TCRAP_Public/170105.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, January 5, 2017, Vol. 20, No. 4

                            Headlines


A U S T R A L I A

A & M CUTRI: First Creditors' Meeting Set for Jan. 16
BELLAMY'S AUSTRALIA: Top Shareholder in Push for Board Control
BLOW BAR: First Creditors' Meeting Set for Jan. 11


C H I N A

CHINA AOYUAN: S&P Assigns 'B-' Rating to Proposed US$ Sr. Notes
LEECO: Gets CNY10BB Lifeline, Breaks Ground on Car Plant in China
ST BARBARA LTD: S&P Raises CCR to 'B+' on Further Debt Prepayment


I N D I A

A-ONE TEX: CRISIL Suspends 'D' Rating on INR65MM Long Term Loan
ADITYA PRECITECH: CRISIL Suspends B+ Rating on INR25MM Loan
APURVA BIOPHARM: CRISIL Suspends 'D' Rating on INR35MM Pack Loan
AMAN ENTERPRISES: CRISIL Suspends 'B' Rating on INR12MM Cash Loan
ANAND ENGINEERING: ICRA Suspends 'B' Rating on INR10.64cr Loan

ANOD PLASMA: ICRA Suspends 'B' Rating on INR5.60cr Loan
ANTONY ROAD: ICRA Suspends 'D' Rating on INR35cr Bank Loan
BALAJI ENTERPRISES: ICRA Suspends B+ Rating on INR4cr Loan
BELLAD AND COMPANY: CRISIL Suspends B+ Rating on INR110MM Loan
BHAGWAN COTTON: CRISIL Suspends B+ Rating on INR80MM Cash Loan

BHANSALI IMPEX: ICRA Suspends B- Rating on INR6cr Bank Loan
DAYAKAR ENTERPRISES: CRISIL Suspends B+ Rating on INR50MM Loan
DIAMOND NUTS: CRISIL Assigns B+ Rating to INR40MM Bill Disc.
GARG ISPAT: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
GOVINDAM BRJ: ICRA Suspends B+ Rating on INR10cr Bank Loan

GRACE MANUFACTURING: CRISIL Assigns 'B+' Rating to INR50MM Loan
GURBAKSH SINGH: ICRA Suspends B- Rating on INR14cr Loan
HORIZON BUILDCON: ICRA Suspends B+ Rating on INR28.5cr Loan
IMPRINT VINIMAY: ICRA Suspends 'C-' Rating on INR22.5cr Loan
JADHAO LAYLAND: CRISIL Suspends B+ Rating on INR50MM Loan

JOTINDRA STEEL: ICRA Suspends B- Rating on INR24cr Bank Loan
KAMAL AGRO: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
KASTURI OVERSEAS: CRISIL Suspends B+ Rating on INR12.5MM Loan
KOBASHI MACHINE: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
KRM TYRES: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating

KUDU FABRICS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
L & D CONSTRUCTION: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
LUCKNOW HEALTHCITY: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
M.S MENTHOL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
MADHYA BHARAT: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating

MAHALAXMI YARNS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
MAHAVIR ROLLER: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
MAHESH RICE: ICRA Reaffirms 'B' Rating on INR12cr Bank Loan
MARS PACKAGING: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
MD FROZEN: ICRA Lowers Rating on INR64.50cr Loan to 'D'

MD FROZEN FOOD: ICRA Cuts Rating on INR54.75cr Loan to 'D'
MDC PHARMACEUTICALS: Ind-Ra Withdraws 'BB+' LT Issuer Rating
MLJP CHEMICALS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
MUDIT ENTERPRISES: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
NAGEEN PRAKASHAN: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating

NAVDURGA ISPAT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
OM GEMS: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
PATRAN FOODS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
PAYAL PETROPACK: ICRA Suspends B+/A4 Rating on INR36cr Bank Loan
PEARL METAL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating

PHOSPHATE COMPANY: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
QUALITY FABRICS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
R. K. COTGIN: CRISIL Lowers Rating on INR55MM Cash Loan to B+
RADHABALLABH SILK: ICRA Suspends 'B-' Rating on INR7cr Loan
RAMESH CHAND: ICRA Suspends B/A4 Rating on INR9cr Bank Loan

REGAL TRANSCORE: CRISIL Raises Rating on INR87.5MM Loan to B+
SAM INDUSTRIAL: CRISIL Suspends B- Rating on INR75MM Cash Loan
SATISH BUILDERS: ICRA Suspends 'B' Rating on INR8cr Loan
SHANKHESHWAR ENTERPRISES: CRISIL Suspends B+ Loan Ratings
SHREE KANKESHWARI: CRISIL Suspends B+ Rating on INR200MM Loan

SJS MOTORS: ICRA Reaffirms B Rating on INR8.75cr Cash Loan
SKD RICE: CRISIL Reaffirms 'B' Rating on INR45MM Term Loan
SRI LAKSHMI: CRISIL Assigns B+ Rating to INR100MM Cash Loan
SRI RAM: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
SRS MEDITECH: ICRA Suspends B+/A4 Rating on INR20.57cr Loan

SS ALUMINIUM: CRISIL Assigns 'B' Rating to INR63.2MM LT Loan
STARLON EXIM: ICRA Suspends 'B/A4' Rating on INR15cr Loan
STYLE N SUPPLY: CRISIL Suspends 'D' Rating on INR85MM Cash Loan
SUPER DISCO: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
SURYATEJA POWER: CRISIL Suspends B+ Rating on INR24MM LT Loan

SUZUKI SUITINGS: CRISIL Suspends B+ Rating on INR140MM Cash Loan
SWADISHT OILS: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
TRANS CONDUCT: ICRA Suspends 'B' Rating on INR11cr Bank Loan
UDASEE STAMPINGS: CRISIL Hikes Rating on INR72.5MM Loan to B+
UNIWORLD SUGARS: ICRA Suspends 'D' Rating on INR125cr Bank Loan

USS EXIM: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Credit


J A P A N

TOSHIBA CORP: Hit by Fresh Profit Padding Allegations


N E W  Z E A L A N D

NATURAL DAIRY: Goes Into Provisional Liquidation


P H I L I P P I N E S

RB OF SALINAS: Creditors Have Until Jan. 30 to File Claims


S O U T H  K O R E A

HANJIN SHIPPING: Korea Line Shareholders Reject Bid for Assets


T A I W A N

MASTER KONG: To be Dissolved Following 2014 Food Scandal


                            - - - - -


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


A & M CUTRI: First Creditors' Meeting Set for Jan. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A & M
Cutri Nominees Pty Ltd, trading as the North Blinman Hotel, the
Hawker Hotel/Motel and Rangers Transport, will be held at the
offices of Heard Phillips Chartered Accountants, Level 12, 50
Pirie Street, in Adelaide, SA, on Jan. 16, 2017, at 11:00 a.m.

Mark Lieberenz and Andrew Heard Heard Phillips Chartered
Accountants were appointed as administrators of A & M Cutri on
Jan. 4, 2017.


BELLAMY'S AUSTRALIA: Top Shareholder in Push for Board Control
--------------------------------------------------------------
Brian Robins at The Sydney Morning Herald reports that struggling
dairy group Bellamy's Australia is to hold a meeting of
shareholders before the end of February to consider a push by the
company's largest shareholder to take control of the board.

If the move succeeds, it will result in one of the company's
earliest shareholders, Kathmandu's Jan Cameron, joining the
board, the report says.

SMH relates that the push to overhaul the board comes amid a
lengthy suspension to the trading in the company's shares as it
seeks to renegotiate supply agreements.

According to SMH, the largest shareholder in Bellamy's, Black
Prince Private Foundation with a 14.5% stake, has sought a
shareholder meeting be held to force the removal of four
independent non-executive directors and replace them with its own
nominees.

With only six directors on the board, winning control of four
seats would deliver board control to Black Prince, which is
believed to be a group of Singaporean investors, says SMH. It is
unclear whether Ms. Cameron is a shareholder in this grouping.

The four directors the dissidents are seeking to force from the
board are Patria Mann, Launa Inman, Michael Wadley and Charles
Sitch, the report says.

Among the replacements it has nominated are Jan Cameron, founder
of retailer Kathmandu and an earlier shareholder in Bellamy's,
according to SMH.

Ms. Cameron sold down at the time Bellamy's went public, which
also saw the Black Prince Foundation, which is a group of
Singaporean investors, buy in.

SMH says Ms. Cameron sold her Bellamy's stake for AUD36 million,
selling at AUD1 a share, only to watch the shares rise
substantially after it went public. Bellamy's shares last traded
at AUD6.68, valuing the company at AUD646 million.  However, the
chairman of Bellamy's, Rob Woolley, said the proposal to shake up
the board was an "unwanted distraction".

"If the proposals were to succeed, it would be disruptive to the
company," the report quotes Mr. Woolley as saying.

According to the report, the request to hold the shareholder
meeting was received on December 30, with the company informing
the market on Jan. 6. The meeting must be held within two months
of the request being lodged, indicating it must be held before
the end of next month.

Other nominees the Singaporean group wants on the board are Chan
Wai-Chan, Vaughan Webber and Rodd Peters, who Bellamy's said is
an authorised representative of the foundation, relates SMH.

If shareholders support the overhaul of the board, this would
result in only the chairman, Mr. Woolley, and Laura McBain, the
chief executive remain as directors from the existing board, adds
SMH.

In mid-December, Bellamy's sought a suspension in trading of its
shares amid a downturn in sales into China, which has prompted
the company to seek to renegotiate supply agreements, the report
recalls.  According to the report, the suspension is to continue
until January 13, unless a statement is released to the market
sooner, with the length of the trading suspension triggering
ongoing speculation about the financial health of the company.

SMH relates that rivals in supplying the China market, such as A2
Milk and Bega Cheese have sought to distance themselves from the
problems that appear to have afflicted Bellamy's by pointing out
they continue to enjoy robust sales in China.

Bellamy's has blamed regulatory changes for part of the problems
it is facing in China, which its rivals reject. Additionally,
Bellamy's sales have been hurt by changes to its distribution,
says SMH.

Bellamy's Australia Limited (ASX:BAL) --
http://bellamysorganic.com.au/-- is engaged in the supply, sale
and distribution of organic food and formula products for babies
and toddlers. The Company's segments include Australia, which
focuses on the sales to retailers within Australia; China/Hong
Kong, which focuses on the sales to Chinese distributors and
online sales from third-party Websites to Chinese customers, and
Other/South East Asia, which focuses on sales to other
distributors and retailers, predominantly in South East Asia. It
produces over 40 organic food and formula products, including
infant formula, toddler milk drink, snacks, cereals, pastas and
ready to eat pouches. The Company's products are distributed in
Australia, Vietnam, Singapore, Malaysia, People's Republic of
China, Hong Kong and New Zealand. Its products are also available
through various online retail platforms. The Company's
subsidiaries include Bellamy's Organic Australia Pty Ltd,
Bellamy's Kitchen Pty Ltd, Yum Mum Pty Ltd and others.


BLOW BAR: First Creditors' Meeting Set for Jan. 11
--------------------------------------------------
A first meeting of the creditors in the proceedings of Blow Bar
Co Barangaroo Pty Ltd will be held at the offices of Jirsch
Sutherland, Level 27, 259 George Street, in Sydney, on Jan. 11,
2017, at 10:00 a.m.

Sule Arnautovic and Peter John Moore of Jirsch Sutherland were
appointed as administrators of Blow Bar on Dec. 29, 2016.



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C H I N A
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CHINA AOYUAN: S&P Assigns 'B-' Rating to Proposed US$ Sr. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating and
'cnB+' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by China Aoyuan Property Group Ltd. (Aoyuan: B/Positive/--; cnBB-
/--).  The ratings are subject to S&P's review of the final
issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Aoyuan to reflect the structural subordination
risk.  The company intends to use the proceeds from the proposed
notes to refinance its existing debt and for general working
capital.

S&P expects Aoyuan to use the proceeds to refinance its higher-
cost borrowings, including a possible early redemption of the
2014 senior unsecured notes.  This, in conjunction with the early
redemption of US$100 million senior notes in May 2016, will
improve the company's average funding cost, which is about 8.4%
as of June 30, 2016.  The new issuance could also extend Aoyuan's
debt maturity.  As at the end of June 2016, the company had
short-term borrowings of Chinese renminbi (RMB) 4.1 billion,
compared with its total cash position of RMB10.2 billion.

Aoyuan's sales execution has improved, with contracted sales
exceeding S&P's base-case forecast of about RMB20 billion.
Contracted sales of 2016 were RMB25.6 billion, up 69% year on
year.  At the same time, the company has been cautious on
spending, using about a-third of its sales proceeds on land
acquisition.  As a result, S&P forecasts that Aoyuan's debt-to-
EBITDA ratio will improve to about 6x in 2016 and 5.5x-6.0x in
2017, from 6.7x in 2015. EBITDA interest coverage will likely
stay above 2x for the period.

The positive outlook on the corporate credit rating on Aoyuan
reflects S&P's expectation that the company's leverage will
moderately improve and its sales growth will remain stable over
the next 12-18 months.  S&P also anticipates that Aoyuan will
expand and acquire new land reserves in a disciplined manner.
However, the company's profitability may mildly decline, given
increasing land costs and rising market competition in higher-
tier cities.


LEECO: Gets CNY10BB Lifeline, Breaks Ground on Car Plant in China
-----------------------------------------------------------------
South China Morning Post reports that LeEco said it has received
a CNY10 billion (US$1.44 billion) lifeline from an unidentified
strategic investor, the same day that the cash-starved video
streaming and TV maker founded by Jia Yueting broke ground on a
car assembly in China.

SCMP says the plant, located in Deqing county of Zhejiang
province close to the tourist destinations of Moganshan and
Hangzhou, will have the capacity to assemble up to 400,000
electric vehicles by 2018.

SCMP relates that the factory will be fully automated, with
robots handling up to 90 per cent of the work, said Zhang
Hailiang, chief executive of LeSupercar, the LeEco unit that's
producing the vehicles.

According to the report, trading in the shares of LeEco's video
streaming unit Leshi Internet Information & Technology Corp. was
suspended on the Shenzhen exchange on December 7, after an 8%
plunge in its stock price a day earlier amid concerns about
LeEco's cash shortage.

SCMP relates that the company said it asked for shares to be
halted to protect shareholder interests, after market rumours
surfaced that margin calls on the credits of Jia and his brother
Jia Yuemin had been triggered when the stock price slipped to
below CNY35.21 on December 6. LeEco refuted the margin call
rumours, says SCMP.

In a November letter to his staff, Jia highlighted the company's
financial woes, according to SCMP.  The report says LeEco had
expanded quicker than it could raise external funds, and the
company's capital structure was "weak," Jia wrote.

SCMP adds that concerns overs LeEco's capital woes had also been
mounting, with mainland Chinese media reports stating that the
company had defaulted on payments to suppliers of smartphone
components.  However, within two weeks of Jia's letter, LeEco
said that it raised US$600 million from various unidentified
investors.

SCMP says the announcement of the CNY10 billion investment is the
latest source of funding for the company.  According to SCMP,
LeEco said it had received an unspecified sum of money as "a
gesture of sincerity," without specifying the amount, and without
disclosing whether the total investment is in cash or stock.

LeEco is also seeking to restructure and optimise its operational
efficiency, adds SCMP. Last week, LeEco laid off over 60
employees in Hong Kong, following its retrenchment of about 100
staff at its LeSports subsidiary at the end of November, SCMP
recalls.

Several management restructures had also taken place, most
notably the appointment of Anthony Gao Jun as its Asia-Pacific
chief executive, replacing previous head Mok Chui-tin, SCMP
adds.

However, LeEco's financial troubles have not deterred Jia from
his dream of producing its LeSee Pro autonomous electric car, the
report says.

On Jan. 3, LeEco broke ground on its CNY12 billion car factory in
China, with assurances that it's on schedule to begin production,
SCMP reports.

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


ST BARBARA LTD: S&P Raises CCR to 'B+' on Further Debt Prepayment
-----------------------------------------------------------------
S&P Global Ratings said that it had raised its long-term
corporate credit and issue ratings to 'B+', from 'B', on St
Barbara Ltd. (SBM) and the company's senior secured notes.  The
recovery rating remains unchanged at '3', reflecting S&P's view
of meaningful recovery prospects in the event of a default.  The
outlook on the long-term rating remains stable.

"The upgrade reflects the improvement in SBM's balance sheet due
to continued debt reduction, which the company funded through its
strong cash flow generation," said S&P Global Ratings credit
analyst May Zhong.

Once the company completes its debt repayment in January 2017, it
will have only US$20 million of notes outstanding on issue and
its net cash position would exceed A$40 million.

The company's deleveraging and steady operating performance would
sustain its stronger credit metrics, in the absence of unplanned
operational issues at its mines.  S&P expects the company's
adjusted debt-to-EBITDA ratio to be below 0.5x in the year ending
June 30, 2017, falling from 2.2x in fiscal 2015.  As a result,
S&P has revised its assessment of SBM's financial risk profile to
intermediate from significant.

The company generated strong cash flows because of improvement in
its Simberi mine's operations and steady performance at its
Gwalia mine.  Simberi has developed a track record of generating
positive operating cash flows since the second half of fiscal
2015 and the company's Gwalia mine generated strong production.
In addition, SBM benefited from higher gold prices (in Australian
dollar terms).

S&P understands that SBM plans to repay the remaining US$20
million notes in the quarter ending March 31, 2017.  However, S&P
remains mindful that given SBM's asset concentration risk, its
credit metrics could deteriorate materially if any operational
issues occurred at either of its two mining operations, namely
Gwalia and Simberi.  SMB sold its underperforming Gold Ridge
operation in fiscal 2015.

"We continue to view SBM's business risk profile as vulnerable.
This assessment reflects SBM's smaller scale (386,564 ounces of
production in fiscal 2016) and relatively short mine life
(currently to 2024) compared with peers' globally.  SBM is also
exposed to volatile gold and foreign exchange rate movements.
Further, SBM's Simberi operations in Papua New Guinea expose the
group to higher operating and country risks, notwithstanding the
asset diversification benefits and growth potential.
Nonetheless, we note that SBM's biggest earnings contributor, its
Gwalia operations in Australia, has a relatively low cost
profile. Gwalia's all-in sustaining costs (AISC) were A$774 per
ounce (oz) in the quarter ended September 2016.  Simberi's AISC
of A$1,359 per oz was much higher than Gwalia's during the same
corresponding period," S&P said.

Ms. Zhong added: "The stable outlook reflects our expectation of
steady performance at SBM's Gwalia and Simberi mines."

S&P forecasts the company's debt to EBITDA to remain below 0.5x
in fiscal 2017, based on S&P's gold price assumption of US$1,250
per oz and an Australian dollar-to-U.S. dollar exchange rate of
US$0.72 in calendar year 2017.  S&P also expects the company to
maintain adequate liquidity.

S&P could lower the rating if SBM's credit metrics were to
deteriorate; for example, if its debt to EBITDA approaches 1.5x
or adjusted FFO to debt falls below 45%.  Given S&P's expectation
of relatively stable gold prices over the next two years, a
downside scenario would likely occur if SBM faces any unforeseen
major operational issues at its mines or the company uses debt to
fund a material acquisition.

Given SBM's scale, scope, and relatively short mine life, S&P
considers rating upside to be unlikely.



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A-ONE TEX: CRISIL Suspends 'D' Rating on INR65MM Long Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of A-One
Tex Tech Private Limited (ATPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL D
   Proposed Long Term
   Bank Loan Facility       65       CRISIL D
   Term Loan                55       CRISIL D

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

ATPL was incorporated in 2012 with the objective of manufacturing
Polypropylene (PP) Spun bonded Non-Woven Fabrics which finds its
use in manufacturing of rice packing bags, medical industry,
Agricultural covering etc. The company commenced its operations
from June 2013 onwards. The company is promoted by Mr. Rajan
Kohli. The company has its manufacturing facility located in
Sonepat, Haryana.


ADITYA PRECITECH: CRISIL Suspends B+ Rating on INR25MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aditya
Precitech Private Limited (APPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable
   Letter of Credit        32.5      CRISIL A4
   Long Term Loan           9        CRISIL B+/Stable

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

Incorporated in the year 1994 as a partnership firm and
subsequently rechristened as APPL in 2004, the company is engaged
in manufacturing of precision engineering components. Based out
of Hyderabad, APPL is promoted by Mr. K.N.Venkateswara Rao and
Mr. R.V.K.Kishore.


APURVA BIOPHARM: CRISIL Suspends 'D' Rating on INR35MM Pack Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Apurva
Biopharm Inc (ABI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D
   Cash Credit              5        CRISIL D
   Letter of Credit        10        CRISIL D
   Packing Credit          35        CRISIL D
   Proposed Long Term
   Bank Loan Facility       5.4      CRISIL D
   Standby Letter of
   Credit                   6        CRISIL D
   Term Loan                3.6      CRISIL D

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

ABI, established in 2007 by Mr. Sambhaji Ramchandra Varne
manufactures pharmaceutical formulations. It manufactures various
anti-cancer, antibiotic, antiretroviral and anti-diabetic
products, apart from therapeutic drugs. The firm exports its
products under its own brand to various pharmaceutical
institutions in Asia, West Africa and Latin America.


AMAN ENTERPRISES: CRISIL Suspends 'B' Rating on INR12MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Aman
Enterprises (AE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              12       CRISIL B/Stable

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

AE, established in 2000 as a partnership firm, undertakes civil
construction works for various departments of the government of
Jharkhand. The firm is promoted by Mr. Irfan Ahmed, Mr. Mohammad
Yasin and Mr. Jani Alam, who have more than a decade's experience
in the civil construction business.


ANAND ENGINEERING: ICRA Suspends 'B' Rating on INR10.64cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
INR10.64 crore term loan facilities, INR14.00 crore fund based
facilities of Anand Engineering Products Private Limited. ICRA
has also suspended the short-term rating of [ICRA]A4 outstanding
on INR0.50 crore non-fund based facility of the Company. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.


ANOD PLASMA: ICRA Suspends 'B' Rating on INR5.60cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.60 crore,
bank lines of Anod Plasma Spray Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


ANTONY ROAD: ICRA Suspends 'D' Rating on INR35cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR35.00 crore
bank facilities of Antony Road Transport Solutions Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Antony Road Transport Solutions Private Limited was incorporated
in the year 2010 and is engaged in the business of providing
private buses in cluster no. 7 in Delhi. The company entered into
agreement with DoT, Government of Delhi on June 20, 2013.As per
the contract, ARTSPL has to bring 338 buses within one year of
operation which includes 268 non AC and 70 AC and has to run
buses as per the schedule given by DoT. Apart from the
aforementioned buses, the company also has to maintain a stock of
40 buses (30 Non A/C and 10 A/C) for contingencies. DoT has
appointed Delhi Integrated Multi Modal Transit System Limited
(DIMTS) as Integrated Mechanism for the private stage carriage
buses corporatization. The tenure of the contract is 10 years
which can be extended up to 2 years after mutual consent. So far,
the company has been able to provide only 100 buses (92
operational and 8 for contingencies) on account of inadequate
depot space provided by DoT.


BALAJI ENTERPRISES: ICRA Suspends B+ Rating on INR4cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on INR4.00 crore fund based facilities and INR0.93 crore term
loan of Balaji Enterprises.

ICRA has also suspended the short-term rating of [ICRA]A4
outstanding on the INR1.00 crore non-fund based facilities of the
firm. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


BELLAD AND COMPANY: CRISIL Suspends B+ Rating on INR110MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bellad and Company Private Limited (BCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit            110        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      19        CRISIL B+/Stable
   Term Loan              104.2      CRISIL B+/Stable

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

BCPL was set up in 1991; it is the exclusive authorised dealer
for commercial vehicles of ALL in North Karnataka. The company
currently operates through four showrooms (Hubli, Bellary,
Belgaum, and Hospet) in Karnataka.


BHAGWAN COTTON: CRISIL Suspends B+ Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagwan Cotton Ginners Private Limited (BCGPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.9       CRISIL A4
   Cash Credit            80.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     64.1       CRISIL B+/Stable
   Term Loan              15.0       CRISIL B+/Stable

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

Incorporated in 2001 and based in Raichur (Karnataka), BCGPL is
engaged in cotton ginning and pressing. The company was promoted
by Mr. Balkishan Boob, Mr. Ramniwas Boob, Mr. Vinod Boob, Mr.
Vishal Boob, and Mr. Vikas Boob.


BHANSALI IMPEX: ICRA Suspends B- Rating on INR6cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR6.00 crore fund based limits of M/s Bhansali Impex
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


DAYAKAR ENTERPRISES: CRISIL Suspends B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dayakar
Enterprises (DE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            50         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5         CRISIL B+/Stable

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

DE was set up as a proprietorship firm in 1996 by Mr. P. Dayakar.
The firm trades in two varieties of tobacco ' Virginia flue-
cured, and Burley. The firm is based in Tangutur, Andhra Pradesh.


DIAMOND NUTS: CRISIL Assigns B+ Rating to INR40MM Bill Disc.
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Diamond Nuts (DN).

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

   Foreign Bill
   Discounting             40        CRISIL B+/Stable

   Packing Credit         230        CRISIL A4

The ratings reflect a below-average financial risk profile
because of low debt protection metrics, and susceptibility to
volatility in cashew prices and to intense competition in the
cashew-processing industry. These rating weaknesses are partially
offset by the extensive industry experience of the promoters and
an established market position in processing and exporting cashew
kernels.
Outlook: Stable

CRISIL believes the firm will maintain a stable business risk
profile over the medium term supported by its established market
position. The outlook may be revised to positive in case of
significant improvement in the capital structure and
profitability. The outlook may be revised to 'Negative' in case
of any debt-funded capital expenditure, a decline in revenue and
profitability, or significant withdrawal by the promoters,
leading to deterioration in the capital structure.

DN was set up in March 2016 as a partnership concern by Mr. B
Mohanchandra Nair and Ms Abhaya Mohan. The firm processes raw
cashew nuts and exports cashew kernels. It is based in the Kollam
district of Kerala.


GARG ISPAT: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Garg
Ispat Udyog Limited (GIUL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable
   Letter of Credit        30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable

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

GIUL was established in 1987 by the Gupta family. The key
promoters are Mr. J D Gupta and Mr. Manish Gupta. GIUL
manufactures steel and iron tubes, pipes, mild steel electric
resistance welding black and galvanised pipes, steel tubes and
pipes, scaffolding and galvanised iron pipes, jet pumps, and drum
cables at its unit in Bhiwadi (Rajasthan).


GOVINDAM BRJ: ICRA Suspends B+ Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA] B+ rating assigned to the INR10.00
crore, bank lines of Govindam BRJ Infra Projects Pvt Ltd.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GRACE MANUFACTURING: CRISIL Assigns 'B+' Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Grace Manufacturing and Trading Company
(GMTC). The ratings reflect the firm's modest scale and working
capital intensity in operations, and stretched financial
flexibility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             15       CRISIL B+/Stable
   Bank Guarantee           50       CRISIL A4
   Cash Credit              50       CRISIL B+/Stable

These weaknesses are partially offset by the extensive experience
of the promoters in the medical equipment distribution business
and healthy relationship with suppliers.
Outlook: Stable

CRISIL believes GMTC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained increase in revenue and
profitability strengthens cash accrual and liquidity, while
capital withdrawals remain minimal. Conversely, the outlook may
be revised to 'Negative' if stretch in working capital cycle,
adverse risk management policies, or large cash withdrawals by
the proprietor weaken financial risk profile, particularly
liquidity.

GMTC, set up in 1992 by Ms Sunita Kapoor, is currently managed by
Mr. Deepak Kapoor. The firm trades in medical devices such as
pacemakers, coronary stents, heart valves and syringes in Delhi,
Haryana, Himachal Pradesh and Punjab.

The firm posted a book profit of INR11 million on sales of INR411
million in fiscal 2016, against a book profit INR8.5 million and
sales of INR325 million in fiscal 2015.


GURBAKSH SINGH: ICRA Suspends B- Rating on INR14cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR14 crore, fund based limits and short term rating of
[ICRA] A4 assigned to the INR14 crore, non-fund based limits of
Gurbaksh Singh B A Builders (P) Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


HORIZON BUILDCON: ICRA Suspends B+ Rating on INR28.5cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR28.50 crore, fund based limits of Horizon Buildcon Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


IMPRINT VINIMAY: ICRA Suspends 'C-' Rating on INR22.5cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C- assigned to
the INR22.50 crore fund based bank facility of Imprint Vinimay
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JADHAO LAYLAND: CRISIL Suspends B+ Rating on INR50MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jadhao
Layland Private Limited (JLPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Facility                50        CRISIL B+/Stable

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

JLPL was incorporated in July 2011, by Mr. Sanjay Jadhao and his
family members. The company is into manufacturing of rotavators,
cultivators and other tractor mounted farm equipments. The
company's manufacturing facility is located in Amravati,
Maharashtra. JLPL began commercial operations in July 2013.


JOTINDRA STEEL: ICRA Suspends B- Rating on INR24cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR24.00 crore fund based limits M/s Jotindra Steel & Tubes
Limited. ICRA has also suspended the short term rating of [ICRA]
A4 on the INR11.0 crore non fund based bank limits of JSTL (as
sub limit of total fund based limits). The suspension follows
lack of co-operation from the company.


KAMAL AGRO: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Kamal Agro Industries
(KAI) continues to reflect its average financial risk profile,
because of small networth, high total outside liability to
adjusted networth, and weak debt protection metrics. The rating
also factors in modest scale of operations, susceptibility to
volatile cotton prices, and changes in government policies. These
weaknesses are partially offset by the extensive experience of
KAI's promoters in the cotton ginning industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              90       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       29       CRISIL B/Stable (Reaffirmed)

   Term Loan                21       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KAI will continue to benefit over the medium term
from its promoters' extensive experience. Extent of funding
support received from the promoters will remain a key sensitivity
factor. The outlook may be revised to 'Positive' if profitability
improves significantly, leading to substantial cash accrual, or
if fresh capital infusion considerably strengthens capital
structure and liquidity. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in financial risk profile,
particularly liquidity, most likely because of decline in sales
or profitability, or large working capital requirement or capital
withdrawal.

KAI was established by Mr. Ram Bilas, Mr. Binod Kumar, and Mr.
Rajesh Kumar in 2011. The firm's cotton ginning and pressing unit
and cotton oil extraction unit in Hisar (Haryana), commenced
commercial operations in October 2011. The guar processing unit
in Hisar began operations in November 2012.


KASTURI OVERSEAS: CRISIL Suspends B+ Rating on INR12.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kasturi Overseas (KO).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            12.5      CRISIL B+/Stable
   Letter of Credit       50        CRISIL A4
   Proposed Cash Credit
   Limit                  12.5      CRISIL B+/Stable
   Proposed Letter of
   Credit                 50        CRISIL A4

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

Set up in 2008, KO is a proprietorship firm of Mr. Saurav Goel.
The firm imports and trades in PVC (poly vinyl chloride) resin,
high-density polyethylene, and low-density polyethylene. KO is
based in New Delhi.


KOBASHI MACHINE: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kobashi Machine
Tools Private Limited's (KMTPL) 'IND BB-' Long-Term Issuer
Rating. The Outlook was Stable.

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

KMTPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR10 million fund-based limit: 'IND BB-'; rating withdrawn
   -- INR5 million term loan: 'IND BB-'; rating withdrawn
   -- INR45 million non-fund-based limit: 'IND A4+'; rating
      withdrawn


KRM TYRES: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KRM Tyres'
'IND BB' Long-Term Issuer Rating.  The Outlook was Stable.

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

KRM Tyres' ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR120 million fund-based working capital limits: 'IND BB';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR205 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn
   -- INR31.3 million term loan facilities: 'IND BB'; Outlook
      Stable; rating withdrawn


KUDU FABRICS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kudu Fabrics'
'IND B+' Long-Term Issuer Rating.  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 INR130 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.


L & D CONSTRUCTION: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn L & D
Construction Company's (LDCC) 'IND B' Long-Term Issuer Rating.
The Outlook was Stable.

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

LDCC's ratings:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR18 million term loan limits: 'IND B'; Outlook Stable;
      rating withdrawn
   -- INR73.4 million fund-based working capital limits: 'IND B';
      Outlook Stable and 'IND A4'; ratings withdrawn


LUCKNOW HEALTHCITY: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lucknow
Healthcity Trauma Centre and Superspeciality Hospital Private
Limited's 'IND B+' Long-Term Issuer Rating.  The Outlook was
Stable.  The agency has also withdrawn the 'IND B+' rating on the
company's INR90 million term loans.  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.


M.S MENTHOL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M.S Menthol
Private Limited's (MSMPL) 'IND B' Long-Term Issuer Rating.  The
Outlook was Stable.

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

MSMPL's ratings:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR30 million fund-based working capital limits: 'IND B';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- INR30 million FABC/FOBP limits: 'IND B'; Outlook Stable and
      'IND A4'; ratings withdrawn


MADHYA BHARAT: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Madhya Bharat
Papers Limited's (MBPL) 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.

MBPL's ratings are:

  -- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
     withdrawn
  -- INR47.5 million fund-based working capital limits: 'IND B-';
     Outlook Stable; rating withdrawn
  -- INR17.5 million non-fund-based working capital limits:
     'IND B-'; Outlook Stable and 'IND A4'; ratings withdrawn


MAHALAXMI YARNS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mahalaxmi
Yarns' Long-Term Issuer Rating of 'IND D'.

                         KEY RATING DRIVERS

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

Mahalaxmi Yarns' ratings:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR50 million fund-based limit: Long-Term 'IND D'; rating
      withdrawn
   -- INR41.1 million term loan: Long-Term 'IND D'; rating
      withdrawn


MAHAVIR ROLLER: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mahavir Roller
Flour Mills Private Limited's (MRFMPL) 'IND B+' Long-Term Issuer
Rating.  The Outlook was Stable.

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

MRFMPL ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR60 million fund-based working capital limits: 'IND B+';
      Outlook Stable and 'IND A4'; ratings withdrawn


MAHESH RICE: ICRA Reaffirms 'B' Rating on INR12cr Bank Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B for the
INR12.00 crore fund based limits of Mahesh Rice Mill.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits       12.00       [ICRA]B (reaffirmed)

The rating action factors in slight decline in operating income
and operating margins; which was however accompanied with
improvement in working capital intensity. The rating continues to
factor in MRM's weak financial profile reflected by low
profitability metrics, high gearing and consequently weak
coverage indicators. The rating also continues to take into
account high intensity of competition in the industry and agro
climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating, however continues to
favorably takes into account long standing experience of
promoters in rice industry and the proximity of the mill to major
rice growing area which results in easy availability of paddy.

Mahesh Rice Mill (MRM) was established in 1993 as partnership
firm. The Company is primarily engaged in the milling of Rice
with an installed capacity of 3 Tons per hour which is located in
Taraori, Karnal District (Haryana). The company has sortex plant
with capacity of 3 tons/hour. The company is professionally
managed by Mr. Mukesh Goel.

Recent Results
During the financial year 2015-16, the firm reported a profit
after tax (PAT) of INR0.10 crore on an operating income of
INR62.06 crore as against PAT of INR0.09 crore on an operating
income of INR62.37 crore in FY2013-14.


MARS PACKAGING: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mars Packaging
Industries' (MPI) 'IND B' Long-Term Issuer Rating.  The Outlook
was Stable.

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

MPI's ratings:

  -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
     withdrawn
  -- INR70 million fund-based working capital limits: 'IND B' and
     'IND A4'; ratings withdrawn
  -- INR6.8 million term loan: 'IND B'; rating withdrawn


MD FROZEN: ICRA Lowers Rating on INR64.50cr Loan to 'D'
-------------------------------------------------------
ICRA has revised the long-term rating on the INR65.0 crore, fund
based and non fund based limits of MD Frozen Food Exports to
[ICRA]D from [ICRA] BB-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       64.50      [ICRA]D; Revised from
                                      [ICRA[BB-(Stable)

   Non Fund Based Limits    0.50      [ICRA] D; Revised from
                                      [ICRA[BB-(Stable)

The rating revision takes into account the delay in debt
servicing by the company because of its stretched liquidity
position. Furthermore, the company has been facing approval-
related delays for its slaughterhouse. Moreover, the recent
demonetisation has impacted the company's supply chain. The
rating is further constrained by the modest operating margins and
the intense competition in the meat export industry; its
vulnerability to fluctuations in foreign exchange rates;
susceptibility to adverse changes in regulations and exposure to
event risks such as disease out-break, given the nature of the
raw material.

ICRA, however, notes the extensive experience of the group's
promoters in the meat export business; their established
relationship with overseas and domestic clients as well as the
favorable demand prospect for Indian meat products in the medium
term.

Going forward, the group's ability to demonstrate a track record
of timely debt servicing will be the key rating sensitivity.

Formed in 1992 as a partnership firm, MD Frozen Food Exports is
engaged in the processing and export of frozen meat to various
countries in Africa, Asia and the Middle East. In 2009-10, the
firm set up a raw meat processing unit at Dasna, Ghaziabad (Uttar
Pradesh). Subsequently, a rendering unit which converts waste
from meat processing into useful by-products like tallow oil
(which is sold to soap manufacturers) and poultry feed was added
in 2011-12.

In 2012-13, the firm started construction of a modern
slaughterhouse as well as expansion of the meat processing plant
to create an integrated abattoir cum meat processing unit. The
facility was completed in March 2014 and is currently awaiting
final approvals. The group is procuring raw meat from a slaughter
house owned by Meem Agro Foods Pvt. Ltd, which is approved by the
Agricultural and Processed Food Products Export Development
Authority.


MD FROZEN FOOD: ICRA Cuts Rating on INR54.75cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating on the INR55.0 crore, fund-
based and non-fund based limits of MD Frozen Food Exports Private
Limited to [ICRA]D from [ICRA] BB-.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits       54.75       [ICRA]D; Revised from
                                       [ICRA[BB-(Stable)

   Non-fund Based Limits    0.25       [ICRA]D; Revised from
                                       [ICRA[BB-(Stable)

The rating revision takes into account the delay in debt
servicing by the company because of its stretched liquidity
position. Furthermore, the company has been facing approval-
related delays for its slaughterhouse. Moreover, the recent
demonetisation has impacted the company's supply chain. The
rating is further constrained by the modest operating margins and
the intense competition in the meat export industry; its
vulnerability to fluctuations in foreign exchange rates;
susceptibility to adverse changes in regulations and exposure to
event risks such as disease out-break, given the nature of the
raw material.

ICRA, however, notes the extensive experience of the group's
promoters in the meat export business; their established
relationship with overseas and domestic clients as well as the
favorable demand prospect for Indian meat products in the medium
term.

Going forward, the group's ability to demonstrate a track record
of timely debt servicing will be the key rating sensitivity.

Incorporated in 1996, M.D. Frozen Food Exports Private Limited
(MDPL) is involved in processing and export of frozen meat to the
Commonwealth of Independent States (CIS) and countries in Africa,
Asia and the Middle East. MDPL purchases raw meat from local
butchers and government-run slaughter houses. The meat is then
processed by associate concerns on job-work basis. Currently, the
group is procuring raw meat from a slaughterhouse owned by Meem
Agro Foods Pvt. Ltd, which is approved by the Agricultural and
Processed Food Products Export Development Authority.


MDC PHARMACEUTICALS: Ind-Ra Withdraws 'BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MDC
Pharmaceuticals Private Limited's (MDC) 'IND BB+' Long-Term
Issuer Rating.

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

MDC's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR80 million fund-based working capital limits: 'IND BB+';
      Outlook Stable and 'IND A4+'; rating withdrawn


MLJP CHEMICALS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MLJP Chemicals
Limited's (MLJP) '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 MLJP.

MLJP's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR35 million fund-based working capital limits: 'IND BB';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR95 million non-fund based working capital limits:
      'IND A4+'; rating withdrawn


MUDIT ENTERPRISES: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mudit
Enterprises Private Limited's (MEPL) 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 MEPL.

MEPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB'/Stable; rating withdrawn
   -- INR20 million fund-based working capital limits: Long-term
      'IND BB'/Stable and Short-term 'IND A4+'; ratings withdrawn
   -- INR40 million non-fund-based limits: Short term 'IND A4+';
      rating withdrawn
   -- Proposed INR12.5 million fund-based working capital limits:
      'Provisional IND BB'/Stable/'Provisional IND A4+'; ratings
      withdrawn
   -- Proposed INR7.5 million non-fund-based limits: 'Provisional
      IND A4+'; rating withdrawn


NAGEEN PRAKASHAN: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nageen
Prakashan Private Limited's (NPPL) '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 NPPL.

NPPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR43 million fund-based working capital limits: 'IND BB';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR2 million non-fund-based working capital limits:
      'IND BB'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR11.63 million term loan limits: 'IND BB'; Outlook
      Stable'; rating withdrawn


NAVDURGA ISPAT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Navdurga Ispat
(P) Limited's (NIPL) 'IND BB+' Long-Term Issuer Rating.  The
Outlook was Stable.  The agency has also withdrawn the 'IND BB+'
rating with a Stable Outlook on the company's INR160 million
fund-based working capital limits.


OM GEMS: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Om Gems &
Jewels Pvt. Ltd.'s (OGJPL) 'IND B-' Long-Term Issuer Rating.  The
Outlook was Stable.

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

OGJPL's ratings:

   -- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
      withdrawn
   -- INR70 million fund-based limits: 'IND B-'; Outlook Stable
      and 'IND A4'; ratings withdrawn
   -- INR130 million non-fund-based limits: 'IND A4'; rating
      withdrawn


PATRAN FOODS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Patran Foods
Pvt. Ltd.'s Long-Term Issuer Rating of 'IND BB-'.  The Outlook
was Stable.

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

The company's ratings are:

  -- Long-Term Issuer rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
  -- INR20.9 million Term loan: 'IND BB-'; Outlook Stable; rating
      withdrawn
  -- INR550 million fund-based limits: 'IND BB'; Outlook Stable
      and 'IND A4+'; ratings withdrawn


PAYAL PETROPACK: ICRA Suspends B+/A4 Rating on INR36cr Bank Loan
----------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to the INR36 crore bank
facilities of Payal Petropack Private Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


PEARL METAL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pearl Metal
Cast's (PMC) 'IND B+' Long-Term Issuer Rating.  The Outlook was
Stable.  The agency has also withdrawn the company's INR70
million fund-based limits' 'IND B+', which had a Stable Outlook,
and 'IND A4' ratings.

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


PHOSPHATE COMPANY: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn The Phosphate
Company Limited's (TPCL) 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.

TPCL's ratings are:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR29 million term loan: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR180 million fund-based limits: 'IND B'; Outlook Stable
      and 'IND A4'; ratings withdrawn
   -- INR220 million non-fund-based limits: 'IND A4'; rating
      withdrawn


QUALITY FABRICS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Quality
Fabrics' (QFS) 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.

QFS's ratings are:

   -- Long-Term Issuer rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR120 million fund-based limits: 'IND BB'; Outlook Stable
      and 'IND A4+'; ratings withdrawn
   -- INR20 million non-fund-based limits: 'IND A4+'; rating
      withdrawn


R. K. COTGIN: CRISIL Lowers Rating on INR55MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R. K. Cotgin and Pressing Industries (RKC) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan          35.1      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      34.9      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in the firm's business
risk profile, reflected in decline in sales volume due to muted
demand, leading to fall in revenue to INR318.9 million in fiscal
2016 from INR519.9 million in fiscal 2014. The revenue dropped
also because of reduced yarn production and lower cotton prices
in the domestic market. CRISIL believes RKC's operating revenue
will increase in fiscal 2017 driven by relatively stable demand,
but growth will remain subdued, at 4-5%.

The rating reflects the firm's small scale of operations,
susceptibility to volatility in raw material price, and its
below-average financial risk profile because of small networth.
These weaknesses are partially offset by efficient working
capital management and extensive experience of promoters in the
cotton industry.
Outlook: Stable

CRISIL believes RKC will continue to benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' if there is a sustained
growth in revenue and profitability, and prudent working capital
management and healthy capital structure. The outlook may be
revised to 'Negative' if accrual is significantly lower than
expected, or if working capital cycle lengthens, leading to weak
liquidity.

RKC, set up in 1976 by Ellenabad, Haryana-based Mittal family,
manufactures cotton bales, oil, oil cakes, and cotton yarn.
Cotton bales are sold to spinning mills in Punjab, and used for
captive consumption at the firm's spinning mill. Mr. Brij Lal
Mittal and Mr. Aditya Mittal are key partners in the firm and
manage its operations.


RADHABALLABH SILK: ICRA Suspends 'B-' Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR7.00
crore bank facilities of Radhaballabh Silk Mills Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Promoted by Mr. Radhaballabh Kejriwal, Radhaballabh Silk Mills
Private Limited was incorporated in the year 1987, and was
primarily engaged in trading of yarn and fabrics. In 1988, the
company acquired machinery for "Air Jet Texturing", which was a
relatively new technology back then, to process polyester yarn.
The air textured yarn finds application in various segments
including apparel, upholstery, car seat covers, luggage etc. In
2001, the company further expanded its operations to include
weaving of yarn to manufacture grey fabric, by using the in-house
processed yarn.

The company is headquartered in Mumbai, and also has its
manufacturing setup in the same premises, which comprises of 175
spindles for yarn texturing and 27 weaving machines. The company
has a production capacity of 75,000 kgs/ month for yarn
processing and 75,000 meter per month for fabric weaving. RSMPL
manufactures yarn under various deniers, ranging from 200 to
1,200 and specialises in tailor-made products.


RAMESH CHAND: ICRA Suspends B/A4 Rating on INR9cr Bank Loan
-----------------------------------------------------------
ICRA has suspended ratings of [ICRA]B/ A4 assigned to the INR9.00
crore bank facilities of Ramesh Chand Rai (RCR). The suspension
follows ICRA's inability to carry out a rating surveillance due
to client non co-operation.

RCR started its operations in 1998 and is engaged in retailing of
CL (Country Liquor) and IMFL (Indian Made Foreign Liquor) through
shops (mainly on rental basis). The firm began its operations in
1998 and is promoted by Mr. Ramesh Chandra Rai who has been in
the liquor trading business for more than a decade.


REGAL TRANSCORE: CRISIL Raises Rating on INR87.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Regal Transcore Laminations Pvt Ltd (RGTLPL; part of the
Udasee group) to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
has reaffirmed the company's short-term bank facilities at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        20        CRISIL A4 (Reaffirmed)

   Cash Credit             87.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       110.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term      30.0      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Proposed Short Term     30.0      CRISIL A4 (Reaffirmed)
   Bank Loan Facility

The upgrade reflects CRISIL's belief that the Udasee group's
working capital management will continue to improve over the
medium term because of a permanent shift for procuring raw
materials from traders to manufacturers. Due to this shift the
group has better control over raw material procurement and thus
had to stock less inventory. Also the quality of the raw material
was better and more reliable. As a result the group's inventory
reduced from 87 days as on March 31, 2015, to 42 days as on March
31, 2016, resulting in positive cash flow of INR39.6 million in
fiscal 2016 against negative INR27.9 million in fiscal 2015.
Payables also reduced to 82 days from 106 days.

The ratings reflect the Udasee group's modest financial risk
profile because of high total outside liabilities to tangible net
worth (TOLTNW) ratio, subdued debt protection metrics, and small
net worth. The ratings also factor exposure to intense
competition in the electrical laminations segment for power
transformers. These weaknesses are partially offset by promoters'
extensive industry experience, established relationships with
suppliers and customers and reduction in working capital
requirement driven by lower inventory.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Udasee Stampings Pvt Ltd (USSPL) and
RGTLPL. The two companies, together referred to as the Udasee
group, have common promoters and management, are in the same
business, and have strong operational linkages.
Outlook: Stable

CRISIL believes the Udasee group will continue to benefit from
its established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if the financial risk
profile improves, driven by sizeable equity infusion or larger-
than-expected cash accrual or significant improvement in working
capital management. The outlook may be revised to 'Negative' if
liquidity weakens because of increase in working capital
requirement or large debt funded capex or decline in operating
profitability.

RGTLPL was established as a proprietary firm, Regal Laminator, in
1988 and was incorporated as a private limited company with the
current name in 1998. USSPL was incorporated in 1993. The two
companies are promoted by Jaipur-based Udasi family. Their plants
are in Jaipur.

The Udasee group manufactures electrical laminations for
transformers, and sells primarily to transformer manufacturers,
which supply to state electricity boards.


SAM INDUSTRIAL: CRISIL Suspends B- Rating on INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sam Industrial Enterprises Limited (SIEL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4
   Cash Credit            75         CRISIL B-/Stable
   Overdraft Facility     15         CRISIL A4
   Proposed Long Term
   Bank Loan Facility     25         CRISIL B-/Stable

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

Incorporated in 2000 as a private limited company, SIPL designs,
prints, and binds books, brochures and other reading materials
for its customers located in North India. The company also prints
pamphlets, brochures, booklets and other printed materials for
various nodal agencies and schools along with printing of mono-
cartons of certain pharmaceuticals for multiple customers at its
printing facility in Delhi.


SATISH BUILDERS: ICRA Suspends 'B' Rating on INR8cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR8.00 crore, fund based and non fund based limits of
Satish Builders.  The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SHANKHESHWAR ENTERPRISES: CRISIL Suspends B+ Loan Ratings
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shankheshwar Enterprises (SE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B+/Stable

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

SE, established in 2001, is a partnership firm based in Ludhiana
(Punjab). SE manufactures knitted fabrics. It is managed by Mr.
Sudhir Jain and family.


SHREE KANKESHWARI: CRISIL Suspends B+ Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shree
Kankeshwari Agro Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL B+/Stable

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

SKAPL mills and processes non-basmati rice and its by-products.
The company is undertaking a capex to increase its capacity.


SJS MOTORS: ICRA Reaffirms B Rating on INR8.75cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR8.75-crore
working capital facility of SJS Motors at [ICRA]B. ICRA has also
reaffirmed its rating of [ICRA]B on the INR1.25-crore unallocated
limits of the firm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.75       [ICRA]B; reaffirmed
   Unallocated           1.25       [ICRA]B; reaffirmed

The rating reaffirmation factors in the 41% year-on-year growth
in operating income achieved by SJS in FY2016, which was however
accompanied by decline in operating margins, which eroded to
2.10% for FY2016 from 2.73%, for the previous year. The firm's
gearing also saw some deterioration over this period, and
increased to 7.06x from 6.74x and the Total Debt/OPBDITA
increased to 8.28x, from 7.65x for the year ago period.

ICRA's rating continues to be constrained by the cyclicality in
the commercial vehicles (CV) industry as SJS' business prospects
are closely linked to the demand for CVs. In addition, the firm
faces competition from other OEM dealerships and for service and
spares, from other Tata Motors Ltd's (TML's) dealerships in the
vicinity. The ratings continue to be constrained on account of
risks related to partnership constitution of the firm, as well as
its stretched liquidity profile as reflected by low unutilized
bank limits and continued dependence on ad hoc limits.
ICRA's ratings, however, continues to positively factor in the
strength derived from SJS' dealership of TML, which is the market
leader in the CV industry in India. ICRA also factors in the
firm's extensive network comprising of seven sales, service and
spares (3S) facilities and around 10 touch points in the state of
Uttar Pradesh. Further, the extensive experience of the promoters
in the automobile dealership business continues to provide
comfort to the rating.

Going forward, the firm's ability to achieve growth in operating
income along with an improvement in margins while making a
sustained improvement in gearing levels as well as debt coverage
indicators and maintaining an optimal working capital intensity
will be the key rating sensitivities.

SJS came into existence in 2003 with Mr. Dhyan Singh, Ms.
Narendra Kaur, Mr. Rajveer Singh, and Mr. Udaiveer Singh as
partners, to carry on the business of sale of commercial
vehicles, manufactured by TML. The partners have been in the
transportation business since the last six decades. The firm has
3S (Sales, Service and Spares) facilities in Daurala, Rithani in
Meerut, and Hapur, Baghpat, Saharanpur, Shamli and Muzaffarnagar
in the adjoining regions. In addition, the firm also has ten
touch points in western UP.

Recent Results
In FY2016, SJS reported a Profit after Tax (PAT) of INR0.50 crore
on an Operating Income (OI) of INR370.46 crore, as against a PAT
of INR0.26 crore on an OI of INR262.77 Crore for the previous
year.


SKD RICE: CRISIL Reaffirms 'B' Rating on INR45MM Term Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of SKD Rice Industries
Pvt Ltd (SKD) continues to reflect its nascent stage of
operations and exposure to intense competition in the rice
milling business. These rating weaknesses are partially offset by
the extensive experience of promoters in rice business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            15        CRISIL B/Stable (Reaffirmed)
   Term Loan              45        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SKD will benefit over the medium term from the
promoters' extensive experience in the rice business. The outlook
may be revised to 'Positive' in case of quick stabilisation of
production capacity and higher-than-expected revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected capacity utilisation,
or if a considerable stretch in working capital cycle weakens the
overall financial risk profile.

Incorporated in 2014, SKD is setting up a non-basmati rice mill
at Cuttack, Odisha. SKD's day to day operations are being managed
by Mr. Sandeep Singh.


SRI LAKSHMI: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4'
for the bank facilities of Sri Lakshmi Venkata Ramana Raw &
Boiled Rice Mill (SLVR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable
   Overdraft Facility       20       CRISIL A4

The ratings reflect SLVR's modest scale of operations in an
intensely competitive rice milling industry and its below-average
financial risk profile, marked by modest networth and high
gearing. These rating weaknesses are partially offset by the
extensive experience of promoters in the rice milling industry.
Outlook: Stable

CRISIL believes that SLVR will benefit from the extensive
promoter experience over the medium term. The outlook may be
revised to 'Positive' if the firm's revenues improve
significantly, while maintaining its operating profitability and
working capital management. Conversely, the outlook may be
revised to 'Negative' if revenues or profits drop, resulting in
lower-than-expected cash accruals or if there is stretch in the
working capital cycle or if the firm undertakes a large debt-
funded capital expenditure program resulting in weakening of its
liquidity profile.

Incorporated in 1997 by Mr. R.Ramana Rao and family, Nellore
based SLVR is engaged in milling and processing of paddy into
rice.


SRI RAM: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Ram Technopack Private Limited (SRTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            50         CRISIL B/Stable
   Inland Guarantees       1.6       CRISIL A4
   Term Loan              28.4       CRISIL B/Stable

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

SRTPL was promoted in 2009 by Mr. Rajendra Agarwal and his two
sons, Mr. Rahul Agarwal and Mr. Rakesh Agarwal. The company
manufactures polypropylene (PP) woven sacks and fabric, used for
packaging sand, cement, and agro products. Its plant at Burdwan
district in West Bengal has an installed capacity to manufacture
2400 tonnes of fabric per annum. SRTPL commenced operations in
April 2012.


SRS MEDITECH: ICRA Suspends B+/A4 Rating on INR20.57cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating for the INR20.57 Crore
bank facilities of SRS Meditech Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SS ALUMINIUM: CRISIL Assigns 'B' Rating to INR63.2MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of SS Aluminium Pvt Ltd (SSAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable
   Long Term Loan          63.2      CRISIL B/Stable

The rating reflects the company's nascent stage and modest scale
of operations, exposure to intense competition, and below-average
financial risk profile because of high gearing. These weaknesses
are partially offset by its promoters' extensive experience in
the construction materials industry.
Outlook: Stable

CRISIL believes SSAPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in revenue and
profitability, and substantial equity infusion, leading to a
better financial risk profile. The outlook may be revised to
'Negative' if cash accrual declines, or if the company undertakes
large, debt-funded capital expenditure, or if its working capital
management weakens, constraining the financial risk profile.

SSAPL, incorporated in 2013 and based in Balasore, Odisha,
manufactures aluminium extrusions for door and window frames. Its
operations are managed by promoters Mr. Jadabendra Pradhan and
his wife Ms. Madhusmita Pradhan.


STARLON EXIM: ICRA Suspends 'B/A4' Rating on INR15cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA] A4 ratings assigned to
the INR15.00 Crore bank facility of Starlon Exim Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


STYLE N SUPPLY: CRISIL Suspends 'D' Rating on INR85MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Style
N Supply Private Limited (Style).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D
   Cash Credit             85        CRISIL D

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

Style was set up in 2010 by Mr. K Madhusudan Rao and his family
members. The company, is engaged in distribution of branded
footwear. It is based in Hyderabad (Telangana).


SUPER DISCO: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Super
Disco Ispat Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             40        CRISIL B/Stable
   Letter of Credit        20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable

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

SDIPL, incorporated in 1997 and promoted by Mr. Vijay Mittal,
manufactures roofing sheets and trades in different type of
roofing sheets, wind operated turbo ventilators and fastening
items.


SURYATEJA POWER: CRISIL Suspends B+ Rating on INR24MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Suryateja Power Projects Private Limited (SPPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            21.3       CRISIL B+/Stable
   Long Term Loan         24         CRISIL B+/Stable

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

Incorporated in 2002, SPPPL operates a biomass power plant
located in Beechpally village (Telangana). Its operations are
managed by Mr. Jayarami Reddy.


SUZUKI SUITINGS: CRISIL Suspends B+ Rating on INR140MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suzuki
Suitings Private Limited (SSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B+/Stable
   Inland/Import Letter
   of Credit                30       CRISIL A4
   Term Loan                75       CRISIL B+/Stable

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

Incorporated in 1987, SSPL manufactures fabric for shirting and
suiting. The company is promoted by Mr. Arunkumar Parsrampuria
and his family members. The company's facilities are located at
Ahmedabad (Gujarat).


SWADISHT OILS: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Swadisht Oils Private Limited (SOPL) and assigned its
'CRISIL B/Stable' ratings to the long term bank facilities.
CRISIL had earlier, on July 26, 2016, suspended the rating as
SOPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating on SOPL's bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash           150       CRISIL B/Stable (Assigned;
   Credit Limit                      Suspension Revoked)

The rating reflects the weak financial risk profile, which is
constrained by large losses sustained in fiscal 2016, and
susceptibility to volatile raw material prices, unfavorable
government policies and dependence on adequate monsoon. The
rating weaknesses are partially offset by the funding support
from the new management.
Outlook: Stable

SOPL is expected to benefit from the funding support extended by
the promoters. The outlook may be revised to 'Positive' if the
company reports a substantial increase in the net cash accrual,
most likely on account of better-than-expected operating income
or profitability. The outlook may be revised to 'Negative,' in
case of a significant delay in stabilization of operations, once
production resumes, or a large, debt-funded capital expenditure,
weakens the financial risk profile.

Incorporated in 1996 as AMG Exports Pvt Ltd, SOPL got its current
name in April 2004. Mr.  Dinesh Arora (and his family; referred
to as DA group) and Mr. Tilak Raj Sharma (and family; referred to
as TRS group) took over the company, which remained non-
operational till December 2007, from its erstwhile promoters, and
started importing crude palm oil (CPO) on high-seas basis.

Swadist also operated a solvent extraction plant (commercial
production from April 2009) with a capacity of 600 tonnes per day
(tpd) at Rania, Kanpur. The company was engaged in processing
varieties of edible and non-edible oil seeds such as soy or soya,
and mustard. Beside this, the company also undertook solvent
extraction from rice, and set up an oil refining unit with
refining capacity of 150 tpd in fiscal 2014. In fiscal 2016, the
TRS group took full control from the DA group after the company
sustained large losses and suspended its operations in December
2016. The new management is now attempting to restart operations.


TRANS CONDUCT: ICRA Suspends 'B' Rating on INR11cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR11.00 crore
bank facilities of Trans Conduct (India). The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

M/s Trans Conduct (India) (TCI) was established as a proprietary
concern by Mr.Bipin Shah in 1979 and was subsequently converted
into a partnership firm in 2008 with admission of Mr. Dinesh Shah
and other family members. TCI specializes in civil engineering
contracts with the Municipal Corporation of Greater Mumbai (MCGM)
or Brihanmumbai Municipal Corporation (BMC).


UDASEE STAMPINGS: CRISIL Hikes Rating on INR72.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Udasee Stampings Pvt Ltd (USSPL; part of the Udasee group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', and has reaffirmed the
company's short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       20        CRISIL A4 (Reaffirmed)

   Cash Credit            72.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       90        CRISIL A4 (Reaffirmed)

   Proposed Long Term     30        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Proposed Short Term
   Bank Loan Facility     30        CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that the Udasee group's
working capital management will continue to improve over the
medium term because of a permanent shift in procurement of raw
materials, from traders to manufacturers. Consequently, the group
has better control over procurement, and has reduce inventory to
42 days as on March 31, 2016, from 87 days as on March 31, 2015,
resulting in positive cash flow of INR39.6 million in fiscal 2016
against negative INR27.9 million in fiscal 2015. Also, the
quality of raw material was better, and supply was more reliable.
Payables also reduced to 82 days in fiscal 2016 from 106 days in
fiscal 2015.

The ratings reflect the Udasee group's modest financial risk
profile because of high total outside liabilities to tangible net
worth ratio, subdued debt protection metrics, and small net
worth. The ratings also factor exposure to intense competition in
the electrical laminations segment for power transformers. These
weaknesses are partially offset by promoters' extensive industry
experience, established relationships with suppliers and
customers, and improvement in working capital requirement driven
by lower inventory.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of USSPL and Regal Transcore Laminations
Pvt Ltd (RGTLPL). The two companies, together referred to as the
Udasee group, have common promoters and management, are in
similar businesses, and have strong operational linkages.
Outlook: Stable

CRISIL believes the Udasee group will continue to benefit from
its established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if the financial risk
profile improves, driven by sizeable equity infusion or larger-
than-expected cash accrual or significant improvement in working
capital management. The outlook may be revised to 'Negative' if
liquidity weakens because of increase in working capital
requirement or large debt-funded capex or decline in operating
profitability.

The Udasee group manufactures electrical laminations for
transformers, and sells primarily to transformer manufacturers,
which supply to state electricity boards.

RGTLPL was established as a proprietary firm, Regal Laminator, in
1988 and was reconstituted as a private limited company with the
current name in 1998. USSPL was incorporated in 1993. The two
companies are promoted by Jaipur-based Udasi family. Their plants
are in Jaipur.


UNIWORLD SUGARS: ICRA Suspends 'D' Rating on INR125cr Bank Loan
---------------------------------------------------------------
ICRA has suspended its long term rating of [ICRA]D assigned to
the INR125.00 crore bank facilities of Uniworld Sugars Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.

Uniworld Sugars Private Limited is a Joint Venture with
shareholding of Simbhaoli Sugars Limited and ED&F Man, UK. USPL
has set up a refined sugar manufacturing unit at Kandla port with
an output of 1000 Tons of Refined White Sugar per day. The
project site is 41 acres in area at Vill Varsamedi near the
Kandla Port. The location of the refinery with enables direct
access to the Arabian Sea facilitating direct and quick access to
the port. Kandla is the nearest seaport on the western coast and
is conveniently located for sourcing and distribution to Gujarat,
Maharashtra, Rajasthan and states in North India. The port at
Kandla is adequate for bulk handling and has a discharge rate of
approx 10,000 MT/day. The draft at the Port at around 10-12 mtrs
is sufficient to bring in vessels up to 50,000 tones.


USS EXIM: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Credit
-----------------------------------------------------------
ICRA reaffirms its long-term rating of [ICRA]B to the INR1 crore
fund based bank facility and its short term rating of [ICRA]A4 to
the INR9 crore non fund based bank facility of USS Exim Private
Limited. ICRA also reaffirms its ratings of [ICRA]B/[ICRA]A4 to
the INR2.5 crore unallocated bank limits of UEPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.0        [ICRA]B; reaffirmed
   LC                    9.0        [ICRA]A4; reaffirmed
   Unallocated           2.5        [ICRA]B/[ICRA]A4; reaffirmed

The rating action factors in decline in operating income as well
as net profits in FY 2016; which was however accompanied with
improvement in gearing levels and TOL/TNW ratio.

The ratings continue to take into account the low and volatile
margins, which are inherent to the trading business as well as
low net worth base. The ratings also continue to take cognizance
of the high competitive intensity in the industry due to low
entry barriers, which combined with the company's modest scale of
operations, result in pressure on margins. The ratings also take
into account the nascent stage of veneer operations of the
company, the same having commenced in February 2016.

However, the ratings continue to favorably factor in the
extensive experience of the promoters in the trading business and
financial support from group companies in the form of unsecured
loans. The ratings also take into account the fact that the
company does not have any scheduled long term debt repayments.

Going forward, the ability of the company to increase its scale
of operations while improving profitability while maintaining a
prudent capital structure and optimal working capital intensity
will be key rating sensitivities.

Incorporated in 2003, UEPL is a closely-held company promoted by
Mr. Murari Lal Gupta and his son Mr. Mohit Gupta. The company
commenced its operations in June 2014. It started its business
with importing and trading of Chemicals, Mobile Handsets, Steel
Sheets and Pipes. UEPL has its trading office located in Delhi
and Gandhidham. However, in FY16 all these segments were
discontinued by the promoters on account of low profitability.

The company has diversified into trading of veneer from FY2016
onwards in collaboration with a Myanmar based company. The
trading of veneer started from February 2016 onwards and has
picked up sales volume in the current year.

Recent Results
The company reported a net profit after tax (PAT) of INR0.00
crore on an operating income of INR4.98 crore in FY2016 as
against a PAT of INR0.12 crore on an operating income of INR9.78
crore in the previous year.



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


TOSHIBA CORP: Hit by Fresh Profit Padding Allegations
-----------------------------------------------------
Reuters reports that Toshiba Corp. shares fell more than five
percent in early trade on Jan. 4 after media reported the
security watchdog suspects the Japanese conglomerate of
misreporting profits by JPY40 billion ($339.59 million) over
three years.

The revelations add to a series of accounting troubles swirling
around Toshiba, which was downgraded by ratings agencies last
week after it admitted it may face a multi-billion dollar
writedown over its U.S. nuclear business, Reuters relates.

According to Reuters, the Asahi Shimbun newspaper reported on
Jan. 3, when Tokyo markets were closed, that the Securities and
Exchange Surveillance Commission would present allegations of
accounting fraud to prosecutors, who had previously declined to
investigate due to a lack of evidence.

The watchdog found that Toshiba had reported profit gains in its
computer operations during the 2012-2014 financial years, when
the section had not generated any profit, the newspaper reported
citing unidentified sources, Reuters relays.

Toshiba's two CEOs and a chairman at the helm of the company
during that period were involved in the alleged cheating, it
added, reports Reuters.

Reuters adds that the investigation could open the way to formal
criminal charges against the company and its former executives.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.

The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications.  At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.



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


NATURAL DAIRY: Goes Into Provisional Liquidation
------------------------------------------------
stuff.co.nz reports that the listed company behind the failed bid
for the Crafar farms, Natural Dairy (NZ) Holdings, has been
placed in provisional liquidation by the Chinese Grand Court.

A director of the company was convicted fraudster, May Wang, now
known as May Hao, according to stuff.co.nz.  In May this year two
former senior executives were also found guilty of fraud in a
Hong Kong court over the acquisition of the 22 North Island dairy
farms, the report notes.

The farms, in the central North Island, were eventually bought in
2012 by China's Shanghai Pengxin for a reported $200 million, the
report relays.

Ms. Hao received a jail sentence of eight years and three months.

Her co-accused Wenjye Yee received five years in jail while the
other co-accused, Keen Chen, received seven years and nine
months' jail, the report relays.  Mr. Chen was also convicted of
one count of dealing with property known or reasonably believed
to represent proceeds of an indictable offence, the report notes.

Ms. Hao has reportedly appealed her convictions and prison
sentence, the report says.

Price Waterhouse Coopers have been appointed provisional
liquidators.



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


RB OF SALINAS: Creditors Have Until Jan. 30 to File Claims
----------------------------------------------------------
All creditors of the closed Rural Bank of Salinas, Inc. have
until Jan. 30, 2017 to file their claims against the assets of
the closed bank either personally or by mail. Creditors refer to
any individual or entity with a valid claim against the assets of
the closed Rural Bank of Salinas and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.

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

Claims filed after January 30, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to Jan. 30, 2017 are deemed to have filed their claims
against the closed bank's assets.

Rural Bank of Salinas was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on November 11, 2016 and
PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located on Marseilla St.,
Brgy. Muzon, Rosario, Cavite. Its extension office is located
along Gen. Trias Drive, Brgy. Poblacion, Rosario, Cavite.

All inquiries and communications relating to Rural Bank of
Salinas may be addressed to the Deputy and Assisting Deputy
Receivers stationed at the PDIC Office. The Deputy and Assisting
Deputy Receivers may be contacted at telephone numbers (02) 841-
4986 and (02) 841-4972 or at e-mail addresses,
fdlucos@pdic.gov.ph and szbello@pdic.gov.ph.



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


HANJIN SHIPPING: Korea Line Shareholders Reject Bid for Assets
--------------------------------------------------------------
Maeil Business News Korea's Pulse reports that shareholders of
Korea Line Corp. shot down the corporate plan to assume key
assets of Hanjin Shipping Co. that used to be South Korea's
biggest shipper to expand to container business starting March.

Pulse relates that in the shareholders' meeting on Jan. 3 voting
on bidding Korea Line, the bulk carrier under Samra Midas (SM)
Group, for Asia-U.S. route and other sellable assets of Hanjin
Shipping the company won from the bankruptcy court, only 1.8%
threw vote of approval to the plan.

Shareholders opposed to the plan of the bulk carrier entering
container business at a time when outlook on global shipping
industry remains murky, Pulse says. They worried liquidity strain
if the company expands at such uncertain period.

According to the report, SM Group plans to go ahead with the
acquisition by creating a special purpose vehicle and pool funds
from group units to complete the purchase and then set up new
container operator.

                       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.



===========
T A I W A N
===========


MASTER KONG: To be Dissolved Following 2014 Food Scandal
--------------------------------------------------------
Shi Jing at China Daily reports that news of the disbanding of
the once leading instant noodle provider Master Kong Taiwan has
swept the business world on the first working day of the new
year.

China Daily says Hong Kong Stock Exchange listed Tingyi (Cayman
Islands) Holding Corp, the holding company of Master Kong Taiwan,
announced on Jan. 2 that the major business of Master Kong Taiwan
is the rental and import of manufacturing equipment for instant
noodles. It is not involved in any food production. As the
company has no substantial business operations, the board of
Tingyi has decided to go through liquidation and dissolve Master
Kong Taiwan, the report relates.

According to China Daily, Master Kong Taiwan terminated the
production of instant noodles in October 2014 due to a food
scandal involving the sale of tainted cooking oil. It was alleged
that animal feed oil was added to cooking oil which was then sold
for human consumption.

This has resulted in the decline of Tingyi, the report notes. Its
market share contracted to only HK$52.85 billion ($6.8 billion)
on the last trading day of 2016 from its peak of HK$140 billion
in 2011.

China Daily notes that Tingyi clarified that Master Kong Taiwan
has been operating only in Taiwan island. There will be no impact
on the business in the mainland market, the report relays.

As a leading brand of Taiwan-based food giant Ting Hsin
International Group, Master Kong has been a well-known instant
noodle producer since 1992.  According to China Daily, statistics
provided by global market consultancy Euromonitor International
show that it has always taken 40-plus percent of the mainland
instant noodles market throughout the past five years, compared
to second best player's share of slightly above 10 percent.

However, the food scandal in 2014 resulted in lower sales in the
mainland and continued contraction of its market share. Tingyi's
third quarter 2016 financial report shows that revenue from the
instant noodle business dropped 8.75 percent year-on-year to $969
million. In the first three fiscal quarters combined, revenue
generated by instant noodle business dropped 12.01 percent year-
on-year, China Daily states.

The sluggish instant noodle market in the mainland has been a
major reason, China Daily says. The total retail value of instant
noodles has been decreasing for three consecutive years since
2014, according to Euromonitor.



                             *********

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

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

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


                            *********


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

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

Copyright 2017.  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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