TCRAP_Public/170130.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

           Monday, January 30, 2017, Vol. 20, No. 21

                            Headlines


A U S T R A L I A

ANAGEN PTY: BioClip Up for Sale; Owes More Than AUD3MM
BEAUTE NOMINEES: First Creditors' Meeting Set for Feb. 6
GUVERA LIMITED: High Court Dismisses Liquidation Bid
HAIGH & HASTINGS: First Creditors' Meeting Set for Feb. 6
REALLY RADIATORS: First Creditors' Meeting Set for Feb. 6


C H I N A

XINYI CITY: Fitch Publishes Issuer Default Ratings of 'BB-'
YANZHOU COAL: Proposed Acquisition No Impact on Moody's B2 CFR
YANZHOU COAL: S&P Affirms BB- CCR Following Acquisition Proposal


I N D I A

BALWAN POULTRY: CARE Reaffirms 'D' Rating on INR6cr LT Bank Loan
CHAUDHARY INGOTS: CARE Reaffirms 'D' Rating on INR11.50cr LT Loan
EXOTIC HOSPITALITY: CARE Assigns 'B' Rating to INR9.37cr LT Loan
JAI GURUDEV: CARE Reaffirms B+ Rating on INR8.21cr LT Bank Loan
JALARAM GINNING: CARE Lowers Rating on INR0.64cr LT Loan to B+

KINGFISHER AIRLINES: HC Issues Warrant Against Vijay Mallya
LODHA DEVELOPERS: Moody's Lowers CFR to B2; Outlook Negative
MAHAVIR FOODS: CARE Reaffirms 'D' Rating on INR15cr ST Loan
MICRO INTERNATIONAL: CARE Assigns B+ Rating to INR10cr LT Loan
PM INDUSTRIES: CARE Assigns 'B' Rating to INR7.64cr LT Loan

ROSEMERRY SOLVENT: CARE Assigns 'B+' Rating to INR18.07cr LT Loan
SHRI GANGA: CARE Assigns 'B' Rating to INR6cr Long Term Loan
SIDY DATACOM: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
SUVARNA SHILPI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SYNERGIES DOORAY: NCLT Accepts Firm's Application for Insolvency

VEEAAR FABWARE: CARE Assigns B+/A4 Rating to INR15cr Bank Loan
ZIGMA LAMINATES: CARE Reaffirms B Rating on INR9.10cr LT Loan


J A P A N

TOSHIBA CORP: To Put Memory Chip Business Up For Sale
TOSHIBA CORP: Chairman to Step Down Over Westinghouse Writedowns
TOSHIBA CORP: Mizuho Bank Downgrades Rating


M A L A Y S I A

ASIA KNIGHT: Mercury Securities Appointed as Principal Adviser


N E W  Z E A L A N D

HANSA LTD: Liquidators Freeze Assets Linked to Ponzi Scheme


P H I L I P P I N E S

EASTERN RIZAL: Creditors Have Until February 15 to File Claims
XAVIER-TIBOD BANK: Creditors' Claims Deadline Set Feb. 14

* PDIC to Hasten Liquidation of Closed Banks


S I N G A P O R E

RICKMERS MARITIME: Sells Kaethe C. Rickmers Vessel


S O U T H  K O R E A

GUMSUNG TECH: Bankruptcy Withdrawn Due to Creditor's Cancellation


                            - - - - -


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


ANAGEN PTY: BioClip Up for Sale; Owes More Than AUD3MM
-------------------------------------------------------
Terry Sim at Sheep Central reports that Bioclip, the wool
harvesting system that was once promoted as an alternative to
conventional shearing could soon have a new owner.

Sheep Central relates that Anagen Pty Ltd, the company that owns
the biological wool harvesting system, was put into
administration in December 2016 owing creditors more than
AUD3 million and is facing liquidation.

According to Sheep Central, insolvency specialist HLB Mann Judd
has advertised for expressions of interest in the company's
intellectual property and inventory assets.

HLB Mann Judd spokesperson Kim Wallman said there had already
been interest from national sheep industry interests in the
BioClip assets, the report relays.

Expressions of interests close on February 17 this year, Sheep
Central notes.

At a creditors meeting in Perth on February 7, Mr. Wallman will
recommend that the company be liquidated, primarily because the
Anagen directors have not proposed that the company enter into a
deed of company arrangement, according to Sheep Central. He said
Anagen has been dormant for a couple of years and there hadn't
been any active sales recently.

In his report to creditors, as of Dec. 23, 2016, Mr. Wallman has
estimated Anagen's total liabilities from shareholder were
AUD3,046,780 and its total assets were AUD4,641, listing its
intellectual property and stock values as commercially sensitive
information, Sheep Central adds.

BioClip utilizes a patented epidermal growth factor (EGF)
injection to produce a natural break in the wool of sheep
enabling harvest of the fleece and removal of unwanted fibre from
self-shedding breeds. The shed wool is then collected on the
sheep with a special net before removal.

The BioClip assets include Australian and New Zealand EGF
patents, sheep restraining equipment including a handler, scoops
and cradle, about 107,000 BioClip nets and 4291 out-of-date EGF
doses suitable for research and development purposes.


BEAUTE NOMINEES: First Creditors' Meeting Set for Feb. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Beaute
Nominees Pty Ltd, trading as Bestec Engineering Australia, will
be held at the offices of Worrells Solvency & Forensic
Accountants, Level 3, 15 Ogilvie Road, in Mount Pleasant, WA, on
Feb. 6, 2017, at 10:30 a.m.

Mervyn Kitay of Worrells Solvency was appointed as administrator
of Beaute Nominees on Jan. 25, 2017.


GUVERA LIMITED: High Court Dismisses Liquidation Bid
----------------------------------------------------
Jorge Branco at The Sydney Morning Herald reports that troubled
Australian music streaming service Guvera has escaped an attempt
to have its business sent to the liquidators.

An investor had been seeking an order to wind up the Gold Coast
company, claiming a debt of almost AUD1.8 million, the report
says.

SMH relates that Kwong Properties took the business, which was
blocked from listing on the Australian Securities Exchange in
June, to the Supreme Court of Queensland in December to recover
the money.

The application was heard in Brisbane on Jan. 25, where it was
dismissed with the consent of both sides, SMH says.

SMH adds that court papers claimed the funds had been lent in two
separate tranches in May and November 2015, which the music
service had failed to repay.

                          About Guvera

Guvera offered online music and entertainment streaming service.
Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services.

According to The Australian, the firm recently pulled out of the
Australian market after a failed attempt to list on the ASX, in a
float that would have valued the company at more than AUD1
billion.

The company -- which lost CEO Darren Herft to co-founder
Claes Loberg, who has taken the job on a temporary basis -- has
also recently pulled out of several other markets, including the
US and Russia, The Australian said.

A memo to investors said shutting the Australian market was
linked to changes in its product and a "strategic re-evaluation
of the business," The Australian added.


HAIGH & HASTINGS: First Creditors' Meeting Set for Feb. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Haigh &
Hastings Pty Ltd will be held at the offices of Auxilium
Partners, Level 2, 949 Wellington Street, in West Perth, WA, on
Feb. 3, 2017, at 4:00 p.m.

Bob Jacobs of Auxilium Partners was appointed as administrator of
Haigh & Hastings on Jan. 23, 2017.


REALLY RADIATORS: First Creditors' Meeting Set for Feb. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Really
Radiators Pty Ltd will be held at Level 8/490 Upper Edward
Street, in Spring Hill, Queensland, on Feb. 6, 2017, at
3:30 p.m.

Leon Lee & Brendan Joseph Nixon of SM Solvency was appointed as
administrator of Really Radiators on Jan. 24, 2017.



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C H I N A
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XINYI CITY: Fitch Publishes Issuer Default Ratings of 'BB-'
-----------------------------------------------------------
Fitch Ratings has published Xinyi City Investment & Development
Co., Ltd., Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) of 'BB-' with a Stable Outlook. Fitch has also
published the 'BB-' rating on the USD110m 5.8% senior unsecured
notes due 2019 issued by Xingang International Holding Limited.

The proceeds of the proposed note issue will be used for project
investment, infrastructure construction investment, repaying
existing debts and replenishing working capital.

The notes are unconditionally and irrevocably guaranteed by
Xingang International Investment Company Limited (XII), a wholly
owned subsidiary of XCID. The notes will be senior unsecured
obligations of XII and rank pari passu with all other senior
unsecured obligations of XII.

In place of a guarantee, XCID has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure that XII has sufficient assets and
liquidity to meet its obligations under the guarantee for the
notes.

The notes are rated at the same level as the Long-Term IDR of
XCID, given the strong link between XII and XCID, and the
keepwell and liquidity support deed and deed of equity interest
purchase undertaking, which provide additional support to XII and
transfer the ultimate responsibility of payment to XCID.

In Fitch's opinion, the deeds signal a strong intention from XCID
to ensure that XII has sufficient funds to honour the debt
obligations. The agency also believes XII intends to maintain its
reputation and credit profile in the international offshore
market, and is unlikely to default on offshore obligations.
Additionally a default by XII could have significant negative
repercussions on XCID for any future offshore funding.

KEY RATING DRIVERS

Linked to Xinyi City: XCID's ratings are credit-linked to Fitch's
internal assessment of the creditworthiness of Xinyi City. This
is based on XCID's 100% ownership by the city, strong city
oversight of its financial and operational activities, strategic
importance of XCID to the city and strong fiscal support to the
city. These factors result in a strong likelihood of
extraordinary support, if needed. Therefore, XCID is classified
as a credit-linked public-sector entity under Fitch's criteria.

Fiscal Flexibility, Volatile Revenue: Xinyi City is a county-
level city in Jiangsu Province on the eastern coast of China. The
city has a fastg-growing and diversified socio-economic profile
and more fiscal flexibility than other counties in Jiangsu due to
its "county designated in provincial plan" status. The city's
strengths are mitigated by its volatile revenue from land sales,
high level of contingent liabilities arising from its public-
sector entities and small scale in terms of population, economy,
gross regional product and fiscal budget.

Legal Status Attribute Assessed at Mid-Range: XCID is registered
as a state-owned limited liability company under Chinese company
law. It is wholly-owned by the State-owned Assets Supervision and
Administration Commission of Xinyi and supervised by the Xinyi
government.

Strategic Importance Attribute Assessed at Mid-Range: XCID is the
primary investment and financing platform of Xinyi City and plays
an important role in implementing the city government's blueprint
for urban planning and city construction. The company takes a key
role in assisting the government to develop large-scale city
infrastructure projects and its water supply. Furthermore, the
city government has granted the company exclusive concessions to
be the primary land developer in several key areas.

Government Integration Attribute Assessed at Mid-Range: The city
government has injected about CNY1bn in capital into the company
and reimbursed it CNY6.6bn for primary land development since its
inception in 2008. The city government also gave XCID around
CNY200 million- CNY300 million in subsidies each year over 2011
to 2015.

Control & Supervision Attribute Assessed at Stronger: XCID is
wholly owned by the city government and its major businesses,
such as urban development and primary land development, need
approval from the city government. Its financing plan and
indebtedness level are closely monitored by the government, which
also appoints the senior management of the company. In addition,
XCID is also required to report its operational and financial
results to the government on a regular basis.

Weak Standalone Financial Profile: XCID's financial profile in
the past few years has been characterised by large capex,
negative free cash flow and high leverage. Its debt to EBITDA was
15x-20x in the past three years. Fitch expects XCID's financial
profile to continue to be weak and highly leveraged in the next
two to three years. XCID's standalone credit profile is
constrained by the public-service nature of its businesses and is
subject to refinancing risk due to the small scale of its
sponsor's budget.

RATING SENSITIVITIES

An upgrade of Fitch's internal assessment of Xinyi City's
creditworthiness as well as a stronger or more explicit
commitment of support from the city may trigger positive rating
action on XCID.

A significant weakening XCID's strategic importance to the city,
dilution of the city government's shareholding, and/or reduced
city support may result in a downgrade.

A downgrade may also stem from weaker fiscal performance or
increased indebtedness of the city, leading to deterioration to
Fitch's assessment of is creditworthiness.

A rating action on XCID will result in a similar action on the
rating on the US dollar senior unsecured notes.


YANZHOU COAL: Proposed Acquisition No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Yanzhou Coal Mining Company
Limited's ratings and negative outlook are unaffected by Yancoal
Australia Limited's (unrated) proposed acquisition of Coal &
Allied Industries Limited (unrated).

The unaffected ratings include Yanzhou Coal's B2 corporate family
rating and the B2 senior unsecured rating on the bonds issued by
its subsidiary, Yancoal International Resources Development Co.,
Limited, and guaranteed by Yanzhou Coal.

On Jan. 24, 2017, Yanzhou Coal's 78%-owned subsidiary, Yancoal
Australia, announced that it had entered into a sales and
purchase agreement with Australian Coal Holdings Pty. Limited
(ACH, unrated) and Hunter Valley Resources Pty Ltd (HVR,
unrated).

Under the agreement, Yancoal Australia will acquire for USD2.45
billion all the shares of Coal & Allied.

The transaction is subject to regulatory and shareholder
approvals and is expected to complete in the third quarter of
2017.

ACH and HVR are wholly owned subsidiaries of Rio Tinto plc (Baa1
stable) and Rio Tinto Limited (Baa1 stable).

"Moody's expects the acquisition of Coal & Allied to be
substantially funded by equity and internal cash. As a result
Yanzhou Coal's credit metrics will remain in line with its
current standalone credit profile," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

Yancoal Australia will fund the consideration payable through a
capital raising and pro-rata entitlement offer of ordinary
shares.

Yanzhou Coal intends to subscribe for around USD1 billion to
maintain an at least 51% stake in Yancoal Australia. Moody's
expects that Yanzhou Coal's subscription to the entitlement offer
will be funded by a combination of internal cash reserve, debt
and equity.

Yanzhou Coal's standalone credit profile factors in its high debt
leverage and weak liquidity position.

Moody's estimates that Yanzhou Coal's debt leverage - as measured
by debt/EBITDA - will be around 8.0x-9.0x over the next 12-18
months compared with 9.0x-9.5x at end-2016. Such levels of debt
leverage are based upon Moody's expectation of a recovery in
EBITDA, supported by an improvement in coal prices.

Moody's also points out that Yanzhou Coal's liquidity position
remains weak. Its cash and deposit balances of RMB18 billion at
end-June 2016 were insufficient to cover its short-term debt of
RMB29 billion, which included around USD357 million of senior
unsecured offshore bonds due for repayment in May 2017.

Nevertheless, Moody's believes the company's refinancing risk
will be mitigated by its good access to bank financing and the
onshore capital markets, due to its status as a significant
state-owned enterprise (SOE) in Shandong Province.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal Mining Company Limited listed on the Shanghai, Hong
Kong and New York stock exchanges in 1998. It was 56.6%-owned by
Yankuang Group Corporation Limited at end-June 2016, an SOE that
is wholly owned by the Shandong Provincial government.

At end-2015, Yanzhou Coal owned and operated 21 coal mines across
China and Australia, including in Shandong and Shanxi provinces
and the Inner Mongolia Autonomous Region in China, as well as in
Queensland, New South Wales and Western Australia.

Coal & Allied (unrated) is a coal producer that owns interests in
three coal mine operations in Australia, namely 67.6% of Hunter
Valley Operations, 80% of Mount Thorley and 55.6% of Warkworth.
The three mines produce thermal coal and semi-soft coking coal.


YANZHOU COAL: S&P Affirms BB- CCR Following Acquisition Proposal
----------------------------------------------------------------
S&P Global Ratings said it affirmed the 'BB-' long-term corporate
credit rating on Yanzhou Coal Mining Co. Ltd.  The outlook is
negative.  At the same time, S&P affirmed its 'BB-' issue rating
on the outstanding senior unsecured notes that the China-based
coal producer guarantees.  S&P also affirmed its 'cnBB' Greater
China regional scale rating on the company and the 'cnBB' rating
on the notes.

"We affirmed the ratings because we expect Yanzhou Coal's gearing
to remain high over the next 24 months at least.  This is based
on our anticipation that coal demand in China will remain
sluggish for the next three to five years as China continues to
reduce the proportion of coal in primary energy consumption,"
said S&P Global Ratings credit analyst Claire Yuan.  "In our
view, a recent spike in coal prices was short term.  The ratings
also reflect our view of the moderately high likelihood of
extraordinary government
support."

S&P expects Yanzhou Coal's debt-to-EBITDA ratio to remain at 8x-
10x in 2016-2018 and the ratio of funds from operations to debt
to remain below 10% over the same period.

Yanzhou Coal's announcement that its 78%-owned Australian
subsidiary plans to acquire coal assets from Rio Tinto Ltd. has
not had an immediate impact on the ratings because of
uncertainties regarding the transaction.  S&P needs more details
on the financial arrangements, cost structure, and profitability
of the assets.  On Jan. 24, 2017, Yancoal Australia said it plans
to acquire a 100% stake in Coal & Allied Industries Ltd. from Rio
Tinto for US$2.45 billion.  Yancoal Australia Ltd. still requires
various approvals from shareholders of Yanzhou Coal, Rio Tinto
PLC and Rio Tinto Ltd., and the Australian government and Chinese
governments.  Yancoal Australia expects to complete the deal in
the third quarter of 2017.

If the acquisition goes through, S&P believes it is likely to
strengthen Yanzhou Coal's competitive position in terms of
enlarged scale, extended mine life, enhanced product portfolio,
and greater market share.  However, Yanzhou Coal is still a
single-commodity producer and lacks the benefits of business
integration.  In addition, the company's scale will remain
smaller than other large coal producers, such as China Shenhua
Energy Co. Ltd.

S&P believes Yanzhou Coal will benefit from the cash flow
contribution from the acquired assets if the transaction
proceeds. However, the company has hefty debt and it is likely to
remain highly leveraged, in S&P's view.  Yanzhou Coal intends to
subscribe to around US$1.0 billion of a share placement in Coal &
Allied and maintain at least 51% shareholding in Yancoal
Australia.  It also remains uncertain if Yancoal Australia could
fund all of the acquisition of Coal & Allied through equity, as
the company currently anticipates.

S&P is awaiting Yanzhou Coal's 2016 results to determine whether
an anticipated profit recovery is sustainable for the company and
its parent Yankuang Group.  Yanzhou Coal recently issued a
positive profit alert that it expects its net profit in 2016 to
increase by 120%-140% year over year.  The company attributes the
recovery to a rebound in coal prices in the second half of 2016,
cost cutting, and optimization of its product mix.

The negative rating outlook on Yanzhou Coal reflects the
uncertainties over Yankuang Group's operating conditions, the
sustainability of Yanzhou Coal's profit recovery, and the
deleveraging efforts of both entities.

S&P could lower the ratings on Yanzhou Coal if coal prices drop
unexpectedly, which would continue to pressure the competitive
position, cash flow, and liquidity of Yankuang Group and Yanzhou
Coal.  S&P could also lower the ratings if Yanzhou Coal engages
in aggressive debt financing to fund potential acquisitions that
may dampen its financial position.

S&P may revise the outlook to stable if it believes both Yankuang
Group's and Yanzhou Coal's profitability and cash flow/leverage
ratios can stabilize over the next 12-24 months on improved coal
prices, cost cutting, and no significant debt-funded
acquisitions.



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I N D I A
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BALWAN POULTRY: CARE Reaffirms 'D' Rating on INR6cr LT Bank Loan
----------------------------------------------------------------
The rating assigned to Balwan Poultry and Breeding Farm takes
into account the ongoing delays in debt servicing due to stressed
liquidity position.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE D Reaffirmed

BPB is primarily engaged in poultry farming business. Company's
liquidity issues owing to delays in sales realization from
the debtors resulted into delays in servicing of interest and
principal repayment of ongoing term loan.

Balwan Poultry and Breeding Farm (BPB) was established in 2000 as
a proprietorship firm. The operations of the firm are currently
being managed by Mr. Balwan Singh. BPB is engaged in poultry
farming business which involves growing of 1-day chick into egg
laying birds. Subsequently, the eggs laid by them are
artificially incubated into chicks (incubation time is 21 days).
The processing facility of the firm is located at Karnal,
Haryana. BPB sells the day-old chick mainly through the
commission agents located in Haryana and Punjab. The firm
procures day-old chicks from Venkateshwara Hatcheries and feeding
materials for the chicken viz. maize, soyabean and defatted rice
bran from traders located in Haryana and near regions.


CHAUDHARY INGOTS: CARE Reaffirms 'D' Rating on INR11.50cr LT Loan
-----------------------------------------------------------------
The rating assigned to Chaudhary Ingots Private Limited (CIPL)
takes into account the ongoing delays in debt servicing due to
stressed liquidity position.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE D Reaffirmed

Chaudhary Ingots Private Limited is primarily engaged in the
manufacturing of mild steel ingots and by-products. The Company's
liquidity issues resulted into delays in servicing of interest.

Chaudhary Ingots Private Limited, based in Muzaffarnagar, Uttar
Pradesh, was set up in November 2001, by Mr. Yatendra Singh
Panwar, Mr. Narendra Panwar and Mr. Ashok Sharma. CIPL is
primarily engaged in the manufacturing of mild steel ingots and
by-products. Mild steel ingots produced by CIPL find application
in rolling mills to manufacture steel channels and bars which are
ultimately used in the construction and infrastructure industry.
CIPL procures raw material in the form of sponge iron, pig iron,
mild steel scrap and silico manganese from the domestic players
and manufactures ingots in different sizes, which are further
categorized based on their carbon content. CIPL sells all its
products in the domestic market primarily in the three states
namely Uttar Pradesh, Punjab and Rajasthan. CIPL has three group
companies - Venus Rolling Mills Private Limited, Trimurti
Engineering Works and Trimurti Concast Private Limited engaged
in a similar line of activity.


EXOTIC HOSPITALITY: CARE Assigns 'B' Rating to INR9.37cr LT Loan
----------------------------------------------------------------
The rating assigned to the bank facilities of Exotic Hospitality
Nagpur Private Limited is constrained due to nascent stage of
operations with low profitability, seasonal nature of operations
with susceptibility to economic downturns, highly leveraged
capital structure and weak debt coverage indicators. The above
weaknesses are partially offset by established presence of
Agarwal Group in diverse sectors for more than two decades,
experienced promoters and healthy growth in y-o-y revenues along
with strategic location of the resort.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.37       CARE B/Stable

The ability of the company to increase its scale of operations
with increase in occupancy rate and improvement in profitability
and capital structure is the key rating sensitivity.

Detailed description of the key rating drivers

EHPL started its commercial operations from 2014 and has shown
healthy growth in last two years ending FY16 with increase in
occupancy level. However, the company is still in nascent stage
and due to high fixed costs reported net loss in FY16 resulting
in erosion of net worth. Capital structure of the company
remained leveraged led by high external borrowings in the form of
unsecured loans from directors and related parties to support the
operations. EHPL's resort is located in Pench National Park and
is only operational for 8 months. Furthermore, the inflow of
customers is variable with high inflow during the month of
December (year ending period) and March to May (vacation period).

EHPL is a part of Nagpur-based Agarwal Group that has a presence
in diverse sectors such as real estate development, interior
designing, hospitality etc since 1990.


Nagpur based, Exotic Hospitality (Nagpur) Private Limited was
incorporated in September 1994 by Mr. Ashok Agarwal. EHPL,
erstwhile known as Exotic Orchards (Nagpur) Private Limited, is
engaged in providing hospitality services.  EHPL is a part of
Nagpur based Agarwal Group which is engaged in diverse businesses
such as real estate development, interior designing, hospitality
etc, bee-hive coke production etc.

EHPL operates through a resort by the name 'Tathastu' spread over
15 acres situated in Pench National Park, in Turia Village in
Madhya Pradesh. Tathastu is a 3 -- star graded resort and
wellness centre Ministry of Tourism. The resort is spread over an
area of 15 acres in Pench National Resort has stay facilities
such as spa and wellness, recreational activities, art center,
excursions etc along with stay facility. The resort currently has
22 rooms for stay purpose and has commenced operations in
April 2014.

In FY16, EHPL generated total revenue of INR3.73 crore with net
loss of INR0.22 crore.


JAI GURUDEV: CARE Reaffirms B+ Rating on INR8.21cr LT Bank Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Jai Gurudev Ginning
and Pressing Industries continues to be tempered by relatively
small scale of operations with small networth base along with low
profit margins owing to presence in lowest segment of textile
value chain, leveraged capital structure and weak debt coverage
indicators and working capital intensive nature of operations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.21       CARE B+; Stable
                                            Reaffirmed

The rating is further constrained by susceptibility of margins to
fluctuations in cotton prices and seasonality associated with
cotton availability, presence in fragmented industry with
susceptibility to government regulations and partnership nature
of business constitution. The reaffirmation in the rating takes
into consideration deterioration in profitability and debt
coverage indicators during FY16 (refers to the period April 1 to
March 31) albeit increase in operating income along with marginal
improvement in capital structure.

The rating, however, derives benefits from the promoters'
experience, locational advantage and support from the group
company.

The ability of JGGPI to increase its scale of operations with
improvement in profit margins and capital structure along with
effective management of working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers

JGGPI completed only its third full year of operations in FY16
and although it achieved a strong year on year growth, its scale
of operations remained modest with low capitalization.
Furthermore, being present in the lowest segment of textile value
chain, its profitability is thin due to minimal value addition as
well as intense competition faced from other players in the
industry. Despite partners' infusion of fresh capital during
FY16, firm's net-worth base is modest and with high reliance on
working capital bank borrowings capital structure remained
leveraged. Subsequent to high reliance on bank borrowings and low
profit margins, firm's debt protection metrics remained weak and
due to intense competition faced, firm offers high credit to its
customers leading to its operations being working capital in
nature.

Nonetheless, the partners (including Mr. Chandrashekhar Thote)
have over a decade of experience in the textile industry and the
firm derives benefit from its factory being situated in Yavatmal
district which is in close proximity to cotton growing regions of
Maharashtra.

Established in April 2013 by Mr. Chandrashekhar Thote, Mr. Sachin
Kawale and Mrs. Sharada Thote, Jai Gurudev Ginning and Pressing
Industries (JGGPI) is engaged into cotton ginning & pressing at
its plant located at Kalambm, Yavatmal, Maharashtra which has an
annual capacity of 280 metric ton of cotton bales and 52 metric
ton of cotton seeds. The manufacturing facility runs in three
shifts in a day during season which falls during October to June
and raw material (i.e. raw cotton) is sourced from local market
(farmers).

The firm earns a major part of its revenue from cotton bales (74%
of total revenue in FY16 and 65% in FY15) which is sold to
traders and textile mills and remaining is generated from sale of
cotton seeds to oil mills.

During FY16, JGGPI reported total operating income of INR46.21
crore (vis-a-vis INR17.40 crore in FY15) and PAT of INR0.05
crore (vis-a-vis INR0.03 crore in FY15). Furthermore, during
8MFY17 the firm had achieved a turnover of INR29.82 crore.


JALARAM GINNING: CARE Lowers Rating on INR0.64cr LT Loan to B+
--------------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Jalaram Ginning Factory takes into account decline
in scale of operations, withdrawal of part of partner's capital,
moderation in its capital structure and debt coverage indicators
during FY16 (FY refers to the period April 1 to March 31).

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     0.64     CARE B+; Stable Revised
                                          From CARE BB-

   Long-term/Short-term Bank     7.50     CARE B+; Stable/CARE A4
   Facilities                             Revised from CARE BB-/
                                          CARE A4

   Short-term Bank Facilities    0.14     CARE A4 Reaffirmed

The ratings of JGF continue to remain constrained by thin profit
margins, seasonality associated with the procurement of raw
material, susceptibility of profitability to cotton price
fluctuation and changes in the government policy coupled with
its presence in the highly fragmented industry with limited value
addition, working capital intensive nature of operations and
limited financial flexibility owing to partnership nature of
constitution.

The ratings, however, derive comfort from the vast experience of
the partners of JGF in the cotton industry, established business
operations of the firm and its proximity to cotton growing region
of Gujarat.

JGF's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators along with better working capital management
remain the key rating sensitivities.

Detailed description of the key rating drivers

The capacity utilization of JGF has reduced from 28% in FY15 to
24% in FY16 (actual production of cotton bales reduced from 2254
MT during FY15 to 1980 MT during FY16).

This decline in the capacity utilization coupled with lower sales
realizations has led to decline in the TOI of JGF by 25% during
FY16 as compared FY15 along with continued thin profitability
margins. This has led to lower cash accruals during FY16 leading
to deterioration in the debt coverage indicators of JGF. The
Total debt / GCA has deteriorated from 6.85 years during FY15 to
13.24 years during FY16. Further, the interest coverage ratio has
also deteriorated to 1.69 times during FY16 as compared to 2.20
times during FY15.

During FY16, there has been a net withdrawal of partner's capital
amounting INR1.10 crore, which is in excess of PAT for FY16. This
has led to deterioration in the overall gearing of JGF to 3.10x
as on March 31, 2016.

Jalaram Ginning Factory (JGF) was originally formed in July 1995
as a partnership firm by five partners. Subsequently in
September 2007, Mr. Vishal Gandecha and Mr. Gautam Gandecha took
over the firm with equal profit-loss sharing ratio and currently
they manage the overall operations of the firm. JGF is engaged in
cotton ginning and pressing with total installed capacity of
49,275 cotton bales per annum (8,376 Metric Tonnes Per Annum) as
on March 31, 2016 at its manufacturing facility located at
Dhrangadhra (Gujarat).

During FY16 (refers to the period April 1 to March 31), JGF
reported a total operating income of INR79.39 crore (FY15:
INR105.92 crore) with a PAT of INR0.13 crore (FY15: INR0.24
crore). As per provisional results for H1FY17, JGF reported a
total operating income of INR25.00 crore.


KINGFISHER AIRLINES: HC Issues Warrant Against Vijay Mallya
-----------------------------------------------------------
The Hindu reports that the Karnataka High Court on Jan. 27 issued
a bailable warrant against liquor baron Vijay Mallya after he
failed to appear before it in connection with a contempt of court
case initiated against him for allegedly breaching an undertaking
given to the Debt Recovery Tribunal (DRT) in 2013 during the
proceedings on banks' plea for recovering dues from Kingfisher
Airlines Ltd.

A Division Bench, comprising Justices Jayant M. Patel and Aravind
Kumar, passed the order during the hearing of the contempt of
court petition filed in 2014 by the banks accusing Mr. Mallya of
pledging huge number of shares in violation of an "oral
undertaking" before the DRT "for not to transfer, alienate or
otherwise to dealt with his assets," the Hindu relates.
According to the report, the Bench issued a warrant, returnable
by February 17 and bailable on executing a bond for INR1 lakh, as
Mr. Mallya failed to personally appear before the court despite
his counsel communicating the court's two orders to him.

Meanwhile, a PTI report from New Delhi said Mr. Mallya claimed
'innocence' in the alleged funds diversion related to Kingfisher
Airlines, saying nothing had come out finally against him from a
court, reports the Hindu.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has
grounded planes since October 2012.  The airline lost its
operating license in January 2013 after failing to convince
authorities it has enough funds to restart flights.

As reported in the TCR-AP on Nov. 25, 2016, the Times of India
said the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA).  Justice Vineet Kothari
gave this direction on Nov. 18, while allowing a petition filed
in 2012 by Aerotron, a UK-based company, for recovery of a little
over $6 million due to it for supply of rotable aircraft
components to KFA.


LODHA DEVELOPERS: Moody's Lowers CFR to B2; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Lodha Developers Private Limited to B2 from B1.

Moody's has also downgraded the senior unsecured debt rating of
the US dollar denominated bonds issued by Lodha Developers
International Limited and guaranteed by LDPL to B2 from B1.

The outlook on the ratings is negative.

RATINGS RATIONALE

"The downgrade reflects Moody's expectation that the operating
environment for the Indian real estate sector will continue to
remain weak post the demonetization exercise that took place in
November 2016. Weak operating conditions will continue to
pressure LDPL's sales performance over the next 12-18 months,"
says Saranga Ranasinghe, a Moody's Assistant Vice President and
Analyst, adding, "As a result, LDPL's financial profile will no
longer be consistent with the previous B1 corporate family
rating."

Sales volumes in the Indian residential market decreased by more
than 40% in 4Q2016 compared to the same period in 2015. As such,
Moody's expect LDPL's operating sales to be 15-20% lower than
Moody's previous expectations of around INR70 billion for the
financial year ending March 2017 (fiscal 2017).

Reductions in home loan interest rates or any possible measures
from the Union Budget on 1st February 2017 will not lead to any
near-term material improvement at the high-end of the real estate
market, as any such measures are more likely to be aimed at mid
and low income earners. LDPL is represented across the luxury and
mid-tier segments of the market.

Operating sales over the next 12-18 months will remain at levels
that will be substantially lower than those that would allow LDPL
to generate excess cash flow to pay down debt. LDPL's debt has
continued to increase and stood at INR133 billion (excluding pro
rata debt for the London properties) at the end of fiscal 2016.
Increase in borrowings was largely driven by an increase
construction spending to INR38-40 billion in the current year as
compared to INR29 billion in the previous year.

Given this, LDPL's key credit metrics will remain weak, with
revenue/ adjusted debt at around 35%-45% for fiscal 2017,
positioning it more appropriately at the B2 rating level.

Similarly, homebuilding EBITDA/interest will remain weakly
positioned at less than 2.0x.

LDPL has a high level of refinancing risk in regard to its London
properties, particularly given ongoing uncertainties surrounding
Brexit. In this regard, the company expects to close development
financing for one asset by April 17. The second asset has a
facility expiring September 17 and the company will need to
arrange for refinancing for the same.

In addition, LDPL has a weak liquidity position with INR 3
billion of cash at the end of fiscal 2016 against INR22 billion
of short term debt that needs to be refinanced during the 12
months ending December 2017. The company, however, continues to
have access to project construction loans to refinance these
borrowings. The company estimates that it has over INR 30 billion
of undrawn credit lines and construction loans provided by
relationship Indian banks.

The negative outlook reflects the high refinancing risk, weak
liquidity position and the challenging operating environment for
real estate companies in India.

An upgrade in the ratings is unlikely, given the negative
outlook. The outlook could return to stable if the company is
able to refinance the short term debt maturities in London with
longer term construction debt facilities. At the same time, a
stable outlook would require improvement in company's credit
metrics such that revenue/debt improves to above 55% and
homebuilding EBIT/Interest exceeds 2.0x on a sustained basis.

Further negative pressure on the rating could arise if the
company's operating performance and liquidity position fails to
improve or it engages in any material debt-funded land
acquisitions.

Credit metrics indicative of such downward pressure include a)
revenue/debt staying below 50%; and/or b) homebuilding
EBIT/interest falling below 1.5x.

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

Lodha Developers Private Limited is the largest real estate
developer in India in terms of sales of residential apartments.
For fiscal year ended 31 March 2016, the Company reported
contracted sales of INR64.3 billion. LDPL is focused on
residential development in the Mumbai Metropolitan Region with
some projects in nearby Pune. More recently, the company along
with its promoters has expanded into the London market by
acquiring two properties, now in the process of development. LDPL
is privately held by the Lodha family.


MAHAVIR FOODS: CARE Reaffirms 'D' Rating on INR15cr ST Loan
-----------------------------------------------------------
The ratings assigned to Mahavir Foods take into account the
ongoing delays in debt servicing due to stressed liquidity
position.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE D Reaffirmed
   Short-term Bank Facilities     15        CARE D Reaffirmed

Mahavir is primarily engaged in the business of milling,
processing and trading of rice. The firm's liquidity issues
resulted into delays in servicing of interest.

Mahavir is a partnership concern established in 1998. Mr. Suresh
Kumar and Mr. Amit Kumar are the partners with equal profit
sharing ratio in the firm. The partners have two decades of
experience in the processing of rice. The firm is engaged in the
business of milling, processing and trading of rice. The
processing facility of the firm is located at Taraori, Karnal
(Haryana). The firm procures the raw material (paddy) from
Haryana, Uttar Pradesh and Punjab on cash or advance basis.

The firm is mainly focusing on the international market
especially to Middle East countries. The firm has a group
associate concern, Sidhi Vinayak Rice Mills engaged in milling
and processing of rice.


MICRO INTERNATIONAL: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Micro International
is primarily constrained by postimplementation and stabilization
risk associated with its debt-funded greenfield project and
exposure to raw material price volatility. The ratings are
further constrained by competitive nature of the industry coupled
with constitution of the entity being a partnership firm.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     10      CARE B+; Stable Assigned

The rating constraints are partially offset by experienced
management and strategic location of manufacturing unit.

Going forward, achievability of envisaged revenue and
profitability and ability of the firm to improve its capital
structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

MCI had incurred an expenditure of INR14.22 crore towards setting
up new manufacturing facility and the same has been funded in the
debt equity mix of 3:4. The plant has started production from May
2016. Being a new unit, the stabilization and streamlining of
production remains to be seen.  However, the risk is partial
mitigated by the experience of partners in the textile industry.

The firm operates in the textile manufacturing and processing
industry which is a highly competitive industry with presence of
numerous independent small-scale enterprises owing to low entry
barriers leading to high level of competition in the processing
segment. Also, the main raw material required for production is a
polyester yarn which is a crude derivative. It being a product of
international importance, its price is very volatile depending on
the demand-supply situation in the global markets, hence any
volatility in their prices has a direct impact on the
profitability margins of the company.

Karnal-based (Haryana) Micro International (MCI) was established
in May 2015 by four partners namely Mr. Ankit Garg, Mr. Anand
Mittal, Mr. Vinay Mittal and Mr. Mohan Lal Garg, sharing profits
and losses equally. The firm was established with an objective to
set up a new manufacture facility to manufacture mink blankets
with installed capacity of 10,000 kg per day. The main raw
materials required for manufacturing are polyester yarn,
chemicals and dyeing colors. The firm will procure polyester yarn
from suppliers based in Gujarat, chemicals and dyeing colors will
be procured from agents based in Delhi and Haryana. The firm
plans to sell its product through distributors and dealers across
the country. Furthermore, the firm plans to export its products
to Middle Eastern countries through export agents.

The firm has started commercial operations of the unit in May
2016.


PM INDUSTRIES: CARE Assigns 'B' Rating to INR7.64cr LT Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of P.M. Industries
are constrained by its small scale of operations, low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by
working capital intensive nature of operations, susceptibility of
margins to fluctuations in raw material prices, fragmented nature
of industry coupled with high level of government regulation and
nature of constitution being partnership firm. The ratings,
however, derive strength from experienced partners along with
established track record of the entity and favorable
manufacturing location.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Bank Facilities    7.64      CARE B; Stable Assigned
   Short-term Bank Facilities   2.36      CARE A4; Assigned

Going forward, the ability of the firm to profitably scale-up its
operations while improving its overall solvency position and
efficiently managing its working capital requirements would
remain the key rating sensitivities.

Detailed description of the key rating drivers

The firm's scale of operations has remained small marked by Total
Operating Income (TOI) of INR44.08 crore in FY16 (refers to the
period April 01 to March 31) and net-worth base of INR2.15 crore
as on March 31, 2016. Furthermore, the profitability margins of
the firm continued to remain low marked by PBILIDT margin and PAT
margin of 4.49% and 0.13%, respectively, in FY16. Also, the
capital structure of the firm stood highly leveraged with overall
gearing ratio of 7.17x as on March 31, 2016 mainly on account of
firm's high reliance on external borrowings to fund various
business requirements.

Furthermore, the debt coverage indicators remained weak
characterized by interest coverage ratio of 1.26x in FY16 and
total debt to GCA ratio of 37.86x for FY16. The operating cycle
of the firm stood elongated at 146 days for FY16.

Agro-based industry is characterized by its seasonality, due to
its dependence on raw materials whose availability is affected
directly by the vagaries of nature. Furthermore, the commodity
nature of the product makes the industry highly fragmented with
numerous players operating in the unorganized sector with very
less product differentiation. The firm is currently being managed
by the experienced partners; Mr. Mukesh Doomra and Mrs Neena Rani
having industry experience of 15 years and one decade,
respectively. PMI's manufacturing unit is located in Fazilka,
Punjab. The area is one of the hubs for paddy/rice, leading to
its easy availability at competitive prices.

P.M. Industries was established in 2007 by Mr. Mukesh Doomra as a
proprietorship firm. However, on April 1, 2014, the constitution
of PMI was changed into a partnership firm with Mr. Mukesh Doomra
and Mrs Neena Rani as its partners sharing profit and losses in
the ratio of 4:1. The firm is engaged in processing of paddy at
its manufacturing facility in Fazilka, Punjab, with an installed
capacity of processing 120,000 quintal of paddy per day as on
December 31, 2016. PMI sells basmati and non-basmati rice
directly to various rice millers based in Delhi, Chandigarh and
Punjab. The raw material, primarily paddy, is procured from local
grain markets and through commission agents based in Punjab only.
PMI has a group concern, namely, Prithvi Raj Mukesh Kumar (PRM),
which was established in 2008 as a proprietorship firm and is
working as a commission agent for buying and selling paddy.

In FY16 (refers to the period April 1 to March 31), PMI has
achieved a total operating income of INR44.08 crore with PAT
of INR0.06 crore, as against the total operating income of
INR25.03 crore with PAT of INR0.05 crore in FY15.


ROSEMERRY SOLVENT: CARE Assigns 'B+' Rating to INR18.07cr LT Loan
-----------------------------------------------------------------
The rating assigned to the bank facilities of Rosemerry Solvent
Private Limited is constrained by its short track record & small
scale of operations coupled with net loss in FY16 (refers to the
period April 1 to March 31), leveraged capital structure and weak
debt coverage indicators. The rating is further constrained by
working capital intensive nature of operations, company's
presence in the highly competitive and fragmented industry and
susceptibility of margins to fluctuation in raw material prices.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities   18.07     CARE B+; Stable Assigned

The rating, however, derives strength from the experienced
promoters along with favorable location of operations.

Going forward, the ability of the company to profitably scale-up
its operations while improving its overall solvency position and
efficient management of working capital borrowings would remain
the key rating sensitivities.

Detailed description of the key rating drivers

The company started operations in October 2015 and has less than
2 years of track record with small scale of operations; however,
the experience of the partners in the manufacturing industry
partially offsets this risk.

In the initial year of operations (5 months in FY16), though the
company reported moderate PBIDLT margin; however, PAT margin
stood negative owing to high depreciation and interest expenses.
The capital structure of the company is leveraged on account of
debt funded capex undertaken by the company and high dependence
on external borrowing to meet the working capital requirements.
Furthermore, the debt coverage indicators stood weak. Operations
of the company continue to remain working capital intensive as
indicated by high average utilization of working capital
borrowings, low liquidity ratios.

The company's margins remain susceptible to price fluctuation of
its main raw material (rice bran) which are contingent
on a number of external factors such as availability of raw
materials (due to vagaries of monsoon), government policies
(MSP offered). The commodity nature of the product coupled with
Low barriers to entry barriers makes the industry
highly fragmented, with numerous players operating in the
unorganized sector with very less product differentiation.
The plant of the company is located in Bhabhua, Bihar, which is
surrounded by various rice millers and processors which
gives easy access to the company for availability of rice bran at
competitive rates.

Uttar Pradesh-based Rosemerry Solvent Private Limited is a
private limited company incorporated in December 2008 and
promoted by Mr. Madan Lal Agarwal and Mr. Ajay Kumar Agarwal. Mr.
Madan Lal Agarwal has industry experience of around four and a
half decades while Mr. Ajay Kumar has industry experience of
around two decades in the
manufacturing industry. The company commenced its operations in
October, 2015. RSPL is engaged in the extraction of rice bran oil
at its processing facility located in Bhabhua (Bihar) with an
installed capacity to extract 300 metric tonnes of rice bran oil
per day as on December 31, 2016. The residual product of the
process is de-oiled rice bran cake. RSPL sells rice bran oil to
edible oil refineries based in Bihar and Uttar Pradesh.
Furthermore, the de-oiled rice bran cake which is used as cattle
fodder is sold directly to poultry farmers based in Bihar and
Uttar Pradesh. The main raw material is rice bran which is
procured from farmers located in Bihar and Uttar Pradesh. Chunar
Churk Cement Limited (CCCL), Metropole Vinimay Private Limited
(MVPL) and Ecoplus Agrovet Private Limited (EAPL) are the group
entities of RSPL. CCPL is engaged in manufacturing of cement
since 2001.

In FY16, RSPL has achieved a total operating income of INR16.37
crore with net loss of INR0.43 crore. Furthermore, the company
has achieved total operating income of INR37.00 crore in 9MFY17
(Provisional).


SHRI GANGA: CARE Assigns 'B' Rating to INR6cr Long Term Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Shri Ganga Bishan
Cotton Mills is constrained by its small & declining scale of
operations with low net worth base & low profitability margins,
weak debt coverage indicators, leveraged capital structure and
working capital intensive nature of operations. The rating is
further constrained by the firm's presence in the fragmented &
competitive cotton ginning industry and susceptibility of margins
to fluctuations in raw material prices along with inherent risk
associated with partnership nature of its constitution. The
rating, however, derives strength from the experienced partners
along with established track record of the firm and strategic
location of the manufacturing unit.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities      6       CARE B; Stable Assigned

Going forward, the ability of the firm to profitably scale-up its
operations while improving its solvency position along with
efficient management of the working capital borrowings would
remain the key rating sensitivities.

Detailed description of the key rating drivers

Despite being operational for more than one and a half decades,
the scale of operations has remained low marked by a total
operating income (TOI) of INR21.85 crore in FY16(refers to the
period April 1 to March 31). The capital structure of the firm
remained leveraged with overall gearing ratio of 3.73x as on
March 31, 2016 mainly due to the firm's high dependence upon
external borrowings to fund various business requirements.
Furthermore, the operating cycle of the firm stood elongated at
143 days for FY16 mainly on account of stretched collection
period of 106 days for FY16.

The profitability margins of the firm stood low marked by PBILDT
margin and PAT margin of 4.17% and 0.04% respectively in FY16.
Also, the debt coverage indicators stood weak marked by interest
coverage ratio of 1.16x in FY16 and total debt to GCA of 66.07x
for FY16. The cotton ginning industry is highly fragmented and
competitive on account of large number of units operating in the
business. Additionally, the cotton prices are volatile on account
of various factors like government policies viz. minimum support
price, irregularity of monsoon leading to unpredictable yields
etc. SGB's constitution as a partnership firm has the inherent
risk of possibility of withdrawal of the partners' capital at the
time of personal contingency and the firm being dissolved upon
the death/retirement/insolvency of partners. However, both the
partners have work experience of around one and a half decades in
the textile industry. SGB's manufacturing facility is located in
Haryana which is one of the highest producer of raw cotton in
India. Thus, production of cotton products in this state ensures
raw material supplies to SGB at all times.

Shri Ganga Bishan Cotton Mills (SGB) was established as a
partnership firm in 2000 and is currently being managed by Mr
Naveen Kumar Garg and Mr. Neeraj Kumar Garg, as its partners,
sharing profit and loss equally. The firm is engaged in cotton
ginning and pressing along with cotton oil extraction. The firm
procures raw cotton from Haryana through various commission
agents and sells its finished products to wholesalers located
across India. The finished products of the firm include cotton
bales, cotton seeds, cotton seed oil and by product, i.e., cotton
seed oil cake. The manufacturing facility of the firm is situated
at Fatehbad, Haryana with an installed capacity of 300 bales per
day as on December 31, 2016.

In FY16 (refers to the period April 1 to March 31), SGB has
achieved a total operating income of INR21.85 crore with PAT
of INR0.01 crore, as against the total operating income of
INR32.39 crore with PAT of INR0.01 crore in FY15. Furthermore,
the firm has achieved total operating income of INR26.25 crore in
9MFY17 (Provisional).

Status of non-cooperation with previous CRA: SGB's non-
cooperation with ICRA has led to suspension of its rating with
ICRA, in July-2016.


SIDY DATACOM: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sidy Datacom
Private Limited's (SDPL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects SDPL's continued moderate scale of
operations and modest credit profile.  In FY16, SDPL's interest
coverage (operating EBITDA/gross interest expense) was 1.2x
(FY15: 1.1x) and net financial leverage (total adjusted net debt/
operating EBITDAR) was 5.8x (6.7x).  SDPL reported a moderate
operating EBITDA margin of 4% for FY16 (third year of operations)
(FY15: 4.2%), along a revenue of INR815.4 million (INR805.3
million).

The ratings continue to factor in SDPL's tight liquidity
position, indicated by its near-to-full working capital limit
utilization over the 12 months ended December 2016.

                       RATING SENSITIVITIES

Negative: A deterioration in overall credit metrics and liquidity
profile will be negative for the ratings.

Positive: A substantial increase in EBITDA margin leading to an
improvement in overall credit metrics will be positive for the
ratings.

COMPANY PROFILE
Incorporated in 2012, SDPL trades electronic appliances of
various brands.


SUVARNA SHILPI: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suvarna Shilpi
Jewellers Private Limited (SSJPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings factor in SSJPL's moderate credit profile and tight
liquidity.  According to the FY16 financials, revenue was
INR910 million (FY15: INR970 million).  Net leverage ratio (total
adjusted net debt/operating EBITDAR) was 4.8x in FY16 (FY15:
5.2x) and interest coverage ratio (operating EBITDA/gross
interest expense) was 1.4x (1.5x).  The ratings further factor in
the company's high utilization of fund-based working capital
facilities averaging 97.3% during the 12 months ended December
2016.

EBITDA margins were thin on account of trading nature of
business, yet improved marginally to 2.2% in FY16 from 1.2% FY13.
The management expects EBITDA margins to improve in FY17 as from
October 2016, the company started exporting directly.

The ratings, however, are supported by the promoter's more than
four decades of experience in jewellery manufacturing and trading
business.

                       RATING SENSITIVITIES

Positive: Significant increase in the scale and profitability
leading to sustained improvement in the credit metrics could be
positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2005, SSJPL is promoted by Ahmedabad-based Mr.
Arvindkmar Soni and his son Mr. Alpesh Soni.  The company
manufactures jewellery made of gold, silver, diamond, and other
precious stones.  It has one showroom in Ahmedabad.


SYNERGIES DOORAY: NCLT Accepts Firm's Application for Insolvency
----------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) at Hyderabad has accepted the insolvency petition of
Synergies Dooray Automotive Ltd, from which Ford used to source
automobile components.

This was the first such case filed at any of the NCLT benches
under the new insolvency code and also one of the earliest cases
accepted from the erstwhile Board for Industrial and Financial
Reconstruction (BIFR), according to Business Standard.  The
report relates that Mamta Binani, an insolvency professional
involved in the case, said 93,000 cases were pending in the BIFR,
which was recently dissolved.

Synergies Dooray had filed at BIFR in 2005, the report notes. The
issue of the company's dues to EXIM Bank and recovery by
Edelweiss ARC was one of the important issues. BIFR in May 2012
had directed that the dues of EXIM were to be settled at 26.66
per cent of the principal amount. This order was challenged at
the appellate tribunal.

Business Standard say the recent NCLT order restrains EXIM and
Edelweiss from taking any further action in the issues raised.

By the current provisions, debtors or creditors may initiate a
corporate insolvency petition at any of the NCLTs. Within 180
days of the case being accepted, an interim resolution
professional has to find a solution, Business Standard notes.

Synergies Dooray Automotive Ltd manufactures garage & service
station equipment, three wheeler & parts & pipes.


VEEAAR FABWARE: CARE Assigns B+/A4 Rating to INR15cr Bank Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of VEEAAR Fabware
Private Limited are primarily constrained by its modest scale of
operations with fluctuating income & cash accruals, low profit
margins, leveraged capital structure & weak debt coverage
indicators. The ratings are further constrained by susceptibility
of profit margins to volatile prices of traded materials, working
capital intensive nature of operations with elongated collection
period, its presence in highly competitive & fragmented trading
industry with inherent cyclicality and customer and supplier
concentration risk.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long/Short-term Bank        15.00      CARE B+; Stable/
   Facilities                             CARE A4 Assigned

The aforesaid constraints are partially offset by the strengths
derived from the experience of promoters in the readymade garment
industry and infusion of funds by the promoters and group
synergies.

The ability of VFPL to increase its scale of operations along
with improvement in profitability amidst competition and capital
structure and efficient management of working capital requirement
are the key rating sensitivities.

Detailed description of the key rating drivers

The scale of operations of VFPL, has remained modest with TOI and
networth base of INR43.06 crore and INR3.94 crore as on March 31,
2016, limiting its financial flexibility in times of stress.
Further owing to its presence in competitive industry and
susceptibility of profitability to fluctuation in tradable
material prices the profitability remained low during last three
years ending FY16 (refers to the period April 1 to March 31).
However, the promoters are resourceful and have infused funds
regularly to support the operations, still the capital structure
remained leveraged owing to high working capital requirements as
marked by high gross current asset days.

VFPL's customer base remained concentrated with top one client
contributing 90.94% of income during FY16 and similarly top five
suppliers contributed around 33.90% during the same period.
Furthermore, the entity shares synergy with other group entities
engaged in similar line of business.

Established in 2012, Veeaar Fabware Pvt. Ltd. is engaged in
trading of readymade garments, woven fabrics, footwear &
jewellery. The company's main promoters, Mr. Ramesh P. Singh and
Mr. Ashok M. Vange are commerce graduate and have around 22 years
of experience. VFPL's has around 9 group entities which are
engaged into similar line of business.

During FY16, VFPL reported total operating income of INR43.06
crore and earned net profit INR0.24 crore. During 7MFY17 (refers
to the period April 1, 2016 to October 31, 2016), the company has
recorded total sales of INR81.27 crore and PAT of INR0.34 crore.


ZIGMA LAMINATES: CARE Reaffirms B Rating on INR9.10cr LT Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Zigma Laminates &
Systems Private Limited continue to be constrained by relatively
modest scale of operations with low networth base, fluctuating
profitability margins & net loss, working capital intensive
nature of operations leading to leveraged capital structure &
weak debt coverage indicators. The ratings further continue to be
constrained by customer & supplier concentration risk and ZLPL's
presence in a highly competitive and fragmented industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.10      CARE B; Stable
                                            Reaffirmed

   Short-term Bank Facilities     3.50      CARE A4 Reaffirmed

However, the ratings continue to derive strength from the
experience of the promoters and operational synergies with
associates companies.

The ability of ZLPL to increase the overall scale of operations
and improvement in the profitability and capital structure
coupled with efficient management of working capital requirement
are the key rating sensitivities.

Detailed description of the key rating drivers

The scale of operations of ZLPL, has remained small with TOI and
networth base of INR26.12 crore and INR6.91 crore as on March 31,
2016. TOI and profitability has been fluctuating during last
three years ending FY16 (refers to period April 1 to March 31)
owing to fluctuating demand scenario in the construction and soft
luggage industry.

The overall capital structure of the company continues to be
leveraged owing to higher utilization of the working capital
borrowings coupled with low capitalization. The operations
continued to remain working capital intensive in nature with
funds being blocked in inventory and debtors since ZLPL imports
the major raw material namely decorative papers coupled with
higher holding of raw material of colors & chemicals.

ZLPL has been largely generating its sales from a single client,
Zenith Metaplast Pvt. Ltd. (ZMPL) associate concern of ZLPL,
and thus shares operational synergies with it. However, it also
results in customer concentration which may adversely impact the
operations in case of lower demand from clients of ZMPL.
Similarly on supply side, top 5 suppliers contributed more than
45% during last three years.

Zigma Laminates & Systems Private Limited is engaged in the
manufacturing of particle board, foil lamination board and
kitchen trollies which are used in the manufacturing of the
modular furniture. The company primarily supplies its
manufactured products to its associate entities Zenith Metaplast
Private Limited (ZMPL - rated CARE BB/A4) and Zigma Modular
Private Limited (ZMoPL) engaged in manufacturing of modular
furniture. The company had started its commercial operation from
April 2011 and has its sole manufacturing unit is located in
Nasik (Maharashtra).

During FY16, ZLPL reported total operating income of INR26.12
crore (vis-a-vis INR23.95 crore in FY15) and loss of INR0.27
crore (vis-a-vis loss of INR0.40 crore in FY15).



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


TOSHIBA CORP: To Put Memory Chip Business Up For Sale
-----------------------------------------------------
Takashi Mochizuki at The Wall Street Journal reports that Toshiba
Corp. said on Jan. 27 it would put part of its semiconductor unit
up for sale, seeking to stay afloat after a planned write-down of
billions of dollars connected to its U.S. nuclear business.

The Journal relates that analysts said the sale of just under 20%
of Toshiba's memory-chip business, which supplies chips to the
likes of Apple Inc., could bring in more than $2 billion because
of high demand for chips in products such as smartphones and
computer servers.

But the sale, which Toshiba aims to complete by March 31, marks
another step in the dismantling of a conglomerate once among
Japan's leading companies, following an accounting scandal that
broke out in 2015 and led to billions of dollars in losses, the
Journal says.  Toshiba already sold its medical-scanner and home-
appliance businesses last year, leaving the chip unit as the main
crown jewel left.

According to the Journal, the company is trying to raise cash to
avoid falling into negative net worth after troubles at its
Westinghouse Electric Co. affiliate, which makes nuclear
reactors. Toshiba has said it expects a write-down of at least
several billion dollars owing to cost overruns at delayed
Westinghouse nuclear power plant projects in Georgia and South
Carolina. The exact figure is to be released on Feb. 14, the
Journal says.

"We had been thinking of splitting off semiconductors to beef up
our finances, and the recent nuclear write-down risk accelerated
the discussion," the report quotes Toshiba's chief executive,
Satoshi Tsunakawa, as saying at a news conference on Jan. 27.

The Journal says executives had described selling the memory-chip
unit as a last resort, but it became hard to avoid because the
semiconductor business requires a steady flow of large capital
investment.

Samsung Electronics Co., the market leader in memory chips, held
a 35.5% share in revenue terms during 2016's third quarter, the
Journal discloses citing research firm IHS Markit. Toshiba, the
second-largest competitor in the industry with a 19.5% share, has
said it would spend รน860 billion ($7.5 billion) for the business
by March 2019, but analysts said without outside capital the
target might be hard to hit with Toshiba's fragile balance sheet.

According to the Journal, Toshiba's Mr. Tsunakawa said he
intended to sell no more than 19.9% of the semiconductor unit to
prevent a challenge to Toshiba's control, and he said the company
didn't intend to pick rival chip makers as partners.

Toshiba's executive in charge of semiconductors, Yasuo Naruke,
said selling shares in the unit to the public was a "future
option," the Journal relays.

                          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. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.


TOSHIBA CORP: Chairman to Step Down Over Westinghouse Writedowns
----------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Chairman Shigenori Shiga
is ready to step down to take responsibility for the huge write-
downs looming over the Japanese group's U.S. nuclear power
business.

Mr. Shiga, who took the chairman's post last June, is in charge
of the nuclear power division and served for a time as president
of Westinghouse Electric, the American subsidiary bracing for
losses potentially so big they have forced Toshiba to spin off
its lucrative memory business, according to Nikkei.

Nikkei says Toshiba's nomination committee will decide on the
matter of Mr. Shiga's resignation. An announcement could come as
soon as Feb. 14.

According to the report, President and CEO Satoshi Tsunakawa told
reporters on Jan. 27 he would leave his own fate up to the
committee. "I feel greatly responsible" for the losses, he said.

Westinghouse Chairman Danny Roderick is also expected to resign
as president of Toshiba's in-house energy systems and solutions
company, adds the Nikkei.

                          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. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.


TOSHIBA CORP: Mizuho Bank Downgrades Rating
-------------------------------------------
Nikkei Asian Review reports that Mizuho Bank has downgraded
Toshiba Corp. to the No. 2 spot on a five-tier borrower risk
assessment scale, leaving the struggling company's other core
lenders wondering whether to follow suit.

"It was difficult to continue granting Toshiba the top grade when
we found out about the massive write-downs" at its U.S. nuclear
power business, a source at the Mizuho Financial Group unit said,
Nikkei relates.

Another downgrade would classify Toshiba as a high-risk borrower,
meaning the Japanese conglomerate would have a harder time
securing new loans and Mizuho would need to build up significant
reserves in order to lend to it, according to Nikkei.

Nikkei says Sumitomo Mitsui Banking, Sumitomo Mitsui Trust Bank
and the Bank of Tokyo-Mitsubishi UFJ so far have not changed
their ratings on Toshiba. They are expected to make a decision on
that when they know exactly how large Toshiba's losses are, as
well as the details of its rehabilitation plan, adds Nikkei.

                          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. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.



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


ASIA KNIGHT: Mercury Securities Appointed as Principal Adviser
--------------------------------------------------------------
Asia Knight Berhad announced on Jan. 23 that Mercury Securities
Sdn Bhd has been appointed as the new Principal Adviser to Asia
Knight for the proposed regularisation exercise in place of TA
Securities Holdings Berhad.

The Company also said that Mercury Securities had made an
application to Bursa Securities for an extension of time of four
(4) months up to June 6, 2017 to submit the regularisation plan.

The Company together with Mercury Securities will be reviewing
the proposed regularisation plan, it added.

The Company previously obtained an extension of time of up to
Feb. 6, 2017, to re-submit the relevant applications relating the
proposed regularisation exercise to the relevant authorities.

Asia Knight Berhad is an investment holding company based in
Malaysia. The Company's segments include manufacturing segment
and other reportable segments. The manufacturing segment is
engaged in the manufacturing of plastic parts. The Company's
subsidiaries include T-Venture Industries (M) Sdn. Bhd., which
manufactures plastic parts, and Citiview Hotel Sdn. Bhd.

The company has been a Practice Note 17 issuer since October
2014.  Asia Knight has triggered Paragraph 2.1(d) of the Practice
Note 17 of the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad as the Company Auditors have expressed
disclaimer opinion in the Company's latest audited financial
statements for the 18 months financial period ended June 30,
2014.



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


HANSA LTD: Liquidators Freeze Assets Linked to Ponzi Scheme
-----------------------------------------------------------
Hamish Mcnicol at Stuff.co.nz reports that assets of the man who
ran what is thought to be a significant ponzi scheme, attracting
at least NZ$9 million from investors, have been frozen by
liquidators.

Stuff.co.nz relates that Waterstone Insolvency liquidator Damien
Grant's report, released on Jan. 26, said liquidators had taken
steps to freeze the related entities and personal assets of
Christchurch-based Paul Clifford Hibbs Mr. Hibbs.

According to Stuff.co.nz, Mr. Grant said on Jan. 27 those
freezing orders had since been granted over all of Mr. Hibbs'
assets.

Investigations to date showed Hansa had failed to invest and
manage funds in accordance with agreements signed with investors,
Stuff.co.nz says.

"Instead, the company appears to have been run as a ponzi
scheme under which investors' funds appear to have been
misappropriated," liquidators, as cited by Stuff.co.nz, said.
"It appears that a number of related entities, in particular
Cameron Gladstone Investments, are similarly involved in the
fraud."

The liquidators' report said it was too early to know if any
distribution would be made to investors, Stuff.co.nz relays.

Hansa was established in 2005, with Mr. Hibbs listed as the only
director and shareholder the company has ever had.  According to
Stuff.co.nz, Hansa's investment prospectus said clients, of which
it has been claimed there were about 30, needed to have
investable assets of at least NZ$1 million.  The prospectus said
Hansa's "unique privileges and benefits" were only available by
invitation.

In July, the Serious Fraud Office (SFO) and Financial Markets
Authority (FMA) said they were investigating Mr. Hibbs and his
company, Hansa, Stuff.co.nz discloses.

Hansa was tipped into liquidation on application by investor John
Docherty and his wife in November last year.

Waterstone Insolvency liquidator Damien Grant said in December
they had so far identified payments of at least NZ$9 million into
the company, Stuff.co.nz discloses.



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


EASTERN RIZAL: Creditors Have Until February 15 to File Claims
--------------------------------------------------------------
All creditors of the closed Eastern Rizal (JalaJala) Rural Bank,
Inc. have until Feb. 15, 2017, to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed Eastern Rizal (JalaJala) Rural Bank and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

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

Claims filed after Feb. 15, 2017, shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to Feb. 15, 2017, are deemed to have filed their
claims against the closed bank's assets.

Eastern Rizal (JalaJala) Rural Bank was ordered closed by the
Monetary Board (MB) of the Bangko Sentral ng Pilipinas on
December 8, 2016 and PDIC, as the designated Receiver, was
directed by the MB to proceed with the takeover and liquidation
of the closed bank in accordance with Section 12(a) of Republic
Act No. 3591, as amended. The bank's Head Office is located on C.
Villaran St., Jalajala, Rizal. Its two branches are located in
Cainta, Rizal and Marikina City.

All inquiries and communications relating to Eastern Rizal
(JalaJala) Rural Bank may be addressed to the Deputy and
Assisting Deputy Receivers stationed at the PDIC Office. The
Deputy and Assisting Deputy Receivers may be contacted at
telephone numbers (02) 841-4986 and (02) 841-4985 or at e-mail
addresses, edaurelia@pdic.gov.ph and dedumbrique@pdic.gov.ph.


XAVIER-TIBOD BANK: Creditors' Claims Deadline Set Feb. 14
---------------------------------------------------------
All creditors of the closed Xavier-Tibod Bank, Inc. (A
Microfinance Rural Bank) have until Feb. 14, 2017, to file their
claims against the assets of the closed bank either personally or
by mail. Creditors refer to any individual or entity with a valid
claim against the assets of the closed Xavier-Tibod Bank and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

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

Claims filed after Feb. 14, 2017, shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to Feb. 14, 2017, are deemed to have filed their
claims against the closed bank's assets.

Xavier-Tibod Bank was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on December 1, 2016 and PDIC,
as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located on Pabayo St.,
Divisoria, Cagayan de Oro City (Capital), Misamis Oriental. Its
other banking office (OBO) is located along National Highway,
Brgy. Poblacion, Salay, Misamis Oriental.

All inquiries and communications relating to Xavier-Tibod Bank
may be addressed to the Deputy and Assisting Deputy Receivers
stationed at the PDIC Office. The Deputy and Assisting Deputy
Receivers may be contacted at telephone numbers (02) 841-4784 and
(02) 841-4983 or at e-mail addresses, rcangeles@pdic.gov.ph and
rpdulalia@pdic.gov.ph.


* PDIC to Hasten Liquidation of Closed Banks
--------------------------------------------
A total of 22 banks were prohibited from doing business by the
Monetary Board of the Bangko Sentral ng Pilipinas (BSP) in 2016.
The Philippine Deposit Insurance Corporation (PDIC) reported that
the banks closed comprised 21 rural banks and one thrift bank.
Estimated insured deposits of the closed banks aggregated almost
PHP2 billion involving 72,484 deposit accounts. The state deposit
insurer further disclosed that it has paid PHP1.8 billion in
total estimated insured deposits covering 58,944 accounts. These
represent 92% of estimated total insured deposits and 81% in
terms of number of accounts as of end 2016, respectively.

In 2015, 14 banks were ordered closed with aggregate estimated
insured deposits of PHP1.2 billion representing 70,541 deposit
accounts. Compared to 2016, the consolidated insured deposits and
the estimated insured accounts of closed banks in 2015 were lower
by 14% and 3%, respectively.

PDIC President Cristina Que Orbeta stated that beneficiaries of
deposit insurance benefitted from quick payment of their claims.
The turn-around time for payment of deposit insurance from
takeover of the closed bank ranged from 3 to 15 working days in
2016, depending on the size of the bank and the state of records
of the closed bank. In 2015, the turn-around time ranged from 12
to 22 working days.

Half of the 22 closed banks in 2016 were taken over after the
effectivity of Republic Act (RA) 10846 on June 11, 2016 which
amended the PDIC Charter. Under RA 10846, banks ordered closed by
the Monetary Board transition directly from bank closure to
liquidation. Banks closed after June 11, 2016 are no longer
subject to the 90-day receivership period and thus, no longer
subject to rehabilitation. This will benefit creditors including
depositors with uninsured balances, as PDIC is now authorized to
immediately convert closed bank assets into cash, thereby
reducing asset management costs and increasing bank assets.

To further expedite the liquidation process, PDIC is now also
authorized to immediately assign encumbered assets of the closed
bank as payment to secured creditors without need for approval of
the liquidation court. This will not only help expedite the
settlement of claims of secured creditors, but also further
reduce asset administration expenses. "Faster liquidation will
improve creditors' chances of recovering their claims from closed
banks," President Orbeta said.



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


RICKMERS MARITIME: Sells Kaethe C. Rickmers Vessel
--------------------------------------------------
Ship & Bunker reports that Rickmers Trust Management Pte. Ltd.
(RMT), trustee-manager of Singapore's Rickmers Maritime, said
Jan. 26 it has entered into a memorandum of agreement for the
sale of the vessel Kaethe C. Rickmers.

The report says the vessel sale is said to have secured senior
loan facilities extended by HSH Nordbank AG, Singapore Branch and
DBS Bank Ltd (HSH Syndicate) for Rickmers Maritime.

"The net proceeds from the sale will be applied towards the
payment of operating costs of the secured vessels under the HSH
Facility and partial prepayment of the HSH Facility," said RMT,
noting that it has also entered into a deed of consent with the
HSH Syndicate for their approval of the sale, Ship & Bunker
relays.

Ship & Bunker relates that the vessel sale is said to have
secured senior loan facilities RMT says Rickmers Maritime will
report an impairment loss of about $31.6 million for the fourth
quarter of 2016 in relation to the vessel sale.

RMT bondholders rejected a major debt restructuring proposal at a
December 21 meeting, Ship & Bunker adds.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


GUMSUNG TECH: Bankruptcy Withdrawn Due to Creditor's Cancellation
-----------------------------------------------------------------
Reuters reports that Gumsung Tech Co Ltd has announced withdrawal
of bankruptcy on Jan. 4, 2017, due to creditor's cancellation.

Gumsung Tech co., Ltd. (KOSDAQ:058370) is a Korea-based company
mainly engaged in the distribution and processing of recyclable
electronic scraps. The Company purchases waste resources and
specializes in the collection and distribution of nonferrous
scraps, such as copper alloys, copper scraps, tungsten scraps,
aluminum products and others used for semiconductors, pin boards,
integrated circuits (ICs), liquid crystal display (LCD) powers,
adaptors, modems, batteries, television ( TV) panels and others.
The Company supplies its products within domestic market and to
overseas markets.




                             *********

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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