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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

          Wednesday, December 14, 2016, Vol. 19, No. 246

                            Headlines


A U S T R A L I A

FP TURBO 2016-1: Moody's Assigns Prov. B1 Rating to Cl. F Notes
KALOLANE PTY: First Creditors' Meeting Set for Dec. 21
KJM CONTRACTORS: Clifton Hall Appointed as Liquidators
MCO SERVICES: First Creditors' Meeting Slated for Dec. 20
TIANHE ZHANG: First Creditors' Meeting Set for Dec. 20


H O N G  K O N G

HUA HAN: S&P Keeps 'CCC' CCR on Watch Neg. Due to High Liquidity


I N D I A

ACCRETE PHARMACEUTICALS: CRISIL Assigns B- Rating to INR44MM Loan
ARJUN ENTERPRISES: CRISIL Puts B+ Rating on Notice of Withdrawal
ASIAN ORGANO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
ATUL BUILDERS: CRISIL Suspends B+ Rating on INR270MM Term Loan
BALWINDRA TOOLS: CRISIL Suspends 'B' Rating on INR16.3MM Loan

BAZARGAON PAPER: ICRA Assigns B- Rating to INR7.25cr Cash Loan
C.A.V. COTTON: ICRA Suspends 'D' Rating on INR26.04cr Bank Loan
CELCON GREEN: ICRA Suspends 'C' Rating on INR19.50cr Bank Loan
COCHIN VENEERS: CRISIL Assigns 'B-' Rating to INR14MM Cash Loan
CONCEPT SHAPERS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

ECO RRB: ICRA Hikes Rating on INR21cr LT Loan to 'B'
ELDEE MOTORS: CRISIL Suspends B+ Rating on INR37.5MM Cash Loan
ESWAR PRINT: ICRA Suspends B+ Rating on INR5.33cr Loan
FORTUNE TIRE: CRISIL Suspends B+ Rating on INR97.2MM Term Loan
H. K. INDUSTRIES: CRISIL Puts B+ Rating on Notice of Withdrawal

H. K. INT'L: CRISIL Puts B+ Rating on Notice of Withdrawal
HIMSON ENGINEERING: ICRA Revises Rating on INR10.74cr Loan to B
HINDUSTAN AGRO: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
JAI AMBE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
JOHNS GOLD: CRISIL Assigns B+ Rating to INR110MM Cash Loan

KAILASH OVERSEAS: CRISIL Suspends B Rating on INR25MM Cash Loan
KAJAH TRADING: CRISIL Reaffirms B+ Rating on INR5cr LT Loan
KARAM MULTIPACK: CRISIL Suspends B+ Rating on INR80MM Cash Loan
KUNTAL GRANITES: CRISIL Lowers Rating on INR170MM Loan to 'B+'
LAKSHMI VENKATA: ICRA Suspends B- Rating on INR8.0cr Bank Loan

MAHESHWARI TECHNOCAST: CRISIL Suspends B Rating on INR30MM Loan
MOTHER INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR50MM Loan
NOEL PHARMA: ICRA Suspends 'B' Rating on INR37.69cr Loan
NOVA AGRI: CRISIL Lowers Rating on INR130MM Cash Loan to B+
OPTIFLEX INDUSTRIES: CRISIL Suspends B+ Rating on INR55MM Loan

PAYTM: Net Loss Widens to INR1,549cr for Year Ended March 31
ROSATA VITRIFIED: CRISIL Assigns B+ Rating to INR195MM LT Loan
SAT INDIA: ICRA Assigns 'B-' Rating to INR5.50cr Cash Loan
SHANTI SHEET: CRISIL Assigns 'B' Rating to INR120MM Term Loan
SHIVA STRUCTURES: CRISIL Suspends 'B' Rating on INR250MM Loan

SIVA SAI: ICRA Suspends 'B' Rating on INR11.25cr Bank Loan
SOMANI MOTORS: CRISIL Reaffirms B+ Rating on INR52.5MM Loan
SUN PARTICLE: CRISIL Suspends B- Rating on INR73.5MM Term Loan
SURESH ANGADI: CRISIL Suspends 'D' Rating on INR170MM Term Loan
UNIVERSAL LSS: CRISIL Suspends 'D' Rating on INR400MM Bill Disc.

VINDSOR MANAGEMENT: CRISIL Suspends B+ Rating on INR175MM Loan
* INDIA: BSE Delists 64 Suspended Companies


M A L A Y S I A

KUANTAN FLOUR: Felcra Keen on Buying Kuantan Shares


N E W  Z E A L A N D

ISABEL ESTATE: High Court Declares Winery Founders Bankrupt


S I N G A P O R E

RICKMERS MARITIME: Key Bondholders Meeting Moved to Dec. 21


S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Receive KRW2.8TT Capital from Creditors
HANJIN SHIPPING: Liquidation Preferred Over Rehabilitation
SK E&S: Moody's Puts Ba1 Stock Rating on Review for Downgrade


                            - - - - -


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


FP TURBO 2016-1: Moody's Assigns Prov. B1 Rating to Cl. F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the FP Turbo Series 2016-1 Trust.

Issuer: FP Turbo Series 2016-1 Trust

  AUD66.00 million Class A1 Notes, Assigned (P)P-1 (sf);
  AUD165.00 million Class A2 Notes, Assigned (P)Aaa (sf);
  AUD31.02 million Class B Notes, Assigned (P)Aa2 (sf);
  AUD12.87 million Class C Notes, Assigned (P)A2 (sf);
  AUD8.58 million Class D Notes, Assigned (P)Baa2 (sf);
  AUD15.51 million Class E Notes, Assigned (P) Ba2 (sf);
  AUD7.92 million Class F Notes, Assigned (P)B1 (sf).

The AUD6.60 million G Notes and the AUD16.50 million Seller Notes
are not rated by Moody's.

The transaction is an Australian prime ABS.  It is a cash
securitization of operating, novated and finance leases extended
to Australian corporates, small and medium-sized businesses and
their employees.  The leases are secured by passenger cars
commercial vehicles and equipment.  The collateral pool
composition is static and no pre-funding or substitution of
receivables will take place during the life of the transaction.

This is the fourth Australian ABS transaction issued by
FleetPartners since 2010.

                         RATINGS RATIONALE

As of November 2016, the provisional portfolio consists of non-
delinquent vehicle and equipment lease contracts with a weighted
average seasoning of 18.9 months.  The securitised portfolio
comprise lease installment cash flows and residual value cash
flows.  The present value of the outstanding lease receivables
balance is around AUD322.4 million and the nominal value of
estimated RV cash flows amounts to around AUD146.2 million.  The
RV portion of the lease cash flows were set at closing of the
lease contracts based on estimates of car values at lease contract
maturity.  Due to the right of the lessees to return the vehicle
at contract maturity in order to cover the final lease balance
outstanding under an operating lease, the notes are exposed to
both default and market or residual value risk of the related
vehicles.

According to Moody's, the transaction benefits from credit
strengths such as experience of the originator, diversification of
vehicle manufacturer and lease term dates and strong historical
performance of the lease portfolio.  However, Moody's notes that
the transaction features some credit weaknesses such as high
lessee concentration and RV risk.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of leases obligors (ii) an
evaluation of the underlying RV exposure; (iii) back-up
maintenance and servicer solutions; (iv) the credit enhancement
provided by subordination; (v) the liquidity support available in
the transaction by way of principal to pay interest and the
liquidity reserve fund.

Moody's applies a two-stage approach to modeling transactions with
RV risk.  In the first step, Moody's models the expected loss on
the notes due to defaults.  In the second step, additional losses
resulting from RV risk are modeled based on the RV haircuts
applied at contract maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions.  Moody's assumed a mean lessee
default rate of 3.57%.  For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45%.  To account for RV
risk in the portfolio Moody's assumes a Aaa haircut of 40.0%, a
Aa2 haircut of 30.5%, a A2 haircut of 25.5%, a Baa2 haircut of
22.0%, a Ba2 haircut of 16% and a B1 haircut of 11% on RV cash
flows.

The Notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 30.0% to 45.0% for the Class A2 Notes at which point class
A2 to class E notes will be repaid on a pro-rata basis and senior
to Class F, Class G and Seller notes.  When the outstanding
balance of the notes falls below 20% of the initial note balance
at closing the notes will once again be repaid on a sequential
basis. There are other portfolio performance triggers which must
be met for the notes to be paid pro-rata.  This principal paydown
structure is comparable to other recent ABS transactions in the
Australian market.

The transaction features a short term (P) P-1 (sf) tranche, with a
legal final maturity of 12 months from issuance.  The tranche
represents 20% of the total issuance.  Key factors supporting the
(P)P-1 (sf) rating include:

   -- Principal cashflows -- which will be allocated to the
      short-term tranche in priority to other tranches until it
      is fully repaid -- will be sufficient to amortize the
      tranche within the 12-month period.  The amortization is
      tested using various stressed assumptions, including
      assuming an Aaa-commensurate level of defaults and
      delinquencies occurring during the amortization period,
      delaying recoveries until after the first 6 months,
      haircutting scheduled RV receipts by a Aaa-commensurate
      haircut and delaying those receipts by 3 months and with
      both limited and no prepayments.

   -- The corporate administration and insolvency regime in
      Australia and the warm standby servicing arrangements with
      Perpetual Trustee Company Limited (unrated) mitigate the
      risk of a prolonged servicer disruption.  These two factors
      are relevant in the context of assigning the (P)P-1 (sf)
      rating because Fleetpartners is unrated.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans.  The Australian
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties,
lack of transactional governance and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 4.2% (from Moody's assumption of
3.6%) then the model-indicated rating for the Notes are as:

  - Class A1 -- P-1
  - Class A2 -- Aaa
  - Class B -- Aa3
  - Class C -- A3
  - Class D -- Baa3
  - Class E -- Ba3
  - Class F -- B2


KALOLANE PTY: First Creditors' Meeting Set for Dec. 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kalolane
Pty Ltd, trading as Kalolane Food Services, will be held at the
offices of PricewaterhouseCoopers, at Level 3, 45 Watt Street, in
Newcastle, NSW, on Dec. 21, 2016, at 11:00 a.m.

William Anthony Honner -- wil.honner@au.pwc.com -- and Gregory
Winfield Hall -- greg.hall@au.pwc.com -- of PricewaterhouseCoopers
were appointed as administrators of Kalolane Pty on Dec. 12, 2016.


KJM CONTRACTORS: Clifton Hall Appointed as Liquidators
------------------------------------------------------
Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as administrators of KJM Contractors Pty Ltd on Dec. 12,
2016.


MCO SERVICES: First Creditors' Meeting Slated for Dec. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MCO
Services Pty Ltd, formerly trading as Next Phase Contracting,
will be held at the offices of HLB Mann Judd (Insolvency WA),
at Level 3, 35 Outram Street, in West Perth, on Dec. 20, 2016, at
11:00 a.m.

Kimberley Wallman of HLB Mann Judd was appointed as administrator
of MCO Services on Dec. 10, 2016.


TIANHE ZHANG: First Creditors' Meeting Set for Dec. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tianhe
Zhang Holdings Pty Ltd ATF Zhang Family Trust, trading as "Quebec
Fries", "Ao Dai" and "Down Town Diner", will be held at the
offices of Worrells Solvency & Forensic Accountants, Suite 1103,
Level 11, 147 Pirie Street, in Adelaide, SA, on Dec. 20, 2016, at
11:00 a.m.

Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Tianhe Zhan on Dec. 12, 2016.



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


HUA HAN: S&P Keeps 'CCC' CCR on Watch Neg. Due to High Liquidity
----------------------------------------------------------------
S&P Global Ratings kept its 'CCC' long-term corporate credit
rating on Hua Han Health Industry Holdings Ltd. and 'CCC' long-
term issue rating on the company's senior unsecured notes on
CreditWatch with negative implications.  At the same time, S&P
kept its 'cnCCC' long-term Greater China regional scale ratings on
Hua Han and the notes on CreditWatch with negative implications.

S&P had originally placed the ratings on CreditWatch with negative
implications on Aug. 17, 2016.  Hua Han is a China-based
pharmaceutical and hospital services provider.

"We kept the ratings on CreditWatch because we are still unclear
about Hua Han's capacity to make its debt repayment on time over
the next six to 12 months and the impact of its auditor's
suspension of audit work on the company," said S&P Global Ratings
credit analyst Clifford Kurz.

S&P believes Hua Han is exposed to substantial near-term liquidity
risk, given the triggered acceleration in payment of its U.S.
dollar-denominated senior unsecured notes of about US$150 million
(equivalent to about Hong Kong dollar (HK$) 1.2 billion).  The
offer is being made due to the company's failure to obtain an
unqualified audit opinion on its financial statements for the year
ended June 30, 2016, and to file it with the Hong Kong Stock
Exchange by Oct. 31, 2016.

In addition, S&P believes the company may have already breached an
event-of-default clause under its outstanding HK$620 million
convertible bonds, due to the prolonged trading suspension.  The
breach could lead to accelerated repayment of the convertible
bonds, if the company has not obtained waivers from its
bondholders.  Trading in the company's shares and debt securities
has been suspended since Sept. 27, 2016.

"We also see high information quality risk and potential material
deficiencies in Hua Han's internal control systems.  The auditor's
suspension of audit work could be an indicator of severe corporate
governance issues," Mr. Kurz said.

If the filing of the company's annual report is delayed for a
prolonged period, it could make resumption of trading of its
securities highly uncertain.

S&P aims to resolve the CreditWatch as soon as practicable,
subject to availability of information, by assessing the company's
liquidity position and the impact of the audit suspension.

S&P may lower its rating on Hua Han by one or more notches if
there are diminishing prospects of the company meeting its
interest expense or principal obligations when they fall due.

S&P could affirm the rating or raise it if Hua Han can demonstrate
that its liquidity position is adequate and near-term liquidity-
induced credit stress is unlikely.



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I N D I A
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ACCRETE PHARMACEUTICALS: CRISIL Assigns B- Rating to INR44MM Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Accrete Pharmaceuticals Private Limited, and has
assigned 'CRISIL B-/Stable/CRISIL A4' ratings to the facilities.
CRISIL, on February 8, 2016, suspended the ratings as APPL had not
provided necessary information for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              44       CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)
   Letter of Credit         20       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Long Term Loan           30       CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term        6       CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect APPL's modest scale of operations, sizeable
working capital requirement, stretched liquidity and
susceptibility of operating margin to volatility in raw material
prices. These weaknesses are partially offset by the extensive
industry experience of its promoters and established customer
relationship.
Outlook: Stable

CRISIL believes APPL will continue to benefit from the extensive
industry experience of its promoters in the pharmaceutical
industry. The outlook may be revised to Positive if the company is
able to clock more than expected revenue and liquidity and
profitability improves. The outlook may be revised to Negative if
revenue or profitability declines, or large debt-funded capital
expenditure weakens financial risk profile.

Incorporated in 2004, Hyderabad-based APPL is engaged in the
manufacturing of oncology related pharmaceutical bulk drugs
intermediates. It is promoted by Mr. A Shyam Sunder Reddy, Mr. D N
Mohan Reddy, Mr. Srinivas Aita and Mr. P Maheshwar.


ARJUN ENTERPRISES: CRISIL Puts B+ Rating on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its rating on the long-term bank facility of
Arjun Enterprises Limited (AEL, part of the HK group) on 'Notice
of Withdrawal' for 180 days; the rating will be withdrawn at the
end of the notice period. The rating action is in line with
CRISIL's policy on withdrawal of ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            37.5       CRISIL B+/Stable (Notice of
                                     Withdrawal)

   Proposed Cash          37.5       CRISIL B+/Stable (Notice of
   Credit Limit                       Withdrawal)

For arriving the rating, CRISIL had earlier combined the business
and financial risk profiles of H. K. International (HKI) and AEL
as the companies were in the same line of business and had common
customers and suppliers. However, the management, has now merged
HKI and H. K. Industries (HK) with AEL and hence CRISIL has
combined the business and financial risk profiles of AEL, HKI and
HK.
Outlook: Stable

CRISIL believes that the HK group will continue to benefit over
the medium term from the promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the group's financial risk profile, backed by
substantially stronger revenue, profitability and accrual, or
capital infusion by the partners. Conversely, the outlook may be
revised to 'Negative' if substantial decline in revenue and
profitability, or stretch in working capital cycle weakens the
financial metrics.

AEL, incorporated in 2008, by Mr. Anil Anand and his family,
trades in railway parts, lubricants, and hosiery goods. The firm
is based in Delhi.

HKI, set up in 2008 by Mr. Anil Anand and his family as a
partnership firm, trades in railway parts such as bearing, blocks,
bushes and manipulators, lubricants, and hosiery goods. The firm
is based in Delhi.

HK, set up in 2014 by Mr. Anil Anand as a proprietorship firm,
trades in copper wires and allied products. The firm has entered
into agreement with Dubai Cable Group Pvt Ltd, Dubai (Ducab) for
distribution of its products in North India.


ASIAN ORGANO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Asian
Organo Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Standby Line of
   Credit                   7.5      CRISIL B+/Stable
   Term Loan                8.0      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AOI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AOI is yet to
provide adequate information to enable CRISIL to assess AOI'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.

AOI was established as a partnership firm in 1979 by Kota
(Rajasthan)-based Mr. Anil Agarwal. The firm manufactures PVC
stabilisers and metallic oxide. Its manufacturing facility in Kota
has a total installed capacity of 400 tonnes per month.


ATUL BUILDERS: CRISIL Suspends B+ Rating on INR270MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Atul
Builders - Pune (AB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               270       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AB is yet to
provide adequate information to enable CRISIL to assess AB'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.

AB is a real estate firm established by Mr. Ashok Chordia in 1984.
It is a part of the Pune-based Chordia group. AB is implementing
five residential projects: Solitaire V, VI, VII, VIII, and IX; and
one commercial project, Solitaire World HQ. The firm also has
interest in the hospitality sector, and owns Ambience Hotel in
Pune.


BALWINDRA TOOLS: CRISIL Suspends 'B' Rating on INR16.3MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Balwindra Tools Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B/Stable
   Export Packing Credit    62.5     CRISIL A4
   Long Term Loan           14.7     CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       16.3     CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by BTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BTPL is yet to
provide adequate information to enable CRISIL to assess BTPL'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.

BTPL was incorporated in 1980, promoted by Mr. Balwindra Singh, in
Ludhiana (Punjab). The company manufactures hand tools such as
spanners, wrenches, bars, L-handles, hammers, hacksaws, vices,
carpentry tools, lubricant tools, and garden tools. It derives a
major portion of its revenue from the export market, mainly from
the sale of spanners such as wheel spanners, L-spanners, and cross
spanners. The promoter's family has experience of over 50 years in
manufacturing hand tools.


BAZARGAON PAPER: ICRA Assigns B- Rating to INR7.25cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to INR8.75
crore fund-based limits and INR0.75 crore unallocated limits
(interchangeable between long term and short term) of Bazargaon
Paper and Pulp Mills Private Limited. ICRA has also assigned short
term rating of [ICRA]A4 to INR0.50 crore non fund based limits and
INR0.75 crore unallocated limits (interchangeable between long
term and short term) of BPPMPL.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term fund-based
   limits: Cash credit        7.25       [ICRA]B-; Assigned

   Long-term fund-based
   limits: Term Loan          1.50       [ICRA]B-; Assigned

   Short-term non fund
   based limits               0.50       [ICRA]A4; Assigned

   Unallocated Long term/     0.75       [ICRA]B-/[ICRA]A4
   Short term                            Assigned

The assigned ratings are constrained by BPPMPL's modest size of
operations, weak credit history in recent past till June 2016 and
its lack of product diversification with only kraft paper
manufacturing capability. The ratings also factor in the company's
stretched liquidity position emanating from slow realisation of
payments from customers which has resulted in high utilisation of
working capital limits in the recent months. The ratings also take
into account the vulnerability of company's profitability to
adverse movements in waste paper prices as well as intense
competitive pressures in the industry, especially for lower BF
(Burst Factor) category kraft paper.

The ratings, however, draw comfort from the long track record of
the company's promoters in the kraft paper business and its
established customer base with majority of the sales to
manufacturers of corrugated boxes.

In FY2017, ICRA expects the company's operating income to witness
a moderate year on year growth given the favourable demand
indicators for kraft paper in domestic market. However, the
company's operating profitability is likely to moderate given the
high discounts offered by the company to its customers for early
payments. Nevertheless, ICRA expects the company's debtor
realization position to improve to some extent in the near term.
Going forward, the company's ability to reduce its working capital
requirements, particularly in the receivables cycle, so as to
reduce cash flow mismatches for timely repayment of debt will be
critical and hence the key rating sensitivities.

Recent Results

During FY2016, the company has reported a profit after tax (PAT)
of INR0.16 crore on an operating income of INR23.42 crore. During
FY2015, the firm reported a PAT of INR0.14 crore on an operating
income of INR22.00 crore.


C.A.V. COTTON: ICRA Suspends 'D' Rating on INR26.04cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR26.04 crore bank facilities of C.A.V. Cotton Mills Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non-cooperation from the company.


CELCON GREEN: ICRA Suspends 'C' Rating on INR19.50cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]C rating assigned to the INR19.50
crore bank facilities of Celcon Green Limited. The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation by the company and absence of requisite
information from the company.

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

Celcon Green Limited was incorporated in 2013 as a public limited
company by the Servoday, Pitroda and Bansal groups to manufacture
Autoclaved Aerated Concrete Blocks (AAC), also known as cellular
concrete. The company is in the process of setting up a 1000 cubic
meters per day manufacturing facility at Jamnagar (Gujarat).


COCHIN VENEERS: CRISIL Assigns 'B-' Rating to INR14MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank loan
facilities of Cochin Veneers and assigned its 'CRISIL B-
/Stable/CRISIL A4' ratings to the facilities. CRISIL had, on
June 28, 2016, suspended the ratings as the firm had not provided
the necessary information for a rating review. It has now shared
the requisite information, enabling CRISIL to assign ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             14        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        40        CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect small scale of operations in the highly
fragmented timber industry, and large working capital requirement.
The ratings also factor in a below-average financial risk profile,
especially liquidity due to weak capital structure and debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the firm's management in
the timber-trading and veneer-manufacturing industry.

Outlook: Stable

CRISIL believes that CV will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if the financial risk
profile, especially liquidity, improves on account of higher net
cash accruals or improvement in working capital management leading
to lower dependence on external debt. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected revenue or
profitability, or deterioration in working capital management,
resulting in weakening of the financial risk profile, especially
liquidity.

Set up in 1988, CV trades in timber and manufactures veneers. The
firm's day-to-day operations are currently managed by its
proprietor, Mr. Kuriakose Thomas.


CONCEPT SHAPERS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Concept Shapers and
Electronics Private Limited continues to reflect its's long
working capital cycle and improved but inconsistent performance.
These weaknesses are partially offset by the promoters' extensive
industry experience, and their established relationships with
customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        50       CRISIL A4 (Reaffirmed)
   Long Term Loan          28       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CSEPL will benefit from healthy order book and
promoter's industry experience. The outlook may be revised to
'Positive' if CSEPL achieves higher-than-expected revenue while
maintaining operating profitability and working capital cycle,
thus improving accretion to reserve, and consequently, financial
risk profile and liquidity. Conversely, the outlook may be revised
to 'Negative' in case of stretch in working capital cycle, or any
large debt-funded capital expenditure, weakening liquidity and
capital structure.

Set up in 1988 by Mr. M D Raghunarayan, CSEPL designs,
manufactures, assembles, and tests rugged portable computers and
electronic instruments, especially for the defense sector. The
company is based in Mumbai.


ECO RRB: ICRA Hikes Rating on INR21cr LT Loan to 'B'
----------------------------------------------------
ICRA has revised its long-term rating on the INR21.0-crore fund-
based bank facilities of Eco RRB Infra Private Limited to [ICRA]B
from [ICRA]B+.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Fund-based       21.0       [ICRA]B; revised from
   Facilities-Term Loan                  [ICRA]B+

The rating revision takes into account the support extended by
ERIPL in the form of corporate guarantee to its associate company,
RRB Energy Limited (RRBEL), whose financial profile continues to
remain weak, resulting in stretched liquidity. Although, the
company's lease rental loan as well as the mortgage loan have been
refinanced, external funding support will be required for
servicing the debt obligations as the income from the company's
wind power business remains modest. The rating is further
constrained by the concentration risk as the entire area is leased
to a single tenant, adversely impacting the debt servicing
capacity of the company in case of any disruption in the rental
payments as witnessed in the past (2013).

The rating, however, continues to favorably factor in the
attractive location of the leased property in Jasola District
Center (New Delhi), which is a developed commercial area with
presence of a number of leading companies in the vicinity;
satisfactory tenant profile (Samsung Data Services) which provides
comfort on timely rent payments; and the demonstrated track record
of the promoters in extending timely funding support to meet the
shortfall.

Going forward, the timely receipt of rental payments and continued
funding support from the promoters would be the key rating
sensitivities.

ERIPL was incorporated in 1984, initially as RRB Consultants and
Engineers Pvt. Ltd. and was primarily involved in providing
consultancy services in the field of wind energy. With change in
focus from providing consultancy services to undertaking
infrastructure projects such as setting up of wind power plants
and EPC projects in the field of wind energy, the name of the
company was changed in May 2010 to ERIPL. The company is primarily
an independent power producer, with operating units in Tamil Nadu
and Rajasthan. In addition, the company has also leased out a
commercial office space and the lease rentals from this property
have been securitised to avail the lease rental loan.

Recent Results

In FY2016, ERIPL reported a net profit of INR6.38 crore on an
operating income of INR6.09 crore, as against a net profit of
INR3.05 crore on an operating income of INR5.16 crore in the
previous year.


ELDEE MOTORS: CRISIL Suspends B+ Rating on INR37.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Eldee
Motors.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             37.5      CRISIL B+/Stable
   Electronic Dealer
   Financing Scheme
   (e-DFS)                 36.5      CRISIL B+/Stable
   Term Loan               16        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by EM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EM is yet to
provide adequate information to enable CRISIL to assess EM'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.

EM was set up as a partnership firm in 1997 by Mr. Vikas Agarwal
and Mr. Vineet Agarwal. The firm is an authorised dealer for
Chevrolet's passenger cars in Allahabad (UP). It also acquired
dealership for India Yamaha Motor Pvt Ltd's motorcycles for
Allahabad during 2009-10.


ESWAR PRINT: ICRA Suspends B+ Rating on INR5.33cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR5.33 crore fund
based facilities and [ICRA]A4 rating assigned to INR0.30 crore non
fund based limits of Eswar Print 'N' Pack Private Limited. ICRA
has also suspended [ICRA]B+/[ICRA]A4 rating assigned to INR2.37
crore unallocated limits of EPPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Eswar Print 'N' Pack Private Limited is engaged in the production
of corrugated boxes. The company operates from its plant located
in West Godavari district of Andhra Pradesh with the installed
capacity of 7200 MTPA (metric ton per annum). The company is part
of the group which owns Siva Sankara Paper Mills (SSPM) (rated
[ICRA] B+) which is into manufacturing of kraft paper. EPPL
procures its major raw material from its group company SSPM.


FORTUNE TIRE: CRISIL Suspends B+ Rating on INR97.2MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Fortune
Tire Tech Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             17        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      35.8      CRISIL B+/Stable
   Rupee Term Loan         97.2      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by FTTL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FTTL is yet to
provide adequate information to enable CRISIL to assess FTTL'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 February 2011, FTTL undertakes radial tyre
retreading work and runs a tyre showroom. The company is promoted
by Mr. M Ramesh Reddy, Mr. K V Sarma, Mr. K Vijaypal Reddy, Mr. N
Bhasker Rao and their family members. The company is based in
Hyderabad, Telangana.


H. K. INDUSTRIES: CRISIL Puts B+ Rating on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its rating on the long-term bank facility of
H. K. Industries (HK; part of the HK group) on 'Notice of
Withdrawal' for 180 days; the rating will be withdrawn at the end
of the notice period. The rating action is in line with CRISIL's
policy on withdrawal of ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B+/Stable (Notice of
                                     Withdrawal)

For arriving the ratings, CRISIL has consolidated the business and
financial risk profiles of Arjun Enterprises Ltd (AEL; rated
CRISIL B+/Stable - placed on notice of withdrawal of 180 days), H.
K. International (HKI; rated CRISIL B+/Stable - placed on notice
of withdrawal of 180 days) and HK. That is because the management
has now merged HK and HKI with AEL, collectively referred to as
the HK group.
Outlook: Stable

CRISIL believes the HK group will continue to benefit over the
medium term from the proprietor's extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the group's financial risk profile, backed by
substantially stronger revenue, profitability and accrual, or
capital infusion by the partners. Conversely, the outlook may be
revised to 'Negative' if substantial decline in revenue and
profitability, or stretch in working capital cycle weakens the
financial metrics.

AEL, incorporated in 2008, by Mr. Anil Anand and his family, is
based in Delhi and trades in lubricants and hosiery, and machine
parts for the Railways. HKI, also set up by Mr. Anil Anand and
family, and based in Delhi, is a partnership firm in the same line
of business as AEL.

HK is a proprietorship firm set up in 2014 by Mr. Anil Anand. The
firm trades in copper wires and allied products, and has an
agreement with Dubai Cable Group Pvt Ltd, Dubai (Ducab) for
distribution of its products in North India.


H. K. INT'L: CRISIL Puts B+ Rating on Notice of Withdrawal
----------------------------------------------------------
CRISIL has placed its rating on the long-term bank facility of
H. K. International (HKI; part of the HK group) on 'Notice of
Withdrawal' for 180 days; the rating will be withdrawn at the end
of the notice period. The rating action is in line with CRISIL's
policy on withdrawal of ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable (Notice of
                                     Withdrawal)
   Proposed Cash           30        CRISIL B+/Stable (Notice of
   Credit Limit                      Withdrawal)

For arriving the ratings, CRISIL has consolidated the business and
financial risk profiles of Arjun Enterprises Ltd (AEL; rated
CRISIL B+/Stable - placed on notice of withdrawal of 180 days), H.
K. Industries (HK; rated CRISIL B+/Stable - placed on notice of
withdrawal of 180 days) and HKI. That is because the management
has now merged HK and HKI with AEL, collectively referred to as
the HK group.
Outlook: Stable

CRISIL believes that the HK group will continue to benefit over
the medium term from the promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the group's financial risk profile, backed by
substantially stronger revenue, profitability and accrual, or
capital infusion by the partners. Conversely, the outlook may be
revised to 'Negative' if substantial decline in revenue and
profitability, or stretch in working capital cycle weakens the
financial metrics.

AEL, incorporated in 2008, by Mr. Anil Anand and his family, is
based in Delhi and trades in lubricants and hosiery, and machine
parts for the Railways. HKI, also set up by Mr. Anil Anand and
family, and based in Delhi, is a partnership firm in the same line
of business as AEL.

HK is a proprietorship firm set up in 2014 by Mr. Anil Anand. The
firm trades in copper wires and allied products, and has an
agreement with Dubai Cable Group Pvt Ltd, Dubai (Ducab) for
distribution of its products in North India.


HIMSON ENGINEERING: ICRA Revises Rating on INR10.74cr Loan to B
---------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+ for
the INR10.74-crore1 fund based cash credit facility of Himson
Engineering Private Limited. ICRA has also re-affirmed the short-
term rating to the INR2.00 crore fund based packing credit
facility and non-fund based import letter of credit facility of
HEPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-       10.74       Revised to [ICRA]B
   Cash Credit                         from [ICRA]B+

   Fund Based Limit-
   Packing Credit           1.00       [ICRA]A4; re-affirmed

   Non-fund Based Limit-    1.00       [ICRA]A4; re-affirmed
   Import Letter of Credit

The revision takes into account the stagnant growth in revenues in
FY2016, primarily on account of a weak domestic demand scenario
and decline in order book position due to slow down in the textile
engineering industry. ICRA notes the operating as well as net
losses and significant deterioration in working capital intensity,
on account of stretched receivables and inventory pile up.
Moreover, the capital structure of the company has moderated owing
to transfer of unsecured loan to capital reserve, as reflected by
decline in gearing to 1.2 times as on March 31, 2016, as against
2.5 times as on March 31, 2015. However, the coverage indicators
turned negative due to losses incurred. The rating also factors in
the high competitive intensity from domestic as well as overseas
players.

The ratings, however, continue to favourably factor in the
extensive experience of the promoters in the textile machine
manufacturing business as well as HEPL's location in the textile
hub of the country where various textile manufacturing and
processing take place.

ICRA expects HEPL's sales turnover to be under stress in FY2017
too, given its performance in H1 FY2017, which has witnessed a
decline of 16.9% over the same period last year. Going forward,
the company's ability to ramp up the scale of operations and
improve its profit margins will remain the key rating
sensitivities. Conversely, lower-than-expected profitability due
to the cyclicality associated with the textile industry and raw
material price fluctuations, and even a weak domestic scenario in
the textile industry, will result further deterioration in the
financial risk profile. This could have a negative impact on the
key credit metrics, resulting in volatility in revenues.

Himson Engineering Pvt. Ltd. (HEPL) was incorporated in 2006
primarily for manufacturing draw texturing and winding machines
used for processing synthetic yarn to make Draw Textured Yarn
(DTY), which is used for producing thread. The company's
operations are spread across three units located at Surat, Kim and
Daman. The final assembling of the components takes place at the
Daman unit.

The business is currently managed by Mr. Darshan Bachkaniwala. The
promoters have been associated with the textile machinery industry
for more than three decades through various other group concerns.

Recent Results

During FY2016, the company registered a net loss of INR3.6 crore
on an operating income of INR34.4 crore.


HINDUSTAN AGRO: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hindustan Agro Products
Private Limited (Formally named as Reddy Agro Products Private
Limited continue to reflect the company's below-average financial
risk profile because of high gearing and weak debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        6.9      CRISIL A4 (Reaffirmed)

The ratings also factor modest scale of operations in the
intensely competitive and regulated rice processing industry, and
susceptibility to vagaries of the monsoon and to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of the company's promoters in the rice
industry.
Outlook: Stable

CRISIL believes HAPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if scale of operations increases and working capital
management improves, resulting in higher-than-expected net cash
accrual, along with significant capital infusion, leading to a
better financial risk profile. The outlook may be revised to
'Negative' if the company undertakes large, debt-funded capital
expenditure, or if its working capital cycle lengthens, or
profitability falls, weakening the financial risk profile,
particularly liquidity.

HAPPL, incorporated in 2009, processes rice and manufactures rice
products. The company is promoted by Mr. S K Eswara Reddy and his
brother Mr. S Venkata Reddy.


JAI AMBE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jai Ambe Quality
Sugar continues to reflect the below-average financial risk
profile, which is constrained by the small networth and weak debt
protection metrics, and customer concentration in the revenue
profile. These weaknesses are partially offset by extensive
experience of promoters in the sugar and cotton industries, and
funding support received from them.

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

Outlook: Stable

CRISIL believes JAQS will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if diversification in customer base, better-than-
expected cash accrual and steady revenue growth, strengthen the
financial risk profile. The outlook may be revised to 'Negative'
if decline in revenue or margin, stretch in the working capital
cycle, or any large debt-funded capital expenditure, weakens the
financial risk profile.

JAQS was set up in August 2008, as a proprietorship firm by Mr.
Akhilesh Goyal, who now manages the daily operations. The firm
trades in sugar and has a cotton ginning unit at Shahada in
Nandurbar (Maharashtra). The Goyal family has experience of around
four decades in the sugar industry and around a decade in cotton
ginning.


JOHNS GOLD: CRISIL Assigns B+ Rating to INR110MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Johns Gold & Diamonds.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              110      CRISIL B+/Stable

The rating reflects the initial phase and a modest scale of
operations in the highly fragmented gold jewellery business,
exposure to volatility in gold prices, and an average financial
risk profile. These rating weaknesses are partially offset the
extensive industry experience of the partners.
Outlook: Stable

CRISIL believes JGD will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' in case of higher-than-expected cash accrual on the
back of timely ramp-up in operations, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of low cash accrual most likely because of lower-than-
expected revenue or operating margin, a significantly longer
working capital cycle, or non-maintenance of capital, leading to
weakening of the financial risk profile, especially liquidity.

JGD was established in 2015 as a partnership firm by Mr. Sijo John
and his wife Mrs Jesmy Sijo. It manufactures and retails gold and
diamond-studded jewellery and is headquartered Thiruvananthapuram,
Kerala.


KAILASH OVERSEAS: CRISIL Suspends B Rating on INR25MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kailash
Overseas.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable
   Inland/Import
   Letter of Credit        55        CRISIL A4

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

KO was set up in 2014 as a partnership concern by Mr. Devinder
Sharma and Mr. Bakul Sharma. The firm is engaged in manufacturing
of copper wires which is used in electrical products. The firm's
manufacturing facility is located in Delhi.


KAJAH TRADING: CRISIL Reaffirms B+ Rating on INR5cr LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Kajah Trading Private
Limited continues to reflect the below-average financial risk
profile, marked by an aggressive capital structure and below-
average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      50       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the modest scale of operations, low
profitability, and exposure to risk from adverse change in
government regulations. These weaknesses are partially offset by
the extensive experience of the promoters in the beedi industry
and funding support, extended by them.
Outlook: Stable

CRISIL believes KTPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant improvement in revenue, profitability
and cash accrual, or substantial capital infusion by promoters,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if low cash accrual, adverse change in regulations,
or stretch in the working capital cycle, weakens the financial
risk profile, particularly liquidity.

KTPL, established in 1982 as a partnership firm, was later
reconstituted as a private limited company on March 30, 2001. It
manufactures beedis, which are sold in Maharashtra and Karnataka
under the brand, Kajah. The company gets beedis manufactured on
job work basis from contractors in Maharashtra, and also procures
beedis from manufacturers in West Bengal and Orissa.


KARAM MULTIPACK: CRISIL Suspends B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Karam
Multipack Private Limited.

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

   Proposed Long Term
   Bank Loan Facility       27.7     CRISIL B+/Stable

   Term Loan                10.5     CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KMPL is yet to
provide adequate information to enable CRISIL to assess KMPL'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.

KMPL was set up by members of the Kagathra family in 2006. The
company manufactures non-woven fabrics, which are used in
manufacturing a variety of packaging and textile products. The
company is based out of Veraval (Rajkot), Gujarat.


KUNTAL GRANITES: CRISIL Lowers Rating on INR170MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kuntal Granites Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Export Packing         170        CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB-/Stable')

   Letter of Credit        15        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      18.7      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               63.3      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade in ratings reflects the weakened liquidity profile
due to lower cash generation and working capital intensive
operations. Due to increasing competition in the exports, the
prices of Granite slabs reduced substantially in 2015-16. With
players like KGPL having large inventory to the tune of 200 days,
had to book losses. KGPL booked Rs.16.1 million as losses in 2015-
16. The situation is likely to improve slightly with reduction in
raw material prices, however the margins are expected to remain
constrained while even the scale of operations are expected to
remain flattish over the medium term, leading to low cash
generation. Low cash generation is expected to be tightly matched
with debt repayment obligations over the medium term. Furthermore,
high working capital intensity has led to fully utilized bank
lines, which limits flexibility in exigencies. The improvement in
operating margins and efficiency in working capital management
will remain key rating sensitivity factors over the medium term.

CRISIL's ratings on the bank facilities of KGPL continue to
reflect large working capital requirement and average financial
risk profile because of modest net worth and high gearing. The
rating weaknesses are partially mitigated by promoter's extensive
experience in the granite industry.
Outlook: Stable

CRISIL believes KGPL will benefit over the medium term from its
established track record and the promoter's extensive industry
experience. The outlook may be revised to 'Positive' if capital
structure and debt protection metrics improve significantly,
supported by healthy growth in cash accrual, efficient working
capital management, or large equity infusion. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of stretched working capital cycle, or significant
decline in revenue and operating profitability, or sizeable debt-
funded capital expenditure.

Set up in 1988 and based in Hosur (Tamil Nadu), KGPL processes and
exports granite slabs. It is promoted by Mr. M C Gandhi.


LAKSHMI VENKATA: ICRA Suspends B- Rating on INR8.0cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to INR8.00 crore fund
based bank facilities of Lakshmi Venkata Sai Rice Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAHESHWARI TECHNOCAST: CRISIL Suspends B Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maheshwari Technocast Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL A4
   Cash Credit             30       CRISIL B/Stable
   Letter of Credit        10       CRISIL A4
   Term Loan               19       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MTL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MTL is yet to
provide adequate information to enable CRISIL to assess MTL'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.

MTL, promoted by Mr. Suresh Kumar Mantri, was originally
established as a partnership firm in 1974; the firm was
reconstituted as a limited company in 1996. The company
manufactures rolling mill spare parts as per the specifications
provided by clients. Its manufacturing facility, which primarily
consists of a foundry, is in Bhilai (Chhattisgarh).


MOTHER INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Mother Industries (MI)
continues to reflect MI's modest scale of operations in the
fragmented leather industry, large working capital requirement,
and below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by
promoter's extensive experience in the leather processing
industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable (Reaffirmed)
   Term Loan             50        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MI will continue to benefit over the medium term
from its promoter's extensive industry experience and its
established relationship with key customers. The outlook may be
revised to 'Positive' if the firm scales up operations while
improving profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
relationships with key customers weaken, leading to decline in
revenue or profitability, or if the firm undertakes larger-than-
expected, debt-funded capital expenditure, leading to weakening of
financial risk profile, especially liquidity.

MI was set up in 2006 as a proprietorship concern by Mr. Raju
Bharani. The firm, based in Vellore (Tamil Nadu), manufactures
semi-finished and finished leather, and caters to the footwear
industry.


NOEL PHARMA: ICRA Suspends 'B' Rating on INR37.69cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR37.69 crore fund based facilities of Noel Pharma (India)
Private Limited. ICRA has also suspended the long term/short term
rating of [ICRA]B/[ICRA]A4 assigned to the INR5.31 crore
unallocated limits of NPIPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

NPIPL is a formulator of therapeutics with over 250 drugs
including ethical, generics and over-thecounter (OTC) drugs sold
across India. The company was set up in 1997 as a partnership firm
called Noel Pharma, but changed to a private limited company in
November 2012. The company is promoted by Mr. S. Venkataiah and
has a manufacturing facility in Baddi, Himachal Pradesh. The
company has a marketing network of 12000 stockiests, mainly in the
states like Andhra Pradesh, Bihar, Rajasthan, Maharashtra,
Gujarat, Jharkhand and Uttar Pradesh.


NOVA AGRI: CRISIL Lowers Rating on INR130MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nova Agri Tech Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             130       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan           15       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in liquidity due to fully
utilised bank limit and stretch in working capital cycle. Only a
sustained improvement in working capital management will improve
liquidity.

Gross current assets increased to 170 days as on March 30, 2016,
from 136 days as on March 31, 2014, resulting in fully utilised
bank limit over the eight months ended September 2016.

The rating reflects Nova's modest scale of operations in the
competitive biofertiliser industry and below-average financial
risk profile because of small networth, high gearing, and average
debt protection metrics. These weaknesses are partially offset by
established regional position in the biofertiliser industry,
extensive experience of promoter, and extensive distribution
network.
Outlook: Stable

CRISIL believes Nova will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' in case of a substantial and sustained improvement
in revenue and profitability margins, or if networth increases due
to sizeable equity infusion. The outlook may be revised to
'Negative' if steep decline in profitability margins, large, debt-
funded capital expenditure, or further stretch in working capital
cycle leads to deterioration in financial risk profile.

Set up in 2007 by Hyderabad-based Mr. Yeluri Sambasiva Rao, Nova
manufactures and markets biofertilisers, biopesticides, and micro
and macro nutrients.


OPTIFLEX INDUSTRIES: CRISIL Suspends B+ Rating on INR55MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Optiflex
Industries.

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

The suspension of ratings is on account of non-cooperation by
Optiflex with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Optiflex
is yet to provide adequate information to enable CRISIL to assess
Optiflex'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.

Optiflex, established in 2003, manufactures submersible motor
winding wires used in the manufacture of pumps. The firm also
manufactures flat and electric wires for the real estate,
hardware, electrical and transmission lines industries. The firm
is owned and managed by Mr. Amit Shukla and Ms Arti Mehta, based
out of Ahmedabad, Gujarat.


PAYTM: Net Loss Widens to INR1,549cr for Year Ended March 31
------------------------------------------------------------
The Time of India reports that digital payments and commerce
platform Paytm saw its net losses climb four-fold to INR1,549
crore for the year ended March 31, 2016, according to documents
filed with the Registrar of Companies (RoC).  TOI relates that the
Noida-based One97 Communications, which runs Paytm, had reported a
loss of INR372 crore a year ago compared to a profit of over INR5
crore during financial year ended March 2014 as cashbacks,
marketing and discounting have hit the company over the past two
years.

According to TOI, Paytm's founder Vijay Shekhar Sharma drew an
annual salary of about INR3.1 crore in the 2015-16 fiscal compared
to INR2.3 crore the year before, according to the filing. TOI
reported last week that Sharma, who held over 21% stake in One97
Communications, sold 1% of his holding to raise INR325 crore to
fund his planned payments bank, having got an in-principle
approval from the country's central bank.

Neither did the Alibaba-backed company spell out reasons for its
soaring losses, nor did it mention the revenues for fiscal ended
March 2016. The company had reported a revenue of INR336 crore in
2014-15, as against INR210 crore in FY 2013-14. When contacted, a
company spokesperson told TOI in an e-mailed response, "The
technology sector needs front-loaded investments with a long-term
vision for profitability. This year, we have invested heavily in
marketing, business expansion and manpower. This will not only
help us drive sustained growth over the long-term but also bring
us closer to our vision of integrating half a billion Indians to
the mainstream economy."

Paytm, one of the biggest spenders on marketing and advertising in
the digital payments space, has further enhanced its budget after
the demonetisation of high-value currency notes and the
government's push for a cashless economy, says TOI.

According to the filing, the company plans to become operationally
profitable by financial year 2019, as stated by a valuation paper
commissioned by Paytm and prepared by Deloitte Haskins and Sells,
TOI relates. It recently raised $60 million from Taiwanese chip
maker Mediatek at a valuation of $4.8 billion.

Meanwhile, the company has created two separate entities -- Paytm
Payments Bank and Paytm E-commerce.  TOI says the company recently
decided to transfer its wallet business to the payments bank
entity to satisfy meet RBI's regulatory requirements. Sharma has
to hold 51% stake in the payments bank, the report notes.

Paytm is an e-commerce website headquartered in Noida, India.


ROSATA VITRIFIED: CRISIL Assigns B+ Rating to INR195MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rosata Vitrified Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         195        CRISIL B+/Stable
   Bank Guarantee          24        CRISIL A4
   Cash Credit             60        CRISIL B+/Stable

The ratings reflect the firm's start-up phase and expected modest
scale of operations in the intensely competitive ceramic tiles
industry, and expected large working capital requirement. These
weaknesses are partially offset by the extensive experience of
promoters and favorable location in Morbi.
Outlook: Stable

CRISIL believes RVPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely stabilisation of operations leads to
substantial cash accrual. The outlook may be revised to 'Negative'
if cash accrual is low due to fewer orders or subdued
profitability, or if the financial risk profile weakens because of
sizeable working capital requirement or debt-funded capital
expenditure.

Established in 2016, RVPL is setting up a plant to manufacture
double charge vitrified tiles at Morbi, Gujarat. The firm is
expected to commence its operations in January 2017, with an
installed capacity of 60,900 mtpa of vitrified tiles. Mr.
Pravinbhai Bhimani and Mr. Rajeshkumar Patel have over a decade's
experience.


SAT INDIA: ICRA Assigns 'B-' Rating to INR5.50cr Cash Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR5.50
crore cash credit limits of SAT India Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term fund based
   limits Cash Credit         5.50       [ICRA] B-; Assigned

ICRA's ratings are constrained by SIL's nascent stage of
operations being a new player in copper business with FY2016 being
the first year of operation, low capacity utilization level and
the intensely competitive pressures owing to low entry barriers
and limited value addition in the business. The rating also take
into account the vulnerability of the firm's profitability to high
volatility in copper prices and relatively leveraged capital
structure with gearing of 1.54 times as on 31st March 2016. The
ratings however, favorably take into account the extensive
experience of management with established presence in cable
business.

In ICRA's view, the ability of the firm to ramp up its operations
in the initial phase of operations and generate healthy
profitability shall be the key rating sensitivities.

SIL was incorporated in the year 1994 by Mr. Prashant Saraogi as a
public limited company and commenced its commercial production
from June 2015. The company is currently managed by its directors
Mr. Prashant Saraogi, Ms. Swati Saraogi, Mr. Raghunandan Chimpa.
The company has its registered office located in Kolkata. The
company is involved in the business of manufacturing of copper
wires under the brand name "Connection". SIL has its manufacturing
unit located in Bhiwadi, Rajasthan having installed capacity of
4320 MTPA.

Recent Results
In 10MFY2016, the company reported a net profit of INR0.07 crore
on an operating income of INR20.32 crore.


SHANTI SHEET: CRISIL Assigns 'B' Rating to INR120MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Shanti Sheet Grah Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable
   Term Loan              120        CRISIL B/Stable

The rating reflects exposure to risks related to project
implementation and timely stabilisation and commensurate ramp-up
in sales, during the initial stage of operations. The rating also
factors in expectation of an average financial risk profile,
because of the partly debt-funded project. These rating weaknesses
are partly mitigated by the extensive experience of the promoters
and funding support, extended by them.
Outlook: Stable

CRISIL believes that SSGPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely implementation and stabilisation of the
project leads to anticipated revenue, profitability and cash
accrual, during the initial phase of operations. The outlook may
be revised to 'Negative' if delay in implementation or
stabilisation of the project leads to lower revenue and cash
accrual, or if a stretch in the working capital cycle weakens the
financial risk profile, especially liquidity.

Incorporated in January 2015, SSGPL is setting up a greenfield
project for a cold storage facility and processing and
preservation of frozen vegetables, with an installed capacity of
60,000 quintals. The proposed storage facility, at Jalaun district
of Uttar Pradesh, may start commercial operations from April 2017.

Promoters, Mr. Indrakant Tripathi, Mr. Mohammad Javed Khan and Mr.
Brajendra Kumar Singh, have been operating a cold storage facility
under other associate concern, for the past four years.


SHIVA STRUCTURES: CRISIL Suspends 'B' Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shiva
Structures Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL A4
   Cash Credit             50        CRISIL B/Stable
   Term Loan              250        CRISIL B/Stable

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

SSPL was incorporated in 2009, promoted by Mr. Madhukar Deshmukh
to take over the business of his sole proprietorship concern,
Shiva Constructions. SSPL undertakes civil construction activities
in the irrigation segment in Maharashtra. It is a registered Class
I contractor for the state's public works department and Godavari
Marathwada Irrigation Development Corporation (GMIDC).


SIVA SAI: ICRA Suspends 'B' Rating on INR11.25cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR11.25 crore1 fund based limits and INR1.75 crore unallocated
limits of Siva Sai Exports. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Siva Sai Exports is a partnership firm, was formed in 2007 to
undertake export of fruits and vegetables to Russia. The
operations are managed by the two partners, Mr. Samba Siva Rao,
Mrs. Siva Kumari and their son, Mr. Naresh Choudhary, who are
settled in Russia. The firm exports grapes, pomegranate, potatoes,
ginger, garlic, onion and other fruits and vegetables. The firm is
in the process of setting up a cold storage and a frozen food
processing facility at a cost of INR60 crore, to be funded by
about INR32 crore of term loan, promoter's capital of about INR 17
crore and INR10 crore of central government subsidy. The firm is
expected to commence the first phase of operations of the new
facility in March 2016.


SOMANI MOTORS: CRISIL Reaffirms B+ Rating on INR52.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Somani Motors
Pvt Ltd continues to reflect a below-average financial risk
profile because of small networth and high total outside
liabilities to tangible networth ratio, and exposure to intense
competition in the automobile dealership market. These weaknesses
are partially offset by the extensive experience of promoters and
moderate working capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            7.5       CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)               52.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    20.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SMPL will benefit from its promoters' industry
experience. The outlook may be revised to 'Positive' if
substantial and sustained increase in cash accrual or any fresh
equity infusion strengthens the capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens due to lower-than-expected cash
accrual, stretched working capital cycle, or any, debt-funded
capital expenditure.

Incorporated in 2010, SMPL, promoted by Mr. Sushil Somani, Mr.
Subhash Somani, and Mr. Mahesh Somani, has a dealership of Hyundai
Motors India Limited (CRISIL A1+) and is based in Baramati
(Maharashtra).


SUN PARTICLE: CRISIL Suspends B- Rating on INR73.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sun Particle Board Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         5.5        CRISIL A4
   Cash Credit           20.0        CRISIL B-/Stable
   Term Loan             73.5        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SPBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPBPL is yet to
provide adequate information to enable CRISIL to assess SPBPL'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.

SPBPL was incorporated in 2012 by Mr. Dayalal Maganlal Jakasaniya
and Mr. Amitbhai Dineshbhai Bhanvadiya of Gujarat. The company is
setting up a project for manufacturing wooden particle board and
plywood sheets. The project is expected to be completed by
September 2015 and commercial operations would begin from October
2015.


SURESH ANGADI: CRISIL Suspends 'D' Rating on INR170MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Suresh
Angadi Education Foundation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         170       CRISIL D

The suspension of ratings is on account of non-cooperation by SAEF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAEF is yet to
provide adequate information to enable CRISIL to assess SAEF'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.

SAEF, established in 2008, is a trust registered under the Indian
Trust Act, 1882. It operates a degree college, Angadi Institute of
Management Studies, and an engineering and postgraduate institute,
Angadi Institute of Technology and Management, in Belgaum
(Karnataka). The institute is approved by the All India Council of
Technical Education and is affiliated to Visvesvaraya
Technological University. SAEF also operates a hostel for its
engineering and postgraduate students.


UNIVERSAL LSS: CRISIL Suspends 'D' Rating on INR400MM Bill Disc.
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Universal LSS Exports India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        400       CRISIL D
   Proposed Short Term
   Bank Loan Facility      100       CRISIL D

The suspension of ratings is on account of non-cooperation by
ULSSEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ULSSEPL is yet
to provide adequate information to enable CRISIL to assess
ULSSEPL'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.

ULSSEPL was established in April 2013 by Mr. Sachin Lalji Shah to
take over the business of Universal Exports, a proprietorship firm
which had been set up in 2007 by Mr. Shah. The company exports
various products such as ready-made garments for children and
women, imitation jewellery, embroidered textiles, incense sticks,
cosmetic products, shoes, and synthetic hair to Africa and the
Middle East.


VINDSOR MANAGEMENT: CRISIL Suspends B+ Rating on INR175MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vindsor
Management Consultants Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             155       CRISIL B+/Stable

   Long Term Loan          101       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      175       CRISIL B+/Stable

   Working Capital
   Term Loan                69       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
VMCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VMCPL is yet to
provide adequate information to enable CRISIL to assess VMCPL'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.

VMCPL was incorporated in 2004 by Mr. Vinay Shirsat and his wife
Ms. Archana Shirsat. It provides manpower and staffing solutions
to companies operating in different industries.


* INDIA: BSE Delists 64 Suspended Companies
-------------------------------------------
The Times of India reports that 64 companies was delisted from the
Bombay Stock Exchange (BSE) platform from Dec. 13 as they have
remained suspended for more than 13 years, Asia's oldest bourse
said.

This is in addition to 194 firms already being delisted by the
exchange in August.

TOI says the securities of these firms have been under suspension
for more than 13 years on account of non-compliance of various
clauses of listing regulations.

"64 companies that have remained suspended for more than 13 years
would be delisted from the platform of the exchange, with effect
from December 13 pursuant to order of Delisting Committee of the
exchange in terms of Sebi (Delisting of Equity Shares)
Regulations," TOI quotes BSE as saying in a circular.

These scrips will be moved to the dissemination board of the
bourse for 5 years as directed by markets regulator Sebi, the
report relates.

The companies include Ambuja Zinc, Asian Alloys, Elder Telecom,
Hindustan Breweries & Bottling and Zenith Steel Tubes and
Industries, TOI discloses.

BSE said promoters of these delisted firms will be required to
purchase the shares from the public shareholders as per the fair
value determined by the independent valuer appointed by the
exchange, adds TOI.



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


KUANTAN FLOUR: Felcra Keen on Buying Kuantan Shares
---------------------------------------------------
Joseph Chin at The Star Online reports that the Federal Land
Consolidation and Rehabilitation Authority (Felcra) is looking to
buy a stake in Practice Note 17 company Kuantan Flour Mills Bhd
(KFM) under a reverse takeover (RTO).

According to the report, KFM said on Dec. 13 it had secured a
letter of interest from Felcra to explore and possibility to
participate in KFM's equity under the corporate exercise.

Under the letter of interest, it said Felcra envisages it would
look into the feasibility and viability of injecting suitable
profit generating asset into KFM under reverse takeover, the
report says.

The Star Online relates that Felcra would also look into turning
around of KFM's existing business and also regularisation of KFM's
status/position to exit from the PN17 status.

The RTO would also look into a suitable return and/or synergistic
value creation to Felcra, the report adds.

Felcra was set up in 1966 to develop rural sector by helping its
community to participate in national economic activities, thus
improving their standard of living.  Since Sept 1, 1997, Felcra
has become known as Felcra Bhd due to its corporatisation and it
has become a fully government owned company.

Kuantan Flour Mills Berhad is a Malaysia-based company engaged in
flour milling and trading in its related products.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 8, 2016, theedgemarkets.com said Kuantan Flour Mills Bhd, a
PN17 company since Dec 12, 2015, is still looking into the
formulation of its regularization plan of its financial
conditions.  KFM has approximately one month to submit its
regularization plan to the relevant authorities for approval.



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


ISABEL ESTATE: High Court Declares Winery Founders Bankrupt
-----------------------------------------------------------
Stuff.co.nz reports that the founders of a boutique Marlborough
winery have been declared bankrupt, following a string of unpaid
debts by a company the pair own.

Stuff.co.nz relates that Michael and Robyn Tiller -- the directors
of Isabel Estate Vineyard in Marlborough -- failed to appear in
High Court on Nov. 29 when their bankruptcy orders were handed
down.

This comes more than a year after the wine company went into
receivership, along with Isabel Estate Partnership and Shelby
Estate Ltd, which together trade as Isabel Estate, the report
discloses.

According to the report, the Tillers established the winery in
1982, however, after running into financial troubles, the vineyard
and branding was sold to Pinnacle Drinks -- a subsidiary of
Australian grocery giant Woolworths -- for more than
NZ$3 million.

The Bank of New Zealand (BNZ) applied to bankrupt the pair on
November 30, and the application was granted by associate judge
Warwick Smith, Stuff.co.nz notes.

To date, the Tillers have not fronted for the receivership nor the
subsequent liquidation of the companies, the report says.

As at July 2016, Isabel Estate Vineyard owed more than
NZ$4.5 million, according to Stuff.co.nz.

When the three entities first went into receivership in
July 2014, the debt was NZ$12.4 million, says Stuff.co.nz.

At the time, receivers Richard Longman and John Fisk, of
PricewaterhouseCoopers, said they were appointed "primarily due to
cash flow pressures resulting from certain high cost supply
contracts, compounded by low vineyard yields in recent vintages
leading to unprofitable trading," the report states.

According to Stuff.co.nz, Messrs. Longman and Fisk's latest report
showed the company reduced its debt with the BNZ, as well as paid
NZ$29,000 to its 15 employees for unpaid wages, salary and holiday
pay; NZ$9,000 to NZ Customs and Excise; and an additional NZ$9,000
to the BNZ for wages and salary payments.

Aside from a rebate from the Australian Wine Equalisation Tax,
which was being organised, all other assets were "realised", the
report said, adds Stuff.co.nz.



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


RICKMERS MARITIME: Key Bondholders Meeting Moved to Dec. 21
-----------------------------------------------------------
JOC.com reports that Rickmers Maritime Trust has rescheduled to
Dec. 21 a key bondholders meeting to vote on restructuring the
Singapore-based container ship owner's debt.

According to the report, the trustee-manager of the owner of 16
Panamax vessels canceled a Nov. 9 vote on restructuring a bond
maturing in May 2017 valued at SGD100 million [$70 million]
because there were insufficient bondholders to form a quorum.

JOC.com says Rickmers' problems deepened when it failed to meet
the final Nov. 22 deadline to make an SGD4.26 million interest
payment on the bond, further fueling fears for its survival.

"As a result of cross default and/or cross acceleration clauses
contained in the loan agreement to which the trustee-manager or
subsidiaries of the trust are a party, the trust is also in
default under such loan agreements," the report quotes Rickmers as
saying.

Trading in Rickmers shares on the Singapore stock exchange were
suspended "until the going concern issue has been resolved," the
report relays.

According to JOC.com, the trust has been negotiating with its
senior lenders to obtain standstills and/or waivers over its
obligations under existing loan facilities.

Rickmers shareholders approved a resolution on Oct. 31 to wind up
the trust, if its debt restructuring fails to win approval of its
unit holders, JOC.com notes.

Only two bondholders showed up for the first vote on Nov. 9, and
75% of bondholders must approve the restructuring, according to
IHS Fairplay, a sister product of JOC.com within IHS Markit.

As of Sept. 30, Rickmers Maritime had a working capital deficit of
$320.58 million though its equity of $231.9 million was in excess
of $12.16 million in long-term debt, JOC.com discloses.

JOC.com notes that the shipowner is a victim of the slump in
employment and charter rates for Panamax vessels with capacities
ranging from 3,000 to 5,300 twenty-foot-equivalent units following
the enlargement of the Panama Canal, which allows the transit of
vessels up to 13,500 TEUs.

Rickmers has idled five vessels and is trading six on the spot
market, JOC.com adds.

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



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


DAEWOO SHIPBUILDING: To Receive KRW2.8TT Capital from Creditors
---------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is expected to receive KRW2.8 trillion ($2.39
billion) from its creditors this month, averting a delisting from
the local stock market, industry sources said on Dec. 12.

Last month, the creditors, led by the state-run Korea Development
Bank (KDB), decided to provide the financial aid, in the form of a
debt-for-equity swap, to the ailing shipyard whose debts exceed
assets amid mounting losses, Yonhap recalls.

According to the report, sources said Daewoo Shipbuilding will
hold a board meeting next week to approve the sale of a 1
trillion-won perpetual bond to the Export-Import Bank of Korea.
The perpetual bond, which is counted as capital, will carry a
maturity of 30 years, the sources said.

Earlier this week, the shipyard's board room also decided to sell
stocks to the KDB. The state-run lender will swap KRW1.8 trillion
of debt owed to the shipyard for its stocks, Yonhap reports.

At the end of last year, the shipyard's debt ratio stood at
7,0005, and its stock trading has been suspended since June, the
report notes.

After the capital injection, its debt ratio will be reduced to
900%, the sources said, Yonhap adds.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


HANJIN SHIPPING: Liquidation Preferred Over Rehabilitation
----------------------------------------------------------
Yonhap News Agency reports that an accounting firm assessing the
viability of cash-strapped Hanjin Shipping Co. on Dec. 13 reported
to a local court that the liquidation of the troubled shipper is
"more economical," rather than continuing its rehabilitation
scheme.

Hanjin Shipping, once the country's leading shipping company, was
put under court receivership in September, as its creditors, led
by the state-run Korea Development Bank, rejected its self-rescue
plan, sending ripples to the global shipping sector.

In order to pay debts and service fees in arrears, Hanjin Shipping
has been seeking to sell its profitable assets, Yonhap says.

Yonhap relates that in the report submitted to the Seoul Central
District Court, Samil PricewaterhouseCoopers estimated the
liquidation value of the shipping line at KRW1.79 trillion
(US$1.53 billion) but did not assess the going-concern value as
the company has been seeking to sell assets.

The court, however, is expected to push ahead with asset sales for
the time being, Yonhap relates.

According to Yonhap, Hyundai Merchant Marine Co., a major shipping
firm, and MSC submitted their bid for a 54% stake in Hanjin
Shipping's port terminal in Long Beach, California, an acquisition
estimated at some KRW400 billion. MSC is the second-largest
shareholder in the terminal operation with a 46% stake.

Last month, SM Group, a mid-sized local group that owns South
Korea's No. 2 bulk carrier Korea Line Corp., agreed to acquire the
troubled shipper's U.S.-Asia route and other assets for
KRW37 billion, which will be completed by January, the report
discloses.

Yonhap says Hanjin Shipping and local shippers have been under
financial strain due to falling freight rates stemming from an
oversupply of ships and a protracted slump in the global economy.

Out of growing concerns over the shipping firm's liquidation,
stocks of Hanjin Shipping closed at KRW408 on the Seoul bourse,
down 20.78% from the previous session's close, adds Yonhap.

                      About Hanjin Shipping

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

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

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

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

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

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


SK E&S: Moody's Puts Ba1 Stock Rating on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed SK E&S Co. Ltd.'s Baa2 issuer
rating and Ba1 preferred stock rating on review for downgrade.

                          RATINGS RATIONALE

"The review for downgrade reflects continued weakness in SK E&S'
operating performance, and uncertainty surrounding its
deleveraging measures, thereby potentially holding back any
meaningful recovery in the company's credit quality over the
medium term," says Mic Kang, a Moody's Vice President and Senior
Analyst.

"Accordingly, SK E&S' credit profile may no longer be consistent
with the Baa2 rating," Kang says, adding "Prior to today's rating
action, the rating outlook was negative, reflecting similar
concerns."

"We expect SK E&S to continue experiencing challenging industry
conditions, amid ongoing margin pressure in its core power
generation business, due to low wholesale electricity prices,"
Kang says.

Furthermore, the timing of the planned sale of non-core assets
remains uncertain, and will likely delay balance sheet
deleveraging that had been incorporated in the rating.

Absent deleveraging measures, Moody's expects SK E&S' funds from
operation (FFO)/debt in 2017-18 to be around 15%-18%.

The incremental operating cash flow from its new power plants may
not be sufficient to improve its financial metrics to levels that
fall within Moody's rating expectation, including FFO/debt staying
above 20%-22%.

Moody's review will focus on SK E&S' progress in its plan to sell
non-core assets and sustainably delever to a level within the
current rating expectation.

In addition, the review will assess the extent to which SK E&S'
weakening fundamental credit profile is offset by the ability and
willingness of its parent, SK Holdings Co Ltd's (unrated), to
provide extraordinary support, in case of need.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

SK E&S Co. Ltd. is a power and gas utility company in Korea (Aa2
stable).  It is a major private independent power producer (IPP)
operating a gas-fired plant in Gwangyang with a total capacity of
1,074 megawatts (MW), or around 1% of Korea's total power
generation.  It is also the largest retail gas distribution
company in Korea, with an approximate 22% market share by sales
volume.

SK E&S aims to start commercial operations of its new power
generation and co-generation plants currently under construction
in early 2017.  The new plants will increase SK E&S' power
generation capacity to 3,719 MW.

As of Sept. 30, 2016, SK E&S was 100% owned by SK Holdings Co Ltd.
(unrated), which is the holding company of SK Group.



                             *********

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
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