TCRAP_Public/161223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, December 23, 2016, Vol. 19, No. 254

                            Headlines


A U S T R A L I A

2SOL PTY: First Creditors' Meeting Slated for Jan. 4
AMBIENT ADVERTISING: Former Director Grilled in Court
ATLAS IRON: S&P Affirms 'CCC' Rating on Senior Secured Debt
FORTESCUE METALS: S&P Raises ICR to 'BB+' on Debt Reduction
JML PROPERTY: First Creditors' Meeting Set for Jan. 4

JP FOOD: First Creditors' Meeting Set for Dec. 30
KUDOS AUSTRALASIA: Employees Face Uncertain Christmas
LIBERTY FUNDING: Moody's Assigns 'B2' Rating to Class F Notes
NATIONAL DAIRY: Boss Fails to Show at Meeting With Farmers


C H I N A

CIFI HOLDINGS: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes


I N D I A

A. GEERI PAI: CRISIL Lowers Rating on INR170MM Cash Loan to B
ABM CIVIL: CRISIL Reaffirms B+ Rating on INR40MM Overdraft Loan
ADROIT INFRATECH: CRISIL Reaffirms B+ Rating on INR56.6MM Loan
ADWAITH TEXTILES: ICRA Suspends B+ Rating on INR16.77cr Loan
AGLAR POWER: CRISIL Suspends 'D' Rating on INR164.4MM LT Loan

AIC CASTING: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
AIC IRON: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
AIC STEEL: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating
ALLIED ICD: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
ARROW CONSTRUCTION: Ind-Ra Hikes LT Issuer Rating to 'IND BB'

BEMCO SLEEPERS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
BHAGWATI SPONGE: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
BHANDARI DEEPAK: ICRA Suspends C/A4 Rating on INR9cr Bank Loan
BHUMIKA EGG: CRISIL Suspends B+ Rating on INR47.5MM Term Loan
BRAHMAPUTRA PAPER: CRISIL Suspends B+ Rating on INR84MM LT Loan

CHAITANYA HOSPITAL: CRISIL Suspends D Rating on INR72.5MM Loan
CHOWDARY SPINNERS: CRISIL Lowers Rating on INR250MM Loan to B+
CROSS TRADE: CRISIL Lowers Rating on INR35MM Bill Disc. to 'D'
DASHMESH WEAVING: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
DEEP WELDMESH: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

DNS STONES: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
ESH ISPAT: CRISIL Assigns B+ Rating to INR48MM Term Loan
GARGS WELDMESH: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
GLOBUS LIFESTYLE: ICRA Suspends 'D' Rating on INR12cr Bank Loan
GOLDEN FOOD: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating

HILLS TRADE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
IMPRINT VINIMAY: CRISIL Suspends 'D' INR125MM Term Loan Rating
INTERNATIONAL LEATHER: ICRA Suspends B+ LT Rating on INR9cr Loan
IOT ENGINEERING: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
J D INDUSTRIES: ICRA Reaffirms B+ Rating on INR6.5cr Cash Loan

J.V. STRIPS: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
JAGDAMBA SPONGE: ICRA Suspends B+ Rating on INR5.5cr Loan
JAYESH INDUSTRIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
K. SADASIVA: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
KAVERI PLASTO: ICRA Raises Rating on INR4.0cr Cash Loan to B+

KENDRE AGRO: CRISIL Suspends D Rating on INR50MM Term Loan
KMK EVENT: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
KUDROW SBL: ICRA Assigns B+ Rating to INR1.07cr PTC Series A2
LILA HOSPITALS: ICRA Suspends 'D' Rating on INR5.40cr Loan
MAILAM SUBRAMANIYA: ICRA Suspends B+ Rating on INR13.7cr Loan

MVR GAS: ICRA Reaffirms B+ Rating on INR7.25cr LT Loan
N. N. ISPAT: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
NILA SANDROCK: CRISIL Cuts Rating on INR85MM Term Loan to 'D'
PADMAVATI INFRA: ICRA Suspends B/A4 Rating on INR11.9cr Loan
PADMAVATI STEELS: ICRA Suspends 'B' Rating on INR10cr Bank Loan

PNG TEXTILES: ICRA Suspends 'B' Rating on INR8cr Bank Loan
PRAGATI ELECTROCOM: CRISIL Raises Rating on INR100MM Loan to BB-
PUNDRIKAKSH GRANITES: ICRA Suspends B+ Bank Loan Rating
R. K. NATURAL: CRISIL Assigns B+ Rating to INR68MM Cash Loan
RAWALWASIA STEEL: CRISIL Suspends B+ INR120MM Cash Credit Rating

RBC INDUSTRIES: Ind-Ra Withdraws 'IND B-' Long-Term Issuer Rating
RITA INTERNATIONAL: Ind-Ra Affirms 'IND B' LT Issuer Rating
RLJ CONCAST: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
RUKMANI INFRA: ICRA Suspends 'D' Rating on INR15.39cr Term Loan
RUNWAL AGRI: CRISIL Suspends 'B' Rating on INR100MM LT Loan

SAFAR POLYFIBRE: ICRA Assigns 'B/A4' Rating to INR12cr Loan
SAMRAT GEMS: Ind-Ra Upgrades Long-Term Issuer Rating to 'IND BB'
SIVASRI ENGINEERING: ICRA Withdraws B+/A4 Rating on INR2.5cr Loan
SRI DURAIAPPA: ICRA Suspends 'B' Rating on INR9cr Bank Loan
SRI DURAIAPPA & CO: ICRA Suspends 'B' Rating on INR11cr Loan

SRI DURAIAPPA STORES: ICRA Suspends 'B' Rating on INR6.0cr Loan
SRISHTI INFRASTRUCTURE: ICRA Suspends B+ Rating on INR11cr Loan
SURYA VIJAY: CRISIL Assigns B+ Rating to INR20MM Cash Loan
UNIPEL CORPORATION: ICRA Suspends B+ Rating on INR1.75cr Loan
VISHAL PAPER: CRISIL Suspends B+ Rating on INR62.5MM LT Loan

VISHHRAM NLP: CRISIL Suspends 'D' Rating on INR60MM Term Loan
WALLMARK CERAMIC: ICRA Lowers Rating on INR4.44cr Loan to 'B'
WOVEN FABRIC: CRISIL Assigns B+ Rating to INR55.3MM LT Loan


I N D O N E S I A

BUMIPUTERA: Still Looking for White Knight


M A C A U

MELCO CROWN: S&P Puts 'BB' CCR on CreditWatch Negative


N E W  Z E A L A N D

AFS TOTAL: Chow Brothers Buy Firm From Receivership
MARTINI MECHANICAL: Receivers Still Looking for Some Plants


                            - - - - -


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A U S T R A L I A
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2SOL PTY: First Creditors' Meeting Slated for Jan. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of 2Sol Pty
Ltd will be held at the offices of Hall Chadwick Chartered
Accountants, Level 19, 144 Edward Street, in Brisbane,
Queensland, on Jan. 4, 2017, at 3:30 p.m.

Richard Albarran, Brent Kijurina and Shahin Hussain of Hall
Chadwick Chartered Accountants were appointed as administrators
of 2Sol Pty on Dec. 20, 2016.


AMBIENT ADVERTISING: Former Director Grilled in Court
-----------------------------------------------------
Arvind Hickman at AdNews reports that a former director of
Ambient Advertising, Mark Fishwick, has fronted a public
examination over events leading up to the liquidation of the
business in 2014.

According to AdNews, Mr. Fishwick was cross-examined about
allegations Ambient Advertising had overcharged clients, how he
was remunerated, loan activity and the alleged transfer of
business between Ambient Advertising and Revolution 360, an ad
agency that he formed after Ambient Advertising became insolvent.

AdNews says Barrister Steven Golledge, representing the special
purpose liquidator, spent the majority of the day asking Mr.
Fishwick about discrepancies between the units of media space
that media agencies booked and what was delivered by the agency.
This referred specifically to street posters production and
placement.

AdNews relates that Mr. Fishwick, a director, was responsible for
sales and marketing at the business. He answered almost every
question exercising his right to 'privilege', which means his
answers cannot be used in any subsequent trial.

According to the report, the court heard several cases where the
number of units on a booking contract (aka client purchase
order), defined by Mr. Fishwick as "media space", didn't match
Ambient Advertising's media contract (supplier purchase order).

The examples presented to the hearing involved Carat, MediaCom,
MEC and Ikon Communications, affecting clients including the AFL,
Swinbourne University, Wagon Wheels, Applehead Cider and Diesel,
AdNews relates.

Nicholas Crouch of Crouch Amirbeaggi has been appointed as
special purpose liquidator.


ATLAS IRON: S&P Affirms 'CCC' Rating on Senior Secured Debt
-----------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Atlas Iron Ltd. that were labeled as
"under criteria observation" (UCO) after publishing its revised
recovery ratings criteria on Dec. 7, 2016.  With S&P's criteria
review complete, it is removing the UCO designation from these
ratings and affirming the issue rating at 'CCC'.  At the same
time, S&P has revised the recovery rating to '3' from '4'.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

RATINGS LIST

Ratings Affirmed

Atlas America Finance Inc.
Senior Secured                         CCC

Ratings Affirmed; Revised

                                        To                From
Atlas America Finance Inc.
Senior Secured
  Local Currency                        CCC                CCC
  Recovery Rating                       3H                 4L


FORTESCUE METALS: S&P Raises ICR to 'BB+' on Debt Reduction
-----------------------------------------------------------
S&P Global Ratings said that it had raised the issuer credit
rating on Australia-based mining company Fortescue Metals Group
Ltd. to 'BB+' from 'BB'.  The outlook on the long-term rating is
stable.

At the same time, S&P raised the rating on the company's senior
secured to 'BBB-' from 'BB+', and the rating on the senior
unsecured issue to 'BB-' from 'B+'.  The recovery rating on the
senior secured debt issue remains at '2' and the recovery rating
on the senior unsecured debt remains at '6'.

The upgrade on Fortescue follows the company's announcement of a
further debt reduction of US$1 billion in December 2016.  Once
completed, this will bring total debt reduction to date for the
year ending June 30, 2017, to around US$1.7 billion, generating
an interest saving of US$64 million.

"We consider the additional debt repayment has strengthened the
company's resilience to iron ore price pressure, enabling
Fortescue to maintain credit metrics commensurate with the 'BB+'
rating level even under a moderate stress scenario," said S&P
Global Ratings credit analyst Sam Heffernan.

"In our opinion, the company's credit metrics are still sensitive
to iron ore prices.  However, we believe the additional debt
repayment has provided sufficient buffer for Fortescue to
withstand moderate volatility in its key earnings drivers: iron
ore prices; wider spreads between the company's average 58% iron
(Fe) ore blend compared with that for 62% Fe blend; or an
increase in C1 cash costs (production costs excluding
administration, marketing, and freight expenses) beyond our
expectations.  In our view, the company can maintain the current
credit profile should iron ore prices (62% iron [Fe] Platts
delivered to China) fall to US$40 per ton (assuming an 85%
realization rate for Fortescue's products), a level below our
current price assumption," S&P said.

S&P expects Fortescue to continue reducing its production costs
to between US$12 and US$13 per wet metric ton (wmt) though fiscal
2017, due to further operational efficiencies the company has
identified.  S&P forecasts its all-in breakeven costs would be
about US$30 per dry metric ton (dmt) at the end of fiscal 2017.
These costs include interest expense and sustaining capital
expenditure on a 62% Fe Platts price incorporating delivery costs
to China.

With the sustained and S&P's expected decline in the company's
costs, Fortescue is at the lowest end of the seaborne cost curve
including delivery to China.  The company's production costs
could be the lowest among its peers', although margins are
affected by the grade adjustment on Fortescue's average 58% blend
versus 62% Fe Platts.  Nevertheless, Fortescue's lack of
commodity and geographical diversity means the company is highly
sensitive to economic growth in China, particularly compared with
more diversified peers such as Rio Tinto PLC and BHP Billiton
Ltd.

"We continue to assess Fortescue's business risk as satisfactory,
based on the company's large-scale iron ore production,
competitive cost position, and long reserve life.  Tempering
these strengths is the company's lack of commodity and
geographical diversity," S&P said.

Mr. Heffernan added: "The stable outlook reflects our expectation
that Fortescue will operate within its financial policy and that
its growth strategy will remain unchanged."

S&P expects the company's funds from operations (FFO) to debt to
be higher than 30% and debt to EBITDA to be lower than 3x when
industry conditions are conducive.

In S&P's opinion, Fortescue's credit metrics have sufficient
headroom at the current rating level to withstand moderate
downside risk in iron ore prices should external pressures
intensify.  This includes S&P's expectation of slower demand
growth from China's steel industry amid a continued increase in
the supply of low-cost seaborne iron ore.

"We could lower the rating if Fortescue's key credit metrics
weaken such that the company's FFO to debt falls below 20% or
debt to EBITDA approaches 4x.  This scenario could occur if
benchmark iron ore prices fall below US$40 per ton for a
prolonged period (assuming an 85% realization rate for
Fortescue's products), and the company fails to offset this
through deeper debt reduction or further cost savings.  Further
rating pressure could occur if the company undertook aggressive
capital management that in our view would undermine the current
financial policy of 40% of gross debt to total capital or reduces
the buffer in credit metrics to withstand lower iron ore prices,"
S&P said.

S&P views the prospect of further upward rating action as remote
due to Fortescue's limited customer, geographic, and product
diversity.  Typically for a single-commodity producer in the
investment-grade category, the company would have financial
policies that support credit metrics in line with that category,
as well as developing a track record of its ability and
willingness to support a business at the investment-grade rating
level throughout the cycle.


JML PROPERTY: First Creditors' Meeting Set for Jan. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of
JML Property Services Pty Ltd, trading as The JML Property
Services Unit Trust, will be held at the offices of RSM Australia
Partners, Equinox Building 4, Level 2, 70 Kent Street, in Deakin,
ACT, on Jan. 4, 2017, at 9:00 a.m.

Frank Lo Pilato of RSM Australia was appointed as administrator
of JML Property on Dec. 20, 2016.


JP FOOD: First Creditors' Meeting Set for Dec. 30
-------------------------------------------------
A first meeting of the creditors in the proceedings of JP Food
Systems Pty Ltd, trading as Japanese Tapas Bar Shinmachi, will be
held at the RSM Australia Partners, Equinox Building 4, Level 2,
70 Kent Street, in Deakin, ACT, on Dec. 30, 2016, at 9:30 a.m.

Frank Lo Pilato and Richard Stone of RSM Australia were appointed
as administrators of JP Food on Dec. 20, 2016.


KUDOS AUSTRALASIA: Employees Face Uncertain Christmas
-----------------------------------------------------
Emma Koehn at SmartCompany reports that administrators have
recommended a security firm that owes creditors more than
AUD1 million be wound up, as workers at the company face an
uncertain Christmas.

Voluntary administrators from Mackay Goodwin were appointed to
Kudos Australasia Pty Ltd, trading as Kudos Audio Visual and
Kudos Security Solutions, on November 9, however, SmartCompany
understands employees of the company have spent the past year
attempting to recoup their entitlements.

In a report from the administrators seen by SmartCompany, the
company's liabilities are listed at more than AUD2.5 million,
including AUD1.2 million in unsecured creditor claims.

According to the administrators report, an initial investigation
indicates the company was trading while insolvent, however the
administrators said this assessment is subject to change upon the
business providing additional information, SmartCompany
discloses.

According to SmartCompany, the company told administrators that
faulty security equipment supplied on one job and a reduction of
sales after the company sales manager fell ill contributed to the
voluntary administration. However, in the report, administrators
highlighted poor strategic management and quotes from the
business that included understated costs as factors that
contributed to the voluntary administration.

SmartCompany says staff members at the company have been chasing
management for the payment of commissions and superannuation
payments over the past 12 months without making any progress.

At the date of the appointment of administrators, outstanding
employee superannuation contributions were listed at AUD137,769,
while AUD120,803 was owing in annual leave payments. Overall,
AUD387,234 of employee entitlements were shown to be owing, with
these payments afforded priority over unsecured creditors in any
distribution of assets of the company.

SmartCompany notes that around 15 staff members will be affected
by the outcome of the administration. Staff were told without
warning in November that administrators were appointed and some
asked to take an extended break over the Christmas period, with
their future employment prospects with the business uncertain.

An individual close to the business told SmartCompany staff are
experiencing significant financial hardship as a result of the
collapse of the business, and while "everyone knew this was
coming for a while" from warning signs over the past year, some
are owed tens of thousands of dollars in entitlements.

Kudos Audio Visual provides commercial and domestic installation
of audio visual equipment, while Kudos Security Solutions
installs security systems and technology including CCTV, security
doors and intercom systems. The businesses are continuing to
trade, says SmartCompany.


LIBERTY FUNDING: Moody's Assigns 'B2' Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Liberty Funding Pty Ltd:

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

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

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

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

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

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

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

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

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

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

The ratings address the expected loss posed to investors by the
legal final maturity.

RATINGS RATIONALE

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

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

The ratings take account of, among other factors:

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

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

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

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

-A fixed rate swap provided by the Commonwealth Bank of Australia
(CBA, Aa2/P-1/Aa1(cr)/P-1(cr)) to hedge any mismatch between the
interest rates charged on the fixed rate loans (4.1% of the pool)
and payable on the floating rate notes. Under the fixed rate swap
agreement, the Trustee will pay the fixed rate received under the
receivables to the swap provider and will receive an amount equal
to the 30-day BBSW plus a margin.

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

The key transactional and pool features are as follows:

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

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

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

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

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

Based on the current structure and assuming no benefit to LMI, if
the MILAN CE losses were to increase to 20.6% from 13.7%, and the
mean expected loss were to increase to 2.1% from 1.4%, the model-
indicated rating for the Class A2 Notes would drop one notch to
Aa1. Using these same assumptions, the ratings on the Class B
Notes would drop two notches and Class C and D Notes would drop
three notches. The Class A1a and Class A1b Notes are not
sensitive to any rating migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


NATIONAL DAIRY: Boss Fails to Show at Meeting With Farmers
----------------------------------------------------------
Nino Bucci at The Sydney Morning Herald reports that flamboyant
dairy broker Antonio Esposito did not face farmers at a meeting
in Melbourne on Dec. 21, which was set to decide the fate of his
debt-ridden company.

And, in his absence, those who are owed millions of dollars by
National Dairy Products were split on whether to accept an offer
to repay only a fraction of their debt, the report says.

National Dairy Products was placed into administration on
November 17, little more than 18 months after it was founded,
with debts of AUD4.3 million.

The creditors of the company include dairy farmers from across
Victoria who have claims ranging from a few thousand dollars to
AUD1.1million, SMH discloses.

SMH relates that more of the creditors, who are largely
unsecured, voted against an offer to pay them as little as 5รต in
the dollar for what they are owed. But those who accepted the
offer are owed a greater amount of money.

Another meeting will be held in the next 45 days after creditors
put a counter offer to the administrators, the report relates.

The vote on whether to accept the existing proposal was only
narrowly voted down, Gippsland dairy farmer Fiona Plant said, SMH
relays.

She said farmers in attendance were disappointed Mr. Esposito,
known as Tony, failed to show, after he had attended the previous
creditor meeting, according to SMH.

Fairfax Media reported on Dec. 20 that creditors of National
Dairy Products wanted the Australian Securities and Investment
Commission to investigate the conduct of Mr. Esposito, amid
concerns he funded his lavish lifestyle ahead of paying his
debts, according to SMH.

There is also a push for the company to be liquidated so that its
financial situation can be laid bare, adds SMH.

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



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CIFI HOLDINGS: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating and
'cnBB' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
via a private placement by CIFI Holdings (Group) Co. Ltd.
(BB-/Stable/--; cnBB+/--).  The company will use the proceeds to
refinance its existing debt.  The rating on the notes is subject
to S&P's review of the final issuance documentation.

The issue rating on the proposed notes is one notch lower than
the corporate credit rating on CIFI to reflect structural
subordination risk.

S&P anticipates that CIFI's average funding cost will improve
from 7.2% in 2015 as the company refinances its debt with lower-
cost borrowings.  The new issuance will also extend CIFI's debt
maturity profile.  As at the end of June 2016, CIFI had short-
term borrowings of Chinese renminbi (RMB) 3.3 billion, compared
with its total cash position of RMB16.54 billion.

CIFI's operating performance in 2016 is in line with S&P's
expectation.  S&P forecasts that the company's debt-to-EBITDA
ratio will improve to about 5x in 2016, from 6.1x in 2015, as a
result of robust sales and controlled land acquisitions.  In the
first 11 months, CIFI's total contracted sales, including sales
from its unconsolidated joint ventures, were about RMB50.1
billion, a year-on-year growth of about 100%.  At the same time,
CIFI controlled its spending on land banking during the year.
S&P estimates that such spending will account for about 40% of
the company's attributable sales in 2016, compared with about 65%
in 2015.  S&P expects CIFI to maintain discipline while
expanding, such that its debt-to-EBITDA ratio stays at 4.5x-5.0x
in 2017.

The stable outlook on CIFI reflects S&P's expectation that the
company will control its leverage while continuing to expand.
S&P anticipates that the company's sales will grow steadily over
the next two years.  Its revenue recognition and gross margin are
also likely to increase in 2016 and 2017 following strong sales
growth in the past few years and a surge in prices in higher-tier
cities since the second half of 2015.



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


A. GEERI PAI: CRISIL Lowers Rating on INR170MM Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of A. Geeri Pai Gold and Diamonds to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             170       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan          134       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the financial risk
profile, particularly liquidity, due to a weaker-than-expected
operating performance. Revenue declined by 19% fiscal-on-fiscal
to Rs 455 million in fiscal 2016, while operating profitability
fell to 4.8% from 5.8% owing to intense competition in the
market. The capital structure is expected to remain weak owing to
increased debt contracted towards setting up a new showroom;
gearing is estimated at more than 6 times over the medium term.
Low profitability coupled with higher interest costs is expected
to weaken debt protection metrics. The subdued operating
performance will result in insufficient cash accrual to meet debt
obligation, necessitating timely fund support from the promoters.

The rating continues to reflect a modest scale of operations in
the highly fragmented and competitive gold jewellery industry,
and a below-average financial risk profile due to high gearing.
These weaknesses are partially offset by the extensive industry
experience of the partners and an established market position in
Ernakulum.
Outlook: Stable

CRISIL believes AGP will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability increase, and the new
showroom stabilises sooner than expected, resulting in a better
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' in case of a steep decline in cash
accrual, deterioration in working capital management, or any
delay in fund support from the partners, leading to deterioration
in the financial risk profile.

AGP, set up in 2007 as a partnership firm, is based in Ernakulam.
Its operations are managed by Mr. Sachithananda Pai. The firm
retails jewellery.


ABM CIVIL: CRISIL Reaffirms B+ Rating on INR40MM Overdraft Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of ABM Civil Ventures
Private Limited continues to reflect the extensive experience of
ABM's promoter in the construction industry, moderate order book,
revenue diversification, and moderate gearing. These strengths
are partially offset by large working capital requirement and
susceptibility of operating margin to intense competition.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Overdraft Facility      40       CRISIL B+/Stable (Reaffirmed)

CRISIL had downgraded its rating to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISILA4+' on bank facilities of ABM on
June 30, 2016.

Outlook: Stable

CRISIL believes ABM will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' in case of a sustained improvement in scale
of operations and profitability, while maintaining capital
structure. The outlook may be revised to 'Negative' if further
stretch in working capital cycle or decline in revenue or
operating profitability weakens financial risk profile.

Set up in 1995 as ABM Towers by Mr. MK Abraham, the company was
renamed as ABM Civil Ventures Pvt Ltd. (ABM) in 2003. ABM is
registered as a Class A contractor with Kerala Public Works
Department, and is an ISO: 9001-2000-certified company. It
undertakes construction projects and also manufactures ready-mix
concrete at its two plants. Registered office is in Kochi.


ADROIT INFRATECH: CRISIL Reaffirms B+ Rating on INR56.6MM Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of Adroit Infratech
Pvt Ltd continues to reflect AIPL's small scale of operations in
the intensely competitive hospitality industry, and a modest
financial risk profile due to high leverage and modest networth.
These weaknesses are partially offset by the extensive experience
of promoters and their funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              56.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AIPL will benefit from its established market
position due to the location advantage of its mall-cum-hotel. The
outlook may be revised to 'Positive' if sustenance of occupancy
level both in the mall and the hotel results in better cash
accrual, along with improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if further
debt-funded capital expenditure or low occupancy levels leads to
deterioration in the financial risk profile.

Established in 2011 by Mr. Harish Sachdeva, a non-resident Indian
based in Japan, AIPL runs a commercial mall-cum-hotel measuring
1296 square metres at Dharamshala in Kangra (Himachal Pradesh).


ADWAITH TEXTILES: ICRA Suspends B+ Rating on INR16.77cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to the
INR16.77 bank facilities of Adwaith Textiles Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the entity.


AGLAR POWER: CRISIL Suspends 'D' Rating on INR164.4MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Aglar
Power Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan        164.4       CRISIL D

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

APL was incorporated in the year 2003. It is a specialized
company to undertake designs, consultancy and implementation of
small hydro power projects on the principles of build, operate
and own (BOO). The company is promoted by Mr. C.H. Ashok Reddy,
Mr. C.H. Shyam Sunder Reddy, Mr. G. Gowri Shankar and Mr. G.
Ranga Rao. It is based in Hyderabad (Telangana).


AIC CASTING: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn AIC Casting
Pvt. Ltd.'s (ACPL) Long-Term Issuer Rating of IND BB-. The
Outlook was Stable. The agency has also withdrawn the 'IND BB-'
rating on ACPL's INR95 million fund-based limit. 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 ACPL.

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR95m


AIC IRON: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn AIC Iron
Industries Pvt. Ltd.'s (AIPL) 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 AIPL.

AIPL's ratings:

- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR132.5 million fund based limit: 'IND BB+'; Outlook Stable;
rating withdrawn
- INR29 million term loan: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR17.5 million  non-fund based limit: 'IND A4+'; rating
withdrawn

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR132.5m
Non-Fund Based Working Capital Limit  WD      INR17.5m
Term loan                             WD      INR29m


AIC STEEL: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn AIC Steel 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 ASPL.

ASPL's ratings:

- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR125 million fund based limit: 'IND BB+'; Outlook Stable;
rating withdrawn
- INR8 million fund based 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      INR8m


ALLIED ICD: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Allied ICD
Services Ltd's Long-Term Issuer Rating of 'IND B+'. 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.

The company's ratings are as follows:
- Long-Term Issuer Rating: IND B+'; Outlook Stable; rating
withdrawn
- INR30 million fund-based limit: 'IND B+'; Outlook Stable;
rating withdrawn
- INR19.2 million term loan: 'IND B+'; Outlook Stable; rating
withdrawn
- INR6.84 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      INR6.84m
Term loan                              WD      INR19.2m


ARROW CONSTRUCTION: Ind-Ra Hikes LT Issuer Rating to 'IND BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Arrow
Construction Limited's (ACL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects a significant growth in ACL's revenue and
improved credit profile mainly on account of strong and
profitable order book position. The company's overall revenue was
INR530 million in FY16 (FY15: INR524 million), interest coverage
(operating EBITDA/gross interest expense) was 3.3x (3.3x) and net
leverage (total adjusted net debt/operating EBITDA) was negative
0.2x (0.1x). . The company's order book was INR1,592.84 million
at end-March 2016 (3x of FY16 revenue). EBITDA margins remained
at 5.3% in FY16 (FY15: 5.4%) due to execution of profitable
projects.

The ratings are supported by ACL's promoters' two-decade-long
experience in civil construction and the company's established
track record of executing contracts for the government.

The ratings, however, continue to factor in ACL's tight liquidity
position, with more than 100% utilisation of working capital
limits for the 12 months ended November 2016.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations,
along with an improvement in the overall credit metrics, may lead
to a positive rating action.

Negative: Deterioration in the credit metrics may lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1995, ACL is a Hyderabad-based construction
company promoted by Mr. S. Vijayakumar, Mr. D.V.K.V.Prasad and
Mr. S.V.Prabhaka. The company is engaged in construction of
hospital buildings, staff quarters, irrigation projects,
government buildings, engineering projects, industrial sheds,
warehouses, etc.

ACL's Ratings:
- Long-Term Issuer Rating: upgraded to 'IND BB' from 'IND BB-';
Outlook Stable
- INR20 million fund-based working capital limits: upgraded to
'IND BB' from 'IND BB-'; Outlook Stable
- INR80 million non-fund-based working capital limits: affirmed
at 'IND A4+'

  Ratings
  -------
Long Term Issuer Rating               IND BB/Stable
Fund Based Working Capital Limit      IND BB/Stable   INR20m
Non-Fund Based Working Capital Limit  IND A4+         INR80m


BEMCO SLEEPERS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bemco Sleepers
Limited (Bemco) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Bemco's moderate credit metrics, small scale
of operations, declining operating margin and tight liquidity. In
FY16, interest coverage was 2x (FY15: 1.9x), net financial
leverage was 2.7x (3.5x), revenue was INR273 million (INR265
million), and EBITDA margin was 10.6% (11.7%). The company's use
of the fund-based limits was 100% during the 12 months ended
October 2016.

However, the ratings are supported by Bemco's strong pending
order book size of around INR1,519 million, of which almost 24%
is likely to be completed by FY17. The agency believes the
present order book will help to maintain positive revenue growth
in the coming years. The ratings are also supported by the
promoters' decade-long experience in the sleeper manufacturing
business.

RATING SENSITIVITIES

Positive: An improvement in the credit metrics could be positive
for the ratings.

Negative: Any deterioration in the credit metrics could be
negative for the ratings.

  Ratings
  -------
Long Term Issuer Rating      IND BB/Stable
Fund Based Working
Capital Limit                IND BB/Stable                 INR70m
Fund Based Working
Capital Limit                Provisional IND BB/Stable     INR55m
Non-Fund Based Working
Capital Limit                IND A4+                       INR50m
Term loan                    IND BB/Stable                 INR11m
Term loan                    Provisional IND BB/Stable     INR15m


BHAGWATI SPONGE: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhagwati Sponge
Private Limited's (BSPL) 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 BSPL.

BSPL's ratings:

- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR195 million fund based limit: 'IND BB+'; Outlook Stable;
rating withdrawn
- INR95 million non-fund-based limits: 'IND A4+'; rating
withdrawn

Ratings
-------
Long Term Issuer Rating                   WD
Fund Based Working Capital Limit          WD     INR195m
Non-Fund Based Working Capital Limit      WD     INR95m


BHANDARI DEEPAK: ICRA Suspends C/A4 Rating on INR9cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]C/A4 rating assigned to the INR9.00
crore, bank lines of Bhandari Deepak Industries Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BHUMIKA EGG: CRISIL Suspends B+ Rating on INR47.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bhumika
Egg Educing Valley.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            13.3       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      9.2       CRISIL B+/Stable

   Term Loan              47.5       CRISIL B+/Stable

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

BEEV, a proprietorship firm set up in May 2012, started
operations from September 2013. The firm is managed by its
proprietor, Ms. Sarita Chaudhary, and her husband, Mr. Surinder
Kumar Chaudhary. BEEV is engaged in the layer breeding business
and its poultry farm is located in Hansi (Haryana).

BFF, set up in 2015, is engaged in the poultry feeding business
and managed by Mr. and Ms. Chaudhary's son, Mr. Chitrahans
Chaudhary. The firm supplies 100 per cent of its feed to BEEV.


BRAHMAPUTRA PAPER: CRISIL Suspends B+ Rating on INR84MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Brahmaputra Paper Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      84        CRISIL B+/Stable

   Term Loan                1        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
BPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BPPL is yet to
provide adequate information to enable CRISIL to assess BPPL'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 2009, BPPL manufactures kraft paper. Its
manufacturing facility is in Tezpur (Assam). BPPL manufactures
varieties of kraft paper with grammage (GSM) of 70 to 250 and
burst factor (bf) of 20. The company's product finds application
primarily in the packaging industry for manufacturing of
corrugated boxes. The company's day-to-day operations are managed
by its managing director Mr. Dilip Kumar Singh.


CHAITANYA HOSPITAL: CRISIL Suspends D Rating on INR72.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Chaitanya Hospital (CH).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      5         CRISIL D

   Proposed Long Term
   Bank Loan Facility     12.5       CRISIL D

   Term Loan              72.5       CRISIL D

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

Chaitanya Hospital (CH), established in 2006, is a sole
proprietorship of Dr. Sushil Kulkarni. It operates a 40 bed
multi-speciality hospital in Chinchwad, Pune (Maharashtra)
specialising in all kinds of orthopaedic and general surgery
treatments along with consulting in medicines, gynaecology,
cardiology, nephrology, and paediatric treatments. CH has
recently set up a new 60 bed hospital unit in the vicinity of
existing hospital and same has commenced operations from October
2014.


CHOWDARY SPINNERS: CRISIL Lowers Rating on INR250MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded the long-term bank facilities of Chowdary
Spinners Limited to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            250        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan         102.9      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Working Capital         17.1      CRISIL B+/Stable (Downgraded
   Term Loan                         from 'CRISIL BB-/Stable')

The downgrade reflects weakening in liquidity, reflected in
stretched cash accrual vis-a-vis the maturing debt obligation in
fiscal 2016. The lower-than-expected cash accrual was because of
decline in operating profitability margins due to volatile raw
material prices. CPL had serviced debt obligation by regular
infusion of unsecured loans by the promoters. Such loans
increased to Rs 356 million as on March 31, 2016, from Rs 350
million as on March 31, 2015. Promoters will continue to support
the repayment by regular infusion of funds. Improvement in
revenue and profitability, and continued funding support from
promoters are key rating sensitive factors.

The rating continues to reflect modest scale of operations in the
intensely competitive cotton yarn industry and the susceptibility
of profitability margin to volatile cotton prices. The rating is
also constrained by below-average financial risk profile because
of modest networth, high gearing, and weak debt protections
metrics. These weaknesses are partially offset by the extensive
experience of promoters in the textile industry, and efficient
working capital management.
Outlook: Stable

CRISIL believes CSL will continue to benefit over the medium term
from its promoters' extensive experience, and efficient working
capital management. The outlook may be revised to 'Positive' if
there is substantial and sustained increase in scale of
operations while maintaining profitability margin, or if there is
significant improvement in capital structure owing to sizeable
equity infusion from promoters. Conversely, the outlook may be
revised to 'Negative' if profitability margin declines steeply or
capital structure weakens due to stretched working capital cycle.

CSL was incorporated in 1994 by Mr. Prasad Chowdary and family.
The company manufactures cotton yarn and its spinning unit is in
Tanuku (Andhra Pradesh).


CROSS TRADE: CRISIL Lowers Rating on INR35MM Bill Disc. to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Cross
Trade Links to 'CRISIL D' from 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        35        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit          35        CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects delays in servicing debt; the delays were
due to stretched liquidity following lack of timely realisation
from customers.

The rating also factors in the firm's small scale of operations
in the intensely competitive textile industry, customer and
geographical concentration in revenue profile, large working
capital requirement, and weak financial risk profile because of
high total outside liabilities to tangible networth ratio and
below-average debt protection metrics. These weaknesses are
partially offset by the extensive experience of its proprietor.

Set up in 2000 as a proprietorship firm by Mr. Ashok Sharma, CTL
manufactures ready-made garments such as T-shirts, ladies'
dresses, and office wear, and exports entire production to South
Africa, the United States of America and the United Arab
Emirates.


DASHMESH WEAVING: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dashmesh Weaving
& Dyeing Mills Private Limited (DWDM) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the company's low EBITDA margin and moderate
credit metrics. The operating margins of the company declined
during FY16 to 3.83% (FY15: 5.83%), on account of volatility in
the raw material prices. The company's financial leverage (total
adjusted debt/operating EBITDAR) was 5.68x in FY16 (FY15: 4.78x)
and gross interest coverage (operating EBITDAR/gross interest
expense) was 1.83x (1.73x).

The ratings, however, are supported by growth in DWDM's overall
revenue of around 50% during FY16 and stood at INR922.39 million
(FY15: INR614.08 million) driven by bulk orders received by the
company from its existing clients. The ratings are further
supported by the 20-year long experience of the promoter in the
textile industry and the company's operational track record of
around one and a half decade.

RATING SENSITIVITIES

Negative: A decline in the revenue and operating profitability,
leading to deterioration in the overall credit metrics will be
negative for the ratings.

Positive: A significant improvement in the revenue and operating
profitability, leading to an improvement in the overall credit
metrics will be positive for the ratings.

COMPANY PROFILE

DWDM was incorporated as a private limited company in March 2001,
the company is engaged in processing of fabrics namely spinning,
weaving, finishing and dying at their manufacturing facility
located in Ludhiana, Punjab. The total manufacturing capacity of
the plant is 60 million pieces per annum.

DWDM's ratings are as follows:

- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
- INR12 million long-term loans: assigned 'IND BB'; Outlook
Stable
- INR120 million fund-based limits: assigned 'IND BB'; Outlook
Stable and 'IND A4+'

  Ratings
  -------
Long Term Issuer Rating               IND BB/Stable
Fund Based Working Capital Limit      IND BB/Stable    INR120m
Fund Based Working Capital Limit      IND A4+          INR120m
Term loan                             IND BB/Stable    INR12m


DEEP WELDMESH: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Deep Weldmesh
Private Limited (DWPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The agency has also assigned DWPL's INR100
million fund-based facility 'IND BB-' with a Stable Outlook and
'IND A4+'.

KEY RATING DRIVERS

The ratings are constrained by DWPL's small scale of operations.
In FY16, its revenue was INR573.10 million (FY15: INR338.41
million). Its operating EBITDA margin deteriorated to 2.58% in
FY16 from 3.39% in FY15.

The ratings are further constrained by its weak credit metrics
and presence in a competitive steel trading industry. Its gross
interest coverage (operating EBITDA/gross interest expense) was
1.38x in FY16 (FY15: 1.24x) and net financial leverage (total
adjusted net debt/operating EBITDAR) was 7.16x (5.50x). The
ratings factor in the tight liquidity position of the company, as
reflected by its almost full utilisation of working capital
facilities during the 12 months ended November 2016.

However, the ratings are supported by DWPL's promoters' two
decades of experience in the steel trading business.

RATING SENSITIVITIES

Positive:  A significant increase in the top line, along with a
sustained improvement in the credit metrics, will lead to a
positive rating action.

Negative: A deterioration in the overall credit metrics will lead
to a negative rating action.

COMPANY PROFILE

Incorporated in 1996, DWPL is engaged in trading of wires, wire
mesh, thermomechanically treated bars, angles, steel bars, steel
angles and others. The entity is promoted by Mr. Dharampal Garg.
Its registered office is located at Jhandewalan Road, New Delhi.

  Ratings
  -------
Long Term Issuer Rating              IND BB-/Stable
Fund Based Working Capital Limit     IND BB-/Stable    INR100m
Fund Based Working Capital Limit     IND A4+           INR100m


DNS STONES: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn DNS Stones
Private Limited's 'IND B+(suspended)' Long-Term Issuer Rating. In
addition, the agency has withdrawn the 'IND B+(suspended)' and
'IND A4(suspended)' ratings on the company's INR60 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 DNS Stones.

Ind-Ra suspended DNS Stones' ratings on 16 June 2016.

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR60m
Fund Based Working Capital Limit      WD      INR60m


ESH ISPAT: CRISIL Assigns B+ Rating to INR48MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Esh Ispat Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               48        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      15.3      CRISIL B+/Stable

   Cash Credit             30        CRISIL B+/Stable

    Letter of Credit        6.7     CRISIL A4

The ratings reflect modest scale of operations, large working
capital requirement, and susceptibility of profitability to
volatility in raw material prices and to intense competition.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the steel industry, and
comfortable debt protection metrics.
Outlook: Stable

CRISIL believes EIPL will continue to benefit from its promoters'
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if there
is a substantial and sustained increase in revenue and cash
accrual, and improvement in working capital management, leading
to a better financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of lower-than-
expected cash accrual, or a stretch in working capital cycle, or
sizeable, debt-funded capital expenditure.

EIPL, incorporated in 2009, manufactures mild steel ingots. The
company is owned and managed by Bokaro, Jharkhand-based  Mr.
Sanjay Kumar Rai. He and Ms Sarita Devi are directors of the
company.


GARGS WELDMESH: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gargs Weldmesh
Private Limited (GWPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The agency has also assigned GWPL's INR100
million fund-based facilities a Long-term 'IND BB-' rating with a
Stable Outlook and a Short-term rating of 'IND A4+'.

KEY RATING DRIVERS

The ratings are constrained by GWPL's small scale of operations
and weak operating margins and credit metrics, as it operates in
a competitive steel trading industry. In FY16, its revenue was
INR559.26 million (FY15: INR327.83 million), operating EBITDA
margin was 2.48% (3.60%), gross interest coverage (operating
EBITDA/gross interest expense) was 1.37x (1.21x) and net
financial leverage was 7.79x (5.08x).

Moreover, GWPL has a tight liquidity position, as evident from
its almost full utilisation of the working capital facilities for
the 12 months ended November 2016.

However, the ratings are supported by GWPL's promoters'
experience of two decades in the steel trading business.

RATING SENSITIVITIES

Positive: A significant increase in the top line, along with a
sustained improvement in the credit metrics, will lead to a
positive rating action.

Negative: A deterioration in the credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1996, GWPL is engaged in the trading of wires,
wire mesh, thermomechanically treated bars, steel bars, steel
angles and others. The company is promoted by  Mr. Dharampal
Garg. Its registered office is located at Jhandewalan Road, New
Delhi.


Long Term Issuer Rating      IND BB- / Stable
Fund Based Working Capital Limit      IND BB- / Stable
INR100m
Fund Based Working Capital Limit      IND A4+      INR100m


GLOBUS LIFESTYLE: ICRA Suspends 'D' Rating on INR12cr Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR12.00 crore,
bank lines of Globus Lifestyle Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


GOLDEN FOOD: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Golden Food
Products' (GFP) '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 GFP.

Ind-Ra suspended GFP's ratings on 16 June 2016.

GFP's Ratings:
- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn
- INR100 million fund-based facilities: Long-term 'IND
B(suspended)' and 'IND A4(suspended)'; ratings withdrawn
- Proposed INR20 million fund-based limits: Long-term
'Provisional IND B(suspended)' and Short-term 'Provisional IND
A4(suspended)'; ratings withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR100m
Fund Based Working Capital Limit      WD      INR100m
Fund Based Working Capital Limit      WD      INR20m
Fund Based Working Capital Limit      WD      INR20m


HILLS TRADE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hills Trade
Agencies (HTA) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect HTA's small scale of operations. The top line
declined to INR170.58 million in FY16 from INR423.23 million in
FY15. The company operates in a highly fragmented and competitive
industry.

The ratings are constrained by an elongated working capital cycle
of 427 days in FY16 (FY15: 162 days) due to stretched
receivables, high geographical concentration of business in
north-eastern India and volatility in prices of raw material
required for construction.

Moreover, the ratings are constrained by a weak net financial
leverage of 4.66x in FY16 (FY15: 3.76x).

The ratings are supported by established track record, promoters'
two-decade experience, strong ties with customers and suppliers,
improvement in operating EBITDA margin to 32.52% in FY16 (FY15:
16.48%) and strong interest coverage of 2.05x in FY16.
Furthermore, the ratings are supported by the company's
comfortable liquidity position, indicated by about 84.56% average
utilisation of working capital facilities for the 12 months ended
November 2016.

RATING SENSITIVITIES

Positive: A significant rise in the top line or EBITDA margin
leading to an improvement in credit metrics could be positive for
the ratings.

Negative: A decline in revenue growth or EBITDA margin leading to
deterioration in credit metrics will lead to a negative rating
action.

COMPANY PROFILE

HTA was formed on 1 April 1995 by the Gandhi family in Guwahati
(Assam) as a partnership firm. It supplies bamboo as raw material
to paper mills, and civil, road and bridge construction firms. In
addition, it sells chips and stones in local markets.

HTA's ratings:
- Long-Term Issuer rating: assigned 'IND B+'; Outlook Stable
- INR50 million fund-based facilities: assigned 'IND B+'; Outlook
Stable and 'IND A4'
- INR400 million non-fund-based facilities: assigned 'IND A4'

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


IMPRINT VINIMAY: CRISIL Suspends 'D' INR125MM Term Loan Rating
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Imprint
Vinimay Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               125       CRISIL D

The suspension of ratings is on account of non-cooperation by
IVPT with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, IVPT is yet to
provide adequate information to enable CRISIL to assess IVPT'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 2005, IVPT undertakes real estate development in
Siliguri (West Bengal). Its daily operations are managed by Mr. R
K Goel and his son Mr. Yogesh Goel.


INTERNATIONAL LEATHER: ICRA Suspends B+ LT Rating on INR9cr Loan
----------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR9 crore bank
facilities of International Leather Goods. The suspension follows
ICRA's inability to carry out a rating surveillance in absence of
requisite information from the company.


IOT ENGINEERING: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded IOT Engineering
Projects Limited's (IOT EP) Long-Term Issuer Rating to 'IND BB-'
from 'IND D'. The Outlook is Stable. The agency has also upgraded
the Short-term rating on IOT EP's non-fund-based limits to 'IND
A4+' from 'IND D' while assigning a Long-term 'IND BB-' rating to
them with a Stable Outlook.

KEY RATING DRIVERS

One-time Settlement: The upgrade reflects no irregularities by
the company in the servicing of its non-fund-based limits for the
12 months ended November 2016. The company settled the entire
funded working capital facilities and term loans by way of a one-
time settlement with its lenders, in October 2016 for INR1,000
million. Consequently, the agency has withdrawn rating on the
fund-based facilities and term loans.

Weak Operating and Credit Metrics: Order book stood at INR45m at
end-September 2016. For FY16, the company registered revenue of
INR561 million (FY15: INR1,334 million) and EBITDA loss of INR790
million (FY15: loss of INR547 million). The company's gross
interest coverage and net leverage were negative 5.07x and
negative 3.2x, respectively, in FY16 (FY15: negative 2.63x and
negative 1.78x). According to the 1HFY17 provisional financials,
revenue was INR91 million and EBITDA was INR101 million. The
EBITDA has turned positive due to the reversal of INR150m, which
was provided in FY15-FY16 for liquidated damages and foreseeable
loss.

Support from Parent: IOT EP is a 100% subsidiary of IOT
Infrastructure & Energy Services Ltd ('IND A+'; Outlook Stable)
which continues to support the former by way of equity and debt.
The one-time settlement exercise was carried out using funds
infused by the parent. IOT Infrastructure & Energy Services is a
JV between Indian Oil Corporation Ltd ('IND AAA'/Stable) and Oil
Tanking Gmbh. Any deterioration in the linkages of IOT EP with
IOT Infrastructure & Energy Services Ltd will be a negative for
the ratings.

RATING SENSITIVITIES

Positive: Growth in the order book and revenue leading to a
significant, sustained improvement in the credit metrics will be
a positive for the ratings.

Negative: Any further liquidity pressures and deterioration in
the credit profile or in the linkages with the parent will be a
negative for the ratings.

COMPANY PROFILE

Incorporated in 2007, IOT EP specialises in structural erections,
piping and associated facilities for refineries, terminals, power
and cement plants.

IOT EP's ratings:

- Long-Term Issuer Rating: upgraded to 'IND BB-' from 'IND D';
Outlook Stable
- INR55.88 million term loan: Long-term 'IND D'; rating withdrawn
as the limits were fully repaid
- INR600 million fund-based working capital limits: Long-term/
Short-term 'IND D'; rating withdrawn as the limits were fully
repaid
- INR650 million working capital term loan: Long-term 'IND D';
rating withdrawn as the limits were fully repaid
- INR500 million non-fund based limits* (reduced from INR2,986.6
million): Short-term upgraded to 'IND A4+' from 'IND D', assigned
'IND BB-'; Outlook Stable

* INR5 million could be used as a working capital demand loan


  Ratings
  -------
Long Term Issuer Rating               IND BB-/Stable
Fund Based Working Capital Limit      WD              INR600m
Fund Based Working Capital Limit      WD              INR600m
Fund/Non-Fund Based Working
Capital Limit                         WD              INR650m
Non-Fund Based Working Capital Limit  IND A4+         INR500m
Non-Fund Based Working Capital Limit  IND BB-/Stable  INR500m
Term loan                              WD             INR55.88m


J D INDUSTRIES: ICRA Reaffirms B+ Rating on INR6.5cr Cash Loan
--------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating assigned to the INR1.58
crore (reduced from INR3.07 crore earlier) term loan and INR6.50
crore cash credit facility of J D Industries. ICRA has re-
affirmed the short term rating of [ICRA]A4 to the INR4.00 crore
non-fund based facility of JDI. ICRA has also reaffirmed [ICRA]B+
and [ICRA]A4 ratings to an untied limit of INR1.92 crore (revised
from INR0.43 crore earlier) of JDI.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Term Loan                1.58       [ICRA]B+ reaffirmed

   Fund Based Limit-
   Cash Credit              6.50       [ICRA]B+ reaffirmed

   Non Fund Based Limit
   Bank Guarantee           4.00       [ICRA]A4 reaffirmed

   Fund Based/Non Fund      1.92       [ICRA]B+/[ICRA]A4
   Based Limit-Untied                  reaffirmed/assigned
   Limit

The reaffirmation of the ratings takes into account JDI's modest
scale of current operations in a highly competitive industry with
low entry barrier, and its weak financial profile as reflected by
low net profitability and a leveraged capital structure, leading
to weak coverage indicators. The ratings continue to remain
constrained by the risks inherent in an agro-based business like
rice milling, including vulnerability towards the changes in
Government policies and raw material supply risks as the level of
harvest and quality of paddy highly depend on agro-climatic
conditions. The ratings also consider a low entry barrier
prevailing in a highly-fragmented rice-milling industry, which
intensifies competition and restricts pricing flexibility for
players like JDI.

The ratings, however, derive comfort from the location-specific
advantage of JDI's plant as it is situated in close proximity to
raw material sources, leading to easy availability as well as low
landed cost of input material. Besides, rice, which forms an
important part of the staple Indian diet, has a stable demand
outlook. Nevertheless, the risk associated with JDI's status as a
proprietorship firm, including the risk of withdrawal of capital,
will remain a credit concern, going forward.

Established in 2007 as a proprietorship firm, JD Industries (JDI)
has a rice-milling unit with an annual milling capacity of 72,000
MT of paddy and a processing facility for silky sortex rice with
an installed capacity of 48,000 MT. The manufacturing facility of
the firm is situated at Tilda in the district of Raipur,
Chhattisgarh. The firm is also involved in the milling of paddy
on job-work for the Food Corporation of India (FCI).

Recent Results
During FY2016, JDI posted a net profit of INR0.81 crore on an
operating income of INR52.28 crore in comparison to net profit of
INR0.62 crore on an operating income of INR41.52 crore in FY2015.


J.V. STRIPS: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn J.V. Strips
Limited's (JVSL) 'IND BB(suspended)' Long-Term Issuer Rating. A
full list of rating actions is at the end of this commentary.

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

Ind-Ra suspended JVSL's ratings on 17 June 2016.

JVSL's Ratings:
- Long-Term Issuer Rating: 'IND BB(suspended)'; rating withdrawn
- INR540 million fund-based limits: 'IND BB(suspended)' and 'IND
A4+(suspended)'; ratings withdrawn
- INR2.7 million term loans: 'IND BB(suspended)'; rating
withdrawn
- Proposed INR107.3 million fund-based limits: 'Provisional IND
BB(suspended)' and 'Provisional IND A4+(suspended)'; ratings
withdrawn
- INR100 million non-fund-based limits: 'IND A4+(suspended)';
rating withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR540m
Fund Based Working Capital Limit      WD      INR540m
Fund Based Working Capital Limit      WD      INR107.3m
Fund Based Working Capital Limit      WD      INR107.3m
Non-Fund Based Working Capital Limit  WD      INR100m
Term loan                             WD      INR2.7m


JAGDAMBA SPONGE: ICRA Suspends B+ Rating on INR5.5cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.50 crore working capital facility of Jagdamba Sponge
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


JAYESH INDUSTRIES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jayesh
Industries Limited (JIL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect JIL's small scale of operations and weak
credit metrics. FY16 financials indicate revenue of INR401
million (FY15: INR425 million), EBITDA interest coverage
(operating EBITDA/gross interest expense) of 1.7x (1.5x) and net
financial leverage (total adjusted net debt/operating EBITDA) of
5.2x (4.8x). The company already booked revenue of INR294m till
November 2016.

Ind-Ra expects the net adjusted leverage to stretch by FYE17 to
around 6x, due to a new bank term debt of INR120m. The company
plans to use this debt for shifting its manufacturing operations
from two leased units to a new unit in Raigad in March 2017 at a
total outlay of INR174m, out of 68% of which will be financed by
debt. The management expects this new unit will help the company
to increase both its top and bottom lines, leading to an
improvement in the credit metrics over the next two years.

EBITDA margin improved from 2.2% to 8.6% for during FY13-FY16 due
to the concentration of high-margin products in the company's
portfolio. Management expects EBITDA margin to improve to 9%-10%
in FY17.

The ratings also factor in the tight liquidity position with the
fund-based facilities being fully utilised over the 12 months
ended November 2016.

The ratings are supported by the promoter's five decades long
experience in the steel manufacturing industry.

RATING SENSITIVITIES

Positive: Substantial growth in top line and profitability
margins leading to a sustained improvement in the overall credit
metrics will be positive rating action.

Negative: Significant decline in profitability margins resulting
in a sustained deterioration in overall credit metrics of the
company will lead to a negative rating action.

COMPANY PROFILE

JIL was incorporated in 1992. The company is engaged in
manufacturing, import and exports of ferro alloys, metals,
minerals and chemicals, nodularisers and inoculants, and steel
strips which are used in welding electrode industry, foundries,
wear plate manufactures, railways, automotive companies, steel
plants, flux cored wires and glass and allied industries. The day
to day operations of the company are managed by Mr. Jayesh Shah.

JIL's ratings:

- Long-Term Issuer rating: assigned 'IND BB-'; Outlook Stable
- INR87.5 million fund-based facilities: assigned 'IND BB-';
Outlook Stable and 'IND A4+'
- INR10 million standby line of credit: assigned 'IND A4+'
- INR52 million non-fund based facilities: assigned 'IND A4+'
- INR120 million proposed long-term loans:  assigned 'Provisional
IND BB-'*; Outlook Stable

* The above ratings are provisional and shall be confirmed upon
the sanction and execution of loan documents for the above
facilities by JIL to the satisfaction of India Ratings.


  Ratings
  -------
Long Term Issuer Rating               IND BB-/Stable
Fund Based Working Capital Limit      IND BB-/Stable   INR87.5m
Fund Based Working Capital Limit      IND A4+          INR87.5m
Fund Based Working Capital Limit      IND A4+          INR10m
Non-Fund Based Working Capital Limit  IND A4+          INR52m
Term loan                 Provisional IND BB-/Stable   INR120m


K. SADASIVA: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn K. Sadasiva
Reddy'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.

The company's ratings:
- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
withdrawn
- INR40 million fund-based limit: 'IND BB-'; Outlook Stable;
rating withdrawn
- INR20 million bank guarantee: 'IND A4+'; rating withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Bank Guarantee                        WD      INR20m
Fund Based Working Capital Limit      WD      INR40m


KAVERI PLASTO: ICRA Raises Rating on INR4.0cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR4.00
crore cash credit facility and INR2.93 crore (reduced from
INR4.57 crore) term loan facility of Kaveri Plasto Container
Private Limited from [ICRA]B to [ICRA]B+. ICRA has re-affirmed
the short-term rating assigned to the INR1.00 crore non fund-
based limit (sub-limit of cash credit facility) of KPCPL at
[ICRA]A4. ICRA has also upgraded the long-term rating to [ICRA]B+
and re-affirmed the short-term rating of [ICRA]A4 assigned to the
INR1.98 crore (enhanced from INR0.34 crore) unallocated limit of
KPCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              4.00      [ICRA]B+/Upgraded from
                                      [ICRA]B

   Term Loan                2.93      [ICRA]B+/Upgraded from
                                      [ICRA]B

   Non-Fund Based Limits   (1.00)     [ICRA]A4/Re-affirmed

   Unallocated Limit        1.98      [ICRA]B+/Upgraded from
                                      [ICRA]B [ICRA]A4/Re-
affirmed

The rating upgrade takes into account the significant improvement
in the company's profitability, cash flows and in turn, debt
coverage indicators during FY 2016 and year till date FY 2017
owing to the decline in raw material prices. The ratings,
however, continue to remain constrained by KPCPL's small scale of
operations that limits economies of scale and the leveraged
capital structure, notwithstanding the improvement in FY2016. The
ratings take note of the vulnerability of the profitability to
the raw material (LLDPE) price volatility as its prices are
linked to crude oil prices. Intense competition in the storage
tanks manufacturing business owing to low entry barriers also
results in pressure on profitability. Nevertheless, the ratings
take comfort from the long track record of the promoters of more
than a decade in the manufacturing & selling of plastic water
storage tanks and the established relationship with the
customers. Going forward, the company's ability to scale up the
operations, sustain the profitability and improve its capital
structure will be the key rating sensitivities.

KPCPL was incorporated in the year 2000 under the name Natraj
Plastic Tank Industries (a proprietary firm). The firm was
converted to Private limited in the year 2011 and was named M/s.
Kaveri Plasto Containers Private Limited. The company
manufactures and sells plastic water storage tanks of various
capacities ranging from 200 litres to 20000 litres under various
brands like Gangakaveri, Natraj, and Plumber etc.

Recent Results

For FY 2016, KPCPL reported a net profit of INR0.85 crore on an
operating income of INR27.54 crore, as against a net loss of
INR0.47 crore on an operating income of INR25.59 crore in FY
2015.


KENDRE AGRO: CRISIL Suspends D Rating on INR50MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kendre
Agro Industries Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                50       CRISIL D

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

KAIL, based in Latur (Maharashtra), was incorporated in September
2014 and manufactures jaggery. The company is promoted by Mr.
Vijay Kendre and his family members. KAIL started its commercial
operations from February 11, 2015.


KMK EVENT: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KMK Event
Management Limited's Long-Term Issuer Rating of 'IND BB+'.

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

The company's ratings are as follows:
- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR20 million fund-based limit: 'IND BB+'; Outlook Stable;
rating withdrawn
- INR33 million non-fund-based limit: 'IND A4+'; rating withdrawn

  Ratings
  -------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD      INR20m
Non-Fund Based Working Capital Limit   WD      INR33m


KUDROW SBL: ICRA Assigns B+ Rating to INR1.07cr PTC Series A2
-------------------------------------------------------------
Ratings of Provisional [ICRA]A-(SO) and Provisional [ICRA]B+(SO)
have been assigned to PTC Series A1 and PTC Series A2
respectively, issued by Kudrow SBL IFMR Capital 2016 backed by a
pool of Small Business Loan receivables originated by Zen Lefin
Private Limited.

                  Amount    Maturity
   Facilities    (INR cr)   Date         Ratings
   ----------    --------   --------     -------
   PTC Series A1   11.37    April 2019   Provisional [ICRA]A-(SO)
   PTC Series A2    1.07    April 2019   Provisional [ICRA]B+(SO)

The provisional ratings are subject to the fulfillment of all
conditions under the structure, review of documentation
pertaining to the transaction by ICRA, confirmation of the yield
on the PTCs, and the receipt by ICRA of a legal opinion on the
transaction documentation and the satisfactory due diligence
audit of the pool. The provisional ratings are based on the
strength of cash flows from the selected pools of contracts; the
credit enhancement available in the form of (i) cash collateral
of 9.00% of the pool principal to be provided by the Originator,
(ii) subordination of 15.00% of the pool principal for PTC A1 and
7.00% of the pool principal for PTC A2, and (ii) subordination of
entire Excess Interest Spread (EIS) in the structure; and the
integrity of the legal structure.

The pool consists of Small Business Loans (SBLs or SME loans as
referred to by Zen Lefin) (loans disbursed to small and medium
sized businesses) given by the Originator, Zen Lefin, which is an
NBFC2 operating in 13 states and the NCR. The pool consists of
monthly-paying loan contracts, with low to moderate seasoning and
a moderate residual tenure (30 months).

The Trust will issue two series of PTCs backed by the
receivables. The upfront purchase consideration to be paid by PTC
A1 to the Trustee will be 85.00% of the total pool principal i.e.
INR11.37 crore and that payable by PTC A2 to the Trustee will be
8.00% of the total pool principal i.e. INR1.07 crore.

The promised cashflow schedule for PTC A1 on a monthly basis will
comprise interest (at the pre-determined yield) on the o/s PTC
principal on each payout date and the entire principal on the
final maturity date. PTC A2 is subordinate to PTC A1. On each
payout date, all excess cashflow, after meeting the promised PTC
A1 Payouts, will be paid out to meet the expected PTC A1 by way
of accelerated principal amortization (to the extent of pool
principal billing) followed by interest payout to PTC A2. After
the maturity of PTC A1, interest payouts will be promised to PTC
A2 and all excess cashflows, after meeting the promised PTC A2
payouts, will be passed on to PTC A2 for its principal
acceleration. Therefore, actual tenure of the PTCs is expected to
be shorter owing to such acceleration.

Based on the analysis of the past performance of Zen Lefin's
Small Business Loan portfolio and the expected future performance
of the selected pool of loans, ICRA believes that the credit
support provided has been adequately sized to cover the credit /
liquidity risk in the transaction.

Zen Lefin Credit Pvt Ltd. (Trade name for the company is Capital
Float) is an NBFC which started its operations in 2013 by co-
founders Mr. Sashank Rishyasringa and Mr. Gaurav Hinduja. It
adopts a hybrid model to lend to SMEs using an online platform
whereby the company finances some proportion of the money from
its own balance sheet while the balance proportion is off-balance
sheet and is financed by the co-lenders which can be financial
institutions or HNIs. The current on-book portfolio comprises 80%
of the portfolio while the rest 20% is off-balance sheet
portfolio. As per the co-founders, they have chosen to work on a
hybrid model unlike pure marketplace model as the business model
is new and they would want to have some skin in the game
initially, to gain confidence from the co-lenders. The co-lender
(FIs & HNIs), Zen Lefin and the borrower have a tri-partite
agreement in every loan.

The company disburses three types of loans viz. E-commerce loans,
Uber loans and SME loans. In case of the SME loans, the company
disburses small business loans to small manufacturers, service
providers, retail businesses for tenure of 1-3 years. The E-
commerce finance loans are given to established merchants in the
e-commerce marketplace with tenure of 90 days to 180 days. The
Uber loans are given to Uber drivers for purchase of their own
vehicles and have tenure of 3-4 years.

As on March 2016, the company has a book-size of around Rs.133
crore and is present across 31 cities. The company reported a net
loss of around INR29 crore on a total asset base of INR133 crore
as on March 2016. The reported net-worth of the company stood at
around INR73 crore as on March 2016 after which the company has
raised Series B funding of INR170 crore in May 2016, thus
indicating a healthy capitalization profile. The SME loan
portfolio stands at INR90 crore as on March 2016. The major
states of operation where SME loans are disbursed are Karnataka,
Tamil Nadu, Delhi and Maharashtra which together account for
close to 67% of the portfolio. ICRA has a rating outstanding of
[ICRA]BBB-(Stable) for the long-term bank facilities and
subordinated debt programs of Zen Lefin.

This is the second pool of Zen Lefin to be rated by ICRA. The
first pool rated in Aug-16 has performed well with collection
efficiency close to 100% and negligible delinquencies till Sep-16
payouts.


LILA HOSPITALS: ICRA Suspends 'D' Rating on INR5.40cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR5.40 crore
term loans of Lila Hospitals Private Limited. The suspension
follows lack of co-operation from the company.


MAILAM SUBRAMANIYA: ICRA Suspends B+ Rating on INR13.7cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR13.70 crore long-term fund-based facilities and to the
INR3.30 crore unallocated limits of Mailam Subramaniya Swamy
Educational Trust. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of requisite
information from the company.

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


MVR GAS: ICRA Reaffirms B+ Rating on INR7.25cr LT Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR3.80 crore term loans and to the INR7.25 crore of fund
based facilities - cash credit . ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR2.67 crore non
fund based facility - Bank Guarantee. ICRA has assigned
[ICRA]B+/[ICRA]A4 to the INR0.78 crore of long term/short term
proposed facilities of MVR Gas.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, Term Loans    3.80      [ICRA]B+/Reaffirmed
   Long-term, fund based
   Facility-cash credit     7.25      [ICRA]B+/Reaffirmed
   Short-term, non-fund
   based facility-Bank
   Guarantee                2.67      [ICRA]A4/Reaffirmed
   Long term/Short term
   Proposed facilities      0.78      [ICRA]B+/[ICRA]A4 Assigned

The rating reaffirmation takes into account MVR's steady revenue
growth over the last three years on the back of buoyant demand
scenario. The rating also takes comfort from the established
track record of the concern with considerable experience of the
promoter in the LPG business; and the firm's long term
association with its major distributors. The ratings are further
supported by the moderate working capital intensity of the
concern and the higher demand for the LPG cylinders in the
residential segment.

The ratings are, however, constrained by the concern's small
scale of operations limiting its operational and financial
flexibility. The rating also factors in the high customer and
supplier concentration risks; moderate financial profile with
high gearing, moderate coverage indicators and negative free cash
flows. The operations remain susceptible to regulatory
restrictions imposed by government, fluctuations in crude-oil
prices and the risk of capital continuity associated with a
proprietorship concern.
Going forward, the firm's ability to scale up the volumes, while
maintaining margins, would be key rating considerations.

M/s.MVR Gas is a proprietorship concern, established in the year
1999 by Mr. B.V.Sadanand. The proprietor has an experience of 28
yrs in the oil and gas industry and looks after the entire
operations. The concern is engaged in the business of bottling
and marketing of LPG for domestic use as well for use in
commercial establishments such as hotels, restaurants and
industries. The concern purchases LPG from domestic suppliers,
does bottling in its own centre near Bangalore and supplies them
to end users through distributors.

Recent results
For FY2016, MVR reported a PAT of INR1.79 crore on an operating
income of INR39.21 crore, as against a PAT of INR0.72 crore on an
operating income of INR32.73 crore in FY2015.


N. N. ISPAT: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn N. N. Ispat
Pvt. Ltd.'s (NNPL) 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 NNPL.

NNPL's ratings:
- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR130 million fund-based limit: 'IND BB+'; Outlook Stable;
rating withdrawn
- INR150.5 million term loan: 'IND BB+'; Outlook Stable; rating
withdrawn
- INR80 million non-fund-based limit: 'IND A4+'; rating withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR130m
Non-Fund Based Working Capital Limit  WD      INR80m
Term loan                             WD      INR150.5m


NILA SANDROCK: CRISIL Cuts Rating on INR85MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nila Sandrock Granites Private Limited to 'CRISIL D' from
'CRISIL B/Stable'.

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

   Term Loan               85        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing term debt due to
insufficient cash accrual, as commercial operations were not
started as per schedule.

The company is exposed to risks related to stabilisation of its
stone-crushing unit. Moreover, the financial risk profile is
below average because of a small networth and high gearing.
However, it benefits from the extensive entrepreneurial
experience of its promoters.

NSPL was incorporated in 2011, promoted by Mr. Mahesh Jayantilal
Shah and Mr. Sudeesh Babu. The company has establised a stone-
crushing unit in Palakkad, Kerala; the unit started commercial
operations in November 2016.


PADMAVATI INFRA: ICRA Suspends B/A4 Rating on INR11.9cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B/A4 rating assigned to the INR11.90
crore, bank lines of Padmavati Infrastructure Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PADMAVATI STEELS: ICRA Suspends 'B' Rating on INR10cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR10.00 crore fund based limits of Padmavati Steels Limited.
ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR0.30 crore non-fund based limits of the
company. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


PNG TEXTILES: ICRA Suspends 'B' Rating on INR8cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR8 crore bank facilities of PNG Textiles Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the
company.


PRAGATI ELECTROCOM: CRISIL Raises Rating on INR100MM Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pragati
Electrocom Private Limited to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          61        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit            100        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      54        CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the company's business
and liquidity risk profile. During fiscal 2016, PEPL's revenue
grew to Rs 325.4 million from Rs 262.9 million in fiscal 2015. It
also successfully reduced its revenue concentration towards PSUs
(Public Sector Undertakings) by adding and increasing business
from private customers. As a result the working capital
requirement also improved as indicated by GCA (gross current
assets) of 238 days as on March 31, 2016, against 373 days a year
earlier. The improvement was on account of reduction in inventory
and receivables to 84 and 122 days, respectively, from 186 and
148 days, respectively. Liquidity profile of the company too
improved, reflected in reduction in bank limit utilisation to 48%
during the 11 months through November 2016, against 95% during
the 12 months through August 2015.

The financial risk profile remains comfortable because of low
gearing at 0.77 time as on March 31, 2016, and sufficient cash
accrual to meet maturing debt obligation. The financial risk
profile is expected to remain comfortable over the medium term in
the absence of any debt-funded capital expenditure plan.

The ratings reflect extensive experience of the promoters in the
power products industry and a comfortable capital structure.
These ratings strengths are partially offset by working capital-
intensive operations, muted debt protection metrics, and modest
networth.
Outlook: Stable

CRISIL believes PEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of substantial improvement in revenue and
margins, and a better working capital cycle. The outlook may be
revised to 'Negative' in case of lower-than-expected revenue or
margins, a further stretch in the working capital cycle, and/or
large, debt-funded capital expenditure, leading to deterioration
in the financial risk profile.

PEPL was incorporated in 2002, promoted by Mr. Virendra Kumar.
The company manufactures and supplies power conditioning
instruments; automation, energy management, and power protection
products; and telecom and transmission towers, for various
industries. It is based in Gurugram, Haryana.


PUNDRIKAKSH GRANITES: ICRA Suspends B+ Bank Loan Rating
-------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR33.31 crore bank facilities of Pundrikaksh Granites
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in absence of requisite information
from the company.


R. K. NATURAL: CRISIL Assigns B+ Rating to INR68MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of R. K. Natural Fibre Private Limited and has
assigned its 'CRISIL B+/Stable' rating to its long-term
facilities. The rating was suspended by CRISIL vide rating
rationale dated September 15, 2016, since RKNFPL had not provided
the necessary information required for a rating review. The
company has now shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             68        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      22        CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects RKNFPL's below-average financial risk profile
because of a small networth, high gearing, and weak debt
protection metrics, modest scale of operations in a competitive
industry, and exposure to changes in raw cotton (kapas) prices
and government policies. These weaknesses are partially offset by
the extensive experience of its promoters and proximity to
Gujarat's cotton-growing belt, which ensures regular supply.
Outlook: Stable

CRISIL believes RKNFPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if higher-than-expected cash accrual
or fresh capital infusion leads to a better capital structure and
hence financial risk profile. The outlook may be revised to
'Negative' if lower revenue and cash accrual, stretch in working
capital cycle, or any unexpectedly large capital expenditure
further weakens financial risk profile, especially liquidity.

RKNFPL, based in Bodeli (Gujarat), is owned and managed by the
Patel family. The company gins and presses raw cotton to make
cotton bales. It sells the cotton bales to various traders and
the cotton seeds to various oil mills in the vicinity of the
plant.


RAWALWASIA STEEL: CRISIL Suspends B+ INR120MM Cash Credit Rating
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Rawalwasia Steel Plant Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120      CRISIL B+/Stable

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

RSPPL, incorporated in 1989, manufactures galvanised steel pipes
and tubes, Electric resistance welding (ERW) black pipes, and
hot-rolled steel strips. Its manufacturing facility in Hisar
(Haryana) has an installed capacity of about 15,000 tonnes per
annum. Currently, the plant is operating at 60 to 62 per cent
utilisation levels. The company is promoted by Mr. Dinesh
Aggarwal along with his family members.


RBC INDUSTRIES: Ind-Ra Withdraws 'IND B-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RBC Industries
Pvt. Ltd.'s Long-Term Issuer Rating of 'IND B-'. 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.

The company's ratings are as follows:
- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
withdrawn
- INR95.576 million proposed long-term loans: 'Provisional IND B-
'; Outlook Stable; rating withdrawn
- INR25 million proposed fund-based working capital limits:
'Provisional IND B-'; Outlook Stable; rating withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR25m
Term loan                             WD      INR95.576m


RITA INTERNATIONAL: Ind-Ra Affirms 'IND B' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rita
International's (Rita) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable. The agency has also affirmed Rita's INR80
million fund-based limit at 'IND B' with a Stable Outlook.

KEY RATING DRIVERS

The ratings remain constrained by Rita's weak credit metrics and
tight liquidity. Interest coverage (operating EBITDAR/gross
interest expense + rents) was 1.3x in FY16 (FY15: 1.4x), net
financial leverage (total adjusted net debt/operating EBITDAR)
was 8x (7.4x) and EBITDA margins were 4.6% (4.3%). The company's
average use of working capital limits peaked around 100% during
the six months ended October 2016 due to a long working capital
cycle of 130 days. Moreover, ratings are constrained by the
proprietorship nature of business.

However, the ratings are supported by the proprietor's more than
a decade-long experience in the carpet manufacturing business.

RATING SENSITIVITIES

Positive: Sustained improvement in liquidity and credit metrics
will be positive for the ratings.

Negative: Further deterioration in liquidity and credit metrics
will be negative for the ratings.

COMPANY PROFILE

Rita was established by Pankaj Shukla in 2010 as a proprietorship
concern in Varanasi. The entity manufactures handmade carpets.

  Ratings
  -------
Long Term Issuer Rating               IND B/Stable
Fund Based Working Capital Limit      IND B/Stable    INR80m


RLJ CONCAST: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RLJ Concast
Private Limited's (RLJ) '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 RLJ.

Ind-Ra suspended RLJ's ratings on June 17, 2016.

RLJ's ratings:
- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating withdrawn
- INR150 million fund-based limits: 'IND BB-(suspended)'/
  'IND A4+(suspended)'; ratings withdrawn
- INR280 million term loans: 'IND BB-(suspended)'; rating
withdrawn
- INR20 million non-fund-based limits: 'IND A4+(suspended)';
rating 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      INR20m
Term loan                             WD      INR280m


RUKMANI INFRA: ICRA Suspends 'D' Rating on INR15.39cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR15.39 crore term loans, INR10 crore cash credit and
INR4.61 crore unallocated limits of Rukmani Infra Projects
Private Limited. ICRA has also suspended the short term rating of
[ICRA]D assigned to the INR22 crore non fund based bank facility
of RIPPL. The above unallocated limits of INR4.61 crore which was
rated at [ICRA]D on the short term scale, also stands suspended.
The suspension follows lack of cooperation from the company.


RUNWAL AGRI: CRISIL Suspends 'B' Rating on INR100MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Runwal
Agri Tech.

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

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

RAT, incorporated in April 2014, provides cold storage of
horticulture and agriculture produce like raisins, turmeric,
tamrid and chilly. The cold storage facility is located in
Bijapur (Karnataka). The commercial operation will commence from
April, 2015. The firm's day-to-day operations will be managed by
Mr. Rajesh Runwal.


SAFAR POLYFIBRE: ICRA Assigns 'B/A4' Rating to INR12cr Loan
-----------------------------------------------------------
ICRA has assigned ratings of [ICRA]B and [ICRA]A4 to the INR12.00
crore unallocated limits of Safar Polyfibre Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
  Unallocated Limits       12.00        [ICRA]B/A4; Assigned

The ratings are constrained by the project implementation and
execution risks associated with the Greenfield project of Safar
Polyfibre Private Limited. The project is still at its nascent
stage and is expected to commence operations from July 2017.
Although funding is adequate, ICRA notes that the financial
profile will remain stretched, given the debt-funded nature of
the project's capex and high-debt repayment scheduled from
January 2018. The ratings are also constrained by SPPL's presence
in the highly competitive technical textile industry. Moreover,
the company is expected to face stiff competition from
established players.

The ratings, however, positively factors in the experience of the
promoters in plastics and related businesses. ICRA notes the
favourable demand prospects for RPSF, driven by its varied
applications and cost competitiveness. The locational advantages
accruing to the company for raw material procurement as well as
marketing its final product are other rating comforts.
With SPPL yet to set up its manufacturing facility, ICRA expects
SPPL to increase its debt within the next 7-8 months as the
commercial production is expected to commence from Q2 FY2018. The
credit metrics are stretched - the projected gearing ratio is 4.7
times - and they are expected to remain the same in the near-to-
medium term due to the large debt-funded capex. SPPL's ability to
execute the project on time and achieve optimum capacity
utilisation will be crucial to ensure timely servicing of its
debt obligations. Furthermore, the ratings also consider the
susceptibility of SPPL's profitability, post commissioning, to
volatility in VPSF prices. This expected particularly in a
declining price scenario, wherein RPSF realisations are at a
discount to VPSF prices (which are driven by crude oil and cotton
prices). Moreover, SPPL's raw material (PET waste) cost would be
driven by its own demand-supply dynamics.

Safar Polyfibre Private Limited was incorporated in February
2016. Currently, it is setting up a Greenfield project that would
manufacture Recycled Polyster Stable Fibres (RPSF) using waste
polyethylene terephthalate (PET) bottles as raw material at
Village Kuchiyadad in Rajkot, Gujarat. The proposed installed
production capacity of the unit is 50 tonnes per day.

SPPL is promoted by Mr. Hitesh Bhalodiya, Mr. Nilesh Bhalodiya
and Mr. Paresh Bhalodiya, along with seven other directors. The
promoters have two decades of experience in manufacturing various
plastics products from virgin material and scrap. With industry
knowledge and an existing network of plastic scrap & PET waste
suppliers, the promoters have ventured into SPPL to diversify
into the business of RPSF manufacturing. The promoters also have
a vast experience of other sectors such as construction, trading
of grit, stones, pesticides and manufacturing of wall tiles,
among others.


SAMRAT GEMS: Ind-Ra Upgrades Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Samrat Gems
Impex Pvt Ltd's (SGIPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects the improvement in SGIPL's scale of
operations. During FY16, SGIPL's revenue increased to INR1,218
million from INR668 million in FY15 on account of the execution
of existing and new work orders. On 14 December 2016, the company
had an unexecuted order book of INR417.23m which is likely to be
executed by February 2017.

However, the company's credit profile remain moderate as
reflected in its interest coverage of 1.3x in FY16 (FY15: 0.3x;
FY14: 1.3x) and net leverage of 6.5x (43.8x; 10.5x) along with
EBITDA margin of 4.7% (1.3%; 5.1%). SGIPL's performance
deteriorated during FY15 due to a fire in its office premises
which hampered its overall operations.

Moreover, SGIPL's liquidity position has been moderate as
reflected in its 90.3% average use of the working capital limits
during the 12 months ended November 2016.

The ratings however continue to be supported by the three decades
of experience of SGIPL's founders in manufacturing readymade
garments and the company's strong customer base.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the overall credit metrics will be
positive for the ratings.

Negative: Deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

SGIPL was incorporated in 1984, by Shyamlal Sharma and Rajiv
Sharma, its present directors. The company's registered office is
in Mumbai and its manufacturing units are in Bangalore and
Bhiwandi.

SGIPL manufactures and exports ready-made garments to retailers.
Its customers include Toys R Us, Punto FA, Scotch and Soda,
Inditex Group (brand - Pull & Bear) and Fallabella De Columbia.
The company also trades fabrics in the domestic market.

SGIPL's ratings:

- Long-Term Issuer Rating: upgraded to 'IND BB'; Outlook Stable
from 'IND BB-'; Outlook Stable
- INR299.5 million fund-based limits (increased from INR239.5
million): upgraded to 'IND BB'; Outlook Stable from 'IND BB-';
Outlook Stable; affirmed at 'IND A4+'
- INR50 million non-fund-based limits (increased from INR30
million): affirmed at 'IND A4+'
- INR8.4 million term loan: 'IND BB-'/Stable; ratings withdrawn
  as the limits were paid in full

  Ratings
  -------
Long Term Issuer Rating               IND BB/Stable
Fund Based Working Capital Limit      IND BB/Stable    INR299.5m
Fund Based Working Capital Limit      IND A4+          INR299.5m
Non-Fund Based Working
Capital Limit                         IND A4+          INR50m
Term loan                             WD               INR8.4m


SIVASRI ENGINEERING: ICRA Withdraws B+/A4 Rating on INR2.5cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+/A4 outstanding on
INR2.50 crore bank facilities of Sivasri Engineering Private
Limited and the short term rating [ICRA] A4 is put on notice of
withdrawal outstanding on INR5.50 crorei facilities of the
company at the request of the Company. As per ICRA's policy, the
ratings will be withdrawn after one month from the date of this
withdrawal notice.

Sivasri Engineering Private Limited was incorporated in 2004 by
converting from a partnership firm to a private limited company.
The partnership firm "Sivasri Industries" started undertaking
fabrication contracts from heavy engineering manufacturers since
1980. The company's business operation includes metal
fabrication, machining and metal stamping. The end products of
the company are used as an assembly component by heavy
engineering manufacturers. The company has four manufacturing
facilities located in and around Chennai, Tamil Nadu.

SEPL's major customer is Schwing Stetter India Private Limited.
The company is involved in the manufacturing and fabrication of
sub assemblies for ready mix concrete plants and mixers. The
company has a manufacturing facility appurtenant to Schwing
Stetter India Limited, Tamil Nadu. SEPL caters to fabrication of
compact plants for ready mix concrete i.e. CP301 and CP18 and
Mobile Mixing plant- M1.


SRI DURAIAPPA: ICRA Suspends 'B' Rating on INR9cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the INR9.00
bank facilities of Sri Duraiappa Agency. The suspension follows
ICRA's inability to carry out a rating surveillance due to non
cooperation from the entity.


SRI DURAIAPPA & CO: ICRA Suspends 'B' Rating on INR11cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the
INR11.00 bank facilities of Sri Duraiappa & Co. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non cooperation from the entity.


SRI DURAIAPPA STORES: ICRA Suspends 'B' Rating on INR6.0cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the INR6.00
bank facilities of Sri Duraiappa Stores. The suspension follows
ICRA's inability to carry out a rating surveillance due to non
cooperation from the entity.


SRISHTI INFRASTRUCTURE: ICRA Suspends B+ Rating on INR11cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and the
short-term rating of [ICRA]A4 assigned to the INR11.00 crore bank
facilities of Srishti Infrastructure Ltd. The suspension follows
ICRA's inability to carry out rating surveillance in the absence
of requisite information from the company.

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


SURYA VIJAY: CRISIL Assigns B+ Rating to INR20MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities Surya Vijay Saw Mill and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the facilities. CRISIL had
suspended the ratings on January 30, 2015, as SVSM had not
provided the necessary information for a rating review. SVSM has
now shared the requisite information, enabling CRISIL to assign
ratings to the firm's bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit       100        CRISIL A4 (Assigned;
                                      Suspension Revoked)

The ratings reflect the firm's modest scale of operations in an
intensely competitive industry, and susceptibility of the firm's
operating margin to volatility in raw material prices and foreign
exchange (forex) rates. These rating weaknesses are partially
offset by the firm's moderate financial risk profile, albeit
constrained by its small net worth, and the extensive industry
experience of its promoters.
Outlook: Stable

CRISIL believes that SVSM will benefit over the medium term from
its promoters' extensive experience in the timber trading
industry. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations, coupled with an
improvement in profitability, resulting in a significant and
sustainable improvement in its cash accruals. Conversely, the
outlook may be revised to 'Negative' if the firm's working
capital management weakens, thereby constraining its liquidity
profile; or if the firm undertakes a large debt-funded capital
expenditure programme, thus causing its financial risk profile to
decline.

SVSM was set up in 2000 as a proprietorship firm by Mr. Dayalal
M. Patel and family. It is engaged in the processing and trading
of timber.


UNIPEL CORPORATION: ICRA Suspends B+ Rating on INR1.75cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR1.75-crore long-term fund-based facilities and the short-
term rating of [ICRA]A4 assigned to the INR4.75 crore short-term
fund based facilities of Unipel Corporation. ICRA has also
suspended the long-term/short-term rating of [ICRA]B+/A4 assigned
to the unallocated limits of INR0.5 crore of Unipel Corporation.
The suspension follows ICRA's inability to carry out a rating
surveillance due to non-cooperation from the company.
According to ICRA's suspension policy, it may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


VISHAL PAPER: CRISIL Suspends B+ Rating on INR62.5MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vishal
Paper Mills Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable

   Long Term Loan          30        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      62.5      CRISIL B+/Stable

   SME Credit               2.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
VPML with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VPML is yet to
provide adequate information to enable CRISIL to assess VPML'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 1985, VPML manufactures duplex paper board with
application across garment boxes, pharmaceutical boxes, sweet
boxes and ice cream boxes. The company is based in Malerkotla
(Punjab).


VISHHRAM NLP: CRISIL Suspends 'D' Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vishhram NLP Associates.

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

   Term Loan               60        CRISIL D

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

VNA was set up in November 2012 as a partnership firm and is
engaged in residential real estate development. It is currently
undertaking a real estate development project, Daffodil Greens,
with 240 flats in Daund.


WALLMARK CERAMIC: ICRA Lowers Rating on INR4.44cr Loan to 'B'
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR4.44-
crore term loan facility and the INR2.00-crore working capital
facility of Wallmark Ceramic Industry to [ICRA]B from [ICRA]B+.
It has also reaffirmed the short-term rating of [ICRA]A4 on the
INR1.10-crore non-fund based limits of WCI.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund-based-Working      2.00      [ICRA]B; Revised from
   Capital                           [ICRA]B+, suspension revoked

   Fund-based-Term
   Loan                    4.44      [ICRA]B; Revised from
                                     [ICRA]B+, suspension revoked

   Non-fund Based-BG       1.10      [ICRA]A4; Re-affirmed,
                                     suspension revoked

The ratings revision takes into account WCI's limited track
record of operations and lower-than-estimated revenue in FY2016,
the first full year of operations, primarily on account of weak
domestic demand scenario and limited product diversification. The
ratings are constrained by the firm's weak financial profile
evident from losses at net levels, leveraged capital structure
and subdued debt coverage indicators. The ratings are further
constrained by inadequate cash accruals in FY2016 to meet the
debt repayment obligations. The ratings take into account the
high competition in the ceramic tile industry due to the presence
of large established organised tile manufacturers and unorganised
players. ICRA also takes note of the dependence of the company's
operations and cash flows on the performance of the real estate
industry and its vulnerability to adverse movements in prices of
key input materials and gas prices.

The ratings, however, favorably factor in the experience of the
partners in the ceramics business as well as WCI's locational
advantage, giving it easy access to raw materials. ICRA further
notes that the declining gas prices will result in considerable
savings in fuel cost and is expected to alleviate cost pressures
to some extent.

ICRA expects WCI's turnover to decline in FY2017 and remain
stagnant over the next two to three years, considering the
current demand scenario and lower realisations in the ceramic
industry, mainly in wall tiles segment. The profitability at net
levels is expected to improve, however, resulting from lower
depreciation and finance costs as a consequence of term loan
repayments. Meeting the high repayment obligations against the
likely lower cash accruals would be important to the credit
metrics. Furthermore, the firm's ability to increase the scale of
operations and manage its working capital efficiently would be
the key rating sensitivities.

Established in October 2013, Wallmark Ceramic Industry (WCI) is
owned and managed by five partners headed by Mr. Balvantbhai
Ambani and Mr. Mangalbhai Ambani. It manufactures digitally
printed wall tiles of three sizes i.e. 10"X15", 12"X12"and
12"X18", which find wide application in commercial as well as
residential buildings. WCI commenced operations in November 2014.
The promoters have six to seven years of experience in the
ceramic tiles business. The manufacturing facility, located at
Morbi in Gujarat, has an installed manufacturing capacity of
21375 Metric Tonnes Per Annum (MTPA) of wall tiles.

Recent Results
On March 31, 2016, the firm reported an operating income of
INR5.72 crore with a net loss of INR0.97 crore. Furthermore, the
firm has booked revenue of INR2.76 crore till October 31, 2016
for FY2017 as per the provisional unaudited financials.


WOVEN FABRIC: CRISIL Assigns B+ Rating to INR55.3MM LT Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Woven Fabric Company. Ratings reflect WFC's
modest scale of operations and weak financial risk profile marked
by high gearing and modest networth. These weaknesses are
partially offset by promoter's extensive industry experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     55.3       CRISIL B+/Stable

   Packing Credit         25.0       CRISIL A4

   Long Term Loan          3.7       CRISIL B+/Stable

   Bank Guarantee          2.0       CRISIL A4

   Cash Credit            14.0       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that WFC will benefit over the medium term from
its promoter's extensive experience in the textile sector. The
outlook may be revised to 'Positive' in case of a significant
growth in its revenues and net cash accruals while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenues or significant
debt-funded capital expenditure, resulting in further weakening
of its debt protection metrics.

Woven Fabric Company (WFC) is a Mumbai based partnership firm
incorporated in 2007 by Mr. Thomas T. Olickal, Mr. Sanjay Agrawal
and Mr. Jomon Antony. WFC is engaged in manufacturing and export
of Readymade Garments (RMG) and Fabric to gulf countries. The
firm has its manufacturing facility located in Thane and also
outsources.



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


BUMIPUTERA: Still Looking for White Knight
------------------------------------------
Reuters reports that Indonesian authorities seeking to shore up
troubled life insurer Bumiputera have had little luck in finding
a strategic investor and engineering a backdoor listing,
increasing the likelihood that some form of state aid may have to
be considered.

Reuters relates that despite restructuring under the stewardship
of Indonesia's Financial Services Authority (OJK) since 2013, the
century-old firm still has liabilities of around IDR20 trillion
(SGD2.2 billion), more than assets worth IDR13-14 trillion,
according to its statutory manager.

According to Reuters, pressure on Bumiputera, formally known as
Asuransi Jiwa Bersama Bumiputera 1912, has begun to mount with
plans for its backdoor listing marred by confusion while there
has been no sign that approaches to foreign insurers are paying
off.

Reuters says failure to resolve problems for a firm with 6.7
million policyholders - many of them civil servants - could also
pour cold water on growth prospects for Indonesia's
underdeveloped life insurance sector, where foreign companies
have bought stakes in domestic firms in the last few years.

"A potential government bailout, maybe in part if there should be
some other solutions, might have to be seriously considered," the
report quotes Peter Meyer, services committee chair at the
American Chamber of Commerce in Indonesia, as saying.  Mr. Meyer
has around 30 years of experience in Indonesia's insurance
industry.

Reuters notes that financial authorities stressed they are doing
their utmost to make sure Bumiputera's woes are resolved without
government funds, scarred in part by the public furore that
erupted over a taxpayer bailout of lender Bank Century in 2008.

"We are trying our best such that not a single cent has to come
from the government to overcome this," Adhie Massardi,
Bumiputera's OJK-appointed statutory manager, told Reuters.

But he also said state-owned enterprises including insurer PT
Taspen have been sounded out about subscribing to a rights issue
that will be part of the planned backdoor listing, Reuters
relays.

Taspen is analysing Bumiputera's financial condition and business
prospects but has not made a decision yet, investment director
Iman Firmansyah told Reuters.

Reuters relates that Lucky Bayu Purnomo, an analyst at Danareksa
Sekuritas, said he felt a government bailout may be a last
resort. "The government had a bitter experience when it bailed
out Bank Century for IDR6.7 trillion. It has to look for other
ways of restructuring."

Foreign companies approached by Bumiputera in the last few months
include Hong Kong's FWD Group, the UK's Prudential Plc and South
Korea's Hanwha Life Insurance Co Ltd, Massardi and Dumoly
Pardede, an official at the regulator, told Reuters.

FWD walked away from talks with Bumiputera mainly due to concerns
about its liabilities, Reuters relates citing a person with
direct knowledge of the matter.  A FWD spokesman declined to
comment while Massardi said he had no knowledge of FWD walking
away, says Reuters.



=========
M A C A U
=========


MELCO CROWN: S&P Puts 'BB' CCR on CreditWatch Negative
------------------------------------------------------
S&P Global Ratings said that it had placed its 'BB' long-term
corporate credit rating and 'cnBBB-' long-term Greater China
regional scale rating on Melco Crown (Macau) Ltd. on CreditWatch
with negative implications.  S&P also placed its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating on the senior unsecured notes that MCE Finance Ltd. issued
on CreditWatch with negative implications.  Melco Crown
guarantees the notes.

At the same time, S&P placed its 'BB-' long-term corporate credit
rating on Studio City Co. Ltd., S&P's 'BB-' long-term issue
rating on the company's senior secured notes, and S&P's 'B' long-
term issue rating on the senior unsecured notes that Studio City
guarantees on CreditWatch with negative implications.  S&P also
placed its 'cnBB+' long-term Greater China regional scale rating
on Studio City and its senior secured notes, and the 'cnBB-'
rating on the senior unsecured notes on CreditWatch with negative
implications.

"We placed the ratings on Melco Crown on CreditWatch after the
company's ultimate parent Melco International Development Ltd.
agreed to purchase 13.4% of the issued shares of Melco Crown
Entertainment Ltd. (MCE) for about US$1.2 billion," said S&P
Global Ratings credit analyst Sophie Lin.

"The share purchase will likely be debt funded, and we expect
that it could significantly increase Melco International's debt
leverage and weaken its consolidated credit metrics.  Melco
International's refinancing plan for the debt-funded share
purchase and its financial policy for the group and its
subsidiaries are unclear to us."

After the share purchase, Melco International's stake in MCE will
rise to 51.3% from 37.9% and its number of directors on MCE's
board will increase to four from three.

A deterioration in the credit profile of Melco International will
likely constrain the ratings on Melco Crown.  That's because
Melco International could have control over Melco Crown's
strategy and cash flow via MCE.  MCE is the group's core and most
important cash-generating subsidiary.  Melco International is the
parent of MCE, and the ultimate parent of Melco Crown and Studio
City, the rated entities.

S&P estimates that Melco International group's ratio of adjusted
debt to EBITDA will increase to 4.0x-5.0x following the debt-
funded share purchase, from 3.0x-4.0x as of June 30, 2016.  This
estimate assumes Melco International's consolidation of MCE from
the beginning of the year.

A deterioration in Melco Crown's creditworthiness will also
pressure S&P's rating on Studio City, in which MCE owns 60%.  The
rating on Studio City is three notches higher than its stand-
alone credit profile (SACP), reflecting S&P's anticipation of
extraordinary group support from MCE.  S&P do not expect any
material change in Studio City's SACP from the proposed
transaction.

"We aim to resolve the CreditWatch within the next three months
once we have more information to assess Melco International's
credit profile, its financial policy, and its control over the
cash flow and strategy of its key subsidiaries," said Ms. Lin.

S&P could lower its ratings on Melco Crown if S&P believes that
MCE's credit profile is not severable from Melco International's,
and that the group's consolidated credit profile will weaken due
to the share purchase.

S&P could affirm the ratings on Melco Crown if it believes that
Melco International does not have control over MCE's cash flow
and strategy, or MCE's financial performance and debt payment
capability are highly independent of Melco International.  S&P
could also affirm the ratings on Melco Crown if S&P assessed that
the group's credit profile will not weaken following the share
acquisition.

S&P could affirm or lower its rating on Studio City if S&P takes
the same action on Melco Crown.



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


AFS TOTAL: Chow Brothers Buy Firm From Receivership
---------------------------------------------------
Stuff.co.nz reports that millionaire property magnates the Chow
brothers have been forced to buy a fire services company to
protect a bank loan they bought earlier this year.

Stuff.co.nz says Michael and John Chow, with their business
partner Clint Webber, made a quick decision to buy AFS Total Fire
Protection after the Inland Revenue Department threatened to put
the company into liquidation on Dec. 16.

In a statement, the Chow's company Inno Capital said it bought
AFS' bank debt and was working to buy the company, the report
relates. But when Inland Revenue advised it would seek to
liquidate the company, Inno Capital appointed receivers to
protect its loan.

According to the report, the Chows and Webber confirmed they had
reached agreement with receivers Damien Grant and Steven Khov
from Waterstone Insolvency to buy the assets of the business.

Stuff.co.nz relates that Mr. Webber said it was important to act
with urgency for AFS's clients.

"If we'd let the company go into liquidation a lot of businesses
would have been left with an uncertain fire protection and
monitoring service over the summer holiday period," the report
quotes Mr. Webber as saying.  "I can assure all AFS clients right
now that the business will continue without interruption."

Stuff.co.nz relates that John Chow said the quick decision to buy
the company before Christmas was "influenced strongly" by wanting
to give more than 50 staff some certainty during the holiday
break.  However, John Chow said the jobs could not be guaranteed
until the company's books were fully reviewed.

"Our end goal is to bring AFS back as a major player in the fire
protection services industry," Mr. Webber, as cited by
Stuff.co.nz, said.

AFS Total Fire Protection designs, builds and installs fire
protection systems to making sure building complies with fire
regulations.  AFS has offices in Auckland, Wellington, Tauranga
and Christchurch. Clients include AMP, Auckland Transport and
DHL.


MARTINI MECHANICAL: Receivers Still Looking for Some Plants
-----------------------------------------------------------
Lee Scanlon of Westport News reports that the receivers for
Westport heavy machinery repair company, Martini Mechanical, are
still looking for some of the company's plant 18 months after it
went bust.

Martini Mechanical, owned by Westport couple Gillian and Scott
Martini, ceased trading and went into receivership in May last
year following the couple's relationship breakdown, the report
discloses.

The company went into liquidation five months later at the
instigation of the Inland Revenue Department, Westport News
discloses.

Westport News relates that the third receiver's report, in June
this year, said receivers Rodgers Reidy had been unable to locate
a number of items of plant and equipment. They had engaged a
private investigator and laid a complaint with police.

According to Westport News, the latest report said police had
executed a search warrant at a North Canterbury rural property
and found company assets valued at about NZ$25,000, which were
subsequently sold at public auction.

The report said the receivers were still looking for some items
of the company's plant, including a 2008 Toyota Forklift, a 2005
bobcat skid-steer loader and a 50-tonne workshop press. The plant
used to be located at the company's Derby Street premises, relays
Westport News.

A police investigation into the whereabouts of the plant was
ongoing, says Westport News. Anyone who had the items, or knew
where they were, should contact Geoff Brown --
gbrown@rodgersreidy.co.nz

Westport News adds that the report said the receivers had
previously located and taken possession of 11 vehicles owned by
the company. One vehicle was repossessed. The remaining 10 were
sold at public auction or privately.

Martini Mechanical still owes about NZ$360,000, not including
interest, to the Bank of New Zealand, the Inland Revenue
Department, and unsecured creditors, adds Westport News.



                             *********

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 ***