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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 8, 2016, Vol. 19, No. 178

                            Headlines


A U S T R A L I A

EAST VENTURE: First Creditors' Meeting Slated for Sept. 14
HEADTRAX TECHNOLOGIES: First Creditors' Meeting Set for Sept. 14


C H I N A

ZOOMLION HEAVY: Fitch Cuts Long-term Issuer Default Rating to B-
* CHINA: 8 Centrally-Owned SOEs Sign Restructuring Contracts


H O N G  K O N G

CHINA SOUTH: Fitch Assigns 'B(EXP)' Rating to USD Senior Notes


I N D I A

ARYAN RESIDENCY: CRISIL Reaffirms 'B' Rating on INR120MM LT Loan
ATM GLOBAL: CARE Assigns B+/A4 Rating to INR9cr LT Loan
BALAJI FIBER: CRISIL Reaffirms 'C' Rating on INR150MM Cash Loan
BEST TANNING: CRISIL Lowers Rating on INR45MM Cash Loan to 'D'
BHAWANI INDUSTRIES: ICRA Suspends 'D' Rating on INR260cr Loan

BRIGHT FAME: CARE Assigns B+/A4 Rating to INR8.0cr Loan
BUILD WALLINFRA: Ind-Ra Cuts LT Issuer Rating to 'IND D'
CORE GREEN: ICRA Reaffirms 'C' Rating on INR296.53cr Term Loan
FINE BLANKING: CARE Assigns B+/A4 Rating to INR5.50cr LT Loan
FLOKING PIPES: CRISIL Cuts Rating on INR386.9MM Loan to 'D'

HBS REALTORS: ICRA Lowers Rating on INR53.56cr NCD to 'D'
HINDUSTHAN TRANSSFORMERS: CRISIL Reaffirms B+ Cash Credit Rating
HITRO ENERGY: CRISIL Lowers Rating on INR60MM Term Loan to B-
KRISHAN KUMAR: ICRA Suspends B+ Rating on INR20cr Bank Loan
LANCO INFRATECH: CRISIL Reaffirms 'D' Rating on INR52.4MM Loan

LEEWAY LOGISTICS: CRISIL Cuts Rating on INR1.53BB Loan to D
M.P.K ISPAT: CARE Assigns 'B' Rating to INR19.30cr LT Loan
M.P.K METALS: CARE Assigns 'B' Rating to INR6.41cr LT Loan
M.P.K STEELS: CARE Assigns 'B' Rating to INR15.67cr LT Loan
MAITHAN ISPAT: CARE Lowers Rating on INR651.95cr Loan to 'B'

MARK INFRASTRUCTURE: CRISIL Hikes Rating on INR50MM Loan to BB-
MELSTAR INFORMATION: CRISIL Reaffirms B Rating on INR60MM Loan
MIDEAST INTEGRATED: CARE Ups Rating on New INR100cr LT Loan to B
NAVIN CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR80MM Loan
OM ORGANIC: ICRA Suspends B+ Rating on INR7.50cr Loan

PERFECT ENGINEERING: Ind-Ra Affirms 'IND B+' LT Issuer Rating
RASILANT TECHNOLOGIES: ICRA Suspends B+ Rating on INR7.5cr Loan
S. H. ENTERPRISES: CARE Reaffirms B+ Rating on INR8cr LT Loan
SADHU SINGH: CRISIL Lowers Rating on INR100MM Cash Loan to B+
SATYA MEGHA: CRISIL Reaffirms 'D' Rating on INR141.8MM Term Loan

SHREE TIRUMALA: CARE Assigns B+ Rating to INR6cr LT Loan
SHRI TULSI: ICRA Withdraws B+ Rating on INR5.0cr Bank Loan
SIMOCO TELECOMMUNICATION: CARE Assigns 'D' Rating to INR15cr Loan
SOMANI KUTTNER: CRISIL Lowers Rating on INR141MM Loan to B-
SREE ANDAL: CRISIL Reaffirms B+ Rating on INR220MM Cash Loan

SRI SAI KRISHNA: CRISIL Ups Rating on INR100MM Cash Loan to B+
SUMESH ENGINEERS: CRISIL Lowers Rating on INR30MM Cash Loan to B
SUNNY VALLEY: ICRA Suspends 'D' Rating on INR7cr Cash Credit
UNIVERSAL CONSTRUCTION: CRISIL Assigns C Rating to INR220MM Loan
V. D. SWAMI: CRISIL Lowers Rating on INR140MM Loan to 'D'


N E W  Z E A L A N D

MUSE ON ALLEN: Restaurant Placed Into Liquidation


S O U T H  K O R E A

HANJIN SHIPPING: Files for Ch. 15 Amid Korean Restructuring
HANJIN SHIPPING: Chapter 15 Case Summary
HANJIN SHIPPING: Korean Government to Inject KRW100 Billion
HANJIN SHIPPING: McDermott Will & Emery Seeks Out Creditors
HANJIN SHIPPING: NRF Responds to Bankruptcy Filing

* KOREA: Courts Overwhelmed by Surging Insolvent Companies


                            - - - - -


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


EAST VENTURE: First Creditors' Meeting Slated for Sept. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of East
Venture Pty Ltd will be held at the offices of PCI Partners Pty
Ltd, Level 8, at 179 Queen Street, in Melbourne, on Sept. 14,
2016, at 10:30 a.m.

David Charles Quin and Philip Newman of PCI Partners were
appointed as administrators of East Venture on Sept. 5, 2016.


HEADTRAX TECHNOLOGIES: First Creditors' Meeting Set for Sept. 14
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Headtrax
Technologies Pty Limited will be held at Suite 1, Level 15, at 9
Castlereagh Street, in Sydney, on Sept. 14, 2016, at 10:30 a.m.

Aaron Lucan and Simon Cathro of Worrells Solvency were appointed
as administrators of on Sept. 2, 2016.



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


ZOOMLION HEAVY: Fitch Cuts Long-term Issuer Default Rating to B-
----------------------------------------------------------------
Fitch Ratings has downgraded Chinese construction equipment
manufacturer Zoomlion Heavy Industry Science and Technology Co.
Ltd's Long-Term Issuer Default Rating (IDR) to 'B-' from 'B+'.
The Outlook is Stable.

Fitch has also downgraded the company's senior unsecured rating
to 'B-' from 'B+', with a Recovery Rating of 'RR4'. Bonds issued
by Zoomlion H.K. SPV Co. Ltd have also been downgraded to 'B-'
from 'B+', with a Recovery Rating of 'RR4'.

The two-notch downgrade reflects the rapid deterioration in
Zoomlion's financial profile, with sustained high leverage and
poor coverage ratios. Fitch does not expect Zoomlion to
deleverage quickly in the medium term. The Stable Outlook
reflects the resources and access that Zoomlion still has that
Fitch deems to be sufficient to sustain its liquidity.

KEY RATING DRIVERS

Business Profile Change: Zoomlion's business profile has shifted
quickly in the past few years. Revenue from construction
machinery shrank by 75% from the peak in 2013 due to weak market
demand, and in 1H16 accounted for only 53% of total revenue. More
stable environmental and agricultural machinery sales made up
another 45% of revenue. EBITDA margin halved from over 20% during
the peak to close to 10% in 2015. Fitch said, "We believe anaemic
demand for new construction machinery will continue to keep
margin and sale volume thin. Zoomlion's earnings may be less
volatile in the future as the environmental and agricultural
machinery segment accounts for a larger share of its revenue
while the share of the construction machinery business dwindles."

Balance Sheet Weakened Rapidly: The company's net debt position
expanded to CNY23.6 billion in 1H16, compared to its trailing
twelve month (TTM) revenue of CNY19.1 billion and EBITDA of
CNY1.9 billion. Net debt to EBITDA ratio surged to 12.2x at end-
1H16 from 10.1x in 2015 due to the shrinking operating scale.
Fitch does not expect the ratio to decrease to less than 6x in
the medium term, which is a key constraint on Zoomlion's rating.

High Working Capital Needs: "Total working capital increased to
CNY47.0 billion or 246% of TTM revenue in 1H16, from CNY45.6
billion or 221% of revenue in 2015 and CNY29.9 billion or 78% of
revenue in 2013. Despite of tightening sales terms and greater
effort in collection, Zoomlion has found it difficult to reduce
working capital. In addition, we believe Zoomlion would have
additional working capital needs to develop its environmental and
agricultural machinery business. Therefore, we no longer believe
Zoomlion will be able to deleverage quickly through working
capital reduction." Fitch said.

Liquidity Not An Immediate Concern: "Zoomlion has CNY15.4 billion
short-term debt due within one year. It has CNY11.2 billion cash
on hand. Zoomlion, as the industry leader, still has good access
to banking facilities and the capital markets. In 1H16, Zoomlion
was able to refinance its debt at a reasonable funding cost.
Therefore, we do not see any near-term issue with its liquidity."
Fitch said.

KEY ASSUMPTIONS

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

   -- No material working capital reduction in the next three
      years

   -- Revenue to shrink 15% in 2016, and increase by 5% in 2017
      and 10% in 2018

   -- EBITDA margin to be stable at 10%

   -- Total capex to be less that CNY2 billion in the next three
      years

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Material reduction in working capital

   -- Sustained improvement in FFO adjusted net leverage (2015:
      16.7x)

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

   -- Increasing liquidity pressure


* CHINA: 8 Centrally-Owned SOEs Sign Restructuring Contracts
------------------------------------------------------------
Nathaniel Taplin at Reuters, citing a China Securities Journal
Sept. 7 report, relates that eight Chinese centrally-owned state-
owned enterprises signed restructuring contracts on Sept. 6.

According to Reuters, the companies are Aviation Industry Corp of
China, China National Machinery Industry Corp, China Poly Group
Corp, China First Heavy Industries, China North Industries Group
Corp, China South Industries Group Corp, China Reform Holdings
Corp Inc, and China Nuclear Engineering Construction Corp.

Aviation Industry Corp of China will transfer its real estate
business to China Poly Group Corp, the paper said, while other
companies will cooperate on high pressure and temperature
machinery production among other areas, Reuters relates.

Reuters says China is in the midst of a push to boost efficiency
in its massive state sector, where productivity has lagged
private firms in recent years and is a major source of bad debt.

However, analysts have been sceptical of the efficacy of many of
the reform measures pursued so far, Reuters states.

"The consolidation process, through mergers, will continue so we
should expect increasingly larger-sized SOEs in China," Alicia
Garcia Herrero, chief economist for Asia Pacific at Natixis in
Hong Kong, wrote in a recent note, relays Reuters.

"Given that these mergers will be politically driven, efficiency
gains will be hard to achieve, if not the contrary as the
companies will be much harder to manage. As SOEs become even
larger, the risk of crowding out the private sector only
increases."



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


CHINA SOUTH: Fitch Assigns 'B(EXP)' Rating to USD Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) proposed US dollar senior notes a 'B(EXP)'
expected rating and Recovery Rating of 'RR4'.

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

CSC's ratings are constrained by its deteriorating credit profile
amid weak industry demand. The ratings are supported by the
company's unique business model, close collaboration with local
governments, a long record in integrated trade-centre development
and sufficient liquidity.

KEY RATING DRIVERS

Trade Centre Sales Further Weakens: Sales from CSC's trade and
logistics sector further weakened due to SMEs scaling down new
investments, slower relocation demand, local government delays in
completing transport networks and lower investor appetite for
commercial properties. Contracted sales of HKD6.6 billion in the
financial year to end-March 2016 (FY16) were in line with Fitch's
expectations and represented a 41% fall from FY15, after falling
20% from FY14. Residential property sales were flat at HKD2.3
billion, while trade centre sales tumbled to HKD3.7 billion, from
HKD8.5 billion. Fitch expects flat contracted-sales of HKD6-7
billion in FY17, despite there being no sign of a recovery in
trade centre sales, as the company is aggressively adding to its
residential saleable resources.

Higher Leverage: CSC's leverage, measured by net-debt/adjusted-
inventory, rose to 48.3% in FY16, from 37.8% in FY15, due to
slower sales and increased construction to build-up saleable
residential resources. Construction picked up in 2HFY16, with
CSC's properties-under-development and unsold completed
properties (including investment properties) rising to 14.1
million square metres (sq m) as end-FY16, from 13.9 million sq m
at end-FY15.

Fitch expects leverage to hover around 50% over the next two
years due to CSC's plan to cut its capital expenditure to HKD7
billion, from HKD9 billion in FY16, and destock by churning out
more residential while continuing its investment property
development. The company's extensive land resources of 15.8
million sq m ground floor area available for future development
also provide the flexibility to refrain from land purchases.

Fragmented and Competitive Market: CSC's average selling price
(ASP) declined 6% yoy in FY16 due to product-mix changes. ASPs
may come under further pressure as the industry is fragmented,
with many small players, and CSC's trade centres face competition
from wholesale/trade centre projects within the same city and
government-supported projects in nearby cities. CSC's brand name
and low land costs give it a stronger competitive position and
mitigate these risks.

Government Collaboration Supports Sustainability: CSC's continued
cooperation with local government provides the benefits of low
land-costs (FY16: CNY295/sq m), infrastructure support,
government grants and favourable policies that minimise project
execution risks. CSC received government grants of HKD2bn during
the FY16 market downturn. This allowed the company to maintain
its EBITDA margin at 32.5%, even though its selling, general and
administrative costs rose 13%, to HKD2.0bn, and revenue dropped
37% to HKD6.1 billion. Fitch expects CSC's EBITDA margin to
remain above 30% in the next year or two years, providing a
buffer to absorb ASP volatility.

Competitive Business Model: CSC's business profile is supported
by the fundamental strength of its trade centres, which offer
physical, online and logistics elements. The company's business
model of providing a full-range of integrated value-added
services and facilities strategically positioned in provincial
capitals and large economic centres, along with the proven
success of the business model of its flagship property, CSC
Shenzhen, provides it with a strong competitive position in a
fragmented market.

Rising Non-development Income: CSC's non-development income in
FY16 - stemming from rentals, property management, logistics and
warehousing, outlets and e-commerce related to its trade centre
projects- increased steadily, but was lower than Fitch expected
due to stagnant e-commerce income. Currently, e-commerce has
mainly launched in Zhengzhou and is offered to new buyers. Fitch
saiad, "Although CSC has gradually extended e-commerce to other
CSC projects, we do not expect strong growth in light of the
current slow market in trade centre sales." Property investment
income slowed to 19% in FY16, from 88% in FY15, while logistics
and warehousing and outlet operations retained strong growth
momentum of around 50%.

CSC's non-development income-coverage of interest reached 0.9x in
FY16. Diversification into non-development business smoothed
sales volatility, reduced operational risk and provided stronger
cash flow quality compared with peers. However, the company's
adjusted non-development EBITDA margin remained low, at around
20%-30% in FY16, after taking into account estimated selling,
general, administrative and other costs. Fitch expects costs to
decrease following management's administration cost-cutting
efforts and for EBITDA coverage from the non-development
businesses to increase as trade centre projects mature.

KEY ASSUMPTIONS

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

   -- contracted sales remaining weak at HKD6-7 billion in
      FY17-FY18

   -- non-development income to increase to HKD1.8 billion in
      FY17

   -- capital expenditure to decline to HKD7-8 billion per year
      in FY17-FY18

   -- government grants received to be around HKD0.8 billion in
      FY17.

RATING SENSITIVITIES

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

   -- substantial decrease in contracted sales

   -- EBITDA margin sustained below 20%

   -- net-debt/adjusted-inventory sustained above 50%, with
      investment property valued at cost.

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

   -- total contracted-sales sustained above CNY10 billion per
      year

   -- EBITDA margin sustained above 30% (FY16: 32.5%)

   -- net-debt/adjusted-inventory sustained at below 40%, with
      investment property valued at cost (FY16: 48.3%)

   -- contracted-sales/total-debt sustained above 0.5x (FY16:
      0.2x)

LIQUIDITY

Sufficient Liquidity: CSC has the flexibility to rein-in its
rapid development should sales come in below the company's
expectations. Fitch expects CSC to maintain sufficient liquidity,
with available cash of HKD10.8 billion and unutilized credit
facilities of HKD6.0 billion at end-FY16 to meet the repayment of
its short-term borrowings of HKD10.2 billion and land
acquisitions.

CSC's issuance in the onshore bond market has also alleviated its
refinancing pressure and lowered its average borrowing cost to
6.3% at end-FY16, from 6.8% at end-FY15.



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


ARYAN RESIDENCY: CRISIL Reaffirms 'B' Rating on INR120MM LT Loan
----------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Aryan Residency
Limited continues to reflect the modest scale of operations and
below-average financial risk profile, on account of average
gearing and debt-protection metrics. These rating weaknesses are
partially offset by funding support from promoters and favourable
location of the boys' hostel at Noida.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          120       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects ARL to benefit from financial support received
from promoters and strategic location of the hostel. The outlook
may be revised to 'Positive' in case of significant improvement
in occupancy levels, average room revenue (ARR) and cash accrual.
The outlook may be revised to 'Negative' if lower-than-expected
occupancy rates and low ARR, due to competitive pressures, strain
the debt servicing capacity.

Update
The rating reaffirmation reflects improvement in liquidity, owing
to continuous funding support from promoters and higher cash
accrual, likely in fiscal 2017. Promoters have extended unsecured
loans of INR70 million over three years through March 2016, to
ensure that debt obligation is met in a timely manner. Increase
in occupancy level at the hostel to around 90% helped the
improved business risk profile, sustain in fiscal 2016. Higher
occupancy would lead to sufficient cash accrual in fiscal 2017
and thus, enable the company to fulfil the debt obligation on
time. Revenue, estimated at INR56.7 million in fiscal 2016, may
remain stable over the medium term, owing to stagnant occupancy
levels in fiscal 2017 and capex plans for construction of new
rooms, being kept on hold.

On a provisional basis, profit after tax (PAT) stood at INR0.6
million on net sales of INR56.7 million for fiscal 2016, against
INR0.3 million and INR50.2 million for fiscal 2015.

ARL was incorporated in 2008 and taken over by the Beg family and
N. S. Associate Pvt Ltd in 2009.  The company runs a boys' hostel
for students and working men at Knowledge Park-1, Greater Noida.


ATM GLOBAL: CARE Assigns B+/A4 Rating to INR9cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of ATM Global Corporation.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Long-term/Short-term
   Bank Facilities              9        CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of ATM Global
Corporation are primarily constrained on account of its small
scale of operations along with low profit margins, moderately
leveraged capital structure, moderate debt coverage indicators
and moderate liquidity position. Furthermore, the ratings are
also constrained on account of its presence in highly fragmented
and competitive nature of the industry, seasonal nature of agro
industry and the proprietorship nature of constitution.

The ratings, however, derive comfort from the diversified
experience of partners and locational advantage. AGC's ability to
improve its turnover and improve its profit margins in light of
the competitive business environment and volatile agri-commodity
prices will be the key rating sensitivities.

Ahmedabad-based (Gujarat) AGC was formed in 2011 as a
proprietorship firm by Mr. Kaushal Patel. The firm is engaged
into trading of non-basmati rice and exports majority of the same
to West Africa. AGC purchases non-basmati rice from Calcutta
(West Bangal) & Raipur (M.P.). Mr. Kaushal Patel is also working
as a partner inM/s Ambica Timber Mart (rated CARE B+/A4) and
Green Impect Realties. Ambica Timber Mart is engaged into trading
of imported woods to retailers and saw mills while Green Impect
Realties is engaged into real estate development.

As per the provisional results for FY16 (refers to the period
April 1 to March 31), AGC reported a TOI of INR8.38 crore with
a PAT of INR0.16 crore as compared with TOI of INR5.84 crore and
PAT of INR0.12 crore in FY15. During Q1FY17 (Provisional), AGC
has registered a TOI of INR4.25 crore.


BALAJI FIBER: CRISIL Reaffirms 'C' Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Balaji Fiber Reinforce Pvt Ltd; the rating on the
company's long-term facility has been reaffirmed at 'CRISILC'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        102.5       CRISIL A4 (Assigned)

   Inland/Import
   Letter of Credit       20.0       CRISIL A4 (Assigned)

   Cash Credit           150.0       CRISIL C (Reaffirmed)

   Cash Credit             7.5       CRISIL C (Reaffirmed)

The Ratings continue to reflect BFRPL's constrained financial
risk profile and stretched liquidity, average scale of
operations, and sizeable working capital requirement because of
stretched receivables. These weaknesses are partially offset by
the extensive experience of the promoters in the industrial
machinery and consumables industry.

CRISIL had revoked the suspension of its rating on the bank
facility of BFRPL and assigned 'CRISIL C' rating on August 22,
2016.

Incorporated in 1963 and based in Vadodara (Gujarat), BFRPL is
promoted by Mr. Shantilal D Patel. It manufactures glass- and
fibreglass-reinforced plastic (GRP and FRP) pipes for the
chemical, petroleum, gas, water transportation, sea water, and
sewerage industries.

For fiscal 2016, net profit and net sales improved to INR18.7
million and INR349.9 million, from INR0.6 million and INR317.5
million, respectively, for fiscal 2015.


BEST TANNING: CRISIL Lowers Rating on INR45MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Best Tanning Industries Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        10        CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Packing Credit           5        CRISIL D (Downgraded
                                     from 'CRISIL A4')

The rating downgrade reflects delay in meeting term debt
obligations in July 2016. The delay was due to stretched
liquidity due to high debtor days. CRISIL believes liquidity will
remain stretched over the medium term due to high debtor days,
though it will be supported by promoters.

The company has large working capital requirement, a small scale
of operations, and a weak financial risk profile because of a
small net worth, high gearing, and low debt protection metrics.
It is also susceptible to intense competition in the leather
industry. However, it benefits from a strong industry track
record and a diversified revenue profile.

BTIPL was incorporated in 1993, promoted by Mr. Mohsin Sharif and
his family. The capacity at its manufacturing facility in Kanpur,
Uttar Pradesh, is utilized at around 80%. It manufactures chrome
and vegetable-tanned leather, and uppers, among other types of
leather.


BHAWANI INDUSTRIES: ICRA Suspends 'D' Rating on INR260cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D ratings assigned to the INR260
crore bank lines of Bhawani Industries Limited in the absence of
the requisite information from the company.

Bhawani Industries Limited (BIL), established in 1999, is engaged
in manufacturing of steel Billets, HR strips and steel pipes.
BIL's operations are located in Mandi Gobindgarh (Punjab), where
it has a manufacturing capacity of 96,000 metric ton (MT) of
steel billets/ingots/castings, 40,000 MT of flats/bars/angles and
15,000 MT of pipes.


BRIGHT FAME: CARE Assigns B+/A4 Rating to INR8.0cr Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bright Fame International.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-term     8.00       CARE B+/CARE A4
   Bank Facilities              Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bright Fame
International are constrained on account of its thin profit
margins, customer and supplier concentration risk, leveraged
capital structure, weak debt coverage indicators, modest
liquidity position and working capital intensive nature of
operations. The ratings are further constrained on account of
risk associated with raw material price volatility and foreign
exchange fluctuation.

The ratings, however, derive benefits from experienced promoters,
location benefit and consistent growth in scale of operations.

The ability of BFI to increase its scale of operations along with
improving profit margins and capital structure amidst competitive
nature of industry are the key rating sensitivities.

Bright Fame International is a proprietorship firm, incorporated
on September 20, 2011 and promoted by Mr. Nirajkumar P. Patel.
Its main products are cumin seeds (forming 88% of turnover in
FY16), sesame seeds (forming 3% of turnover in FY16) and fennel
seeds. The firm is engaged into the trading of agro commodities
into international markets based on the orders given by
customers. BFI has set up its unit at Visnagar which has a huge
opportunity of seeds and spices. The seeds are procured from
suppliers spread across Gujarat. Exports comprise around 97% of
total sales and 3% of total sales is from domestic customers
during FY16. The firm exports 100% of its products to Vietnam.
BFI has also acquired certifications from Agricultural and
Processed Food Products Export Development Authority (APEDA) as a
registered member and certificate of registered exporter from
Spice Board of India. BFI is also Government of India's (GoI)
recognized Export House.

As per provisional results for FY16 (refers to the period April 1
to March 31), BFI reported a Profit after Tax (PAT) of INR0.12
crore on a total operating income (TOI) of INR85.01 crore as
against a PAT of INR0.23 crore on a TOI of INR60.69 crore during
FY15 (Audited). Till July 31, 2016, the company had clocked a
turnover of INR67.99 crore.


BUILD WALLINFRA: Ind-Ra Cuts LT Issuer Rating to 'IND D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Build
Wallinfra India Private Limited's Long-Term Issuer Rating to 'IND
D' from 'IND B'. The Outlook was Stable.

KEY RATING DRIVERS

The ratings reflect BWIPL's tight liquidity leading to delays in
debt servicing for the past 12 months ended July 2016 on account
of a delay in the commercialization of its operations.

RATING SENSITIVITIES

Positive: Timely debt servicing and use of working capital
facilities within limits for three consecutive months would be
positive for the ratings.

COMPANY PROFILE

BWIPL was incorporated in April 2013 for setting up a unit for
manufacturing Autoclaved Aerated Concrete (AAC) Blocks with an
installed capacity of 100,000 cubic meters per annum. The company
has its registered office in Thane, Maharashtra. The project site
is located in Valsad, Gujrat. The company started commercial
production in July 2016.

BWIPL's ratings:

   -- Long-Term Issuer Rating: downgraded to Long-term 'IND D'
      from 'IND B'/ Stable

   -- INR75 million term loan: downgraded to Long-term 'IND D'
      from 'IND B'/ Stable

   -- INR30 million fund-based working capital limits: downgraded
      to Long-term 'IND D' from 'IND B'/Stable


CORE GREEN: ICRA Reaffirms 'C' Rating on INR296.53cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]C to INR296.53
crore (enhanced from INR284.94 crore) term loans and INR117.11
crore fund-based limits of Core Green Sugar & Fuels Private
Limited. ICRA has also reaffirmed the short-term rating at
[ICRA]A4 to INR25.00 crore non-fund based limits of CGSFPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan              296.53       [ICRA]C; Reaffirmed

   Fund-based limits      117.11       [ICRA]C; Reaffirmed

   Short-term Non-fund
   based limits            25.00       [ICRA]A4; Reaffirmed

The reaffirmation of ratings takes into account a significant
decline in the cane crushing during SY2016 (~46%) which has
impacted the sugar production and sales volumes during FY2016 and
the consequent weak financial profile of the company as reflected
by a decline in the operating income losses at net level, high
gearing and weak debt coverage metrics during FY2016. Further,
the liquidity position of the company is stretched as reflected
by the high working capital utilization during the last one year.
Given that the debt repayments, post the corporate debt
restructuring, are scheduled to commence from September, 2016,
the company's ability to scale up the cane crushing volumes in
the upcoming sugar season (2017) is critical for timely servicing
of the same. The rating continues to be constrained by the
vulnerability of sugar operations to agro-climatic risks,
cyclicality inherent in the business as well as high regulatory
intensity.

Nonetheless, the ratings positively factor in the improved
outlook for the company's core sugar business, driven mainly by a
significant growth in the domestic sugar realizations, supported
by lower domestic sugar production during SY2016, exports of 1.6
million MT and the expectations of a further decline in the
domestic sugar production in SY2017. This is expected to support
the contribution margins from sugar produce in the near term.
Further, CGSFPL is likely to report gains on the closing sugar
inventory as on March 31, 2016 during FY2017 with the average
sugar prices prevailing at around INR34,000/MT. Further, the
commencement of ethanol production from October 2016 and the
abolition of excise duty on ethanol sales to oil marketing
companies is likely to result in higher realizations from the
distillery division and thus support the profitability going
forward. While ICRA takes note of the expected improvement in the
financial profile of the company during FY2017 supported by the
increase in the sugar realizations, the debt coverage metrics are
likely to remain moderate. The ratings continue to factor in the
fully integrated nature of operations of the company which
provides a cushion to profitability to an extent in case of sugar
downturn.

The company's ability to improve cane crushing levels, maintain
prudent working capital management practices and ensure timely
servicing of its debt obligations remain the key rating
sensitivities.

Core Green Sugar & Fuels Private Limited has set up an integrated
sugar plant at the Yadgir district of Karnataka, which was
commissioned in April 2011. The plant has a 5000 TCD crushing
unit, 24MW cogen unit and a 50KLPD distillery unit.

The company is promoted by the Sreeramaneni family of Andhra
Pradesh who hold the entire equity stake in the company. The key
promoter, Mr. S. Vijay Kumar Babu, has a significant experience
in farmer interfacing. Other directors of the company (sons of
the key promoter) - Mr. S. Srinivas and Mr. S. Rama Rao - have
significant entrepreneurial experience. In addition, the company
has also roped in well experienced management professionals with
extensive experience in the sugar industry.

Recent Results
As per the unaudited and provisional results for FY2016, the
company reported net loss of INR30.30 crore on operating income
of INR238.77 crore as against a net loss of INR15.44 crore on
operating income of INR287.32 crore during FY2015.


FINE BLANKING: CARE Assigns B+/A4 Rating to INR5.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Fine Blanking Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B+ Assigned
   Short-term Bank Facilities     0.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Fine Blanking
Private Limited (FBPL) are constrained by small scale of
operations, declining profit margins due to volatile raw material
prices and foreign exchange fluctuation risk, weak debt coverage
indicators and working capital intensive nature of operations.

The ratings, however, take comfort from experienced promoters,
comfortable capital structure and diversified reputed clientele
base.

Going forward, the ability of the company to increase its scale
of operation and profit margins without adversely affecting its
capital structure will be the key rating sensitivities.

FBPL is an ISO 9001:2000 certified company which is engaged in
the business of manufacturing of fine blanking tools and
components. It was incorporated in the year 1989 by Mr. D. R.
Khobare in Hubli city of Karnataka. FBPL manufactures various
components such as latch part, door lock parts, recliner gear,
sprockets, cam plats, etc. used in automobile industry. It also
manufactures products used in electrical industry, telephone &
office automation industry, textile industry, air compressors and
air craft industry, etc. The major raw materials required by the
company are; various standards of cold rolled steel strips,
copper Electrolytic-Tough-Pitch (ETP) grade and aluminum strips.
The major suppliers are Tube Investment of India Limited, JSW
Steel Limited, Sunmet Industries, beside others. The company also
imports special steel from Corous and Caparo located in Uinted
Kingdom.

The company's client base includes many reputed players in
electrical and automobile manufacturing industry like BOSCH
Limited, Larsen & Toubro Limited, Force Motors Limited, Tata
Johnson Controls Limited, Tata Toyo Radiators Limited, besides
others. The company entered into export market in FY16 (refers to
the period of April 1 to March 31) and has exported to Emcon
Technologies located in Brazil and Faurecia Exhaust Control
Technologies located in Czech Republic and Brazil.

In FY15, FBPL earned PAT of INR0.45crore on a total operating
income of INR13.27 crore. During FY16 [Provisional], the company
had achieved a PAT of INR0.07 on a total operating income of
INR15.57 crore.


FLOKING PIPES: CRISIL Cuts Rating on INR386.9MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Floking Pipes Private Limited to 'CRISIL D' from 'CRISIL
B/Stable' driven by delays in the repayment of the term loans
caused by weak liquidity driven by delays in the stabilisation of
operations of the molecular oriented PVC (PVC-O) pipes project.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan         386.9      CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       3.1      CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating also reflects FPPL's exposure to risks associated with
stabilisation of operations of its PVC-O pipes project in Chennai
(Tamil Nadu). This rating weakness is partially offset by the
extensive experience of FPPL's promoters in the plastic polymer
industry.

FPPL, incorporated in 2010, is promoted by two business groups:
the Electro group of companies, represented by Mr. Brij
Khandelwal and Mr. Ankur Khandelwal, and the Modi group of
companies, represented by Mr. Nilesh Modi. The company has set up
a PVC-O manufacturing plant in Chennai and the operations are yet
to stabilise.


HBS REALTORS: ICRA Lowers Rating on INR53.56cr NCD to 'D'
---------------------------------------------------------
ICRA has downgraded the long-term rating for the outstanding
amount of INR53.56 crore Non-Convertible Debenture (NCD) program
of HBS Realtors Private Limited to [ICRA]D from [ICRA]B.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   INR65cr Non-Convertible      53.56      [ICRA]D/downgraded
   Debenture Program                       from [ICRA]B

The rating downgrade takes into account the recent delays in debt
servicing on account of delays in project execution at SPV level
where the funds were deployed and subsequent weak liquidity
position arising out of cost over-runs and constrained sales
collection from the projects.

The rating, however, draws comfort from the long term promoter
experience in the real estate industry and the attractive
location of the four re-development projects, located in South
and South Central Mumbai. ICRA also notes that financial close
has been achieved for three of these SPVs.

Incorporated in 1995, HBS Realtors Private Limited is a Mumbai-
based real estate developer involved in large scale city-centric
developments in commercial as well residential segments. The
group has a diversified product mix with a strong presence in
residential, retail, commercial, hospitality and SEZ
developments. Over the last decade, HBS has built strategic
partnerships with reputed business houses such as Phoenix Mills
Limited for the development of its 'Marketcity' projects, and
with the Mody Group of JB Chemicals and Pharmaceuticals for the
development of its pharma SEZ project.

Over the years, HBS has also attracted various financial
investors like IL&FS, MPC Fund, SREI Infrastructure Finance Ltd.
and Edelweiss across its various projects. Since 2006-07, the
group has raised private equity and debt for its various
projects.

Recent Results
As per unaudited results, for the financial year ending March
2016, HBS reported operating income of INR37.36 crore and profit
after tax (PAT) of INR0.14 crore.

As per audited results, for the financial year ending March 2015,
HBS reported operating income of INR25.42 crore and profit after
tax (PAT) of INR1.51 crore.


HINDUSTHAN TRANSSFORMERS: CRISIL Reaffirms B+ Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hindusthan
Transsformers (HT) continue to reflect HT's working-capital-
intensive and small scale of operations in the intensely
competitive transformers industry, and customer concentration in
its revenue profile.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             16       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       4       CRISIL B+/Stable (Reaffirmed)

The ratings also continue to reflect HT's below-average financial
risk profile, marked by average gearing and small networth. These
rating weaknesses are partially offset by the extensive industry
experience of HT's promoter.
Outlook: Stable

CRISIL believes that HT will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' in case of a significant and sustained
improvement in the firm's scale of operations and profitability
along with better working capital management leading to
improvement in cash accruals and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of significant
deterioration in HT's financial risk profile, particularly its
liquidity, due to large working capital requirements, or a steep
decline in its turnover or operating margin, leading to low cash
accruals.

Incorporated in 2003, HT manufactures electrical transformers at
its facility in Chennai. The firm is promoted and managed by Mr.
V Ramesh.


HITRO ENERGY: CRISIL Lowers Rating on INR60MM Term Loan to B-
-------------------------------------------------------------
CRISIL has downgraded the ratings on the long term bank
facilities of Hitro Energy Solutions to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       5        CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Working Capital         60        CRISIL B-/Stable (Downgraded
   Term Loan                         from 'CRISIL B/Stable')

The rating downgrade reflects the decline in business performance
in 2015-16 as reflected in the modest revenues of about INR70
Million estimated for 2015-16 as against revenues of INR132
Million for 2014-15. This has resulted in lower cash accruals
consequent to which the debt protection metrics and the liquidity
of the company have weakened. The company is expected to generate
cash accruals of about 20-30 Million over the medium term which
is tightly matched against its repayment obligations of about 20
Million per annum over the medium term. The downgrade also
reflects the stretched working capital cycle of the company
primarily due to the higher quantum of debtors in 2015-16.The
ratings also reflect the firm's modest scale of operations in the
highly competitive light-emitting diode (LED) segment. These
rating weaknesses are partially offset by the extensive
experience of HES's promoter in the industry and healthy demand
and growth prospects for LED lights.
Outlook: Stable

CRISIL believes HES will continue to benefit over the medium term
from the promoters' extensive industry experience and healthy
demand prospects for LED lighting solutions. The outlook may be
revised to 'Positive' if the firm records a considerable increase
in revenue, while it maintains profitability, resulting in
improvement in business risk profile. Conversely, the outlook may
be revised to 'Negative' if there is significant decline in
revenue or if HES undertakes large debt-funded capital
expenditure or if deterioration in working capital management
leads to deterioration in its overall financial risk profile.

HES is a proprietary concern incorporated on January 28, 2014.
The firm is based in Chennai and is engaged in providing complete
indoor and outdoor lighting solutions for professional
applications. HES is the energy partner for Thorn lighting, and
provides services to commercial, retail, healthcare, hospitality,
and industrial segments. The firm's daily operations are managed
by Mr. Rangachari.


KRISHAN KUMAR: ICRA Suspends B+ Rating on INR20cr Bank Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR20.00 crore bank facilities of Krishan Kumar & Co. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


LANCO INFRATECH: CRISIL Reaffirms 'D' Rating on INR52.4MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lanco Infratech
Limited (part of the Lanco group) continue to reflect delays in
meeting debt obligations; the delays were due to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            16.00      CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee         52.40      CRISIL D (Reaffirmed)

   Term Loan              21.84      CRISIL D (Reaffirmed)

Liquidity is expected to remain under pressure over the medium
term due to large lumpy repayments coming up in the near term.
CRISIL understands that, to ease the liquidity pressure, the
company is in talks with its bankers for restructuring its
maturing debt and is also trying to raise funds through stake
sales in its road, wind power, hydroelectric (hydel) and coal-
based power projects. The success of these measures and the
effect on liquidity will remain key rating sensitivity factors.

Apart from pressures on liquidity, financial risk profile will
remain under stress over the medium term, as large exposure to
under-implementation projects in special-project vehicles (SPVs)
persists. Also, associate companies Griffin Coal Mining Pty Ltd
and Carpenter Mine Management Pty Ltd (together referred to
herein as Griffin Coal) continue to underperform. In the absence
of equity infusion or stake sale in the road, wind, and hydel
power projects, the financial risk profile is expected to weaken
further.

However, the company has a small but increasing proportion of
external orders in its order book. This is extremely critical as
it will help to infuse fresh funds into the business without
exerting pressure on the group for equity investments as in the
case of its SPVs.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LITL and Griffin Coal, together
referred to herein as LITL. This is because they have strong
business linkages. LITL has a policy of supporting the SPVs'
projects-in case of cost overrun or financial distress-only on
case-specific basis. Hence, CRISIL has factored in the company's
equity contribution to, and part-funding of cost overruns of, the
SPVs.

LITL was originally incorporated in 1993 as Lanco Constructions
Ltd in Secunderabad, Telengana; its name was changed in 2000. The
company provides Engineering, Procurement and Construction (EPC)
services, largely to its own subsidiaries and affiliate entities.
The Lanco group includes subsidiaries and affiliates operating
across the infrastructure sector, including construction, power,
EPC, infrastructure, and property development. LITL is the Lanco
group's flagship company.

In fiscal 2016, on a provisional basis, net loss was INR2.3
billion on total income of INR82.2 billion; net loss was INR21.4
billion on total income of INR93.9 billion in fiscal 2015.


LEEWAY LOGISTICS: CRISIL Cuts Rating on INR1.53BB Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Leeway Logistics Limited to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Negative/CRISIL A4+.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit          1,532.5      CRISIL D (Downgraded
                                     from 'CRISIL BB+/Negative')

   Letter of Credit       250.0      CRISIL D (Downgraded
                                     from 'CRISIL A4+')

   Letter of credit &      55.0      CRISIL D (Downgraded
   Bank Guarantee                    from 'CRISIL A4+')

   Proposed Cash          262.5      CRISIL D (Downgraded
    Credit Limit                     from 'CRISIL BB+/Negative')

The downgrade is on account of irregularities in the bank
facilities of Leeway as confirmed by relevant external party.

Despite repeated requests by CRISIL, Leeway is yet to provide
information to enable CRISIL to assess Leeway's ability to
service its debt. CRISIL views information availability risk as a
key factor in its rating. CRISIL will continue its efforts to
engage with the company for sharing of information; however, in
case the management does not share information with CRISIL, the
ratings may need to be suspended.

Leeway, established in March 2010, and headquartered in Mumbai,
is an integrated logistics solutions provider of end-to-end
supply chain solutions. The company also offers people-movement
solutions to corporate entities. Operations are managed by a
professional management team, headed by Mr. Sanjay Sinha, its
promoter and managing director.


M.P.K ISPAT: CARE Assigns 'B' Rating to INR19.30cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of M.P.K Ispat (I) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.30      CARE B Assigned
   Short-term Bank Facilities     7.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of M.P.K Ispat (I)
Private Limited (MPKI) are primarily constrained on account of
its fluctuating scale of operations with significant decline in
Total Operating Income (TOI) during FY16 (refers to the period
April 1 to March 31) and its financial risk profile marked by
volatile profitability, moderate solvency position and stressed
liquidity profile. The ratings are, further, constrained on
account of the susceptibility of the company's profitability to
fluctuations in the raw material prices and foreign exchange
rates along with its presence in the highly competitive and
fragmented steel industry.

The ratings, however, derive strength from long standing
experience of MPKI's promoters and management in the industry and
synergic benefits derived from established presence of MPK group
with semi-integrated facilities.

MPKI's ability to increase its scale of operations while
improving profitability in light of volatile raw material prices
and improvement in solvency position as well as efficient working
capital management shall be the key rating sensitivities.

Incorporated in 2010, MPKI is promoted by the MPK group based out
of Jaipur (Rajasthan). As a backward integration initiative, MPK
group set up Mild Steel (MS) billet manufacturing plant in MPKL
with commencement of operations from March, 2013 onwards thus by
translating to FY14 being the first full year of operation for
the company. MPKI has its manufacturing unit situated at Bagru,
Rajasthan, having installed capacity of 27,000 Metric Tonnes Per
Annum (MTPA) as on March 31, 2016

The company majorly supplies its production of M.S. Billets to
its group concerns, which are engaged in the manufacturing of
structural steel products as well as cater to the domestic
market. It meets its raw material requirement mainly by purchase
from local market as well as import from outside market.

As per FY16 provisional result MPKI has reported a total
operating income of INR39.54 crore [FY15 (A): INR88.20 crore]
with PAT of INR0.34 crore [FY15 (A): INR0.23 crore].


M.P.K METALS: CARE Assigns 'B' Rating to INR6.41cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of M.P.K Metals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.41      CARE B Assigned
   Short-term Bank Facilities     0.72      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of M.P.K Metals
Private Limited are primarily constrained on account of its
modest scale of operations with continuous decline in Total
Operating Income (TOI) during the last three financial years
ended FY16 (refers to the period April 1 to March 31) and its
financial risk profile marked by volatile profitability, moderate
solvency position and stressed liquidity profile. The ratings
are, further, constrained on account of the susceptibility of the
company's profitability to fluctuations in the raw material
prices along with its presence in the highly competitive and
fragmented steel industry.

The ratings, however, derive strength from long standing
experience of MPKI's promoters and management in the industry and
synergic benefits derived from established presence of MPK group
with semi-integrated facilities.

MPKM's ability to increase its scale of operations while
improving profitability in light of volatile raw material prices
and improvement in solvency position as well as efficient working
capital management shall be the key rating sensitivities.

Incorporated in 2009, MPKM is promoted by MPK group based out of
Jaipur (Rajasthan). MPKMis primarily engaged into the business of
manufacturing of structural products including Mild Steel (MS)
angles, sections, rounds and flats which finds its application
particularly in infrastructure industries ranging from power
transmission to real estate. MPKMhas its manufacturing unit
situated at Jaipur, Rajasthan, having installed capacity of
4,800Metric Tonnes Per Annum (MTPA) as on March 31, 2016.

The company caters to domestic market under the brand name of
'MPK' with sales concentrated predominantly in Rajasthan. It
procures its key rawmaterial, fromits group concerns as well as
from the local market.

As per FY16 provisional result (refers to the period April 1 to
March 31) MPKM has reported a total operating income of
INR11.96 crore [FY15 (A): INR13.88 crore] with PAT of INR0.08
crore [FY15 (A): INR0.04 crore].


M.P.K STEELS: CARE Assigns 'B' Rating to INR15.67cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of M.P.K steels (I) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.67      CARE B Assigned
   Short-term Bank Facilities     7.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of M.P.K Steels (I)
Private Limited are primarily constrained on account of its
financial risk profile marked by volatile profitability, moderate
solvency position and stressed liquidity profile. The ratings
are, further, constrained on account of the susceptibility of the
company's profitability to fluctuations in the raw material
prices along with its presence in the highly competitive and
fragmented steel industry.

The ratings, however, derive strength from long-standing
experience of MPKI's promoters and management in the industry,
steady growth in its scale of operations during the last three
financial years ended FY16 (refers to the period April 1 to
March 31) along with synergic benefits derived from established
presence of MPK group with semi-integrated facilities.

MPKS's ability to increase its scale of operations while
improving profitability in light of volatile raw material prices
and improvement in solvency position as well as efficient working
capital management shall be the key rating sensitivities.

Incorporated in 2005, MPKS is promoted by the MPK group based out
of Jaipur (Rajasthan). MPKS is primarily engaged into the
business of manufacturing of structural products including Mild
Steel (MS) angles, channels, rounds and flats which finds its
application particularly in infrastructure industries ranging
from power transmission to real estate. MPKS has its
manufacturing unit situated at Jaipur, Rajasthan, having
installed capacity of 28,800 metric tonnes per annum (MTPA) as on
March 31, 2016. The company caters to domestic market under the
brand name of 'MPK' with sales
concentrated predominantly in Rajasthan. It procures its key raw
material, from its group concerns as well as from local market.

As per FY16 provisional results (refers to the period April 1 to
March 31), MPKS has reported a total operating income of INR82.70
crore [FY15 (A): INR76.55 crore] with PAT of INR0.18 crore [FY15
(A): INR0.13 crore].


MAITHAN ISPAT: CARE Lowers Rating on INR651.95cr Loan to 'B'
------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Maithan
Ispat Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    651.95      CARE B (SO) Revised
                                            from CARE BBB-(SO)

   Short term Bank Facilities   131.48      CARE A4 (SO) Revised
                                            from CARE A3 (SO)

Rating Rationale

The above ratings are based on the credit enhancement in the form
of unconditional and irrevocable corporate guarantee provided by
Mideast Integrated Steels Ltd. (rated CARE B/ CARE A4 revised
from CARE BBB-/ CARE A3) for the entire debt servicing obligation
during the full tenure of the bank facilities of Maithan Ispat
Ltd.The revision in ratings to proposed bank facilities of
Mideast Integrated Steels Limited (MISL) is on account of
liquidity pressure resulting in delay in servicing of existing
debt obligation (not rated by CARE Ratings). Further, the ratings
continue to be constrained by exposure to volatility of iron-ore
prices, moderate financial risk profile and regulatory risk
associated with mining industry.

However, the ratings continue to derive strength from experienced
promoters in mining industry. The ratings continue to consider
the financial support and unconditional & irrevocable corporate
guarantee given to lenders of Maithan Ispat Limited. Improvement
in liquidity profile and timely debt servicing on all its
obligations would be the key rating sensitivities.

Maithan Ispat Ltd, was incorporated in August 2003, by Maithan
group for setting up an integrated steel plant comprising
manufacturing facilities like sponge iron (capacity 2,30,000 TPA)
& billets (capacity 2,46,000 TPA), heavy section steel
(capacity 3,76,000 TPA) and captive power plant of 30 MW, in
phases, at Kalinganagar Industrial Complex, Orissa.

OnMarch 31, 2015, MESCO group through its group company Mideast
Integrated Steels Ltd (MISL) acquired MIL by taking 99.28% stake
in the company. In addition to it the company acquired Cumulative
Redeemable Preference Shares of INR30 crore. There was no payout
to the promoters of MIL.

About the Guarantor (Mideast Integrated Steels Ltd)

Incorporated in 1992, MISL is a flagship company of the MESCO
group and is engaged in iron ore mining (annual licensed capacity
of 6 Million Metric Tonne (mmt) and pig iron (0.59 mmtpa)
manufacturing. The company has an iron ore mine (merchant mine)
at Roida, Odisha and pig iron plant is located at Jajpur, Odisha.
The company also has sinter plant (0.70 mmtpa) and 9 MWcaptive
power plant operating on blast furnace gas.

In 2004, MISL tied up with Stemcor Group, UK and with the funds
infused by Stemcor over a period of time, the company
commissioned its plant and mine and also repaid all its lenders
under the One Time Settlement scheme.


MARK INFRASTRUCTURE: CRISIL Hikes Rating on INR50MM Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Mark Infrastructure Private Limited to 'CRISIL BB-/Stable/CRISIL
A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           45       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              50       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects the improvement in the company's business
risk profile driven by a substantial and sustained increase in
revenue and profitability. The upgrade also factors in sizeable
increase in the company's networth, which has enhanced its
financial flexibility and capital structure. CRISIL believes MIPL
will sustain its improved financial risk profile backed by
consistent growth in networth and absence of large debt-funded
capital expenditure (capex).

Revenue grew 44% year-on-year to INR298 million in fiscal 2016,
and operating margin improved to 9.1% from 1.1% in fiscal 2015.
CRISIL believes the revenue will grow 12% per annum over the
medium term, given the company's order book of INR550 million
(1.6 times its fiscal 2016 revenue) as on June 30, 2016. Its
networth increased to INR38 million as on March 31, 2016, from
INR28 million a year earlier, backed by healthy accretion to
reserves, leading to a decline in total outside liabilities to
tangible networth (TOLTNW) ratio to 1.3 times from 1.7 times. The
TOLTNW ratio is expected to decline to 1.1 times as on March 31,
2017, because of steady increase in networth and absence of large
debt-funded capex.

The ratings reflect the extensive experience of MIPL's promoters
in the construction industry, and the company's healthy order
book providing medium-term revenue visibility. The ratings also
factor in its above-average financial risk profile because of
comfortable TOLTNW ratio and healthy debt protection metrics.
These strengths are partially offset by the high geographic
concentration in its order book, its large working capital
requirement, and exposure to intense competition.
Outlook: Stable

CRISIL believes MIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
the company's revenue and profitability, or considerable
improvement in its working capital management. The outlook may be
revised to 'Negative' if its financial risk profile weakens
because of a decline in revenue or profitability, or large debt-
funded capex, or significant delay in payments by principal
contractors.

MIPL, set up by Mr. Vemuri Ravi Kiran in 1998, undertakes civil
construction work for buildings. The company is based in
Hyderabad.


MELSTAR INFORMATION: CRISIL Reaffirms B Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL rating on the bank facilities of Melstar Information
Technologies Limited (MITL; part of the Melstar group) continue
to reflect modest scale of operations in the intensely
competitive staff augmentation and software trading industry,
continued losses, and weak financial risk profile, marked by
small networth and inadequate debt protection metrics. These
weaknesses are partially offset by benefits from the extensive
experience of key personnel.

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

   Overdraft Facility      40        CRISIL A4 (Reassigned)

   Proposed Long Term
   Bank Loan Facility      60        CRISIL B/Stable (Reaffirmed)

MITL acquired IDV Technology Solutions Pvt. Ltd. (IDV) in
December, 2015. For arriving at the ratings, CRISIL has combined
the business and financial risk profiles of MITL and those of its
subsidiaries, Melstar Inc (MI; based in USA), and IDV Technology
Solutions Pvt Ltd (IDV; acquired by MITL IN December 2015),
collectively referred to as the Melstar group. The consolidated
approach is because MI and IDV are wholly owned subsidiaries of
MITL, and the entities have significant business synergies and
fungible cash flows.
Outlook: Stable

CRISIL believes that Melstar's scale of operations will remain
moderate over the medium term. The outlook may be revised to
'Positive' if the group sustainably turns around its operations
and posts a substantial profit. Conversely, the outlook may be
revised to 'Negative' if it extends further financial support to
associate concerns or continues to incur losses.

Update
Melstar's business risk profile remains moderate marked by
moderate scale of operations. The group's revenue increased to
INR317 million in 2015-16 (refers to financial year, April 1 to
March 31) from INR223 million in 2013-14 supported by addition of
new business line i.e. IT infra segment. CRISIL expects Melstar's
revenue to improve moderately over the medium term supported by
addition of new business line. The operating margin remained at
5.8 per cent in 2015-16. CRISIL believes that group's operating
margin will remain stable, at 5.8 per cent, over the medium term.

Melstar's financial risk profile remains below-average, marked by
modest net worth and weak debt protection metrics. The estimated
net worth declined to INR0.4 million as on March 31, 2016, from
INR4.5 million a year earlier owing to accumulated losses. The
net worth is expected to increase moderately but remain modest
over the medium term. Also, its debt protection metrics remain
weak, with estimated interest coverage ratio of 1.18 times and
net cash accruals to total debt ratio of 0.03 times for 2014-15.
CRISIL believes that Melstar's financial risk profile will remain
below-average, marked by low net worth and weak debt protection
metrics, over the medium term.

Melstar's liquidity remains weak marked by low cash accruals and
high realization on bank limit owing to high working capital
requirements. Its net cash accruals are expected at around INR7-8
million per annum over the medium term. The high working capital
requirement is marked by high payable as indicated by high
creditor of 217 days as on March, 2016. Consequently, the bank
limit was utilised extensively, at an average of 97.8 per cent
over the 13 months through March, 2016. CRISIL believes that
Melstar's liquidity will remain stretched over the medium term
marked by low cash accruals and high working capital
requirements.

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large information technology (IT)
companies and IT divisions of large corporations. MITL also
provides application development and implementation services,
albeit on a modest scale. MITL is listed on the Bombay Stock
Exchange and the National Stock Exchange.


MIDEAST INTEGRATED: CARE Ups Rating on New INR100cr LT Loan to B
----------------------------------------------------------------
CARE revises ratings assigned to proposed bank facilities of
Mideast Integrated Steels Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term fund based          100.00     CARE B Revised from
   bank limits (Proposed)                   CARE BBB-

   Short-term non-fund based     100.00     CARE A4 Revised from
   bank limits (Proposed)                   CARE A3

Rating Rationale

The revision in ratings to proposed bank facilities of Mideast
Integrated Steels Limited is on account of liquidity pressure
resulting in delay in servicing of existing debt obligation (not
rated by CARE Ratings).

Further, the ratings continue to be constrained by exposure to
volatility of iron-ore prices, moderate financial risk profile
and regulatory risk associated with mining industry.

However, the ratings continue to derive strength from experienced
promoters in mining industry.

The ratings continue to consider the financial support and
unconditional & irrevocable corporate guarantee given to lenders
of Maithan Ispat Limited.

Improvement in liquidity profile and timely debt servicing on all
its obligations are key rating sensitivities.

Incorporated 1992, Mideast Integrated Steel Limited (MISL) is a
flagship company of the MESCO group and is engaged in iron ore
mining (annual licensed capacity of 6 Million Metric Tonne (mmt))
and pig iron (0.59 mmtpa) manufacturing. The company has an iron
ore mine (merchant mine) at Roida, Odisha and pig iron plant is
located at Jajpur, Odisha. The company also has sinter plant
(0.70 mmtpa) and 9 MW captive power plant operating on blast
furnace gas.

MISL acquired Maithan Ispat Limited on March 31, 2015 which has
an integrated steel plant comprising manufacturing facilities
like sponge iron (capacity 2,30,000 TPA) & billets (capacity
2,46,000 TPA), heavy section steel (capacity 3,76,000 TPA) and
captive power plant of 30 MW at Kalinganagar Industrial Complex,
Orissa. Subsequently, the company extended unconditional and
irrevocable corporate guarantee to the tune of INR784.0 crore to
lenders of MIL. In addition to it, MISL would infuse aggregate
amount of INR120 crore in MIL over a period of two years from
April, 2015 with monthly contribution of INR5.0 crore. As on
March 31, 2016 the company has infused INR56.39 crore.

MISL reported Profit After Tax (PAT) of INR8.52 crore on Total
Operating Income (TOI) of INR498.53 crore in FY16 (prov., refers
to period April 1, to March 31,) as compared to PAT of INR1.02
crore on TOI of INR571 crore in FY15 (A).


NAVIN CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navin Construction
Corporation continue to reflect Navin's small scale of operations
in the intensely competitive and highly fragmented civil
construction industry, working capital intensive nature of
operations and revenue concentration risks.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4 (Reaffirmed)
   Cash Credit             80        CRISIL B/Stable (Reaffirmed)

The ratings also continue to reflect the weak financial risk
profile of the company, marked by high gearing, modest debt
protection metrics and a small net worth. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the civil construction industry.
Outlook: Stable

CRISIL believes that Navin will continue to benefit over the
medium term from the industry experience of its promoters in the
construction industry. The outlook may be revised to 'Positive'
in case of significant improvement in the company's scale of
operations and profitability resulting in higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative', if the company undertakes larger-than-expected debt-
funded capital expenditure or in case of decline in revenues and
profitability leading to deterioration in its financial risk
profile.

Based in Cochin, Navin undertakes civil construction works in
Kerala. The company is promoted by Mr.N Sugathan and his family
members.


OM ORGANIC: ICRA Suspends B+ Rating on INR7.50cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.50 crore working capital facility of Om Organic Cotton
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


PERFECT ENGINEERING: Ind-Ra Affirms 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Perfect
Engineering Corporation's (PECO) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects PECO's continued small scale of
operations and moderate credit profile. During FY16, PECO's
revenue was INR59 million (FY15: INR83 million), interest
coverage was 1.6x (2.1x) and net leverage (total adjusted net
debt/operating EBITDAR) was 7.9x (5.4x). The decline in revenue
was due to lower execution of work orders on account of fewer
work orders in hand resulting in the deterioration in interest
coverage and net leverage. The company's liquidity position
continued to remain strong with the average utilisation of its
working capital limits being less than 50% during the 12 months
ended July 2016

The ratings also reflect PECO's continued high customer
concentration risk as around 90% of the contracts are executed
for the Municipal Corporation of Greater Mumbai.

The ratings are supported by the over two-decades of experience
of the promoter in executing civil construction contracts.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with a reduction in the customer concentration level will
be positive for the ratings.

Negative: Deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

Founded in 1991 as a proprietorship concern, PECO undertakes the
construction of storm water drains, sewerage projects, road
works, building repairs, desalting, construction of compound
walls etc.

PECO's Ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/ Outlook
      Stable

   -- INR20 million fund-based limits: affirmed at
      'IND B+'/Stable

   -- INR40 million non-fund-based limits: affirmed at 'IND A4'


RASILANT TECHNOLOGIES: ICRA Suspends B+ Rating on INR7.5cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.50 crore bank facilities of Rasilant Technologies
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2005, Rasilant Technologies Private Limited
provides software platforms and hardware implementation for auto
ID technologies such as RFID, access control, building automation
and CCTV surveillance. RTPL is closely held and managed by the
promoters - Mr. Sahil Anand and Mr. Shiladitya Mukhopadhyaya. The
company caters to automation requirements of the industrial,
government, healthcare and hospitality sectors. The company is
based out of Mumbai with branches in New Delhi and Bangalore with
operations spreads across the country.


S. H. ENTERPRISES: CARE Reaffirms B+ Rating on INR8cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
S. H. Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of S. H. Enterprises
continues to be constrained by its partnership nature of
constitution, small scale of operations with limited geographical
reach, low-margin trading nature of business, pricing constraints
and margin pressure arising out of competition from other players
in the market and working capital intensive nature of operation
leading to leveraged capital structure. The aforesaid constraints
are partially offset by the firm's long track record, experience
of the partners and strategic location of the warehouse.

Going forward, the ability of SHE to increase its scale of
operations with improvement in profit margins and effective
management of working capital would be the key rating
sensitivities.

M/s. S. H. Enterprises was set up as a proprietorship firm in
1992 by Mr. Sanjay Kumar Agarwal of Jamshedpur, Jharkhand for
carrying out business of trading of iron & steel products.
Subsequently in 2002, it was converted into partnership firm with
induction of Shri Murari Lal Agarwal as partner, with equal
profit sharing ratio.  SHE is a small sized Jharkhand based firm
engaged in trading of iron & steel products like MS Ingot, Sponge
Iron, Coal, Coke, Iron ore, etc. The firm mainly caters to
clients present in Jharkhand.

In FY16, provisional (refers to the period April 1 to March 31),
the firm achieved a total operating income of INR41.59 crore and
PAT of INR0.17 crore as against a total operating income of
INR56.39 crore and PAT of INR0.14 crore in FY15.


SADHU SINGH: CRISIL Lowers Rating on INR100MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sadhu
Singh Gurdip Singh (part of Mahant group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit           20       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects deterioration in the group's
operating profitability to an estimated 7.0% in fiscal 2016 from
7.6% in the previous fiscal. This has led to increased pressure
on working capital management, resulting in average bank limit
utilisation of 92% during the 12 months through March 2016.
Consequently, interest coverage ratio has declined to an
estimated 1.22 times from 1.35 times. The financial risk profile
is expected to remain subdued over the medium term on account
weak interest coverage ratio and a highly leverage capital
structure.

The rating continues to reflect a weak financial risk profile
because of high total outside liabilities to tangible networth
and weak interest coverage ratios, and working capital-intensive
operations. The ratings also factor in net profit margins. These
weaknesses are partially offset by the extensive experience of
the group's promoters in the rice industry.

For arriving at the ratings, CRISIL has now combined the business
and financial risk profiles of SSGS and Mahant Overseas ('CRISIL
B+/Stable'). This is because the two companies, together referred
as the Mahant group, have a common management, are engaged in
similar businesses, and have strong business linkages. The
analytical approach has been modified, following the management's
efforts to increase synergies between these two firms.
Outlook: Stable

CRISIL believes the Mahant group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of a
substantial increase in scale of operations resulting in better-
than-expected cash accrual, improvement in working capital cycle
and improvement in the group's capital structure. The outlook may
be revised to 'Negative' if lower-than-expected cash accrual, or
stretch in working capital cycle, weaken financial metrics,
especially liquidity.

The Mahant group mills, processes, and sells basmati rice in the
domestic and overseas markets under the Sadhu brand. The group
comprises two firms, Sadhu Singh Gurdip Singh and Mahant
overseas, set up in 1955 and 1999, respectively by Khajinder
Singh and his family members, as partnership firms.


SATYA MEGHA: CRISIL Reaffirms 'D' Rating on INR141.8MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Satya Megha Industries
continue to reflect delay in repayment of the term debt
obligation, because of weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D (Reaffirmed)

   Cash Term Loan          91.8      CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan               29.8      CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      28.6      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              141.8      CRISIL D (Reaffirmed)

The rating also factors in the small scale of operations,
geographical concentration in revenue profile, exposure to
intense competition and large working capital requirement. These
weaknesses are however, offset by extensive experience of
partners in manufacturing and trading of steel products.

SMI was set up as a partnership firm in Assam in August 2009 by
Mr. Ratan Sharma, Mr. Purushottam Murarka, and Mr. Mangilal
Jalan. The firm started operations in August 2011, by
manufacturing steel billets. Partners have around two decades of
experience of manufacturing and trading in steel products,
through other group companies.


SHREE TIRUMALA: CARE Assigns B+ Rating to INR6cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Tirumala Agro Industries.

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

Rating Rationale

The rating assigned to Shree Tirumala Agro Industries (TAI) is
constrained on account of small scale of operations along with
fluctuating total income, thin PBILDT margin along with net loss
till FY14 (refers to the period April 1 to March 31), weak debt
coverage indicators and working capital intensive nature of
operations. The rating is further constrained on account of
partnership nature of constitution, monsoon dependent operations,
high level of government regulation and fragmented nature of the
industry.

The rating, however, takes comfort from the partners' extensive
experience in the rice industry, moderate capital structure,
locational advantage of the rice mill and healthy demand outlook
for rice.

Going forward, the ability of the firm to increase its scale of
operations and profit margins without adversely affecting its
capital structure will be the key rating sensitivities.

TAI is a partnership firm established by Mr. Srikishan
Khandelwal, Mrs Sarala Khandelwal, Mr. Sanjay Khandelwal, Mr.
Chandan Khandelwal and Mrs Leena Khandelwal on January 18, 2011.
The firm has a rice mill situated at Raichur district in
Karnataka. The mill is spread across 2 acres of land. The firm
purchases paddy from the local farmers. Sale of rice is majorly
in the state of Karnataka.

In FY14, TAI earned a net loss of INR-0.91 crore on a total
operating income of INR11.07 crore. During FY15, the company had
achieved a PAT of INR0.03 on a total operating income of INR19.11
crore.


SHRI TULSI: ICRA Withdraws B+ Rating on INR5.0cr Bank Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR5.00 crore bank facilities of Shri Tulsi Industries which
was under the notice for withdrawal. The rating is withdrawn as
the period of notice for withdrawal is completed.


SIMOCO TELECOMMUNICATION: CARE Assigns 'D' Rating to INR15cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Simoco
Telecommunication (South Asia) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities        15      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Simoco
Telecommunication (South Asia) Limited is constrained by stressed
liquidity condition leading to continuous overdrawl in the cash
credit account.

Ability of the company to improve its liquidity positions and
service its debt on a regular basis are the key rating
sensitivities.

Simoco Telecommunication (South Asia) Limited incorporated in
April 1979, was initially engaged in manufacturing of wireless
equipment, mobile phones, computer parts and accessories,
software solutions, surveillance system and solar products. The
company was taken over by Mr. Sanjoy Kumar Ghosh, Managing
Director, from Simoco International Limited, U.K., in the year
2001.

STL is currently engaged in manufacturing of LED products, solar
lantern and two-way radio communication equipment and is
currently running with an installed capacity of 1,28,300 numbers
per annum. Furthermore, STL has entered into an agreement with
Ocean Freight Enterprises Pvt. Ltd. and Godrej Properties Limited
for development of lands and building of residential complex in
the land area owned by STL at Salt Lake. After the construction
of residential complex, STL would get its own share of the
property in its name as per the agreement along with the other
two parties.

As per the audited results of FY15 (refers to the period April 01
to March 31), STL reported a PBILDT of INR4.88 crore (operating
loss of INR3.90 crore in FY14) and net loss of INR0.40 crore (net
loss of INR13.52 crore in FY14), on a total operating income of
INR90.80 crore (Total operating income of INR81.32 crore in
FY14). During, FY16 (Provisional), the management is stated to
have achieved total operating income of INR77.91 crore.


SOMANI KUTTNER: CRISIL Lowers Rating on INR141MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Somani Kuttner India Private Limited to 'CRISIL B-/Stable'
from 'CRISIL B+/Stable', while reaffirming its rating on the
short-term facility at 'CRISIL A4'.

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

   Overdraft Facility     141        CRISIL B-/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects pressure on liquidity over the near
term as retention money has increased, and is significantly
disproportionate to revenue, signifying a delay in project
completion. Stressed liquidity leads to higher dependence on
working capital limit. Furthermore, there was a cash loss,
estimated at INR7.4 million in fiscal 2016, resulting in poor
debt protection metrics. Liquidity will remain contingent on the
timing and extent of retention money released. Continued delay in
realisation of receivables may weaken liquidity further.

There has also been a significant decline in revenues by around
40% year-on-year to an estimated INR132.30 million in fiscal 2016
due to fewer orders received. Scale of operations is expected to
remain modest over the near term, given the small order book of
INR120.0 million as on July 30, 2016. Inflow of new orders will
be a key monitorable for this period.

The ratings reflect a small scale and working capital-intensive
nature of operations, fluctuating trend in revenue and profit,
and vulnerability to cyclicality in the end-user, steel industry.
The ratings also factor in a below-average financial risk profile
because of a high total outside liabilities to tangible networth
ratio and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of promoters in
the steel industry and strong operational support from Kuttner
GmbH and Co (Kuttner), Germany.
Outlook: Stable

CRISIL believes SKIPL will continue to benefit over the medium
term from the extensive industry experience of the promoters and
operational support from Kuttner. The outlook may be revised to
'Positive' if there is improvement in revenue visibility on the
back of new orders, and timely release of retention money,
enhancing liquidity. The outlook may be revised to 'Negative' in
case of deterioration in liquidity, most likely due to delay in
realisation of receivables or a decline in revenue and
profitability.

Incorporated in August 1996, SKIPL is jointly promoted by the
Somani group and Kuttner, which hold stakes of 50.01% and 49.99%,
respectively. Kuttner is a leading player in the design,
engineering, and installation of foundry equipment and in steel
mill technology. The Somani group is managed by Mr. Tarun Kumar
Somani and Mr. Atul Kumar Verma.


SREE ANDAL: CRISIL Reaffirms B+ Rating on INR220MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Andal
and Company (SAC) continues to reflect SAC's below-average
financial risk profile marked by weak debt protection metrics,
modest scale of operations, and exposure to intense competition
in the steel trading industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             220      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit             10      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SAC derives from its promoters' extensive experience in the steel
products trading business and its strong relationship with its
principals.
Outlook: Stable

CRISIL believes that SAC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, driven by increase in cash accruals along with
improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates, most likely because of low cash accruals or
large working capital requirements or significant capital
withdrawal by promoters.

SAC, set up in 1992 and based in Chennai, is a partnership
concern promoted by Mr. M Subbiah and his family. The firm trades
in thermo-mechanically treated bars, channels, angles, joints,
and beams.


SRI SAI KRISHNA: CRISIL Ups Rating on INR100MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Sri Sai Krishna Constructions to 'CRISIL B+/Stable' from
'CRISIL B/Stable'; while reaffirming the rating on short-term
bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          130       CRISIL A4 (Reaffirmed)
   Cash Credit             100       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SSKC's business risk
profile driven by substantial and sustained improvement in scale
of operations. Revenue grew 32% year-on-year in fiscal 2016 and
touched INR1089 million (operating margin of 8.7%). A healthy
order book of INR900 million as on June 30, 2016, provides
healthy revenue visibility over the medium term. Further, the
return on capital employed remained over 39.2%. Cash accrual
increased 24% to INR58.5 million backed by increasing scale of
operation, thereby keeping reliance on external debt low.
Increase in accrual and reduced debt strengthened gearing to 0.08
time as on March 31, 2016, from 0.57 time the previous fiscal.

CRISIL's rating on the bank facilities of SSKC continues to
reflect the large working capital requirement, high degree of
geographic and customer concentration in order-book, and moderate
scale of operations in the intensely competitive civil
construction industry. These weaknesses are partially offset by
the above-average financial risk profile with moderate networth,
low gearing, and moderate debt protection metrics; extensive
industry experience of SSKC's promoters, and healthy order book
providing medium-term revenue visibility.
Outlook: Stable

CRISIL believes SSKC will continue to benefit from the extensive
experience of its promoters and healthy order book. The outlook
may be revised to 'Positive' if revenue and profitability
increases substantially or working capital management is
efficient. The outlook may be revised to 'Negative' in case of a
steep decline in profitability, or if a stretch in  working
capital cycle weakens the capital structure.

SSKC was set up in 2011 as a partnership firm by G Audisesha
Reddy, G Prathima Reddy, G Yashwant Reddy, and G Sai Mounica. The
Hyderabad-based firm undertakes infrastructure development
projects such as construction of roads, bridges, reservoirs, and
canals.


SUMESH ENGINEERS: CRISIL Lowers Rating on INR30MM Cash Loan to B
----------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Sumesh Engineers Private Limited to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', while reaffirming the short-
term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL A4 (Reaffirmed)

   Cash Credit              30       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the business risk profile
of SEPL. Despite revenue declining to an estimated INR37 million
in fiscal 2016 from INR265 million in fiscal 2015, working
capital cycle remained stretched on account of large inventory
holding and delayed receivables. Profitability is also expected
to remain low due to decline in operations. The business risk
profile is likely to remain weak over the medium term.

The rating continues to reflect the modest scale of operations in
the intensely competitive electrical industry, susceptibility of
profitability to volatility in raw material prices and tender-
based operations. These weaknesses are mitigated by the moderate
financial risk profile, marked by comfortable gearing and healthy
debt protection metrics and the extensive industry experience of
its promoters, leading to established customer and supplier
relationships.
Outlook: Stable

CRISIL believes SEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in scale of operations, while
profitability is maintained, results in sizeable accrual. The
outlook may be revised to 'Negative' if accrual is low or in case
of large working capital requirement or substantial debt-funded
capital expenditure.

SEPL was incorporated by Vadodara (Gujarat)-based Mr. Suresh Vyas
in 1992. It manufactures distribution transformers of 5 kilovolt
amperes to 5 megavolt amperes.


SUNNY VALLEY: ICRA Suspends 'D' Rating on INR7cr Cash Credit
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR7.00 crore fund based cash credit facility, INR2.06 crore
term loan, INR0.24 crore non fund based limits and INR0.20 crore
unallocated limits of Sunny Valley Tea & Industries Limited. The
unallocated limits of the company had also been rated on the
short term scale at [ICRA]D. The short term rating of [ICRA]D
assigned to the unallocated limits of INR0.20 crore has also been
suspended. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Sunny Valley Tea & Industries Ltd. was incorporated in 1918 and
has a tea garden in the Jalpaiguri district of West Bengal
covering an area of around 344 hectares under tea. The company
primarily produces CTC variety of tea which it sells in the
domestic market through a mix of auction and private sales
depending upon market conditions. Apart from producing tea from
its own garden, the company also has bought leaf operations,
which comprised around ~30% of the total tea production.


UNIVERSAL CONSTRUCTION: CRISIL Assigns C Rating to INR220MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Universal Construction Machinery and Equipment Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      25        CRISIL C
   Long Term Loan         125        CRISIL C
   Cash Credit            220        CRISIL C
   Letter of Credit
   Bill Discounting        50        CRISIL A4

The ratings reflect delay by the company in servicing term debt
(not rated by CRISIL), and frequent overdrawn in working capital
bank lines; the delays were caused by weak liquidity because of
subdued operating performance. Cash accrual is expected to be
tightly matched with debt repayment obligations over the medium
term.

The ratings are also constrained by UCMEL's below-average
financial risk profile, marked by high gearing, large working
capital requirement, and modest scale of operations amid intense
competition. The company, however, benefits from the extensive
experience of the promoters.

Promoted by Mr. Rohidas More, UCMEL was set-up in 1974 as a
proprietorship firm. Later, it was reconstituted as a private
limited company and since 2005, it has become a closely held
public limited company. A flagship company of the 'Universal'
group, UCMEL manufactures a wide range of construction equipment.


V. D. SWAMI: CRISIL Lowers Rating on INR140MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
V. D. Swami and Company Private Limited (VDS) to 'CRISIL D/CRISIL
D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          100       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Long Term Loan           60       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Overdraft Facility      140       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       20       CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by VDS in
servicing its term debt and overdrawls in the Working capital
facility for more than sixty days; the delays have been caused by
the company's weak liquidity, due to decline in its cash
accruals, which were inadequate to meet its bank loan
obligations. VDS's weak cash accruals resulted from a decline in
its scale of operations.

VDS also has below-average financial risk profile, marked by high
gearing and weak debt protection metrics. However, the company
benefits from the extensive experience of the promoter in the
industry.

Incorporated in 1956 in Chennai, VDS undertakes erection,
testing, commissioning, and maintenance of electrical and
engineering equipment in industries across various sectors.



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


MUSE ON ALLEN: Restaurant Placed Into Liquidation
-------------------------------------------------
Collette Devlin at Stuff.co.nz reports that the former Muse on
Allen restaurant has been put into liquidation. Owner Samuel
North said it is not connected to his new business, Muse Eatery
and Bar, on Victoria St., the report relates.

The former fine dining restaurant in Wellington has been put into
liquidation, owing more than NZ$60,000 to the Inland Revenue,
according to Stuff.co.nz.

Stuff.co.nz relates that after three years operating on Allen St,
the five-star eatery closed in February when owner Samuel North
decided to move to 56 Victoria St, formerly home to 3C Bar and
Restaurant.

Muse on Allen was put into liquidation on Sept. 6 at Wellington
High Court, says Stuff.co.nz.

Mr. North, who is listed in the Companies Office as 80%
shareholder and director of the company, was in court for the
proceedings, Stuff.co.nz says.

He told the judge he was a director of the company that was no
longer trading.

It had previously been given one month by the court to organize a
final payment arrangement, Mr. North said, according to
Stuff.co.nz.

"I offered to personally pay the PAYE without the penalties, but
was declined," Mr. North told the judge, the news source adds.

According to Stuff.co.nz, the judge confirmed that the debt was
NZ$61,000, including penalties.

A lawyer for the Commissioner of the Inland Revenue said there
were concerns about how a payment arrangement could be sustained
and there were tax returns still to be filed.

Andrew Hawkes of KPMG was appointed liquidator, the report notes.

After court, Mr. North said his debt stemmed from a legal battle
he had with a business partner when Muse first opened, adds
Stuff.co.nz.



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


HANJIN SHIPPING: Files for Ch. 15 Amid Korean Restructuring
-----------------------------------------------------------
Hanjin Shipping Co., Ltd., Korea's largest shipping company whose
sales reached a staggering KRW 10 trillion in 1992, filed in the
U.S. a voluntary petition under Chapter 15 of the Bankruptcy Code
on Sept. 2, 2016.

Hanjin Shipping sought bankruptcy protection as creditor banks
decided to deny future financing.  Due to its current financial
state, Hanjin said it is impossible for it to repay loans
totaling KRW 3.14 trillion (as of June 30, 2016) that are
maturing within one year.

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

In a declaration filed with the Bankruptcy Court, Mr. Suk stated
that the performance of the maritime transportation business,
which the Debtor is engaged in, deteriorated since the 2008
global financial crisis after a lack of demand resulting from the
ongoing contraction of the global economy which led to a
reduction in cargo volume and drop in freight charges over a long
period of time.  He added that the subsequent recession in Europe
and the economic slowdown in China prolonged the decrease in
global shipping business.

"Since 2012, the financial issues facing the global shipping
industry were exaggerated by the excess supply in vessels that
greatly exceeded the need for transported goods," Mr. Suk said.
"These factors contributed to the Company's poor financial
performance."

In the first half of 2016, the Debtor negotiated with a council
of creditor banks, including Korea Industrial Bank, its main
creditor.

The Debtor proposed a memorandum of understanding whereby the
creditors would agree to suspend the exercise of their rights for
three months, during which time the Debtor would propose a
management recovery plan, as disclosed in Court documents.

The Debtor, in negotiations with the creditors, agreed to form
"The Alliance" and submitted a self-rescue plan providing for KRW
400 billion by liquidating terminals and company buildings and
selling its trademarks, while continuing to negotiate reduction
in freight charges.  However, on Aug. 30, 2016, the creditor
banks advised the Debtor of their decision to reject future
financing which ended the negotiations.

                  Request for U.S. Recognition

Concurrent with the petition, a motion seeking recognition of the
Korean Commencement Order was filed with the Bankruptcy Court
citing a risk that certain of the Debtor's creditors will assert
that they are not subject to the jurisdiction of the Korean Court
and may attempt to take enforcement actions in the United States.
Mr. Suk said that the granting of the relief requested would
extend the protections of the stay to Hanjin's assets located in
the United States and prevent contract counterparties from
modifying or terminating United States-based contracts.

In addition to various litigation and arbitration proceedings
pending throughout the United States, Mr. Suk said there are
innumerable parties that can arrest and levy on the Debtor's
property in the United States.  These parties include, but are
not limited to, fuel provider, ship owners (where the Debtor is a
charterer), terminals, port pilots, trucking companies, repair
vendors, rail companies, and container lessors.

"Without the protections afforded by sections 362 and 365(e) of
the Bankruptcy Code, the Debtor may lose valuable rights and
benefits thereunder.  Accordingly, I submit that the interim
relief requested in the Recognition and Relief Motion is
necessary to protect against the disruption to business
operations and interference with reorganization efforts that
would result from such attempted exercise of remedies or
cessation of performance by contract counterparties and others,"
Mr. Suk continued.

A full-text copy of the Petitioner's declaration is available for
free at http://bankrupt.com/misc/3_HANJIN_Declaration.pdf

                      About Hanjin Shipping

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

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

Hanjin Shipping listed total current liabilities of KRW6,028,543
million and total current assets of KRW6,624,326 million as of
June 30, 2016.

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

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


HANJIN SHIPPING: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Petitioner: Tai-Soo Suk
                       129dong 101ho, 348,
                       Gangseo-ro, Gangseo-gu, Seoul
                       (Naebalsan-dong, Ujangsan Hillstate))

Chapter 15 Debtor: Hanjin Shipping Co., Ltd.
                   25, Gukjegeumyung-ro 2-gil,
                   Yeongdeungpo-gu, Seoul (Yeouido-dong)
                   South Korea

Chapter 15 Case No.: 16-27041

Type of Business: The Company is involved in shipping, port
                  operating system development, harbor loading,
                  unloading services, and other related services.

Chapter 15 Petition Date: September 2, 2016

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. John K. Sherwood

Chapter 15 Petitioner's Counsel: Ilana Volkov, Esq.
                                 Edward S. Kiel, Esq.
                                 COLE SCHOTZ P.C.
                                 25 Main St.
                                 Hackensack, NJ 07601
                                 Tel: (201) 489-3000
                                 Fax: 201-489-1536
                                 E-mail: ivolkov@coleschotz.com
                                 edward.kiel@coleschotz.com

Total Assets (Units: KRW Million): 6,624,326 as of June 30, 2016

Total Liabilities (Units KRW Million): 6,028,543 as of June 30,
2016


HANJIN SHIPPING: Korean Government to Inject KRW100 Billion
-----------------------------------------------------------
Yonhap News Agency reports that the government and ruling Saenuri
Party have decided to inject KRW100 billion ($90 million) into
cash-strapped Hanjin Shipping to ensure docking and unloading of
its nearly 80 container ships whose port access has been denied
worldwide in the wake of the company's collapse.

"The government will immediately send the money to the company as
soon as Hanjin Group, owned by Cho Yang-ho, provides sufficient
mortgage," the report quotes Rep. Kim Gwang-lim, chief
policymaker of the Saenuri Party, as saying.

As of Sept. 5, some 79 Hanjin vessels -- including 61 container
ships and 18 bulk carriers -- have been denied port access,
according to the maritime ministry.

"Of the 145 ships owned by Hanjin Shipping, 87 are stranded in
mid-ocean, unable to dock or unload," Yonhap quotes Mr. Kim as
saying. "If we include the ships that have departed for their
destinations, the number goes up to 97."

It is estimated that more than 600 billion won will be required
to settle the crisis, according to the government, Yonhap relays.

Meanwhile, the Ministry of Foreign Affairs will team with the
Ministry of Oceans and Fisheries and the Ministry of Strategy and
Finance to keep Hanjin vessels from being seized at overseas
ports, Yonhap reports.

A creditor has already seized a Hanjin vessel in Singapore,
Yonhap reports. And at least three U.S. firms have launched legal
action against Hanjin to seize vessels and other assets over
unpaid bills.

The government also is considering designating Busan, Korea's
biggest port city, and its surrounding areas a "region with an
employment crisis" if the situation worsens, adds Yonhap.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services.  The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.

Hanjin filed for court receivership on Aug. 31, 2016.  The filing
came after banks led by state-run Korea Development Bank (KDB)
withdrew backing for the world's seventh-largest container
carrier on August 30, saying a funding plan by its parent group
was inadequate to tackle debt that stood at KRW5.6 trillion ($5
billion) at the end of 2015, Reuters reported.


HANJIN SHIPPING: McDermott Will & Emery Seeks Out Creditors
-----------------------------------------------------------
McDermott Will & Emery is teaming up with peer Hill Rivkins to
form an ad-hoc committee of cargo owners and related parties who
have potential cargo claims against Hanjin Shipping Co. Ltd. and
would need representation in the receivership proceeding and any
ancillary proceedings that may be filed in the US and elsewhere.

McDermott intends to co-host a teleconference with Hill Rivkins
shortly after the Labor Day holiday next week to discuss the
implications of the Hanjin receivership proceeding and how they
can assist potential creditors.  All interested parties are
welcome to attend.  The exact date of the call will be announced
shortly.

The attorneys that will host the call will be Timothy Walsh,
McDermott partner and global head of the firm's Restructuring &
Insolvency practice; Darren Azman, a McDermott attorney focused
on corporate restructuring and creditors' rights; Hill Rivkins
partner and maritime law expert Anthony Pruzinsky; and associate
Justin Heilig, who also specializes in maritime law.  McDermott's
Seoul-based office would also assist in the representation.

Among the parties that could have claims against Hanjin are cargo
owners who hired the company to ship their goods, insurance
providers covering the cargo, and third party administrators,
says Mr. Azman.

He also notes that there are at least three potential bases for
claims that the cargo interests will need to evaluate in
connection with the Hanjin receivership proceeding: damage to
cargo, delays in shipping cargo or non-shipment of cargo due to
Hanjin's vessels being turned away at various ports, and
reimbursement for pre-paid shipments that never made it to their
destination.  Several interested parties have expressed their
interest in forming an ad-hoc committee to McDermott and Hill
Rivkins.

McDermott Will & Emery and Hill Rivkins have previous experience
working on high-profile cross-border insolvencies.  In 2014,
McDermott represented an ad-hoc bondholder group holding $300
million in principal amount in connection with the reorganization
of Brazilian oil and gas company OGX Petroleo & Gas Participacoes
SA, which at the time was the largest restructuring in Latin
America.  McDermott and Hill Rivkins are both currently
representing, as co-counsel, O.W. Bunker Germany GmbH in
connection with its German and U.S. insolvency proceedings and
maritime litigation.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services.  The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.

Hanjin filed for court receivership on Aug. 31, 2016.  The filing
came after banks led by state-run Korea Development Bank (KDB)
withdrew backing for the world's seventh-largest container
carrier on August 30, saying a funding plan by its parent group
was inadequate to tackle debt that stood at KRW5.6 trillion ($5
billion) at the end of 2015, Reuters reported.


HANJIN SHIPPING: NRF Responds to Bankruptcy Filing
--------------------------------------------------
The National Retail Federation on Sept. 1, 2016, issued the
following statement from Vice President for Supply Chain and
Customs Policy Jonathan Gold in response to this week's
bankruptcy filing by Hanjin Shipping:

"Retailers' main concern is that there is millions of dollars
worth of merchandise that needs to be on store shelves that could
be impacted by this.  Some of it is sitting in Asia waiting to be
loaded on ships, some is already aboard ships out on the ocean
and some is sitting on U.S. docks waiting to be picked up.  It is
understandable that port terminal operators, railroads, trucking
companies and others don't want to do work for Hanjin if they are
concerned they won't get paid.  However, we need all parties to
work together to find solutions to move this cargo so it does not
have a broader impact on the economy.

"There are more questions than answers at this point, but
retailers are working to get all issues addressed.  Retailers are
working with all of their service providers to find ways to get
their cargo moving to ensure that there is no or limited
interruption in the supply of merchandise."

The Hanjin bankruptcy comes as the Global Port Tracker report
published by NRF and Hackett Associates forecasts that major U.S.
retail container ports will handle 1.61 million Twenty-Foot
Equivalent Units this month, down 0.6 percent from the same month
last year.

NRF -- https://nrf.com -- is the world's largest retail trade
association, representing discount and department stores, home
goods and specialty stores, Main Street merchants, grocers,
wholesalers, chain restaurants and Internet retailers from the
United States and more than 45 countries.  Retail is the nation's
largest private sector employer, supporting one in four U.S. jobs
-- 42 million working Americans.  Contributing $2.6 trillion to
annual GDP, retail is a daily barometer for the nation's economy.
NRF's This is Retail campaign highlights the industry's
opportunities for life-long careers, how retailers strengthen
communities, and the critical role retail plays in driving
innovation.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services.  The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.

Hanjin filed for court receivership on Aug. 31, 2016.  The filing
came after banks led by state-run Korea Development Bank (KDB)
withdrew backing for the world's seventh-largest container
carrier on August 30, saying a funding plan by its parent group
was inadequate to tackle debt that stood at KRW5.6 trillion ($5
billion) at the end of 2015, Reuters reported.


* KOREA: Courts Overwhelmed by Surging Insolvent Companies
----------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that courts have been
overwhelmed by the surging number of businesses filing for
bankruptcy protection as many have failed to service their debt
amid the prolonged economic slump.

However, the number of judges handling corporate bankruptcies has
not been increased, placing heavier workloads on each of them,
the report says. This is feared to make it more difficult for
courts to effectively implement revival plans for debt-ridden
corporations, the report relates citing industry analysts.

A total of 562 companies filed for court receivership in the
first seven months of this year, up from 540 a year earlier,
according to the Supreme Court, the report discloses. If the
current trend continues, the figure could reach as many as 1,000
by the end of this year. In 2015, 925 enterprises filed for
bankruptcy protection.

Under snowballing debts, companies file for court receivership,
freezing debt obligations and assets, in order to avoid all-out
bankruptcy, according to The Korea Times.

Of 14 district courts that manage financially-strapped companies,
the Seoul Central District Court has put 460 of them under its
management in the January to July period. The assets held by
these total KRW26 trillion ($24 billion), the report notes.

"A growing number of companies are failing to pay off their
debts, hit hard by the prolonged economic downturn," the report
quotes a Supreme Court official as saying. "Unlike in the past,
many firms have become more willing to undergo court management
to get back on track."

In contrast to the soaring number of court-managed businesses,
the number of judges has remained little changed, says The Korea
Times.

The Korea Times notes that only 84 judges at the 14 district
courts are assigned to oversee corporate revival procedures. At
the Seoul Central District Court, only 18 judges are dealing with
450 companies, up from six in 2000. On average, one judge handles
26 companies, raising concerns that bankruptcy proceedings may
not be effectively managed.

"We can see more and more businesses opt to file for court
receivership as they become unable to meet their obligations,"
The Korea Times quotes an executive at one of the country's major
business associations as saying. "The ongoing economic downturn
has hit many firms across all industries, forcing them to file
for bankruptcy protection. Courts then decide to grant
receivership to only those deemed to be more valuable when alive
than liquidated."

He then said courts should mobilize more resources to more
effectively operate debt-ridden companies and help them get back
on their feet, stressing that if not, tens of thousands of
workers may lose their jobs, The Korea Times relays.

"I think the number of companies that will file for bankruptcy
protection this year will be the biggest since 1998 when the
Asian financial crisis hit Korea," the executive, as cited by The
Korea Times, said. "More judges should be called to manage
financially-struggling enterprises so that these businesses can
normalize operations and graduate from receivership as soon as
possible."



                             *********

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, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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