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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, November 24, 2016, Vol. 19, No. 233

                            Headlines


A U S T R A L I A

CARBON ENERGY: First Creditors' Meeting Set for Dec. 2
NATI BROS: First Creditors' Meeting Slated for Dec. 5
NATIONAL DAIRY: Dairy Farmers May Miss Out on Pay


I N D I A

AHALYA AGENCIES: CRISIL Reaffirms B+ Rating on INR54MM Cash Loan
ANDHRA PRADESH: CRISIL Reaffirms 'D' Rating on INR3.5BB Bond
ANDHRA PRADESH POWER: CRISIL Reaffirms D Rating on INR10.5BB Bond
ARM INFRA: Ind-Ra Withdraws 'IND B-' Long Term Issuer Rating
ARYA COTTON: ICRA Reaffirms B+ Rating on INR15cr Cash Loan

AYURSUNDRA HEALTHCARE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
BHARTIYA SAMRUDDHI: CRISIL Reaffirms 'D' Rating on INR1.23BB Loan
CLARIDGE MOULDED: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
DHRUV COTFAB: ICRA Suspends B+ Rating on INR13.71cr Loan
DOLPHIN OFFSHORE: CRISIL Cuts Rating on INR70MM LT Loan to 'B'

GANPATI ENTERPRISES: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
GIRIJA MILL: CRISIL Suspends B+ Rating on INR188MM LT Loan
GODRIWALA EDUCATION: CRISIL Assigns 'B' Rating to INR78MM Loan
HINDUSTAN PAPER: ICRA Suspends 'D' Rating on INR5.90cr Loan
HOTEL SAIDEEPS: CRISIL Suspends 'B' Rating on INR102.8MM Loan

JASUBHAI ENGINEERING: CRISIL Cuts Rating on INR73.2MM Loan to B+
JYOTI VINCOM: ICRA Reaffirms B- Rating on INR8.82cr Term Loan
K. R. FERRO: CRISIL Suspends 'D' Rating on INR203MM Term Loan
KALYANI RENEWABLE: CRISIL Suspends D Rating on INR555MM Term Loan
KESAR ALLOYS: CRISIL Reaffirms 'B' Rating on INR61.8MM Loan

LEAD RECLAIM: CRISIL Suspends 'B' Rating on INR52.5MM Term Loan
M. NAGI: CRISIL Upgrades Rating on INR50MM Loan to 'B-'
M.B. MULTISPECIALITY: CRISIL Suspends 'B' Rating on INR200MM Loan
MANGLAM COTTON: ICRA Suspends 'B' Rating on INR6.3cr Loan
MET-ROLLA IRON: CRISIL Assigns 'B' Rating to INR5MM Cash Loan

MITTAL OCEAN: ICRA Reaffirms B+ Rating on INR2.5cr Cash Loan
MITTAL TIMBER: ICRA Reaffirms 'B+' Rating on INR2.0cr Loan
MSR RICE: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
NAGARJUNA FEEDS: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
NAGARJUNA HATCHERIES: CRISIL Suspends 'D' Rating on INR130MM Loan

NORTH EASTERN EDUCARE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
RAMA KRISHNA: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
RAPID PUNCHING: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
RASUN EXPORTS: CRISIL Suspends 'D' Rating on INR70MM LT Loan
ROYALCARE SUPER: ICRA Suspends 'B' Rating on INR10cr Bank Loan
S C R NIRMAN: CRISIL Suspends B+ Rating on INR60MM Cash Loan

S.N.K.M. AND SONS: CRISIL Reaffirms 'B' Rating on INR55MM Loan
S&S GREEN: CRISIL Suspends 'B' Rating on INR360MM LT Loan
SAEE TRAFOLINE: CRISIL Suspends 'D' Rating on INR34MM Cash Loan
SAHARANPUR INSTITUTE: ICRA Ups Rating on INR15cr Term Loan to B-
SAI DEEPIKA: ICRA Suspends 'D' Rating on INR5cr Unalloc. Loan

SAVUTE TEXTILES: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
SHRI SOMESHWARA: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
SKH POULTRY: CRISIL Suspends 'D' Rating on INR50MM Term Loan
SOLAN SPINNING: CRISIL Raises Rating on INR75MM Term Loan to 'B'
SONAI CONSTRUCTIONS: Ind-Ra Assigns 'IND B+' LT Issuer Rating

SRI SAI: CRISIL Suspends B+ Rating on INR60MM Cash Loan
SRI VENKATESWARA: ICRA Reaffirms B+/A4 Rating on INR20cr Loan
SRINIVASA EDIFICE: ICRA Assigns B- Rating to INR14cr Bank Loan
SVSVS PROJECTS: ICRA Suspends B+ Rating on INR2.5cr Cash Loan
TDI INTERNATIONAL: ICRA Ups Rating on INR69cr Loan from 'D'

UI PIPE: CRISIL Suspends 'D' Rating on INR70MM Term Loan
ULTRA TRUST: CRISIL Reaffirms 'D' Rating on INR50MM Term Loan
VIJAYAKRISHNA FARMS: CRISIL Suspends 'D' Rating on INR53MM Loan
WIRECOM INDIA: CRISIL Suspends B+ Rating on INR59.1MM LT Loan
YETURU BIO-TECH: CRISIL Suspends 'D' Rating on INR40MM Cash Loan

YOGESH INDUSTRIES: CRISIL Suspends 'B' Rating on INR80MM Loan


M O N G O L I A

DEVELOPMENT BANK: Moody's Lowers Issuer Rating to Caa1
KHAN BANK: Moody's Downgrades Long Term Deposit Ratings to Caa1


N E W  Z E A L A N D

PUMPKIN PATCH: First Union to File Suit for Workers' Entitlements
WYNYARD GROUP: Telstra to Buy Part of Firm


S I N G A P O R E

STATS CHIPPAC: Fitch Cuts Long Term Currency IDRs to 'B+'


T A I W A N

TRANSASIA AIRWAYS: To Wind Down Operations
TRANSASIA AIRWAYS: To Distribute Severance Pay to Employees


                            - - - - -


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


CARBON ENERGY: First Creditors' Meeting Set for Dec. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Carbon
Energy Limited, Carbon Energy (Holdings) Pty Ltd, and Carbon
Energy (Operations) Pty Ltd of will be held at Level 7, 145 Eagle
Street, in Brisbane, Queensland, on Dec. 2, 2016, at 11:00 a.m.

Will Colwell and Tim Michael of Ferrier Hodgson were appointed as
administrators of Carbon Energy on Nov. 22, 2016.


NATI BROS: First Creditors' Meeting Slated for Dec. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Nati Bros
Roses Farming Australia Pty Ltd will be held at the offices of
Condon Associates Group, Level 6, 87 Marsden Street, in
Parramatta, NSW, on Dec. 5, 2016, at 11:00 a.m.

Schon Gregory Condon RFD of Condon Associates Group was appointed
as administrator of Nati Bros on Nov. 23, 2016.


NATIONAL DAIRY: Dairy Farmers May Miss Out on Pay
-------------------------------------------------
Peter Hemphill and Simone Smith at The Weekly Times report that
dairy farmer creditors of Tony Esposito's National Dairy Products
may miss out on getting paid for their milk.

Administrators appointed to the milk broking firm have indicated
there is likely to be a shortfall in funds to pay unsecured
creditors, the report says.

A meeting has been called for 3:00 p.m. on Nov. 28 by NDP's
appointed administrators, Glen Kanevsky and Salvatore Algeri, of
Deloitte Touche Tohmatsu, to discuss the company's collapse,
according to The Weekly Times.

NDP was placed in administration last week, following days of
speculation the company was in financial trouble.

The Weekly Times relates that suppliers left NDP earlier this
month with some were owed incentive payments due in September of
AUD9000-AUD20,000 and others were owed more than AUD200,000 for
milk supplied in the past month.

Mr. Kanevsky told The Weekly Times books and records show NDP's
debts exceed AUD4.5 million, including AUD1.1 million owed to
secured lender Scottish Financial.

He expected Scottish Financial to be paid in full but there were
little assets left over to pay other creditors, the report says.

"The company is clearly insolvent," the report quotes Mr.
Kanevsky as saying. "In the absence of a credible deed of company
arrangement proposal, liquidation will be the only option
available to creditors."

NDP ceased trading on Nov. 17 - the same day Mr. Kanevsky and
Mr. Algeri were appointed as administrators, the report adds.



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


AHALYA AGENCIES: CRISIL Reaffirms B+ Rating on INR54MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ahalya Agencies
continues to reflect Ahalya's modest scale of operations in an
intensely competitive consumer durables distribution industry,
and its average financial risk profile because of small networth,
high total outside liabilities to tangible networth ratio and
moderate debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            54        CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the promoter's extensive
experience in the consumer durables distribution business.
Outlook: Stable

CRISIL believes Ahalya will continue to benefit from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company increases its scale of
operations along with profitability while improving its capital
structure leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to negative if the
revenues or profitability decline substantially or if the firm
undertakes larger than expected debt funded capital expenditure
programme or if liquidity weakens due to stretch in working
capital requirements, weakening financial risk profile.

Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in
the trading of kitchen utensils and crockeries in Kerala.


ANDHRA PRADESH: CRISIL Reaffirms 'D' Rating on INR3.5BB Bond
------------------------------------------------------------
CRISIL's rating on the bank facilities and bond issues of
Transmission Corporation of Andhra Pradesh Limited (AP TRANSCO)
continue to reflect past instances of delay in meeting debt
obligation.

                         Amount
   Facilities           (INR Bln)     Ratings
   ----------           ---------     -------
   Bond Series I/2006
   (Option A)*             0.31       CRISIL D (Reaffirmed)

   Bond Series I/2006
   (Option B)*             1.60       CRISIL D (Reaffirmed)

   Bond Series II/2006
   (Option A)*             1.57       CRISIL D (Reaffirmed)

   Bond Series II/2006
   (Option B)*             1.33       CRISIL D (Reaffirmed)

   Bond Series I/2008
   (Option A & B)          3.50       CRISIL D (Reaffirmed)


*Amount outstanding as on March 31, 2014

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility      20000       CRISIL D

   Term Loan               20000       CRISIL D

CRISIL had, on May 2, 2016, downgraded the rating on the bonds,
which were guaranteed by the Government of Andhra Pradesh (GoAP),
to 'CRISIL D' from 'CRISIL BB/CRISIL BB(SO)' while removing the
rating from 'Rating Watch with Negative Implications'. The
downgrade reflected delays in debt servicing.

The delays were on account of continuing disputes relating to
distribution of assets and liabilities. Interest payment on some
of the rated bonds was not made in full, on the due date. While
payments have now been cured, albeit with a delay, lack of
clarity regarding bifurcation of the assets and liabilities of AP
TRANSCO still remain and may result in the continuation of the
dispute with respect to servicing of debt on the rated
instruments.

The rating also factors in the failure of the payment structure
and the inability of the trustee to ensure adherence to the
trustee-administered structure (non-invocation of guarantee). In
a similar case of Andhra Pradesh Power Finance Corporation (rated
'CRISIL D'), a similar dispute and non-compliance with the
payment structure (including non-invocation of guarantee) by the
trustee had led to payment shortfall and delay in debt servicing.

The ratings were primarily based on the unconditional and
irrevocable guarantee from GoAP, guaranteeing full repayment of
the principal and payment of interest in a timely manner. The
ratings also factored in the strength of a trustee-administered
payment structure.

CRISIL continues to engage with other GoAP entities, their
trustees, and the guarantor to assess any potential impact of
similar disputes on their debt servicing.

AP TRANSCO was incorporated as part of the first phase of the
power sector reforms in AP.

In fiscal 2014, profit after tax (PAT) was INR1.03 billion on
total income of INR14.56 billion, against PAT of INR4.17 billion
on total income of INR17.24 billion in fiscal 2013.


ANDHRA PRADESH POWER: CRISIL Reaffirms D Rating on INR10.5BB Bond
-----------------------------------------------------------------
CRISIL's rating on the bond issues of Andhra Pradesh Power
Finance Corporation Ltd. continue to reflect instances of delay
in meeting debt obligation.

                             Amount
   Facilities               (INR Bln)    Ratings
   ----------               ---------    -------
   Bond Series I/2004 *        2.44      CRISIL D (Reaffirmed)

   Bond Series I/2005 *        5.97      CRISIL D (Reaffirmed)

   Bond Series I/2010 *       10.53      CRISIL D (Reaffirmed)

   Bond Series I & II/2011     8.98      CRISIL D (Reaffirmed)

   Bond Series I/2012          3.14      CRISIL D (Reaffirmed)

   Bond Series II/2012 *      10.00      CRISIL D (Reaffirmed)

*Amount outstanding as on March 31, 2013

CRISIL had, on September 25, 2015, downgraded the rating on the
bonds, which were guaranteed by the Government of Andhra Pradesh
(GoAP), to 'CRISIL D' from 'CRISIL A(SO)', while removing the
rating from 'Rating Watch with Developing implications'. The
downgrade reflects delays in debt servicing by APPFC on account
of disputes with Telangana State Power Finance Corporation
relating to distribution of assets and liabilities. Due to this,
interest payment on some of the rated bonds was not made in full
on the due date.

The ratings on these bonds were primarily based on the
unconditional and irrevocable guarantee from GoAP, ensuring full
repayment of the principal, and payment of interest, in a timely
manner. The present rating factors in the failure of the payment
structure and the inability of the trustee to ensure adherence to
the trustee-administered structure (non-invocation of guarantee).

CRISIL continues to engage with the other GoAP entities, their
trustees, and the guarantor to assess any potential impact of
similar disputes on their debt servicing.
APPFC was set up to provide financial assistance to the power
sector in Andhra Pradesh.

In fiscal 2013 as well as fiscal 2012, there was no profit after
tax while total income was INR4.55 billion and INR2.50 billion,
respectively.


ARM INFRA: Ind-Ra Withdraws 'IND B-' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ARM Infra
Projects Private Limited's (ARM) 'IND B-(suspended)' Long-Term
Issuer Rating. The agency also withdrawn the 'IND B-(Suspended)'
rating on the company's INR250 million long-term loans.

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

Ind-Ra suspended ARMs ratings on March 9, 2016.


ARYA COTTON: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the
INR15.00-crore cash credit facility of Arya Cotton Industries at
[ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based-Cash
   Credit                  15.00        [ICRA]B+ re-affirmed

The re-affirmation of the rating factors in ACI's weak financial
risk profile, characterised by low profitability, weak debt
coverage indicators and moderate gearing levels. ICRA notes the
modest scale of operations with de-growth in revenue in FY2015
and FY2016. The rating continues to take into account the highly
competitive and fragmented industry structure owing to low entry
barriers. ICRA also notes that ACI is a partnership firm, wherein
any significant withdrawals from the capital account by the
partners could adversely affect its net-worth, and thereby its
capital structure.

The rating, however, continues to favorably factor in the
longstanding experience of the promoters in the cotton industry,
and the favorable location of the firm's plant with respect to
raw material procurement.

Going forward, the revenue growth of ACI is expected to witness
moderate growth, although the profitability will continue to
remain exposed to any adverse fluctuations in raw materials
prices. However, the firm's ability to scale up operations would
be largely contingent on the improvement in international demand,
given the seasonality in the business, volatility in prices of
cotton, high competitive intensity and uncertain regulatory
scenario. Furthermore, the firm's ability to infuse funds to
support its capital structure and manage its working capital
efficiently would be the key rating sensitivities.

Established in 2005, Arya Cotton Industries is a partnership firm
managed by Mr. Kishor Vadia, Mr. Lakhamshi Patel and family. The
firm is engaged in ginning and pressing of raw cotton for the
production of cotton bales and cottonseeds. ACI's manufacturing
facility is located at Anjar in the Kutch District of Gujarat.
The firm is currently equipped with 38 ginning machines and a
pressing machine with an installed production capacity of 30,240
MTPA.

Recent Results

During FY2016, ACI reported an operating income of INR71.6 crore
with a net profit of INR0.6 crore, as against an operating income
of INR117.4 crore with a net profit of INR0.1 crore in FY2015.


AYURSUNDRA HEALTHCARE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ayursundra
Healthcare Private Limited a Long-Term Issuer Rating to
'IND BB-'. The Outlook is Stable. The agency has also assigned
AHPL's INR836.33 million long-term loan an 'IND BB-' rating with
a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect near-completion stage of AHPL's hospital
project in Guwahati, Assam. The management expects the hospital
to be operational by the end of November 2016. The ratings factor
in the high competition to be faced by AHPL (being a new entrant)
from the existing players.

The ratings benefit from the locational advantage of the project
as it has easy accessibility to the airport, interstate bus
terminal, the railway station and the highway. The ratings are
supported by more than one and a half decades of experience of
one of the promoters in the hospital industry (which includes the
experience of running trauma/ surgery units and managing hospital
operations and staff in one of the super speciality centres in
the north-east).

RATING SENSITIVITIES

Positive: Stabilisation of operations within the expected
capacity utilisation could result in positive rating action.

Negative : Any cost or time overrun could result in negative
rating action.

COMPANY PROFILE

AHPL was incorporated on 28 December 2007 to run hospital
business in Guwahati, Assam. AHPL is setting up a 256 bed multi-
speciality hospital at Betkuchi village in Kampur district of
Guwahati, Assam.

Simanta Das, Dr Abhijit Hazarika and Lakshi Baishya are the
directors of the company.


BHARTIYA SAMRUDDHI: CRISIL Reaffirms 'D' Rating on INR1.23BB Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhartiya
Samruddhi Finance Limited continues to reflect instances of delay
in debt servicing owing to weak liquidity.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Long Term Bank Facility     1236       CRISIL D (Reaffirmed)

BSFL also has weak resource profile and asset quality. The
company is financially insolvent and susceptible to regulatory
and legislative risks associated with the microfinance sector.
However, it benefits from the promoters' extensive experience.

BSFL, a non-banking financial company promoted by Bhartiya
Samruddhi Investments and Consulting Services Ltd, began
operations in 1997. BSFL provides microfinance (credit and
insurance) services and knowledge-based technical assistance. Its
services are organised under two major heads: livelihood
financial services and common service centres. The customers
include small and marginal farmers, rural artisans, micro
enterprises, and federations and co-operatives owned by self-help
groups.

BSFL had assets under management of INR1.74 billion as on
March 31, 2016, against INR1.96 billion as on March 31, 2015. Net
loss was INR232 million on total income of INR198 million in
fiscal 2016 against net loss of INR230 million on total income of
INR307 million in the previous fiscal.


CLARIDGE MOULDED: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' to the long-term bank
facility of Claridge Moulded Fibre Ltd.

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

The rating reflects modest scale of operations in the fragmented
packaging industry. The rating also factors in below-average
financial risk profile because of weak capital structure and debt
protection metrics. These weaknesses are partially offset by
promoter's extensive experience.
Outlook: Stable

CRISIL believes CMFL will continue to benefit from the experience
of promoters and an established clientele. The outlook may be
revised to 'Positive' if increase in scale of operations and
profitability strengthens the financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if liquidity weakens due to large, debt-funded capital
expenditure, incremental working capital requirement or
significantly low cash accrual.

Incorporated in 1996 as a private limited company, Mumbai-based
CMFL manufactures paper pulp trays for packaging of eggs and
apples. Mr. Susheel Somani is the promoter.


DHRUV COTFAB: ICRA Suspends B+ Rating on INR13.71cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR13.71
crore limits of Dhruv Cotfab 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 2013, Dhruv Cotfab Private Limited has set up a
cotton ginning, pressing and crushing facility at Kadi in Gujarat
with the operations commencing from February 2014. The plant is
equipped with thirty two ginning machines and one pressing
machine having the production capacity of 17,280 Metric Tonnes
Per Annum (MTPA) and fifteen expellers having crushing capacity
of 17,550 MTPA. (Considering 180 working days in a year) The
promoters of the company have a long standing experience of about
a decade in the cotton industry through their associate concern,
Dhruv Oil Mill which is engaged into cottonseed oil
manufacturing. In the current financial year, the directors of
the company have also taken over Jay Khodiyar Cotton Industries,
a partnership firm engaged into cotton ginning activity.


DOLPHIN OFFSHORE: CRISIL Cuts Rating on INR70MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dolphin Offshore Shipping Limited (DOSL; part of the Dolphin
group) to 'CRISIL B/Stable' from 'CRISIL BB+/Stable'.

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

   Fund & Non Fund         35        CRISIL B/Stable (Downgraded
   Based Limits                      from 'CRISIL BB+/Stable')

   Proposed Long Term      70        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB+/Stable')

The downgrade reflects the sharp deterioration in the Dolphin
group's liquidity and business risk profile on account of a
stretch in its working capital cycle. Gross current assets
increased to over 800 days as on March 31, 2016, from 570 days as
on March 31, 2014, primarily because of increase in receivables
to 550 days from 300 days. The proportion of receivables
outstanding for more than six months increased to 70-75% as on
March 2016 from 42-45% as on March 31, 2015, on account of
delayed payments by key customers. The stretched working capital
cycle led to near full bank line utilisation.

The group's scale of operations declined over the past three
years, driven by fall in revenue to INR1.65 billion in fiscal
2016 from INR4.41 billion in fiscal 2013 in the EPC (engineering,
procurement, and construction) segment due to reduced orders.
Revenue in the chartering business is expected to drop 50-60% in
the near term from INR1.2 billion in fiscal 2015 on account of
repair and maintenance of a charter ship. However, total revenue
should remain at INR1.6-1.7 billion in the near term supported by
healthy order book of INR780 million in the EPC segment as of
June 2016.

Operating profitability is likely to fall steeply in fiscal 2017
on account of large write-offs of receivables and reduced
contribution from the high-margin chartering business, which
supported the group's profitability in the past three years.

The ratings reflect weakening of the Dolphin group's business
risk profile in the offshore services/EPC segment because of
pressure on profitability, and its working capital-intensive
operations. Also, the group is exposed to risks related to high
dependence on its vessel-chartering business for revenue, and
vulnerability of its operating margin to volatility in charter
rates. These weaknesses are partially offset by its promoters'
extensive experience in the offshore services and vessel
chartering industry, and its established relationships with
customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DOEIL [Dolphin Offshore Enterprises
India Limited] and its wholly owned subsidiaries DOSL (Dolphin
Offshore Shipping Limited) and DOEMPL (Dolphin Offshore
Enterprises (Mauritius) Private Limited). The companies,
collectively referred to as the Dolphin group, have significant
financial and operational linkages.
Outlook: Stable

CRISIL believes the Dolphin group will continue to benefit from
its promoters' extensive experience in the offshore services and
vessel chartering industry. The outlook may be revised to
'Positive' if there is a sustainable improvement in working
capital cycle, leading to better liquidity. The outlook may be
revised to 'Negative' if the financial risk profile weakens,
because of a stretch in working capital cycle, or lower-than
expected cash accrual, or less-than-expected support from DOEMPL
to DOEIL, resulting in deterioration in liquidity.

DOEIL, incorporated in 1979, is the flagship company of the
Dolphin group. It provides the complete range of offshore support
services to oil and gas exploration companies, including diving
and underwater engineering, marine operations and management
(vessel management), fabrication and installation, ship repair,
geo-technical services, and EPC activities. The company is listed
on the Bombay Stock Exchange and the National Stock Exchange.

DOSL and DOEMPL charter vessels and tugs to oil and gas
exploration companies.


GANPATI ENTERPRISES: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ganpati
Enterprises' 'IND B-(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND B-(suspended)'/'IND A4
(suspended)' ratings on GE's INR120 million fund/non-fund based
working capital limits.

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

Ind-Ra suspended GE's ratings on May 13, 2016.


GIRIJA MILL: CRISIL Suspends B+ Rating on INR188MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Girija
Modern Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      188       CRISIL B+/Stable
   Term Loan               152       CRISIL B+/Stable

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Girija Mill, and Pallavi Enterprises.
This is because these two entities, together referred to as the
Pallavi group, have common promoters, are in the same line of
business, and have operational linkages and fungible cash flows.

Pallavi Enterprises was set up in 1983 by Mr. Tatikonda
Viswanadham and his wife, Mrs. Tatikonda Savitri. Girija Mill was
set up in 2007 by Mr. Viswanadham and his daughter - Ms. Athuluri
Girija.


GODRIWALA EDUCATION: CRISIL Assigns 'B' Rating to INR78MM Loan
--------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' to the long-term bank
facilities of Godriwala Education Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B/Stable
   Term Loan               78        CRISIL B/Stable

The rating reflects exposure to project implementation risk,
expected small scale of operations and regulated risks associated
with education institutes. These weaknesses are partially offset
by the experience of the promoters in operating pre-schools and
favorable demand prospects for educational institutes.

Outlook: Stable

CRISIL believes GES will benefit from experience of the promoters
in operating pre-schools and the benefits derived from student
intake from the same. The outlook may be revised to 'Positive'
upon completion and stabilisation of the project along with
substantial enrolments leading to sizeable cash generation.
Conversely, the outlook may be revised to 'Negative' if there is
any delay in project execution, leading to delay in the academic
year commencement, or reduction in cash accrual due to low
students' enrolment.

GES was established in 2012 for running educational institutes.
Over the four years, four pre-schools (all based in Raipur) have
been opened under the society with an intake of around 420
students. The society is setting up a new school in Naya Raipur.


HINDUSTAN PAPER: ICRA Suspends 'D' Rating on INR5.90cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR6.90
crore long term fund based facilities of Hindustan Paper Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, fund
   based limits-
   Term Loan               5.90        [ICRA]D/suspended

   Long term, fund
   based limits-
   Cash Credit             1.00        [ICRA]D/suspended

Hindustan Paper Mill has set up a manufacturing facility for
kraft paper production having installed capacity of 40MT/day. HPM
currently manufactures kraft paper having Burst factor (BF)
specifications in the range of 12-20 which find their end usage
in production of corrugated boxes. The firm has started its
commercial production of paper from May'15 producing 25MT of
kraft paper per day. The firm's manufacturing facility is located
in Chandgad, Kolhapur on the Maharashtra - Karnataka border, with
the plant spread across 3 acres of land. The partners of the firm
are Mr. Sallaudin Bagwan and his son Mr. Imran Bagwan both having
35 years and 13 years of prior experience respectively in the
paper industry.


HOTEL SAIDEEPS: CRISIL Suspends 'B' Rating on INR102.8MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hotel
Saideeps Holiday Park.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft Facility       6         CRISIL B/Stable
   Term Loan              102.8       CRISIL B/Stable

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

Established in 1998, HSHP is a partnership firm, with Mr.
Rajendra Gondkar and his family members as partners. The firm
runs two hotels in Shirdi (Maharashtra)-Holiday Park and Sayali.


JASUBHAI ENGINEERING: CRISIL Cuts Rating on INR73.2MM Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jasubhai Engineering Private Limited to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB/Stable/CRISIL A4+'.

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

   Cash Credit              45       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit         20       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Packing Credit           10       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       73.2     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Term Loan                 1.6     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects the weakened business and financial risk
profile of the company on account of weak demand from the
customers. JEPL's sales and operating profitability declined in
2015-16 driven by lower order book through the year and execution
of lower margin orders. Although the demand is expected to
improve in the current year, the lower sales of INR286 million in
2015-16 as compared to INR380 million in 2014-15 and operating
margins of 0.6 per cent in 2015-16 as compared to 5.7 per cent in
2014-15 have led to significant deterioration in debt protection
indicators. The financial risk profile is expected to remain weak
over the medium term and the turnover and operating margin levels
will remain key rating sensitivity factors.

The ratings reflect the JEPL's modest scale of operations, low
operating profitability, working capital intensive operations and
weak financial risk profile marked by weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of JEPL's promoter in the engineering industry and a
comfortable capital structure.
Outlook: Stable

CRISIL believes that JEPL will continue to benefit over the
medium term from its promoters' experience in the engineering
sector. The outlook may be revised to 'Positive' if JEPL improves
its profitability while increasing its scale of operations,
leading to higher-than-expected cash accruals and improved debt
protection indicators. Conversely, the outlook may be revised to
'Negative', if the company's turnover declines further or its
financial risk profile deteriorates, due to sizeable, debt-
funded, capital expenditure (capex) or stretched working capital
requirements.

JEPL, based in Ahmedabad (Gujarat), was founded by Mr. Jasu Shah
in 1967. The company manufactures instrumentation products,
packaging machines, and combustion systems. JEPL is an agency
partner for several principals such as Germany-based Gestra, and
US-based K-tek Corporation.

JEPL reported a negative profit after tax (PAT) of INR12.03
million on net sales of INR286.1 million for 2015-16, as against
a PAT of INR0.4 million on net sales of INR380.2 million for
2014-15.


JYOTI VINCOM: ICRA Reaffirms B- Rating on INR8.82cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B- rating assigned to the INR8.82
crore (reduced from INR11.00 crore earlier) term loan and INR7.10
crore (increased from INR5.30 crore earlier) working capital
facilities of Jyoti Vincom Private Limited. ICRA has assigned an
[ICRA]A4 rating to the INR0.18 crore bank guarantee facility of
JVPL. ICRA has also reaffirmed the [ICRA]B- and [ICRA]A4 ratings
assigned to an untied limit of INR0.40 crore (increased from
INR0.20 crore earlier) of JVPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Term Loan                8.82       [ICRA]B- reaffirmed

   Fund Based Limit-        6.30       [ICRA]B- reaffirmed/
   Cash Credit (OLF)                    assigned

   Fund Based Limit-
   Cash Credit (R/E)        0.80       [ICRA]B- reaffirmed

   Non Fund Based Limit-
   Bank Guarantee           0.18       [ICRA]A4 assigned

   Untied Limit             0.40       [ICRA]B-/[ICRA]A4
                                       reaffirmed/assigned

The reaffirmation of the ratings take into account JVPL's small
scale of current operations, and its weak financial risk profile
as reflected by losses suffered by the company in the last two
years. Debt-servicing obligations arising due to predominantly
debt-funded capital expenditure in FY2014 is likely to keep its
cash flows under pressure in the near to medium term. The ratings
also consider the high working-capital-intensive nature of
operations (due to the upfront advances to be extended to the
farmers at the time of loading of potatoes), which exert pressure
on the liquidity position. The ratings are further constrained by
the regulated nature of the industry, which makes it difficult to
pass on any increase in operating costs, exerting pressure on
profitability. Further, ICRA notes that the company is exposed to
the counterparty risk on loans extended to the farmers due to the
chances of delinquencies, if potato/fruits/ vegetables prices
fall substantially.

The ratings, however, derive support from the established track
record of the company in the cold-storage business. The promoters
have more than four decades of experience in the industry and
JVPL enjoys location-specific advantage as its cold-storage unit
is at Hooghly, a district with large potato production.

In ICRA's opinion, the ability of the company to improve its
profitability while managing its working capital requirements
efficiently would be the key rating sensitivities, going forward.

Incorporated in February 2009, Jyoti Vincom Private Limited
(JVPL) is promoted by the West Bengal-based Kundu family. The
company provides cold-storage facility to potato-growing farmers
and traders on a rental basis with a storage capacity of 19,668
metric tonnes (MT). The company also provides a multipurpose
storage facility of 5,010 MT for storing different variety of
fruits and vegetables like carrot, beet, apples, etc. The cold-
storage unit is located at Hooghly, West Bengal. Narayan Cold
Storage Private Limited (rated at [ICRA]B), a company operating
under the same management, is involved in the cold storage
business of storing potato.

Recent Results

In 2015-16, the company reported a net loss of INR0.65 crore on
an operating income of INR4.11 crore, as compared to a net loss
of INR0.36 crore on an operating income of INR3.88 crore in 2014-
15.


K. R. FERRO: CRISIL Suspends 'D' Rating on INR203MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of K. R.
Ferro Alloys Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL D
   Letter of Credit        25        CRISIL D
   Term Loan              203        CRISIL D

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

KRF was incorporated in 1995 as Karthik Securities Pvt Ltd by Mr.
B Gopala, and got its current name in 2008. KRF manufactures
high-carbon ferro manganese and silico manganese.


KALYANI RENEWABLE: CRISIL Suspends D Rating on INR555MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kalyani
Renewable Energy India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      145       CRISIL D
   Term Loan               555       CRISIL D

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

KRE was incorporated in 2006 by Mr. V Narayana Rao. The company
is setting up a 15-megawatt biomass power generation plant at
Balapur Mini Industrial Area in Akola, Maharashtra.


KESAR ALLOYS: CRISIL Reaffirms 'B' Rating on INR61.8MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Kesar Alloys and
Metals Private Limited (KAMPL; part of Kesar group)'s continues
to reflect average financial risk profile marked by moderate net
worth, moderate TOLTNW ratio and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             61.8      CRISIL B/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                 40.0      CRISIL B/Stable (Reaffirmed)

   Letter Of Guarantee       2.5     CRISIL A4 (Reaffirmed)

   Letter of Credit         40.0     CRISIL A4 (Reaffirmed)

   Term Loan                43.2     CRISIL B/Stable (Reaffirmed)

The ratings also factor the group's modest scale of operations in
the fragmented thermo-mechanically treated (TMT) steel bar
industry and low operating margin. These rating weaknesses are
partially offset by the benefits that group derives from its
promoters' extensive experience in the steel industry and its
semi-integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KAMPL and Kesar Steel Corporation
(KSC), together referred to as the Kesar group. The entities are
in the same business, have common promoters, and have significant
operational transactions.
Outlook: Stable

CRISIL believes that group will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of sustained and
sharp improvement in the group's scale of operations and
profitability, leading to higher cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of significant
deterioration in its financial risk profile and liquidity due to
lower-than-expected cash accruals, lengthening of working capital
cycle, or a large debt-funded capital expenditure.

KAMPL was incorporated in 1995 by Mr. Subhash Chand Jain. The
company manufactures TMT bars and has installed capacity of
18,000 tonne of TMT bars per year. Its operations are integrated
backward and it has capacity to produce 14,400 tonne of ingots
and billets per year. Its manufacturing facility is in Pithampur,
Madhya Pradesh, and it markets TMT bars under its Kesar Gold TMT
brand.

KSC was set up in 1992 as a proprietorship firm by Mr. Subhash
Chandra Jain. The firm trades in structural steel products such
as TMT bars in Madhya Pradesh. It derives more than 80% of its
revenue from distributorship of JSW Steel Ltd's products.


LEAD RECLAIM: CRISIL Suspends 'B' Rating on INR52.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
LEAD Reclaim & Rubber Products Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B/Stable
   Term Loan               52.5      CRISIL B/Stable

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

Incorporated in 2012, LRRPL is promoted by Gujarat-based Patel
and Chauhan families. It manufactures reclaim rubber of various
grades. The company started commercial production in April 2015.


M. NAGI: CRISIL Upgrades Rating on INR50MM Loan to 'B-'
-------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of M. Nagi
Reddy and Company to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           35       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Overdraft Facility       50       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

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

   Secured Overdraft        20       CRISIL B-/Stable (Upgraded
   Facility                          from 'CRISIL D')

The rating upgrade reflects timely servicing of interest
obligations since April 2016, backed by improved liquidity and
need-based fund support from promoters. The upgrade also factors
CRISIL's belief that the firm will maintain its improved net cash
accrual over the medium term, leading to adequate liquidity.
Expected cash accrual of INR9.7-15.3 million per annum should
suffice to meet working capital requirement in fiscals 2017 and
2018. This, along with no major capital expenditure plan should
lead to a better financial risk profile. Moreover, steady orders
from established clients will support the business risk profile.

The ratings reflect a small scale of operations in the intensely
competitive construction industry, high degree of geographical
and customer concentration in revenue, working capital-intensive
nature of operations, and a small networth limiting financial
flexibility. These rating weaknesses are partially offset by the
extensive experience of the promoters in the construction
industry, and an above-average financial risk profile because of
low gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes MNRC will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
revenue while profitability margins are maintained, or sustained
improvement in the working capital cycle. The outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in the capital structure
caused most likely by any large, debt-funded capital expenditure
or a stretched working capital cycle.

MNRC, set up as a partnership firm in 1973, currently has four
partners ' Mr. M Nagi Reddy, Mr.  M V Rama Reddy, Mr. M Sai
Kiran, and Mrs. N Suryavathi. The firm constructs buildings,
mainly for state government entities in Andhra Pradesh.


M.B. MULTISPECIALITY: CRISIL Suspends 'B' Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M.B.
Multispeciality Hospitals Health City.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         200        CRISIL B/Stable

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

Incorporated in the year 2013 as a partnership firm, MBMHC is
setting up a 100 bedded multi-specialty hospital in
Vishakhapatnam in Andhra Pradesh. The hospital is promoted by Dr.
Kotipalli Vishnu Prasad and his family.


MANGLAM COTTON: ICRA Suspends 'B' Rating on INR6.3cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR6.30
crore limits of Manglam Cotton Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in 2008, Manglam Cotton Industires is a partnership
firm and is engaged in the ginning and pressing of raw cotton.
The firm also trades in cotton bales. The firm's manufacturing
facility is located at Mehsana, Gujarat and is equipped with 24
ginning and 1 pressing machine with total production capacity of
225 bales1 per day (assuming three shifts of operations). Two of
the partners namely; Mr. Mayur Patel and Mr. Vijaybhai Ganatara
are involved into the day to day operations of the firm.


MET-ROLLA IRON: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Met-Rolla Iron and Strips Company Limited and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
facilities. CRISIL had, on October 24, 2016, suspended the rating
as MISL had not provided information required for a rating
review. MISL has now shared the requisite information, enabling
CRISIL to assign a rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        70        CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect MISL's below average financial risk profile
due to subdued debt protection metrics, its small scale of
operations in a fragmented steel industry and the vulnerability
of operating margins to fluctuations in foreign exchange rates
and raw material prices. These weaknesses are partially offset by
the extensive experience of MISL's promoters in the steel
business.

Outlook: Stable

CRISIL believes that MISL will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to "Positive" in case of a significant
increase in scale of operations and profitability leading to
higher than expected cash accruals. Conversely, the outlook may
be revised to "Negative" in case of a decline in operating income
or higher than expected debt funded capex resulting in weakening
of its financial risk profile; particularly liquidity.

Incorporated in 2000, Met Rolla Iron And Strips Company Limited
(Met Rolla), is into manufacture of mild steel (MS) ingots.


MITTAL OCEAN: ICRA Reaffirms B+ Rating on INR2.5cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR2.50-crore fund-based facilities of Mittal Ocean Trade Pvt
Ltd. It has also reaffirmed its short-term rating of [ICRA]A4 on
the INR8.50-crore non-fund based bank facilities of MOTPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              2.50       [ICRA]B+; reaffirmed

   Non Fund-Based
   Limits Letter of
   Credit                   8.50       [ICRA]A4; reaffirmed

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of MTS and
its associate company- Mittal Ocean Trade Pvt Ltd, collectively
referred to as the Mittal Group.

The rating action factors in the growth in operating income of
the group in FY2016 by 5%, which was, however, accompanied by a
decline in net profits on account of higher interest costs and
increase in the TOL/TNW ratio due to elongated working capital
cycle.

ICRA's ratings are constrained by the relatively modest scale of
the group's operations, which limits economies of scale, and the
competitive pressures to which the group is exposed, owing to
low-entry barriers. The ratings also take into account the
dependence of timber availability on trade regulations prevailing
in the markets from where the supplies are sourced. The ratings
are also tempered by the susceptibility of the group's margins to
fluctuations in foreign currency exchange because of its
significant dependence on imports.

The ratings are also constrained by the group's financial risk
profile, characterised by modest accruals, low net worth, high
Total outside Liabilities/Net Worth ratio of 5.18 times and weak
coverage indicators with NCA/TD1 of 4.37% and DSCR2 of 1.44 for
FY2016. The ratings are also constrained by the exposure of
timber industry to any slowdown in the construction industry. The
rating, however, positively considers the significant experience
of the promoter group in the timber trading business and the
group's established relationships with its suppliers, enabling
timely availability of timber.

Going forward, the ability of the group to improve its scale of
operations, maintain adequate profit margins and manage working
capital cycle prudently will be the key rating sensitivity.

Incorporated in 1999, MOTPL is promoted by Mr. Rajiv Mittal and
Mr. Vijay Mittal. MTS and MOTPL are involved in timber trading
and procure timber mainly from Sinagapore, Hong Kong and New
Zealand and also from the domestic market. The group's factory,
located at Gandhidham (Gujarat), cleans and saws logs to make
clean squared timber blocks. The sawn timber, produced in its
Gandhidham factory, is sold from the group's offices in Karnal,
Haryana and in Gandhidham.

Recent Results
MTS reported a net profit of INR0.07 crore on an operating income
of INR38.24 crore in FY2016 as against a net profit of INR0.08
crore on an operating income of INR38.37 crore in FY2015.


MITTAL TIMBER: ICRA Reaffirms 'B+' Rating on INR2.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR2.00-crore fund-based facilities of Mittal Timber Store. It
has also reaffirmed its short-term rating of [ICRA]A4 on the
INR9.0-crore non-fund based bank facilities of MTS.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              2.00       [ICRA]B+; reaffirmed

   Non-fund based
   Limits Letter of
   Credit                   9.00       [ICRA]A4; reaffirmed

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of MTS and
its associate company, Mittal Ocean Trade Pvt Ltd, collectively
referred to as the Mittal Group.

The rating action factors in the growth in operating income of
the group in FY2016 by 5%, which was, however, accompanied by a
decline in net profits on account of higher interest costs and
increase in the TOL/TNW ratio due to elongated working capital
cycle. The increased working capital borrowings of MTS have also
resulted in a leveraged capital structure, with a gearing of 2.20
times as on March 31, 2016 (as compared to 1.49 times an year
ago) and the TOL/TNW1 ratio of 6.74 times (5.70 times).

ICRA's ratings are constrained by the relatively modest scale of
the group's operations, which limits economies of scale, and the
competitive pressures to which the group is exposed, owing to
low-entry barriers. The rating also takes into account the
dependence of timber availability on trade regulations prevailing
in the markets from where the supplies are sourced. The ratings
are also tempered by the susceptibility of the group's margins to
fluctuations in foreign currency exchange rates because of its
significant dependence on imports. The ratings are also
constrained by the exposure of timber industry to any slowdown in
the construction industry. ICRA also takes cognizance of MTS'
partnership constitution, which exposes it to risks of
withdrawals, dissolution etc. The rating, however, positively
considers the significant experience of the promoter group in the
timber trading business and the group's established relationships
with its suppliers, enabling timely availability of timber.
Going forward, the ability of the group to improve its scale of
operations, maintain adequate profit margins and manage working
capital cycle prudently will be the key rating sensitivity.

Established in 1975, MTS is a proprietorship entity owned by Mr.
Krishna Kumar Mittal. MTS and MOTPL are involved in timber
trading and procure timber mainly from Sinagapore, Hong Kong and
New Zealand and also from the domestic market. The group's
factory, located at Gandhidham (Gujarat), cleans and saws logs to
make clean squared timber blocks. The sawn timber, produced at
its Gandhidham factory, is sold from the group's offices in
Karnal, Haryana and in Gandhidham.

Recent Results
MTS reported a net profit of INR0.17 crore on an operating income
of INR36.04 crore in FY2016 as against a net profit of INR0.25
crore on an operating income of INR32.48 crore in FY2015.


MSR RICE: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of MSR
Rice Industries (MSR).

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit              50         CRISIL D
   Proposed Long Term
   Bank Loan Facility       14.3       CRISIL D
   Term Loan                10.7       CRISIL D

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

RRI was set up as a proprietorship firm in 2005 by Mr. K Jagga
Rao; the entity was reconstituted as a partnership firm in 2011
with family members included as partners. Subsequently Mr. K
Jagga Rao, also set up two other partnership firms- MJR and MSR
in 2007 and 2009, respectively.


NAGARJUNA FEEDS: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nagarjuna Feeds (Cattle and Poultry Feeds).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             30         CRISIL D
   Long Term Loan          22.5       CRISIL D

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

Nagarjuna, set up in 2007, by Mr. K S Reddy and the late Mr. M V
Sudhakar, is engaged in poultry farming; its poultry farms are in
Ranga Reddy (Telangana).


NAGARJUNA HATCHERIES: CRISIL Suspends 'D' Rating on INR130MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Nagarjuna Hatcheries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL D
   Long Term Loan         130        CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Nagarjuna Feeds (Cattle & Poultry
Feeds) (Nagarjuna Feeds) and Nagarjuna. This is because the two
firms, together referred to as the Nagarjuna group, have common
promoters, are engaged in the same line of business, and have
operational linkages and fungible cashflows.

Nagarjuna, set up in 2007, by Mr. K S Reddy and the late Mr. M V
Sudhakar, is engaged in poultry farming; its poultry farms are in
Ranga Reddy (Telangana).


NORTH EASTERN EDUCARE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned North Eastern
Educare & Research Private Limited (NEER) a Long-Term Issuer
Rating of 'IND BB-'. The Outlook is Stable. The agency has also
assigned NEER's INR77.8 million long-term loan an 'IND BB-'
rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect NEER's relatively new set-up as it started
its operations in FY13. Its revenue profile is susceptible to the
risks emanating from the admission of students at the Kaziranga
University (KU) as the students admitted to this university stay
in NEER hostel.

The ratings, however, benefit from NEER's moderate scale of
operations and credit metrics. During FY16 NEER's revenue was
INR59 million (FY15: INR47 million), interest coverage (operating
EBITDAR/gross interest expense + rents) was 2.1x (1.5x) and net
leverage (total adjusted net debt/operating EBITDAR) was 9.3x
(9.0x). EBITDA margins were high at 55.9% in FY16 (FY15: 64.4%);
margins declined in FY16 due to increase in mess expenses due to
increase in food expenses.

RATING SENSITIVITIES

Positive: Substantial increase in the scale of operations and
profitability could be positive for the ratings.

Negative: Deterioration in the profitability leading to
detoriation in the overall credit metrics could be negative for
the rating.

COMPANY PROFILE

NEER, promoted by Khetan and Goel Group, provides boarding
facilities to students enrolled in KU. The services include
accommodation, cafeteria and transport. The company commenced
operations in August 2012.

North Eastern Knowledge Foundation established KU in 2012. KU is
governed by the Assam Private University Act No. XII of 2007, and
is authorised to offer bachelor, master and doctoral degrees in
courses such as business, engineering, basic sciences and
computing science.


RAMA KRISHNA: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rama
Krishna Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL D
   Proposed Long Term
   Bank Loan Facility       12       CRISIL D

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

RRI was set up as a proprietorship firm in 2005 by Mr. K Jagga
Rao; the entity was reconstituted as a partnership firm in 2011
with family members included as partners. Subsequently Mr. K
Jagga Rao, also set up two other partnership firms- MJR and MSR
in 2007 and 2009, respectively.


RAPID PUNCHING: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rapid Punching
Solutions Private Limited (RPSPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RPSPL's small scale of operations and stable
credit metrics. According to the financials for FY16, the
company's revenue improved to INR192.72 million in FY16 (FY15:
INR170.77 million), interest coverage (operating EBITDA/gross
interest expense) increased to 4.68x (4.37x) and net leverage
(adjusted net debt/operating EBITDA) deteriorated to 2.17x
(1.67x).

The ratings factor in the company's lack of any expansion plans
in the short-term. The ratings further factor in the risk of
decline in EBITDA margins caused by decrease in sales as the
sales is order-backed and highly subject to realisations.

The ratings, however, reflect the company's comfortable liquidity
as the average working capital utilisation for the 12 months
ended September 2016 was around 80%.  The ratings are supported
by promoters' decade-long experience in the iron and steel
industry.

RATING SENSITIVITIES

Negative: Deterioration in margins leading to deteriorated credit
metrics below 3.6x could be negative for the ratings.

Positive: A significant improvement in the topline and/or
diversification of the revenue sources while maintaining and/or
improving current credit profile could be positive for the
ratings.

COMPANY PROFILE

RPSPL, incorporated in 2006 and promoted by Mr. Anurag Rishi, Mr.
Mukesh Aswal and Mr. O. P. Kamboj, manufactures and processes
sheet metal components and supplies them mainly to telecom and
power sector. Its manufacturing facility is at Faridabad
(Haryana) and has an annual installed capacity of 3,000MT.

RPSPL's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable

   -- INR32.1 million term loan facilities: assigned
      'IND BB+'/Stable

   -- INR30 million fund-based working capital facilities:
      assigned 'IND BB+'/Stable/'IND A4+'

   -- Proposed INR2.90 million fund-based working capital
      facilities: assigned 'Provisional IND BB+'/
      Stable/'Provisional IND A4+'*

* the ratings are provisional as RPSPL plans to increase its
fund-based facility in order to be able to execute bigger orders
and the final rating will be assigned subject to execution of
sanction letter for the above facilities.


RASUN EXPORTS: CRISIL Suspends 'D' Rating on INR70MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rasun
Exports Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL D
   Foreign Bill Disc.      25        CRISIL D
   Packing Credit          20        CRISIL D
   Proposed Long Term
   Bank Loan Facility      70        CRISIL D

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

REPL was set up in 1995 by Mr.Ravinder Reddy and
Mr.Satyanarayana. The company is engaged in mining of granite
blocks and slabs. It is based in Hyderabad (Telangana).


ROYALCARE SUPER: ICRA Suspends 'B' Rating on INR10cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the
INR10.00 bank facilities of Royalcare Super Speciality Hospital
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.

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


S C R NIRMAN: CRISIL Suspends B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S C R Nirman Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          125       CRISIL A4
   Cash Credit              60       CRISIL B+/Stable
   Long Term Loan           10       CRISIL B+/Stable
   Proposed Cash
   Credit Limit             25       CRISIL B+/Stable

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

SCRN was set up in 2009 by Mr. S Chenna Reddy. The company lays
railways tracks, and mainly caters to South Central Railways,
South West Railways, and Eastern Railways. It is based in
Secunderabad (Telangana).


S.N.K.M. AND SONS: CRISIL Reaffirms 'B' Rating on INR55MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.N.K.M. and Sons
Timbers Private Limited (SNKM) continue to reflect a small scale
of operations in the highly fragmented timber industry, a below-
average financial profile because of a high total outside
liabilities to tangible networth (TOLTNW) ratio, and working
capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters and an established regional market position in timber
trading.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             55       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        50       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SNKM will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations while operating profitability is maintained, or if
working capital management improves, resulting a better financial
risk profile. The outlook may be revised to 'Negative' if
profitability declines or working capital requirement is higher
than expected, leading to deterioration in the financial risk
profile.

Update
Revenue increased by 10% year-on-year to INR165 million in fiscal
2016, largely in line with CRISIL's expectation. The growth was
mainly led by higher orders from existing customers. Operating
margin remained moderate at about 9%, despite intense competition
from several small players in the industry.

Operations are expected to remain working capital intensive over
the medium term due to high inventory (3-4 months), as a wide
variety of timber has to be maintained, and high receivables
owing to the long credit period offered to customers. However,
working capital requirement is supported by an ability to stretch
creditors.

The financial risk profile remains constrained by a modest
networth of INR14 million, and a high TOLTNW ratio of 3.8 times,
as on March 31, 2016. Furthermore, debt protection metrics were
weak, with a low interest coverage ratio, in fiscal 2016. The
metrics are likely to remain weak over the medium term.

Liquidity is supported by modest cash accrual with no major
repayment obligation over the medium term, and unsecured loans
from promoters.

Incorporated in 1995, SNKM is promoted and managed by Mr. Sahul
Hameed and his family members. The Chennai-based company trades
in and processes hardwood.


S&S GREEN: CRISIL Suspends 'B' Rating on INR360MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of S&S
Green Projects Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          360       CRISIL B/Stable

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

Established as S&S Constructions and subsequently converted into
SSGPL in 2010, SSGPL is engaged in the real estate business,
majorly residential constructions in Hyderabad. The company is
promoted by Mr. Vijay Sai and Mr. Amar Kumar.


SAEE TRAFOLINE: CRISIL Suspends 'D' Rating on INR34MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saee Trafoline Pvt Ltd (STPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D
   Cash Credit             34        CRISIL D
   Term Loan               26        CRISIL D

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

Incorporated in 2009, STPL is a transformer field service
specialist engaged in erection, testing, commissioning and
servicing of electrical transformers. Mr. Kannepoti Srinivasa
Rao, Mr. Muppalla Ramesh Babu, Mr. Chaganti Naga Srinivasa Satish
and Mrs. Chaganti Naveena are the directors of STPL. The company
has its registered office in Vijayawada, Andhra Pradesh.


SAHARANPUR INSTITUTE: ICRA Ups Rating on INR15cr Term Loan to B-
----------------------------------------------------------------
ICRA has upgraded its long-term rating to [ICRA]B- from [ICRA]D
on the INR15.00-crore term loan facilities of Saharanpur
Institute of Medical Sciences Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loan Facilities      15.00      [ICRA]B-; upgraded
    (LT Scale)                          from [ICRA]D

ICRA's rating upgrade takes into account the improvement in debt
servicing by the company. Delay in the commencement of operations
resulted in delay in debt obligations; however, the company has
been regular in paying its debt obligations from the unsecured
loans extended by the promoter. The ratings continue to factor in
the long experience of the promoters in the healthcare industry
and the substantial position of the hospital as a multispecialty
hospital in Saharanpur. The ratings are, however, constrained by
the low occupancy of the hospital given the nascent stage and
modest scale of its operations, resulting in weak return and
coverage indicators.

Going forward, the company's ability to improve its operating
metrics and the timely support of the promoters will be the key
rating sensitivities.

SIMS was incorporated in July 2010, by a team of doctors led by
Dr. Ravi Jain and Dr. Ajay Kumar. Located at Delhi Road in
Saharanpur, Uttar Pradesh, SIMS is a multi-specialty hospital
spread over an area of about 6,800 square meters with a capacity
of 120 beds. The institute commenced operations in December 2015
and provides a comprehensive suite of health services which
include neurology, cardiology, oncology, orthopedics etc.

Financial Results

In 4MFY2016, SIMS reported revenue receipts of INR2.3 crore and a
net loss of INR4.7 crore. As per provisional 5MFY2017 results,
the company has reported an operating income of INR3.0 crore.


SAI DEEPIKA: ICRA Suspends 'D' Rating on INR5cr Unalloc. Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR3.0 crore cash credit, INR2.0 crore term loan, and the rating
of [ICRA]D/D assigned to INR5.0 crore unallocated limits of Sai
Deepika Parboiled Rice Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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


SAVUTE TEXTILES: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Savute Textiles
Private Limited (STPL) continue to reflects modest scale and
working capital intensive of operations, below- average financial
risk profile because of a small net worth and modest debt
protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable
                                     (Reaffirmed)

The rating also factors in the susceptibility to volatility in
raw material prices, and exposure to intense competition in the
industry. These rating weaknesses are partially offset by the
benefits that STPL derives from its promoters' extensive industry
experience and its established relationships with its major
suppliers and customers.

Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in the scale of operations and profitability
margins, or a considerable improvement in the capital structure
on the back of sizeable equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, or significant weakening
of the capital structure caused most likely by a stretch in the
working capital cycle, or any large, debt-funded capital
expenditure.

Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company is
promoted by Mr. Stephen Logan and Mr. Gopinathan.

For 2015-16 (refers to financial year, April 1 to March 31), STPL
reported a provisional profit after tax (PAT) of INR8.15 million
on revenue of INR348.22 million (INR4.31 million and INR198.68
million, respectively, for 2014-15).


SHRI SOMESHWARA: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shri
Someshwara Spun Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL D
   Letter of Credit        65        CRISIL D
   Long Term Loan          35        CRISIL D
   Proposed Long Term
   Bank Loan Facility      10        CRISIL D

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

SSSPL, set up in 2006 by the Mehra and Rathi families,
manufactures and trades in poly blended yarn. The company's
manufacturing facility is in Coimbatore (Tamil Nadu).


SKH POULTRY: CRISIL Suspends 'D' Rating on INR50MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
SKH Poultry Private Limited (SKH).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL D
   Proposed Long Term
   Bank Loan Facility       30       CRISIL D
   Term Loan                50       CRISIL D

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

Established in 2011 as a private limited company by Mr. K
Koteshwar Rao, SKH is setting up a poultry farm in Chitoor
(Andhra Pradesh).


SOLAN SPINNING: CRISIL Raises Rating on INR75MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Solan Spinning Mills Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              56       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term       19       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan                75       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the timeliness in servicing of debt
obligations since August 2016. Revenue has been improving in line
with the upward movement of cotton prices and is expected to grow
by around 20% in fiscal 2017, and thus, lead to healthy cash
accrual.

Financial flexibility remains constrained by high utilisation of
its bank limit, owing to large working capital requirement.
However, liquidity is supported by sufficient net cash accrual
against the repayment obligation and need-based funding support
from promoters.

In the absence of any debt-funded capital expenditure (capex),
the capital structure should remain moderate; total outside
liabilities to tangible networth ratio is expected to be at 1-1.5
times over the medium term. Debt protection metrics may also
remain comfortable, with interest coverage ratio improving to
around 3 times over the medium term, from 2.6 times estimated in
fiscal 2016.

The rating also reflects the modest scale of operations,
susceptibility to volatile raw material prices, weak financial
risk profile and working capital-intensive nature of operations.
However, these weaknesses are offset by extensive experience of
promoters in the cotton spinning industry.
Outlook: Stable

CRISIL believes that SSMPL will continue to benefit from
extensive experience of its promoters and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if significant improvement in the scale of
operations and stable profitability strengthen the financial risk
profile. The outlook may be revised to 'Negative' if a stretch in
the working capital cycle weakens the financial risk profile,
especially liquidity.

SSMPL, established in 2003, manufactures cotton yarn of counts
20s to 30s. The company has been promoted by Mr. Arvind Kumar
Arora, Mr. Sansar Singh Sirohi, Mr. Shitanshu Sirohi, and Mr.
Aseem Gupta, who manage the daily operations. The manufacturing
unit is at Baddi in Solan (Himachal Pradesh).


SONAI CONSTRUCTIONS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sonai
Constructions Private Limited a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The agency has also assigned
SCPL's INR120 million fund-based limits a Long-term 'IND B+'
rating with a Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect SCPL's small scale of operations and weak
credit metrics. Provisional FY16 financials indicate revenue of
INR149 million (FY15: INR106 million), net leverage (total
adjusted net debt/operating EBITDAR) of 4.9x (FY15: 79.6x) and
EBITDA interest coverage (total adjusted net debt/operating
EBITDAR) of 1.9x (0.1x). Liquidity of the company is tight as
indicated by average 96.7% use of the fund-based facilities over
the 12 months ended September 2016.

The company's order book stood at INR750 million (5x of FY16
revenue) at end-September 2016. SCPL booked revenue of INR30m for
the quarter ended June 2016. EBITDA margin was volatile during
FY13-FY16 and ranged between 2.03%- 27.05%, due to fluctuations
in the price of raw materials.

The ratings, however, derive support from the founder's more than
three decades of experience in the EPC segment.

RATING SENSITIVITIES

Positive: A substantial growth in revenue along with improvement
in the credit profile would lead to a positive rating action

Negative: Deterioration in the overall credit profile or further
increase in the net cash cycle resulting in liquidity getting
stretched would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1999, SCPL is engaged in civil construction works
(irrigation, infrastructure development and building work), with
more than 95% of its revenue being derived from the government
projects.


SRI SAI: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri Sai
Nidhi Parboiled Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable

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

SSN was incorporated in 2014 by Mr. Thogaru Ramesh. The firm is
engaged in milling of paddy into processed rice. Its rice mill is
located in Telabelli, Telangana.


SRI VENKATESWARA: ICRA Reaffirms B+/A4 Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR2.66 crore (revised from INR1.82 crore) fund based limits
of Sri Venkateswara Aerospace Private Limited. ICRA has also
reaffirmed the long term/short-term ratings assigned to INR20.00
crore (revised from INR3.50 crore) non-fund based limits and
INR1.34 crore (revised from INR8.68 crore) unallocated limits of
SVAPL at [ICRA]B+/[ICRA]A4.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits         2.66      [ICRA]B+ reaffirmed

   Non Fund Based Limits    20.00      [ICRA]B+/[ICRA]A4
                                        reaffirmed

   Unallocated Limits        1.34      [ICRA]B+/[ICRA]A4
                                       Reaffirmed

The ratings reaffirmation continues to be constrained by the
small scale of operations in the defence and aerospace component
manufacturing industry with revenues of INR8 crore in FY2016; and
decline in operating profitability to 16% levels over the past
two years as against 20% till FY2014 on account of lower job work
income. The ratings are further constrained by the high sector
concentration with presence limited to aerospace and defence
industries; and high client concentration risk with top-3 clients
contributing more than 90 percent of the total sales in the past
four years. The ratings, however, favorably factor in the
increased order book size at INR38.82 crore (4.25 times FY2016
revenues) as on September 30, 2016 which provides medium term
revenue visibility; reputed client base which includes various
research laboratories of Indian Space Research Organization
(ISRO), Defence Research Development Organization (DRDO), etc.;
and longstanding experience of the promoters in the manufacturing
of aerospace components.

Going forward, the ability of the company to increase revenues,
diversify client base and manage working capital requirements
remain the key credit rating drivers from credit perspective.

Sri Venkateswara Aerospace (Private) Limited was incorporated in
the year 1998 by Mr. V. Lakshmi Narayan Reddy; it is involved in
the business of manufacture of various sub assemblies and spare
components for the aerospace and defence sector. The company's
first manufacturing unit is in Ancillary Industrial Estate in
Ramchandrapuram, Hyderabad and the second unit is in Maheshwaram
Mandal, Hyderabad which started operations from February 2013.
The clients include laboratories that form a part of Indian Space
Research Organization (ISRO), Defence Research and Development
Organization (DRDO) etc.

Recent Results
For FY2016, the company reported profit after tax of INR0.57
crore on turnover of INR8.18 crore as against profit after tax of
INR0.69 crore on turnover of INR7.10 crore during FY2015.


SRINIVASA EDIFICE: ICRA Assigns B- Rating to INR14cr Bank Loan
--------------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B- assigned to
INR14.00 crore fund based limits of Srinivasa Edifice Private
Limited. ICRA has also suspended short term rating of [ICRA]A4
assigned to INR20.00 crore unallocated limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Srinivasa Edifice Private Limited is a Hyderabad based
infrastructure and engineering construction company providing
services in the field of Irrigation facilities works,
Construction of public buildings and Road works. The company was
started as a proprietorship in 1984 to carry on business of civil
engineering contract works and material manufacture, supply of
crushed aggregates to the works in connection with bridges,
roads, and railways. Since its incorporation, the Company is
doing contract works to railways. From 1996-97, the Company apart
from doing contract works to railways, is also into supply of
machine crushed stone ballast as per specifications and supply of
stone metal and rough stone metal to Road Contractors.
Previously, the Company has executed Civil Contract works like
Area Grading, Quarters, Trenching and Laying of ducts, Erection
of Towers, Construction of Petrol Bunks, cable blowing and
construction works like FRP manholes for M/s Reliance Engineering
Associates Private Limited, Mumbai.


SVSVS PROJECTS: ICRA Suspends B+ Rating on INR2.5cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR2.50 crore cash credit and INR53.0 crore non fund-based limits
of SVSVS Projects Pvt Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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


TDI INTERNATIONAL: ICRA Ups Rating on INR69cr Loan from 'D'
-----------------------------------------------------------
ICRA has upgraded its long-term rating to [ICRA]B- from [ICRA]D
on the INR10.00-crore loan facilities and upgraded its short-term
rating to [ICRA]A from [ICRA]D of Saharanpur Institute of Medical
Sciences Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term Loans             52.88      Upgraded to [ICRA]B-
                                     from [ICRA]D

   Long-term Fund-        10.00      Upgraded to [ICRA]B-
   Based Working                     from [ICRA]D
   Capital Facilities

   Short-term Non-        69.00      Upgraded to [ICRA]A4
   Fund Based Working                from [ICRA]D
   Capital Facilities

   Long-Term/Short-        9.74      Upgraded to [ICRA]B-/
   Term Unallocated                  [ICRA]A4 from
   Limits                            [ICRA]D/[ICRA]D

The ratings assigned to the INR141.62 crore bank facilities of
TDI International India Private Limited have been upgraded to
[ICRA]B-/[ICRA]A4 from [ICRA]D/[ICRA]D.

The rating upgrade reflects the regularisation of past delay in
debt servicing by TDI International towards interest and
principal repayments on outstanding term loans supported by
improvement in operating performance and scale up of revenues
from the metro advertising segment during the current fiscal. TDI
International's presence in the segment has increased to 84
stations in the current fiscal as against 63 stations in the last
fiscal thereby accelerating revenue growth during the current
fiscal. The ratings, however, continue to be constrained by the
company's accumulated losses; stepped-up repayment obligations on
existing term borrowings and limited financial flexibility
reflected in near full utilisation of sanctioned working capital
facilities.

ICRA notes the professional management and established track
record of its promoters in the out of home (OOH) advertising
segment with key focus on transit media advertising over nearly
three decades. ICRA also notes the established relationships with
the Airport Authority of India (AAI) and Delhi Metro Rail
Corporation (DMRC) as the first concessionaire in the organised
advertising space. ICRA further notes the sustained improvement
in profitability and cash accruals over the last two years, in
line with exit from unprofitable airport locations, higher
penetration in the metro advertising segment and healthy gross
margins in media services offering consolidated solutions to
clients.

The ratings continue to be constrained by the corporate guarantee
extended by TDI International to Group Company, Bhadra
International (India) Private Limited (rated [ICRA]D/[ICRA]D)
which continues to face operational challenges. Sizeable debt-
funded investments and weaker-than-expected business performance
due to regulatory challenges have impacted the financial health
of Bhadra International. The company's profitability indicators
and cash accruals remain weak due to high interest costs on
outstanding debt, high fixed operating overheads, large royalty
commitments to AAI and low capacity utilisation rates. Any
devolvement of such guarantees provided by TDI International
which impact the credit profile of the company going forward will
remain a key rating sensitivity.

ICRA further notes that the operating environment remains highly
competitive dominated by the presence of a few large players.
Nonetheless, healthy growth opportunities continue to persist in
the transit media advertising segment in line with infrastructure
development projects being undertaken by the Government. In
addition, while the media industry continues to remain
susceptible to economic cyclicality as well as seasonality, a
well-diversified client profile across industries helps mitigate
such risks for TDI International to an extent. Having secured
advertising rights for 100 metro stations for a period of 10
years, TDI International enjoys healthy revenue visibility from
the metro advertising segment and the same is expected to be the
key revenue driver. However, TDI International is currently
operating on extension at seven out of eight airport locations
and selected site basis at Pune. With airport advertising
contributing more than 75% to total revenues and Chennai as a
location contributing nearly 50% to segment revenues; the
company's revenue concentration risks remain high. Thus, TDI
International's ability to successfully renew licenses at
existing airport locations remains a key rating sensitivity,
nonetheless, established track record in the airport advertising
space provides some comfort.

TDI International India Private Limited was established in 1986
by Mr. Prem Bajaj to provide Out of Home advertising services.
The company ventured into the airport advertising space in 1986
with its first contract with the Indira Gandhi International
Airport and subsequently won the first ever advertising rights
tender floated by the Airport Authority of India in 1987
providing the company access to key metro airports- Kolkata,
Chennai, Trivandrum and Mumbai. Over the years the company has
emerged as the single largest airport advertiser in India with a
presence across eight Indian cities - Ahmedabad, Chennai,
Tirupati, Trivandrum, Calicut, Cochin, Goa and Pune.

In addition to airports; the company also enjoys advertising
rights at 100 metro stations in New Delhi awarded by Delhi Metro
Rail Corporation. The company also provides other media services
such as outdoor media, mobile and internet advertising, strategic
planning, media buying and creative media solutions.


UI PIPE: CRISIL Suspends 'D' Rating on INR70MM Term Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of UI
Pipe Fittings Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2        CRISIL D
   Cash Credit             53        CRISIL D
   Letter of Credit         8        CRISIL D
   Term Loan               70        CRISIL D

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

UI Pipe was set up by Mr. Srikanth Vellanki as a proprietorship
firm - Ushasri Industries - in 1997. The firm was reconstituted
as a private limited company with the current name in 2006. The
company manufactures pipe fittings, such as elbows, tees,
reducers, caps, and flanges. It is based in Hyderabad
(Telangana).


ULTRA TRUST: CRISIL Reaffirms 'D' Rating on INR50MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ultra Trust
continues to reflect the trust's delays in servicing its debt
because of weak liquidity on account of mismatch in cash flow.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               50        CRISIL D (Reaffirmed)

UT has a small scale of operations, faces geographical
concentration risk, and is susceptible to regulatory changes and
intense competition in the education sector. However, it benefits
from its trustees' extensive experience in the education sector.

UT was set up by Mr. K R Arumugam in 1981. Based in Madurai,
Tamil Nadu, it offers undergraduate, post-graduate, and diploma
courses in pharmacy, nursing, physiotherapy, and engineering.


VIJAYAKRISHNA FARMS: CRISIL Suspends 'D' Rating on INR53MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vijayakrishna Farms.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             47        CRISIL D
   Term Loan               53        CRISIL D

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

Set up in 2010, as a proprietorship concern by Mr. Praveen Reddy,
VKF is engaged in poultry hatching in the layer segment. Its
poultry unit is located in Ranga Reddy (Telangana).


WIRECOM INDIA: CRISIL Suspends B+ Rating on INR59.1MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Wirecom India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20.0      CRISIL B+/Stable
   Long Term Loan          59.1      CRISIL B+/Stable
   Proposed Term Loan      20.9      CRISIL B+/Stable

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

Set up in 1985 by Mr. Bharat Shah and his wife, WIPL manufactures
compression spring, tension spring, torsion spring, conical
spring, garter spring, die spring, clutch spring, spiral spring,
umbrella spring and wire forms for the automobile, electrical,
and consumer electronics industries. It also manufactures sheet
metal components. It is based in Mumbai.


YETURU BIO-TECH: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Yeturu Bio-Tech Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit              40         CRISIL D
   Proposed Long Term
   Bank Loan Facility       19.8       CRISIL D
   Secured Overdraft
   Facility                  5         CRISIL D
   Term Loan                27.2       CRISIL D

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

YTBL was established as a partnership firm in 1996 as Yeturu
Gardens by Mr. Yeturu Ramchandra Reddy; the firm was
reconstituted as a private limited company and got its current
name in 2003 and is based in Hyderabad (Telangana). The company
cultivates aloe vera plants and manufactures aloe vera-based
personal care and healthcare products.


YOGESH INDUSTRIES: CRISIL Suspends 'B' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Yogesh
Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B/Stable
   Long Term Loan           7        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable

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

YI was set up in 2007 by Mr. Om Prakash Ladda and Mrs.
Savithribai Ladda. The firm is engaged in ginning and pressing of
raw cotton. Its ginning unit is located in Adilabad.



===============
M O N G O L I A
===============


DEVELOPMENT BANK: Moody's Lowers Issuer Rating to Caa1
------------------------------------------------------
Moody's Investors Service has downgraded the foreign currency
issuer rating of Development Bank of Mongolia LLC (DBM) to Caa1
from B3.  At the same time the backed senior unsecured debt and
MTN program rating are downgraded to Caa1/(P)Caa1 from B3/(P)B3.
Also, BCA/adjusted BCA are downgraded to ca from caa1.
Counterparty Risk Assessment B3(cr) is confirmed, and NP(cr) is
affirmed.

The outlook on the rating is stable.

The rating action concludes the review for downgrade initiated on
Aug. 29, 2016.

The rating actions follow Moody's downgrade of Mongolia's
sovereign ratings to Caa1 from B3 with stable outlook on 18
November 2016.

                         RATINGS RATIONALE

The downgrade of DBM's rating is driven by its strong linkages
with the Mongolian government -- as reflected by the government's
direct ownership in the bank and its clear public policy
mandate -- and follows the downgrade of Mongolia's sovereign
rating to Caa1 stable.

DBM also benefits from certain forms of explicit government
support through the DBM Law.  Consequently, its ratings are
closely linked to that of the sovereign, and Moody's expects the
government to provide support to the bank, if needed.

The downgrade of the sovereign rating was driven by (1) the
increased uncertainty over its ability to meet its direct and
indirect debt service obligations over the next 18 months and to
shore up Mongolia's external liquidity and (2) Moody's
expectation that the budget deficit will remain wider for longer
than previously expected, which, combined with a weaker growth
outlook in the coming 2 years, will raise the government's debt
burden.

The downgrade of DBM's BCA to ca from caa1 reflects the rising
short-term liquidity pressure stemming from a $580 million
payment due March 2017, and consequently the high likelihood that
DBM will require extraordinary support from the government to
meet this debt service obligation.

What Could Change the Rating - Up:

The bank's long-term rating incorporates a three-notch uplift
from its BCA and is at the same level as the sovereign rating.
As such, positive rating action is unlikely in the absence of
upward pressure on Mongolia's sovereign rating.

Moody's would considering upgrading the BCA of ca if DBM improves
its capitalization and liquidity position after it repays the
$580 million debt due in March 2017, while demonstrating stable
asset quality over the next 4-6 quarters.

What Could Change the Rating - Down:

Factors that could result in a downgrade include, but are not
limited to, these:

  (1) A downgrade of Mongolia's sovereign rating; or
  (2) A large increase in the losses incurred from its policy
      function, without a corresponding increase in its capital.

The resultant ratings and actions are:

   -- Foreign currency issuer rating downgraded to Caa1 from B3
   -- Foreign currency backed senior unsecured/backed senior
      unsecured MTN downgraded to Caa1/(P)Caa1 from B3/(P)B3
   -- BCA/adjusted BCA downgraded to ca from caa1
   -- B3(cr) Counterparty Risk Assessment confirmed
   -- NP(cr) Counterparty Risk Assessment affirmed

                     PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Banks published in
January 2016, and Government-Related Issuers published in October
2014.


KHAN BANK: Moody's Downgrades Long Term Deposit Ratings to Caa1
---------------------------------------------------------------
Moody's Investors Service has downgraded the local currency long-
term deposit ratings of seven Mongolian banks to Caa1 from B3,
following the downgrade of Mongolia's sovereign rating to Caa1
from B3 with a stable outlook.

The seven banks are: Bogd Bank LLC; Capital Bank LLC; Golomt Bank
LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of
Mongolia LLC; and XacBank LLC.

Moody's has also downgraded the foreign currency deposit ratings
of the seven banks to Caa2 from Caa1, as it had revised
Mongolia's long-term foreign currency deposit ceiling to Caa2
from Caa1.

The outlook for all banks is stable.

The rating actions follow Moody's downgrade of Mongolia's
sovereign ratings to Caa1 from B3 with a stable outlook on 18
November 2016.

Please see the related press release for more information on the
sovereign downgrade here:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PR_356806

The rating action concludes the review for downgrade initiated on
Aug. 29, 2016.

                         RATINGS RATIONALE

The rating action on the seven banks' ratings reflects the high
correlation between the creditworthiness of the Mongolian banking
system and that of the sovereign.

Moody's believes that there is high level of dependency between
the creditworthiness of rated Mongolian banks and the sovereign
mainly because of (1) the high extent to which the banks'
businesses depend on macroeconomic and financial conditions in
Mongolia, with the low level of cross-border diversification in
their operations; and (2) their significant direct and indirect
exposures to domestic sovereign debt relative to their capital
bases.

The downgrade of the sovereign rating was driven by (1) the
increased uncertainty over its ability to meet its direct and
indirect debt service obligations over the next 18 months and to
shore up Mongolia's external liquidity, and (2) Moody's
expectation that the budget deficit will remain wider for longer
than previously expected, which, combined with a weaker growth
outlook in the coming 2 years, will raise the government's debt
burden.

As a result of this rating action, (1) the seven banks' foreign
currency deposit ratings have been downgraded to Mongolia's
foreign currency deposit ceiling of Caa2; and (2) the local
currency deposit ratings and senior unsecured debt ratings, where
applicable, of the seven banks have been downgraded to the same
level as Mongolia's sovereign rating.

In addition, Moody's has downgraded the Baseline Credit
Assessments (BCAs) -- which reflect our opinion of a bank's
intrinsic or standalone financial strength -- of Bogd Bank LLC;
Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and
Development Bank of Mongolia LLC; and XacBank LLC to caa1 from
b3, in line with Mongolia's Caa1 sovereign rating.  The BCA of
Capital Bank LLC is affirmed at caa1.

What Could Change the Rating -- Up: Bogd Bank LLC; Capital Bank
LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and
Development Bank of Mongolia LLC; and XacBank LLC.

Because these banks' caa1 BCAs are at the same level as
Mongolia's sovereign rating, an upgrade is unlikely in the near
term.

An upgrade of the banks' BCAs would require an upgrade of the
sovereign rating, as well as evidence that the banks' asset
quality and profitability profiles, which are under pressure from
the challenging operating environment, show signs of clear
stabilization.

What Could Change the Rating - Down: Bogd Bank LLC; Capital Bank
LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and
Development Bank of Mongolia LLC; and XacBank LLC

Factors that could result in a downgrade include:

  1) A downgrade of Mongolia's sovereign rating; or
  2) A downgrade of the banks' BCAs

The banks' BCAs could be downgraded if: (1) asset quality
deteriorates significantly, for example, with problem loans/gross
loans exceeding 9.0% for a sustained period; (2) tangible common
equity falls below 8%; or (3) profitability deteriorates
significantly, leading to annual net losses on a sustained basis.

The resultant ratings and actions are listed below:

Issuer: Bogd Bank LLC

   -- Baseline Credit Assessment (BCA) downgraded to caa1 from b3
   -- Adjusted BCA, downgraded to caa1 from b3
   -- Long-term Counterparty Risk Assessment, downgraded
      to B3(cr) from B2(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- Local Currency (LC) Deposit Rating, downgraded to Caa1
      Stable from B3 Rating under review
   -- Foreign Currency (FC) Deposit Rating, downgraded to Caa2
      Stable from Caa1 Rating under review
   -- LC/FC Short-term Deposit Rating, affirmed at NP

The outlook is stable

Issuer: Capital Bank LLC

   -- BCA affirmed at caa1
   -- Adjusted BCA, affirmed at caa1
   -- Long-term Counterparty Risk Assessment, confirmed at B3(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating
      under review
   -- FC Deposit Rating, downgraded to Caa2 Stable from Caa1

Rating under review

   -- LC/FC Short-term Deposit Rating, affirmed at NP

The outlook is stable

Issuer: Golomt Bank LLC

   -- BCA downgraded to caa1 from b3
   -- Adjusted BCA, downgraded to caa1 from b3
   -- Long-term Counterparty Risk Assessment, downgraded to
      B3(cr) from B2(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating
      under review
   -- FC Deposit Rating, downgraded to Caa2 Stable from Caa1
      Rating under review

The outlook is stable

Issuer: Khan Bank LLC

   -- BCA downgraded to caa1 from b3
   -- Adjusted BCA, downgraded to caa1 from b3
   -- Long-term Counterparty Risk Assessment, downgraded to
      B3(cr) from B2(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating
      under review
   -- FC Deposit Rating, downgraded to Caa2 Stable from Caa1
      Rating under review
   -- LC/FC Issuer Rating, downgraded to Caa1 Stable from B3
      Rating under review
   -- LC/FC Short-term Deposit Rating, affirmed at NP

The outlook is stable

Issuer: State Bank LLC

   -- BCA downgraded to caa1 from b3
   -- Adjusted BCA, downgraded to caa1 from b3
   -- Long-term Counterparty Risk Assessment, downgraded to
      B3(cr) from B2(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating
      under review
   -- FC Deposit Rating, downgraded to Caa2 Stable from Caa1
      Rating under review

The outlook is stable

Issuer: Trade and Development Bank of Mongolia LLC

   -- BCA downgraded to caa1 from b3
   -- Adjusted BCA, downgraded to caa1 from b3
   -- Long-term Counterparty Risk Assessment, downgraded to
      B3(cr) from B2(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating
      under review
   -- FC Deposit Rating, downgraded to Caa2 Stable from Caa1
      Rating under review
   -- LC/FC Short-term Deposit Rating, affirmed at NP
   -- LC/FC Issuer Rating, downgraded to Caa1 Stable from B3
      Rating under review
   -- LC/FC Short-term Issuer Rating, affirmed at NP
   -- Backed Senior Unsecured, downgraded to Caa1 Stable from B3
      Rating under review
   -- FC Senior Unsecured, downgraded to Caa1 Stable from B3
      Rating under review
   -- FC Senior Unsecured MTN, downgraded to (P)Caa1 from (P)B3

The outlook is stable

Issuer: XacBank LLC

   -- BCA downgraded to caa1 from b3
   -- Adjusted BCA, downgraded to caa1 from b3
   -- Long-term Counterparty Risk Assessment, downgraded to
      B3(cr) from B2(cr)
   -- Short-term Counterparty Risk Assessment affirmed at NP(cr)
   -- LC Deposit Rating, downgraded to Caa1 Stable from B3 Rating
      under review
   -- FC Deposit Rating, downgraded to Caa2 Stable from Caa1
      Rating under review
   -- LC/FC Issuer Rating, downgraded to Caa1 Stable from B3
      Rating under review
   -- FC senior unsecured MTN, downgraded to (P)Caa1 from (P)B3
   -- LC/FC Short-term Deposit Rating, affirmed at NP
   -- LC/FC Short-term Issuer Rating, affirmed at NP
   -- Other Short-term Program, affirmed at (P)NP

The outlook is stable

The principal methodology used in these ratings was Banks
published in January 2016.



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


PUMPKIN PATCH: First Union to File Suit for Workers' Entitlements
-----------------------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that the union
representing Pumpkin Patch workers is pursuing court action to
get staff their redundancy entitlements.

According to Stuff.co.nz, receivers KordaMentha could not find a
buyer for the children's clothing chain, and an immediate
restructure of head office meant 63 jobs are going this week.

Over time, all 130 stores across Australia and New Zealand would
be closed and about 1,300 staff would lose their jobs, the report
says.

All stock will go on sale this weekend and vouchers will be
honoured, but only while current stock was being sold, relates
Stuff.co.nz.

According to the report, KordaMentha's receiver Brendon Gibson
said staff would receive holiday pay, redundancy and preferential
entitlements up to the statutory cap for all retail staff, but
130 head office staff will receive holiday pay entitlements only.

However, First Union wanted the company to give all its workers
full redundancy entitlements.

The report relates that First Union organiser Lisa Meto Fox said
they would be filing legal proceedings "soon", arguing the
corporate structure stopped people from getting full payouts.

Staff were employed under the parent company, Pumpkin Patch,
while assets were owned by a subsidiary company, the report
notes.

Ms. Fox said it was the Government's intention under the law to
give staff preference over the bank and the Inland Revenue
Department where companies had to be wound up, but this wasn't
the case here, Stuff.co.nz relays.

"We need to be ensuring this doesn't happen again to other
employees, so we need to make sure this corporate structure
doesn't hinder people from getting their entitlements," the
report quotes Ms. Fox as saying.

She said the union was confident it would win the case, the
report relates.

                       About Pumpkin Patch

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

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

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


WYNYARD GROUP: Telstra to Buy Part of Firm
------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that the
administrators of Wynyard Group have confirmed a deal has been
reached to sell part of the firm.  However, they said
shareholders would not see any of their money back.

Shareholders pumped $172 million into Wynyard during its 2013
float and a series of subsequent capital-raisings, before trading
in the firm's shares on the NZX was suspended and the firm put
into voluntary administration last month, Stuff.co.nz recall.

"It is already apparent that there will not be any returns for
shareholders arising from the administration," Wynyard's
administrators KordaMentha said in a statement to the NZX, relays
Stuff.co.nz.

According to the report, Telstra said it agreed to acquire
Wynyard's Cognevo business which is the part of the business that
supplies security software to business customers, rather than
government clients.

KordaMentha has not revealed the sale price, the report notes.

It is understood the deal is conditional on enough of the 40
staff involved in the Cognevo business unit agreeing to take up
employment with Telstra.

Stuff.co.nz relates that KordaMentha said the Cognevo division
represented "a significant part of Wynyard's operations".

The sale was expected to be completed within 10 days, but was
subject to conditions being met, it said in the NZX statement.

The report says Telstra became a customer of Wynyard last year
when it signed a deal worth $3.2 million over three years to
deploy Cognevo within its own business.

Cognevo is designed to identify cyber-security breaches that have
compromised traditional defences and works by using machine-
learning techniques to detect unusual data flows within an
organisation's network, Stuff.co.nz relays.

Stuff.co.nz reports that the future of Wynyard's other security
software products - such as the software it has supplied to
Police to underpin complex investigations and the Child
Protection Offender Register - remains unclear.

KordaMentha said it was working through the options for the
remainder of the business, adds Stuff.co.nz.

                       About Wynyard Group

Based in Auckland, New Zealand, Wynyard Group Limited (NZE:WYN)
-- https://www.wynyardgroup.com/ -- provides software and
solutions to help protect companies and countries from threat,
crime and corruption. The Company has designed and developed
software to operate and connect three mission cycles: Risk
Management, Intelligence and Investigations. Wynyard products and
solutions are used by fortune 500 companies, national security
agencies and critical infrastructure operators across government,
financial services and infrastructure sectors. The Company
provides consulting and bureau services to government agencies
and financial institutions engaged in software to help protect
companies and countries from threat, crime and corruption. The
Company's solutions include risk management, intelligence,
investigations and digital forensics.

On Oct. 26, Wynyard Group Limited was placed into voluntary
administration (VA), along with its trading subsidiary Wynyard
NZ.  KordaMentha partners, Grant Graham and Neale Jackson were
appointed Administrators. The Administrators have taken full
control of the company.

KordaMentha partner and Wynyard Group Administrator, Mr. Graham
said the company has effectively exhausted its options to secure
its working capital needs.

"As Administrators, we are focused on identifying any strategies
to realise value for the intellectual property Wynyard has
built," Mr. Graham said.

The Administrators are now working with the company to prepare an
independent report for creditors within the statutory timeframes.



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


STATS CHIPPAC: Fitch Cuts Long Term Currency IDRs to 'B+'
---------------------------------------------------------
Fitch Ratings has downgraded Singapore-based semiconductor
assembly and test company STATS ChipPAC Ltd's (STATS) Long-Term
Foreign-Currency and Local-Currency Issuer Default Ratings (IDR)
to 'B+' from 'BB-' and placed the IDRs on Rating Watch Negative.

In addition, the agency has placed the 'BB' rating on STATS's
8.5% USD425m senior secured notes due 2020 on Rating Watch
Negative and assigned the notes a Recovery Rating of 'RR2'. The
notes are guaranteed by all the key operating companies, except
those in China and Thailand.

The downgrade reflects the lower cash generation and sustained
negative FCF at STATS's parent, Jiangsu Changjiang Electronics
Technology Co., Ltd (JCET) group. This is due to high capex to
expand capacity for advanced packaging technologies. "We believe
the group's risk profile has increased; STATS has significantly
underperformed our expectations because of the loss of revenue
from existing customers due to integration issues and relocation
of its Shanghai facility." Fitch said.

The Rating Watch Negative reflects uncertainty around the Chinese
Securities Regulatory Commission's (CSRC) approval for the swap
of USD100m of shares held by Semiconductor Manufacturing
Investment Corp (SMIC) and USD300m of shares held by China
Integrated Circuit Industry Investment Fund Co., Ltd. (IC fund)
in intermediate holding companies of STATS for JCET equity.
SMIC's planned equity injection of USD400m into JCET also needs
approval from CSRC.

The Rating Watches will be resolved once the CSRC makes a
decision on the capital changes. We may assign a Stable Outlook
to the IDRs if CSRC approves the capital changes and STATS
receives equity.

"Should the CSRC withhold approval, we may downgrade the rating
because our 2016 estimated FFO-adjusted leverage of 6.0x
(forecast 2017: 5.4x-5.5x) is much higher than the 4.5x level at
which Fitch would consider negative rating action." Fitch said.
In such a scenario, the liquidity of JCET and STATS could further
weaken, particularly if the IC fund and SMIC exercise put options
to exchange their shares for cash.

"The bonds have not been downgraded because for issuers with IDRs
in the 'B' category, we perform bespoke recovery analysis for
rated instruments which, in this case, leads to a Recovery Rating
of 'RR2' and therefore a bond rating two notches above the IDR.
When the IDRs were in the 'BB' category, we rated the bonds a
single notch above the IDRs, reflecting the benefits of the
security package," Fitch said.

KEY RATING DRIVERS

Strong Linkages with Parent: STATS's ratings are based on the
consolidated credit profile of JCET, given the strong operational
and strategic linkages between the two entities. STATS is
strategically important for JCET group's credit profile because
it will contribute about 45%-50% of 2016 group revenue and
EBITDA. STATS's advanced packaging capability in Korea and
Singapore are key for JCET's success in the industry. JCET
controls the board at STATS and its key operating decisions.

Weakness at STATS: "We estimate JCET group's 2016 revenue and
EBITDA to be around USD2.4-2.5bn and USD460m-USD480m,
respectively, which are lower than our earlier expectations,
primarily due to weakness at STATS. We expect STATS's revenue and
EBITDA to decline by around 15% and 20%, respectively, in 2016
(2015: -16% and -18%) due to an industry downturn and delays in
completion of JCET's acquisition of STATS and integration issues,
which resulted in loss of revenue from some existing customers."
Fitch said.

"We forecast JCET's standalone revenue and EBITDA to increase 35%
and 20%, respectively, in 2016 (2015: 23% and 14%), which will
partially offset slowing cash flow growth at STATS." Fitch said.
JCET's Chinese operation's growth at above-industry rates is
driven by growing demand for legacy and advanced packaging
technologies from Chinese smartphones makers.

Negative FCF: "We expect JCET group's 2016-17 FCF to be negative
as its CFO will be insufficient to fund the planned capacity
expansion," Fitch said. Group capex will be around USD700m in
2016 before reducing to around USD500m during 2017-18. The group
is investing to expand STATS's wafer-level technology and JCET's
system-in-package (SiP) capacity in Korea. STATS's re-location of
its Shanghai facility to JCET's Jiangyin facility is cash neutral
as relocation expenses will be met by the USD163m compensation to
be received from the local authorities in Shanghai.

Challenging Industry Environment: The average selling price in
the outsourced assembly and testing (OSAT) industry is declining
due to intense competition amid a weak personal computer market
and subdued smartphone growth. The industry is fragmented and is
increasingly facing competition from original equipment
manufacturers (OEMs) and foundries investing in advanced
packaging technologies.

OSAT companies, which focus on the back-end of the manufacturing
process, suffer disproportionately during downturns as OEMs and
foundries bring more testing and packaging back in-house,
significantly cutting outsourcing demand. "We forecast the OSAT
industry's 2017 revenue to grow by the mid-single-digits (2016:
2%-3%) to USD27bn-USD28bn with ASP to decline by 3%-5%." Fitch
said.

Consolidation Benefits in Medium Term: The benefits from on-going
consolidation in the OSAT industry may be realised only in the
medium term in the form of higher capacity utilisation, better
bargaining power and more stable ASPs. Advanced Semiconductor
Engineering, Inc. (BBB/RWN) plans to acquire the second-largest
OSAT company, Silicon Precision Industry Ltd, to create the
largest OSAT company with a revenue market share of 29%. Third-
largest Amkor Technology acquired J-Devices in 2015 and increased
its market share to 15%. JCET acquired STATS in 2015 for USD780m
and now has a combined market share of 10%.

Bond Rated Higher Than IDR: "We rate STATS's 8.5% USD425m secured
bond two notches above its IDR to reflect superior recovery
benefits of the security package, which covers principally all of
STATS's group assets outside China and Thailand," Fitch said.
About 74% of STATS's group assets are held at the subsidiaries
providing security. The guarantors on the bond generate about 75%
of STATS's group revenue and EBITDA. As of September 30, 2016,
the non-guarantor subsidiaries had USD28 million of debt and
approximately USD192m of trade payables.

Tight Liquidity: JCET group's liquidity is stretched with cash
balance of USD440m (CNY2.8bn) and undrawn committed bank
facilities of USD26m at end-September 2016, which are
insufficient to pay for short-term debt of USD845 million. "We
expect the group to have a liquidity shortfall of about USD700m
in 2016. However, we expect JCET group to continue to enjoy
strong support from Chinese banks and it should be able to
refinance its short-term debt," Fitch said.

JCET plans to use the USD400 million equity injection from SMIC
to repay part of the short-term debt. STATS needs liquidity
support from JCET given its likely FCF deficit of USD70m-80m in
2016. It needs to maintain a minimum cash balance of at least
USD60m-USD70m (cash at end-September: USD96m). STATS is currently
in breach of a maintenance covenant of debt/EBITDA of 4.0x on its
USD315m bank facilities. The bank has temporarily waived the
covenant and has asked JCET to infuse equity to lower the
leverage ratio. JCET provided USD30m to support liquidity at
STATS in 3Q16.

KEY ASSUMPTIONS

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

   -- Group's revenue to grow by around 10%-12% in 2016. Revenue
      to rise by around 15% in 2017, driven by the fast-growing
      SiP business and recovery in STATS's revenue.

   -- Group's EBITDA margin to decline to 16%-17% in 2017-18
      (2015: 18%) mainly due to an increasing share in the
      revenue mix of the fast-growing SiP business, which has
      lower margin of 10%.

   -- 2016 capex of USD700 million. Capex of USD500 million
      during 2017-18.

   -- STATS to relocate its Shanghai facility to Jiangyin (within
      JCET's existing facility) in 2017. It will receive USD49m
      and USD65m in compensation in 2016 and 2017 respectively.
      Fitch said, "We have assumed that the amount will be used
      for relocation expenses during the same period."

   -- Fitch's rating case assumes that the CSRC approves the
      capital changes and SMIC's equity injection.

RATING SENSITIVITIES

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

   -- JCET's cash flows are lower than our expectations, leading
      to its consolidated FFO-adjusted leverage deteriorating
      above 4.5x on a sustained basis, even if the CSRC approves
      the capital changes.

   -- The CSRC rejects the plan for IC fund and SMIC to swap
      their shares and SMIC's additional equity investment, or
      liquidity deteriorates further.

   -- JCET's loss of control and/or majority board representation
      in STATS and its holding companies.

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

   -- Fitch may assign a Stable Outlook to the 'B+' IDRs if CSRC
      approves the share swap plan by IC fund and SMIC along with
      SMIC's additional equity, provided financial performance is
      sufficient to ensure that JCET's consolidated FFO-adjusted
      leverage is below 4.5x.

   -- Fitch may upgrade the IDRs to 'BB-' if the CSRC approves
      the capital changes and the business improves such that
      JCET's consolidated FFO-adjusted leverage is likely to be
      sustained below 3.5x," Fitch said.



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


TRANSASIA AIRWAYS: To Wind Down Operations
------------------------------------------
Faith Hung at Reuters reports that TransAsia Airways Corp said on
Nov. 22 it would wind down operations and suspend all scheduled
flights, failing to recover from two plane crashes in almost
three years.

In addition to struggling to overcome safety concerns raised by
Taiwan's regulator, the island's third-largest carrier has been
hit by intense competition, reporting losses for the previous six
quarters, Reuters says. It shut down its low-cost offering, V
Air, last month.

TransAsia's collapse is, however, a rarity in the industry in
recent years as the sector benefits from low interest rates and
falling fuel costs.

"This is a very painful choice for the company," Reuters quotes
Chief Executive Daniel Liu as saying at a news briefing, adding
the company was not able to hammer out an overhaul plan.  "Our
communications with investors have not been successful," he said.
Six to seven options had been discussed, he added, including
raising more capital. Talks with potential buyers had also not
panned out.

TransAsia operates 27 routes with a fleet of 16 aircraft in
service and employs some 1,800 people. Local media reported
shocked employees protesting in front of TransAsia's headquarters
in Taipei.

Shares in the company tumbled 7% on Nov. 21 amid heavy trade
before it flagged that a suspension of flights was imminent,
Reuters discloses. The government has raised concerns over
potential insider trading and launched a probe.

According to the report, the carrier, which has seen its shares
slide 38% so far this year to give it a market value of just
$123 million, has also said it would not be able to pay back a
convertible bond due later this month due to lack of capital.

It had NT$14.4 billion ($452 million) in outstanding on-balance
sheet debt as of end-September and has not had a positive free
cashflow quarter since June 2014, according to Thomson Reuters
data.


TRANSASIA AIRWAYS: To Distribute Severance Pay to Employees
-----------------------------------------------------------
The Taipei Times reports that TransAsia Airways will distribute
severance pay to its employees and guarantee its passengers'
rights through a NT$1.2 billion (US$37.56 million) mutual trust
fund after the company's dissolution, chief executive officer Liu
Tung-ming said on Nov. 22.

Liu announced the dissolution at a news conference earlier on
Nov. 22, the report says.

The Taipei Times relates that the company on Nov. 11 announced
without prior notice that it had suspended all flights, affecting
thousands of passengers.

According to the report, the decision to quit the aviation
business was reached at an extraordinary meeting of the airline's
board yesterday morning and will be referred to a shareholders'
meeting for discussion before coming into effect, Liu added.

He said that despite having taken various measures to improve the
carrier's finances, it had continued to suffer losses in the wake
of two deadly crashes in July 2014 and February last year that
tarnished the airline's image and sent its passenger load factor
below 70 percent, The Taipei Times relates.

The Taipei Times says company employees face layoffs after the
announcement of the firm's dissolution.

The Taipei Times notes that as of the end of last month, the
airline had 1,795 employees registered in the National Labor
Insurance program, according to the Ministry of Labor.   However,
according to regulations, employers are required to file an
application with labor affairs authorities at least 60 days
before carrying out any mass layoff.

The report relates that Mr. Chen said that from the mutual trust
fund, NT$600 million would be used for employee severance
payments and the other NT$600 million would be used to compensate
passengers.

The Taiwan Stock Exchange on Nov. 21 suspended the trading of the
company's shares at the request of the carrier. The suspension is
to remain in place until the company applies for trading to
resume.

The stock is to be delisted after the company is dissolved, adds
The Taipei Times.



                             *********

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, Julie Anne L. Toledo, and
Peter A. Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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                 *** End of Transmission ***