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                      A S I A   P A C I F I C

          Monday, December 26, 2016, Vol. 19, No. 255

                            Headlines


A U S T R A L I A

ALLSTATE COMMUNICATIONS: First Creditors' Meeting Set for Jan. 5
ALM COMMUNICATIONS: First Creditors' Meeting Set for Jan. 5
AUSGROUP LTD: Warns of Potential Default on SGD110MM Bonds
BOWER PROJECTS: First Creditors' Meeting Set for Jan. 6
LANDFILL LOGISTICS: Racecourse Contractor Placed in Liquidation

LIFESTYLE PHOTOGRAPHERS: Fined AUD1.1MM; Ordered to Refund
LM INVESTMENT: Directors Not Found to Have Breached Duties
MHM AUSTRALASIA: First Creditors' Meeting Set for Jan. 3

C H I N A

HONGHUA GROUP: Proposed Share Placement No Impact on Moody's CFR
LOGAN PROPERTY: Moody's Assigns B1 Rating to Proposed USD Bond
YINGDE GASES: Moody's Lowers CFR to B3 Due to High Liquidity Risk

I N D I A

AKANKSHA SALES: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
BHOORATHNOM CONSTRUCTION: CRISIL Ups Rating on INR140MM Loan to C
CHARCHCO ELECTRONICS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
CHETAN ALLOYS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
CROWN STEEL: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

DELTA CROP: CRISIL Assigns B+ Rating to INR50MM Cash Loan
DHEEPTI SPICES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
G.M. DALUI: CRISIL Lowers Rating on INR50MM Cash Loan to B-
G.VENKATESHWAR REDDY: CRISIL Lowers Rating on INR50MM Loan to B+
ISKCON STRIPS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

J P POLYMERS: CRISIL Assigns 'B' Rating to INR30MM LT Loan
K S VENKATRAMAN: CRISIL Reaffirms B+ Rating on INR120MM Loan
KASEGAON EDUCATION: CRISIL Ups Rating on INR126MM Loan to B+
KESHVI DEVELOPERS: CRISIL Cuts Rating on INR300MM Loan to 'D'
MAMONI COLD: CRISIL Assigns 'B-' Rating to INR70MM Cash Loan

MILLENIUM BUILDHOME: CRISIL Assigns B+ Rating to INR150MM Loan
MISTRY CONSTRUCTION: Ind-Ra Withdraws 'IND D' LT Issuer Rating
N.N. GLOBAL: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
NATURAL TECHNOFAB: CRISIL Assigns 'B' Rating to INR47.3MM Loan
NILACHAL CARBO: Ind-Ra Withdraws 'IND D' Long term Issuer Rating

POLYPET FLEXIBLE: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
PREMIER POWER: Ind-Ra 'IND BB' Withdraws Long-Term Issuer Rating
RELIANCE COMMUNICATIONS: Moody's B1 CFR Still Under Review
RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR150MM Bill Disc.
SARASWATHY ENTERPRISERS: CRISIL Suspends B- Long Term Loan Rating

SEA HAWK: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHIVA SHREE: CRISIL Raises Rating on INR31.7MM Loan to B-
SHAKUNTALA WAREHOUSE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
SHANTI ISPAT: Ind-Ra Withdraw 'IND B+' Long-Term Issuer Rating
SHOBHA RICE: CRISIL Assigns 'B+' Rating to INR15MM Cash Loan

SHREE PRITHVI: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
SHREE RAJ: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
SHREE SHYAM: CRISIL Suspends B+ Rating on INR40MM Corp. Loan
SHRI MAHABIR: Ind-Ra Upgrades Long Term Issuer Rating to IND BB+
SIMPLON CERAMIC: CRISIL Reaffirms 'B' Rating on INR70MM Loan

SINGHAL COMMODITIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
SPS YARNS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
SRI GAJPATI: CRISIL Raises Rating on INR29.7MM Loan to 'B+'
SUDARSHAN BEOPAR: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
SUMER SONS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating

SUMIT PRAGATI: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
SUNLITE INDUSTRIES: Ind-Ra Affirms 'IND B+' LT Issuer Rating
SUNSHINE VEGETABLES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
SUPER JEWELLERS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
SUPREME INFRASTRUCTURE: Ind-Ra Affirms 'IND D' LT Issuer Rating

TEXORANGE CORPORATION: Ind-Ra Withdraws 'IND BB+' Issuer Rating
THENPANDIAN TEXTILE: CRISIL Reaffirms B+ Rating on INR118MM Loan
TRIDEV ISPAT: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
TRINITY INFRAPARK: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
UDAYA SHETTY: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating

P H I L I P P I N E S

COMMUNITY RURAL: Creditors Has Until Jan. 20 to File Claims

S I N G A P O R E

SERRANO LTD: Court Declares Chief Executive Bankrupt

S O U T H  K O R E A

HANJIN SHIPPING: To Sell Stake in U.S. Terminal to MSC

V I E T N A M

DUNG QUAT: Industry Ministry Considers Bankruptcy for Shipyard


                            - - - - -


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


ALLSTATE COMMUNICATIONS: First Creditors' Meeting Set for Jan. 5
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Allstate
Communications Pty. Ltd. will be held at the offices of
Australian Institute of Company Directors, Level 23 Westpac
House, 91 King William Street, in Adelaide, South Australia, on
Jan. 5, 2017, at 15:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Allstate
Communications on Dec. 21, 2016.


ALM COMMUNICATIONS: First Creditors' Meeting Set for Jan. 5
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of ALM
Communications Pty Limited will be held at Hall Chadwick
Level 10, 575 Bourke Street, in Melbourne, Victoria, on
Jan. 5, 2017, at 11:30 a.m.

Richard Albarran, Brent Kijurina and David Ross of Hall Chadwick
were appointed as administrators of ALM Communications on Dec.
21, 2016.


AUSGROUP LTD: Warns of Potential Default on SGD110MM Bonds
----------------------------------------------------------
The Straits Times reports that AusGroup Limited has warned that
it could default on the SGD110 million bonds that it was trying
to restructure.

The report relates that the Singapore-listed company said Dec. 23
it was trying to obtain Australian government approval to allow
it to pledge its Port Melville facility in the Northern Territory
as security to affected note holders.

This collateral is part of the offer tabled to push back the date
of the notes' maturity, the report says.  According to the
report, the firm filed a request in September to extend the
maturity date for the 7.45% notes by two years to 2018. While
note holder consent was obtained in October, the process has
stalled over a delay in obtaining written ministerial approval.

The Straits Times says the approval is expected from a department
overseeing indigenous affairs as the facility was built on land
owned by Aboriginals. It was needed by Dec. 19, but AusGroup said
it was told on Dec. 16 that the minister in charge "would be away
from Dec. 16 to early January".

"It would be an event of default if such default is capable of
remedy and it is not remedied by Jan 18," AusGroup noted in a
filing to the Singapore Exchange on Dec. 23, the report relays.

"The company is currently working closely with the (relevant)
department, and the department has advised that it is certainly
possible to obtain all consents by Jan 18."

The Strait Times notes that AusGroup is one of several oil and
gas companies that have run into financial problems because of
weak oil prices.

Last month, it reported a net loss of AUD2.16 million (SGD2.24
million) for the three months ended Sept 30, due partly to an
AUD1.3 million one-off fee incurred by the exercise to seek note
holder consent, The Strait Times discloses.

However, AusGroup managing director Eng Chiaw Koon told The
Straits Times that the problem that it is facing in Australia
should not alarm the note holders.

"To begin with, it is not clear whether we needed that consent,
especially since we already won the approval from the land
council representing the Aboriginals in the area," the report
quotes Mr. Eng as saying. "We are making this announcement more
out of the spirit of good governance, as we are quite certain we
can acquire that consent in time."

Beyond this latest episode of uncertainty, AusGroup's future is
challenging but not yet in peril, Mr. Eng told The Strait Times.

"Obviously, the situation in the oil and gas industry is very
fluid and nothing is ever guaranteed, but we are still operating
normally and still generating revenue."

AusGroup Ltd (SGX:5GJ) -- http://www.agc-ausgroup.com/--
provides fabrication and manufacturing, construction,
scaffolding, insulation, painting, refractory and maintenance
services to natural resource development companies in Australia,
Singapore, and Thailand.


BOWER PROJECTS: First Creditors' Meeting Set for Jan. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
Bower Projects Australia Pty Ltd and Bower Projects Queensland
(Residential) Pty Ltd will be held at the offices of Sofitel
Sydney Wentworth, 61-101 Phillip Street, in Sydney, on Jan. 6,
2017, at 2:00 p.m.

Trevor Pogroske and Philip Campbell-Wilson of Ernst & Young were
appointed as administrators of Bower Projects on Dec. 22, 2016.


LANDFILL LOGISTICS: Racecourse Contractor Placed in Liquidation
---------------------------------------------------------------
Jorge Branco at Brisbane Times reports that the company at the
centre of a wages stoush at a premier racetrack redevelopment
where two workers died has gone under owing millions of dollars.

Brisbane Times relates that multiple subcontractors went unpaid
at the Eagle Farm Racecourse project with claimed debts in the
hundreds of thousands of dollars as Landfill Logistics struggled
to stay afloat.

They were holding weekly protests outside the track's AUD37
million infield stable redevelopment, calling on lead developer
Criscon and the Brisbane Racing Club to step in and pick up the
tab, according to the report.

The report says both companies paid small amounts to various
subcontractors but wouldn't take responsibility for the full
bill, saying the contracts were between Landfill and the
subcontractors.

Two small business owners were worried they would be out of
business by Christmas, the report states.

On Dec. 12, the earthworks company faced its second application
for liquidation in less than a month, this time over a AUD44,000
debt to commercial cleaning machine company Sweepers, the report
discloses.

According to the report, the company's lawyer blamed Criscon for
the problems, claiming the principal contractor owed it about
half a million dollars.

Criscon's Michael Crisci refused to comment, hanging up when
questioned by Fairfax Media on the debt claims, the report adds.


LIFESTYLE PHOTOGRAPHERS: Fined AUD1.1MM; Ordered to Refund
----------------------------------------------------------
Eloise Keating at SmartCompany reports that a photography
business that sold baby and child portraits in shopping centres
around the country has been ordered to refund all of its
customers over a two-year period and pay a fine of
AUD1.1 million, following court action by the consumer watchdog.

According to SmartCompany, the Australian Competition and
Consumer Commission initiated legal proceedings against Lifestyle
Photographers, trading as Expression Sessions, in September 2015,
alleging the businesses engaged in misleading and unconscionable
conduct during 2012 and 2014.

SmartCompany relates that the ACCC said at the time Expression
Sessions offered prospective customers free photographs of their
children without the need to enter contracts, despite requiring
customers to do exactly that in order to receive the photographs.

Expressions Sessions was accused of using unfair tactics and
undue pressure when seeking to sell its products and offering
unfair contract terms. The ACCC said the business did not provide
clear and accurate information about its contract terms and
targeted vulnerable consumers, the report says.

The Federal Court found in the ACCC's favor and imposed a penalty
of AUD1.1 million on the business, SmartCompany recalls.

SmartCompany relates that Expressions Sessions has also been
ordered to write to all customers that purchased photographs from
the business between 2012 and 2014 and offer them refunds.

However, it is not clear where the funds will come from in order
to pay the penalty imposed by the court as Lifestyle
Photographers Pty Ltd sold the Expression Sessions business to a
related company, Easy Payments Pty Ltd, in December 2015 before
entering voluntary administration, the report notes.

The report says the ACCC included Easy Payments Pty Ltd in the
proceedings and the court made orders against both companies.

A spokesperson for the ACCC told SmartCompany the regulator will
"seek to enforce the penalty against the liquidators of Lifestyle
Photographers".

According to notices lodged with the Australian Securities and
Investments Commission, the company was subject to a deed of
company arrangement as of July 2016, and a final dividend from
the company was expected to be declared by August 26, adds
SmartCompany.


LM INVESTMENT: Directors Not Found to Have Breached Duties
----------------------------------------------------------
The Federal Court on Dec. 23 found that Peter Charles Drake,
Francene Maree Mulder and Eghard van der Hoven did not breach
their duties as directors of LM Investment Management Ltd (LMIM).

Australian Securities and Investment Commission had alleged that
Mr. Drake used his position to gain an advantage for himself and
that each of the former directors of LMIM breached their
director's duties by failing to act with the proper degree of
care and diligence regarding transactions involving the LM
Managed Performance Fund (MPF), an unregistered managed
investment scheme with about 4,500 investors.

The MPF loaned funds to Maddison Estate Pty Ltd, to complete a
property development on the Gold Coast known as 'Maddison
Estate'. ASIC's case focused on a decision of the directors to
extend the loan in 2012.

ASIC said it is reviewing the Court's decision and has no further
comment at this time.

LMIM was the responsible entity for seven registered managed
investment schemes as well as the trustee for MPF. More than
AUD400 million was invested in MPF. In total, LMIM was
responsible for managing at least AUD800 million on behalf of
approximately 12,000 investors in Australia and overseas.

ASIC's claim against Simon Ticker and Lisa Darcy was dismissed by
consent on Sept. 12, 2016.

ASIC has taken other action and has been involved in other court
proceedings arising out of the collapse of LMIM.


MHM AUSTRALASIA: First Creditors' Meeting Set for Jan. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
MHM AUSTRALASIA PTY. LIMITED will be held at the offices at
Rodgers Reidy, Level 2 Trafalgar Square, 230 Clarence Street, in
Sydney, on Jan. 3, 2017, at 11:00 a.m.

Robert Boyce Moodie, Andrew Barnden and Will Griffiths of Rodgers
Reidy were appointed as administrators of MHM Australasia on
Dec. 22, 2016.



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HONGHUA GROUP: Proposed Share Placement No Impact on Moody's CFR
----------------------------------------------------------------
Moody's Investors Service says that Honghua Group Limited's
proposed share placement -- if it goes ahead -- is credit
positive, but will not immediately impact the company's Caa1
corporate family and Caa2 senior unsecured bond ratings.

The ratings outlook remains negative.

On December 19, 2016, Honghua announced that it had entered into
subscription agreements to place: (1) 1.606 billion new shares
with China Aerospace Science and Industry Corporation (CASIC,
unrated); and (2) 508 million new shares with Jianhong Capital
Fund I L.P. (unrated). This transaction is subject to shareholder
and regulatory approvals.

If the share placement is successful, CASIC, a central
government-owned entity, will become Honghua's single largest
shareholder, with an ownership share of 29.99%.

The share placement will provide the company with net proceeds of
about HKD1.62 billion (RMB1.45 billion). The company plans to use
50% of the net proceeds to repay its debt and the remaining for
its general working capital.

"The share placement, if completed successfully, will improve the
company's weak liquidity position," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

Moody's estimates that if the transaction goes through, Honghua's
unrestricted cash and bank deposits to short-term debt will
improve to 97.2% from 32.7% at end-June 2016.

CASIC's part ownership in Honghua would also potentially help
Honghua enhance its access to funding, given CASIC's state-owned
enterprise background.

"The share placement would also enhance Honghua's equity base and
reduce modestly its debt leverage," adds Lu.

However, Honghua's leverage will stay high - at 18.0x in terms of
its pro forma adjusted debt/EBITDA, even though this result would
be down from the 21.3x seen for the 12 months ended 30 June 2016
- due to its very weak EBITDA. The company's high debt leverage
poses a major credit challenge to the company.

Moody's will continue to monitor whether or not the share
placements are completed and how the new major shareholder will
facilitate the company's operations and access to funding.

Moody's notes that Ally Giant Limited (unrated) and Concert
Group's ownership in Honghua will fall to 28.2% from 46.6% after
the completion of the transaction. The lower ownership shares
could raise the risk of triggering the change of control covenant
in the issuer's USD200 million notes due 2019. The covenant
requires either a 30% minimum shareholding, or for Ally Giant
Limited and Concert Group to represent Honghua's largest
shareholder. If such a covenant is triggered, the notes may have
to be repaid.

Moody's believes that such a repayment risk is low, given
Honghua's improved liquidity position and potential increased
ability to access funding, based on CASIC's shareholding.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Honghua Group Limited listed on the Stock Exchange of Hong Kong
in 2008. It is a wholly owned and major subsidiary of Sichuan
Honghua Petroleum Equipment Co., Ltd. (unrated). It was formerly
known as Chuanyou Guanghan Honghua Co. Ltd., which was founded in
1997.

Honghua Group manufactures land-based drilling rigs and
equipment, offshore drilling platforms, and equipment packages.
It also engages in oil and gas engineering services.


LOGAN PROPERTY: Moody's Assigns B1 Rating to Proposed USD Bond
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed USD bond to be issued by Logan Property
Holdings Company Limited and guaranteed by some of its
subsidiaries.

Moody's has also affirmed Logan Property Holdings Company
Limited's Ba3 corporate family rating and the B1 senior unsecured
ratings of the bonds issued by the company -- USD 250 million due
2017, USD300 million due 2019 and USD260 million due 2020.

The ratings outlook is stable.

The proceeds from the proposed USD bond are intended mainly to
refinance Logan Property's existing debt.

RATINGS RATIONALE

"If the proposed bond is issued, Logan Property's debt maturity
profile will improve," says Anthony Lee, a Moody's Analyst and
the Lead Analyst for Logan Property.

Moody's does not expect any negative financial impact from the
proposed bond, given its main purpose is for debt refinance.

The affirmation of the company's Ba3 corporate family rating is
based on Moody's expectation of an improvement in its debt
leverage over the next 12-18 months.

Logan Property's debt leverage -- as measured by revenue to
adjusted debt -- is weak for its Ba3 corporate family rating, as
it stood at 56% for the 12 months to 30 June 2016, mainly due to
its material amount of land acquisitions in 1H 2016.

However, the company's debt leverage is expected to improve to
around 70%-80% over the next 12-18 months, based on estimated
revenue growth of 30%-40% and lower debt growth of 10%-15%.

The higher revenue and lower debt growth is in turn based upon
the expectation that the company will reduce land acquisitions
and will recognize more revenue from strong contracted sales in
2016.

Moody's notes that the company achieved a year-on-year 51.3%
increase in contracted sales to RMB26.9 billion during January-
November 2016. This supports higher revenue growth in the
foreseeable future.

Logan Property's Ba3 corporate family rating reflects its proven
track record of developing mass-market residential properties in
the provinces of Guangdong and Guangxi, as well as in Shenzhen.

The rating also considers Logan's higher-than-rated peer average
gross profit margin, supported by its strong cost management and
low cost land bank. Its gross margin was 30.3% in 1H 2016.
Accordingly, its EBIT interest coverage ratio was 3.1x for the 12
months to 30 June 2016. Moody's expects the ratio to improve to
3.3x-3.5x over the next 12-18 months. These levels are in line
with those of its Ba rated peers.

On the other hand, the rating is constrained by its geographic
concentration in Southern China and its high debt leverage.

Logan Property's liquidity position is strong. As of 30 June 2016
its cash to short-term debt was 177%, due to strong cash inflows
from its high growth in contracted sales.

The stable rating outlook reflects Moody's expectation that the
company will maintain strong contracted sales growth, a high
gross margin, a strong liquidity position, and high revenue
growth, but that it will also slow its land acquisitions.

Upward ratings pressure could emerge if the company: (1)
establishes a track record of stable contracted sales growth,
while maintaining its strong liquidity position and profit
margins; (2) grows in scale and improves its geographic
diversification; and (3) improves its debt leverage.

Credit metrics indicative of upward rating pressure include
homebuilding EBIT/interest coverage in excess of 3.5x, and
revenue/adjusted debt in excess of 85%-90%.

On the other hand, downward rating pressure could emerge if Logan
Property: (1) shows weak contracted sales growth, aggressive land
acquisitions, a weakening liquidity position, or declining profit
margins, or (2) a weakening in credit metrics.

Credit metrics that Moody's would consider for a downgrade
include: (1) cash/short-term debt below 100%-125%; (3)
homebuilding EBIT/interest coverage below 2.5x; or (3)
revenue/adjusted debt below 70%-75% on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Logan Property Holdings Company Limited, incorporated in the
Cayman Islands, was founded in 1996 in Shantou by Mr. Kei Hoi
Pang, the current chairman and one of the controlling
shareholders of the company.

The group engages in property development, with a focus on low-
to mid-market residential projects in Shenzhen and other cities
in the Pearl River Delta, Shantou in Guangdong, and Nanning in
Guangxi.

The Shenzhen-based company listed on the Hong Kong Stock Exchange
in December 2013. It is 77%-owned by the Kei family trust and Ms.
Kei Perenna Hoi Ting. Ms. Kei is a non-executive director of the
company and is the daughter of Mr. Kei.


YINGDE GASES: Moody's Lowers CFR to B3 Due to High Liquidity Risk
-----------------------------------------------------------------
Moody's Investors Service has downgraded Yingde Gases Group
Company Limited's corporate family rating to B3 from B2.

Moody's has also downgraded to Caa1 from B3 the senior unsecured
rating on the bonds issued by Yingde Gases Investment Limited and
guaranteed by Yingde Gases.

At the same time, Moody's has placed on review for further
downgrade Yingde Gases' B3 corporate family rating and the Caa1
senior unsecured rating on the bonds issued by Yingde Gases
Investment Limited and guaranteed by Yingde Gases.

RATINGS RATIONALE

"The downgrade to B3 of Yingde Gases' corporate family rating
reflects the high liquidity risk that it faces, and the
increasing probability of default on its offshore payment
obligations, if there are no immediate actions securing concrete
funding arrangements," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.

As mentioned in Moody's press release, dated 19 December 2016, if
Yingde Gases' share placement to Originwater Hong Kong
Environmental Protection Co., Limited (unrated) is completed,
such a situation would be credit positive for Yingde Gases,
because of the increased offshore funding to the company.

However, Moody's estimates that Yingde Gases' offshore funding
needs exceed the issuance amount. Moody's notes that the company
has yet to announce any measures to bridge the funding gap.

Moody's will continue to review the company's completion of its
new share issuance, alternative refinancing plans, and any
resolution of its dispute with shareholders.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

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



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AKANKSHA SALES: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Akanksha Sales
Promoters (India) Pvt Ltd's (ASPIPL) 'IND BB' Long-Term Issuer
Rating. The Outlook was Stable.

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

ASPIPL's ratings:
- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
   withdrawn
- INR70 million fund-based working capital limits: 'IND BB';
   rating withdrawn
- INR10.1 million term loans: 'IND BB'; rating withdrawn
- INR30 million non-fund-based working capital limits:
   'IND A4+'; rating withdrawn

Ratings
-------
Long Term Issuer Rating             WD
Fund Based Working Capital Limit    WD    INR70m
Non-Fund Based Working
Capital Limit                       WD    INR30m
Term loan                           WD    INR10.1m


BHOORATHNOM CONSTRUCTION: CRISIL Ups Rating on INR140MM Loan to C
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities
Bhoorathnom Construction Company Private Limited to 'CRISIL
C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          725       CRISIL A4 (Upgraded from
                                      'CRISIL D')
   Cash Credit             140       CRISIL C (Upgraded from
                                      'CRISIL D')

   Proposed Fund-Based      95       CRISIL C (Upgraded from
   Bank Limits                       'CRISIL D')

   Secured Overdraft        20       CRISIL C (Upgraded from
   Facility                          'CRISIL D')

   Term Loan                20       CRISIL C (Upgraded from
                                     'CRISIL D')

The upgrade reflects timely servicing of debt over the three
months through November 2016. The upgrade also factors in
CRISIL's belief that the company will continue to meet its debt
obligation in a timely manner, backed by sustained need-based
fund support from the promoters.

The rating reflects a modest scale of operations, large working
capital requirement, and exposure to intense competition in the
construction industry. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
construction industry, and a healthy order book providing medium-
term revenue visibility.

BCCPL was set up in 1972 by Mr. A B Madhav, Mr. A L Bhoorathnom,
and Mr. A L Rajashanker. The company undertakes water pipeline
and road construction projects for state and central government
agencies across India. It also manufactures pre-stressed
concrete, reinforced cement concrete, and mild steel pipes. The
company is based in Hyderabad.


CHARCHCO ELECTRONICS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Charchco
Electronics (India) Private Limited's Long-Term Issuer Rating of
'IND B+'. The Outlook was Stable. The agency has also withdrawn
the rating of 'IND B+' with a Stable Outlook on CEIPL's INR220
million fund-based limits.

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

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR220m


CHETAN ALLOYS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chetan Alloys
Private Limited's (CAPL) 'IND B+' Long-Term Issuer Rating. The
Outlook was Stable.

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

CAPL's ratings:
- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
   withdrawn
- INR200 million fund-based working capital limits: 'IND B+';
   Outlook Stable and 'IND A4'; ratings withdrawn

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR200m
Fund Based Working Capital Limit   WD   INR200m


CROWN STEEL: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of Crown Steel Company
continue to reflect Crown's small scale of operations, large
working capital requirement, highly leveraged capital structure,
and susceptibility to volatility in foreign exchange rates and
steel prices. These weaknesses are partially offset by the
extensive experience of promoters in the ship-breaking industry.

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

   Foreign Exchange
   Forward                  9.5     CRISIL A4 (Reaffirmed)

   Letter of Credit       425.0     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes Crown will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of substantial growth in revenue
and improvement in profitability, backed by an increase in ship-
breaking activity. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of any adverse movement
in steel scrap prices, resulting in an inability to recover the
cost of ships purchased, or in case of unfavourable movements in
foreign exchange rates, leading to substantial losses.

Crown, set up as a partnership firm in 1982, is managed by Mr.
Arvindbhai Shah. The firm undertakes ship-breaking at Alang
(Gujarat).


DELTA CROP: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Delta Crop Sciences Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Demand Loan              20       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       20       CRISIL B+/Stable

   Bank Guarantee           10       CRISIL A4

   Cash Credit              50       CRISIL B+/Stable

The rating reflects the PIPL's weak financial risk profile and
working capital intensive operation. The rating also reflects the
company's initial stages of operations resulting in modest
business risk profile. These weaknesses are partially offset by
experience of the promoters in the agricultural industry and
extensive network of organisers and distributers.
Outlook: Stable

CRISIL believes that DCSPL to benefit from the extensive industry
experience of its promoters in the agriculture industry. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations and profitability significantly on a
sustained basis thereby leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if adverse government regulations impact DCSPL's
operations or deterioration in working capital management or in
case of a 'larger-than-expected' debt funded capex thereby
leading to deterioration in its financial risk profile.

DCSPL established in 2007 is involved in the business of
production, processing and sale of hybrid seeds. The Company has
a seed processing facilities at Yediur near Bangalore and a
corporate office in Bangalore.


DHEEPTI SPICES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dheepti Spices
(DS) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.
The agency has also assigned DS's INR54 million fund-based
working capital limits a Long-term rating of 'IND B' with a
Stable Outlook and a Short-term rating of 'IND A4'.

KEY RATING DRIVERS

The ratings reflect DS's small scale of operations and weak
credit metrics. Revenue was INR247 million in FY16 (FY15: INR252
million), interest coverage (operating EBITDA/gross interest
expense) was 1.2x (1.3x) and net financial leverage (total Ind-Ra
adjusted net debt/operating EBITDA) was 8.1x (8x). EBITDA margin
remained stable at around 3% in FY16 (FY15: 2.9%). The company
has recorded INR125 million of revenue until 30 September 2016
and has an order book position of INR25 million, which will be
executed at end-December 2016.

The ratings factor in DS's comfortable liquidity position as
reflected by its average working capital limit utilisation of 66%
during the 12 months ended September 2016. The ratings are also
supported by the proprietor's more than a decade-long experience
in the spice processing industry.

RATING SENSITIVITIES

Positive: Any substantial growth in the top line, along with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

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

COMPANY PROFILE

Established in 2006, DS is a proprietorship firm primarily
engaged in the processing of kaspa peas. The firm's day-to-day
operations are managed by its founder, Mr. Amarnath Jeyaraj.

Ratings
-------
Long Term Issuer Rating            IND B/Stable
Fund Based Working Capital Limit   IND B/Stable   INR54m
Fund Based Working Capital Limit   IND A4         INR54m


G.M. DALUI: CRISIL Lowers Rating on INR50MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of G.M. Dalui and Sons Private Limited to 'CRISIL B-/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4 (Reaffirmed)

   Bill Discounting        40        CRISIL A4 (Reaffirmed)

   Cash Credit             50        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit        20        CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the financial risk
profile on account of deterioration in its capital structure on
account of stretch in working capital cycle. Gearing deteriorated
to 3 times as on March 31, 2016 from 1.7 times as on March 31,
2015; the same was on account of increase in gross current asset
(GCA) days to 464 days from 384 days which was mainly funded by
debt. Furthermore, bank limits were almost fully utilised during
the past 12 months through August 2016.

The ratings reflect GMDPL's below-average financial risk profile
because of a small net worth, high gearing, and weak debt
protection metrics. The rating downgrade also reflects
susceptibility of operating margins to volatility in raw material
prices and working capital intensive nature of operations. These
rating weaknesses are partially offset by established customer
relationships and a diverse end-user industry base.
Outlook: Stable

CRISIL believes GMDPL will continue to benefit over the medium
term from its established customer base and promoters' extensive
experience in the valves industry. The outlook may be revised to
'Positive' in case of sizeable growth in revenue and improvement
in profitability or improvement in working capital cycle leading
to a better financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile weakens,
most likely due to decline in revenues or profitability, or
stretch in working capital requirement.

GMDPL was set up in 2005 by Mr. Nirmal Kumar Dalui and his family
in Howrah (West Bengal). The company was founded to acquire a
family-owned partnership firm, which was eventually taken over by
GMDPL in April 2008. The company manufactures a range of valves
for water, irrigation, and power plants.


G.VENKATESHWAR REDDY: CRISIL Lowers Rating on INR50MM Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of G.Venkateshwar Reddy to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the short-term facility at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          70        CRISIL A4 (Reaffirmed)

   Cash Credit             50        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the firm's business risk
profile driven by a decline in sales. Sales volume was impacted
by delays in execution of existing orders and by intense
competition, leading to a 36% decline in revenue to INR512.9
million in fiscal 2016 from INR798.1 million in fiscal 2015.
Liquidity too weakened because of almost full utilisation of the
bank limit and capital withdrawal of INR37 million by the
proprietor. No large capital withdrawal is expected over the
medium term.

The ratings continue to reflect a modest scale of operations in
the intensely competitive civil construction industry, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of the
proprietor.
Outlook: Stable

CRISIL believes GVR will continue to benefit from the extensive
industry experience of its proprietor and its established
relationship with customers. The outlook may be revised to
'Positive' in case of an expansion in geographical reach,
diversification in customer base, significant increase in revenue
and profitability, and better working capital management, leading
to improvement in liquidity. The outlook may be revised to
'Negative' if there is a significant decline in revenue and
profitability, considerable delays in realisation of receivables,
or larger-than-expected debt-funded capital expenditure, thereby
weakening the financial risk profile, particularly liquidity.

GVR, set up as a proprietorship firm in 2002, undertakes
earthworks, canal lining, and civil construction works. The firm
is based in Warangal, Andhra Pradesh, and mainly executes orders
for the Andhra Pradesh Irrigation Department; it is registered as
a special-class contractor with Andhra Pradesh Irrigation & CAD
Department.


ISKCON STRIPS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Iskcon Strips
Private Limited (ISPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects a moderate scale of operations and credit
profile. In FY16, ISPL's revenue was INR871 million (FY15: 759.8
million), gross interest coverage (operating EBITDA/net interest
expenses) was 3.7x (2.9x), net financial leverage (total adjusted
net debt/ operating EBITDA) was 3.4x (4.2x) and operating EBITDA
margin was 3.1% (2.5%).

Its liquidity position was strong in FY16, indicated by 43.25%
use of working capital limits on average over the 12 months ended
October 2016.

The ratings are supported by the promoters' collective experience
of over one decade in the steel industry.

RATING SENSITIVITIES

Positive: A substantial improvement in scale of operations and
operating margin, as well as in other credit metrics, will lead
to a positive rating action.

Negative: Deterioration in operating margin, along with overall
credit metrics, will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2004, ISPL manufactures mild steel strips and
black pipes. The company is run by Mr Panna Lal Bansal and his
son Mr Ankush Banksal. Its manufacturing facility is in Raipur,
Chhattisgarh.

ISPL's ratings:
- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
- INR7.4 million long-term loans: assigned 'IND BB+'; Outlook
Stable
- INR 70 million fund-based limits: assigned 'IND BB+'; Outlook
Stable

Ratings
-------
Long Term Issuer Rating             IND BB+/Stable
Fund Based Working Capital Limit IND BB+/Stable    INR70m
Term loan                        IND BB+/Stable    INR7.4m


J P POLYMERS: CRISIL Assigns 'B' Rating to INR30MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of J P Polymers.

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

   Cash Credit             15        CRISIL B/Stable

   Letter of Credit        55        CRISIL A4

The ratings reflect JPP's small scale of operations in an
intensely competitive polymer trading business and below-average
financial risk profile because of small networth (Rs.11.3 million
as on March 31, 2016) and high total outside liabilities to
tangible networth (6.91 times as on March 31, 2016). These
weaknesses are mitigated by the extensive experience of partners
in the polymer trading business.
Outlook: Stable

CRISIL believes JPP shall benefit from the extensive experience
of partners. The outlook may be revised to 'Positive' if revenue
or operating margin increases substantially while sustaining its
working capital cycle.  Conversely, the outlook may be revised to
'Negative' if significant decline in revenue, or debt-funded
capex weakens the financial risk profile or in case of an
elongation in its working capital cycle.

Delhi-based JPP is a partnership firm set up in 1982; it trades
in polymers, primarily polyvinyl chloride resin. The firm's
operations are being managed by Mr. Abhishek Jindall and his
father, Mr. Ramesh Jindall.


K S VENKATRAMAN: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of K S Venkatraman and
Co. Private Limited continues to reflect KSV's modest financial
risk profile, marked by a small net worth and high gearing.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          130       CRISIL A4 (Reaffirmed)
   Cash Credit             120       CRISIL B+/Stable
                                        (Reaffirmed)

The ratings also reflect the company's exposure to intense
competition in the civil construction segment and its working-
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of KSV's promoters in the
civil construction industry.
Outlook: Stable

CRISIL believes that KSV will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
operating profitability while efficiently managing its working
capital requirements, leading to improved cash accruals.
Conversely, the outlook may be revised to 'Negative' if KSV
reports a sharp decline in its order book or profitability, or
its working capital requirements increase, or it undertakes a
large debt-funded capital expenditure.

KSV was incorporated in 1948 and is engaged in the civil
construction activities, primarily for factories and office
buildings. The company is being managed by Mr. Ramkumar and his
son, Mr. Ashwin Ramkumar.


KASEGAON EDUCATION: CRISIL Ups Rating on INR126MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Kasegaon Education Society to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               126       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that liquidity will improve
over the medium term because of increasing revenue with a
moderate and stable operating margin. Operating income increased
to INR1120 million in fiscal 2016 from INR967 million in the
previous fiscal, backed by improvement in occupancy level,
enhanced capacity, and moderate increase in fee structure.
Improving income along with control on fixed costs has led to a
better operating margin of 21.1% in fiscal 2016 against 13.0% in
the previous fiscal. Hence, there was significant improvement in
cash accrual to INR218 million from INR83 million. Furthermore,
better matching of debt obligation with fee receipts reduced cash
flow mismatch. Liquidity will remain supported over the medium
term by adequate cash accrual to meet debt obligation, and
maintenance of a substantial unencumbered bank balance amid
moderate debt-funded capital expenditure (capex) plans.

The rating reflects susceptibility to regulatory changes and to
intense competition in the education sector. These rating
weaknesses are partially offset by an established regional market
position and a moderate financial risk profile.
Outlook: Stable

CRISIL believes KES will continue to benefit over the medium term
from its established regional market position. The outlook may be
revised to 'Positive' if sustained cash accrual and better cash-
flow management lead to improved liquidity, while the capital
structure is maintained. The outlook may be revised to 'Negative'
if low cash accrual most likely because of low occupancy, larger-
than-expected debt-funded capex, or any adverse impact of
regulatory change weakens the financial risk profile, especially
liquidity.

KES was established in 1945 by the late Mr. Rajarambapu Patil. It
is registered as a society under the Society's Registration Act
XXI of 1860 and is further registered as a trust under Bombay
Public Trust Act, 1950. KES operates educational institutes,
including schools, junior colleges, and professional institutes,
across Sangli, Pune, and Mumbai, all in Maharashtra.


KESHVI DEVELOPERS: CRISIL Cuts Rating on INR300MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Keshvi Developers Private Limited to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               300       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects delays in repayment of term debt
obligations during the past few months. The delays are on account
of slow offtake for the ongoing project leading to lower cash
inflow. Improved offtake and timely implementation of the project
will drive cash inflow and hence remain key monitorables.

The company is susceptible to risks related to offtake for its
ongoing commercial project, and to cyclicality in the real estate
industry. These weaknesses are partially offset by the extensive
experience of its promoters in the real estate industry.

Incorporated in 2005, Mumbai-based KDPL is promoted by Mr. Kanji
Rita, Mr. Harilala Rita, Mr. Kamlesh Limbachiya, and Mr. Biren
Limbachiya. It develops real estate in Mumbai. The company is
currently undertaking a commercial project, Kenorita Business
Centre, at Jogeshwari in Mumbai; the project is expected to be
completed by April 2017.


MAMONI COLD: CRISIL Assigns 'B-' Rating to INR70MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Mamoni Cold Storage Private Limited.

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

The rating reflects a below-average financial risk profile
because of a weak capital structure, and exposure to intense
competition in the highly regulated and fragmented cold storage
industry in West Bengal. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes MCSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of substantial increase in profitability or
cash accrual or infusion of capital, leading to an improvement in
the financial risk profile, particularly liquidity, and in risk-
absorption capacity. The outlook may be revised to 'Negative' in
case of pressure on liquidity on account of delays in repayment
by farmers, considerably low cash accrual, or significant debt-
funded capital expenditure.

MCSPL provides cold storage services, primarily for potatoes, to
local farmers and traders on a rental basis. It has an aggregate
storage capacity of 23,310 tonne at its facility in the Paschim
Medinipur district of West Bengal.


MILLENIUM BUILDHOME: CRISIL Assigns B+ Rating to INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Millenium Buildhome Private Limited.

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

The ratings reflect exposure to project implementation related
risk accentuated by lower bookings and receipt of customer
advances. Ratings also factor in inherent risks and cyclicality
in real estate industry. These rating weaknesses are partially
mitigated by promoters' extensive experience and established
track record in construction and real estate industry.
Outlook: Stable

CRISIL expects MBPL to benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
higher than expected bookings and timely receipt of customer
leads to healthy cash inflows. The outlook may be revised to
'Negative' if there is a time and cost over-run in the on-going
projects or significant pressure on the company's liquidity due
to lower bookings and/or delays in receiving customer advances.

MBPL, incorporated in 2009, is engaged into real estate
development in Kota, Rajasthan. The company is promoted by Mr.
Ajay Bakliwal and Mrs. Usha Jain. It is currently developing a
project ' Millennium Apartment Residential Flats with about 120
residential units and 6 shops.


MISTRY CONSTRUCTION: Ind-Ra Withdraws 'IND D' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mistry
Construction Company Private Limited Long-Term Issuer Rating of
'IND D' 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 MCCPL.

MCCPL's ratings are as follows:

- Long-Term Issuer Rating: 'IND D'; rating withdrawn
- INR150 million cash-credit: Long-term 'IND D'; rating
   withdrawn

- INR340 million overdraft: Long-term 'IND D'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Cash Credit                            WD   INR150m
Non-Fund Based Working Capital Limit   WD   INR340m


N.N. GLOBAL: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn N.N. Global
Mercantile Pvt. Ltd.'s 'IND BB' Long-Term Issuer Rating. The
Outlook was Stable.

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

NNGMPL's ratings:

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

- INR300 million fund-based working capital limit: 'IND BB';
   Outlook Stable; rating withdrawn

- INR50 million non-fund-based working capital limit: 'IND A4+';
   rating withdrawn

Ratings
-------
Long Term Issuer Rating                  WD
Fund Based Working Capital Limit         WD   INR300m
Non-Fund Based Working Capital Limit     WD   INR50m


NATURAL TECHNOFAB: CRISIL Assigns 'B' Rating to INR47.3MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Natural Technofab.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      5.2       CRISIL B/Stable

   Cash Credit            37.5       CRISIL B/Stable

   Long Term Bank
   Facility               47.3       CRISIL B/Stable

The rating reflects the firm's initial phase of operations in the
competitive polythene woven bags industry and susceptibility to
fluctuations in waste paper prices. These weaknesses are
partially offset by advantageous location of plant and extensive
experience of promoters.
Outlook: Stable

CRISIL believes NTF will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely stabilisation of operations at the
proposed plant and higher-than-expected revenue and profitability
lead to substantial cash accrual. The outlook may be revised to
'Negative' if delays in commencing operations or lower-than-
expected cash accrual during initial phase puts pressure on
liquidity.

Established in 2016 as a partnership firm by Mr. Jagdish Panara
and Mr. Hitesh Gandhi, NTF is setting up a plant in Gujarat to
manufacture polythene woven sacks bags with capacity of 4320
tonne per annum. Production is expected to start from March 2017.


NILACHAL CARBO: Ind-Ra Withdraws 'IND D' Long term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nilachal Carbo
Metalicks Pvt Ltd Long term Issuer Rating of 'IND D'.

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

NCMPL's ratings:

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

- INR20 million fund-based limits: Long-term 'IND D'; rating
   withdrawn

- INR577.5 million term loans: Long-term 'IND D'; rating
   withdrawn

- INR123 million non-fund-based limits: 'Short-term IND D';
   rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR20m
Non-Fund Based Working Capital Limit   WD   INR123m
Term loan                              WD   INR577.5m


POLYPET FLEXIBLE: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Polypet
Flexible Packaging Pvt Ltd's 'IND B+' Long-Term Issuer Rating.
The Outlook was Stable.

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

Ind-Ra suspended PFPPL's ratings on March 2, 2016.

PFPPL's ratings:
- Long-Term Issuer Rating: 'IND B+(suspended)'; rating withdrawn
- INR97.5 million fund-based limits: 'IND B+(suspended)'; rating
   withdrawn
- INR31.5 million non-fund-based limits: 'IND A4(suspended)';
   rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR97.5m
Non-Fund Based Working Capital Limit   WD   INR31.5m


PREMIER POWER: Ind-Ra 'IND BB' Withdraws Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Premier Power
Products (Calcutta) Pvt. Ltd.'s Long-Term Issuer Rating of 'IND
BB'. The Outlook was Stable.

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

PPPCPL's ratings:

- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
   withdrawn
- INR68.3 million fund-based limit: 'IND BB'; Outlook Stable;
   rating withdrawn
- INR13.3 million term loan: 'IND BB'; Outlook Stable; rating
   withdrawn
- INR50 million non-fund-based limit: 'IND A4+'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR68.3m
Non-Fund Based Working Capital Limit   WD   INR50m
Term loan                              WD   INR13.3m


RELIANCE COMMUNICATIONS: Moody's B1 CFR Still Under Review
-----------------------------------------------------------
Moody's Investors Service says that Reliance Communications
Limited's (RCOM) B1 corporate family and senior secured ratings
remain on review for downgrade despite signing a binding
agreement with Brookfield Infrastructure (unrated) in relation to
the sale of RCOM's tower assets.

On December 21, 2016, RCOM announced a binding agreement for the
sale of 100% of its tower assets and related infrastructure to
affiliates of Brookfield Infrastructure Partners LP (unrated) and
its institutional partners for INR110 billion (USD1.6 billion),
which is in line with Moody's expectations.

The specified assets will be transferred from RCOM's wholly-owned
subsidiary, Reliance Infratel (unrated), into a separate new
company (TowerCo) that will be 100% owned and independently
managed by Brookfield Infrastructure.

At the same time, RCOM will receive class B non-voting shares in
TowerCo, providing a 49% economic upside interest in the tower
business, based on certain performance conditions being met.

However, no further clarity has been provided with respect to the
nature of these conditions.

While the signing of a binding agreement is credit positive, the
ratings remain under review for downgrade, because of RCOM's
announced transactions -- 1) de-merger of its wireless business;
and 2) sale of its telecommunications tower assets, which will
likely result in a structural reorganization across the group,
and recalibration of the credit risk for bondholders.

Both transactions are subject to approvals -- including from
shareholders, regulators and bondholders -- which are expected to
take 6-9 months to complete.

Moreover, there is still a lack of clarity on the cash flow
generating capabilities of some of RCOM's remaining businesses -
namely the enterprise and fiber optic business segments - because
the resulting leverage or cash flow positions following its
restructuring can only be estimated within wide bounds.

Moody's review will focus on: (1) timely progress in RCOM's
announced transactions, including regulatory approvals and
processes related to lender and bondholder consents, as required,
for the de-merger of the wireless business and the tower asset
sales; (2) assessing the credit quality and financial strength of
the remaining businesses, particularly as related to the
company's enterprise and fiber optic business; and (3) assessing
the effects of the proposed restructuring on the collateral
package for RCOM's USD bondholders.

Moody's will also evaluate the residual RCOM's business strategy.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Reliance Communications Limited (RCOM) is an integrated
telecommunications operator in India (Baa3 positive) with a
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited (B2 stable), the company also provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific, which need multi-national IP-based
solutions and connectivity.

RCOM is the fourth-largest mobile operator in India by number of
subscribers, which totaled 95.5 million or approximately 9.2% of
the total market share by subscribers at 31 August 2016,
according to the Telecom Regulatory Authority of India.


RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR150MM Bill Disc.
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ruksh Exim Pvt Ltd
continue to reflect the company's weak financial risk profile
marked by high gearing, its large working capital requirements,
and small scale of operations in the intensely competitive
finished leather industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill
   Discounting           150        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       20.5      CRISIL A4 (Reaffirmed)

   Packing Credit         80.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan      1        1.7      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of REPL's promoters in the finished leather industry.
Outlook: Stable

CRISIL believes that REPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
CRISIL, however, also believes that the company's financial risk
profile will remain constrained by large working capital
requirements during the period. The outlook may be revised to
'Positive' if REPL improves its capital structure and working
capital management or scales up its operations while maintaining
profitability. Conversely, the outlook may be revised to
'Negative' if REPL's liquidity or capital structure weakens or
its revenue or profitability declines, or if the company
undertakes a large debt-funded capital expenditure programme.

REPL, based in Kanpur (Uttar Pradesh), was set up in 2008 by Mr.
Iftikar Mohammad, his brother, Mr. Mohammad Shahid, and their
father, Mr. A Haque. REPL manufactures and exports finished
leather.


SARASWATHY ENTERPRISERS: CRISIL Suspends B- Long Term Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Saraswathy Enterprisers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          110       CRISIL B-/Stable

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

Established in 2005, SE operates a 4 star hotel in Coimbatore
(Tamil Nadu). The firm is promoted by Mr. N.Chinnaswamy and his
family.


SEA HAWK: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sea Hawk Agro
Private Limited (SAPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SAPL's moderate scale of operations,
moderate-to-weak credit metrics and tight liquidity position.
Revenue was INR707.37 million in FY16 (FY15: INR573 million),
EBITDA margins were 3.84% (3.19%), gross interest coverage
(operating EBITDA/gross interest expense) was 2.88x (FY15: 1.9x)
and net leverage (total adjusted net debt/operating EBITDA) was
2.58x (4.17x). The company's average use of fund-based limits
during the 12 months ended October 2016 was 98%.

The ratings, however, are supported by SAPL's directors' decade-
long experience in the oil milling industry.

RATING SENSITIVITIES

Positive: A significant growth in revenue and improvement in the
credit profile will lead to a positive rating action.

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

COMPANY PROFILE

SAPL was incorporated in 2013 as a wholly-owned subsidiary of Sea
Hawk Enterprises Private Limited. SAPL is engaged in oil milling
of rice bran crude oil in Aurangabad, Bihar. The crude oil is
further used by refineries and the by-product, de-oiled cake is
sold in the domestic market.

SAPL's Ratings:
- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
- INR38 million term loan: assigned 'IND BB'; Outlook Stable
- INR33 million fund-based working capital facilities: assigned
'IND BB'; Outlook Stable and 'IND A4+'


  Ratings
  -------
Long Term Issuer Rating               IND BB/Stable
Fund Based Working Capital Limit      IND BB/Stable      INR33m
Fund Based Working Capital Limit      IND A4+            INR33m
Term loan                             IND BB/Stable      INR38m


SHIVA SHREE: CRISIL Raises Rating on INR31.7MM Loan to B-
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Shiva Shree Builders to 'CRISIL B-/Stable' from
'CRISIL D'.

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

   Project Loan           19         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan              31.7       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term     29.3       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The upgrade reflects timely servicing of debt. Moreover, CRISIL
believes the company will continue to service its debt obligation
in a timely manner backed by steady cash flow from ongoing
projects and continued funding support from the promoters.

The rating reflects a below-average financial risk profile
because of a modest networth, a small scale of operations, and
exposure to inherent risks in the real estate sector. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes SSB will continue to benefit from the extensive
experience its promoters in the Tamil Nadu real estate
development segment. The outlook may be revised to 'Positive' in
case of strong growth in cash flow, most likely because of
earlier-than-expected completion of projects and sizeable sales
realisations from residential projects, and a better financial
risk profile. The outlook may be revised to 'Negative' if there
are any delays in completion of ongoing projects, or if these
projects are not sold at profitable rates, thereby weakening
liquidity.

SSB was set up in 1990, promoted by Mr. V Shivarajan and his
family members. The firm is currently developing residential real
estate projects in Coimbatore, Tamil Nadu.


SHAKUNTALA WAREHOUSE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shakuntala
Warehouse (SW) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. In addition, the agency has assigned SW's INR174
million fund-based facilities an 'IND B+' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect SW's moderate revenue base and weak credit
profile. In FY16, its revenue was INR322 million (FY15: INR271
million) and net financial leverage was (Ind-Ra adjusted net
debt/operating EBITDA) was 12.6x (20.6x), EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.3x
(1.9x) and EBITDA margin was 3.5% (1.8%).

SW's liquidity profile remains moderate. Its fund-based
facilities were utilised at an average of 67% over the 12 months
ended October 2016.

The ratings, however, are supported by the promoters' experience
of over two decades in the warehousing industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2006, SW is a partnership firm that provides
trading and warehousing services for rice and paddy. Based in
Obedullaganj, Madhya Pradesh, the firm owns a warehouse with an
annual storage capacity of 10,000 tonnes.

The firm is promoted by partners Mr Kamlesh Kumar Argal and Mr
Amitesh Argal, who share profits equally.

Ratings
-------
Long Term Issuer Rating            IND B+/Stable
Fund Based Working Capital Limit   IND B+/Stable   INR174m


SHANTI ISPAT: Ind-Ra Withdraw 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shanti Ispat
Limited's (SIL) '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 SIL.

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

SIL's Ratings:

- Long-Term Issuer Rating: 'IND B+(suspended)'; rating withdrawn
- INR60 million fund-based working capital limits:
  'IND B+(suspended)' and 'IND A4(suspended)'; ratings withdrawn
- INR29.29 million term loans: 'IND B+(suspended)'; rating
   withdrawn
- INR5 million non-fund-based working capital limits:
  'IND A4(suspended)'; rating withdrawn

  Ratings
  -------
Long Term Issuer Rating                 WD
Fund Based Working Capital Limit        WD      INR60m
Fund Based Working Capital Limit        WD      INR60m
Non-Fund Based Working Capital Limit    WD      INR5m
Term loan                               WD      INR29.29m


SHOBHA RICE: CRISIL Assigns 'B+' Rating to INR15MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shobha Rice Mill Private Limited.

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

The ratings reflect modest scale and capacities, vulnerability of
profitability to paddy conversion and government regulations, and
small networth owing to net losses. These weaknesses are
partially offset by the extensive experience of promoters, low
gearing, and above-average debt protection metrics.
Outlook: Stable

CRISIL believes SRMPL will maintain its business risk profile
over the medium term backed by its promoters' extensive
experience. The outlook may be revised to 'Positive' if a
substantial and sustained increase in scale of operations and
cash accrual, along with efficient working capital management,
improves the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected accrual, stretch
in working capital cycle, or any large, debt-funded capital
expenditure leads to deterioration in the financial risk profile,
particularly liquidity.

Incorporated in 1993, SRMPL mills non-basmati rice. The company
primarily mills rice on a jobwork basis for state government
departments and does very small proportion of own milling and
sales. The manufacturing facility is in Bhelwadih, Chhattisgarh.
The directors are Mr. Murlidhar Agarwal, and Mr. Har Prasad
Rathor, who also manages operations.


SHREE PRITHVI: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Prithvi
Alloys Pvt Ltd's (SPAPL) 'IND BB' 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 the company.

SPAPL's ratings:
- Long Term Issuer Rating: 'IND BB/Stable'; rating withdrawn
- INR60.27 million Term loans: 'IND BB/Stable'; rating withdrawn
- INR82 million fund-based working capital limit:
  'IND BB/Stable'; rating withdrawn
- INR50 million non-fund-based working capital limit: 'INDA4+';
  rating withdrawn

  Ratings
  -------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD      INR82m
Non-Fund Based Working Capital Limit   WD      INR50m
Term loan                              WD      INR60.27m


SHREE RAJ: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Raj
Fashion Fabrics (SRFF) 'IND D' Long-Term Issuer Rating.

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

SRFF's ratings:
- Long-Term Issuer Rating: 'IND D'; rating withdrawn
- INR57.84 million term Loans: 'IND D'; rating withdrawn
- INR10 million fund-based working capital limit: 'IND D';
  rating withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR10m
Term loan                             WD      INR57.84m


SHREE SHYAM: CRISIL Suspends B+ Rating on INR40MM Corp. Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Shyam Pipes Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4
   Cash Credit             30       CRISIL B+/Stable
   Corporate Loan          40       CRISIL B+/Stable
   Letter of Credit        15       CRISIL A4

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

SSPL was established in 1980 by Mr. Ajay Gupta. The company
manufactures copper pipes and copper tubular components. Its unit
in Noida (Uttar Pradesh) has a capacity of around 1800 tonnes per
annum. SSPL's products are used by manufacturers of air-
conditioners and refrigerators.


SHRI MAHABIR: Ind-Ra Upgrades Long Term Issuer Rating to IND BB+
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shri Mahabir Dyg
& Ptg Mills Pvt. Ltd.'s (SMDPM) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB'. The Outlook is Stable. The agency has also
upgraded the company's INR300m fund-based working capital limits
to 'IND BB+' from 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects the improvement in SMDPM's credit metrics to
moderate levels due to a reduction in working capital
requirements. In FY16, net financial leverage (total adjusted net
debt/operating EBITDA) was 4x (FY15: 4.9x and FY14: 5x) and
EBITDA interest coverage (operating EBITDA/gross interest
expenses) was 1.5x (1.5x and 1.3x). Also, although SMDPM's
revenue fell to INR916 million in FY16 from INR1,071 million in
FY15 due to few work orders, the scale of operations remains
moderate. Also, its profitability margins are moderate as
reflected by EBITDA margin of 7.2% in FY16 (FY15: 7.4% and FY14:
8.8%).

Ind-Ra expects an improvement in the scale of operations in FY17
based on the provisional 8MFY17 results which indicate revenue of
INR722.25 million.

The ratings also reflect SMDPM's comfortable liquidity profile
leading to its average 53.53% use of the working capital limits
over the 12 months ended November 2016.

The ratings are supported by over two decades of experience of
SMDPM's promoters in the cotton textile industry.

RATING SENSITIVITIES

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

Negative: A decline in the EBITDA interest coverage on a
sustained basis will be negative for the ratings.

COMPANY PROFILE

SMDPM was incorporated in 1982 and has a registered office in
Mumbai. The company manufactures sarees and dress materials at
its plant, which has an installed capacity for processing
1,00,000 meters of cloth per day.

The company's management comprises Subhash Kumar Ganeriwal, Saroj
S Ganeriwal, Naresh Kumar Agarwal and Shiv Prakash Agarwal.

Ratings
-------
Long Term Issuer Rating               IND BB+/Stable
Fund Based Working Capital Limit      IND BB+/Stable   INR300m


SIMPLON CERAMIC: CRISIL Reaffirms 'B' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Simplon Ceramic
Private Limited continue to reflect the modest scale of
operations, average financial risk profile and barely sufficient
cash accruals for debt repayments. These rating weaknesses are
partially offset by extensive experience of the company's
promoters in the ceramic industry, strategic location of its
plant at Morbi, Gujarat which ensures availability of raw
materials and labor and funding support from promoters in the
form of unsecured loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Reaffirmed)

   Cash Credit              20       CRISIL B/Stable (Reaffirmed)

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

   Term Loan                70       CRISIL B/Stable (Reaffirmed)

SCPL, reported  negative profit after tax (PAT) of INR1.4 million
on net sales of INR11.6 million for 2015-16 (refers to financial
year, April 1 to March 31). The company commenced commercial
operations in March, 2016 and reported net sales of about INR11.6
million in 2015-16. The company has already recorded a top line
of INR98.0 million till November 30, 2016 and the management
expects an overall sale of INR160-170 million for the entire
year.

The operations are expected to be working capital intensive with
inventory and debtors in the range of 50 and 70 days,
respectively. The financial risk profile is expected to be
average with 1.43 times gearing and moderate debt protection
indicators marked by expected interest coverage of 1.86 times and
net cash accruals to total debt of 0.11 times

Liquidity is weak, reflected in lower-than-anticipated cash
accrual against debt repayment and bank limit utilization of 80%.
However, promoters are expected to extend unsecured loans of
INR15 million in fiscal 2017 to meet debt obligation.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
ceramic industry. The outlook may be revised to 'Positive' if a
substantial increase in scale of operations and profitability
leads to higher-than-expected cash accrual. The outlook may be
revised to 'Negative' if lower-than-expected revenue or accrual
due to reduced profitability, stretch in working capital cycle,
or sizeable debt-funded capital expenditure further weakens
financial risk profile.

Incorporated in February 2015 and promoted by Mr. Ashvin
Bhoraniya and others, SCPL has set up a facility to manufacture
digital wall tiles.


SINGHAL COMMODITIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Singhal
Commodities Pvt Ltd's 'IND B+(suspended)' Long-Term Issuer
Rating. The Outlook was Stable.

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

The ratings were suspended in 20 April 2016.

SCPL's ratings:

- Long-Term Issuer Rating: 'IND B+(suspended)'; rating withdrawn
- INR50 million fund-based limits: 'IND B+(suspended)'; rating
   withdrawn
- INR5 million term loans: 'IND B+(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      INR50m
Non-Fund Based Working Capital Limit   WD      INR20m
Term loan                              WD      INR5m


SPS YARNS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SPS Yarns
Private Limited'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
- INR93.67 million long-term loans: 'IND B'; Outlook Stable;
  rating withdrawn
- INR34.5 million fund-based working capital limits: 'IND B';
  Outlook Stable; rating withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR34.5m
Term loan                             WD      INR93.67m


SRI GAJPATI: CRISIL Raises Rating on INR29.7MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Gajpati Foods Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Proposed Long Term       5.3      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               29.7      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects expected growth in revenue by around 25% in
fiscal 2017 following stabilisation of operations in fiscal 2016.
Working capital cycle is also efficiently managed, reflected in
gross current assets of 26 days as on March 31, 2016. Financial
risk profile is expected to remain steady over the medium term
because of consistent growth in networth and better capital
structure with term debt repayment.

The rating reflects SGFPL's modest scale of operations in the
flour milling industry and exposure to regulatory changes. These
weaknesses are partially offset by the extensive experience of
its promoters and efficiently managed working capital cycle.
Outlook: Stable

CRISIL believes SGFPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if increase in scale of operations
and cash accrual and efficient working capital management lead to
a better financial risk profile. The outlook may be revised to
'Negative' if low net cash accrual and stretched working capital
cycle weaken financial risk profile, especially liquidity.

Incorporated in 2009, SGFPL processes wheat into flour (atta),
refined wheat flour (maida), cattle feed (cokar), and semolina
(suji). Mill in Dhanbad, Jharkhand, has capacity of 144 tonne per
day. Operations are managed by Mr. Ashok Jaluka and Mr. Rajesh
Jaluka.


SUDARSHAN BEOPAR: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sudarshan
Beopar Company Limited's (SBCL) Long-Term Issuer Rating of 'IND
BB+'. The Outlook was Stable. In addition, the agency has
withdrawn the 'IND BB+' rating with a Stable Outlook on its
INR110 million fund-based limits.

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

Ratings
-------
Long Term Issuer Rating             WD
Fund Based Working Capital Limit    WD   INR110m


SUMER SONS: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sumer Sons
Autotech Private Limited's (SSAPL) 'IND B+(suspended)' Long-Term
Issuer Rating. The agency has also withdrawn the 'IND
B+(suspended)' and 'IND A4(suspended)' ratings on the company's
INR140 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 SSAPL.

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

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR140m
Fund Based Working Capital Limit      WD      INR140m


SUMIT PRAGATI: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sumit Pragati
Shelter LLP's (SPSL) Long-Term Issuer Rating of 'IND BB+'. The
Outlook was Stable. The agency has also withdrawn the rating of
'IND BB+' with a Stable Outlook on its INR275 million term loan.

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

Ratings
-------
Long Term Issuer Rating   WD
Term loan                 WD   INR275m


SUNLITE INDUSTRIES: Ind-Ra Affirms 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sunlite
Industries' (SI) Long-Term Issuer Rating at 'IND B+'. The Outlook
is Stable.

KEY RATING DRIVERS

The affirmation reflects SI's continuing small scale of
operations and moderate credit metrics. The firm's revenue
decreased 18.6% yoy in FY16 to INR342 million, on account of lack
of orders from customers. The firm has recorded revenue of
INR249.5 million till 8MFY17. However, EBITDA margins improved to
3.03% in FY16 from 1.87% in FY15 on account of product
diversification during the year. Consequently, net leverage
reduced to 4.7x in FY16 (FY15: 6.5x) and EBITDA interest coverage
increased to 2.3x (1.9x).

The ratings are supported by the company's comfortable liquidity
with the fund-based facilities being utilised at an average of
68.2% over the 12 months ended November 2016.

The ratings are also supported by the two-decade-long experience
of the company's promoters in manufacturing copper rods, wires
and other related products.

RATING SENSITIVITIES

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

Negative:A substantial decline in the profitability resulting in
sustained deterioration in overall credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Started in 2012 by Mr Prahladray Ramprasad Heda in Gujarat, SI
manufactures copper rods, wires, strips, flats and other related
products.

SI's ratings:

- Long-Term Issuer Rating: affirmed at 'IND B+'; Outlook Stable
- INR40 million fund-based working capital limit: affirmed at
   'IND B+'; Outlook Stable and 'IND A4'
- INR13.07 million long-term loans (reduced from INR14.8
   million): affirmed at 'IND B+'; Outlook Stable

Ratings
-------
Long Term Issuer Rating            IND B+/Stable
Fund Based Working Capital Limit   IND B+/Stable   INR40m
Fund Based Working Capital Limit   IND A4          INR40m
Term loan                          IND B+/Stable   INR13.07m


SUNSHINE VEGETABLES: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sunshine
Vegetables Private Limited (SVPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SVPL's small scale of operations with revenue
of INR108.67 million in FY16 (FY15: INR92.47 million) and weak
net leverage (total adjusted net debt/operating EBITDA) of 3.78x
(0.63x). The ratings are constrained by the company's
susceptibility to climate related risk.

The ratings, however, are supported by SVPL's strong interest
coverage (operating EBITDA/gross interest expense) of 6.07x in
FY16 (FY15: 15.46x) and comfortable operating margins of 15.30%
(6.19%). The ratings are further supported by comfortable
liquidity position as evident from around 65% utilisation of its
fund-based working capital limits during 12 months ended November
2016 and promoter's experience of more than two decades in the
agri business.

RATING SENSITIVITIES

Positive: Substantial revenue growth along with an improvement in
the profitability leading to improvement in the overall credit
metrics will lead to a positive rating action.

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

COMPANY PROFILE

SVPL was incorporated in 2009 and is engaged in carrot farming.
The company provides job work to local farmers. A major portion
of the produce is stored in leased cold storage for sale in later
months and the rest is immediately sold in the local market and
to retailers. The company has planned to start own cold storage
which will be operational from February 2017.

SVPL's Ratings:

- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
- INR70 million term loan: assigned 'IND BB-'; Outlook Stable
- INR15 million fund-based working capital facilities: assigned
  'IND BB-'; Outlook Stable and 'IND A4+'

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


SUPER JEWELLERS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Super Jewellers
Pvt. Ltd.'s (SJPL) 'IND B+(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn the 'IND B+(suspended)' and 'IND
A4(suspended)'ratings on the company's INR90 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 SJPL.

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

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR90m
Fund Based Working Capital Limit      WD      INR90m


SUPREME INFRASTRUCTURE: Ind-Ra Affirms 'IND D' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Supreme
Infrastructure India Ltd's (SIIL) Long-Term Issuer Rating at
'IND D'.

KEY RATING DRIVERS

The affirmation reflects SIIL's continuing delays in debt
servicing, as reported in the latest available annual report for
FY16. The issuer has not shared any further information with the
agency.

RATING SENSITIVITIES


Timely debt servicing for at least three consecutive months will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1983, SIIL is involved in the construction of
roads, building, bridges & flyovers, railway platforms, sewerage
systems and pipelines. During FY16, it reported standalone
revenue of INR12.1 billion (FY15: INR15.2 billion), EBITDA of
INR1.9 billion (INR2.5 billion) and gross debt of INR21.9 billion
(INR17.1 billion).

SIIL's ratings:

- Long-Term Issuer Rating: affirmed 'IND D'
- INR4,689 million term loans: affirmed at Long-term 'IND D'
- INR6,250 million cash credit facility: affirmed at Long-
  term/Short-term 'IND D'
- INR8,000 million non-fund-based limits:  affirmed at Long-
  term/Short-term 'IND D'

  Ratings
  -------
Long Term Issuer Rating                   IND D
Cash Credit                               IND D      INR6250m
Cash Credit                               IND D      INR6250m
Non-Fund Based Working Capital Limit      IND D      INR8000m
Non-Fund Based Working Capital Limit      IND D      INR8000m
Term loan                                 IND D      INR4689m


TEXORANGE CORPORATION: Ind-Ra Withdraws 'IND BB+' Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Texorange
Corporation Ltd.'s (TCL) 'IND BB+' Long-Term Issuer Rating with a
Stable Outlook. The agency has also withdrawn the 'IND BB+'
rating on the company's INR291.5 million fund-based limits.

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

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR291.5m


THENPANDIAN TEXTILE: CRISIL Reaffirms B+ Rating on INR118MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thenpandian
Textile India Pvt Ltd continues to reflect TTIPL's modest scale
of operations in the intensely competitive textile industry, and
average financial risk profile with small networth. These rating
weaknesses are partially offset by the extensive experience of
promoters in the textile industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              36      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        6      CRISIL B+/Stable (Reaffirmed)

   Term Loan               118      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TTIPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if a considerable increase
in scale of operations and stable profitability strengthen the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in cash accrual or stretch in working
capital cycle, or any large, debt-funded capital expenditure
leads to deterioration in the financial risk profile.

Incorporated in 2005, TTIPL manufactures grey fabric. It is based
in Namakkal, Tamil Nadu. Operations are managed by Mr. P Pandian,
and their family members.


TRIDEV ISPAT: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tridev Ispat
Private Limited's 'IND BB-' Long-Term Issuer Rating. The Outlook
was Stable.

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

TIPL's ratings:

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

- INR40 million fund based limit: 'IND BB-'; Outlook Stable;
   rating withdrawn

- INR11 million term loans: 'IND BB-'; Outlook Stable; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR40m
Term loan                          WD   INR11m


TRINITY INFRAPARK: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Trinity
Infrapark LLP's 'IND BB' Long-Term Issuer Rating. The agency has
also withdrawn the company's INR204.5 million fund based limit's
'IND BB' rating. The Outlook was Stable.

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

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR204.5m


UDAYA SHETTY: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Udaya Shetty'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 are as follows:

- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
  withdrawn
- INR55 million fund based limit: 'IND BB'; Outlook Stable;
  rating withdrawn
- INR30.2 million term loans: 'IND BB'; Outlook Stable; rating
  withdrawn
- INR45 million non-fund-based limits: 'IND A4+'; rating
  withdrawn

  Ratings
  -------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD      INR55m
Non-Fund Based Working Capital Limit  WD      INR45m
Term loan                             WD      INR30.2m



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


COMMUNITY RURAL: Creditors Has Until Jan. 20 to File Claims
-----------------------------------------------------------
All creditors of the closed Community Rural Bank of Dingras
(Ilocos Norte), Inc. have until Jan. 20, 2017 to file their
claims against the assets of the closed bank either personally or
by mail. Creditors refer to any individual or entity with a valid
claim against the assets of the closed Community Rural Bank of
Dingras and include depositors whose deposits exceed the maximum
deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims either personally or by mail. Claims may be filed
personally at the PDIC Public Assistance Center located at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
in Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Meanwhile,
claims filed through mail must be addressed to Mr. Oliver R.
Ileto, Deputy Receiver of Community Rural Bank of Dingras, and
sent to the PDIC Receivership and Bank Management Department II,
5th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
in Makati City. A sample Claim Form against the assets of the
closed bank may be downloaded from the PDIC website,
www.pdic.gov.ph.

Claims filed after Jan. 20, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to Jan. 20, 2017 are deemed to have filed their claims
against the closed bank's assets.

Community Rural Bank of Dingras was ordered closed by the
Monetary Board (MB) of the Bangko Sentral ng Pilipinas on Nov. 3,
2016 and PDIC, as the designated Receiver, was directed by the MB
to proceed with the takeover and liquidation of the closed bank
in accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located at Medina St., cor.
Puruganan St., Brgy. Madamba (Pob.), Dingras, Ilocos Norte. Its
two branches are located in Batac and Paoay, both in Ilocos
Norte.

All inquiries and communications relating to Community Rural Bank
of Dingras may be addressed to the Deputy and Assisting Deputy
Receivers stationed at the PDIC Office. The Deputy and Assisting
Deputy Receivers may be contacted at telephone numbers (02) 841-
4784 and (02) 841-4983 or at e-mail addresses,
orileto@pdic.gov.ph and lnlegaspi@pdic.gov.ph.



=================
S I N G A P O R E
=================


SERRANO LTD: Court Declares Chief Executive Bankrupt
----------------------------------------------------
The Business Times reports that the chief executive officer and
executive director of interior design contractor Serrano Ltd has
been declared bankrupt by the court.

According to the report, Catalist-listed Serrano said on Dec. 23
that the court had a bankruptcy order made against Chia Wing
Keong after a hearing on Dec. 22. The proceedings were initiated
by Bank of East Asia.

The Business Times relates that Mr Chia has thus vacated his post
as Serrano's director and CEO. He will also cease to act as
director in all other Singapore-incorporated companies, including
those of the company's subsidiaries, as well as in the company's
associated company, Serrano (Thailand) Ltd, which is incorporated
in Thailand. No replacement CEO has been announced by Serrano,
the report notes.

This development comes a month after Chia Wing Hock, a former
executive director at Serrano and brother of Chia Wing Keong, was
declared bankrupt by the court in November. He was also removed
from his post, says The Business Times.

Separately, Serrano also announced on Dec. 12 that the hearing
date for its schemes of arrangement for corporate debt
restructuring has been adjourned to Jan. 5, 2017, The Business
Times discloses.



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


HANJIN SHIPPING: To Sell Stake in U.S. Terminal to MSC
------------------------------------------------------
In-Soo Nam at The Wall Street Journal reports that Hanjin
Shipping Co. signed a deal to sell its stake in the U.S. port
operator that runs Long Beach, Calif.'s, biggest container
terminal to Mediterranean Shipping Co.

With the deal, the South Korean shipping line has entered the
home stretch in the sale of key assets as it faces liquidation
following its bankruptcy in August, the report says.

The Journal relates that the Seoul Central District Court
handling Hanjin's insolvency proceedings on Dec. 20 approved the
deal on the condition it also is endorsed by a U.S. Bankruptcy
Court and the U.S. port authority.

According to the report, the court said Hanjin had signed a
contract to sell its 54% stake in Total Terminals International
LLC to Geneva-based MSC, the world's second largest container
operator by capacity.

The exact value of the deal wasn't known, the report notes.

"The value of the deal is expected to be made public once it is
approved by all parties involved and the contract takes effect,"
the Journal quotes a Seoul judge as saying.

The Journal notes that MSC had formed a consortium with Hyundai
Merchant Marine Co. earlier this month in the race for the 385-
acre facility that handles three million containers.  But Hyundai
Merchant said last week it was pulling out of the joint bid and
instead decided to take a minority stake in Total Terminals from
MSC if the European shipping line won the deal.

MSC already owns the remaining 46% of the Long Beach terminal
operator, the Journal says.

According to the Journal, Los Angeles and Long Beach are the two
biggest U.S. ports in terms of capacity, handling the majority of
imports and exports between the U.S. and Asia, moving more than
15 million containers annually.

Another major Hanjin asset -- the business network and client
information of its Asia-U.S. route -- was sold to Korea Line
Corp. in November. The deal is expected to be completed next
month, the report discloses.

The Journal says the sales process heralds the beginning of the
end for Hanjin, which filed for receivership in late August,
leaving $14 billion worth of goods stranded at sea for months.

                    About Hanjin Shipping

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

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

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

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

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

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



=============
V I E T N A M
=============


DUNG QUAT: Industry Ministry Considers Bankruptcy for Shipyard
--------------------------------------------------------------
VietNamNet Bridge reports that the Ministry of Industry and Trade
(MOIT) has instructed PetroVietnam to consider three possible
scenarios for Dung Quat, the shipyard which has been taking big
losses for many years. It will be restructured, or transferred to
other owners, or go bankrupt.

VietNamNet Bridge relates that Nguyen Hong Nga from the HCMC
Economics & Law University believes that the third solution is
the most feasible, while the other two are an 'impossible
mission'.

Vietnam doesn't have a competitive edge in shipbuilding, in
either workforce and capital, the report says. Restructuring
won't help Dung Quat Shipyard, the report relates.

Regarding the second scenario -- transferring to other investors
-- Nga believes that it is difficult to find partners who are
willing to pour money into it to maintain its operation,
according to VietNamNet Bridge.

However, analysts said that declaring bankruptcy would be a
'sensitive' problem. Sources said that in late 2015, the Ministry
of Finance suggested bankruptcy in accordance with the 2014
Bankruptcy Law, VietNamNet Bridge relays.

However, the plan could not be implemented, because ministries
feared the bankruptcy might create a bad precedent in Vietnam,
especially because there was no decree or circular on procedures
for bankruptcy of state owned enterprises, according to
VietNamNet Bridge.

An analyst warned that it would be a complicated process to
declare bankruptcy, relays VietNamNet Bridge.

By March 30, 2016, Dung Quat's accounts payable had reached
VND6.953 trillion, while its total asset was VND5.912 trillion.
Even if all the assets can be sold at the book value, Dung Quat
will still owe VND1 trillion, VietNamNet Bridge discloses.

Dung Quat now owes VND3.1 trillion to PetroVietnam, the report
notes. In case the shipyard goes bankrupt, the debt will be
irrecoverable, while the chartered capital of VND1.99 trillion
provided by PetroVietnam will also 'vanish into the air,' says
VietNamNet Bridge.  Besides, 1,300 workers at Dung Quat will
become redundant, the report adds.



                             *********

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, Psyche A. Castillon, 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 ***