a series of steps to emerge from its
accounting scandal, including a plan to sell the medical
equipment unit to Canon. Toshiba admitted last year to having
hidden massive losses in sectors such as infrastructure and
semiconductors, the report recalls.

Fujifilm Holdings Corp. and a coalition of Konica Minolta Inc.
and a British private equity fund had also tried to acquire
Toshiba Medical, according to The Japan Times.

The Japan Times adds that Japan's Fair Trade Commission issued a
warning against Canon in June alleging the company had begun
procedures for the acquisition before it notified the FTC of the
plan.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2016, S&P Global Ratings said it has affirmed its 'B'
long-term corporate credit and 'BB-' senior unsecured debt
ratings on Japan-based diversified electronics company Toshiba
Corp.  S&P also affirmed its 'B' short-term corporate credit and
commercial paper ratings on Toshiba.  The outlook on the long-
term ratings remains negative.





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


PERISAI PETROLEUM: Ezra Wants to Settle Share Sale Dispute
----------------------------------------------------------
The Star Online reports that a major shareholder of Perisai
Petroleum Teknologi Bhd has signalled to the beleaguered oil and
gas firm that it is willing to settle a current dispute over a
share sale agreement (SSA) involving the sum of US$43mil
(RM190.92mil).

The Star relates that Singapore-listed Ezra Holdings Ltd, which
holds a 22.5% stake in Perisai, said that its subsidiary Emas
Offshore Ltd (EOL) hopes to work towards resolving various issues
relating to SJR Marine (L) Ltd, which is a 51:49 joint venture
(JV) between Perisai and EOL.

"The company (EOL) is currently in discussion with Perisai and
working towards resolving various issues in respect of the
termination notices, put option notice, and the SSA dispute
notification.  The company is monitoring the situation and
assessing the impact on the group," the report quotes EOL as
saying in a filing with Singapore Stock Exchange (SGX).

Perisai's shares rose 0.5 sen to close at six sen on Dec. 19 as
the newest development could potentially prevent a prolonged
legal battle, which would be costly to both parties, the report
discloses.

On Dec. 8, as part of the previously agreed-to SSA, Perisai
issued a notice of the exercise of its put option, which entitled
it to sell its 51% stake in SJR for US$43mil, according to the
Star.

However, Perisai was subsequently served with a notice by EOL
which said that due to the occurrence of "certain events"', the
right of EOL to terminate a previous share sale agreeement has
arisen under the provisions of the deal, relates the Star.

The Star notes that Perisai has sent a notice disputing EOL's
claims and has said it has sought legal advice over the matter.

The "certain events" in question may relate to Perisai's recent
bond payment default in November where it failed to repay SGD125
million in medium term notes (MTN), says the report. The group
has been classified as a Practice Note 17 (PN17) company since
then.

The report relates that the funds it would obtain for selling the
SJR stake would be a much-needed lifeline for Perisai which is in
the midst of restructuring its finances.

As at Sept. 30, its cash reserves amounted to RM32.13 million,
which is not enough to meet its existing debt obligations, the
report discloses.

Making matters worse, according to EOL, if the original terms of
the deal were adhered to, EOL would be able to acquire Perisai's
51% stake for just US$1 upon which completion shall take place on
the 30th day from the receipt of the termination notice, the
report relates.

According to the Star, the ongoing dispute has had a significant
effect on the trading of Ezra's shares. On Dec. 12, it was
slapped with a query by the SGX over unusual volume movements in
its shares on that day.

                     About Perisai Petroleum

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

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

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



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


HANJIN SHIPPING: Must Disclose U.S. Assets, Judge Says
------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy,
reported that U.S. Judge John Sherwood in New Jersey, ruled that
South Korea's Hanjin Shipping Co. must answer to U.S. creditors
by publicly disclosing all of its U.S.-based assets as well as
any cash that has been transferred out of the country.

According to the report, Judge Sherwood ordered the disclosures
in response to a plea from American creditors who say they are
being treated unfairly.  The judge also said he would grant final
approval of a host of legal protections that have helped the
shipper, once one of the world's largest, jump-start stalled
supply lines, the report related.

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

The Troubled Company Reporter, citing JOC.com, previously
reported that a Hanjin Shipping attorney told a federal court
that it has virtually no assets in the United States to
compensate several retailers, logistics providers, insurance
companies and other claimants who fear the loss of claim rights
if the court recognizes the carriers' South Korean bankruptcy
case.

Hanjin attorney Ilana Volkov, of New Jersey, told Judge Sherwood
that Hanjin has virtually no assets available in the U.S. to pay
claimants anyway, except for a property in Paramus, New Jersey,
which is fully mortgaged, a few accounts receivables and some
interest payments.

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

"What the court is doing is tying our hands," Stephen Simms,
Esq., a lawyer representing a group of Hanjin creditors who
objected to the relief that Judge Sherwood granted, said in
court, the WSJ report related.

                      About Hanjin Shipping

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***