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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 28, 2016, Vol. 19, No. 257


                            Headlines


A U S T R A L I A

CULLEN GROUP: Placed Under External Administration
DIPLOMA GROUP: In Receivership; Owes AUD40 Million
GREAT SOUTHERN: Ship Start-Up Goes Into Liquidation
KREAB GAVIN: Creditors Line Up With AUD1.8 Million Debt

* AUSTRALIA: Corporate Insolvencies Hit Eight-Year Low This Year
* Fitch: Australian Auto ABS Arrears Continue to Fall in 3Q16


C H I N A

CHINA ZHESHANG: Moody's Assigns First Time Ba1 Deposit Ratings
COSUN GROUP: Chairman Defaults on CNY100MM of Bonds
DALIAN MACHINE: To Take Action to Avoid Cross-Default on ST Bills
MIE HOLDINGS: Loan Highlights Lack of O&G Asset Buys, Fitch Says
YINGDE GASES: Moody's Lowers Corp. Family Rating to Caa1


H O N G  K O N G

GENERAL NICE: Abterra Solvent After GNR Put Under Liquidation
NEXTEER AUTOMOTIVE: S&P Affirms 'BB+' Issue Rating
PACIFIC ANDES: Wants Plan Filing Period Extended to March 31


I N D I A

AGGARWAL COTTON: CRISIL Reaffirms B+ Rating on INR100MM Loan
AGRAWAL SOYA: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
AIR CARNIVAL: CRISIL Assigns 'B' Rating to INR53MM LT Loan
AISHWARYA IMPEX: Ind-Ra Hikes Long Term Issue Rating to IND BB-
AROMA RESTAURANTS: CRISIL Assigns 'B' Rating to INR40MM Loan

BAZPUR STONE: Ind-Ra Withdraws 'IND D' LT Issuer Rating
CHAKKRA COAL: CRISIL Rates INR70MM Bill Discounting at 'B'
COREY ORGANICS: CRISIL Upgrades Rating on INR140MM Loan to B+
ELECTRO CIRCUIT: CRISIL Assigns B+ Rating to INR35MM LT Loan
GOPAL SWEETS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating

GREEN SHIELD: CRISIL Upgrades Rating on INR85MM Cash Loan to 'C'
HARI BHOG: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
HINDOK EXPORTS: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
INTERCONTINENTAL INFRA: CRISIL Rates INR268.5MM LT Loan at B-
IQBAL AGENCIES: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating

JAI BHAWANI: CRISIL Reaffirms B+ Rating on INR57MM Cash Loan
JAY BHAWANI: CRISIL Assigns B+ Rating to INR50MM Cash Loan
JAYESH INDUSTRIES: CRISIL Puts B- Rating on Notice of Withdrawal
JGINDRA CASTINGS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
JIND INDUSTRIAL: CRISIL Assigns B+ Rating to INR48MM LT Loan

JR SEAMLESS: Ind-Ra Withdraws 'IND B+' Longterm Issuer Rating
LALA MADHORAM: CRISIL Ups Rating on INR190MM LT Loan to B+
MAGADH IRON: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
MAHAVIR CONSTRUCTION: CRISIL Assigns B+ Rating to INR105MM Loan
MOYALAN AGRO: CRISIL Reaffirms B+ Rating on INR10MM LT Loan

MUNDRA AGRO: CRISIL Reaffirms 'B' Rating on INR140.5MM Term Loan
NINANIYA ESTATES: CRISIL Reaffirms 'B' Rating on INR325MM Loan
NIRMAL SAGAR: CRISIL Assigns B+ Rating to INR70MM Cash Loan
PHOTON ENERGY: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
RADHE SHAM: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating

RAJAN JEWELLERY: CRISIL Ups Rating on INR100MM Cash Loan to B-
RAJKAMAL BUILDERS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
S.M. AUTOPARTS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
SAMI SPICES: CRISIL Upgrades Rating on INR115MM Loan to B+
SHYAM COAL: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan

SOOD AGRO: Ind-Ra Withdraws 'IND B+' Longterm Issuer Rating
SRI SAI: CRISIL Assigns 'B' Rating to INR50MM Long Term Loan
SRI SHREESHA: CRISIL Assigns B+ Rating to INR90MM Cash Loan
SRIJAN PUBLISHERS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
STAR REWINDERS: CRISIL Assigns B- Rating to INR30MM Cash Loan

SWARNSHIKHA JEWELLERS: Ind-Ra Withdraws IND BB- LT Issuer Rating
UNIVERSAL STEEL: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
UNITY FIN-CAP: CRISIL Suspends 'B' Rating on INR50MM Overdraft
VANGAL AMMAN: Ind-Ra Withdraws 'IND D' LongTerm Issuer Rating
VAIBHU INFRA: CRISIL Assigns B+ Rating to INR30MM Cash Loan

VE JAY TEXTILE: CRISIL Lowers Rating on INR42.5MM Cash Loan to D


I N D O N E S I A

PELINDO III: Fitch Gives BB+ Stand Alone Rating


M O N G O L I A

MONGOLIA: May Default in 2017 Without Urgent Foreign Funding


                            - - - - -


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


CULLEN GROUP: Placed Under External Administration
--------------------------------------------------
Paul Weston at the Gold Coast Bulletin reports that the building
company behind the two tower, resort-style units at Robina has
collapsed sparking fears about money owed to up to 300 subbies.

According to the Bulletin, ASIC documents show the Brisbane-based
construction company Cullen Group Australia is under external
administration.

The Bulletin relates that Brisbane insolvency accounting firm
Pearce and Heers was appointed liquidator late on Dec. 22 in a
voluntary winding up of the builder.

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

Building industry insiders are aware of a subbie being owed
AUD100,000 on the Robina site and a plumber seeking  AUD160,000.

According to the report, the industry source said it was doubtful
any of the subbies would receive their money, the Bulletin
relates.

The report says the Robina Group which is overseeing the AUD100
million 129-apartment project, part of its  AUD250 million City
Village development south of the Robina Town Centre, will be
forced to find another builder.

"The Robina Group is pursuing avenues to ensure the work is being
completed," the Bulletin quotes a Robina Group spokesman as
saying.

The Bulletin adds that subcontractors Alliance spokesman Les
Williams said subbies believe "that enough is enough" and the
Government should fast forward reforms to protect them.

"We can no longer tolerate these losses to local small
businesses," the report quotes Mr. Williams as saying. "(It is)
time for a cultural shift in the industry and the industry change
that Minister (Mick) de Brenni is planning.

"Even now on the Gold Coast there are developer-builders operating
who have previously left debts behind to subcontractors of over
AUD100 million.

"I was informed that Robina (the Robina Group)- Cullen and
Subcontractors had a meeting about non-payment issues a while
back.

"There have been payment issues with Cullen now for some time so
subcontractors could rightly ask what Robina and other clients
knew."

But the Robina Group has indicated it had made all its payments to
the Cullen Group, the report relays.


DIPLOMA GROUP: In Receivership; Owes AUD40 Million
--------------------------------------------------
Martin Jones and Andrew Smith of Ferrier Hodgson were appointed as
Joint and Several Receivers and Managers to the assets and
undertakings of Diploma Group Limited on December 21, 2016, by
Swiss Re International SE, pursuant to the power contained in the
General Security Agreement dated November 26, 2015.

The Receivers and Managers were also appointed over the following
wholly owned subsidiaries:

   * Diploma Construction (WA) Pty Ltd (ACN 113 950 100); and
   * DGX Construction Pty Ltd (ACN 147 094 335)

Following the appointment, David Mark Hodgson, Matthew James
Donnelley and Andrew Stewart Reed Hewitt of Grant Thornton were
appointed as Voluntary Administrators to the Companies on
December 22, 2016.

"The Receivers and Managers have taken control of the Companies'
operations and are undertaking an immediate assessment of the
Companies' affairs," Ferrier Hodgson said in a statement.

Mr. Donnelly told The Australian Financial Review Diploma Group
and its subsidiaries owed about  AUD40 million to creditors, which
include sub-contractors, the Australian Tax Office, AssetInsure
(owned by insurance giant Swiss Re) and a mezzanine lender.

"It would be easy to say all commercial builders in Perth have
come under margin pressure and Diploma is no exception," AFR
quotes Mr. Donnelly as saying.  They also had some troubled
projects, which put pressure on the group," he added.

In September, Diploma Group reported that it was in dispute with a
developer (TRG Properties) over a AUD40 million contract to build
apartments at the Perry Lakes estate in Perth's Western Suburbs,
AFR recalls. The company also said at the time it was in
contractual disputes with a number of sub-contractors, which were
the subject of legal proceedings, the report relates.

In November, Diploma Group reported to the market that Diploma
Construction (WA) was likely to report a AUD32.5 million loss
including AUD20 million of write-downs, according to AFR.

In May, Diploma Group said it was reviewing its operations "in
light of the current property and commercial construction markets
it operates in, in Western Australia".

Shares in Diploma Group have been suspended since August 31
pending the release of its FY16 annual results, AFR discloses.
They last traded at 1 cents giving Diploma a market cap of AUD3
million. The company floated in December 2007, on the eve of the
global financial crisis at 50 cents a share.

Diploma Group Limited (ASX:DGX) -- http://www.diploma.com.au/--is
a construction and property development company. The Company is
undertaking a portfolio of commercial, retail and residential
projects. The Company's projects include Capri Coastal Apartments,
Rockingham and QUEST East Perth. The Company's Capri Coastal
Apartments, Rockingham is located within the Rockingham Beach
Waterfront Village Precinct. The Company offers commercial
construction and residential apartments, including multi-level
residential, hotels, hospitality and tourism, commercial offices,
retail, industrial offices, health and aged care, and sports and
recreation. The Company offers a range of construction services,
including design, construction project management, site
management, construction management, construction supervision and
contracting services. Its property development services include
project identification, finance solutions, site acquisition and
sales, marketing and property management services.


GREAT SOUTHERN: Ship Start-Up Goes Into Liquidation
---------------------------------------------------
Zoe Reynolds at IHS Fairplay reports that the Australia/China
start-up venture, Great Southern Shipping Australia Pty Ltd, has
gone into liquidation, according to an Australian Securities and
Investment Commission notice filed on December 22.

GSS was set up in May this year with Australian Paull Van Oost,
chairman and chief executive officer in partnership with Rizhao
Port Group, the report says.

At the time, IHS Fairplay cited industry concerns that the venture
could be short-lived due to the Australian player having had two
previous unsuccessful attempts at Australian ship start-ups.

The Chinese withdrew in October, according to industry sources,
after investing an estimated USD5 million in the failed
enterprise. Rizhao Port did not respond to numerous inquiries from
IHS Fairplay.

According to IHS Fairplay, cargo was stranded on three container
vessels -- Wehr Trave, Wehr Warnow, and Imara -- after their
owners terminated the charters, citing GSS failure to pay monies
owed.

IHS Fairplay relates that efforts to discharge the cargo in
Hong Kong and Port Botany, Sydney, were successful two weeks ago
after month-long negotiations between advocacy group Freight and
Trade Alliance Pty Ltd, which works in partnership with the
Australian Peak Shippers' Association, and shipowners Star Bulk &
Tankers/Reederei Oskar Wehr from Germany and US-based Seachange
Maritime.

A notice of meeting of the creditors for GS Agencies, which went
into liquidation in October, is scheduled for December 30, the
report discloses. No date has been set at time of writing for a
meeting of GSS creditors, with industry sources calculating debts
of between USD5-10 million, IHS Fairplay notes.

According to the ASIC notice, David Iannuzzi and Steve Naidenov of
Veritas Advisory have been appointed as liquidators, IHS Fairplay
discloses.

"It's going to be a tough one," one creditor told IHS Fairplay.
"It will be a long drawn-out process."

Great Southern Shipping Australia Pty Ltd was originally set to
run a fleet of six container vessels in partnership with Rizhao
Port, largely financed by China.  The service was to provide
express sailings from Rizhao, Shanghai, Yantian and Ningbo to
Brisbane, Sydney, Bell Bay, Tasmania, and Fremantle.


KREAB GAVIN: Creditors Line Up With AUD1.8 Million Debt
-------------------------------------------------------
Australian Financial Review reports that high-profile creditors of
the unlikely lobby firm that delivered one of the world's most
lucrative government defence contracts this year are lining up
with AUD1.8 million in debt and the tally is growing.

Kreab, who lobbied to deliver the AUD50 billion submarines
contract to French firm DCNS, entered into administration earlier
this month and a list of creditors obtained by AFR Weekend shows
the company owes AUD6000 to Liberal Party fundraising arm
Enterprise 500 Victoria, AUD167,801 to Colliers International and
AUD11,176 to rival firm Newgate Communications.

Other companies implicated include the Liberal Party of Tasmania,
the Australian Labor Party, Mirvac and the Australian Trucking
Association, AFR relates.

AFR says PKF held a creditors meeting in Sydney on Dec. 16 and it
is understood the company also owes superannuation to staff.

According to the report, a source said Kreab was investigated by
the Australian Tax Office in 2015 and investigations continue.

A spokeswoman for the ATO cannot comment on the tax affairs of any
individual or entity due to obligations of confidentiality under
the law, the report notes.

AFR adds that administrator Brand Tonks said the company was
continuing to trade and was servicing its clients with the support
of the staff.

"We have registered expressions of interest from various parties
in relation to the business as a going concern. We will be
exploring those options as part of the administration process."

AFR relates that sources have said staff were forced to take pay
cuts when being promoted and some believed their HECS debts were
being paid but have since found out it was not the case.

The firm also owes its Swedish parent company AUD1.2 million, the
Hong Kong office AUD21,611 and the New York office AUD10,931, the
report discloses.

Bradley John Tonks, Bradley Tonks, Simon Thorn of PKF were
appointed as administrators of Kreab Gavin Anderson (Australia)
Ltd on Dec. 6, 2016.


* AUSTRALIA: Corporate Insolvencies Hit Eight-Year Low This Year
----------------------------------------------------------------
The Australian Associated Press reports that the number of
Australian companies to fall into insolvency this year has
declined to an eight-year low, in a positive sign for the economy.

AAP, citing new figures from FTI Consulting, relates that in the
first 10 months of 2016, 7,365 companies slipped into voluntary
administration, liquidation or receivership -- 1,300 fewer
insolvencies compared to the same period a year ago.

The count is the lowest since 2008, FTI's analysis of insolvency
statistics from the Australian Securities and Investments
Commission has found, according to AAP.

In October, 677 companies went into external administration, a
five per cent drop on September's figures, the report says.

According to AAP, FTI Consulting head of corporate finance
John Park said the downward trend in insolvencies reflected better
economic conditions, which are expected to continue in early 2017
despite the country's negative gross domestic product growth in
the September quarter.

"Declining receivership appointments, as well as anecdotal
evidence, suggests a continued reluctance by the banks to
appoint," AAP quotes Mr. Park as saying.  "Banks are working
closely with their clients when problems are identified, as formal
engagements are no longer a preferred option when defaults come
into play."

He said the retail and mining sectors continue to suffer, with
high-profile retailers Pumpkin Patch, Payles Shoes and Howards
Storage World all recently failing financially, AAP relays.

GDP declined 0.5 per cent during the September quarter with annual
economic growth slowing to 1.8 per cent, the slowest rate of
growth since the global financial crisis, adds AAP.


* Fitch: Australian Auto ABS Arrears Continue to Fall in 3Q16
-------------------------------------------------------------
Australian prime auto ABS arrears in 3Q16 continued to decrease
from the peak in 1Q16, with 30+ days arrears at 1.4%, down from
1.5% in 2Q16 and 1.55% in 1Q16, Fitch Ratings says in a new
report. However, arrears are still above the five-year average of
1.12%. At the same time, the annualised net loss (ANL) rate
stabilised at 0.57% in line with previous two quarters' levels.

Fitch believes a rebound in arrears may occur in the fourth
quarter, as is typical of that time of year, because delinquent
loans tend to accumulate due to the lower auction market activity.
The weaker auto ABS issuance in 2H16 may also result in a decrease
of outstanding volumes of securitised assets and in turn lead to a
technical increase in arrears.

Loss levels remained significantly below Fitch's expectations, and
we believe current ratings are able to withstand increased losses.

Fitch believes lower-than-historical-average wage growth may be a
major threat to borrower performance. However, other economic
fundamentals remain strong, with stable consumer sentiment and low
unemployment rate and petrol prices.



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


CHINA ZHESHANG: Moody's Assigns First Time Ba1 Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has assigned Ba1 long term and NP short-
term local currency and foreign currency deposit ratings to China
Zheshang Bank Co., Ltd. (CZB).

At the same time, Moody's has assigned a ba3 baseline credit
assessment (BCA) and Adjusted BCA, as well as a Ba1(cr)/NP(cr)
Counterparty Risk Assessment (CR Assessment) to CZB.

The ratings outlook is stable.

This is the first time that Moody's has assigned ratings to CZB.

RATINGS RATIONALE

The Ba1 long-term deposit rating reflects the bank's BCA of ba3
and a two-notch uplift based on Moody's assumption of a high level
of government support, if needed.

CZB is one of 12 joint-stock commercial banks (JSCBs) in China
(Aa3 negative), a group of banks with nationwide presence. It has
a presence in 13 provinces and municipalities. With its origins in
Zhejiang Province, it has a particular strength in serving
businesses from the province, which reported GDP of RMB4.3
trillion in 2015, the fourth highest in China.

CZB's BCA of ba3 reflects the challenges that the bank faces in
its liquidity management, asset quality and profitability, despite
an improvement in its capital ratio following its IPO and rapid
deposit growth in 2016.

CZB has a high reliance on market funds to support longer-term
investments in loans and receivables, which show relatively weak
liquidity. The bank is also expanding at a much faster rate than
the system average, thereby challenging its asset quality and
capital position in a moderating economy. Moreover, although its
profitability benefits from its high growth rate and growing non-
interest income, it is also challenged by rising credit costs and
the ongoing interest rate liberalization.

The bank's has significantly increased its investments in loans
and receivables to 43.2% of total assets at end-June 2016 from
41.9% at end-2015 and 28.3% at end-2014. These investments, with
longer maturity and higher returns, were mostly jointly designed
and invested with other banks, securities firms and trust
companies and show relatively weak liquidity. While the reported
asset quality of such investments is strong, it is an unseasoned
portfolio and adds to the bank's liquidity risk.

CZB also has a high reliance on confidence-sensitive wholesale
funding, despite the 24.9% growth in its deposits in 1H2016 due to
its integrated lending and cash management services provided to
clients. Its market funds to tangible banking assets of 37.5% at
end-June 2016 declined from the level at end-2015, but remained
above the ratio of liquid assets to tangible banking assets. The
bank's dependence on wholesale funding and the gap between its
wholesale funding and liquid assets could pressure its liquidity
management in times of market turbulence.

CZB's non-performing loan (NPL) and special-mention loan (SML)
ratios were 1.33% and 2.00%, respectively, at end-June 2016, up
from 1.23% and 1.86% at end-2015. These ratios are comparable with
those of large city commercial banks but lower than those of other
JSCBs.

Moody's believes that the bank's asset quality will remain
pressured by China's economic rebalancing and the bank's rapid
asset growth, as the 33% loan growth in 2015 and 19% in 1H 2016
exposes the bank to unseasoned risk.

As for profitability, the bank's return on average assets remained
stable at 0.86% in 1H2016 on an annualized basis, benefiting from
its growth rate of interest earning assets and growing proportion
of net fees and commissions.

Moody's expects the bank's NIM will be pressured due to
competition for deposits amid the ongoing interest rate
liberalization. Its profitability will also be challenged by
rising credit costs, which were up 75% year-on-year in 1H 2016 as
a result of fast growth in loans and other assets that require
loss allowances, a growing percentage of collectively assessed
loss allowance and rising non-performing loans.

CZB's capital position strengthened through a RMB8.6 billion
private placement to supplement its equity in 2015 and its HKD13.7
billion IPO on the Hong Kong Stock Exchange in March 2016. The
bank's reported Core Equity Tier 1 ratio of 10.16% at end-June
2016 was up from 9.35% at end-2015. However, Moody's expects CZB's
capital ratio will be challenged by its rapid asset growth.

Moody's believes CZB will receive a high level of government
support in times of need, given: (1) the bank's status as the only
national joint-stock commercial bank incorporated in Zhejiang
Province ; (2) its 25.04% public ownership through wholly
provincial government-owned entities following its IPO in March
2016. In addition, CZB is a flagship company under the
government's plan to further develop and strengthen the financial
services industry in Zhejiang Province.

WHAT COULD CHANGE THE RATING -- UP

Moody's will upgrade CZB's BCA and deposit ratings if: (1) its
asset quality and profitability remain resilient amid China's
slower economic growth; (2) its asset growth slows to around 15%;
and (3) it continues to grow its deposit base and achieves a
better alignment of the duration of its funding and investments.

WHAT COULD CHANGE THE RATING -- DOWN

CZB's BCA could experience downward pressure if (1) its operating
environment weakens materially, for example if China's economic
growth continues to slow or corporate financial leverage continues
to rise; (2) its asset quality, profitability and capital weaken
materially; or (3) its liquidity position weakens significantly.

In addition, given the two-notch uplift incorporated into the
bank's deposit ratings, any indication of reduced support from the
government would be negative for the ratings.

CR ASSESSMENT

CZB's CR Assessment is positioned -- prior to government support
-- one notch above its Adjusted BCA , reflecting Moody's view
that its probability of default is lower than those of senior
unsecured debt and deposits in the absence of government support.

CZB'S CR Assessment also benefits from one notch of government
support, broadly in line with Moody's support assumptions on
deposits. This approach reflects Moody's view that any support
provided by the authorities to a bank -- and which benefits
deposits -- is very likely to benefit operating activities and
obligations reflected by the CR Assessment. This view is
consistent with Moody's belief that governments are likely to
maintain banking operations as going concerns to reduce contagion
risk and preserve a bank's critical functions.

As a result, the CR Assessments for Chinese banks could be
positioned one notch higher than their deposit ratings. For
Chinese banks with deposit ratings that already incorporate a very
high or high level of government support, their CR Assessments are
typically positioned at the same level as their deposit ratings,
reflecting Moody's view that the probability of default on their
operating liabilities would not be materially different from that
of deposits after government support, and in the event of bank
resolution.

In arriving at this view, Moody's has taken into account the fact
that China does not have a transparent operational resolution
regime that creates confidence that operating liabilities exhibit
a lower probability of default for banks whose deposit ratings
also benefit from a material amount of government support. Moody's
believes that one of the Chinese government's highest priorities
is to provide support for deposits in its provision of
extraordinary support to the banks to prevent a failure.

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

China Zheshang Bank Co., Ltd. is headquartered in Hangzhou,
Zhejiang Province. It reported total assets of RMB1181.6 billion
at end-June 2016.


COSUN GROUP: Chairman Defaults on CNY100MM of Bonds
---------------------------------------------------
South China Morning Post reports that super rich Chinese
businessman has defaulted on bonds worth CNY100 million that he
raised from retail investors, citing "tight cash flow."

Wu Ruilin, chairman of the Guangdong based telecom company Cosun
Group, has a personal fortune of CNY98.2 billion, China Business
New (CBN) reported on Dec. 21, citing an audit report issued by a
third party, SCMP says.

That makes Wu wealthier than Baidu's founder Robin Li, who has 98
billion yuan and is ranked 8th on the Hurun Rich List 2016.

SCMP relates that according to a notice put up by the Guangdong
Equity Exchange on Dec. 20, two subsidiaries of Cosun Group are
each defaulting on seven batches of privately raised bonds they
issued in 2014.

"The issuer had sent over a notice on December 15, claiming not to
be able to make the payments on the bonds on time, due to short-
term capital crunch," the notice, as cited by SCMP, said.

According to SCMP, Wu is making unlimited guarantees for the
principal and interest on the bonds with all of his legitimate
wealth. Meanwhile, Zheshang Property and Casualty Insurance
Company is responsible for the bonding insurance that guarantees
scheduled payments of interest and principal on the bond, the
notice said.

Neither Wu nor the insurer had put the payments into the relevant
account by 5:00 p.m. on Dec. 20, according to the exchange notice
cited by SCMP.

Although the bourse did not specify the value of the bonds, CBN
said they were together worth around CNY100 million, SCMP adds.

SCMP says Philip Sun, an analyst with central China based JZ
Securities, said it made no sense for Wu to "purposely defaults on
the bonds" as it would "severely affect his credit and make
institutional investors panic", which would create bigger problems
for him.

"Either he was building his business on high leverage, or he is
determined to count on the insurer, but it is for sure he really
has a severe cash crunch," SCMP quotes Sun as saying.

CBN reported some investors have said they would sue Cosun and Wu
Ruilin himself, SCMP adds.


DALIAN MACHINE: To Take Action to Avoid Cross-Default on ST Bills
-----------------------------------------------------------------
Reuters reports that China's state-owned Dalian Machine Tool Group
Corp said it would take measures to avoid default on short-term
bills after it was granted a 30-day grace period by bondholders.

If the company fails to remedy the problem by Jan. 19, it would
join a run of corporate defaults by companies in sectors such as
machinery, coal and steel in which there is chronic overcapacity
and they struggle to pay their debts, Reuters relates.

According to Reuters, Dalian Machine Tool was put in technical
default on the bills after a default on a separate debt agreement
triggered a cross-default provision.

Under such a provision, a borrower would be in default on a bond
agreement if it cannot honor another obligation, the report says.

Reuters relates that Dalian Machine Tool said its bondholders have
agreed to grant the company a 30-day grace period starting Dec.
21, during which it must either increase collateral or buy back
the bills, to avoid the "cross default".

Dalian Machine Tool issued the statement, dated Dec. 22, on the
website of the Shanghai Clearing House on Dec. 26, adds Reuters.


MIE HOLDINGS: Loan Highlights Lack of O&G Asset Buys, Fitch Says
----------------------------------------------------------------
MIE Holdings Corporation's (MIE; CCC) short-term loan to a battery
maker is an aggressive initiative to improve interest income on
its cash pool, Fitch Ratings says. The loan also underscores the
challenges MIE faces in finding oil and gas (O&G) assets to
purchase at a discount as oil prices have rebounded from the lows
in early 2016.

The agency does not expect the loan to materially impact MIE's
liquidity position in the immediate term. Fitch's main rating
concern for MIE is the challenge it faces in refinancing its
USD200m senior notes due 2018 and USD476m senior notes due 2019.
The company's ability to rebuild its asset base and hence long-
term cash flow source is key to its credit profile.

On December 19, 2016, MIE announced it would extend a six-month
USD30m loan to Boston Power Inc. In turn, MIE will receive
annualised interest of 9%. The loan is secured against 50% of the
shares in Boston-Power Battery (Hong Kong) Company Limited, an
indirect wholly owned subsidiary of Boston Power. As part of the
loan agreement, MIE has an option to purchase up to 5% of Boston
Power's shares after its Series CC round of funding at nominal
cost.

Financially, the loan to Boston Power offers higher interest than
bank deposits, while the interest rate also exceeds the coupons on
MIE's US dollar bonds. However, the credit quality of Boston Power
is unclear, which raises the risks of this opportunistic lending
by MIE.

Strategically, MIE's management believes the loan to Boston Power
also provides MIE exposure to the high-growth renewable energy
sector through the option of buying up to 5% of Boston Power at
nominal cost. However, MIE's business risk may increase if the
company raises its investment in Boston Power beyond the 5% stake,
given the company's lack of prior experience in this industry. A
limit on non-oil and gas and non-energy investments to 7.5% of the
company's total assets in the indentures on the company's US
dollar bonds would help to contain this risk.

The loan follows MIE's completion of the disposal of its stakes in
Asia Gas & Energy Ltd and Emir-Oil in 2H16. The asset sales raised
proceeds of around CNY1.5bn that will augment its cash balance of
CNY500m at end-June 2016. The indentures on MIE's US dollar bonds
require the company to redeploy proceeds from asset sales to
acquire oil and gas-related assets or re-financing senior
indebtedness, including the two senior notes, within 360 days.


YINGDE GASES: Moody's Lowers Corp. Family Rating to Caa1
--------------------------------------------------------
Moody's Investors Service has downgraded Yingde Gases Group
Company Limited's corporate family rating to Caa1 from B3.

At the same time, Moody's has downgraded to Caa2 from Caa1 the
senior unsecured rating on the bonds issued by Yingde Gases
Investment Limited and guaranteed by Yingde Gases.

The ratings outlook is negative.

This action concludes the ratings review initiated on December 22,
2016.

RATINGS RATIONALE

"The downgrade of Yingde Gases' corporate family rating to Caa1
reflects the high probability of a default on its offshore bond
obligations, as the escalation of the shareholders' dispute could
cut off the company's access to offshore funding and thereby its
ability to repay its bank loan in early January," says Gerwin Ho,
a Moody's Vice President and Senior Analyst.

On December 22, Yingde Gases announced that two of its
shareholders had filed an application to the Cayman Islands court
to restrain the company from issuing new shares.

In its announcement, Yingde Gases also states that while it is
proactively making financial arrangements to minimize the adverse
impact brought by the delay of its new share issuance, the company
does not rule out a material default on its HKD820 million loan
agreement that has a termination date of January 3, 2017.

These developments could lead to the insolvency of the company if
the shareholder dispute is not resolved within days.

Moody's will continue to monitor the company's completion of its
new share issuance, alternative refinancing plans, the potential
Cayman Islands court injunction and the progress in resolving the
dispute with its shareholders.

The negative outlook reflects the likelihood that the recovery of
the bond holders will decline as the situation with regard to the
shareholders' dispute and the outstanding bank loan drags on.

Downward rating pressure could arise if the company defaults on
its bond payments.

Upward rating pressure is unlikely, given the negative outlook.
Nevertheless, Moody's could review the rating for upgrade if the
shareholders' dispute is resolved and the offshore bank loan is
repaid in full.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB7.9 billion in revenues in 2015. At end-June 2016, it had a
total of 69 gas production facilities in operation and another 11
under development.



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

GENERAL NICE: Abterra Solvent After GNR Put Under Liquidation
-------------------------------------------------------------
The Strait Times reports that Abterra Ltd reassured investors on
Dec. 11 that it is solvent and able to meet its financial
obligations.

ST relates that the statement from chief executive Lau Yu,
published on the Singapore Exchange website, came after Abterra
announced on Dec. 7 that controlling shareholder, General Nice
Resources (Hong Kong) had been put under liquidation by the High
Court of Hong Kong.

GNR has a 34.96 per cent stake in Abterra, the report discloses.

According to the report, Abterra said its board of directors has
reviewed the company's cash flow and balance sheet to determine
its financial status.

The report says the board concluded that Abterra is not relying on
GNR financing, will be receiving proceeds from the sale of office
units at Suntec Tower 1 in due course and that these proceeds will
be sufficient to settle all Abterra's payables and sustain the
company for at least another six months.

Taking these into consideration, Abterra said "the board is of the
opinion that the company is solvent and able to meet its financial
obligations and that the company is able to operate as a going
concern," ST relays.

Abterra added it is working to "defer certain payments to
professionals until the receipt of the proceeds of the disposal of
the office units, and will continue its business as usual".

The company is still working to establish a sustainable trade
business in commodities such as coking coal, coke and iron ore, it
added, ST reports.

General Nice Resources (Hong Kong) Limited trades in iron ore,
coking coal, coke, and thermal coal. The company also trades in
copper, nickel, and manganese.


NEXTEER AUTOMOTIVE: S&P Affirms 'BB+' Issue Rating
--------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings on Nexteer Automotive Group Ltd.
(BB+/Positive; cnBBB+) that were labeled as "under criteria
observation" (UCO) after publishing its revised recovery ratings
criteria on Dec. 7, 2016.  With S&P's criteria review complete, it
is removing the UCO designation from these ratings and are
affirming the 'BB+' issue rating with a change in the recovery
rating to '3H' from '4L' on Nexteer's senior unsecured notes.  The
recovery score reflects S&P's view an average recovery of 50%-70%
in the event of default.  S&P is also affirming and removing from
UCO our 'cnBBB+' long-term Greater China regional scale issue
rating on the company's notes.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings on the issuers of the
affected debt issues.

S&P's recovery analysis includes the US$250 million senior
unsecured notes that benefit from a guarantee from two of
Nexteer's key subsidiary holding companies: Nexteer US Holdings I
LLC and Rhodes Holding I S.a.r.l.

S&P's hypothetical default scenario for Nexteer will be triggered
by a severe downturn in the global auto industry, which would lead
to lower demand and intensified competition among existing auto-
component suppliers.

S&P views Nexteer's business as a going concern, given the
company's good expertise in the automotive steering and driveline
systems segment, as well as its good working relationship with
major global original equipment manufacturers.

                  SIMPLIFIED RECOVERY WATERFALL

Jurisdiction:                            U.S.
Year of default:                         2021
Emergence EBITDA:                        $122 mil.
Multiple:                                5.0x
Gross recovery value:                    $611 mil.
Net recovery value for
waterfall after admin expenses (5%):    $581 mil.
Estimated priority claims:               $321 mil.
Estimated senior unsecured notes claim:  $257 mil.
Value available for unsecured claim:     $260 mil.
Recovery range:                          50%-70% (higher end)


PACIFIC ANDES: Wants Plan Filing Period Extended to March 31
------------------------------------------------------------
Pacific Andes Resources Development Limited, also known as PARD,
asks the U.S. Bankruptcy Court for the Southern District of New
York to extend its exclusive periods for filing a chapter 11 plan
and soliciting acceptances to the plan through March 31, 2017 and
May 31, 2017, respectively.

William Brandt, the Chapter 11 Trustee for Debtor CFG Peru
Investments Pte. Limited (Singapore), also known as CFG Peru
Singapore, has expressed his support for the requested extension
while he works to assess and stabilize the Peruvian businesses.
The Trustee has specifically requested that the Debtors hold off
on their own independent efforts to develop and communicate a
chapter 11 plan term sheet and business plan.  This development,
coupled with the fact that the Debtors' cases have several layers
of complexity, including with respect to the number of Debtors and
their affiliates, their location around the world, their
involvement in insolvency proceedings in at least four other
jurisdictions, and the complex reporting all support the extension
requested by PARD.

Immediately prior to the appointment of the Chapter 11 Trustee,
the Debtors and their professionals had been prepared to propose a
framework for a restructuring and to provide their creditors and
interest holders with a term sheet, and then meet with various
creditor constituencies the week of November 14th.  Immediately
after the Chapter 11 Trustee's appointment, just days before the
week of the 14th when David Prager of Goldin Associates was
scheduled to fly again to Hong Kong for such term sheet meetings,
the Chapter 11 Trustee conveyed his strong preference for PARD and
the Affiliated Debtors to suspend work on the term sheet and/or
related business plan in order to allow him time to assess the
situation and take such other actions as he deemed necessary prior
to commencement of restructuring negotiations.

PARD relates that the Debtors have complied with the Chapter 11
Trustee's request.  PARD contends that there is optimism in the
Peruvian fishing industry that the El Ninos have ended, quotas
will be increased, and catches and revenue will improve in the
seasons to come.

PARD says that the Debtors have kept their lender group apprised
of these developments while maintaining timely compliance with
their reporting requirements.  PARD further says that the lenders
have also met independently with the Trustee, and asserts that the
current circumstances of these cases warrant an extension of
exclusivity for PARD.

The Debtor's Motion is scheduled for hearing on January 4, 2017 at
11:00 a.m.  The deadline for the filing of objections to the
Debtor's Motion is set on December 28, 2016.

            About Pacific Andes Resources Development Limited

Hong Kong-based Pacific Andes Resources Development Limited (PARD)
is engaged in sourcing, processing, distribution and sales of
seafood products. The Company is focused on the development,
marketing and distribution of fish, frozen fish and fish products.

PARD sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S. D. N.Y. Case No. 16-12739) on September 29, 2016.  The
petition was signed by Ng Puay Yee, Annie (Jessie), executive
chairman.

The Debtor is represented by Tracy L. Klestadt, Esq., at Klestadt
Winters Jureller Southard & Stevens, LLP.  The case is assigned to
Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $1
billion to $10 billion and debts at $100 million to $500 million.

The Debtor's case is not jointly administered with the case of its
affiliate China Fishery Group Ltd. (Cayman), which sought Chapter
11 protection on June 30, 2016.



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


AGGARWAL COTTON: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aggarwal
Cotton and General Mills continues to reflect the firm's small
scale of operations in the fragmented cotton industry, and its
susceptibility to volatility in cotton prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              100     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        40     CRISIL B+/Stable (Reaffirmed)

The rating also factors the firm's average financial risk profile
because of modest networth, and average debt protection metrics.
These weaknesses are partially offset by its partners' extensive
experience in the cotton industry and their funding support.
Outlook: Stable

CRISIL believes ACGM will continue to benefit from its partners'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' if significantly high cash
accrual or substantial capital infusion leads to a better capital
structure. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates
because of low cash accrual, large working capital requirement, or
debt-funded capital expenditure.

ACGM, established in 1992 as a partnership firm, gins and presses
cotton, and extracts cotton seed oil at its unit in Sirsa,
Haryana. The firm is owned and managed by Mr. Sumer Chand Garg and
his family members.


AGRAWAL SOYA: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Agrawal Soya
Extracts Private Limited's (ASEPL) Long-Term Issuer Rating of 'IND
D'.

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

ASEPL's ratings:

-- Long-Term Issuer Rating: 'IND D'; rating withdrawn
-- INR70 million fund-based limits: Long-term 'IND D'; rating
withdrawn
-- INR49 million term loans: Long-term 'IND D'; rating withdrawn

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR70m
Term loan                           WD   INR49m


AIR CARNIVAL: CRISIL Assigns 'B' Rating to INR53MM LT Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Air Carnival Private Limited and assigned its
'CRISIL B/Stable/CRISIL A4' ratings to the facilities. CRISIL had,
on October 28, 2016, suspended the ratings as the company had not
provided the necessary information required for a rating review.
It has now shared the requisite information, enabling CRISIL to
assign ratings.

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

   Secured Overdraft
   Facility                 47       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       53       CRISIL B/Stable

   Cash Term Loan           50       CRISIL B/Stable

The ratings reflect a nascent stage of operations, and
susceptibility of margins to volatility in fuel costs and to
intense competition in the aviation industry. These rating
weaknesses are partially offset by a moderate financial profile
and healthy growth prospects for domestic passenger traffic.
Outlook: Stable

CRISIL believes ACPL will benefit over the medium term from the
healthy growth prospects for domestic passenger traffic. The
outlook may be revised to 'Positive' if there is an increase in
scale of operations with higher profitability, resulting in
better-than-expected cash accrual and an improvement in the
financial risk profile. The outlook may be revised to 'Negative'
in case of deterioration in the financial risk profile, most
likely because of lower margins or larger-than-expected debt-
funded capital expenditure.

ACPL was established as a partnership firm in 2012 and
subsequently reconstituted as a private limited company in June
2013; it is promoted by Mr. S I Nathan and his family. ACPL, based
in Coimbatore, Tamil Nadu, operates an airline under the brand Air
Carnival, which covers four sectors in Tamil Nadu and Andhra
Pradesh.


AISHWARYA IMPEX: Ind-Ra Hikes Long Term Issue Rating to IND BB-
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Aishwarya Impex's
(Aishwarya) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable.

Ratings
-------
Long Term Issuer Rating            IND BB-/Stable
Fund Based Working Capital Limit   IND BB-/Stable  INR150m
Fund Based Working Capital Limit   IND A4+         INR150m
Term loan                           IND BB-/Stable  INR70m


AROMA RESTAURANTS: CRISIL Assigns 'B' Rating to INR40MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aroma Restaurants And Resorts Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               40        CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the competitive hotel industry and below-average financial risk
profile highly leveraged capital structure. These strengths are
partially offset by the extensive experience of its promoters.
Outlook: Stable

CRISIL believes Aroma will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' if a significant and sustained increase
in revenue and profitability leads to higher cash accrual. The
outlook may be revised to 'Negative' if low accrual or stretch in
working capital cycle further weakens financial risk profile,
particularly liquidity.

Incorporated in 1999 and promoted by Mr. Sachin Mehndiratta and
his elder brother, Aroma operates 16 restaurants in Chennai.


BAZPUR STONE: Ind-Ra Withdraws 'IND D' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bazpur Stone
Crushers Private Limited's 'IND D' Long-Term Issuer Rating. The
agency has also withdrawn the Long-term rating of 'IND D' on the
company's INR65 million fund-based working capital limits.

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

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR65m


CHAKKRA COAL: CRISIL Rates INR70MM Bill Discounting at 'B'
----------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Chakkra Coal India Private Limited. The ratings
reflect modest scale of operations, commodity nature of business
and susceptibility to volatile raw material prices, and below-
average financial risk profile. The weaknesses are partially
offset by promoter's extensive experience in the coal trading
business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      5         CRISIL B/Stable

   Overdraft Facility     25         CRISIL A4

   Bill Discounting       70         CRISIL B/Stable

   Inland/Import
   Letter of Credit       60         CRISIL A4

Outlook: Stable

CRISIL believes CCPL's business risk profile will remain stable
over the medium term owing to promoter's experience. The outlook
may be revised to 'Positive' if significant improvement in capital
structure or increase in revenue and operating margin strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if profitability declines due to increased competition
or if inefficient working capital management weakens liquidity.

Established in 2001 as a proprietorship firm and later
reconstituted as CCPL in 2012, the company trades in domestic and
imported coal. The company is based in Madurai, Tamil Nadu, and
caters to customers in southern India. The operations are managed
by the managing director, Mr G Vinodh Kumar.


COREY ORGANICS: CRISIL Upgrades Rating on INR140MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Corey Organics Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed the short-term facility at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         30       CRISIL A4 (Reaffirmed)

   Proposed Long Term       89.4     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                 5.6     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the business risk
profile driven by a sustained increase in scale of operations
while maintaining profitability margins. The networth too
increased, enhancing financial flexibility, and resulting in a
better capital structure. Improvement in the financial risk
profile is expected to be sustained over the medium term supported
by consistent growth in networth and maintenance of an improved
working capital cycle.

Revenue grew by around 20% fiscal-on-fiscal to INR493 million in
fiscal 2016, while operating profit margin remained stable at
around 9.7%. There is debt-funded capital expenditure (capex) of
INR110 million in fiscal 2017 towards enhancing capacity; 75% of
the cost would be funded through debt and the balance through
equity infusion. Revenue is likely to grow by around 24% per
fiscal over the next two fiscals following stabilisation of the
enhanced capacity.

Networth increased to around INR93 million as on March 31, 2016,
from INR79 million a year earlier on the back of moderate
accretion to reserves. The working capital cycle has also improved
as reflected in a decline in gross current assets to 231 days from
255 days. Consequently, the gearing declined to around 1.5 times
from 2.1 times. Despite the debt-funded capex, the gearing is
expected to remain moderate at around 2.8 times as on March 31,
2017, with consistent growth in networth and sustenance of an
improved working capital cycle.

The ratings reflect a modest scale of operations in the intensely
competitive bulk drug and intermediaries industry, large working
capital requirement, and exposure to intense competition. The
ratings also factor in an average financial risk profile because
of a modest networth, high gearing, and low debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the promoters, and an established
relationship with customers.
Outlook: Stable

CRISIL believes Corey will continue to benefit from the extensive
industry experience of its promoters and established relationship
with customers. The outlook may be revised to 'Positive' if there
is a substantial and sustained increase in profitability margins,
or further improvement in working capital management. The outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in the capital
structure caused most likely by a stretched working capital cycle.

Corey was set up in 1996 by Mr Raja Kumar Reddy and his family
members. The company manufactures fine chemicals, pyridine
compounds, and intermediates. It is based in Hyderabad.


ELECTRO CIRCUIT: CRISIL Assigns B+ Rating to INR35MM LT Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank loan
facilities of Electro Circuit Systems and assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to ECS's bank facilities. CRISIL had,
on June 03, 2016, suspended the ratings as ECS had not provided
the necessary information for rating review. ECS has now shared
the requisite information, enabling CRISIL to assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           40       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit              25       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       35       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect niche product profile, Established customer
relationships and extensive industry experience of management.
These ratings strengthens are partially offset by the small scale
of opeartions,large working capital requirements, revenue
concentration and susceptibility to risks related to tender based
nature of business, below average financial risk profile.
Outlook: Stable

CRISIL believes that ECS will continue to benefit over the medium
term from its promoter's extensive industry experience and
technical expertise. The outlook may be revised to '"Positive" if
the firm registers substantial and sustained improvement in its
scale of operations, while it maintains its profitability margins,
or if there is substantial increase in its net worth on the back
of capital infusion by its promoter. Conversely, the outlook may
be revised to "Negative" if ECS registers steep decline in its
profitability margins or significant deterioration in its capital
structure on account of larger than expected working capital
requirements.

Incorporated in 1988 by Mr. Ranga Rao Yenikapati. It manufactures
printed circuit board assemblies, electronic systems and
subsystems for Defense Research and Development Organization.


GOPAL SWEETS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gopal Sweets
Private Limited's 'IND BB+' Long-Term Issuer Rating. The Outlook
was Stable.

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

The company's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
    withdrawn
-- INR50 million fund-based working capital limits: 'IND BB+';
    Outlook Stable and 'IND A4+'; ratings withdrawn
-- INR200 million term loan: 'IND BB+'; Outlook Stable; rating
    withdrawn

Rating
------
Long Term Issuer Rating WD
Fund Based Working Capital Limit    WD    INR50m
Fund Based Working Capital Limit    WD    INR50m
Term loan                           WD    INR200m


GREEN SHIELD: CRISIL Upgrades Rating on INR85MM Cash Loan to 'C'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Green
Shield Enterprises Private Limited to 'CRISIL C/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL C (Upgraded from
                                     'CRISIL D')

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

   Proposed Short Term
   Bank Loan Facility      55        CRISIL A4 (Upgraded from
                                     'CRISIL D')

The upgrade reflects regularisation of the cash credit limit over
the three months through November 2016, aided by improvement in
the working capital cycle. CRISIL believes that better inventory
and receivables management should enhance liquidity, going
forward.

The ratings reflect customer concentration in the revenue profile
and below-average financial risk profile because of modest
networth, high total outside liabilities to tangible networth
ratio and average debt protection metrics. These weaknesses are
partially offset by extensive experience of promoters and
established relationships with customers.

GSEPL was started by Ms Arti Kanodia in 2008; however, the company
started its operations from September 2012. GSEPL trades and
processes grey fabric as per customer requirements. The promoter
family has been in similar line of business since 1985.


HARI BHOG: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
---------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term bank
facilities of Hari Bhog Overseas.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              15         CRISIL B/Stable
   Proposed Term Loan      5         CRISIL B/Stable
   Cash Credit            60         CRISIL B/Stable
   Proposed Cash
   Credit Limit           20         CRISIL B/Stable

The rating reflects below-average financial risk profile because
of high gearing and weak debt protection metrics, and modest scale
of operations in the highly fragmented rice industry. These
weaknesses are partially offset by the partners' extensive
experience and funding support.

Outlook: Stable

CRISIL believes HBO will continue to benefit from the partners'
extensive experience and their funding support. The outlook may be
revised to 'Positive' if financial risk profile strengthens due to
substantial growth in revenue leading to sizeable cash accrual or
significant capital infusion along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if liquidity is constrained by lower-than-expected cash accrual,
incremental working capital requirement or large, debt-funded
capital expenditure.

HBO, promoted in 2012 as a partnership firm by Mr Ashok Kumar, Mr
Jagdish Chander and Mr Brij Mohan, mills and processes basmati and
non-basmati rice. The production facilities are in Jundla, Karnal,
Haryana, with milling and sorting capacity of around 5 tonne per
hour, utilised at around 75%.


HINDOK EXPORTS: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hindok Exports
Limited continues to reflect a weak financial risk profile because
of a high total outside liabilities to tangible networth ratio and
modest debt protection metrics, and a small scale of operations in
the highly fragmented textile industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         25        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoter.
Outlook: Stable

CRISIL believes HEL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' in case of significantly higher cash accrual, or
improvement in working capital management or capital structure.
The outlook may be revised to 'Negative' if liquidity deteriorates
owing to substantially low cash accrual, large working capital
requirement, or significant debt-funded capital expenditure.

HEL, incorporated in 2002, is promoted by Mr Aditya Kapoor. The
company manufactures yarn, and trades in yarn, knitted cloth, and
steel machinery. It is based in Ludhiana, Punjab.


INTERCONTINENTAL INFRA: CRISIL Rates INR268.5MM LT Loan at B-
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Intercontinental Infrastructure Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         268.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     500.0      CRISIL B-/Stable

The ratings reflects IIL modest scale of operations and stretched
liquidity profile owing to high exposure to group companies which
limited financial flexibility of the company. The rating also
reflects IIL's susceptibility to risks related to the completion
and leasing out of its ongoing real estate commercial projects in
Hyderabad and to cyclicality in the real estate industry. The
rating weakness are partially offset by extensive experience of
IIL's promoters in the engineering and infrastructure consulting
segment.

Outlook: Stable

CRISIL believes IIL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company scales up operations
significantly, while efficiently managing working capital
requirement and generating substantial cash accrual. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, especially liquidity, deteriorates, most likely because
of severe stretch in working capital cycle, decline in cash
accrual, or large debt-funded capital expenditure.

Incorporated in 2003, IIL is engaged in consultancy as well as
construction contracts mainly for irrigation projects. Based out
of Hyderabad, The Company is promoted by Mr. C.L. Rajam.


IQBAL AGENCIES: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Iqbal Agencies
Private Limited's (IAPL) 'IND BB-' Long-Term Issuer Rating. The
Outlook was Stable.

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

IAPL's ratings:

-- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
   withdrawn
-- INR147.50 million fund-based working capital limits:
   'IND BB-';
   Outlook Stable and 'IND A4+'; ratings withdrawn

Ratings
-------
Long Term Issuer Rating             WD
Fund Based Working Capital Limit    WD   INR147.5m
Fund Based Working Capital Limit    WD   INR147.5m


JAI BHAWANI: CRISIL Reaffirms B+ Rating on INR57MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Bhawani
Trading Co. continues to reflect the firm's below-average
financial risk profile because of small networth and weak debt
protection metrics. The rating also factors its modest scale of
operations in the highly fragmented agricultural commodities
trading business. These weaknesses are partially offset by its
proprietor's extensive industry experience, and its established
customer relationships.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              57      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       23     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JBTC will continue to benefit from its established
customer relationships and its proprietor's extensive industry
experience. The outlook may be revised to 'Positive' if the firm
improves its financial risk profile, because of sizeable revenue
growth and improved profitability leading to higher accretion to
reserves. The outlook may be revised to 'Negative' if the
financial risk profile weakens because of decline in profitability
or revenue, or a stretch in working capital cycle, resulting in
significantly low cash accrual.

JBTC was set up by Mr. Rakesh Agarwal in Nagpur, Maharashtra, in
1998 as a proprietorship concern. It trades in wheat, maize,
poultry feed, and a variety of other food grains.


JAY BHAWANI: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jay Bhawani Coal Fields Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Letter of Credit        20        CRISIL A4

The ratings reflect the company's modest scale of operations,
profitability and weak debt protection metrics in the competitive
coal trading and processing business. These weaknesses are
partially offset by the extensive experience of its promoters and
established relationship with its customers and suppliers.
Outlook: Stable

CRISIL believes JBCFPL will benefit over the medium term from the
extensive experience of its promoters in the coal processing
industry. The outlook may be revised to 'Positive' if higher-than-
expected scale of operations and profitability and efficient
working capital management strengthen key credit metrics. The
outlook may be revised to 'Negative' if considerable decline in
revenue, profitability, or working capital management, or any
large, debt-funded capital expenditure weakens financial risk
profile, particularly liquidity.

Established in 2012 JBCFPL is a surat based firm promoted by Mr.
Brij Mohan Mandani and his family. Firm is into processing  and
grading of non-coking coal.

Profit after tax (PAT) was INR3.5 million on revenue of INR413.4
million for fiscal 2016, against PAT of INR4.6 million on net
sales of INR313.8 million for fiscal 2015.


JAYESH INDUSTRIES: CRISIL Puts B- Rating on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Jayesh
Industries Limited on 'Notice of withdrawal' for 180 days at the
company's request. The ratings will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
bank loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2        CRISIL A4 (Notice of
                                      Withdrawal)

   Buyer Credit Limit      50        CRISIL B-/Stable (Notice of
                                     Withdrawal)

   Cash Credit            102.5      CRISIL B-/Stable (Notice of
                                     Withdrawal)

   Proposed Long Term      34.9      CRISIL B-/Stable (Notice of
   Bank Loan Facility                Withdrawal)

   Standby Line of         10.0      CRISIL B-/Stable (Notice of
   Credit                            Withdrawal)

Outlook: Stable

CRISIL believes JIL will continue to benefit over the medium term
from the promoter's extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if the revenue and profitability margin increase
substantially, or if working capital cycle improves. Conversely,
the outlook may be revised to 'Negative' in case profitability
margin declines, or capital structure deteriorates because of a
large, debt-funded capital expenditure plan or stretched working
capital cycle.

JIL was earlier known as Amson Polymer Pvt Ltd, a company which
was taken over by the Shah family in 1995; following the takeover,
the name was changed to the current one. Mr. Jayesh Shah, the
director, manages the operations. The company manufactures
ferroalloy powders and lumps for the electrodes industry and steel
plants, respectively, and is based in Navi Mumbai (Maharashtra).


JGINDRA CASTINGS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jogindra
Castings Private Limited's 'IND BB-' Long-Term Issuer Rating. The
Outlook was Stable.

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

The company's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
withdrawn

-- INR80 million non-fund-based working capital limits: 'IND
A4+'; rating withdrawn

-- INR70 million fund-based working capital limits: 'IND BB-';
Outlook Stable and 'IND A4+'; ratings withdrawn


JIND INDUSTRIAL: CRISIL Assigns B+ Rating to INR48MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jind Industrial And Manufacturing Works
Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               21.8      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      47.2      CRISIL B+/Stable

   Bank Guarantee           3.0      CRISIL A4

   Cash Credit             48.0      CRISIL B+/Stable

The ratings reflect JIMWPL's small scale of operations and
exposure to intense competition in a highly fragmented industry.
The ratings also factor in susceptibility to fluctuations in raw
material prices and highly working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of promoters and their established relations with customers.
Outlook: Stable

CRISIL believes JIMWPL will continue to benefit from the extensive
experience of its promoters in the floor and tile paints segment.
The outlook may be revised to 'Positive' if higher-than-expected
revenue while maintaining profitability and cash accrual results
in improvement in the capital structure. Conversely, the outlook
may be revised to 'Negative' if larger-than-expected, debt-funded
capital expenditure, or decline in profitability levels weakens
the financial risk profile.

Based in Jamshedpur, JIMWPL, established in 1981, was incorporated
in 2006. The company manufactures oxide paints, which are used for
painting floors and tiles. This contributes to 70-75% of the
revenue. The company also manufactures barbed wire, binding wire,
and crowbars.


JR SEAMLESS: Ind-Ra Withdraws 'IND B+' Longterm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn JR Seamless Pvt
Ltd's (JRSPL) 'IND BB+' Long-Term Issuer Rating. The Outlook was
Stable.

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

JRSPL's ratings:

-- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
   withdrawn
-- INR108.58 million long-term loan: 'IND BB+; Outlook Stable';
   rating withdrawn
-- INR90 million fund-based working capital limits: 'IND BB+';
   Outlook Stable'; rating withdrawn
-- INR50 million non-fund-based limits: 'IND A4+'; rating
   withdrawn

Rating
------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR90m
Non-Fund Based Working Capital Limit   WD   INR50m
Term loan                              WD   INR108.58m


LALA MADHORAM: CRISIL Ups Rating on INR190MM LT Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lala Madhoram Bhagwan Dass Charitable Society (LMBDCS) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      20        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     190        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Rupee Term Loan        130        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects significant improvement in financial risk
profile resulting from strengthening of capital structure due to
absence of large debt-funded capital expenditure (capex).
Consequently, net cash accrual and profit after tax was more than
expected in fiscal 2016. Total outside liabilities to tangible net
worth (TOL/TNW) and interest coverage ratios were 1.21 times and
2.3 times, respectively, in fiscal 2016 as compared to 1.54 times
and 1.3 times in the previous fiscal. Working capital cycle has
also improved, reflected in lower short-term bank borrowing
compared to the previous year.

The rating reflects a moderate scale of operations and
geographical concentration in revenue, and an average financial
risk profile. These weaknesses are partially offset by an
established position in the education sector in Faridabad,
Haryana, and healthy demand prospects for the education sector.
Outlook: Stable

CRISIL believes LMBDCS will continue to benefit over the medium
term from the strong brand value in Faridabad and the surrounding
areas, and its trustees' extensive experience in the education
sector. The outlook may be revised to 'Positive' if revenue and
operating profitability increase significantly leading to higher-
than-expected net cash accrual. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected revenue or
profitability leads to low cash accrual, or capital structure
weakens because of large, debt-funded capex programme, leading to
stretched liquidity.

LMBDCS, established in 1982 under the Rajasthan Society
Registration Act, 1958, runs a school in Faridabad. The school is
affiliated to the Central Board of Secondary Education and offers
education from pre-nursery to higher secondary levels. LMBDCS
belongs to the Manav Rachna group of institutes founded by Dr O P
Bhalla. The group runs five other educational societies and a
deemed university in Faridabad and Gurgaon.


MAGADH IRON: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Magadh Iron
Private Limited's (MIPL) Long-Term Issuer Rating of 'IND B+'. The
Outlook was Stable. The agency has also withdrawn the rating of
'IND B+' on its INR200 million fund based limit.

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

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR200m


MAHAVIR CONSTRUCTION: CRISIL Assigns B+ Rating to INR105MM Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' to the bank
facilities of Mahavir Construction Company -- Mumbai (MCC; a part
of the Mahavir VNC group).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     105        CRISIL B+/Stable

   Bank Guarantee          40        CRISIL A4

   Cash Credit             80        CRISIL B+/Stable

The ratings reflect the group's weak financial risk profile
because of modest networth and high gearing. The ratings also
factor in susceptibility of the revenue profile to high customer
concentration in the order book. These weaknesses are partially
offset by extensive experience of the proprietors in the road
construction industry and strong revenue visibility over the
medium term as reflected in the healthy order book.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of MCC with its group entity -- VNC
Infraprojects (VNC). This is because both these entities --
together referred to as the Mahavir VNC group -- execute the same
line of business and have significant financial interlinkages.
Outlook: Stable

CRISIL believes the group will continue to benefit over the medium
term from the proprietors' extensive experience. The outlook may
be revised to 'Positive' if sharp growth in revenue and
profitability along with stable working capital management or
capital infusion strengthen the capital structure. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability, large debt-funded capital expenditure or
stretched working capital cycle weakens financial risk profile,
particularly liquidity.

MCC is a Mumbai-based proprietorship firm formed by Mr. Kishore
Shah in 1983. It undertakes civil construction activities on
contract or sub contract basis for Municipal Corporation of
Greater Mumbai (MCGM), Mumbai Metropolitan Region Development
Authority (MMRDA) and Maharashtra Housing and Area Development
Authority (MHADA).

VNC is a Mumbai-based proprietorship firm formed by Mr. Chirag
Jain in 2008. VNC undertakes civil construction activities on
contract or sub contract basis for MCGM, MMRDA, and MHADA.


MOYALAN AGRO: CRISIL Reaffirms B+ Rating on INR10MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Moyalan Agro Pipes
continues to reflect the extensive experience of Moyalan's
promoters in the pipes industry. This rating strength is partially
offset by the below-average financial risk profile, marked by a
small net worth, and its modest scale of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      70       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Moyalan will continue to benefit over the
medium term from the promoters' extensive industry experience and
established dealership network. The outlook may be revised to
'Positive' in case of significant improvement in the firm's scale
of operations and profitability, or substantial equity infusion,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Moyalan undertakes
aggressive, debt-funded expansions, or reports lower-than-expected
revenues and operating profit margin, leading to deterioration in
its financial risk profile.

Moyalan Agro Pipes (Moyalan) is based in Thrissur (Kerala) and
manufactures Polyvinyl Chloride (PVC) pipes. The firm is a
proprietorship concern promoted by Mr. Rainy Jose.


MUNDRA AGRO: CRISIL Reaffirms 'B' Rating on INR140.5MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Mundra Agro Private
Limited continue to reflect exposure to risks relating to project
implementation and stabilisation, regulatory changes, volatility
in raw material prices, and vagaries of the monsoon. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters, and potential benefits from stable
demand for rice.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             77.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      47.0      CRISIL B/Stable (Reaffirmed)

   Term Loan              140.5      CRISIL B/Stable (Reaffirmed)

CRISIL had assigned the 'CRISIL B/Stable' rating to the bank
facilities of MAPL, on June 24, 2016.
Outlook: Stable

CRISIL expects MAPL to benefit from the extensive experience of
its promoters and healthy prospects for the rice processing
industry, over the medium term. The outlook may be revised to
'Positive' in case of timely implementation of the ongoing
project, within the envisaged cost, and generation of higher-than-
expected revenue and accrual. The outlook may be revised to
'Negative,' if significant time and cost overrun in project
completion, lower-than-expected capacity utilisation, or
significant stretch in the working capital cycle, weakens the
financial risk profile, particularly liquidity.

MAPL, established in November 2015, is setting up a 16-tonne per
hour non-basmati rice mill unit at Giridh, Jharkhand. Daily
operations are managed after by the promoters, Mr Rajeev Kumar
Mundra and Mr Aditya Kumar.


NINANIYA ESTATES: CRISIL Reaffirms 'B' Rating on INR325MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ninaniya Estates
Limited (NEL) continue to reflect exposure to risks related to
early stage of operations, implementation of and demand for the
projects, and cyclicality in the Indian real estate industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               325       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters and tie-up with an
established brand for the hotel and executive suites.

CRISIL, had on Oct 17th 2016, upgraded its rating to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.
Outlook: Stable

CRISIL believes NEL will continue to benefit from the experience
of its promoters and tie-up with established brand in the
hospitality industry. The outlook may be revised to 'Positive' if
timely completion of projects and materialisation of pre-defined
agreements result in substantial improvement in liquidity. The
outlook may be revised to 'Negative' if low ramp-up in scale
results in inadequate cash inflow, or delays in project completion
weaken liquidity.

NEL, incorporated in fiscal 2005, is promoted by Mr Vijay Singh
Rao. The company operates in the real estate development and
construction industry. It is currently developing two projects,
Prism and Prism Portico, in Gurgaon, Haryana. Prism comprises
Tower A (commercial space), Tower B (hotel), and Tower C
(executive suites). The hotel has 162 rooms for which company has
pre-defined agreements with M/s Starwood Hotels and Resorts Pte
Limited, Singapore, for use of its registered brand, Four Points
by Sheraton.


NIRMAL SAGAR: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Nirmal Sagar Enterprises (NSE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL B+/Stable
   Cash Credit             70        CRISIL B+/Stable
   Inland/Import
   Letter of Credit        10        CRISIL A4

The ratings reflect modest scale and working capital-intensive
operations in the highly fragmented textile industry and weak
financial risk profile, constrained by below-average debt
protection metrics. These weaknesses are partially offset by the
partners' extensive experience, healthy relationship with
customers and funding support via unsecured loans.
Outlook: Stable

CRISIL believes NSE's operations will remain working capital
intensive owing to high gross current assets expected over the
medium term. The outlook may be revised to 'Positive' if increase
in scale of operations and profitability along with effective
working capital management lead to better-than-expected net cash
accrual and liquidity, with subsequent strong financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile weakens because of inefficient working
capital management or larger-than-expected debt-funded capital
expenditure, thereby constraining liquidity.

NSE is a partnership firm promoted in 2009 by Ludhiana, Punjab-
based Mr. Sushant Jhamb and family. It manufactures various types
of fabrics majorly used in sportswear, shoes, horse rugs, mesh
chair, upholstery fabrics, blankets and high visibility fabrics.
The firm's manufacturing unit is in Ludhiana.


PHOTON ENERGY: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Photon Energy Systems
Limited (PESL; part of the Photon group) reflect the Photon
group's large working capital requirement because of substantial
receivables, and the susceptibility of its profitability to
volatility in raw material prices and fluctuations in foreign
exchange prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         160       CRISIL A4 (Reaffirmed)

   Cash Credit             60       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       300       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      57.7     CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan             20.0     CRISIL B-/Stable (Reaffirmed)

The ratings also factor the marginal improvement in PESL's
business risk profile because of increase in revenue from INR941
million in fiscal 2015 to INR1.129 billion in fiscal 2016, which
was offset by decrease in the operating margin from 4.95% to 3.6%.
The ratings also reflects the group's weak financial risk profile
because of moderate networth, high gearing, and weak debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive experience in the industry, and its
longstanding relationships with customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PESL and Photon Solar Power Pvt Ltd
(PSPPL). Both entities, together referred to as the Photon group,
have common management, operational synergies as they are in
similar businesses, and significant financial linkages.

Outlook: Stable

CRISIL believes the Photon group will continue to benefit from its
promoters' extensive industry experience, and its longstanding
customer relationships. The outlook may be revised to 'Positive'
if there is a significant improvement in working capital cycle or
a substantial and sustained increase in revenue, while
profitability remains stable. The outlook may be revised to
'Negative' if profitability falls steeply; or if capital
structure, and hence, financial risk profile, weaken considerably,
on account of a stretch in working capital cycle.

Photon Group was set up by Mr N Purushottam Reddy and his family
members in 1995. The group manufactures and assembles solar energy
systems. Manufacturing facility of the group is located in
Hyderabad.


RADHE SHAM: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Radhe Sham Ravi
Prakash Timbers Private Limited's 'IND BB+' Long-Term Issuer
Rating. The Outlook was Stable. The agency has also withdrawn the
'IND A4+' rating on the company's INR360 million non-fund-based
working capital limits.

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

Ratings
-------
Long Term Issuer Rating                WD
Non-Fund Based Working Capital Limit   WD  INR360m


RAJAN JEWELLERY: CRISIL Ups Rating on INR100MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Rajan Jewellery to 'CRISIL B-/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects RJ's timely servicing of its debt over
the past 6 months through October 2016 supported by improvement in
its liquidity. The firm's liquidity has improved because of
infusion of capital by partners in 2015-16 (refers to financial
year, April 1 to March 31). The partners have brought in INR35
million and INR88 million during 2014-15 and 2015-16 respectively.
The firm's operations have been stabilized during 2015-16. The
firm has reported revenues of INR385 million during 2015-16 as
against INR26 million during 2014-15. CRISIL believes that RJ's
financial risk profile especially liquidity will improve with
stabilization of RJ's operations over the medium term.

The rating also reflect RJ's small scale of operations in the
intensely competitive gold jewellery segment and its below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of RJ's partners in the jewellery industry.
Outlook: Stable

CRISIL believes that RJ will benefit over the medium term from its
established position in the gold jewellery market in Thiruvalla
(Kerala). The outlook may be revised to 'Positive' if RJ reports
healthy cash accruals, resulting in significant improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens, most
likely because of low growth in revenue and margins, large debt-
funded capital expenditure, or extension of funding support to its
group entities.

Established in 1933 by Mr. G Pradeep Kumar and his family members,
RJ is a gold jewellery retailer based in Thiruvalla.


RAJKAMAL BUILDERS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rajkamal
Builders Private Limited's (RKBL) Long-Term Issuer Rating of 'IND
BB'. The Outlook was Stable.

Ind-Ra will no longer provide ratings or analytical coverage for
the company.

RKBL's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB'; Outlook Stable'; rating
withdrawn due to lack of adequate information

-- INR120 million fund-based limits: 'IND BB'; Outlook /Stable;
rating withdrawn due to lack of adequate information

-- INR100 million non-fund-based limits: 'IND A4+'; rating
withdrawn due to lack of adequate information

-- INR100 million fund-based limits: 'Provisional IND BB';
Outlook Stable; rating withdrawn as it remained outstanding for
more than 90 days

-- INR 200 million non-fund-based limits: 'Provisional IND A4+';
rating withdrawn as it remained outstanding for more than 90 days

Ratings
-------
Long Term Issuer Rating                  WD
Fund Based Working Capital Limit         WD   INR120m
Fund Based Working Capital Limit         WD   INR100m
Non-Fund Based Working Capital Limit     WD   INR100m
Non-Fund Based Working Capital Limit     WD   INR200m


S.M. AUTOPARTS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S. M. Autoparts
Private Limited's (SMAPL) Long-Term Issuer Rating of 'IND BB'. The
Outlook was Stable.

Ind-Ra will no longer provide ratings or analytical coverage for
the company.

SMAPL's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
withdrawn due to lack of adequate information

-- INR50 million fund-based limits (E-DFS): 'IND BB'; Outlook
Stable; rating withdrawn due to lack of adequate information

-- INR20 million fund-based limits (Cash-Credit): 'IND BB';
Outlook Stable; rating withdrawn due to lack of adequate
information

-- INR 27.5 million fund-based limits: 'Provisional IND BB';
Outlook Stable; rating withdrawn as it remained outstanding for
more than 90 days

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR50m
Fund Based Working Capital Limit   WD   INR20m
Fund Based Working Capital Limit   WD   INR27.5m


SAMI SPICES: CRISIL Upgrades Rating on INR115MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sami Spices and Herbs Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming the short-term facility at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill            115       CRISIL B+/Stable (Upgraded
   Discounting                       from 'CRISIL B/Stable')

   Foreign Exchange         12.5     CRISIL A4 (Reaffirmed)
   Forward

   Proposed Long Term       40.0     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects expected improvement in the business
risk profile on account of an increase in scale of operations and
better, though low, profitability, leading to better cash accrual.

Revenue is expected to improve to INR330-350 million in fiscal
2017 from about INR243 million in fiscal 2014 due to addition of
customers and better demand from existing customers. Operating
margin is expected at 9-10% in FY 2016-17 against 8% in FY 2013-
14.  Consequently, net cash accrual is likely to improve to
INR1.3-1.5 million from about INR7 million in same period.

The rating upgrade also factors in a better financial risk profile
particularly interest coverage ratio, which is estimated at 2.4-
2.6 times in fiscal 2017 as against 1.5 times in fiscal 2014.

The ratings continue to reflect a below-average financial risk
profile, large working capital requirement, and exposure to
intense competition in the chilli-processing business. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes Sami will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if revenue increases significantly while
profitability is sustained, leading to a better financial risk
profile. The outlook may be revised to 'Negative' if revenue and
profitability do not improve, or if the financial risk profile
deteriorates more than expected due to substantial debt-funded
capital expenditure or a stretched working capital cycle.

Sami, established in 2008, is a processor and exporter of spices,
primarily chillies. The company has a processing unit in Guntur,
Andhra Pradesh, with a capacity of 350 kilogram per hour. The
exports are primarily to the UK, the US, Canada, and European
countries.


SHYAM COAL: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Shyam Coal Corporation
(SCC) continues to reflect the working-capital-intensive
operations and average financial risk profile, marked by high
total outside liabilities to tangible networth (TOL/TNW) ratio.
These weaknesses are partially offset by the extensive experience
of partners' in the coal trading business and steady ramp up of
operations post setup.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             140      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCC will benefit over the medium term from the
partners' extensive industry experience. The outlook may be
revised to 'Positive' if ramp-up in scale of operations results in
better revenue and accrual and a stronger financial risk profile.
The outlook may be revised to 'Negative' if decline in
profitability or revenue, stretch in working capital cycle, lower
cash accrual, or any debt-funded capital expenditure weakens
financial risk profile.

Update
Net sales for fiscal 2016 at INR2229.1 million and revenues are
expected to be at around INR2500 million for full year 2017. SSC
has booked revenues worth INR1660 million booked till November
end. The operating margins remained at moderate levels of 1.53 per
cent, less than CRISIL expectations. The working capital
requirement improved to 149 days from 159 due to lower inventory
days. However, debtor days have increased to 146 days as on March
31, 2016, which is partially supported by stretch in creditor
level.

The financial risk profile continues to be average marked by
TOL/TNW ratio of 7.8 times as on March 31, 2016 due to working
capital debt, while networth was low at INR92 million. CRISIL
expects the financial risk profile to remain average over the
medium term. Liquidity should remain comfortable over the medium
term driven by low bank limit utilisation and no term loans.

Established in 2013 as a partnership firm, Shyam Coal Corporation
(SCC) is engaged in the grading and trading of Indonesian coal.
The firm's plant is situated in Morbi, Gujarat. The firm is
managed by Mr. Pravinbhai Bariya.


SOOD AGRO: Ind-Ra Withdraws 'IND B+' Longterm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sood Agro Mills'
Long-Term Issuer Rating of 'IND B+'. The Outlook was Stable. The
agency has also withdrawn the Long-term rating of 'IND B+' with a
Stable Outlook and the Short-term rating of 'IND A4' on the
company's INR 70 million fund-based working capital limits.

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

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR70m
Fund Based Working Capital Limit   WD   INR70m


SRI SAI: CRISIL Assigns 'B' Rating to INR50MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Sai Chandana API Private Limited (SAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B/Stable

   Cash Credit             10        CRISIL B/Stable

   Long Term Loan          50        CRISIL B/Stable

The ratings reflect SAPL modest scale of operations, moderate
working capital requirements, and susceptibility of its operating
margins to volatility in raw material prices. These rating
weaknesses are partially mitigated by the extensive experience of
its promoters in the pharmaceutical industry.
Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and profitability on a sustainable basis while
maintaining its moderate capital structure. Conversely, the
outlook may be revised to 'Negative' if SAPL's financial risk
profile weakens, most likely because of a significant increase in
its working capital requirements or pressure on its profitability
and revenues, or larger-than-expected debt-funded capital
expenditure programme.

Established in 2015, SAPL manuactures active pharmaceutical
ingredients (API's) for supply to the domestic market.The company
is promoted by Mr. A P Rameswara Rao.


SRI SHREESHA: CRISIL Assigns B+ Rating to INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Sri Shreesha Rice Industries and has assigned its
'CRISIL B+/Stable' ratings to the long term bank facilities. The
rating was 'Suspended' on November 28, 2016 since SSRI had not
provided necessary information required to take the rating review.
SSRI has now shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan          40        CRISIL B+/Stable(Assigned;
                                     Suspension Revoked)

   Standby Line of         10        CRISIL B+/Stable (Assigned;
   Credit                            Suspension Revoked)

The ratings reflect SSRI's weak financial risk profile, marked by
modest net worth, high gearing, its moderate scale and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SSRI's promoters
in the rice industry.
Outlook: Stable

CRISIL believes that SSRI will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the firm's revenue and profitability margins,
leading to healthy accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SSRI's working capital cycle lengthens or its accruals decline,
thereby weakening its financial risk profile.

Set up in 2011, SSRI is engaged in milling and processing of paddy
into rice, rice bran, and broken rice. Its rice mill is located in
Tumkur district in Karnataka. The company is promoted by Mr. K
Nanjunda Prasad and his wife Ms. N P Sumarani

SSRI had net profit of INR2.4 million on net sales of INR462.1
million for 2015-16 (refers to financial year, April 1 to
March 31), against net profit of INR1 million on net sales of
INR75.7 million for 2013-14.


SRIJAN PUBLISHERS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Srijan
Publishers Pvt Ltd's 'IND BB-' Long-Term Issuer Rating. The
Outlook was Stable. The agency has also withdrawn the company's
INR40 million fund-based working capital limits' 'IND BB-' rating,
which had a Stable Outlook, and 'IND A4+' rating.

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

Ratings
-----
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR40m
Fund Based Working Capital Limit      WD   INR40m


STAR REWINDERS: CRISIL Assigns B- Rating to INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Star Rewinders and Electricals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        30        CRISIL A4
   Bank Guarantee          85        CRISIL A4
   Cash Credit             30        CRISIL B-/Stable

The ratings reflect the firm's small scale and working capital-
intensive operations mainly on account of stretched receivables,
resulting in weak liquidity. These weaknesses are partially offset
by the extensive experience of the promoters in the electrical
industry.
Outlook: Stable

CRISIL believes Star will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if improvement in working capital management
results in better liquidity. The outlook may be revised to
'Negative' if further stretch in working capital cycle or any
large, debt-funded capital expenditure leads to deterioration in
financial risk profile, particularly liquidity.

Star Rewinders and Electricals, based in Roha district,
Maharashtra, is a partnership firm established by Mr. Vijay More
in 1982. Currently operations of the firm are managed by Mr. Vijay
More and Mr. Prathamesh More. The firm primarily undertakes
rewinding of electric motors including HT/LT Motors. It also
undertakes turnkey electrical contracts in Raigad region.


SWARNSHIKHA JEWELLERS: Ind-Ra Withdraws IND BB- LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Swarnshikha
Jewellers' 'IND BB-' Long-Term Issuer Rating. The Outlook was
Stable. The agency has also withdrawn the company's INR150 million
fund-based working capital limits' 'IND BB-' rating, which had a
Stable Outlook, and 'IND A4+' rating.

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

Ratings
-------
Long Term Issuer Rating               WD
Fund Based Working Capital Limit      WD   INR150m
Fund Based Working Capital Limit      WD   INR150m


UNIVERSAL STEEL: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Universal
Steel's (Universal) Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also withdrawn the company's
INR50 million fund-based working capital limit's 'IND BB-' rating,
which had a Stable Outlook, and 'IND A4+' rating.

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

Ratings are not a recommendation or suggestion, directly or
indirectly, to you or any other person, to buy, sell, make or hold
any investment, loan or security or to undertake any investment
strategy with respect to any investment, loan or security or any
issuer.

  Rating
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR50m
Fund Based Working Capital Limit   WD   INR50m


UNITY FIN-CAP: CRISIL Suspends 'B' Rating on INR50MM Overdraft
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Unity
Fin-Cap Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4
   Overdraft Facility       50       CRISIL B/Stable

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

Unity Fincap, promoted by Mr. Hemant Kumar Gupta and Mr. Yadvendra
Sharma, was incorporated in 1995. The promoters have been
associated with the equity broking business for nearly a decade
and half. Unity Fincap's business comprises dealing in shares and
securities and equity broking. Unity Fincap is a trading member of
the National Stock Exchange. Unity Fincap recently received
approval for trading membership of Bombay Stock Exchange (BSE) and
is registered as a depository participant with Central Depository
Services (India) Ltd (CDSL). The company had a net worth of
Rs.38.2 million as on December 31, 2014.


VANGAL AMMAN: Ind-Ra Withdraws 'IND D' LongTerm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vangal Amman
Health Services Limited's (VAHS) Long-Term Issuer Rating of 'IND
D'. The agency has also withdrawn the Long-term 'IND D' rating on
the company's INR377 million term loan.

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

Ratings
-------
Long Term Issuer Rating     WD
Term loan                   WD   INR377m


VAIBHU INFRA: CRISIL Assigns B+ Rating to INR30MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Vaibhu Infra Tech India Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          5         CRISIL B+/Stable
   Bank Guarantee         30         CRISIL A4
   Cash Credit            30         CRISIL B+/Stable

The ratings reflect the company's modest scale of operations, its
working capital intensive operations and modest financial risk
profile because of high gearing, weak debt protection metrics and
networth. These weaknesses are partially offset by its promoter's
extensive experience in the information technology (IT) solutions
business and its customer relationships
Outlook: Stable

CRISIL believes VITIPL will continue to benefit from its
promoter's extensive industry experience, and its customer
relationships. The outlook may be revised to 'Positive' if there
is a sustainable increase in revenue, along with continued healthy
profitability, above-average capital structure, and comfortable
liquidity. The outlook may be revised to 'Negative' if accrual is
lower than expected, or if working capital management weakens, or
if the company undertakes significant, debt-funded capital
expenditure, leading to deterioration in its financial risk
profile, particularly liquidity.

VITIPL was established in 1998 as a proprietorship firm, and was
reconstituted as a private limited company in 2010. It is promoted
and managed by Mr. Babji Kollipara. The company provides IT
services and software solutions. It develops and implements
customized software applications/software (primarily for e-
governance), and provides consulting and advisory services.


VE JAY TEXTILE: CRISIL Lowers Rating on INR42.5MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ve Jay Textile Mills to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            42.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan         38.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term     19.0       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The rating downgrade reflects delays in servicing the term loan.
The delay was due to stretched liquidity because of working
capital-intensive operations.

The company also has a weak capital structure and is exposed to
intense competition. However, it benefits from the extensive
experience of its promoters in the textile industry.

VTM was established in 2005 as a proprietorship firm by Mr.  G
Devaraj. The firm, based in Coimbatore, Tamil Nadu, manufactures
cotton yarn.



=================
I N D O N E S I A
=================


PELINDO III: Fitch Gives BB+ Stand Alone Rating
-----------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based port
operator, PT Pelabuhan Indonesia III (Persero), to Positive from
Stable and affirmed its Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BBB-'. The agency has also affirmed Pelindo III's
senior unsecured rating and the rating on the USD500m senior
unsecured notes due 2024 at 'BBB-'.

The rating action follows Fitch's revision of the Outlook on
Indonesian's sovereign to Positive from Stable on December 21,
2016 (see Fitch Revised Indonesia's Outlook to Positive; Affirms
at 'BBB-').

KEY RATING DRIVERS

Manageable Credit Profile: Pelindo III has a standalone rating of
'BB+'. The company's credit profile benefits from its strong
market position with limited competition, with over 90% of cargo
handled by Pelindo III either produced or consumed in its
hinterland, and a degree of independence in tariff setting. It
also reflects Fitch's expectation of weaker credit metrics over
2016-2019 from slower volume growth, substantial capex and broadly
flat average realised tariffs in local-currency terms, despite a
weaker Indonesian rupiah against the US dollar.

Lower-Than-Forecast Volumes: Pelindo III reported steady container
volumes of 4.4 million twenty-foot equivalent units (TEUs) in
2015. Fitch has revised down its forecast volume growth to average
around 7% per year over 2016-2019, reflecting the slower, but
gradually improving, economic growth expected for Indonesia, which
will be partly supported by continued infrastructure spending.

Weaker Rupiah, Flat Average Tariffs: Fitch estimates that about
35% of Pelindo III's revenue is US dollar-denominated. However,
Fitch expects average tariffs to remain broadly stable in
Indonesian rupiah terms, even though the US dollar has
strengthened against Indonesia's currency. This is because there
is a larger share of domestic containers in the mix and domestic
tariffs are lower, at about 70%-90% of international tariffs.

High Forecast Capex: Pelindo III has a high capex programme,
although the company adjusted its medium-term plan to lower new
capacity investment and instead focus on revitalisation and
improved efficiency at its existing operations in 2016 and 2017.
Capex is largely US dollar-linked, so the depreciation of the
Indonesia rupiah has increased its investment requirement in
local-currency terms. Fitch expects Pelindo III to incur total
capex of around IDR17trn against cash flow from operations of
around IDR9trn over 2016-2019.

Weakened Credit Metrics: Fitch estimates Pelindo III's FFO-
adjusted net leverage to be around 5.5x-5.0x through 2018, up from
3.6x in 2015, due to its large capex programme and weaker-than-
forecast cash generation. Fitch also expects Pelindo III's FFO
fixed-charge coverage to remain at 2.0x in the short- to medium-
term while it undertakes debt-funded capital expenditure.

About half of Pelindo III's consolidated 2015 EBITDA was derived
from its 50.5%-owned subsidiary, PT Terminal Petikemas Surabaya
(TPS). DP World Limited (BBB/Stable) owns 49% of TPS and manages
the company. Fitch adjusts for this by excluding TPS's FFO and
cash balances, but adding back dividends Pelindo III receives from
TPS to the consolidated financials. TPS is debt-free and upstreams
a large share of its cash. This, together with the 10% royalty TPS
pays to Pelindo III on its revenue, lowers the negative
implications of the asset not being fully owned by Pelindo III.
The leverage and coverage ratios calculated for Pelindo III are
based on this adjusted FFO.

The concession for TPS expires in 2019, at which point Pelindo III
has the right to acquire DP World's 49% stake under an agreed
framework. Fitch believes access to 100% of TPS's cash generation
would outweigh the likely cash payment to acquire DP World's
stake, based on the details of the broad framework.

Strong Market Position: Pelindo III is Indonesia's second-largest
container port operator, accounting for about 33% of the country's
total container volumes and over 90% of container traffic in its
area of operation -- central and eastern Indonesia. We believe
Pelindo III's first mover advantage, strategically located and
well-connected ports, high barriers to entry, underdeveloped road
infrastructure and intensive investment plan supports its strong
market position, given the importance of sea freight in cargo
transport across the Indonesian archipelago.

Robust Business Profile: Over 90% of cargo handled by Pelindo III
is either produced or consumed in its hinterland, significantly
lowering its exposure to volatile transhipment volumes compared
with most ports in Asia. Pelindo III has a stable operating
margin, as tariffs are agreed on commercial terms with port users
in consultation with Indonesia's Ministry of Transportation. Its
EBITDA margin was lower in 2015, at 40% (2012-2014: 43%-44%), due
to higher expenses incurred for its Surabaya West Access Channel
project. Fitch expects a gradual margin recovery to about 47%
through 2019, driven by efficiency gains.

Sovereign Linkage and Support: Pelindo III's IDR is capped by the
Indonesian sovereign (BBB-/Positive), as the state fully owns the
company and appoints its management. Pelindo III's rating benefits
from one notch of support due to its strategic importance to the
state. A further notch of uplift is available if its standalone
rating falls, in line with Fitch's Parent and Subsidiary Rating
Linkage methodology.

KEY ASSUMPTIONS

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

-- Average container volumes growth of 7% per year over 2016-2019
   and tariff growth of 6%.
-- EBITDA margin to gradually increase to 47% by 2019 (2015:
40%).
-- Total capex of IDR17trn over 2016-2019, leading to negative
   free cash flow during this period.

RATING SENSITIVITIES

Pelindo III:

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

-- positive rating action on Indonesia can lead to similar rating
   action on Pelindo III, provided its standalone credit profile
   does not deteriorate and its linkages with the state do not
   weaken; and

-- a sustained improvement of Pelindo III's FFO-adjusted net
   leverage below 4.5x or FFO fixed-charge coverage above 2.5x
   will result in an upgrade of Pelindo III's standalone rating.

Negative: Developments that may, individually or collectively,
lead to negative rating action, such as the Outlook being revised
to Stable, include:

-- revision of the Outlook on the sovereign's IDRs to Stable from
   Positive; and

-- a sustained weakening of Pelindo III's FFO-adjusted net
   leverage above 5.5x or FFO fixed-charge coverage below 2.0x
   will result in lowering of Pelindo III's standalone rating.
   However, a further notch of uplift is available, provided there
   is no weakening of linkages with the state.

For the sovereign rating of Indonesia, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of December
21, 2016:

The main factors that, individually or collectively, could trigger
positive rating action are:

-- A strengthening of the external balances, making Indonesia
less vulnerable to sudden changes in foreign-investor sentiment,
for instance through lower commodity export dependence or
structurally higher foreign direct investment inflows.

-- Continued improvement of the business environment and
governance standards.

-- Maintenance of sustainable GDP growth at a higher level than
rating peers.

The rating Outlooks are Positive. Hence, Fitch does not anticipate
a high probability of negative action over the forecast period.
However, the main factors that could see the ratings revert to
Stable Outlook are:

-- A sharp and sustained external shock to foreign and/or
domestic
investors' confidence with the potential to cause external
financing difficulties.

-- A rise in the public debt burden, for example caused by
breaching the budget-deficit ceiling.



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


MONGOLIA: May Default in 2017 Without Urgent Foreign Funding
------------------------------------------------------------
Nyshka Chandran at CNBC reports that a political snafu with the
world's second-largest economy is no light matter for any country
but for troubled Mongolia, it could mean a potential sovereign
default.

Ulaanbaatar, facing flat growth and a budget deficit of 20 percent
of gross domestic product (GDP) in 2016, is in desperate need of
foreign lending to meet debt repayment obligations next year and
Beijing may be the only country willing to provide a soft loan,
CNBC relates citing political risk consultancy Eurasia.

While President Xi Jinping's administration previously began talks
on the matter, negotiations have now adjourned following the Dalai
Lama's recent visit to Mongolia, says CNBC. That could leave the
nation at high risk when a $580 million bond issued by the state-
run Development Bank of Mongolia matures in March, the report
notes.

"The suspension of China talks will increase concerns in the
market about a possible default by the spring," Emily Stromquist,
senior analyst at Eurasia, said in a note on Dec. 20, relays CNBC.

Last month's visit of the Tibetan spiritual leader sparked the ire
of Beijing and resulted in fresh Chinese tariffs on Mongolian
commodity shipments and a temporary closure of a key border
crossing. "Since the incident, China has resumed all regular
engagements with Mongolia with the exception of negotiations on
the soft loan," Ms. Stromquist, as cited by CNBC, stated.

Since its 1951 annexation, Tibet has been viewed by China as part
of the mainland and Beijing believes the Dalai Lama is seeking to
divide the Himalayan region. But Tenzin Gyatso, the present Dalai
Lama, has repeatedly insisted that he is not pursuing Tibetan
independence, according to CNBC.

"Mongolia is holding out hope China will restart [loan]
negotiations, but in the interim is looking for alternative
financing that would resemble the kinds of terms, in particular
low interest rates, that were on offer from China," the report
quotes Ms. Stromquist as saying.

CNBC says Mongolian Prime Minister Jargaltulga Erdenebat's
administration has been reaching out to other countries for help
but the outlook appears grim.

"Previous talks with Singapore broke down after Mongolia deemed
their lending conditions to be too strict and the interest rates
too high. Japan offered financial support, but only through
institutions such as the Asian Development Bank or the
International Monetary Fund (IMF), assuming Mongolia chooses to
comply with the standard rules for engagement," Ms. Stromquist
noted, CNBC relays.

CNBC adds that the United Arab Emirates, Russia, and India are
among the other countries that Mongolia has contacted but they are
likely to offer unfavorable lending terms because unlike China,
they do not possess strong interests in aiding Mongolia, she
continued.

Ulaanbaatar is in talks with the IMF to enroll in one of the
institution's flagship Stand-By programs by February but that's
primarily aimed at introducing more fiscal responsibility, not
repaying debt, CNBC relates.

"If talks [with China] do not restart shortly, or an alternative,
acceptable financing arrangement can quickly be secured with
another country, Mongolia is looking at a greater default risk,"
CNBC quotes Ms. Stromquist as saying.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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