TCRAP_Public/170111.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

           Wednesday, January 11, 2017, Vol. 20, No. 8

                            Headlines


A U S T R A L I A

CLEAN STEEL: First Creditors' Meeting Slated for Jan. 18
CULLEN GROUP: QBCC Under Fire for Delayed Action on Complaints
GATEWAY CIVIL: First Creditors' Meeting Set for Jan. 18
MHM AUSTRALASIA: Students Forced to Find Replacement Courses
SMB CIVIL: First Creditors' Meeting Slated for Jan. 18


I N D I A

ABOK SPRING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
ALLWELD ENGINEERS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
AMAR BIO: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
AMIT & ASSOCIATES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
ANALOGICS TECH: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

ANKIT METAL: ICRA Suspends 'D' Rating on INR1280.03cr Loan
ANNUR SATYA: ICRA Reaffirms B- Rating on INR12cr Cash Loan
ARBEE AQUATIC: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
ASSOCIATED STEEL: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
BABANRAOJI SHINDE: ICRA Suspends 'D' Rating on INR164.31cr Loan

BHOPAL MOTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
BLUE PARK: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
BRINDHA COTTON: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
CAUVERY IRON: ICRA Suspends 'D' Rating on INR350cr Bank Loan
CHENDURAN COTSPIN: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating

CRACKERS INDIA: ICRA Suspends C+ Rating on INR4cr Cash Loan
CRUX BIOTECH: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
DIN DAYAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
DRS WAREHOUSING: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
DRUSHTI REALTORS: ICRA Suspends B+ Rating on INR13cr LT Loan

EURO DECOR: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
FILTRA CATALYSTS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
FOODS AND FEEDS: ICRA Reaffirms 'D' Rating on INR13cr Cash Loan
GAYATRI SEA: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
GLOBAL ENTROPOLIS: ICRA Withdraws IrB+ Issuer Rating

GUJARAT ECO: CRISIL Hikes Rating on INR34.57MM Loan to B-
ILEX DEVELOPERS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
IMPEX FERRO-TECH: ICRA Suspends D Rating on INR330cr Loan
INCHEM LABORATORIES: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
IVRCL INDORE: Ind-Ra Affirms 'D' Rating on INR13.726BB Loan

JAIN AGENCIES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
JAISWAL STEEL: Ind-Ra Withdraws 'B' Long Term Issuer Rating
JAYA SPUN: ICRA Suspends B+ Rating on INR3cr Fund Based Loan
KAKINADA SEZ: ICRA Reaffirms 'D' Term Loan Rating
KMG INFOTECH: ICRA Reaffirms B- Rating on INR7.30cr Term Loan

KRISAM AUTOMATION: CRISIL Cuts Rating on INR3.75MM Loan to B+
KUNAL COTTON: CRISIL Reaffirms B- Rating on INR7MM Cash Loan
L.A. HOTEL: ICRA Assigns B+ Rating to INR15cr Fund Based Loan
M.D. COTTON: ICRA Suspends B+ Rating on INR6.0cr Loan
MAHESH AGRI: ICRA Reaffirms 'D' Rating on INR21cr Loan

MANTRI METALLICS: ICRA Suspends 'D' Rating on INR105.31cr Loan
MITA ENGINEERS: ICRA Suspends B Rating on INR7.07cr Bank Loan
MODERN METAALICS: ICRA Suspends B+ Rating on INR3.5cr Cash Loan
MOTHERHOOD INSTITUTE: ICRA Lowers Rating on INR5cr Term Loan to D
NEW AMRUTHA: CRISIL Assigns 'B' Rating to INR7MM Term Loan

P. VENGANNA: ICRA Reaffirms 'B' Rating on INR18.32cr Loan
PARAM TEX: CRISIL Assigns B+ Rating to INR5.2MM Term Loan
PHF LEASING: ICRA Rates Fixed Deposit Programme 'MB+'
PINE EXPORTERS: ICRA Suspends B/A4 Rating on INR8.09cr Loan
PRAGATI SPINNERS: ICRA Suspends B+ Rating on INR31cr Term Loan

PRISTINE BUILDCON: ICRA Suspends 'B+' Rating on INR45cr LT Loan
RKR GOLD: ICRA Suspends 'B' Rating on INR20cr LT Loan
ROHIT FERRO-TECH: ICRA Suspends 'D' Rating on INR2511.79cr Loan
SAHU KHAN: ICRA Suspends B+ Rating on INR9cr Fund Based Loan
SAP INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.25cr ST Loan

SARADHAMBIKA PAPER: ICRA Suspends B+ Rating on INR7.0cr Bank Loan
SHREENATHJI DWELLINGS: ICRA Suspends 'B' Rating on INR20cr Loan
SHRI GIRIJA: ICRA Suspends D Rating on INR725cr Bank Loan
SHRIRAM NON: ICRA Suspends 'D' Rating on INR25cr Bank Loan
SIDDHI INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan

SILICA INFOTECH: ICRA Reaffirms B+ Rating on INR5cr Loan
SREE GODAVARI: ICRA Suspends B+ Rating on INR16.24cr Loan
SRI LAKSHMI: CRISIL Assigns 'B' Rating to INR15.5MM Cash Loan
SRI SARAVANA: ICRA Suspends 'B/A4' Rating on INR35cr Loan
SRINIVASA RICE: ICRA Suspends B+ Rating on INR11.16cr Term Loan

SUMMIT METALS: CRISIL Assigns B+ Rating to INR8MM Cash Loan
SUPREME HOLDINGS: ICRA Withdraws B+ Rating on INR85cr Loan
SURAJ INDUSTRIES: CRISIL Reaffirms B+ Rating on INR6.5MM Loan
SURESH EXPORTS: ICRA Reaffirms 'B' Rating on INR1.10cr Loan
SYCON CONSTRUCTIONS: ICRA Hikes Rating on INR18cr Loan to B+

TAPI PRESTRESSED: ICRA Suspends 'D' Rating on INR46.68cr Loan
TOSHALI CEMENTS: ICRA Hikes Rating on INR41cr Loan to B+
UB ENGINEERING: Files for Insolvency; Owes INR450cr to 5 Lenders
VATCO ELEC-POWER: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
VIMAL OIL: ICRA Reaffirms 'D' Rating on INR500cr Non FB Loan

VRIKSH TRANSWORLD: ICRA Suspends B+ Rating on INR20cr Bank Loan


J A P A N

TOSHIBA CORP: To Ask for Bank Loans Through February


M A L A Y S I A

PERISAI PETROLEUM: Wins Time Extension to Hold 2017 AGM


S O U T H  K O R E A

HANJIN SHIPPING: US Creditors Raise Concerns with Terminal Sale


                            - - - - -


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


CLEAN STEEL: First Creditors' Meeting Slated for Jan. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
Clean Steel Investments Pty Ltd, trading as Allied Coating
Services, will be held at 22 Market Street, in Brisbane,
Queensland, on Jan. 18, 2017, at 10:00 a.m.

Stefan Dopking -- stefan.dopking@fticonsulting.com -- and Joanne
Emily Dunn -- joanne.dunn@fticonsulting.com -- of FTI Consulting
were appointed as administrators of Clean Steel on Jan. 7, 2017.


CULLEN GROUP: QBCC Under Fire for Delayed Action on Complaints
--------------------------------------------------------------
Glen Norris at The Courier-Mail reports that Queensland's
building regulator is under fire for allowing the failed Cullen
Group Australia to keep trading even as complaints about late
payment from subcontractors mounted.

The Courier-Mail relates that BG Development Qld director Margie
Baldock said subbies at her company's townhouse construction site
at Doolandella, west of Brisbane, had told her as early as
October 2015 that they were not being paid by Cullen.

"BG was hearing of massive non-payment on other Cullen sites at
the same time as the non payment was happening on our site," the
report quotes Ms Baldock as saying. "This goes back many, many
months."

According to the report, industry sources allege the Queensland
Building and Construction Commission (QBCC) started receiving
complaints from subbies in February about payment problems at
Cullen.

That was the same month that QBCC renewed Cullen's building
license, allowing it to complete work worth up to AUD60 million.
Ms. Baldock joins the Subcontractors Alliance in criticizing the
QBCC in delaying action against Cullen, The Courier-Mail says.

The Courier-Mail relates that Ms. Baldock said her own company
was forced into liquidation in late December amid the mounting
financial difficulties being faced by Cullen. She said subbies
started lodging claims against BG when they were not paid by
Cullen.

"I question whether BG would have needed to have been wound up if
the regulator had done their job," Ms. Baldock, as cited by The
Courier-Mail, said.

Ms. Baldock denied claims by Cullen Group in The Courier-Mail
last week that BG owed it AUD1 million. She said that in fact BG
was owed more than AUD3.5 million in a "charge back" for work not
completed properly.

She added Cullen operations manager Geoff Belford had signed a
statutory declaration last October that all money owing by BG on
the project had been paid in full, The Courier-Mail reports.

The Courier-Mail says the QBCC denied it did not act quickly
enough to revoke Cullen's license. QBCC Commissioner Brett
Bassett said the license was renewed based on financial
statements verified by an independent accountant, the report
relays.

According to The Courier-Mail, Mr. Bassett said it was not
appropriate for the QBCC to disclose information in relation to
complaints concerning alleged non-payment.

A spokesman for Cullen liquidator Pearce & Heers said
investigations were continuing into the circumstances of the
company's collapse but declined to comment further, adds The
Courier-Mail.

As reported in Troubled Company Reporter-Asia Pacific on Dec. 28,
2016, the Gold Coast Bulletin said the building company behind
the two tower, resort-style units at Robina has collapsed
sparking fears about money owed to up to 300 subbies.  According
to the Bulletin, ASIC documents showed the Brisbane-based
construction company Cullen Group Australia is under external
administration.  The Bulletin related that Brisbane insolvency
accounting firm Pearce and Heers was appointed liquidator on
Dec. 22, 2016, in a voluntary winding up of the builder.

The Bulletin has been told the Cullen Group, which is registered
as a AUD30 million - AUD60 million company, has at least eight
major projects underway from Brisbane to northern New South
Wales.


GATEWAY CIVIL: First Creditors' Meeting Set for Jan. 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Gateway
Civil Qld Pty Ltd will be held at the offices of Mackay Goodwin,
Level 10, 239 George Street, in Brisbane, Queensland, on Jan. 18,
2017, at 11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Gateway Civil on Jan.
6, 2017.


MHM AUSTRALASIA: Students Forced to Find Replacement Courses
------------------------------------------------------------
Emma Koehn at SmartCompany reports that students have been
advised they should find their enrolment paperwork to "speed up
the process" of resolving what to do with their studies after the
collapse of registered training organization Australasian College
Broadway in December.

According to SmartCompany, administrators advised in a letter to
the college's 80 employees on the Friday before Christmas that
the business had ceased training and as a result all staff
members' employment had been terminated.

At the end of December, administrator Robert Moodie told Fairfax
that cash flow issues appeared to have played a part in the
college collapsing into voluntary administration, SmartCompany
relays.

SmartCompany says the main page of the college's website has been
replaced by a holding page with a note from administrators
advising: "At this stage we do not anticipate that the college
will be in a position to operate in 2017."  However, some other
website pages remain live, including event galleries, some VET-
FEE HELP information pages, and course advice pages.

According to the report, the message from administrators on the
home page directs students to the Australian Council for Private
Education and Training (ACPET) website for more information about
the collapse of their training college. ACPET lists six courses
on its information page about Australasian College Broadway,
including the Diploma of Specialist Make-Up Services, Diploma of
Beauty Therapy, Graduate Certificate in Intense Pulsed Light and
Laser Hair Reduction and Diploma of Salon Management.

In an "FAQ" note to students, of which there are believed to be
up to 800, ACPET advises two options: for students to be placed
in the same or a comparable course elsewhere, or have pre-paid
HELP debt re-credited for incomplete units of study - although
this option only applies for subjects not yet commenced but paid
for upfront, the report relates.

SmartCompany adds that students are being referred to the ACPET
help line and have been advised they will be contacted about the
next steps in January. When SmartCompany called the general line
at 9:30 a.m. on Jan. 10, students were asked to leave all their
course details on an answering machine for a call back in coming
days.

Robert Boyce Moodie, Andrew Barnden and Will Griffiths of Rodgers
Reidy were appointed as administrators of MHM Australasia Pty Ltd
on Dec. 22, 2016.  MHM Australasia traded as Australasian College
Broadway and was founded by Order of Australia Medal recipient
and 2014 BRW Rich Lister Maureen Houssein-Mustafa.


SMB CIVIL: First Creditors' Meeting Slated for Jan. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of
SMB Civil Pty Ltd will be held at The Lakes Resort, 17 Lake
Terrace West, in Mount Gambier South Australia, on Jan. 18, 2017,
at 12:30 p.m.

Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of SMB Civil on Jan. 6, 2017.



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


ABOK SPRING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Abok Spring
Private Limited's 'IND BB+' Long-Term Issuer Rating.  The Outlook
was Stable.

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

Abok's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR140 million fund-based working capital limits:
      'IND BB+'; Outlook Stable; rating withdrawn
   -- INR28.1 million term loans: 'IND BB+'; Outlook Stable;
      rating withdrawn
   -- Proposed INR 20 million Long-term loan: 'Provisional IND
      BB+'; Outlook Stable; rating withdrawn
   -- INR10 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


ALLWELD ENGINEERS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has affirmed Allweld Engineers Private
Limited's (AEPL) Long-Term Issuer Rating at 'IND B+'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects AEPL's continued small scale of
operations and moderate credit metrics. In FY16, revenue was
INR70 million (FY15: INR41 million), gross interest coverage
(operating EBITDA/gross interest expenses) was 2.3x (2.0x) and
net financial leverage (total adjusted net debt/operating EBITDA)
was 4.1x (2.5x).

AEPL's EBITDA margin declined to 13.3% in FY16 (FY15: 20.78%) on
account of volatile commodity price.  The company has recorded
revenue of INR50 million during 8MFY17.  The company has an order
book of INR200 million to be executed by March 2018.

Moreover, the net cash cycle continue to be long at 459 days in
FY16 (FY15: 364 days) due to a long inventory holding period of
408 days on the back of a long gestation period in the production
process.  AEPL's liquidity position remained tight with average
maximum fund-based limit utilization of around 99.8%.

The ratings, however, are supported by the company's long
operational track record and over two decades of experience of
its managing director in the field of mechanical industry.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
profitability with an improvement in the credit metrics could be
positive for the ratings.

Negative: A negative rating action could result from a decline in
profitability resulting in deteriorated credit metrics.

COMPANY PROFILE

Incorporated in 1993, AEPL is Bangalore-based entity engaged in
the design, manufacture and supply of hydraulic cylinders and
engineering assemblies.

AEPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'; Outlook
      Stable
   -- INR45 million fund-based limits: affirmed at 'IND B+';
      Outlook Stable
   -- INR10 million non-fund-based limits: affirmed at 'IND A4'
   -- * Proposed INR16 million fund-based facilities: assigned
      'Provisional IND B+'; Outlook Stable;
   -- * Proposed INR12.5 million non-fund-based facilities:
      assigned 'Provisional IND A4'

*the ratings are provisional and the final rating will be
assigned subject to execution of sanction letter for the above
facilities.


AMAR BIO: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Amar Bio Tech
Limited's (ABL) '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 ABL.

ABL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB'/Stable; rating withdrawn
   -- INR75 million fund-based working capital limits:
      'IND BB'/Stable and 'IND A4+'; ratings withdrawn


AMIT & ASSOCIATES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Amit &
Associates' 'IND B+' Long-Term Issuer Rating.  The Outlook was
Stable.

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

Amit & Associates' ratings are:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR40 million fund-based working capital limits: 'IND B+';
      Outlook Stable; rating withdrawn
   -- INR40 million non-fund-based working capital limits:
      'IND A4'; rating withdrawn


ANALOGICS TECH: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Analogics Tech
India Limited's (ATIL) '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 ATIL.

ATIL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR180 million fund-based working capital limits:
      'IND BB-'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR42.5 million term loans: 'IND BB-'; Outlook Stable;
      rating withdrawn
   -- INR225 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


ANKIT METAL: ICRA Suspends 'D' Rating on INR1280.03cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR1280.03-
crore line of credit of Ankit Metal & Power Limited. The
suspension follows lack of co-operation from the company.


ANNUR SATYA: ICRA Reaffirms B- Rating on INR12cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR2.25 crore (revised from INR4.23 crore) term loan facilities,
the INR12.00 crore (revised from INR4.50 crore) fund based
facilities, and INR2.90 crore (revised from INR2.50 crore) non-
fund based facilities of Annur Satya Textile Limited at [ICRA]B-.
ICRA has also reaffirmed the long term/short term rating of
[ICRA]B-/[ICRA]A4 outstanding on the INR4.00 crore (revised from
INR0.75 crore) non-fund based (sub-limit) facilities and INR0.13
crore (revised from INR3.76 crore) proposed facilities of ASTL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Term Loan      2.25        [ICRA]B- reaffirmed

   Long Term-Cash Credit   12.00        [ICRA]B- reaffirmed

   Long Term-Non-fund
   Based                    2.90        [ICRA]B- reaffirmed

   Long Term/Short Term-
   Non-fund based
   (sub-limit) facilities  (4.00)       [ICRA]B-/A4 reaffirmed

   Long Term /Short Term-
   Proposed Limits          0.13        [ICRA]B-/A4 reaffirmed

The reaffirmation of ratings factor in the decline in operating
income in FY2016 owing to sluggish demand in both domestic and
overseas markets. The ratings also factor in the net losses
incurred in FY2016 resulting in negative accruals and
deterioration in the capitalization and coverage indicators. The
ratings continue to remain constrained by the Company's small
scale of operations which limits the benefits from scale benefits
and financial flexibility, and along with the intense competition
in the highly fragmented textile industry, also limits its
pricing flexibility. The ratings, however, continue to positively
factor in the significant experience of the promoters in the
textile industry. Going forward, the company's ability to improve
its revenues and profitability will be critical to improve the
cash flows and thereby, improve its credit profile.

ASTL is primarily engaged in producing blended (polyester-cotton)
yarn. Incorporated in July 1991, the Company has an installed
capacity of 22,080 spindles at its manufacturing facility in
Annur (near Coimbatore, Tamil Nadu). Promoters and their
relatives closely hold the Company. ASTL currently produces
blended yarns in counts ranging from 30's to 70's with focus on
30's to 40's count range. Its customer profile largely comprises
yarn processors and traders in the domestic market.

Recent Results
The Company reported a net loss of INR1.2 crore on an operating
income of INR46.0 crore during FY2016 as against a net profit of
INR0.1 crore on an operating income of INR49.7 crore during
FY2015.


ARBEE AQUATIC: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Arbee Aquatic
Proteins Private Limited's (AAPPL) Long-Term Issuer Rating to
'IND BB-' from 'IND B'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The upgrade reflects AAPPL's improved credit profile in FY16.
AAPPL's revenue increased to INR234 million in FY16 from
INR11 million in FY15, as FY16 was the first full year of
operations.  On Dec. 23, 2016, the company had an unexecuted
order book of INR61 million that is likely to be executed by
March 2017. AAPPL registered INR275 million in revenue for
8MFY17.

AAPPL's credit metrics improved with interest coverage of 3.2x at
FYE16 (FYE15: 0.2x), a net leverage of 2.8x (310x) and an EBITDA
margin of 19% (3%).

AAPPL's liquidity position has been moderate, indicated by a
92.5% average use of the working capital limits during the 12
months ended November 2016.

However, the ratings continue to be supported by AAPPL's founders
three decades of experience in the fish oil industry.

                       RATING SENSITIVITIES

Positive: A substantial increase in revenue while maintaining
EBITDA margin at the current level will leading to an improved
credit profile could result in a positive rating action.

Negative: A decline in EBITDA margin resulting in a sustained
deterioration in credit profile could lead to a negative rating
action.

COMPANY PROFILE

Incorporated in 2013, AAPPL manufactures fish meal and fish oil.
Based in Alleppey, Kerala, the company has the capacity to
process 150 tonnes of raw fish per day.

AAPPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB-', Outlook
      Stable from 'IND B'; Outlook Stable
   -- INR72 million term loans (reduced from INR84.58 million):
      upgraded to 'IND BB-'; Outlook Stable from 'IND B'; Outlook
      Stable
   -- INR50 million fund-based facilities (increased from
      INR26 million): upgraded to 'IND BB-'; Outlook Stable from
      'IND B'; Outlook Stable and upgraded to 'IND A4+' from
      'IND A4'
   -- INR2.2 million non-fund based facilities: upgraded to
      'IND A4+' from 'IND A4'


ASSOCIATED STEEL: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Associated
Steel Industries' (ASI) '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 ASI.

ASI's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR70 million fund-based facilities: 'IND BB-'; Outlook
      Stable and 'IND A4+'; ratings withdrawn
   -- INR26.75 million long-term loans: 'IND BB-'; Outlook
      Stable; rating withdrawn


BABANRAOJI SHINDE: ICRA Suspends 'D' Rating on INR164.31cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR300.00 crore fund based facilities of Babanraoji Shinde
Sugar & Allied Industries Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term-Fund
   Based TL                  127.32       [ICRA]D Suspended

   Long Term-Fund
   Based/ CC                 164.31       [ICRA]D Suspended

   Long Term-Unallocated       8.37       [ICRA]D Suspended

Babanraoji Shinde Sugar and Allied Industries Ltd ('BSS', 'The
Company') was incorporated in 2011 and is involved in
manufacturing of sugar and its allied products. The company
currently has 5000 TCD (tonnes crush per day) sugar plant
integrated with co-generation unit of 25 MW (mega watt). The
plant is located at Barshi Taluka of Solapur district in
Maharashtra. The company commenced its operations in Feb'15 for
sugar mill while co-generation operations began in March 2015.
Sugar Year (Sep-Oct) 2014-15 was the first year of operations for
the company.


BHOPAL MOTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhopal Motors
Private Limited's 'IND BB-' Long-Term Issuer Rating.  The Outlook
was Stable.  The agency has also withdrawn the Long-term 'IND BB-
' rating with a Stable Outlook and the Short-term 'IND A4+'
rating on the company's INR200 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.


BLUE PARK: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Blue Park
Seafoods Private Limited's (BSPL) '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 BSPL.

BSPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'/Stable; rating withdrawn
   -- INR680 million fund-based working capital limits:
      'IND BB+ /Stable and 'IND A4+'; ratings withdrawn


BRINDHA COTTON: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brindha Cotton
Mills Private Limited's (BCMPL) '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 BCMPL

BCMPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR80 million fund-based working capital limits: 'IND BB-';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR23.2 million term loans 'IND BB-'; Outlook Stable;
      rating withdrawn
   -- INR9 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


CAUVERY IRON: ICRA Suspends 'D' Rating on INR350cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D ratings assigned to INR350.00 crore
bank facilities of Cauvery Iron and Steel (India) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

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


CHENDURAN COTSPIN: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chenduran
Cotspin (India) Private Limited's (CCIPL) '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 CCIPL.

CCIPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR193.64 million fund-based working capital limits:
      'IND BB+'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR56.36 million long-term loans: 'IND BB+'; Outlook
      Stable; rating withdrawn


CRACKERS INDIA: ICRA Suspends C+ Rating on INR4cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C+ assigned to
the INR4.00 crore fund based cash credit facility and INR3.00
crore working capital term loan of Crackers India (Alloys)
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

CIAL was incorporated in 2002 by the Sahoo family based at
Bhubaneswar, Odisha. The company currently has facilities for
manufacturing of sponge iron (60,000 tonnes per annum across two
kilns) and fly ash bricks. CIAL also operates a stone crushing
unit. CIAL's manufacturing facilities are based at Keonjhar,
Odisha. Sponge iron sales contributed around 99% to the topline
during FY15, and with negligible contribution from the fly ash
bricks and the stone crushing unit.


CRUX BIOTECH: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Crux Biotech
India Private Limited's (CBIPL) '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 CBIPL.

CBIPL's ratings are:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR75 million fund-based working capital limits: 'IND B+';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- Proposed INR45 million fund-based working capital:
      'Provisional IND B+'; Outlook Stable and
      'Provisional IND A4'; ratings withdrawn
   -- INR540 million term loans: 'IND B+'; Outlook Stable; rating
      Withdrawn


DIN DAYAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Din Dayal Purushottam Lal (DDPL) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash credit            60.00     CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has treated'as neither debt
nor equity'unsecured loans of INR23.84 crore that DDPL has
received from its promoters as on March 31, 2016. That is because
the unsecured loans carry lower interest rates than bank
borrowings and are expected to remain in the business for the
duration of the bank borrowings.

Key Rating Drivers & Detailed Description

Weakness
* Weak financial risk profile: Financial risk profile remains
constrained by small networth (INR11.81 crore) and high total
outstanding liabilities to adjusted networth ratio of 7.13 times
as on March 31, 2016, on account of high reliance on bank
borrowings for large working capital requirement. Interest
coverage ratio is weak at 1.23 times for fiscal 2016 due to low
profitability.

* Low profitability and intense competition: The limited value
addition due to trading nature of business constrains the firm's
margins. Intense competition in the industry also minimises scope
for price negotiation, and results in low profitability.

Strengths
* Partners' industry experience and longstanding relationships
with customers and suppliers: The partners, Mr. Lalit Sharda, Mr.
Mahesh Sharda, and Mr. Pankaj Sharda have extensive experience of
almost four decades in the cotton trading business. The partners
are one of the leading cotton merchants in Haryana. As a result,
DDPL has longstanding relations with major customers and
suppliers.
Outlook: Stable

CRISIL believes DDPL will continue to benefit from the partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial improvement in the financial
risk profile because of equity infusion, better working capital
management, or increase in net cash accrual. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
on account of sizeable capital withdrawal, or worsening working
capital management, or low cash accrual.

DDPL, founded in 1971, trades in cotton. Its head office is in
Sirsa, Haryana. Mr. Lalit Mohan Sharda and his sons Mr. Mahesh
Sharda and Mr. Pankaj Sharda are the partners.

Profit after tax and operating income increased to INR1.16 crore
and INR536.64 crore in fiscal 2016, from INR0.83 crore and
INR497.74 crore, respectively, the previous fiscal.


DRS WAREHOUSING: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn DRS Warehousing
(South) Private Limited's (DWSPL) '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 DWSPL.

DWPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR110 million long-term loan: 'IND B+'; Outlook Stable;
      rating withdrawn


DRUSHTI REALTORS: ICRA Suspends B+ Rating on INR13cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR13.00 crore
Long Term fund based facilities of Drushti Realtors Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2005, Drushti Realtors Private Limited (DRPL) is
a closely held flagship company of the Drushti Group formed by
Mr. Ashok Jagdale which is engaged in development of residential
real estate projects in Mumbai. The Drushti Group, established in
2000 has developed around 1.72 lakh sq. ft. of residential real
estate space in Mumbai till date with around 4.40 lakh sq. ft.
ongoing and 0.77 lakh sq. ft. proposed to be developed in the
near term. DRPL is currently developing two projects, a
residential cum commercial redevelopment project "Varun" and a
residential redevelopment project "Embassy", both located at Pant
Nagar in Ghatkopar.


EURO DECOR: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Euro Decor
Private Limited's (EDPL) 'IND D' Long-Term Issuer Rating.

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

EDPL's ratings are:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR90 million fund-based working capital limits: Long-term
      'IND D'; rating withdrawn
   -- INR80 million non-fund-based working capital limits: Short-
      term 'IND D'; rating withdrawn


FILTRA CATALYSTS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Filtra
Catalysts & Chemicals Limited's (FCCL) '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 FCCL.

FCCL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR155 million fund-based limit: 'IND BB'; Outlook Stable
      and 'IND A4+'; ratings withdrawn
   -- INR125 million term loan: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR50 million non-fund limit: 'IND A4+'; rating withdrawn


FOODS AND FEEDS: ICRA Reaffirms 'D' Rating on INR13cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for INR13.00
crore bank facilities of Foods and Feeds.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund based facilities
   Cash Credit                13.00       [ICRA]D; Re-affirmed

The rating reaffirmation takes into account the continued delays
in meeting its debt obligations by the company.

Incorporated in January, 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and soya-
based products like liquid lecithin, DOC (D Oil Cake) and Acid
Oil. Until FY14, the business was carried out through the
proprietorship firm in the name of Mr. Sandeep Maniyar since
2007. In Apr-14, the assets and liabilities of the proprietorship
concern was taken over by F&F. The ownership of the firm
continues to be with the Maniyar family with Raj Maniyar and Brij
Maniyar being the other two partners, apart from the erstwhile
proprietor.


GAYATRI SEA: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gayatri Sea
Foods And Feeds Private Limited's (GSFPL) '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 GSFPL.

GSFPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR150 million fund-based working capital limit: 'IND BB-';
      Outlook Stable and 'A4+'; ratings withdrawn
   -- INR50 million non-fund-based working capital limit:
      'IND A4+'; rating withdrawn


GLOBAL ENTROPOLIS: ICRA Withdraws IrB+ Issuer Rating
----------------------------------------------------
ICRA has withdrawn the issuer rating of IrB+ of Global Entropolis
Vizag Private Limited, on a request from the company, which was
placed under notice of withdrawal. The rating has been withdrawn
as the period of notice of withdrawal is completed


GUJARAT ECO: CRISIL Hikes Rating on INR34.57MM Loan to B-
---------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
Gujarat Eco Textile Park Limited (GETPL) to 'CRISIL B-/Stable'
from 'CRISIL D'. The upgrade factors in the track record of
timely servicing of debt because of improved liquidity. The
company has sold off its in-operational captive power plant (CPP)
for about INR3.2 crorein the first quarter of the current fiscal.
Increasing number of members and higher fees has helped GETPL to
grow its revenue. Furthermore, there is continuous fund support
from promoters and members which support GETPL's liquidity amid
its loss making operations.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term      21.43      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Rupee Term Loan         34.57      CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

Key Rating Drivers & Detailed Description

Weaknesses
* Weak financial risk profile: Financial risk profile is marked
by moderately high gearing and weak debt protection metrics.
Continuous losses have led to erosion of the company's net worth
and weakening of its debt protection metrics. GETPL is expected
to record large book loss in current fiscal as well due to sale
of CPP at loss, nonetheless, company's operating profitability
has been improving due to increasing members and higher treatment
charges.

Strengths
* Provision of critical infrastructure such as common effluent
treatment plant (CETP) at its textile park: GETPL was set up
under Scheme of Integrated Textile Park (SITP) essentially as a
public-private partnership, whereby private firms are encouraged
to set up textile park infrastructure for smaller entrepreneurs.
GETPL provides key infrastructure such as CETP, which is critical
for the operations of textile processing units. Environmental
regulations regarding the discharge of untreated effluent from
textile units have become stringent. The readymade infrastructure
provided by GETPL is critical to the operations of smaller
textile units.
Outlook: Stable

CRISIL believes GETPL will benefit from its improving operating
performance and continued fund support from promoters over the
medium term. The outlook may be revised to 'Positive' if sales
are high and losses low; and capital infusion continues
supporting the liquidity. The outlook may be revised to
'Negative' if high losses, lower than expected fund support or
any large debt funded capital expenditure weakens liquidity and
debt servicing ability.

Incorporated in October 2005, GETPL is a special purpose
vehicle(SPV) promoted by the Luthra group of companies to set up
a textile park near Surat. The SPV wasamong the first textile
parks to be approved under SITP, supported by the Ministry of
Textiles,Government of India.

GETPL's loss was INR8.4crore on operating income of INR10.9crore
for fiscal 2016, against INR11.1crore and INR8.1crore,
respectively, in fiscal 2015.


ILEX DEVELOPERS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ilex Developers
and Resorts Ltd's (IDRL) 'IND D' Long-Term Issuer Rating.

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

IDRL's ratings are:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR195.5 million long-term loans: Long-term 'IND D'; rating
      withdrawn


IMPEX FERRO-TECH: ICRA Suspends D Rating on INR330cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR330.00-crore
line of credit of Impex Ferro-Tech Limited. The suspension
follows lack of co-operation from the company.


INCHEM LABORATORIES: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Inchem
Laboratories Pvt Ltd's (ILPL) 'IND D' Long-Term Issuer Rating.

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

ILPL's ratings are:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR80 million fund-based working capital limits: long-term
      and short-term 'IND D'; ratings withdrawn
   -- INR54.9 million Long term loans: long-term 'IND D'; rating
      withdrawn
   -- INR15 million non-fund-based limits: short-term 'IND D';
      rating withdrawn


IVRCL INDORE: Ind-Ra Affirms 'D' Rating on INR13.726BB Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVRCL Indore
Gujarat Tollways Limited's (IIGTL) INR13,726.8 million long-term
senior project bank loan and INR70 million (reduced from
INR 587.5million) bank guarantee at 'IND D'.

                        KEY RATING DRIVERS

The affirmation reflects continuous delays by IIGTL in servicing
bank loans since the agency's last review.  The delays are due to
the stressed liquidity position of IIGTL.

                       RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
would be positive for the ratings.

COMPANY PROFILE

IIGTL is a special-purpose company incorporated to implement a
155.15km lane expansion from two to four lanes and a capacity
augmentation project on a design, build, finance, operate and
transfer basis, both under a 25-year concession from National
Highways Authority of India (NHAI; 'IND AAA'/Stable).  NHAI is
considering making a one-time fund infusion of INR1,224.9 million
to achieve the target provisional commercial operation date of
February 2017.  IIGTL is wholly owned by IVRCL Limited ('IND D').


JAIN AGENCIES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR10 crore cash credit facility of Jain Agencies.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             10.00        [ICRA]B+/ Reaffirmed

The reaffirmation of the rating takes into account JA's
relatively small scale of operations, its weak financial profile
as reflected by low business returns and subdued interest and
debt coverage indicators, and high working capital intensity of
the business on account of high inventory holding and receivables
that exerts pressure on the liquidity position of the firm. The
rating also considers that the margin structure is decided by the
principal coupled with low value additive nature of business
keeps a check on the profitability, and high geographical
concentration risk, with its presence being limited to the state
of West Bengal. The rating further incorporate the risks
associated with the entity's status as a partnership firm,
including the risk of capital withdrawal by the partners.

The rating, however, takes note of the promoters' experience in
the distribution business in Assam, JA's authorised
distributorship of Samsung Electronics India Limited (SEIL) in
Assam, one of the leading manufacturers of consumer durables in
various categories in India, and steady growth outlook for the
consumer durables industry in India, driven by a widening middle
class, provides healthy revenue growth potential.

In ICRA's opinion, the ability of the firm to scale up operations
while improving its profitability, and coverage indicators, and
manage its working capital requirement efficiently would remain
key rating sensitivities, going forward.

Incorporated in August, 2012, Jain Agencies (JA) is an authorised
distributor of Samsung Electronics India Limited (SEIL) in
Sivasagar, Jorhat, Dibrugarh, Tinsukia and Nagaon districts of
Assam. The company sells consumer durables such as television,
refrigerator, air conditioners, etc. The firm is promoted by the
Guwahati-based Jain family who have long experience in the
distribution business through various group entities.

Recent Results
During FY2016, JA reported a net profit of INR0.34 crore on an
operating income (OI) of INR51.41 crore, as against a net profit
of INR0.29 crore and OI of INR46.03 crore during FY2015.


JAISWAL STEEL: Ind-Ra Withdraws 'B' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jaiswal Steel
Industries Pvt Ltd's (JSIPL) '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 JSIPL.

JSIPL's ratings:

   -- Long-Term Issuer Rating: 'IND B; Outlook Stable; rating
      withdrawn
   -- INR32.5 million fund-based limits: 'IND B'; Outlook Stable
      rating withdrawn
   -- INR27 million term loan: 'IND B'; Outlook Stable; rating
      Withdrawn


JAYA SPUN: ICRA Suspends B+ Rating on INR3cr Fund Based Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR3.00 crore
fund based and INR2.50 crore non fund based limits of Jaya Spun
Pipes. 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


KAKINADA SEZ: ICRA Reaffirms 'D' Term Loan Rating
-------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the
INR62.50 crore (reduced from INR250 crore earlier) term-loan
facility from ICICI Bank of Kakinada SEZ Limited(erstwhile
Kakinada SEZ Private Limited).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Bank
   Facilities (ICICI
   Term Loan)             62.50       [ICRA]D; reaffirmed

The rating reaffirmation factors in the continued delays in debt-
servicing by KSL towards payments to ICICI Bank under the said
facility. With project work currently in progress on Phase-I that
accounts for ~20% of the total notified area, the project is
still in nascent stage at present and a sizeable cost remains to
be incurred. Further, despite being in advanced stages of
discussion with some potential tenants and executing some MOUs
(Memorandum of Understanding), the occupancy at the SEZ is low as
of now (with only a single tenant occupying ~0.6% of the Phase-I
area) resulting in negligible rental inflows. In light of
inadequate fund flow from operations and sizeable funding
requirement for SEZ development, the company continues to remain
dependent on funding support from group companies, mainly GMR
Infrastructure Limited (GMR Infra). Though the company has been
getting regular funding from GMR Infra, such support has not been
timely, resulting in delays in debt-servicing by KSL.

Going forward, regularisation of debt-servicing by the company
would be the key rating sensitivity. In this context, the
company's ability to improve occupancy at the SEZ, refinance its
debt obligations with a longer-tenor debt to align with the
expected cash flows as well as get timely funding support from
GMR Infra towards meeting debt obligations and funding project
cost will be crucial.

Kakinada SEZ Limited, 51% held by GMR Infra through its wholly
owned subsidiary GMR SEZ and Port Holdings Private Limited, is in
the process of developing a Multi-product SEZ at Kakinada along
with a deep water port in an area of ~10,400-acre. Land
acquisition is currently in progress and various
approvals/clearances are also being obtained. Further, title for
approx. 8,300 acres of land has already been transferred to
Kakinada SEZ while the title transfer of the balance land, which
is required for development of the port, is in progress. SEZ
notification is currently in place for approx 5,000 acres.

The company is undertaking phase-wise development of the area
available for SEZ development. Currently, as a part of the phase-
1 of the SEZ development, the company has commenced
infrastructural development work in ~916 acres. Further, the
company has leased out about 5 acres of land area to its first
tenant - Pals Plush, for a period of 20 years, which commenced
commercial operations in January 2016.


KMG INFOTECH: ICRA Reaffirms B- Rating on INR7.30cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR12.80 crore bank facilities of KMG Infotech Ltd.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.50      [ICRA]B-; Reaffirmed
   Term Loan                7.30      [ICRA]B-; Reaffirmed

The rating reaffirmation takes into consideration the improvement
in the operating margins of the company from 5.87% in 2014-15 to
9.84% in 2015-16 attributable to the decline in overhead costs;
however the scale of operations of the company remains modest.
The rating continues to be constrained by KMG's tight liquidity
position owing to elongated receivable cycle as reflected by high
working capital intensity of operations. The rating also takes
into account the intensely competitive business segment featuring
numerous moderate sized players along with the presence of a few
large sized entities and vulnerability of company's profitability
to receipt of orders from customers as well as foreign exchange
rates. The rating, however, takes comfort from extensive
experience of the management in software development business and
its long term association with global customers which ensures
steady order flow. Going forward, the ability of the company to
abridge its receivable cycle, ensure timely receipt of rentals
from Mohali building and improve its liquidity profile would be
the key rating sensitivities.

KMG was incorporated in 1990 and is engaged in software
development and providing high quality IT solutions to primarily
players operating in healthcare and P&C insurance sectors. Some
of the services offered by the company include application
development, Web enablement, legacy support, web maintenance,
legacy modernisation, product solutions, healthcare IT solutions
etc. KMG operates from its offices located in Gurgaon, Kolkata,
Bangalore, Mohali in India and other onsite offices in New York
and New Jersey, USA.

Recent Results
As per the audited financials of 2015-16, KMG reported a net
profit of INR1.16 crore on an operating income (OI) of INR26.93
crore as against a net loss of INR0.32 crore on an OI of INR29.58
crore in 2014-15.


KRISAM AUTOMATION: CRISIL Cuts Rating on INR3.75MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Krisam Automation Private Limited (KAPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        3         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft               3.75      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit          1.25      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      2.30      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

Key Rating Drivers & Detailed Description

The downgrade reflects deterioration in the financial risk
profile, particularly liquidity, due to a stretched working
capital cycle. Owing to a longer inventory holding period and
stretched debtors, reliance on the working capital bank line is
high. As a result, there is no cushion in the bank line leading
to stretched liquidity. While operations are expected to remain
working capital intensive, any enhancement in the bank line, or
long-term fund infusion by the promoter will be a key rating
driver over the medium term.

Weakness
* Modest scale of operations:
Revenue increased to INR25.4 crores in fiscal 2016 from INR9.9
crores on account of increasing orders from existing customers as
well as addition of new customers, primarily in the automobile
and capital goods industries. Scale of operations is modest with
expected net sales of INR26 crore in fiscal 2017.

* Working capital-intensive operations
Operations are working capital intensive as reflected in gross
current assets of 250-660 days over the three years through March
31, 2016. Turnaround time is large at 90-180 days as the
customised nature of products leads to high inventory and working
capital requirement.

* Average financial risk profile
Despite equity infusion of INR0.5 crore in fiscal 2016, financial
risk profile remained average marked by small net worth of INR2.2
crores and high gearing of 3.41 times. The interest coverage and
net cash accrual to total debt are expected to remain constrained
at 1.91 and 0.14 times respectively, for fiscal 2017.

Strengths
* Established track record in manufacturing special-purpose
machinery, and healthy customer relations:
KAPL leverages on the extensive experience of its promoters in
the manufacture of special-purpose machinery and established
relationship with key customers, both in domestic and export
markets. It has reputed clients such as Bosch Ltd (Bosch), Larsen
& Toubro Ltd (L&T), TVS Motor Company Ltd (TVS), Mahle Filter
Systems Ltd, Lear Corporation (Lear) USA and Schneider Electric
Ltd, Amvian Automotive Pvt Ltd, from whom it gets orders
regularly.

Outlook: Stable

CRISIL believes KAPL will continue to benefit from its
established track record in manufacturing special-purpose
machinery and healthy customer relationship. The outlook may be
revised to 'Positive' if capital infusion improves liquidity. The
outlook may be revised to 'Negative' if stretch in working
capital cycle, or any large, debt-funded capital expenditure,
weakens financial risk profile, particularly liquidity.
Established as a proprietorship concern, Krisam Automation by
Mr. T V Ravi Kumar in 1995, it was reconstituted as KAPL in
fiscal 2014. The company manufactures capital equipment used in
the automation of assembly systems, testing systems, and laser
welding, cutting, and marking applications. KAPL, in
collaboration with Minitec Maschinenbau Gmbh, also offers after-
sales service for solar panel assembly lines.

KAPL reported revenues of INR25.4 crores in fiscal 2016, which
increased 174% from INR9.29 crores in fiscal 2015. The company
has already booked revenue of around INR10.63 crores till
November 2016. Further, orders worth INR13.3 crores to be
executed over the next 4 months.


KUNAL COTTON: CRISIL Reaffirms B- Rating on INR7MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the INR8 crore-long-term bank
loan facilities of Kunal Cotton Industries (KCI) at 'CRISIL B-
/Stable.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.7      CRISIL B-/Stable (Reaffirmed)

   Term Loan               0.3      CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations, and susceptibility to volatile
cotton prices- The scale of operations remains modest, as
reflected in revenue of INR30 crores for fiscal 2016.
Profitability remains susceptible to intense competition and
volatile cotton prices.

* Below-average financial risk profile: The financial risk
profile is below average, marked by small networth of INR2.6
crores and high gearing of 3 times as on March 31, 2016, and
below-average debt protection metrics, as reflected in interest
coverage and net cash accrual to total debt (NCATD) ratios of
around 1.4 times and 3%, respectively, for fiscal 2016.

Strengths
* Extensive experience of promoters in the cotton ginning
business:
Benefits from the decade-long experience of the partner, Mr.
Jagdish Mashettiwar and his family members, and established
relationships with key customers and suppliers, will continue.
Outlook: Stable

CRISIL believes KCI will continue to benefit from the extensive
experience of its promoters in the cotton ginning industry. The
outlook may be revised to 'Positive,' in case of sustained
improvement in the working capital cycle, or of sizeable capital
infusion by the partners, improves liquidity. The outlook may be
revised to 'Negative' in case of a steep decline in
profitability, or if further stretch in the working capital
cycle, weakens liquidity.

KCI was established as a partnership firm in 2011. The firm gins
and presses raw cotton, and has a ginning unit in Bhainsa
district (Telangana). Mr. M.Jagdish, Mrs. M.Kunda Jagdish, and
Mr. M.Kunal Jagdish are the partners.

Profit after tax (PAT) of INR0.03 crore was reported on net sales
of INR30 crore for fiscal 2016, vis-a-vis INR0.03 crore and
INR6.9 crore, respectively, for fiscal 2015.


L.A. HOTEL: ICRA Assigns B+ Rating to INR15cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR15
crore fund based facilities of L.A. Hotel & Retreats Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       15.00        [ICRA]B+; Assigned

ICRA's rating takes into account the likely pressure on Average
Room Revenue (ARR) and occupancy levels of the hotel being set up
by LHRPL, given that it will face competition from established
hotels in the vicinity. The rating also takes into account the
fact that the debt repayments have commenced before the
Commercial Operations Date, which is likely to be in Q4, FY 2017.
ICRA also takes note of the high cost of land for the hotel
resulting in high per room cost, which may also lead to an
extended break-even period, necessitating considerable loss
funding in the initial stage of the project. The rating is
further constrained by the exposure of the performance of the
hotel to the cyclicality inherent in the hospitality business.

However, the rating favorably factors in the strategic location
of the hotel, with proximity to major trading and business
centres of Delhi and the limited reliance on external debt for
funding the project, with the entire term loan being disbursed
and promoter's funds infused in the project, leading to low
funding risk. ICRA also derives comfort from the strong net worth
position of the promoters and the LAHAG Group, as well as
extensive experience of its promoters in the bars, restaurants
and liquor industries and stable revenues from the company's
existing operations, which is expected to support the cash flows
in the near term.

In ICRA's view, the key rating sensitivities are the ability of
the company to start the project on time and post implementation,
command healthy average room revenues (ARRs) and occupancies to
maintain healthy profitability.

Incorporated in 1996, LHRPL is a private limited company, and is
a part of the LAHAG group of companies. It operates various bars
and restaurants in Bareilly and has an under-construction hotel
in Mangolpuri Industrial Area, Delhi which is expected to start
operations in December 2016. The project cost, estimated at INR91
crore is being funded by term loan of INR15 crore and balance
through promoters funds.

Recent Results
The company reported a net profit of INR0.14 crore on an
operating income of INR5.43 crore in FY2016, as against a net
profit of INR0.12 crore on an operating income of INR5.57 crore
in the previous year.


M.D. COTTON: ICRA Suspends B+ Rating on INR6.0cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore limits of M.D. Cotton Industries. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of requisite information from the company.

Established in 2007, M.D. Cotton Industries is engaged in the
business of ginning and pressing of raw cotton into cotton seeds
and fully pressed cotton bales having a production capacity of
27.20 metric tonnes per day (MTPD) of cotton bales. The firm is
also engaged in crushing of cotton seeds to obtain cotton seed
oil and cotton oil cake having an intake capacity of ~47 MTPD.
The manufacturing plant of the firm is located at Kadi (Mehsana)
in Gujarat. The firm is promoted by Mr. Mahendra Patel along with
his relatives and friends.


MAHESH AGRI: ICRA Reaffirms 'D' Rating on INR21cr Loan
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for INR24.05
crore1 bank facilities of Mahesh Agri Exim Private Limited.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Fund based facilities
   EPC(Stocks)                 21.00       [ICRA]D; Re-affirmed

   EBD/EBP/EBN+                 1.00       [ICRA]D; Re-affirmed

   Advances against Bills
   sent on Collection
   basis(Sub-limits of EPC)    (9.00)      [ICRA]D; Re-affirmed

   Non Fund Based Bank
   Limits Bank Guarantee        1.25       [ICRA]D; Re-affirmed

   Forward Contract             0.80       [ICRA]D; Re-affirmed

The rating reaffirmation takes into account the continued delays
in meeting its debt obligations by the company.

Mahesh Agri Exim Private limited was incorporated in 1997 by Mr.
Hirji Thakker and Mr. Mahesh Thakker to carry out agri commodity
trading. MAEPL is primarily engaged in the trading of oilseeds,
chick peas, pulses, beans, cereals, oilseeds, spices, grains,
animal feed and bird feed.


MANTRI METALLICS: ICRA Suspends 'D' Rating on INR105.31cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D ratings assigned to the
INR105.31 crore bank lines of Mantri Metallics Private Limited
(MMPL). The suspension follows lack of co-operation from the
company.

Incorporated in 1995, MMPL is involved in the manufacturing of
cast iron automotive components like flywheel assemblies, brake
drums, exhaust manifolds, housings and plates.


MITA ENGINEERS: ICRA Suspends B Rating on INR7.07cr Bank Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.07 crore
bank facilities of Mita Engineers and Fabricators Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 1997, Mita Engineers and Fabricators Private
Limited is engaged in sheet metal processing on job-work basis.
The sheet metal products of the company cater to the requirements
of the automobile, furniture and consumer durables industries.
The company's processing facility is located at Taloja
(Maharashtra) with installed processing capacity of 162,083 MTPA
(metric tonnes per annum).


MODERN METAALICS: ICRA Suspends B+ Rating on INR3.5cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR3.50
crore fund based cash credit limit and to the INR2.10 crore fund
based term loan limits of Modern Metaalics Private Limited.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in June 2011, Modern Metaalics Private Limited
(MMPL) is engaged in the manufacturing and trading of Jari
products namely Jari Kasab, Jari Badla as well as German
embroidery threads, polyester film etc. The company's sales,
administrative and registered office is in Pandesara G.I.D.C,
Surat and its production unit is in Surat, Gujarat.


MOTHERHOOD INSTITUTE: ICRA Lowers Rating on INR5cr Term Loan to D
-----------------------------------------------------------------
ICRA has revised its long term rating earlier assigned to the
INR8.25 Crore1 fund based bank facilities of Motherhood Institute
of Management & Technology to [ICRA]D from [ICRA]B+. ICRA has
also revised the short term rating to [ICRA]D from [ICRA]A4 to
the INR3.75 crore non fund based facilities of MIMT.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Term Loans      5.00      [ICRA]D; Revised
                                        from [ICRA]B+

   Fund Based-Cash Credit     2.00      [ICRA]D; Revised
                                        from [ICRA]B+

   Non Fund Based             3.75      [ICRA]D; Revised
                                        from [ICRA]A4

   Unallocated                1.25      [ICRA]D; Revised
                                        from [ICRA]B+

The rating revision factors in the delay in debt servicing by the
trust owing to cashflow mismatches. ICRA, however notes the
experience of the promoters in the field of education with the
group running 20 educational institutes under it and the status
of the university awarded in FY2016. ICRA also notes the healthy
consolidated occupancy witnessed by the trust, the satisfactory
profit margins and capital structure. The rating thus will remain
sensitive to improvement in debt servicing track record of the
trust consequent to better cashflow management.

Incorporated in 2004, the trust runs Motherhood Institute of
Management and Technology in Roorkee. Mr. Dharmendra Bharadwaj,
Mr. Ashok Kumar Sharma, Ms. Manika Sharma and Mrs. Archana Sharma
are acting as the Chairman, Vice Chairman, Secretary and
Treasurer of the trust. The group is operating since July 09,
2001 and currently manages 8 institutions offering under graduate
and post graduate engineering courses, MCA, MBA and pharmacy
courses.

Financial Profile
The society reported revenue receipts of INR7.9 crore with net
surplus of INR2.5 crore in FY2016 as compared to revenue receipts
of INR6.6 crore with net surplus of INR2.1 crore in FY2015.


NEW AMRUTHA: CRISIL Assigns 'B' Rating to INR7MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the INR10
crore bank loan facilities of New Amrutha Medical and Research
Centre (Raichur) Private Limited (NAMRC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Term Loan           7        CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       3        CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations and geographic concentration in
revenue: The company's modest scale is reflected in revenue of
INR2.4 crore for fiscal 2016. Furthermore, the company has
operations in a single region.

* Below-average financial risk profile: The financial risk
profile is below average because of weak capital structure and
debt protection metrics. Gearing was 6.3 times as on March 31,
2016, and is likely to remain high due to low accretion to
reserves.

Strengths
* Extensive experience of promoters in the healthcare industry:
The company is promoted by Dr Ravi P and reputed doctors in
Raichur, Karnataka. All the doctors have specialisation in
paediatrics and have strong reputation and network in the region.
Outlook: Stable

CRISIL believes NAMRC will benefit over the medium term from its
promoters' extensive experience and reputation. The outlook may
be revised to 'Positive' if there is an increase in revenue and
profitability, leading to higher cash accrual. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of fall in profitability or increase in debt.

NAMRC, set up in 2010, operates a 100-bed children's hospital in
Raichur. The hospital has intensive care and operating theatre
facilities. It is managed by Dr Ravi P and his close friends.

NAMRC's profit after tax (PAT) of INR0.18 crore on net sales of
INR2.4 crore for fiscal 2016, vis-a-vis INR0.2 crore and INR2.4
crore, respectively, for fiscal 2015.


P. VENGANNA: ICRA Reaffirms 'B' Rating on INR18.32cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR18.32 crore term-loans and INR14.43 crore unallocated
facilities of P. Venganna Setty and Brothers.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-Term Loans    18.32      [ICRA]B; reaffirmed
   Unallocated              14.43      [ICRA]B; reaffirmed

The rating re-affirmation takes into account the weak financial
profile of the firm characterised by small scale of operations,
leveraged capital structure and stretched debt protection
metrics. The rating also factors in the impact of variability in
wind speed and grid availability on the PLFs, which may lead to
volatility in revenues and cash flows, as well as the
counterparty risk of realising dues in a timely manner from state
discoms. ICRA further notes the risks arising from operating in a
highly regulated iron ore mining industry and the exposure of
margins to volatility in iron ore prices, given the inherent
cyclicality in end-user segments. The rating also takes into
account the risks associated with a partnership nature of
business including the risks of capital withdrawal, among others.

The rating, however, continues to derive comfort from the
established track record of the Baldota Group of companies of
over six decades in the mining industry, the history of regular
funding support from the parent company, MSPL Limited, for
meeting cash flow mismatches and the considerable experience of
the Group's promoters in the sector. The rating factors in PVS'
ownership of wind assets of 14.80 MW in Karnataka and Gujarat,
with an established operational track record, providing a stable
stream of revenue. ICRA believes that PVS would continue to
require MSPL's financial support over the medium term, especially
in the light of sizeable upcoming repayments, although the
planned liquidation of its iron ore inventory upon obtaining the
necessary approvals could ease cash flows to an extent. The
resumption of mining activity at the iron ore mine in Bellary
will remain a key rating sensitivity.

P. Venganna Setty and Brothers is a partnership firm set up in
1952 by its promoters, Mr. P G Nagbhushan and family. MSPL
Limited acquired 90% stake in the concern in 1980, while the
remaining 10% was retained by the initial promoters. PVS holds a
mining lease for the Pathikonda Iron Ore Mine (PIOM), a
'Category-B' open-cast mine in the Bellary District of Karnataka.
The mine has not been operational since 2010, and is awaiting
mining lease renewal. The firm also owns wind assets totalling
14.80 MW in Karnataka and Gujarat. Daily operations of PVS are
handled by Mr. Rahul N. Baldota, the managing partner.

PVS is part of the Baldota Group of companies, which has an
established presence across diverse businesses such as mining,
renewable energy, shipping and logistics, steel and industrial
gases. Major companies of the Group include MSPL Limited (rated
[ICRA]BBB- (Negative)/A3) and Ramgad Minerals and Mining Limited
(rated [ICRA]BBB- (Stable)/A3), both engaged in iron ore mining
and wind energy generation.

Recent Results
During FY2016, the firm reported a net profit of INR1.63 crore on
an operating income of INR8.39 crore as against a net loss of
INR3.31 crore on an operating income of INR8.45 crore during
FY2015.


PARAM TEX: CRISIL Assigns B+ Rating to INR5.2MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the INR15
Crore of bank facilities of Param Tex Fab Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     5.2        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     2.8        CRISIL B+/Stable (Assigned)

   Cash Credit            4.0        CRISIL B+/Stable

   Proposed Cash
   Credit Limit           3.0        CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations in the intensely competitive textile
industry: Scale of operation remains modest with revenue of
INR30.98 crore in fiscal 2016. Revenue is expected to remain
modest due to high fragmentation and intense competition in the
textile industry.

* Susceptibility of profitability to volatile raw material
prices: Prices of main raw material, yarn (cotton/blended), are
highly volatile, and intense competition limits the ability to
pass on any price increase to customers, thereby affecting
operating profitability.

Strengths
* Extensive experience of promoters: The promoters' extensive
experience in the textile business, and established relation with
suppliers and customers should continue to help PTFPL maintain
moderate revenue growth over the medium term.

* Moderate capital structure albeit modest networth: The capital
structure will remain moderate with expected gearing of 1.1 times
as on March 31, 2017 increasing from 0.3 time as on March 31,
2016 because of ongoing debt-funded capital expenditure (capex).
The networth however remain modest at INR5.59 crore as on March
31, 2016 and will improve only marginally with limited capital
infusion over the medium term.
Outlook: Stable

CRISIL believes PTFPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of better-than-expected cash
accrual owing to timely ramp up in operating improves revenue and
operating margin. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or time or cost overrun
in ongoing capex or any major funding support to associates
weakening financial risk profile, particularly liquidity.

Set up in January 2005, PTFPL manufactures grey fabric. It is
promoted by Mr. Sunil Mandora, Mr. Babanlal Agarwal and Mr.
Omprakash Bhandari and its manufacturing facility is located at
Shirpur in Dhule district (Maharashtra).


PHF LEASING: ICRA Rates Fixed Deposit Programme 'MB+'
-----------------------------------------------------
ICRA has rating outstanding of MB+ for the fixed deposit
programme of PHF Leasing Limited. The company has not been
cooperating with ICRA for conducting the regular monitoring and
ICRA has reviewed the ratings based on publically available
information. The company had fixed deposits of INRcrore
outstanding as on March 31, 2015.

PHF Leasing Limited (PHFL) is a Jalandhar based deposit-taking
NBFC, incorporated in 1992, which operates from its 4 branches in
Punjab at Jalandhar, Amritsar, Batala and Taran-Taran. The
company mainly provides loans for purchase of CVs, cars and 2-
wheelers, targeting weak credit profile customers. As on
March 31, 2015 the company reported a profit after tax of INR0.50
crore on an asset base of INR20.86 crore compared to a profit of
INR0.52 crore on an asset base of INR20.93 crore as on March 31,
2014. As on March 31, 2015, the company had a net worth of
INR5.01 crore.


PINE EXPORTERS: ICRA Suspends B/A4 Rating on INR8.09cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 rating assigned to the INR8.09
crore limits of Pine Exporters Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 2011, Pine Exporters Pvt. Ltd is engaged in
trading of timber logs as well as cleaning and sawing of timber
logs to manufacture clean squared timber wood at its factory
located at Gandhidham (Gujarat). Mr. Manojkumar Surana, the key
promoter of the company, has long standing experience of more
than 25 years in timber trading through the partnership firm Pine
Exporters based out of Delhi. The company majorly deals in
Radiata Pine logs which majorly find application in furniture
making and light construction work.


PRAGATI SPINNERS: ICRA Suspends B+ Rating on INR31cr Term Loan
--------------------------------------------------------------
ICRA has has suspended the long term rating of [ICRA]B+ assigned
to INR31.00 crore term loan, INR18.00 crore cash credit, INR1.10
crore non fund based limits and INR1.96 crore unallocated limits
of Pragati Spinners Private Limited. 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.


PRISTINE BUILDCON: ICRA Suspends 'B+' Rating on INR45cr LT Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR45.00 crore
long term fund based facilities of Pristine 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.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based TL                45.00        [ICRA]B+ Suspended

Incorporated in 2007, Pristine Buildcon Private Limited is
undertaking a residential real estate development project
'Pristine Stone Ridge' in Bangalore. PBPL is a part of Pune based
Pristine Group promoted by Mr. Ishwarchand Goyal. The group is
primarily engaged in real estate development since past three
decades and have developed area of over 30,96,765 sq.ft. in and
around Pune.


RKR GOLD: ICRA Suspends 'B' Rating on INR20cr LT Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR20.00 Crore long term fund based facilities of RKR Gold
Private Limited. 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.


ROHIT FERRO-TECH: ICRA Suspends 'D' Rating on INR2511.79cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR2511.79-
crore line of credit of Rohit Ferro-Tech Limited. The suspension
follows lack of co-operation from the company.


SAHU KHAN: ICRA Suspends B+ Rating on INR9cr Fund Based Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR9.00 crore fund based limits M/s Sahu Khan Chand Foods.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SAP INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.25cr ST Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR2.50 crore fund based facilities of SAP Industries.
ICRA has also reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR0.50 crore stand by line of credit and
INR5.25 crore (revised from INR4.50 crore) non-fund based
facilities of the Firm. For the proposed facility of INR1.75
crore (revised from 2.10 crore), the rating of either [ICRA]B+ or
[ICRA]A4 shall apply based on the nature of instrument.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT-Cash Credit          2.50        [ICRA]B+ reaffirmed
   ST-Fund based           0.50        [ICRA]A4 reaffirmed
   ST-Non-fund based       5.25        [ICRA]B+ reaffirmed
   LT/ST-Unallocated
   Facility                1.75        [ICRA]B+/A4 reaffirmed

The re-affirmation of ratings takes into account the entity's
small scale of operations and the competition in the industry,
which limits the firm's scale economies and pricing flexibility.
While the risk of high customer concentration persists, reduced
price risks on the back of escalation clauses built into the
contract lend comfort. The ratings remain constrained by the
working capital intensive nature of operations owing to stretched
receivables position. Moreover, the firm witnessed de-growth in
revenues in FY2016 owing to delays in execution of orders on
account of Chennai floods in December 2015. The ratings, however,
continue to positively factor in the significant experience of
the promoters in the industry and the established relationship
with TNEB, which is the major customer. Going forward, the
ability of the firm to sustain revenue growth and improve its
margins amidst the competition and efficiently manage its working
capital cycle would remain the key rating sensitivities.

SAP Industries was established in the year 2001 as a partnership
concern with Mr. A Shanmugavelayuthan and his friend Mr. G.V.
Parthasarathy. The firm is primarily involved in the
manufacturing of electrical transformers and also manufactures
Isolators and does fabrication work on a minor scale. The firm
supplies transformers, both distribution and power transformers,
largely to Tamil Nadu Electricity Board. The manufacturing unit
is located at SIDCO Industrial Estate, Thirumudivakkam (Chennai).

Recent Results
The firm reported a net loss of INR0.6 crore on an operating
income of INR17.8 crore during FY2016 as against a net profit of
INR0.6 crore on an operating income of INR23.8 crore during
FY2015.


SARADHAMBIKA PAPER: ICRA Suspends B+ Rating on INR7.0cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR7.00 crore bank facilities of Saradhambika Paper & Board
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.


SHREENATHJI DWELLINGS: ICRA Suspends 'B' Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR20.00 crore bank facilities of Shreenathji Dwellings
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SHRI GIRIJA: ICRA Suspends D Rating on INR725cr Bank Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D ratings outstanding for INR725.0
crore bank facilities of Shri Girija Alloy & Power (I) Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance on account of lack of cooperation from the
company.


SHRIRAM NON: ICRA Suspends 'D' Rating on INR25cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR25.00 crore bank
facilities of Shriram Non conventional Energy Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

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


SIDDHI INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating on the INR6.00-crore
long-term working capital limits and the INR0.26-crore term loan
facility of Siddhi Industries. ICRA has also reaffirmed the
[ICRA]A4 rating on the INR2.50 crore short-term fund-based
facilities of SI. Furthermore, ICRA has assigned the long-term
rating of [ICRA]B+ and short-term rating of [ICRA]A4 to the
INR0.74-crore proposed unallocated limits of SI.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund-based-Working
   Capital                   6.00      [ICRA]B+; Re-affirmed

   Fund-based-Term Loan      0.26      [ICRA]B+; Re-affirmed

   Fund-based- Warehousing
   Limit/ Demand loan        2.50      [ICRA]A4; Re-affirmed

   Short-term/Long-term
   Proposed unallocated      0.74      [ICRA]B+/A4; Assigned

The ratings continue to be constrained by SI's moderate scale of
operations and weak financial profile marked by low profitability
in both operating and net levels, stretched capital structure and
modest debt coverage indicators. The firm witnesses intense
competition because of the highly fragmented industry structure
due to low-entry barriers and low product differentiation. The
ratings also take into account the increase in trading revenue
and the discontinuation of ginning operations in FY2015 and
FY2016, which has put pressure on the operating margins. The
ratings also reflect the vulnerability of the firm's profit
margins to raw material (cotton) prices, which are subject to
seasonality, crop harvest and regulatory risks.

The ratings, however, favorably factor in the longstanding
experience of the partners in the cotton ginning industry. The
ratings also draw comfort from the proximity of the firm's
manufacturing unit to raw materials, easing procurement.
The firm's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of cotton
bales, intense competition and high working capital requirement
will remain crucial for the credit metrics. ICRA also notes that
SI is a partnership concern and any substantial withdrawal from
the capital account in future could adversely impact the credit
profile of the firm.

Siddhi Industries (SI) was established as a proprietorship
concern in 2007 by Mr. Rajesh Thakkar, who has a long experience
in the cotton industry. The firm commenced operations in 2008.
Later in FY2011, the concern was converted into a partnership
firm by adding family members as partners. The firm gins raw
cotton and crushes cottonseeds to produce cotton bales,
cottonseeds oil, and cottonseeds oil cakes. It also trades in raw
cotton and castor seeds.

The manufacturing facility is located at Harij in Patan district
of Gujarat, and is equipped with 18 ginning machines and 11
expellers. Mr. Rajesh Thakkar is also associated with another
group concern called Seva Warehouse, which is engaged in the
construction of warehouses.

Recent Results
In FY2016, the firm reported an operating income of INR50.96
crore on a net profit of INR0.09 crore, against an operating
income of INR49.20 crore and a net profit of INR0.22 crore in
FY2015.


SILICA INFOTECH: ICRA Reaffirms B+ Rating on INR5cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR5.00-crore
fund based limits of Silica InfoTech Private Limited at [ICRA]B+.
ICRA has also reaffirmed its short term-rating of [ICRA]A4 on the
INR6.75-crore non-fund based limits and INR0.25-crore unallocated
limits of SIPL.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term-Cash
   credit                     5.00       [ICRA]B+; re-affirmed

   Short term-Non-fund
   based facilities           6.75       [ICRA]A4; re-affirmed

   Short term- Unallocated    0.25       [ICRA]A4; re-affirmed

The rating reaffirmation factors in the company's recent
diversification into Liquefied petroleum gas (LPG) bottling
contracts exclusively for Hindustan Petroleum Corporation
Limited. The company is setting-up seven plants of which three
each are in Uttar Pradesh and Bihar, and one in Himachal Pradesh.
ICRA takes cognisance of the company's high gearing levels, given
the debt funding of the capital expenditure incurred in FY2017.
The ratings also take into account the company's scheduled debt
repayment obligations, which are large relative to its projected
cash accruals.

ICRA also notes the company's reduced proportion of high margin
service revenues to total sales which have resulted in weakening
of its coverage indicators, with interest coverage of 1.80 times,
NCA/TD1 at 13% and DSCR2 of 1.76x for FY2016 as compared to 2.93
times, 28% and 2.42 times respectively in FY2014. The ratings
also factor SIPL's tight liquidity position with ~100%
utilisation of working capital limits during the last 12 months
owing to high debtor days.

The ratings however derive comfort from SIPL's association with
several reputed government organsations such as Air India,
Ministry of Defence, Indian Railways, Centre for Railway
Information Systems (CRIS) etc. ICRA also notes the favourable
outlook for LPG owing to the growing demand from industrial and
automobile segments.

Silica InfoTech Private Limited (SIPL) was established in 2001 by
Mr. Amrendra Kumar who has more than 15 years of relevant
experience. The company trades in Information Technology hardware
and also provides annual maintenance services. Hardware includes
laptops, peripherals, networking equipments such as routers,
switches, servers etc. Services include annual maintenance
service contracts for government clients like Indian Railways,
Indian Airlines, and Defence Ministry etc. In FY2016, the company
diversified into bottling and marketing of LPG cylinders. The
company has set up 7 units of which 3 each are in Uttar Pradesh
and Bihar, and one in Himachal Pradesh.

Recent Results
In FY2016, SIPL reported an operating income of INR47.56-crore
and a net profit of INR0.48-crore, as against an operating income
of INR46.99-crore and a net profit of INR0.19-crore in the
previous year.


SREE GODAVARI: ICRA Suspends B+ Rating on INR16.24cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR16.24 crore term loan, INR14.40 crore cash credit, INR0.25
crore non fund based limits and INR12.57 crore unallocated limits
of Sree Godavari Kraft Papers Limited. 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.


SRI LAKSHMI: CRISIL Assigns 'B' Rating to INR15.5MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Sri Lakshmi Venkata Maruthi Raw and Boiled
Rice Trading Company and has assigned its 'CRISIL B/Stable'
rating to the facilities. The rating had been suspended by CRISIL
on December 23, 2013, as the company had not provided the
information necessary for a rating view. It has now shared the
requisite information, enabling CRISIL to assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15.5      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       0.5      CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

Key Rating Drivers & Detailed Description

Weakness
* Below-average financial risk profile: The capital structure and
debt protection metrics are weak. Gearing was 3.8 times as on
March 31, 2016, and is likely to remain high due to low accretion
to reserves.

* Modest scale of operations in the highly fragmented and
competitive rice milling industry: Revenue was just INR42 crore
in fiscal 2016.

* Susceptibility of operating margin to government regulations
and to availability of paddy during the season.

Strengths
* Extensive industry experience of the promoter: The promoter,
Mr. B Goutham Reddy, has more than 25 years of experience in the
rice industry.
Outlook: Stable

CRISIL believes LVMT will continue to benefit from the extensive
industry experience and reputation of its promoter. The outlook
may be revised to 'Positive' if there is an increase in revenue
and profitability, leading to higher cash accrual. The outlook
may be revised to 'Negative' if the financial risk profile
deteriorates because of a decline in profitability or increase in
debt.

Established in 2005, LVMT is a proprietorship firm of Mr. B
Goutham Reddy. The firm mills and processes paddy into rice, rice
bran, broken rice, and husk. It has an installed paddy milling
capacity of 5 tonne per hour. Its rice mills are in Nellore,
Andhra Pradesh.

Profit after tax (PAT) was INR7 lakh on net sales of INR42.54
crore in fiscal 2016, vis-a-vis INR6 lakh and INR37.15 crore,
respectively, in fiscal 2015.


SRI SARAVANA: ICRA Suspends 'B/A4' Rating on INR35cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B and the short-
term rating of [ICRA]A4 assigned to the INR35.00 crore bank
facilities of Sri Saravana Tex Exports India Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


SRINIVASA RICE: ICRA Suspends B+ Rating on INR11.16cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR11.16 crore term loan and INR0.03 crore unallocated limits of
Srinivasa Rice Industry. 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.


SUMMIT METALS: CRISIL Assigns B+ Rating to INR8MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Summit Metals (SM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B+/Stable
   Cash Credit              8        CRISIL B+/Stable
   Long Term Loan           2        CRISIL B+/Stable

The rating reflects the firm's exposure to risks related to
implementation of its ongoing project, and to stabilisation of
operations. The rating also factors its below-average financial
risk profile because of high gearing, and its moderate scale of
operations in a highly fragmented industry. These weaknesses are
partially offset by its promoter's established relationships with
clients.

Key Rating Drivers & Detailed Description
Weaknesses
* Moderate Project risk:  SM has risks related to the on-going
project and risks related to stabilisation of operations owing to
its initial phase of business.

* Below average financial risk profile: SM's financial risk
profile is marked by expected gearing of about 3 times by the end
of the fiscal 2017 on account of low net worth of about 2.33 Cr.

* Moderate scale of operations:  SM operates in a highly
fragmented industry leading to intense competition and moderate
scale of operations. SM's scale is expected to remain

Strengths
* Established relationship with clients:  Promoters has good
relationship with its clients owing to their longstanding
presence in the construction industry through their tile trading
business Q Nineth Ceramics (QNC; rated 'CRISIL B+/Stable')
Outlook: Stable

CRISIL believes that SM will benefit from promoters established
relationship with builders and contractors. The outlook may be
revised to 'positive' if the firm completes its ongoing project
on time leading to increase in operating income and betterment in
financial risk profile. The outlook may be revised to 'negative'
if there are delays in commencing the production or if the firm
contracts more than expected debt, leading to deterioration in
financial risk profile.

SM, established in 2015 is into manufacturing and trading of roof
sheets. The firm which also trades on steel tubes and other
metals is promoted by Mr. Moosa kunnath.


SUPREME HOLDINGS: ICRA Withdraws B+ Rating on INR85cr Loan
----------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to INR85.00 crore
bank limits of Supreme Holdings & Hospitality (India) Limited, as
the company has fully redeemed the instrument. There is no amount
outstanding against the rated instrument.


SURAJ INDUSTRIES: CRISIL Reaffirms B+ Rating on INR6.5MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the INR6.5
Crore cash credit facility of Suraj Industries - Mantha (SI)

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Strengths
* Extensive industry experience of partners: The partners are in
the cotton ginning business since 2003 and over the years has
established relationship with farmers and raw cotton traders in
and around Mantha. The firm benefits from the partners'
understanding of the dynamics of the local market. CRISIL expects
the firm to benefit from the partners' extensive industry
experience.

Weakness
* Modest scale of operations in the fragmented cotton industry:
SI is expected to have a modest scale of operations reflected in
its installed capacities of around 1000 quintals per day and
estimated sales of less than INR55 crore in 2016-17 (refers to
financial year, April 1 to March 31). SI's small scale of
operations will restrict the firm's pricing flexibility and the
bargaining power with suppliers and customers. Further, the small
scale also limits the benefits and economies associated with
larger scale.

* Low profitability with susceptibility of profitability to
volatility in cotton prices: SI is engaged in ginning and
pressing of cotton which is a low value addition process
resulting in low operating margin. Further, the firm's inventory
is primarily non-order backed in nature which exposes the firm's
profitability to movement in cotton prices.

* Below-average financial risk profile: SI's financial risk
profile is marked by a small networth of about INR3.4 Crore and
moderately high gearing of 2.2 times as on March 31, 2016. The
interest cover and net cash accrual to total debt ratio are low
at about 1.7 times and 0.03 times respectively for 2015-16.
Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
experience of its partners over the medium term. The outlook may
be revised to 'Positive' if the firm reports substantial and
sustained improvement in revenue and operating margin or
significant capital infusion by the partners leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in its
financial risk profile, particularly liquidity, owing to lower-
than-expected cash accrual or large incremental working capital
requirements or considerable debt-funded capital expenditure.

Established in 2008 as a partnership firm in Mantha, Jalna
(Maharashtra), SI is engaged in ginning and pressing of cotton.
It has an installed capacity of processing 1000 quintals of
cotton per day. The firm is promoted by the Garg family from
Sendhwa (Madhya Pradesh).


SURESH EXPORTS: ICRA Reaffirms 'B' Rating on INR1.10cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B to the
INR1.10 crore fund based facilities and a short term rating of
[ICRA]A4 to the INR14.50 crore short term fund based limits,
INR4.40 crore non fund based limits and INR3.00 crore sub limits
of cash credit facilities of Suresh Exports.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based-Cash Credit       1.10       [ICRA]B; reaffirmed

   Short Term-Fund
   Based                  14.50       [ICRA]A4; reaffirmed

   Short Term-Non
   Fund Based              4.40       [ICRA]A4; reaffirmed

   Non Fund Based
   (sublimit of Cash
   Credit)                (3.00)      [ICRA]A4; reaffirmed

The rating reaffirmation take into account the long track record
and extensive experience of partners in the chilli trading &
processing business; the firm's established relationship with its
clients and suppliers as evidenced by numerous repeat orders; and
favorable location of the firm's processing units in proximity to
major chilli growing regions of the country giving it easy access
to quality raw material.

The ratings are however constrained by SE's weak financial
profile characterized by high gearing level, weak debt coverage
indicators and modest profitability; and the highly working
capital intensive nature of operations due to high inventory
requirements and high receivables which has kept the liquidity
under stress. The ratings are further constrained by the highly
competitive and fragmented nature of the spice processing
industry, and vulnerability of the firm's profitability to
fluctuations in raw material prices which are subject to
seasonality, crop harvest and agro climatic conditions. ICRA also
notes that SE is a partnership concern and any significant
withdrawals from the capital account would impact the net worth
and thereby the capital structure.

Suresh Exports was incorporated in 1991 by the Nagpur based
Wadhwani family for undertaking processing of various spices,
mainly Chilli. The product profile of the firm consists of chilli
powder, Turmeric Powder, Coriander powder, cumin powder etc. It
has two processing units, one in Guntur (Andhra Pradesh) and the
other in Nagpur (Maharashtra) with a combined capacity of 8-10
MT/day. The Wadhwani family/group has been in the business of
chilly trading & spice processing since 1942. Apart from this,
the group also provides services such as chilli commission agent
and operates cold storage units specifically for storing chillies
at major chilli trading centres like Nagpur, Guntur and Warangal.

Recent Results
For the financial year ended March 31, 2016, the company reported
an operating income of INR36.48 crore and a net profit of INR0.50
crore as against and operating income of INR53.74 crore and a net
profit of INR0.69 crore for the financial year ended March 31,
2015.


SYCON CONSTRUCTIONS: ICRA Hikes Rating on INR18cr Loan to B+
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR18.0
crore fund based term loan of Sycon Constructions Private Ltd
(SCPL) to [ICRA]B+ from [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                18.0        [ICRA]B+ Revised from
                                        [ICRA]D

The rating revision reflects the recent restructuring of the
existing term loans, resulting in extension of moratorium period
by 12 months to June 2017. The operations continue to remain
constrained by the execution and marketing risk customary to the
nature of such real estate projects, as the project is in mid-
stages of construction with moderate bookings of ~60% till
November 2016. The modest scale of operations, coupled with thin
profitability levels limit the financial and operational
flexibility of the company. ICRA takes note of the management and
operational linkages among Sycon group concerns, and the fact
that surplus funds from SCPL can be utilized towards funding the
financial commitments of the group concerns leading to liquidity
risk.

Going forward, ability of the company to complete the
construction in a timely manner and to achieve healthy sales
velocity, while maintaining collection efficiency; in order to
generate adequate cash flows and meet debt servicing in a timely
manner will be key credit monitorables.

Sycon Constructions Pvt. Ltd, part of Sycon group, was
incorporated on 17th March, 2003, through amalgamation of
independent construction and property development companies,
Leubin Constructions and Arnav Developers. The company is
promoted by Mr. Kumar Nadig and Mr. Anil Bagalwadi (both having
50% shareholding in the company). Both the promoters have more
than two decades of experience in architecture, product design,
civil construction, project development and operations. Sycon
group is engaged in property development and civil construction
business. The group's civil contracting division, Sycon Infra
Private Ltd. (55% shareholding of SCPL), in addition to doing
civil construction of Sycon group projects, has also done
projects for esteemed groups like Brigade Lavelle, Brigade
Coronet, Brigade Mayfair, Brigade Odyssey, Prestige Dorchester.
Till date the company has executed more than 20 residential,
commercial and institutional buildings.

Project Profile
Sycon Maitri is the ongoing residential villa project of SCPL,
being executed at Chikkabankahalli, Whitefield. The project
comprise of 65 duplex Villas (4BHK-5BHK) spread over 10.33 acre
area (42 co share). These villas have a built-up area in the
range of 3658-6000 sqft with ticket size of INR2.5 - INR4.5crore.
The total project cost is INR82.75 crore. Till November 2016, the
company has incurred INR67.45 crore of cost and construction of
the project is completed by 81%.

Recent Results
During FY16, the company reported a net profit of INR5.72 crore
on an operating income of INR13.08 crore as against a net profit
of INR0.51 crore on an operating income of INR12.42 crore during
FY15.


TAPI PRESTRESSED: ICRA Suspends 'D' Rating on INR46.68cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR106.00 crore fund based as well as non fund based
facilities of Tapi Prestressed Products Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based/CC                46.68      [ICRA]D Suspended

   Long Term/Short
   Term-Unallocated        38.73      [ICRA]D Suspended

   Short Term-Non
   Fund Based              20.59      [ICRA]D Suspended

TPPL is a public company promoted by the the Kotecha Group and
was incorporated in the year 1986. The company is involved in
undertaking various turnkey projects involving water supply,
irrigation, roads and other such civil constructions. The company
is registered as a Class-I contractor with various government and
semi-government undertakings, Municipal Corporations and Water
Supply Boards. The company has a track record of 35 years in
construction and has executed several projects in the states of
Maharashtra, Gujarat, Madhya Pradesh, Orissa, Tamilnadu, Andhra
Pradesh and Karnataka.

The company is also engaged in manufacturing of prestressed
concrete pipes and has a manufacturing plant located in Bhusawal
with an installed capacity of manufacturing 50,000 pipes
annually. The diameter of the prestressed pipes rages from 300 mm
to 1900 mm and pressure ranges from 4 kg/cm2 to 30 kg/cm2.


TOSHALI CEMENTS: ICRA Hikes Rating on INR41cr Loan to B+
--------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR18.00
crore cash credit, INR2.00 crore bank guarantee and INR41.00
crore (revised from INR23.52) unallocated limits of Toshali
Cements Private Limited to [ICRA]B+ from [ICRA]C+. ICRA has
reaffirmed the short term rating of [ICRA]A4 assigned to INR1.00
crore letter of credit facility of TCPL.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash credit limits      18.00      [ICRA]B+; upgraded from
                                      [ICRA]C+

   Bank guarantee           2.00      [ICRA]B+; upgraded from
                                      [ICRA]C+

   Letter of credit         1.00      [ICRA]A4; reaffirmed

   Unallocated limits      41.00      [ICRA]B+; upgraded from
                                      [ICRA]C+

The rating upgrade takes into account successful divestment of
Bayyavaram unit in favor of Sagar Cements Ltd for INR52.00 crore
with the sale proceeds used for pre-closing the outstanding term
loan, deferred sales tax loan and towards capex of Choudwar
grinding mill project. The company is setting up a 1200 TPD
grinding unit at Choudwar, Odisha at an estimated cost of
INR52.00 crore.

The rating also favorably factors in consistent growth in
revenues over the last two years aided by increased sales volume;
increase in operating profitability of the company to 8.59% in
FY2016 from 3.08% in FY2015; and proximity of the company's plant
(Ampavalli) to rich limestone reserves and easy availability of
coal and raw materials like slag and gypsum with established
linkages. The rating also considers the financial flexibility
arising from strong group consisting of around 40 companies with
total turnover of more than INR6,000 crore coupled with support
extended by the promoter to service the debt obligations in the
past 4 years. The rating, however, is constrained by the
company's small scale of operations in the cement industry with
revenues of INR102.75 crore in FY2016; high regional
concentration with sales restricted to southern Odisha and
Northern Andhra Pradesh regions and weak financial profile of the
company as indicated by high gearing of 5.30 times as on
March 31, 2016, net losses of INR0.55 crore, interest coverage
ratio of 1.65 times and Debt/OPBDIT of 8.12 times in FY2016. ICRA
notes that the planned capital expenditure for setting up of a
new grinding mill facility in Choudwar (Odisha) is likely to
constrain the improvement in capital structure and liquidity
position in the near term.

Going forward, the company's ability to timely complete the
Choudwar project without cost overruns, improve capacity
utilisation and manage working capital requirements will be the
key rating sensitivities from the credit perspective.

Toshali Cements Private Limited was incorporated in 2002 and is
involved in the manufacturing and sale of Portland Pozzolana
Cement (PPC), Ordinary Portland Cement (OPC-53 grade), Portland
Slag Cement (PSC) and Ground Granulated Blast furnace Slag
(GGBS). The company has 1000 TPD clinker production capacity and
730 TPD cement production (grinding unit) capacities at Ampavalli
plant in Odisha. The 600 TPD cement production Bayyavaram plant
in Andhra Pradesh has been divested in favour of Sagar Cements
Ltd from November 2, 2016. Further, the company is setting up
1200 TPD grinding unit at Choudwar, Odisha and plans to start
operations from January, 2017. TCPL sells its cement under the
brand name of "Gajapati". Its major markets include areas
surrounding Visakhapatnam in Andhra Pradesh, Koraput along with
few central and northern districts of Odisha and recently,
southern West Bengal.

Recent Results
According to FY2016 financials, the company recorded an operating
income of INR102.75 crore with net loss of INR0.55 crore as
compared to an operating income of INR91.90 crore with a net loss
of INR9.13 crore in FY2015.


UB ENGINEERING: Files for Insolvency; Owes INR450cr to 5 Lenders
----------------------------------------------------------------
Business Standard reports that UB Engineering Ltd, part of the
Vijay Mallya-led UB group, has filed for insolvency at the
National Company Law Tribunal (NCLT). "The company has dues of
around INR450 crore to five banks. It has moved the NCLT in
Mumbai today," an official familiar with the development told
Business Standard.

Axis bank, YES bank, Corporation Bank, IDBI Bank and Laxmi Vilas
Bank are the lenders, the report discloses.  Business Standard
says the company has classified term loans, cash credits and
other facilities availed of from banks as 'Other Current
Liabilities', which at the end of FY16 stood at INR434.9 crore,
according to the annual report. UB Holdings holds a 37 per cent
stake in the company.

Though listed, the stock has been suspended from BSE for penal
reasons, the report notes. Its market cap had earlier eroded to
INR13.5 crore. Under the new insolvency law, the NCLT will take a
call in the next two weeks on whether to admit the petition case
or not. If admitted, the promoter would lose control over the
affairs and a committee of creditors and insolvency professionals
would take over, according to Business Standard.

Business Standard says UB Engineering specialised in EPC
projects, infrastructure, on-site fabrication of structures,
installation, testing and commissioning of electrical and
mechanical equipment. It also has pre-qualification credentials
in electrical sub-station projects up to 400 KV.

However, like some of its sister concerns, which have suffered
following troubles emanating from Mallya's failed airline
venture, Kingfisher Airlines, UBEL has been struggling to service
its debts. The banks had classified the account of the company as
a non-performing asset (NPA) with effect from April 1, 2014.

Following this, the company was classified sick and referred to
BIFR. While the company contested the moves, its turnover plunged
from INR583 crore in FY13 to INR78 crore in FY16, says Business
Standard.

Business Standard adds that in its annual report dated
November 8, UBEL Managing Director J K Sardana identified the key
risks for the company as follows: "Your company is exposed to
risks due to various legal cases filed by the purported
creditors. Your company is exposed to legal cases or recovery
actions initiated by the lenders and other statutory authorities.
Early termination of existing jobs in view of cash crunch and
invocation of bank guarantees, with consequential threat of loss
of revenue, material, other infrastructure." For the year ended
March 2016, UBEL reported a net loss of INR168.23 Crore.

Following the classification as NPA, the banks have enforced the
security, comprising land, buildings and machinery situated at
Durg (Chhattisgarh), Shirwal, Pune and Chiplun. "The company is
contesting the action initiated by the consortium of banks with
appropriate authorities. Consortium banks have filed
miscellaneous applications with BIFR for abatement of reference
under Section 15 of SICA and some member banks have individually
filed applications with appropriate authorities for recovery of
their dues. The company is contesting the same by appropriate
legal process," UBEL said in its annual report. Now after
classification by consortium banks, the company has provided for
interest on outstanding and dues to the banks, it added.

Incorporated in 1972 as Western India Enterprises (WIEL) by A S
Wardekar, the company had come into the UB fold in 1988. After
its merger with Best & Crompton in 1989, it was rechristened UB
Engineering in 1993.


VATCO ELEC-POWER: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' rating on
the INR17 crore bank facility of Vatco Elec-Power Private
Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting
   under Letter of
   Credit                  6        CRISIL A4 (Reaffirmed)

   Cash Credit             7.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        3.5      CRISIL A4 (Reaffirmed)

Analytical Approach

CRISIL has treated unsecured loans of around INR0.74 crore
extended by the partners and relatives, as neither debt nor
equity. This is because these funds are expected to remain in the
business over the medium term, and are non-interest bearing in
nature.

Key Rating Drivers & Detailed Description

Weaknesses
* Working capital-intensive nature of operations: The working
capital cycle is stretched, as reflected in gross current assets
of 242 days as on March 31, 2016, mainly due to large receivables
and moderate inventory.

* Below-average financial risk profile: Financial risk profile is
weak, on account of small networth of around INR7 Crore and high
gearing of 3.23 times as on March 31, 2016. The interest coverage
and net cash accrual to total debt ratios were low, around 1 time
and 0.01 time, respectively, as on March 31, 2016.

Strengths
* Extensive experience of partners: Benefits from the two decade-
long experience of the promoters, their technical knowledge about
manufacturing and trading of utility products in the power
industry, and established relationships with customers like
Larsen & Toubro Ltd (L&T; rated 'CRISIL AAA/FAAA/Stable/CRISIL
A1+'), will continue.
Outlook: Stable

CRISIL believes VEPPL will continue to benefit from the extensive
experience of the promoters, and established relationships with
key customers. The outlook may be revised to 'Positive' if
significant and sustained improvement in scale of operation and
profitability, leads to substantial cash accrual and a stronger
financial risk profile. The outlook may be revised to 'Negative,'
in case of sharp decline in revenue or profitability, and hence,
cash accrual, or if a significant stretch in the working capital
cycle, or large debt-funded capital expenditure, weakens the
financial risk profile, especially liquidity.

VEPPL, incorporated in 1992, is currently managed by Mr. Vijay
Mody, Mr. Haresh Mody and Mr. Bipin Mody. The Navi Mumbai-based
company manufactures infrastructure and utility products,
particularly for the power industry.


VIMAL OIL: ICRA Reaffirms 'D' Rating on INR500cr Non FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR162
crore long term fund based facilities of Vimal Oil and Foods
Limited at [ICRA]D. ICRA has also reaffirmed the short term
rating assigned to the INR500 crore short term non fund based
facilities of VOFL at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits        162         Reaffirmed at [ICRA]D
   Non Fund Based Limits    500         Reaffirmed at [ICRA]D

The ratings take into account the continuing delays in the
company meeting its debt obligations to banks as a result of
strained liquidity position resulting from the significant losses
recorded by the company in FY 2016 and H1FY 2017.

Vimal Oil & Foods Limited (VOFL), incorporated in 1992, is
primarily engaged in the refining and marketing of different
types of edible oils. VOFL commenced operations at its refinery
with a 50 TPD capacity in 1993 and has increased its capacity
over the years to 250 TPD. The company also operates a 900 TPD
refining capacity on job work basis. The company's product range
includes refined oils of Cottonseed, Sunflower, Groundnut, Soya,
Mustard and Palm. The refined oil is sold in the domestic market
under the "Vimal" brand name. The Company also operates three
wind mills - a 0.225 MW capacity in district of Jamnagar, Gujarat
and two 0.6 MW capacities in the district of Kutch, Gujarat.

VOFL is the flagship of the Vimal group of industries based out
of Mehsana promoted by Mr. Jayesh Patel and his associates. The
Group of Industries is one of the leading groups of North Gujarat
engaged in diversified businesses like Electrical Products, Cable
Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible
Oil Industry, Paint Industry and Micronised Mineral Powder.

In H1FY2017, the company reported a net loss of INR12.37 crore on
an operating income of INR564.11 crore. For the year FY 2016, the
company reported a net loss of INR243.85 crore on an operating
income of INR1724.20 crore.


VRIKSH TRANSWORLD: ICRA Suspends B+ Rating on INR20cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 assigned to the INR20.00 crore bank
facilities of Vriksh Transworld Holdings Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the Company.


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


TOSHIBA CORP: To Ask for Bank Loans Through February
----------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. will call on its
banks to keep the loans coming to help it cope with a possible
massive write-down related to its nuclear power operations in the
U.S., sources said Jan. 10.

Nikkei relates that Toshiba said on Dec. 27 it may have to write
a few billion dollars off the value of the U.S. unit for the year
through March 2017. The following day, Rating and Investment
Information downgraded Toshiba's rating to BB, or junk status,
raising questions about the company's ability to continue
receiving bank loans.

The banks are expected to accept Toshiba's request and keep
providing funds through February, Nikkei says.

As of the end of September, Toshiba's outstanding loan balance
with the syndicate totaled JPT800 billion ($6.92 billion). It
also had a credit line of up to about JPY700 billion with major
banks, Nikkei discloses.

                          About Toshiba

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.



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


PERISAI PETROLEUM: Wins Time Extension to Hold 2017 AGM
-------------------------------------------------------
The Sun Daily reports that Perisai Petroleum Teknologi Bhd has
received approval from the Companies Commission of Malaysia for
an extension of time for the company to hold its 2017 AGM and to
table its audited financial statements for the 18 months period
ending June 30, 2017 latest by Dec. 29, 2017.

Perisai had in November last year changed its financial year end
from Dec. 31 to June 30, the report notes.

According to the report, Perisai said last week it was
formulating a proposed regularization plan, which will not result
in a significant change in the business direction or policy of
the company. It has nine months to submit its regularization plan
to the relevant authorities for approval, the report states.

Perisai last month settled its US$43.03 million (RM192.56
million) dispute with Singapore-listed Emas Offshore Ltd (EOL),
where Perisai will receive partial settlement crucial to the
success of its debt restructuring plan, and as general working
capital for operational, corporate and restructuring expenses,
The Sun Daily adds.

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

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

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



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


HANJIN SHIPPING: US Creditors Raise Concerns with Terminal Sale
---------------------------------------------------------------
Tom Corrigan at The Wall Street Journal reports that Hanjin
Shipping Co.'s U.S. creditors are fighting the company's plans to
sell its stake in one of the South Korean carrier's key remaining
assets: the port operator that runs the biggest container
terminal in Long Beach, Calif.

The Journal relates that in court papers filed on Jan. 6 with the
U.S. Bankruptcy Court in Newark, N.J., where Hanjin's U.S.
bankruptcy proceeding is unfolding, creditors who say their
rights are being affected by the sale -- including container
lessors, insurance providers and the Port of Seattle -- urged a
judge to throw out, delay or modify the proposed sale.

According to the Journal, Geneva-based Mediterranean Shipping Co.
has offered $78 million for the terminal. Hanjin has asked Judge
John Sherwood to approve the bid, which it said was the highest
and best offer following a competitive bidding process, the
Journal says.

Hanjin owns a 54% stake in Total Terminals International LLC, the
port operator that runs the Long Beach terminal, the Journal
discloses. Mediterranean Shipping already owns the other 46%.

In court papers, Hanjin said it had little time to complete the
sale of the 385-acre facility, which handles millions of
containers each year. Without the sale, Hanjin lawyers said the
company and its creditors "will potentially suffer significant,
if not irreparable, harm," the Journal relays.

The Journal notes that the sale has already been approved by the
Seoul Central District Court, which is the primary authority
overseeing Hanjin's bankruptcy, on the condition that it also is
endorsed by the U.S. bankruptcy court and the U.S. port
authority. A hearing on the sale is slated for Jan. 12 in Newark.

According to the Journal, companies owed money from leasing tens
of thousands of containers to Hanjin before it filed for
bankruptcy said there are "many questions unanswered with respect
to the sales process" and that it is unclear whether the proceeds
will be used to repay them for "massive financial losses."
Lawyers for the container lessors said the shipper is continuing
to use those containers but has "failed and refused to pay rent
or any other charges," the report relays.

In court papers, other creditors cited "significant deficiencies"
in Hanjin's argument that the proposed $78 million deal is the
best offer available, and they have asked Judge Sherwood to order
Hanjin to hold any proceeds from the sale in escrow in the U.S.
and to use the money to repay U.S. creditors, the Journal says.

Lawyers for the creditors are also seeking to compel Hanjin to
reveal more information about how the sale process was conducted,
the Journal relates.

                      About Hanjin Shipping

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

Copyright 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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