TCRAP_Public/161229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, December 29, 2016, Vol. 19, No. 258


                            Headlines


A U S T R A L I A

AUSTRALASIAN COLLEGE: Placed Into Administration; 80 Jobs Axed
GRANDMA'S BAKERY: First Creditors' Meeting Set for Jan. 6
SLATER & GORDON: Considers Recapitalization to Cut Debts

C H I N A

LOGAN PROPERTY: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'

H O N G  K O N G

ORIENT OVERSEAS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-

I N D I A

AMARTEX INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR650MM Loan
ANAND PRAKASH: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
ANGEL PIPES: ICRA Suspends B- Rating on INR17cr Bank Loan
ANNAI ARUL: Ind-Ra Withdraws 'IND B' LT Issuer Rating
ASHUTOSH FOODS: ICRA Suspends B+ Rating on INR29cr Loan

BHABANI PRINT: ICRA Suspends 'D' Rating on INR10.54cr Loan
BIHAR RAFFIA: Ind-Ra Withdraws 'IND D' LT Issuer Rating
DEEPAK YADAV: CRISIL Assigns 'B' Rating to INR90MM Term Loan
DEMARTE FASHION: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
ENEM NOSTRUM: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating

ESHAAN EXPORTS: ICRA Suspends 'B' Rating on INR11cr Loan
EURO SAFETY: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
EXPRESS INFOCOM: CRISIL Ups Rating on INR178MM Term Loan to BB
FERTILISERS AND CHEMICALS: CRISIL Ups Cash Credit Rating to B+
GREENWOOD POULTRIES: CRISIL Assigns B+ Rating to INR69.7MM Loan

KAAMADHENU SPINNERS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
KOTAHWALAS EXPORTS: ICRA Suspends B-/A4 Rating on INR7.25cr Loan
KRUTHIKHA DRYER: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
KUMAR INDUSTRIES: CRISIL Reaffirms B+ Rating on INR50MM Loan
NATIONAL OXYGEN: ICRA Suspends 'D' Rating on INR12.44cr Loan

NEOSA ELECTRONICS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
OASIS AGRO: ICRA Suspends 'D' Rating on INR17.48cr Loan
M/S MARBELLO: ICRA Suspends 'B' Rating on INR10cr Loan
MURANO TILES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
NEHA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan

PREMIER COTSPIN: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
RATAN MICA: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
RBM INDUSTRIES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
ROCK AND STORM: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
SATYA SAI: CRISIL Assigns B+ Rating to INR30MM Cash Loan

SHANTI SUGAR: Ind-Ra Withdraws 'IND B' LT Issuer Rating
SHIV COTGIN: ICRA Suspends 'D' Rating on INR34cr Cash Loan
SHREE SHYAM: ICRA Suspends 'D' Rating on INR7cr Cash Loan
SHUSHRUSHA CITIZENS: CRISIL Assigns FB+ Fixed Deposit Rating
SITA POLYWEAVE: ICRA Suspends B+/A4 Rating on INR6.19cr Loan

SRI LAKSHMI: ICRA Upgrades Rating on INR16cr Cash Loan to B-
STREAM CERAMIC: CRISIL Assigns B+ Rating to INR60MM Term Loan
TRAVANCORE COCHIN: ICRA Reaffirms 'B' Rating on INR20cr LT Loan
V. T. ADASKAR: CRISIL Lowers Rating on INR80MM Term Loan to 'D'
VIJAYAWADA HOSPITALITIES: Ind-Ra Withdraws IND BB- Issuer Rating

VNC INFRAPROJECTS: CRISIL Assigns B+ Rating to INR180MM LT Loan
WAVE INDUSTRIES: ICRA Suspends 'B' Rating on INR283.33cr Loan

M A L A Y S I A

KUANTAN FLOUR: Inks Deal with Lotus Essential as Deadline Looms

N E W  Z E A L A N D

PUMPKIN PATCH: Owes NZ$59.5 Million to ANZ Bank
LIFETIME INCOME: A.M. Best Affirms B-(Fair) Fin. Strength Rating

S I N G A P O R E

AVATION PLC: S&P Raises CCR to 'B+'; Outlook Stable
* Singapore Defaults Seen as Bellwether for 2017 Asia Distress

S O U T H  K O R E A

HANJIN SHIPPING: Receivership was Right Decision, FSC Chief Says


                            - - - - -


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


AUSTRALASIAN COLLEGE: Placed Into Administration; 80 Jobs Axed
--------------------------------------------------------------
Eryk Bagshaw at The Age reports that a Sydney beauty college run
by a prominent political donor and Order of Australia medal
recipient has gone into administration, leaving hundreds of
students in the dark and up to 80 staff rocked by dismissal
letters on the day before Christmas Eve.

The Australasian College Broadway, which earned more than
AUD10.4 million in taxpayer funded loans last year, went into
administration on Dec. 23, The Age discloses citing documents
lodged with the Australian Securities and Investments Commission.

The Age says the college's more than 800 students have yet to be
told it is unlikely they will be able to resume their studies at
the Ultimo institution after the summer break.

The 22-year-old college is run and owned by Maureen Houssein-
Mustafa, a prominent donor to both the Liberal and National
parties, who came 29th on the BRW rich list in 2014 after earning
more than AUD40 million, The Age discloses.

"I had a vision; we started small and I worked very hard and my
vision was all about quality training," the report quotes
Ms. Houssein-Mustafa as saying.

In 2011, she received the Medal of the Order of Australia for
services to vocational education and training. She had previously
co-hosted a AUD1500 a head fund-raiser for former Liberal leader
John Brogden and donated thousands of dollars to the National
Party.

In 2014, a NSW police investigation was launched into allegations
hundreds of "phantom students" were enrolled in courses they
never completed, the report recalls.

The Age relates that a NSW Police spokesperson said the
investigation was ongoing.  Ms. Houssein-Mustafa has previously
strongly denied the allegations.

In a letter to employees on December 23, administrator Robert
Moodie of insolvency firm Rodgers Reidy confirmed that all staff
would be let go before Christmas Eve, according to The Age.

"The company has ceased trading upon our appointment and as a
result your employment has been terminated," the letter said, the
report relays.

Mr. Moodie told Fairfax Media the investigation into the college
was in its infancy and that the move into administration was
caused by a "lack of cash flow," adds The Age.

With a student cohort of more than 800, only 73 students
graduated from the college last year, The Age discloses citing
Federal Department of Education data.

"At this stage it is highly unlikely the college will be trading
in 2017," the report quotes Mr. Moodie as saying.

Students concerned about the future of their course have been
advised to contact the Australian Council for Private Education
and training, adds The Age.


GRANDMA'S BAKERY: First Creditors' Meeting Set for Jan. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Grandma's
Bakery Pty Ltd will be held at Level 2, 32 Martin Place, in
Sydney, New South Wales, on Jan. 6, 2017, at 10:00 a.m.

Justin Holzman & Manfred Holzman (email already reported) of
Holzman Associates were appointed as administrators of Grandma's
Bakery on Dec. 28, 2016.


SLATER & GORDON: Considers Recapitalization to Cut Debts
--------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that
embattled listed law firm Slater & Gordon has confirmed it is
considering a recapitalization of the company to reduce the size
of its debts.

Slater & Gordon confirmed maturity of its debt facilities remains
unchanged at May 2018, SMH says.

According to the most recent public information of Slater &
Gordon's debts, the company has a AUD480 million tranche of debt
due to expire on that date, SMH discloses. A further AUD360
million in loans expires in 2019.

SMH notes that Slater & Gordon is believed to have made the
announcement ahead of breaching one of its debt covenants on
December 31.

Generally when a company breaches its debt covenants the lenders
have the right to call in the loan, the report states.

SMH relates that ahead of the debt restructure in April last
year, Slater & Gordon's lenders had the right to call in its
debts by May 2017 if it breached its covenants.

According to the report, National Australia Bank and Westpac hold
the lion's share of Slater & Gordon's debts and have already book
impairments on their respective AUD300 million of loans to the
listed law firm.

Slater & Gordon is expected to present its new plan to its
lending syndicate in early 2017, according to sources, SMH
relays.

It would be a very unusual step for either Westpac or NAB to take
equity in exchange for its debts, sources said.

SMH says the announcement also came just days after Slater &
Gordon confirmed it was again under investigation by the
Australian Securities and Investments Commission for allegedly
cooking its books.

Slater & Gordon is also facing a class action from Maurice
Blackburn. A recapitalisation is not expected to affect the class
action, SMH notes.

According to SMH, the company was speculated to be considering a
recapitalisation after one of its lenders, Citi, on-sold its debt
in the company to distressed debt specialists at Anchorage
Capital and funds managed by Deutsche Bank.

A recent report by the company's financial advisers also
recommended the company proceed with a recapitalization, says
SMH.

Slater & Gordon will have to present the plan to its bankers
early in the new year, SMH's sources said.

SMH notes that Slater & Gordon provided little detail on what
form the recapitalization and refinancing of the company's debt
would take. It is expected to include a debt-for-equity swap
which could dilute the holdings of current shareholders.

"The company is working pro-actively and co-operatively with its
lenders to explore and manage options for the refinancing and
recapitalization of the group," Slater & Gordon said in a
statement to the Australian Securities Exchange.

"The process has commenced well ahead of the May 2018 deadline,
with the objective of achieving an appropriate and successful
outcome for stakeholders and a smooth process leading to that
outcome," the company said.

Slater & Gordon said that as the refinancing and recapitalization
process unfolds there would be media speculation concerning its
bank facility arrangements, SMH relays.

"The company does not intend to provide a running commentary on
the process it is undertaking with the co-operation and support
of its lenders and will make such appropriate further
announcements as required in the ordinary course," its statement
said.

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2016, The Sydney Morning Herald said struggling listed
law firm Slater & Gordon has suffered another blow after the
Australian Securities Exchange dumped the stock from its top 200
list.  SMH said the removal of Slater & Gordon from the ASX 200
is significant because it means some of the index funds which are
required under their self-imposed mandates to hold shares in ASX
200 stocks will exit the stock.  According to the report, the law
firm is in a fight for survival following a horror 2015 that saw
its market capitalization plummet from more than AUD2.7 billion
to AUD121.6 million on March 11 following an accounting scandal
in its UK arm and weaker-than-expected growth in both its British
business and its Australian arm.  Slater & Gordon has until
April 30 to satisfy its bankers it can remain as a viable
organization, SMH relayed. Its financial advisers from insolvency
firm McGrath Nicol are delivering weekly cash-flow updates to the
firm's bankers, the report stated.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.



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


LOGAN PROPERTY: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned Logan Property Holdings Company
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-
(EXP)' expected rating.

The notes are rated at the same level as Logan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

The China homebuilder's ratings are supported by strong
contracted sales growth, improving financial metrics, lower
leverage, and stable profitability with Fitch calculated EBITDA
margin of 28.6% at 1H16.  Its current scale of CNY20bn in
contracted sales and geographic concentration in Guangdong
province constrain its ratings.

KEY RATING DRIVERS

Re-Focus on Shenzhen: The Shenzhen region in China's southern
Guangdong province accounted for over 40% of Logan's 2015
contracted sales, and more than 70% of its land investment was in
this area.

Fitch believes that Logan's addition of land in Shenzhen enhances
its land bank quality, reduces sales risk and improves its
overall operational flexibility, although margins remain
uncertain because of the high costs for the land and potential
for government policy changes, such as the imposition of home
purchasing curbs. Fitch expects the Shenzhen region to continue
to be Logan's main focus. The company's land bank was previously
mainly in Shantou in Guangdong, and Nanning and Fongshing in
Guangxi province, which are all Tier-2 or Tier-3 cities.

Strong 2015 Performance: Logan's contracted sales rose 54% to
CNY20.5bn in 2015, above its revised sales target of CNY18bn. The
company expects contracted sales to continue increasing in 2016.
Logan had contracted sales of CNY26.9bn in January-November 2016,
which was 51% higher than in the same period in 2015. Its
leverage, measured by net debt/adjusted inventory, increased to
41% at end-June 2016 from 32% at end-2015 due to increased land
bank acquisitions in 2016. The high sales turnover also helped
Logan to maintain a healthy financial profile.

Stable Margin and Strong Liquidity: Logan's Fitch calculated
EBITDA margin rose slightly to 28.6% in 1H16 from 27.4% in 2015
and 26.2% in 2014. Fitch expects the margin to remain stable at
above 25% in 2016. The company's strong cash position with
readily available cash of CNY10.1bn at end-June 2016 is enough to
cover its short-term debt of CNY5.6bn. Fitch believes Logan's
liquidity will remain healthy in the next 12-18 months,
underpinned by its strong contracted sales and high cash
collection rate.

Limited Geographical Diversification: More than 80% of Logan's
contracted sales in 2015 were from Guangdong province, with the
remaining mainly from Guangxi province. Furthermore, more than
50% of the Guangdong contracted sales were from the Shenzhen
region. The company's geographic concentration is likely to
continue in 2016, based on its existing land bank and expansion
strategy. This concentration leaves Logan more vulnerable to
economic volatility and policy changes in these regions compared
with developers that are more geographically diversified across
China.

KEY ASSUMPTIONS

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

- Contracted sales continue to grow in 2016 but at a slower pace
   compared with 2015

- Land acquisitions increase in line with sales growth in 2016

- Higher average selling prices and unit land costs as the
   company becomes more focused in the Shenzhen region

RATING SENSITIVITIES

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

- Fitch calculated EBITDA margin sustained below 25% (2015:27%)

- Net debt/adjusted inventory sustained above 40% (2015: 32%)

- Contracted sales/total debt sustained below 1.0x (2015:
   1.0x)

Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.
This is not expected over the next 12-18 months.


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


ORIENT OVERSEAS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 2, 2016, downgraded the
senior unsecured ratings on debt issued by Orient Overseas
International Ltd. to B- from B.

Orient Overseas (International) Limited is an investment holding
company which involves in international transportation and
logistics, and property investment and property development.



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


AMARTEX INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR650MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amartex Industries
Limited continue to reflect the company's delays in meeting its
debt obligation because of weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            650        CRISIL D (Reaffirmed)

   Letter of Credit       150        CRISIL D (Reaffirmed)

   Overdraft Facility     100        CRISIL D (Reaffirmed)

   Term Loan              100        CRISIL D (Reaffirmed)

AIL has a below-average financial risk profile, driven by large
working capital requirement. However, it benefits from its
established market position and the healthy growth prospects for
the retail industry.

Update:
AIL's operating income declined to INR1.22 billion in fiscal 2016
from INR1.46 billion in fiscal 2015, while operating margin fell
to 8.09% from 9.1%. Its liquidity remained constrained, reflected
in overutilization of bank limits due to large working capital
requirement. It had gross current assets of 353 days on account
of substantial inventory of 312 days and receivables of 25 days
as on March 31, 2016. The working capital requirement was
partially funded through payables of 45 days as on March 31,
2016.

Total outstanding liabilities to total networth ratio was 1.41
times as on March 31, 2016. Interest coverage ratio and net cash
accrual to adjusted debt ratio were 1.3 times and 2.8%,
respectively, in fiscal 2016. Return on capital employed was 5%.

AIL, incorporated in 1988 and managed by Mr. Arun Grover,
undertakes retailing, and weaving and dyeing, of fabrics. It has
40 stores across northern India. It derives most of its revenue
from suiting and shirting fabrics, which are sold under its own
brands Groviano (for men's apparel) and Diana (for women's
apparel).


ANAND PRAKASH: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Anand Prakash
Ankit Kumar's (APAK) Long-Term Issuer Rating of 'IND BB-'. The
Outlook was Stable. The agency has also withdrawn the Long-term
'IND BB-' with a Stable Outlook and the Short-term 'IND A4+'
ratings on the company's INR337.5 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 APAK.

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR337.5m
Fund Based Working Capital Limit   WD   INR337.5m


ANGEL PIPES: ICRA Suspends B- Rating on INR17cr Bank Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR17 crore bank
facilities of Angel Pipes and Tubes Private Limited. The
suspension follows lack of co-operation from the company.


ANNAI ARUL: Ind-Ra Withdraws 'IND B' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Annai Arul
Health Care Pvt. Ltd.'s Long-Term Issuer Rating of 'IND B'. The
Outlook was Stable

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

AAHC's ratings:

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

- INR2.5 million fund-based limit: 'IND B'; Outlook Stable;
   rating withdrawn

- INR76 million term loan: 'IND B'; Outlook Stable; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR2.5m
Term loan                             WD   INR76m


ASHUTOSH FOODS: ICRA Suspends B+ Rating on INR29cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR29 crore
fund based limits of Ashutosh Foods. The suspension follows
ICRA's inability to carry out a rating surveillance in absence of
requisite information from the company.

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


BHABANI PRINT: ICRA Suspends 'D' Rating on INR10.54cr Loan
----------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR10.54
crore1 line of credit of Bhabani Print & Publications. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


BIHAR RAFFIA: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bihar Raffia
Industries Limited's (BRIL) Long-Term Issuer Rating of 'IND D'.

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

BRIL's ratings are as follows:

- Long-Term Issuer Rating: 'IND D'; rating withdrawn
- INR189.14 million long-term loans: Long-term 'IND D'; rating
   withdrawn
- INR200 million fund-based limits: Long-term 'IND D'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR200m
Term loan                              WD   INR189.14m
Non-Fund Based Working Capital Limit   WD   INR180m
Other                                  WD   INR20m


DEEPAK YADAV: CRISIL Assigns 'B' Rating to INR90MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Deepak yadav & others (DYAT).

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

The rating reflects the firm's exposure to project-related risk,
expected modest scale of operations in a competitive segment, and
expected average financial risk profile because of a leveraged
capital structure. These weaknesses are partially offset by the
extensive experience of its promoters and favorable location of
warehouse.
Outlook: Stable

CRISIL believes DYAT will benefit over the medium term from the
extensive experience of its promoters in the warehouse business.
The outlook may be revised to 'Positive' in case of earlier-than-
expected ramp-up in operations, backed by stabilization and
healthy sales. The outlook may be revised to 'Negative' if cost
or time overrun in implementing project, or low cash accrual
because of weak occupancy or profitability puts pressure on
liquidity.

Established in 2016 by Mr. Deepak Yadav, Mr. Pawan Kumar, Mr.
Hoshiyar Singh and Mr. Ravinder Singh Yadav, DYAT is setting up a
warehouse in Pathredi, Gurgaon district.


DEMARTE FASHION: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Demarte Fashion
Yarns' (DFY) 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 DFY.

DFY's ratings are as follows:

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

- INR70 million fund-based limits: 'IND BB'; Outlook Stable and
   'IND A4+'; ratings withdrawn

- INR53.6 million term loans: 'IND BB'; Outlook Stable; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR70m
Fund Based Working Capital Limit      WD   INR70m
Term loan                             WD   INR53.60m


ENEM NOSTRUM: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Enem Nostrum
Remedies Pvt Ltd's (ENRPL) Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

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

ENRPL's ratings:

- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
   withdrawn
- INR273.5 million term loans: 'IND BB-'; Outlook Stable; rating
   withdrawn
- INR60 million fund-based cash credit limits: 'IND BB-';
    Outlook
   Stable; rating withdrawn
- INR2.5 million non-fund-based bank guarantee: 'IND A4+';
   rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR60m
Non-Fund Based Working Capital Limit   WD   INR2.5m
Term loan                              WD   INR273.5m


ESHAAN EXPORTS: ICRA Suspends 'B' Rating on INR11cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR11.00 crore fund based limit of Eshaan Exports. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2013, Eshaan Exports is a closely held
promoter entity set up by Mr. Ravi Shah and Alok Jain, who have
over a decade experience in the textiles industry. The firm is
engaged in trading of greige cloth that finds diverse application
in the textile business. Greige fabrics are extensively used for
various end-uses like apparel, industrial and furnishings. The
entity sells its products primarily in the export market (70% of
total sales) with Dubai, Hong Kong and Saudi Arabia being the
major export destinations. The registered office of the company
is located at Belapur, Navi Mumbai.


EURO SAFETY: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Euro Safety
Footwear (India) Private Limited's (ESFI) Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable.

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

ESFI's ratings are as follows:

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

- INR250 million fund-based facilities: 'IND BB+'; Outlook
   Stable and 'IND A4+'; ratings withdrawn

- INR31.74 million term loans: 'IND BB'; Outlook Stable; rating
   withdrawn

- INR60 million non-fund-based facilities: 'IND A4+'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating                 WD
Fund Based Working Capital Limit        WD   INR250m
Fund Based Working Capital Limit        WD   INR250m
Non-Fund Based Working Capital Limit    WD   INR60m
Term loan                               WD   INR31.74m


EXPRESS INFOCOM: CRISIL Ups Rating on INR178MM Term Loan to BB
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Express Infocom Private Limited (EIPL) to 'CRISIL BB/Stable'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       17       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      100       CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               178       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects expected strong financial and operational
support from the parent, Trishul Buildtech and Infrastructure Pvt
Ltd (TBIPL). The upgrade also factors in expected improvement in
operational performance following rebranding of the company's
hotel to Goldfinch, MRG group's hospitality brand.

TBIPL acquired EIPL in November 2015 and since then has provided
significant financial support of INR232.8 million in the form of
unsecured loans. This has helped the company to meet debt
obligations. Furthermore, with the rebranding to Goldfinch,
occupancy rates are expected to improve to 65% in fiscal 2018
from an estimated 55% in fiscal 2017. While cash accrual is
expected to remain insufficient to meet debt obligation over the
medium term despite improved performance, timely support is
expected from TBIPL. TBIPL has also provided an undertaking to
support the debt repayment of EIPL in a timely manner.

The rating reflects strong operational and financial support from
TBIPL and improving operational performance supported by a
favourable location and rebranding to Goldfinch ' Delhi. These
strengths are partially offset by a weak financial risk profile
because of high gearing and low debt protection metrics, and
susceptibility to intense competition and cyclicality in the
hospitality sector.
Outlook: Stable

CRISIL believes EIPL will continue to benefit from improving
operational metrics and strong support from the promoters. The
outlook may be revised to 'Positive' if sizeable cash accrual
supports debt repayment obligation. The outlook may be revised to
'Negative' if decline in revenue and profitability leads to low
cash accrual, or any large debt-funded capital expenditure
weakens debt protection metrics.

EIPL was incorporated in 2006, by Mr. Sandeep Sethi, Mr. Sanjay
Arora, Mr. R L Sharma and Mr. Deepak Sharma. The company operated
a three-star hotel, Express Sarovar Portico with 70 rooms at
Surajkund in Faridabad, Haryana. This hotel has been operational
since June 2011. The company was acquired by TBIPL in November
2015 and is currently managed by the Bengaluru-based MRG group.
The hotel has been rebranded, to Goldfinch ' Delhi, since April
2016.


FERTILISERS AND CHEMICALS: CRISIL Ups Cash Credit Rating to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
The Fertilisers and Chemicals Travancore Limited (FACT) to
'CRISIL B+/Stable' from 'CRISIL C', and reaffirmed its rating on
the short-term bank facilities at 'CRISIL A4'.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         520.6      CRISIL A4 (Reaffirmed)

   Cash Credit          6,500.0      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL C')

   Letter of Credit     3,450.6      CRISIL A4 (Reaffirmed)

The upgrade reflects the substantial improvement in the company's
liquidity as a result of a INR10-billion loan from the Indian
government as part of financial restructuring. The fund inflow is
expected to ease FACT's liquidity and enable better capacity
utilisation in the absence of working capital constraints.

The ratings reflect FACT's low profitability, which is
susceptible to volatility in input prices; its weak financial
risk profile because of high gearing and subdued debt protection
metrics; and vulnerability to regulatory changes in the
fertiliser sector. These weaknesses are partially offset by its
established market position in South India and the support it
gets from the central government in the form of loan waivers and
equity infusion.
Outlook: Stable

CRISIL believes FACT will maintain moderate liquidity because of
the INR10-billion loan from the central government, which will
also result in improved capacity utilisation. The outlook may be
revised to 'Positive' if the company sustains the improvement in
its profitability witnessed in the first half of fiscal 2017,
leading to substantially better debt protection metrics. The
outlook may be revised to 'Negative' if liquidity deteriorates or
if the company undertakes larger-than-expected, debt-funded
capital expenditure.

FACT, incorporated in 1943, manufactures and markets complex-
fertilisers (mainly, grade NP 20:20:0:13 [trade name:
Factamfos]), ammonium sulphate and Caprolactam (a raw material
for Nylon-6). FACT also manufactures intermediates, including
ammonia, and sulphuric and phosphoric acid. As on March 31, 2016,
the Indian government owned 98.56% of FACT's equity share
capital. FACT is based in Kerala and its registered office is at
Kochi.

For fiscal 2016, FACT had a net loss of INR4.5 billion on net
sales of INR17.7 billion, against a net loss of INR4 billion on
net sales of INR20 billion for the previous fiscal. For the six
months ended September 30, 2016, net loss was INR1.2 billion on
net sales of INR10.9 billion, against a net loss of INR1.8
billion on net sales of INR10.9 billion for the corresponding
period of the previous fiscal.


GREENWOOD POULTRIES: CRISIL Assigns B+ Rating to INR69.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Greenwood Poultries (GP).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            13         CRISIL B+/Stable
   Long Term Loan         69.7       CRISIL B+/Stable

The ratings reflect GP's modest scale of operations in the
fragmented poultry industry, its working capital intensive nature
of operations and its below-average financial risk profile marked
by high gearing. These rating weaknesses are partially offset by
the extensive experience of GP's promoters in the poultry
industry and its customer relationships.
Outlook: Stable

CRISIL believes that the GP will continue to benefit from its
promoter's experience in the poultry industry. The outlook may be
revised to 'Positive' if GP significantly increases its scale of
operations, while sustaining its healthy profitability levels or
records higher than expected cash accruals resulting in
sustainable improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if the Firm's profitability
is lower than expected, or if its capital structure weakens
because of more-than-expected debt contracted to fund capital
structure (capex) or incremental working capital requirements.

Established in 2014 and based in Saharanpur (Uttar Pradesh), GP
is engaged in the poultry business and produces hatching eggs.
The firm is promoted by Mr. Rajendra Prasad Aggrawal and his
family.

For fiscal 2016, GP reported a profit after tax (PAT) of INR2.07
million on net sales of INR72.02 million against a PAT of INR0.24
million on net sales of INR13.87 million for fiscal 2015.


KAAMADHENU SPINNERS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kaamadhenu
Spinners' (KS) Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

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

KS's ratings are as follows:

- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
   withdrawn
- INR37.74 million long-term loans: 'IND B+'; Outlook Stable;
   rating withdrawn
- INR40 million fund-based facilities: 'IND B+'; Outlook Stable
   and 'IND A4'; ratings withdrawn
- INR1.6 million non-fund-based facilities: 'IND A4'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating                  WD
Fund Based Working Capital Limit         WD   INR40m
Fund Based Working Capital Limit         WD   INR40m
Non-Fund Based Working Capital Limit     WD   INR1.6m
Term loan                                WD   INR37.74m


KOTAHWALAS EXPORTS: ICRA Suspends B-/A4 Rating on INR7.25cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B-/A4 rating for the INR7.25 Crore
bank facilities of Kotahwalas Exports Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KRUTHIKHA DRYER: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kruthikha
Dryer's (Kruthikha) '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 Kruthikha.

Kruthikha's ratings:

- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
   withdrawn
- INR32.63 million long-term loans: 'IND BB-'; Outlook Stable;
   rating withdrawn
- INR6.5 million fund-based working capital limits: 'IND BB-';
   Outlook Stable and 'IND A4+'; ratings withdrawn

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR6.5m
Fund Based Working Capital Limit      WD   INR6.5m
Term loan                             WD   INR32.63m


KUMAR INDUSTRIES: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kumar
Industries continues to reflect the firm's modest scale of
operations, large working capital requirement, and average
financial risk profile because of small networth. These
weaknesses are partially offset by its partners' extensive
experience in the rice industry.

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

   Long Term Loan           6.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.5     CRISIL B+/Stable (Reaffirmed)

   Warehouse Receipts      30.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KIN will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if KIN's capital structure improves because of equity
infusion or larger-than-expected cash accrual, backed by increase
in revenue and efficient working capital management. The outlook
may be revised to 'Negative' if its financial risk profile
deteriorates because of decline in revenue and profitability, or
larger-than-expected debt-funded capital expenditure, or if
liquidity weakens significantly.

KIN was set up in 2007 as a proprietorship concern and was
reconstituted as a partnership firm in 2014. It is promoted by
the members of the Kumar family of Jalalabad, Punjab. The firm
mills and processes paddy into basmati rice, rice bran, broken
rice, and husk. Mr. Raj Kumar and his son Mr. Vivek Kumar are key
partners in the firm, and manage its operations.


NATIONAL OXYGEN: ICRA Suspends 'D' Rating on INR12.44cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
INR12.44 crore term loan facilities, INR1.50 crore fund based
facilities, the INR2.25 crore non-fund based facilities of
National Oxygen Limited. The suspension follows ICRA's inability
to carry out a rating surveillance due to non cooperation from
the company.


NEOSA ELECTRONICS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Neosa
Electronics Private Limited's (NEPL) Long-Term Issuer Rating of
'IND B+'. The Outlook was Stable. The agency has also withdrawn
the 'IND B+' rating with a Stable Outlook on its INR240 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 NEPL.

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR240m


OASIS AGRO: ICRA Suspends 'D' Rating on INR17.48cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR17.48 crore
fund based limits of Oasis Agro Infra Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of requisite information from the company.

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


M/S MARBELLO: ICRA Suspends 'B' Rating on INR10cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR10.00 crore fund based limit of M/s Marbello. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1991, Marbello is a proprietorship firm promoted
by Agarwal family. The firm is involved in trading of marble and
greige fabric. The promoters have experience of over three
decades in the field of marble trading. In a bid to diversify the
business, the firm started trading of greige fabric since 2010.
The top-line is driven by the textile trading segment which
contributes to ~80% of total revenue.


MURANO TILES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Murano Tiles
Private Limited's (MTPL) '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 MTPL.

MTPL's ratings:

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

- INR18.36 million long-term loans: 'IND BB-'; Outlook Stable;
   rating withdrawn

- INR40 million fund-based facilities: 'IND BB-'; Outlook Stable
   and 'IND A4+'; ratings withdrawn

- INR19 million non-fund-based facilities: 'IND A4+'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating                 WD
Fund Based Working Capital Limit        WD   INR40m
Fund Based Working Capital Limit        WD   INR40m
Non-Fund Based Working Capital Limit    WD   INR19m
Term loan                               WD   INR18.36m


NEHA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Neha Constructions -
Nagpur (NC) continue to reflect the firm's modest scale of
operations, large working capital requirement, and exposure to
intense competition and inherent risks in tender-driven business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          60       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in its subdued capital structure because
of small networth and average debt protection metrics. These
weaknesses are partially offset by its promoter's extensive
experience in the electrification industry, and moderate
operating efficiency.
Outlook: Stable

CRISIL believes NC will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if there is significant increase in revenue and cash
accrual, leading to better liquidity. The outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates on account of low cash accrual, or
larger-than-expected working capital requirement or sizeable,
debt-funded capital expenditure.

NC, a proprietorship of Mr. Dilip Vivekanad Belsare, undertakes
contracts for erection and stringing of transmission lines for
state and central governments agencies. The firm is registered
with various government departments and with Indian Railways.


PREMIER COTSPIN: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Premier Cotspin
Limited's (PCL) 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

- INR45 million fund based limit: 'IND BB'; Outlook Stable;
   rating withdrawn

- INR76.18 million term loans: 'IND BB'; Outlook Stable; rating
   withdrawn

Rating
------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR45m
Term loan                             WD   INR76.18m


RATAN MICA: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ratan Mica
Exports Private Limited's (RMEPL) 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.

RMEPL's ratings:

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

- INR75.6 million fund-based limits: 'IND B+'; Outlook Stable;
   rating withdrawn

- INR0.6 million non-fund-based limits: 'IND A4'; rating
   withdrawn

Ratings:

Long Term Issuer Rating                 WD
Fund Based Working Capital Limit        WD   INR75.6m
Non-Fund Based Working Capital Limit    WD   INR0.6m


RBM INDUSTRIES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RBM Industries
(RBMI) a 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 RBMI.

RBMI's ratings are as follows:

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

- INR50 million fund-based working capital facilities:
   'IND BB-'; Outlook Stable and 'IND A4+'; ratings withdrawn

- INR70.8 million long-term loans: 'IND BB-'; Outlook Stable;
   rating withdrawn

- INR2.5million non-fund-based limit: 'IND A4+'; rating
withdrawn


ROCK AND STORM: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rock and Storm
Distillaries Private Limited's Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The agency has also withdrawn
the company's INR100 million fund based working capital limits'
Long-term 'IND BB-' rating with a Stable Outlook and Short-term
'IND A4+'rating.

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


SATYA SAI: CRISIL Assigns B+ Rating to INR30MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Satya Sai Agro Industries (SSAI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-
   Based Bank Limits        4        CRISIL B+/Stable

   Long Term Loan           6        CRISIL B+/Stable

   Bank Guarantee          60        CRISIL A4

   Cash Credit             30        CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations in the
intensely competitive rice milling industry and below-average
financial risk profile because of high gearing, weak debt
protection metrics, and small networth. These weaknesses are
partially offset by the extensive experience of its promoters.
Outlook: Stable

CRISIL believes SSAI will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if substantial increase in revenue and
profitability leads to a better financial risk profile, or if
significant equity infusion improves capital structure. The
outlook may be revised to 'Negative' if aggressive, debt-funded
expansion, sharp decline in revenue and profitability, or capital
withdrawal further weakens financial risk profile.

Established as a partnership firm in 1999 in West Godavari,
Andhra Pradesh, by Mr. Ch. Rama Rao and his wife, Ms. Ch
Lakshmana Rao, SSAI mills and processes paddy into rice, rice
bran, and husk at its unit in Poduru Mandal, West Godavari
district.


SHANTI SUGAR: Ind-Ra Withdraws 'IND B' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shanti Sugar
Industries' Long-Term Issuer Rating of 'IND B'. The Outlook was
Stable. The agency has also withdrawn the Long-term rating of
'IND B' with a Stable Outlook and the Short-term rating of 'IND
A4' on the company's INR65 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 the company.

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


SHIV COTGIN: ICRA Suspends 'D' Rating on INR34cr Cash Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR34.61
crore long-term and short-term bank facilities of Shiv Cotgin
Private Limited. The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             34.00       [ICRA]D; Suspended

   Fund Based Limit-
   Term Loan                0.61       [ICRA]D; Suspended

   Fund Based-FBP          (5.00)      [ICRA]D; Suspended

Shiv Cotton Industries was established as partnership firm on 9th
July, 2009 by Mr. Bharat Selani along with other family members
and relatives. The firm commenced its operations in February
2010, ans was engaged in cotton ginning and pressing to produce
cotton bales and cotton seeds. However, later in December 2013
the firm was converted into private limited company in the name
of Shiv Cotgin Private Limited. The company has its production
facility located at Gondal (Dist: Rajkot), Gujarat. The plant is
equipped with 24 ginning machines having capacity to produce 240
bales and 77 MT cotton seeds per day.


SHREE SHYAM: ICRA Suspends 'D' Rating on INR7cr Cash Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR7.00
crore long-term cash credit facility of Shree Shyam Cotton
Industries. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             7.00         [ICRA]D; Suspended

Incorporated in 2008, Shree Shyam Cotton Industries is engaged in
ginning and pressing operations. The firm is promoted and managed
by Mr. Kantibhai Patel along with five other partners with
experience in the cotton ginning industry. The firm's
manufacturing facility is located at Vijapur, Mehsana in Gujarat
and has twenty four ginning machines and one pressing machine
with capacity to produce 200 pressed cotton bales per day.


SHUSHRUSHA CITIZENS: CRISIL Assigns FB+ Fixed Deposit Rating
------------------------------------------------------------
CRISIL has assigned its 'FB+/Stable' rating to the fixed deposit
programme of Shushrusha Citizens Co-Op. Hospital Ltd., while
reaffirming its ratings on the long term bank loan facilities at
'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            300        CRISIL BB-/Stable (Reaffirmed)
   Fixed Deposits       150        FB+/Stable (Assigned)

The ratings continue to reflect the hospital's established market
position in the Mumbai region, and above-average financial risk
profile, marked by moderate networth, low gearing and modest debt
protection metrics. These rating strengths are partially offset
by the small scale of operations and risk related to ongoing
capital expenditure.
Outlook: Stable

CRISIL believes that SCCH will continue to benefit from the
hospital's established market position. The outlook may be
revised to 'Positive' if significant growth in revenue and
profitability leads to higher cash accrual. The outlook may be
revised to 'Negative' in case of decline in revenue or
profitability, or if any delay in commencement of operations at
the new hospital, weakens the financial risk profile, especially
liquidity.

SCCH is a co-operative society, set up in 1966 by the Late Dr VS
Ranadive. The society operates a multi-specialty hospital called,
'Shushrusha Hospital' in Dadar (Mumbai). The Society is currently
setting up a multi-speciality hospital in Vikhroli (Mumbai).


SITA POLYWEAVE: ICRA Suspends B+/A4 Rating on INR6.19cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of ICRA]B+ and the short-
term rating of [ICRA]A4 assigned to the INR6.19 Crore bank
facilities of Sita Polyweave Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SRI LAKSHMI: ICRA Upgrades Rating on INR16cr Cash Loan to B-
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR16.00 crore
cash credit limits (revised from INR12.00 crores), INR2.96 crore
term loan (revised from INR6.22 crore) and INR0.09 crore (revised
from INR5.83 crore) unallocated limits of Sri Lakshmi Narasimha
Spinning Mills (India) Private Limited to [ICRA]B-  from [ICRA]D.
ICRA has also revised the short term rating assigned to INR5.00
crore (revised from INR0.50 crore) non-fund based limits of
SLNSMIPL to [ICRA]A4 from [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             16.00      Revised to [ICRA]B-
                                      from [ICRA]D

   Term Loan                2.96      Revised to [ICRA]B-
                                      from [ICRA]D

   Unallocated Limits       0.09      Revised to [ICRA]B-
                                      from [ICRA]D

   Non-fund based Limits    5.00      Revised to [ICRA]A4
                                      from [ICRA]D

The revision in ratings takes into consideration the equity
infusion to the tune of INR1.00 crore in October, 2016 which
supported the term loan repayments. The ratings also positively
factors in the longstanding experience of promoters in the
spinning & ginning industry, close proximity to cotton growing
areas of Andhra Pradesh (AP), low power cost and other subsidy
schemes offered by the state government providing competitive
advantage.

However, the rating continues to remain constrained by the small
scale of operations and vulnerability of margins to cotton and
yarn price fluctuations coupled with the intense competition in
the fragmented spinning industry which restricts pricing
flexibility. The ratings also factor in regulatory risks with
regards to minimum support price for kapas and export
restrictions on kapas and yarn, which can impact margins and
volume growth. The rating considers constrained liquidity
position, weak coverage indicators, and stretched capital
structure with gearing of 4.03 times as on March 31, 2016 owing
to debt funded capital expenditure incurred in the past, and high
borrowings to support working capital intensive nature of the
business. ICRA also notes that with debt funded capital expansion
plans on the anvil, capital structure could be stretched further
in the near term.

Going forward, the ability of the company to service the debt
obligations in a timely manner by improving scale of operation
and margins, and effectively manage its working capital
requirements are the key rating sensitivities.

SLNSMIPL is promoted by K. Poli Reddy, K. Rajasekhar Reddy and K.
Narasimha Reddy. The company was incorporated in 2005. SLNPL is a
Guntur (Andhra Pradesh) based yarn manufacturing company
producing 30s and 40s carded and combed cotton yarn. The Company
commenced commercial production in July 2008 and has current
installed capacity of 15,600 spindles.

Recent Results
According to audited FY2016 financials, the company has reported
net profit of INR0.80 crore on an operating income of INR55.35
crore as against net profit of INR0.96 crore on an operating
income of INR50.40 crore during FY2015.


STREAM CERAMIC: CRISIL Assigns B+ Rating to INR60MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Stream Ceramic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               60        CRISIL B+/Stable
   Bank Guarantee          10        CRISIL A4
   Cash Credit             30        CRISIL B+/Stable

The ratings reflect the company's nascent stage of operations,
large working capital requirement, and below-average financial
risk profile because of high gearing following large, debt-funded
capital expenditure (capex) and expected modest cash accrual.
These weaknesses are partially offset by the extensive experience
and funding support of promoters and strategic location of plant.

For arriving at the ratings, unsecured loans of INR38.3 million
extended by directors, family members and relatives has been
treated as neither debt nor equity as they bear a nominal
interest rate and are expected to remain in business over the
medium term.

Outlook: Stable

CRISIL believes SCPL will benefit over the medium term from the
extensive experience of its promoters and strategic location of
plant. The outlook may be revised to 'Positive' if anticipated
revenue growth and profitability leads to substantial cash
accrual and hence a better financial risk profile. The outlook
may be revised to 'Negative' if lower-than-expected cash accrual,
stretch in working capital cycle, or any further large, debt-
funded capex results in deterioration in financial risk profile,
especially liquidity.

Incorporated in 2013, SCPL manufactures ceramic wall tiles in
many sizes at its facility in Shapar in Morbi, Gujarat; it sells
under the Stream brand. Commercial production began from June
2015.


TRAVANCORE COCHIN: ICRA Reaffirms 'B' Rating on INR20cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR20.0 crore long term fund based facilities of The
Travancore Cochin Chemicals Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR9.0 crore non
fund based facilities and the INR1.0 crore fund based facilities
of TCCL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term: Fund
   Based Facilities         20.0       [ICRA]B reaffirmed

   Short term: Fund
   based                     1.0       [ICRA]A4 reaffirmed

   Short term: Non
   fund based                9.0       [ICRA]A4 reaffirmed

The reaffirmation of the ratings reflects the company's
continuing adverse financial position with stressed cash flows,
weak profitability and negative net worth, despite signs of
improvement in the first half of FY2017. The ratings also
consider TCCL's significant contingent liabilities, mostly
arising from disputed power charges payable to Kerala State
Electricity Board. The profitability continues to remain
constrained by the high cost of power due to absence of open
access, increasing employee costs and TCCL's logistical
disadvantage with respect to procurement of salt from Gujarat,
which is the key raw material, although salt prices have
decreased favorably during FY2016 and H1FY2017. The ratings are
also constrained by the inherent cyclicality in the chlor-alkali
industry and the vulnerability of demand for caustic soda to cost
of imports, which is a factor of foreign exchange rates and
government regulations.

The ratings, however, take into account the process optimisations
undertaken by the company to reduce its power requirements which
are expected to improve the cost structure and lead to an
improvement in its profitability going forward. The ratings also
favourably factor in the company's established track record in
the chlor-alkali business in Kerala as the sole caustic soda
manufacturer with a reputed customer profile and financial
support from GoKL, arising from its status as a state-level
Public Sector Undertaking.

The Travancore Cochin Chemicals Ltd is a state-level public
sector undertaking owned by Government of Kerala (GoKL) and its
entities situated at Udyogamandal, Cochin. The company was
originally started as Travancore & Mettur Chemical Co in 1949 as
a partnership between FACT Limited and Mettur Chemical &
Industrial Corporation Limited. In 1960, the Government of Kerala
(GoKL) acquired TMCC and it was renamed as The Travancore Cochin
Chemicals Limited. TCCL manufactures basic industrial chemicals
viz., Caustic Soda and Chlorine products. The current licensed
capacity of TCCL is 175 tpd (tons per day) of caustic soda.

Recent Results

For FY2016, the company recorded a net loss of INR7.3 Cr on an
operating income of INR166.5 Cr against a net profit of INR0.7 Cr
on an operating income of INR156.6 Cr in FY2015. As per the
provisional financial statements for H1FY2017, the company
recorded profit before taxes of INR0.98 Cr on an operating income
of INR100.29 Cr.


V. T. ADASKAR: CRISIL Lowers Rating on INR80MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
V. T. Adaskar and Company to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan               80        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects delays in servicing the interest
payment on the term loan, mainly due to weak liquidity. The
slowdown in demand has impacted the cash flow mismatch.

The rating continues to reflects high project implementation and
funding risk due to initial phase of project and stretched
liquidity. The rating also factors susceptibility to risks and
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by the promoter's extensive
industry experience and their established track record, coupled
with healthy booking in the ongoing project.

Set up by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged
in civil construction for real estate players. The promoters have
also ventured into real estate development. VTAC is currently,
undertaking a residential project, Shantai Greens, in Ravel
(Pune).


VIJAYAWADA HOSPITALITIES: Ind-Ra Withdraws IND BB- Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vijayawada
Hospitalities Pvt. Ltd.'s (VHPL) '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 VHPL.

VHPL's ratings:

- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
   withdrawn
- INR10 million fund-based limit: 'IND BB'; Outlook Stable;
   rating withdrawn
- INR99.1 million term loans: 'IND BB'; Outlook Stable; rating
   withdrawn
- INR7 million non-fund-based limits: 'IND A4+'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR10m
Non-Fund Based Working Capital Limit   WD   INR7m
Term loan                              WD   INR99.1m


VNC INFRAPROJECTS: CRISIL Assigns B+ Rating to INR180MM LT Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' to the bank
facilities of VNC Infraprojects (VNC; a part of the Mahavir VNC
group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      180       CRISIL B+/Stable

   Bank Guarantee           30       CRISIL A4

   Cash Credit              15       CRISIL B+/Stable


The ratings reflect the group's weak financial risk profile
because of modest networth and high gearing. The ratings also
factor in susceptibility of the revenue profile to high customer
concentration in the order book. These weaknesses are partially
offset by extensive experience of the proprietors in the road
construction industry and strong revenue visibility over the
medium term as reflected in the healthy order book.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of VNC with its group entity -
Mahavir Construction Company - Mumbai (MCC). This is because both
these entities - together referred to as the Mahavir VNC group -
execute the same line of business and have significant financial
interlinkages.
Outlook: Stable

CRISIL believes the group will continue to benefit over the
medium term from the proprietors' extensive experience. The
outlook may be revised to 'Positive' if sharp growth in revenue
and profitability along with stable working capital management or
capital infusion strengthen the capital structure. Conversely,
the outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability, large debt-funded capital expenditure
or stretched working capital cycle weakens financial risk
profile, particularly liquidity.

MCC is a Mumbai-based proprietorship firm formed by Mr. Kishore
Shah in 1983. It undertakes civil construction activities on
contract or sub contract basis for Municipal Corporation of
Greater Mumbai (MCGM), Mumbai Metropolitan Region Development
Authority (MMRDA) and Maharashtra Housing and Area Development
Authority (MHADA).

VNC is a Mumbai-based proprietorship firm formed by Mr. Chirag
Jain in 2008. VNC undertakes civil construction activities on
contract or sub contract basis for MCGM, MMRDA, and MHADA.


WAVE INDUSTRIES: ICRA Suspends 'B' Rating on INR283.33cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR283.23 crore
fund based and non fund based limits of Wave Industries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance absence of requisite information from the
company.

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



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


KUANTAN FLOUR: Inks Deal with Lotus Essential as Deadline Looms
---------------------------------------------------------------
The Sun Daily reports that Practice Note 17 company Kuantan Flour
Mill Bhd (KFM), which has been in the news following Felcra Bhd's
interest and later disinterest, has inked a memorandum of
understanding (MoU) with Lotus Essential Sdn Bhd to cooperate in
flour milling and trading of flour and food-related products.

Lotus is involved in import, export and trading of steam coal,
corn and tapioca starch.

According to the report, the clock is ticking for KFM which has
requested more time to submit its regularization plan to Bursa
Malaysia. The current deadline is Dec. 31, 2016, the report
notes.

As part of the proposal to restructure its debt and reconstruct
its business, KFM is proposing to, among others, carry out an
equity fundraising exercise via a rights issue and special issue
of its shares, says Sun Daily.

Sun Daily relates that in a filing with the stock exchange, KFM
said the MoU sets out the mutual understanding and intention of
both parties to initiate further discussions to enter into one or
more agreements and to establish the main commercial points which
have been agreed as the basis of the cooperation and
collaboration.

KFM and Lotus will negotiate the terms and conditions of the
definitive agreement to be entered into and endeavor to execute
the definitive agreement within six months from the signing of
the MoU, says Sun Daily.

Kuantan Flour Mills Berhad is a Malaysia-based company engaged in
flour milling and trading in its related products.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 8, 2016, theedgemarkets.com said Kuantan Flour Mills Bhd, a
PN17 company since Dec 12, 2015, is still looking into the
formulation of its regularization plan of its financial
conditions.  KFM has approximately one month to submit its
regularization plan to the relevant authorities for approval.



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


PUMPKIN PATCH: Owes NZ$59.5 Million to ANZ Bank
-----------------------------------------------
Catherine Harris at Stuff.co.nz reports that Pumpkin Patch owes
its bank nearly NZ$60 million and its unsecured creditors another
NZ$13.2 million.

A receivers' report by Brendon Gibson and Neale Jackson of
KordaMentha showed the children's clothing company, which was put
into receivership in October, owed NZ$59.5 million, chiefly to
the ANZ, Stuff.co.nz relates.

Preferred creditors, largely the 1,600 staff it employed in the
lead-up to its receivership, were still owed NZ$2.7 million by
Pumpkin Patch. Inland Revenue had not submitted a claim yet.

It was also too early to say whether unsecured creditors would
receive the NZ$3.9 million owed to them, according to
Stuff.co.nz.

Stuff.co.nz says one of the company's subsidiaries, Pumpkin Patch
Originals, owed NZ$1.5m to preferred creditors and NZ$13.2
million to unsecured creditors.

According to Stuff.co.nz, KordaMentha said Pumpkin Patch was
"severely capital constrained" before it was put into voluntary
administration by its directors, and receivership swiftly
afterwards by one of its secured creditors.

Difficult trading conditions and a highly competitive market had
combined with unfavourable movements in the Australian dollar,
and the company's financial woes had been "well telegraphed"
before its demise, relates Stuff.co.nz.

A significant amount of stock had been sold, the receivers noted.

Pumpkin Patch progressively closed its 166 Pumpkin Patch and
Charlie & Me stores in New Zealand and Australia until Christmas
Eve, Stuff.co.nz notes.

The chain is still selling its last items of stock online, adds
Stuff.co.nz.

                        About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.

On Oct. 26, the Board of Pumpkin Patch has placed the company
into Voluntary Administration under Part 15A of the Companies Act
1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.


LIFETIME INCOME: A.M. Best Affirms B-(Fair) Fin. Strength Rating
----------------------------------------------------------------
A.M. Best has affirmed the Financial Strength Rating of B- (Fair)
and the Long-Term Issuer Credit Rating of "bb-" of Lifetime
Income Limited (LIL) (New Zealand). The outlook of these Credit
Ratings (ratings) is stable.

The ratings mainly reflect LIL's adequate risk-adjusted
capitalization and sound operating controls. The ratings also
incorporate the fact that the company is a start-up venture with
a limited track record of operating performance.

A.M. Best expects LIL's risk-adjusted capitalization, as
evaluated by Best's Capital Adequacy Ratio (BCAR), to be
maintained at a level that fully supports the current ratings
throughout its first five years of operation. Despite the
company's aggressive growth targets, its risk-adjusted
capitalization is expected to remain supportive of the ratings,
principally through applying hedging techniques that are assumed
to be highly effective at mitigating the exposure introduced by
embedded guarantees.

While LIL is a newly formed company, it has a comprehensive set
of operating controls in place. These include a process to
monitor material financial risks such as profit or loss, pricing
and hedging costs, on a minimum monthly basis. In addition,
valuations of policy liabilities are carried out by an external
appointed actuary, whereas regulatory capital requirements will
be determined by another independent actuary.

The major offsetting factor in LIL's rating assessment is the
company's relatively small in-force portfolio.

Similar to other start-up ventures, there will be some initial
drain on capital due to the slow emergence of profits. This is
due principally to the small revenue base over which LIL can
spread operating and other expenditures.

Positive rating actions in the longer term are possible if LIL is
able to demonstrate a track record of growth that will allow it
to generate appropriate and sustainable returns. Conversely,
factors that may lead to negative rating actions include LIL's
local regulatory solvency margin falling below target due to
adverse movements in interest rates and equity markets.
Additionally, LIL's ratings may experience downward pressure if
its holding company's consolidated risk-adjusted capitalization
falls short of A.M. Best's expectations.

Ratings are communicated to rated entities prior to publication.
Unless stated otherwise, the ratings were not amended subsequent
to that communication.



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


AVATION PLC: S&P Raises CCR to 'B+'; Outlook Stable
---------------------------------------------------
S&P Global Ratings said it has raised its long-term corporate
credit rating on Avation PLC to 'B+' from 'B'.  The outlook is
stable.  S&P also raised its long-term ASEAN regional scale
rating on the Singapore-based aircraft leasing company to 'axBB'
from 'axBB-'.

At the same time, S&P raised its long-term issue ratings on the
medium-term notes (MTN) program that Avation guarantees, and the
US$100 million senior unsecured notes under the program to 'B'
from 'B-'.  The recovery rating on the notes is '5'.

S&P removed all the ratings from the under criteria observation
(UCO) identifier we applied on Dec. 14, 2016, when S&P Global
Ratings published its updated criteria for operating leasing
companies.

The upgrade reflects S&P's view that Avation will keep investing
in its fleet to meet demand for aircraft, increasing its scale of
operations while reducing customer concentration.  S&P also
anticipates that the company's financial strength will be stable
or improve as its growing cash flows cover the higher debt
incurred for acquisitions.

S&P expects Avation to benefit from its increasing fleet size and
reducing aircraft and customer concentration.  The company plans
to rapidly expand its fleet toward 50 aircraft in one to two
years.  The fleet has increased to 40 aircraft currently, from 29
as of June 30, 2015, while the weighted average age of the fleet
dropped to 3.3 years from 5.3 years.  S&P estimates the
concentration in turbo prop aircraft to reduce to 45% of book
value at the end of calendar 2016, from around 80%.  In addition,
S&P expects the company's concentration to Virgin Australia
Holdings Ltd. to decline to close to 35% by end of calendar 2016,
from near 70%.

S&P still views counterparty exposure and limited fleet diversity
as key risks for Avation.  The company could face risks from
unexpected issues with the ATR 72 model aircraft, which are
expected to contribute about 50% of its leasing revenue.
Disruptions at Virgin Australia could also negatively affect
Avation's business.

S&P believes Avation's business is likely to continue to perform
steadily over the next 12-24 months, backed by the company's
young fleet.  Moreover, the business has remaining lease
contracts of 7.6 years, and its lease rates are fixed.  ATR72
turbo prop aircraft have strong demand in emerging markets
because they have high fuel efficiency and are suited for short-
haul, lower-yield routes.  Avation is the second-largest ATR
lessor in Asia-Pacific, with 24 such aircraft.  The ATR business
supports Avation's good lease yield of 12.3% per year on book
value.  As a result, the company's return on capital is higher
than that of most industry peers.

S&P expects airline passenger demand to continue to grow over the
next three to five years, particularly in Asia-Pacific.  S&P
anticipates that aircraft leasing will be a major source of
financing for aircraft because it is difficult for many airlines
to finance fleet modernization and expansion solely through
internal funds and secured bank borrowings.

The execution risks related to aggressive growth, and the
possibility that Avation could receive planes with no lease
contract in place constrains the rating.  Additionally, the
growth could lead to pressure on liquidity.  The rating on
Avation also reflects the company's small business scale relative
to peers'. Avation's exposure to high risks of the airline
industry and the company's high leverage also constrain the
rating.

Avation benefits from good cash flow visibility stemming from its
long remaining fixed-rate leases.  S&P expects the company's key
financial ratios to gradually improve over the next few years as
a result of steady growth in cash flows and lower capital
expenditure after fiscal 2017 (year ending June 30, 2017).  In
addition, Avation's exposure to fluctuations in interest rates is
limited, given that most of the company's debt has a fixed
interest rate.

Avation's capital structure reflects the company's aggressive
expansion and associated high leverage.  Given the company's
fleet expansion plan, S&P expects its capital expenditure to
remain high at US$250 million-US$275 million in fiscal 2017,
compared with US$320 million in fiscal 2016 and US$110 million in
fiscal 2015. S&P expects Avation's debt to increase to US$675
million-US$700 million in fiscal 2017.  However, the growing
fleet size and profit should keep the company's ratio of funds
from operations (FFO) to debt at 7%-9% over the next couple
years.  S&P also expects the debt-to-EBITDA ratio to be about 8x
over the period.

The stable outlook reflects S&P's expectation that Avation will
maintain its profitability over the next 12-24 months, which its
entrenched market position in leasing ATR aircraft should
support. S&P anticipates that the company's capital structure
will gradually improve because of steady growth in cash flows.
S&P forecasts that Avation's EBIT interest coverage will remain
1.6x-1.9x, and the ratio of FFO to debt will stay 7%-9% over the
next one to two years.

S&P could lower the rating if Avation's EBIT interest coverage
declines to below 1.5x without prospects for near-term
improvement.  Earnings pressure due to customer financial stress
or a significant increase in debt because of aggressive capital
expenditure for fleet expansion could cause such deterioration.

Although unlikely in the next 12 months, S&P could raise the
rating if Avation's fleet and customer base grow substantially,
followed by a reduction in capital spending.  This would have to
be supported by growing cash flows, such that the ratio of FFO to
debt exceeds 13% on a sustainable basis.


* Singapore Defaults Seen as Bellwether for 2017 Asia Distress
--------------------------------------------------------------
Denise Wee at Bloomberg News reports that Singapore's
commodities-related defaults could turn out to be the canary in
the mine.

Despite a modest rebound in resource prices, restructuring
specialists including KPMG and Hogan Lovells Lee & Lee see more
Asia-Pacific commodities and shipping companies being pushed into
delinquency, Bloomberg says. The report relates that law firm DLA
Piper said there could be choppy waters ahead on rising interest
rates and President-elect Donald Trump's overhaul of trade with
China. Regional non-bank borrowers face $76.4 billion of dollar
bonds maturing in 2017, 24 percent more than this year,
Bloomberg-compiled data show.

While oil prices have jumped 17 percent since Trump was elected,
they are about half what they were in 2014. Resource prices as a
whole are down 64 percent from their peak before the 2008 global
financial crisis, the Bloomberg Commodity Index shows. Singapore,
whose economy relies on shipping and oil service firms, was
exposed first because the companies were smaller and less able to
tap government support, Bloomberg notes.

"Singapore is a bellwether for the larger Asean and Asian
region," Bloomberg quotes Andy Ferris, Singapore-based partner at
Hogan Lovells Lee & Lee, as saying. "Some of the fundamental
problems those industries face won't go away. Many of the
companies in the commodities sector have high levels of debt and
depressed revenues."

According to Bloomberg, five companies in the city, including oil
services firms Swiber Holdings Ltd. and Swissco Holdings Ltd.,
defaulted on nearly SGD1 billion ($691 million) of bonds in 2016.
Bloomberg relates that KPMG said defaults could widen to include
Singapore's developers after home prices dropped by the most in
more than seven years in the three months ended Sept. 30. China's
overheated housing market cooled in November as authorities
rolled out renewed buying curbs.

Real estate firms in the Asia-Pacific region face $8.7 billion of
dollar bonds due 2017, while energy-related companies including
coal miners and oil services firms must repay $12 billion,
Bloomberg-compiled data show.

Commodities trader Noble Group Ltd.'s dollar bonds maturing 2020
traded at 84.2 cents on the dollar on Jan. 2 next year, while oil
producer MIE Holdings Corp.'s dollar notes due 2018 traded at
83.3 cents, Bloomberg-compiled data shows.

Bloomberg relates that Graham Martin, head of restructuring at
KPMG in Singapore, said he expects more defaults among oil
services and shipping firms throughout Asia including countries
like Malaysia and Thailand, with rising stress in Indonesia where
coal miners face low prices.

"We think Indonesia will be one of the top markets for
restructuring work in 2017," said Mr. Martin, who is planning to
add headcount in Jakarta, Bloomberg relays.

Mark Fairbairn, Hong Kong-based head of restructuring and special
situations for Asia at DLA Piper, counters that Singapore's
issues could turn out to be a "cluster of problematic companies"
that do not appear to be of the best quality, he said. He added
that the defaults in Singapore may still be a bellwether for more
to come in the oil services sector, according to Bloomberg.

He also expects more work across the region as rates rise and
Trump disrupts trade, Bloomberg relays.

"Across Asia, we could see more corporates getting into
difficulty with their bank or bond debt," Mr. Fairbairn, as cited
by Bloomberg, said.



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


HANJIN SHIPPING: Receivership was Right Decision, FSC Chief Says
----------------------------------------------------------------
The Korea Herald reports that the government strictly maintains
that principles regarding industrial restructuring and its
decision on Hanjin Shipping's court receivership were reasonable,
according to South Korea's top financial regulator on Dec. 28.

At a year-end luncheon with press, Yim Jong-yong, the chairman of
the Financial Services Commission, reiterated that his commission
complied with the restructuring principles and asked for patience
to see how the country's shipping industry will transform in the
near future, the Korea Herald relates.

"Surgical operations on Hanjin Shipping have just finished, and
it needs some time to recover," the report quotes Mr. Yim as
saying.

The Korea Herald relates that the FSC under Mr. Yim's leadership
has been denounced for leaving Hanjin, once the largest shipping
firm in the country, to file for court receivership without due
financial help. Some critics say the financial authority made a
wrong decision on Hanjin due to lack of knowledge on the shipping
industry, the report notes.

In response to criticism, the FSC chairman said, "The shipping
industry has a myriad of problems and it is impossible to predict
when the game of chicken will end," The Korea Herald relays.

Hanjin owned just five old vessels without debt of the total 166
ships, including 95 rental ships. The shipping company had about
KRW2.5 trillion ($2.07 billion) debt for the remaining 55 ships,
the chairman said.

"It would cost the government about 4 trillion to 4.6 trillion
won until 2019 in order to keep Hanjin afloat," the report quotes
Mr. Yim as saying. "It seemed unrealistic and undesirable to pay
that much for a particular industry."

Hanjin had no healthy assets at all, making it impossible to save
any small piece of the company, the chairman, as cited by the
Korea Herald, said.

As for the shipbuilding industry, the financial chief showed
little hope, the report says.

"The shipbuilding industry is forecast to start recovering from
2018," Mr. Yim said. "For Daewoo Shipbuilding & Marine
Engineering, the government will support the shipbuilder to make
better self-correcting efforts."

The government will not seek efforts to artificially merge or
split the current three shipbuilders, he added, The Korea Herald
reports.

                      About Hanjin Shipping

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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



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