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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

           Friday, January 6, 2017, Vol. 20, No. 5

                            Headlines


A U S T R A L I A

* Auto ABS/RMBS Delinquencies Up in Oct. 2016, Moody's Says


C H I N A

CHINA AOYUAN: Moody's Assigns B3 Sr. Unsec. Rating to USD Notes
CHINA EVERGRANDE: New Equity Issuance No Impact on Moody's B2 CFR
GUANGZHOU R&F: USD Notes Issue No Impact on Moody's Ba3 CFR
HENGDELI HOLDINGS: Moody's Reviews Ba3 Bond Rating for Downgrade
KWG PROPERTY: $250MM Notes Issue No Impact on Moody's B1 CFR

YINGDE GASES: Bank Loan Repayment No Impact on Moody's Caa1 CFR


H O N G  K O N G

PACIFIC ANDES: Asks Judge Permission to Subpoena Ex-Liquidators


I N D I A

A.A. SNACK: ICRA Suspends 'D' Rating on INR5.25cr ST Loan
AADHARSHILA: CRISIL Assigns B+ Rating to INR50MM LT Loan
AMRICON AGROVET: ICRA Suspends 'D' Rating on INR77.65cr LOC
ASHIKA COMMERCIAL: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
ATC FOODS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

AYODHYA FLOUR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
BANSAL PATHWAYS: ICRA Suspends B+ Rating on INR208cr LT Loan
BHATIA COAL: ICRA Suspends 'D' Rating on INR46cr Bank Loan
BRAINER INFRA: ICRA Assigns B+ Rating to INR15cr Cash Loan
CDP (INDIA): ICRA Suspends B+ Rating on INR15cr Cash Credit

CHHINA PAPER: CRISIL Assigns B+ Rating to INR60MM Cash Credit
DEEPAK COSMO: ICRA Suspends B/A4 Rating on INR29cr Bank Loan
DEEPAK POLYESTER: CRISIL Reaffirms B+ Rating on INR70MM Loan
DEWSOFT FABRICATION: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
DHRUV OIL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating

ESS KAY: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
FUTECH PROJECTS: CRISIL Cuts Rating on INR27.5MM Loan to 'B'
GLOBAL MINERALS: ICRA Suspends B+ Rating on INR8.88cr Bank Loan
GURUNANAK INDUSTRIES: Ind-Ra Withdraws 'B-' LT Issuer Rating
HIRA AUTOMOBILES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating

ISMA: Sugar Industry Seeks Debt Restructuring, Loans Extension
JMD OILS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
KAMLESH METACAST: ICRA Reaffirms 'B' Rating on INR18.60cr Loan
KOMMAN PEOPLES: CRISIL Suspends B+ Rating on INR77.8MM Term Loan
LACTON TILES: CRISIL Lowers Rating on INR60MM Term Loan to B-

LAKECITY INFRASTRUCTURE: Ind-Ra Withdraws 'BB-' LT Issuer Rating
LIFE SHINE: CRISIL Suspends 'B' Rating on INR180MM Term Loan
LILLY FASHIONS: CRISIL Assigns B+ Rating to INR10MM Bill Disc.
LORVIN INDUSTRIES: ICRA Suspends 'D' Rating on INR49cr LT Loan
M. J. CHEMICALS: CRISIL Suspends 'B' Rating on INR9.2MM Loan

M. K. HEEMGHAR: CRISIL Suspends B- Rating on INR55MM Loan
M. L. ENTERPRISES: CRISIL Suspends B+ Rating on INR45MM LT Loan
MANGAL MURTI: CRISIL Suspends B+ Rating on INR67.8MM Term Loan
MEADOWZ MEDIA: CRISIL Suspends 'D' Rating on INR50MM Term Loan
NAGARDAS KANJI: ICRA Suspends B/A4 Rating on INR15cr Bank Loan

NAMAHA ESTATES: CRISIL Suspends 'B' Cash Credit, LT Loan Ratings
OM TRADING: ICRA Lowers Rating on INR4.95cr Long Term Loan to B-
PAPER TRADERS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
PEARL FURNITURE: CRISIL Ups Rating on INR38MM Cash Loan to BB-
PEARL INTERNATIONAL: Ind-Ra Withdraws BB Long-Term Issuer Rating

PRAGJYOTISH INFRASTRUCTURE: Ind-Ra Withdraws 'BB-' Issuer Rating
PREMIUM EXPORTS: CRISIL Assigns B+ Rating to INR80MM Loan
PRIYANKSHI FASHIONS: CRISIL Suspends 'B' Cash Credit Rating
RAM AABHOSHAN: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
RAM SAROOP: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

RANJEET AUTOMOBILES: Ind-Ra Withdraws BB Long-Term Issuer Rating
RANSAN PACKAGING: CRISIL Assigns 'B' Rating to INR40MM LT Loan
REALITY TEX: ICRA Suspends 'B' Rating on INR15cr Bank Loan
RIGHILL ELECTRICS: ICRA Reaffirms 'B' Rating on INR3.5cr LT Loan
RITESH TRADEFIN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

RK AGARWAL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
ROYAL AGROFOODS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
ROYAL PLAZA: ICRA Suspends 'D' Rating on INR10cr LT Loan
ROYAL SUITINGS: ICRA Suspends B+ Rating on INR8.90cr Bank Loan
RR POLYNET: CRISIL Suspends B- Rating on INR54.8MM LT Loan

S.S.S. FIBRE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
S&S GREEN: ICRA Suspends 'B' Rating on INR10cr LT Loan
SAFARI INDUSTRIES: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
SAI TRIPURA: CRISIL Suspends 'B' Rating on INR100MM LT Loan
SHREE RADHA: ICRA Suspends B Rating on INR2.5cr Cash Loan

SHREE SALASARHANUMANJI: Ind-Ra Withdraws 'B' LT Issuer Rating
SHRI RAMRAJA: CRISIL Hikes Rating on INR155MM LT Loan to B-
SIMRAN FOOD: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
SOUTHERN BATTERIES: ICRA Suspends 'D' Rating on INR26.15cr Loan
SRI RAMA: ICRA Suspends B LT Rating on INR7.96cr LT Loan

SRI VIGNESHWARA: ICRA Suspends B+ Rating on INR8.5cr Bank Loan
STARCHEM POLYTRADE: ICRA Suspends B+ Rating on INR23cr Bank Loan
SUPER HOBS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
SUPER LIFESTYLE: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
SWAMI PARMANAND: CRISIL Suspends B+ Rating on INR11MM Cash Loan

SYMBOSA GRANITO: CRISIL Suspends 'B' Rating on INR200MM LT Loan
TEAM MEDIA: CRISIL Suspends 'B' Rating on INR75MM Term Loan
TOMAR CONSTRUCTION: Ind-Ra Withdraws BB- Long-Term Issuer Rating
TUFKO INTERNATIONAL: CRISIL Suspends B+ Rating on INR75MM Loan
TUSHAR FABRICS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

UNITY STONE: CRISIL Suspends B+ Rating on INR48.5MM Cash Loan
UTTORON ENGINEERING: ICRA Suspends B+ Rating on INR5.99cr Loan
VERSATILE WIRES: CRISIL Suspends B- Rating on INR48.9MM Loan
VIRTUAAL RETAIL: CRISIL Suspends 'D' Rating on INR150MM Cash Loan
VORA PACKAGING: CRISIL Assigns B+ Rating to INR107.5MM Term Loan

VSM ENTERPRISES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: Chairman Says Banks Ready to Offer Conditional Aid


M A L A Y S I A

1MALAYSIA: Singapore Court Charges Fifth Person in Probe


P H I L I P P I N E S

EASTERN RIZAL: PDIC to Continue Processing Creditors' Claims


S O U T H  K O R E A

HANJIN SHIPPING: Shares Surge on Report Sale to Close Next Week


V I E T N A M

BESRA GOLD: Suspends Operations in Vietnam Due to Lack of Fund


                            - - - - -


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


* Auto ABS/RMBS Delinquencies Up in Oct. 2016, Moody's Says
-----------------------------------------------------------
Moody's Investors Service says that delinquencies for Australian
auto loan asset-backed securities (ABS) and residential mortgage-
backed securities (RMBS) increased in October 2016 when compared
with January 2016. Delinquencies for the month of October 2016
also rose year-over-year.

Specifically, 30+ day delinquencies for Australian auto loan ABS
transactions rose to 1.40% in October 2016 from 1.35% in January
2016 and 1.24% in October 2015.

Delinquencies for prime RMBS transactions rose to 1.53% in
October 2016 from 1.35% in January 2016 and 1.12% in October
2015.

"Looking ahead, we expect that delinquencies for Australian auto
loan ABS and prime RMBS will rise moderately in 2017," says Alena
Chen, a Moody's Vice President and Senior Analyst.

"Weaker economic conditions in states reliant on the mining
industry, rising underemployment, weak wage growth and less
favorable housing market conditions will drive delinquencies
higher," adds Chen.

Chen was speaking on the release of the latest edition of Moody's
monthly Global Structured Finance Collateral Performance Review
report.

ABOUT MOODY'S GLOBAL STRUCTURED FINANCE COLLATERAL PERFORMANCE
REVIEW REPORT

Moody's Global Structured Finance Collateral Performance Review
Report is updated monthly and covers the collateral performance
of various structured finance sectors located globally.

The report features typical aggregate performance metrics, such
as delinquencies and losses, as well as sector-specific metrics
that include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread. The
underlying data is also included. The metrics are accompanied by
sector commentary and outlooks, and projected losses by vintage
where applicable.

The Australian data focus on:

- Australian Auto ABS

- Australian Prime RMBS

- Australian Home Prices


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


CHINA AOYUAN: Moody's Assigns B3 Sr. Unsec. Rating to USD Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the USD notes to be issued by China Aoyuan Property
Group Limited (B2 positive).

China Aoyuan plans to use the proceeds from the proposed notes
mainly to refinance existing indebtedness and for general working
capital purposes.

RATINGS RATIONALE

"The proposed notes will improve China Aoyuan's liquidity
profile, lengthen its debt maturity profile, and reduce its
funding costs," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

China Aoyuan's liquidity position is sufficient. Its cash and
deposit balances of RMB10.2 billion at end-June 2016, plus the
proceeds from the proposed notes, well cover its short-term debt
of around RMB4.1 billion at end-June 2016 and unpaid committed
land premiums of around RMB1 billion.

"China Aoyuan's credit metrics will likely continue to improve
relative to its B2 peers, as reflected in its positive rating
outlook," adds Tsang.

The proposed notes will have limited impact on the company's
leverage, because part of the proceeds will be used to refinance
its existing high-cost debt. This in turn will help lower the
company's funding costs and thereby support its interest coverage
position.

Moody's estimates that China Aoyuan's average borrowing costs
will fall to around 8% in the next 6-12 months from around 8.4%
in 1H 2016 and 9.5% in 2015.

The company's revenue/adjusted debt will likely improve to around
75% in 2017 from 61.6% in the 12 months to June 2016, while
EBIT/interest coverage will rise to above 2.5x from about 2.25x
over the same period.

Moody's expectation is based on the company's robust contracted
sales, disciplined approach in land acquisitions, and declining
funding costs.

China Aoyuan reported 69% year-on-year growth in 2016 full-year
contracted sales to RMB25.6 billion. Such achievement well
exceeded its full-year target of RMB18 billion and will support
the company's revenue recognition in the next 1-2 years.

China Aoyuan's B2 corporate family rating continues to reflect
its track record of property development in the economically
strong Guangdong Province, the strength of managing its business
through previous down-cycles, its adequate liquidity and its
access to offshore bank funding.

The B2 rating also reflects the company's geographic
concentration in Guangdong province and the execution risks
associated with its planned expansion.

The senior unsecured rating is notched down to B3, reflecting
subordination. Priority debt/total assets was around 22% as of
June 2016 and will likely stay above 15% over the next 12-18
months, as the company will continue to draw on onshore and/or
secured bank loans to fund construction and expansion.

Upward rating pressure could emerge in the medium term if the
company demonstrates: (1) a track record of strong contracted
sales and revenue recognition; (2) a consistently prudent pace of
land acquisitions and improved cash flow planning; (3) improved
credit metrics, such that EBIT/interest exceeds 2.5x-3.0x and
revenue/adjusted debt exceeds 70%-75%; and (4) good liquidity,
such that cash consistently covers short-term debt.

The rating is unlikely to be downgraded in the near term, given
the positive outlook. However, the outlook could return to stable
if slower contracted sales growth results in EBIT/interest
falling below 2.0x-2.5x and/or revenue/adjusted debt falling
below 65%-70%.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen. At end-June 2016, the company had 61 projects in ten
provinces in China, including Guangdong Province and Chongqing
city, as well as in Sydney, Australia. It has a total land bank
of 13.76 million square meters in gross floor area.


CHINA EVERGRANDE: New Equity Issuance No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that China Evergrande Group's (B2
negative) proposed equity issuance, if successful, is credit
positive, because it will help Evergrande control its debt
growth. Nevertheless, the proposed issuance will not immediately
affect its B2 corporate family rating and B3 senior unsecured
rating.

On January 2, 2017, Evergrande announced that it entered into
investment agreements with eight investors, who agreed to
subscribe for new equity capital in Hengda Real Estate Company
Limited (unrated) -- a subsidiary of Evergrande -- for an
aggregate amount totaling RMB30 billion, in return for
approximately 13.16% of the enlarged equity interest in Hengda.
The proposed issuance is subject to a number of approvals from
various shareholders.

"The proposed equity issuance will boost Evergrande's near-term
liquidity and help reduce the company's reliance on debt-funded
growth," says Franco Leung, a Moody's Vice President and Senior
Credit Officer.

Moody's expects that Evergrande's leverage ratio -- as measured
by adjusted revenue to debt, including perpetual capital
securities -- will improve towards 45%-55% over the next 12-18
months from around 29% in the 12 months ended 30 June 2016,
because part of the proceeds from the equity issuance will likely
be used to repay its existing debt.

Evergrande's revenue will likely register strong growth over the
next 12-18 months, on the back of strong property sales.
Evergrande's contracted sales grew to RMB349 billion for the
first 11 months of 2016, representing a year-over-year growth of
102%, and 116% of its full-year sales target of RMB300 billion.

Evergrande's total debt -- including perpetual capital securities
-- surged 33% to RMB497 billion at end-June 2016 from RMB373
billion at end-2015. The significant increase in debt was driven
by its increased acquisition appetite, as shown by its land
banking and sizable investments in insurance businesses, as well
as accumulation of shares in companies such as Shengjing Bank
(unrated) and China Vanke Co., Ltd. (Baa1 negative).

Moody's points out that the proposed issuance will improve
Evergrande's liquidity immediately after a successful execution,
because the issuance will account for 14.2% of its cash balance
of RMB212 billion at end-June 2016. And, the company's pro-forma
cash to short term debt will improve to around 140% from 123% at
end-June 2016.

However, Moody's notes that, as part of the issuance plan,
Evergrande will enter into a business performance undertaking, in
which Evergrande undertakes to ensure that Hengda's net profit
for 2017, 2018, and 2019 will not register less than RMB24.3
billion, RMB30.8 billion and RMB33.7 billion, respectively, and
that Hengda will distribute at least 60% of its net profit as
dividends over the same period.

Evergrande will also be obliged to either repurchase its shares
issued at cost, or transfer further Hengda shares to the
investors, if a reorganization plan is not completed by
Jan. 31, 2020.

The reorganization plan relates to an earlier cooperation
agreement with Shenzhen Investment Holding Co. Ltd (unrated),
whereby its subsidiary, Shenzhen Special Economic Zone Real
Estate & Properties (Group) Co. Ltd. (Shenzhen Real Estate,
unrated) -- an A-share listed company -- will acquire a 100%
equity interest in Hengda in exchange for A shares and/or cash.

Upon completion of the transaction, Evergrande will become the
controlling shareholder of Shenzhen Real Estate.

Moody's will continue to monitor Evergrande's further
announcements and its future corporate actions in relation to the
proposed reorganization.

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

China Evergrande Group is one of the major residential developers
in China. It has a standardized operating model.

Founded in 1996 in Guangzhou, the company has rapidly expanded
its business across the country over the past few years. At 30
June 2016, its land bank totaled 186 million square meters in
gross floor area across 175 Chinese cities.


GUANGZHOU R&F: USD Notes Issue No Impact on Moody's Ba3 CFR
-----------------------------------------------------------
Moody's Investors Service says that Guangzhou R&F Properties Co.,
Ltd.'s issuance of USD notes has no immediate impact on its Ba3
corporate family rating and R&F Properties (HK) Company Limited's
B1 corporate family rating.

The ratings outlooks remain stable.

On January 2, 2016, Guangzhou R&F announced that Easy Tactic
Limited, a wholly-owned subsidiary of R&F Properties (HK), had
issued USD265 million notes due 2022.

The notes will be guaranteed by R&F Properties (HK) and supported
by a keepwell deed and an equity interest purchase undertaking
between Guangzhou R&F, R&F Properties (HK), and the trustee.

R&F Properties (HK) is a wholly-owned subsidiary of Guangzhou
R&F.

The bond proceeds will be mainly used for the company's overseas
projects and general working capital purposes, including the
refinancing of part of its offshore bonds.

"The new notes issuance will improve the company's liquidity and
lengthen its debt maturity profile. The lower coupon of this new
notes -- versus previous USD notes -- will also reduce the
company's funding costs," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

Nevertheless, the impact will be limited, given the small size of
the issuance, which represents around 1.6% of Guangzhou R&F's
total adjusted debt and around 5% of its cash on hand as of end-
June 2016.

The company had RMB37.3 billion of cash on hand at end-June 2016,
which covered 125% of its short-term debt as of the same date.

With regard to its financial metrics, Moody's expects that
Guangzhou R&F's revenue/adjusted debt will continue to improve
over the next 12-18 months, registering around 60% from 48% at
end-June 2016.

Meanwhile, its interest coverage will improve to around 3.0x from
2.4x over the same period, mainly supported by revenue growth,
against a backdrop of solid contracted sales growth, and lower
interest costs.

In 2016, Guangzhou R&F achieved contracted sales of RMB60.9
billion, representing year-over-year growth of 12%.

Guangzhou R&F's Ba3 corporate family rating continues to reflect
its sizeable scale and track record of operating through the
cycle, robust sales performance during 2014-2016, and good
geographic diversification.

On the other hand, its rating is constrained by its high debt
leverage -- which limits the company's funding flexibility --
owing to its high dividend payout ratio and aggressive expansion
strategy in the past.

The stable ratings outlook reflects Moody's expectations that the
company will maintain a solid business profile, retain its access
to domestic bank financing, and control its growth pace, such
that debt leverage will remain stable.

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

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a mid-sized developer
in China's residential and commercial property sector. At June
30, 2016, the company's land bank totaled 38.2 million square
meters in attributable saleable area, spread across 31 locations:
28 in cities and areas in China, one in Malaysia and two in
Australia.

R&F Properties (HK) Company Limited, established in Hong Kong on
25 August 2005, serves as an offshore funding vehicle and holding
company for some of Guangzhou R&F's property projects in China
and overseas.


HENGDELI HOLDINGS: Moody's Reviews Ba3 Bond Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed Hengdeli Holdings Limited's
Ba3 corporate family rating and the Ba3 rating of its senior
unsecured bonds under review for downgrade.

The action follows Hengdeli's announcement on December 30, 2016
that it would make a very substantial asset disposal, subject to
conditions, including regulatory and independent shareholder
approvals.

RATINGS RATIONALE

"The announced sale of Hengdeli's core watch retailing and
distribution business in China will materially change the
company's business profile," says Gloria Tsuen, a Moody's Vice
President and Senior Analyst.

Hengdeli plans to sell its wholly-owned subsidiary, Xinyu Fine
Watch Service Co., Ltd. (unrated). It also plans to sell its
75.54% stake in Harvest Max Holdings Limited (unrated), which
recorded a RMB42 million loss in 2015. Both sales will be to
Hengdeli's chairman, who owns 33% of the company.

If the sale is finalized, Hengdeli will no longer be the largest
retailer and distributor of luxury and fine watches in China.
Instead, after completion, it will be principally engaged in
watch retailing in Hong Kong and Taiwan (around 15% of Hengdeli's
total revenue in 1H 2016), and the manufacturing of watch
accessories (less than 5% of revenue during the same period).

Moody's points out that Hengdeli's retail revenue in Hong Kong
has underperformed that in China, declining 16% in 1H 2016 and
27% in 2015, compared with declines of 10% and 7% over the same
periods in China.

The potential disposal will generate RMB5.8 billion in net cash
inflow, of which, RMB3.2 billion will be used for debt repayment.
Hengdeli expects that it will be almost debt free after the
disposal, although it will also seek acquisition opportunities to
expand its retail business outside China, and to expand its watch
accessory manufacturing business.

"The future financial profile of the remaining company is
unclear, but the shrinkage of the business to a fraction of its
current size, the loss of its core China business, and increased
dependence on the weak Hong Kong market, suggest a business
profile that is weak for the current Ba3 ratings," adds Tsuen.

In reviewing Hengdeli's ratings for downgrade, Moody's will focus
on the progress of the proposed disposal, the application of the
net proceeds, and the business plans and capital structure of the
remaining company.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Hengdeli Holdings Limited listed on the Hong Kong Stock Exchange
in 2005 and its market capitalization totaled HKD5.4 billion at
30 December 2016. At end-2015, the Zhang family was the largest
shareholder, with a 33.06% stake, followed by the Swatch Group
(unrated) (9.16%) and LVMH Group (unrated) (6.40%).


KWG PROPERTY: $250MM Notes Issue No Impact on Moody's B1 CFR
------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding
Limited's proposed issuance of notes totaling USD250 million has
no immediate impact on its B1 corporate family rating or B2
senior unsecured rating.

The ratings outlook is stable.

The proceeds of the proposed issuance will be used to refinancing
its existing offshore indebtedness.

"We expect that the issuance of the notes will improve KWG's debt
maturity profile, because the issuance proceeds will be largely
used for refinancing," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.

"Overall, the issuance will not materially affect the company's
credit metrics," adds Leung.

Moody's expects that KWG's EBIT interest -- including the amounts
attributable to jointly controlled entities -- will remain
largely flat, at around 2.9x-3.0x over the next 12-18 months from
2.9x for the 12 months to 30 June 2016, and revenue to debt --
including the amounts attributable to jointly controlled entities
-- will stay at 45%-50% from 45% over the same period.

KWG's cash on hand of RMB20.6 billion at end-June 2016, together
with the proceeds from the notes and its operating cash flow over
the next 12 months, will be sufficient to cover it short-term
debt of RMB5.5 billion and committed land payments through to
June 2017.

KWG's B1 corporate family rating is constrained by the company's
high debt leverage, which is in turn because of its large
expenditures on land, corporate strategy of maintaining high
profit margins, and the development of investment properties.

The stable ratings outlook reflects Moody's expectation that KWG
will maintain sufficient liquidity, high profit margins and good
interest coverage.

Upgrade ratings pressure could emerge if KWG: (1) improves its
debt leverage -- as measured by revenue/adjusted debt and
including its shares in joint ventures -- to above 65% on a
sustained basis; and (2) maintains a strong liquidity position,
such that cash to short term debt exceeds 2x.

On the other hand, downgrade pressure could emerge if the company
shows: (1) weaker contracted sales; (2) a deterioration in its
liquidity such that cash to short-term debt falls below 1x; or
(3) a deterioration in its credit metrics, as seen by an adjusted
EBIT/interest below 2.0x-2.5x, or if its debt leverage -- as
measured by revenue/adjusted debt, including its shares in joint
ventures -- falls below 40% on a sustained basis.

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

KWG Property Holding Limited is a Chinese property developer
founded in 1995. At end-June 2016, it had a total attributable
land bank of around 10.4 million sqm in gross floor area in
Guangzhou, Chengdu, Suzhou, Beijing, Shanghai, Tianjin, Hainan,
Hangzhou, Nanning, Nanjing and Foshan. KWG mainly develops mid-
to high-end residential properties, office buildings, shopping
malls and hotels.


YINGDE GASES: Bank Loan Repayment No Impact on Moody's Caa1 CFR
---------------------------------------------------------------
Moody's Investors Service said that Yingde Gases Group Company
Limited's repayment of its bank loan due January 3, 2017 is
credit positive, but the payment will not immediately impact its
Caa1 corporate family rating or the Caa2 senior unsecured rating
on the bonds issued by Yingde Gases Investment Limited and
guaranteed by Yingde Gases.

The ratings outlook remains negative.

"Yingde Gases' repayment of a bank loan with a January 2017
maturity date is credit positive, because it addresses the
company's imminent liquidity risk," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

On January 3, 2017, Yingde Gases announced that it had repaid an
HKD820 million bank loan -- with a maturity date of January 3,
2017 -- using a new offshore bank loan of HKD820 million that is
secured by onshore pledged deposits.

However, Yingde Gases continues to face refinancing risk, given
that the repayment was funded by short-term borrowing.

Moody's will continue to monitor the company's completion of its
new share issuance, as well as the potential Cayman Islands court
injunction brought by its shareholders, and the company's
progress in resolving the dispute with its shareholders. If such
issues remain unresolved, they could increase the risk of
deterioration in the company's business, financial and liquidity
profiles.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

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
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PACIFIC ANDES: Asks Judge Permission to Subpoena Ex-Liquidators
---------------------------------------------------------------
Jason Smith at Undercurrent News reports that the Ng-family
controlled Pacific Andes Resources Development, (PARD), a key
subsidiary of the financially troubled fishing conglomerate
Pacific Andes, seeks to question liquidators attempting to wind
up three group subsidiaries.

According to the report, PARD, the group's frozen fish supply
chain management division, is asking New York bankruptcy judge
James Garrity for permission to issue subpoenas compelling
documents and testimony from FTI Consulting and three of its
employees.

Undercurrent News relates that the action could bring the so-
called "FTI report", a document that lender HSBC reportedly used
as evidence before a Hong Kong court in 2015 to have a liquidator
appointed over group subsidiary China Fishery, into the public
record for the first time.

In addition to the firm's authoring of the report, three FTI
representatives -- Ian Morton, Nicholas James Gronow and Joshua
Taylor -- were recently named by a court in the British Virgin
Islands (BVI) as liquidators of three PARD subsidiaries
registered there, Undercurrent News says.

PARD's lawyers have argued that the appointment is a conflict of
interest, given the men's past involvement in the 2014 report,
the documents state, according to Undercurrent News.

They want to use a provision in US bankruptcy law known as Rule
2004 to be granted subpoena authority to investigate FTI's
"aggressive, arguably improper and unnecessary actions adverse to
PARD and the affiliated debtors," the lawyers said in court
filings cited by Undercurrent News.

Undercurrent News relates that the information to be subpoenaed
is wide-ranging in scope relating to the FTI liquidators'
appointments over PARD subsidiaries PAE-BVI, Parkmond Group
Limited and PARD Trade. It includes 13 separate requests for
information relating to communications between the liquidators
and other creditors, the FTI report and investigation of Pacific
Andes companies and any communications that FTI representatives
had with journalists about the liquidations, the report states.

According to the report, the filing stated that PARD accuses FTI
of "apparently providing letters containing false allegations
regarding PARD's business operations to the media."

The company said hinted in the filing that it may sue FTI
depending on what its investigation uncovers, the report adds.

"If in fact FTI is taking actions adverse to PARD and the
Affiliated Debtors, it is incumbent upon PARD to take discovery
on those matters and take any action necessary to pursue damages
on behalf of PARD's estate," Undercurrent News quotes PARD's
lawyers as saying.

FTI disputed PARD's characterization that the firm was
conflicted, the report says.

"The prior role of FTI Consulting involving Pacific Andes was
brought to the attention of the BVI court when the application
was made by a creditor to appoint representatives of FTI
Consulting as liquidators and was again dealt with at a further
contested Court hearing in the BVI. The BVI court has now twice
ruled to the effect that the prior role of FTI Consulting does
not constitute a conflict of interest to the appointment of FTI
Consulting representatives as liquidators," Matt Bashalany, a
spokesman for FTI said in a statement to Undercurrent News.

        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
=========


A.A. SNACK: ICRA Suspends 'D' Rating on INR5.25cr ST Loan
---------------------------------------------------------
ICRA suspends the [ICRA]D rating assigned to the INR0.25 crore
long term fund based facilities, INR5.25 crore short term fund
based facilities and INR4.50 crore long term/short term
unallocated facilities of A.A. Snack. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.


AADHARSHILA: CRISIL Assigns B+ Rating to INR50MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aadharshila.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      50        CRISIL B+/Stable
   Bank Guarantee          30        CRISIL A4
   Cash Credit             20        CRISIL B+/Stable

The ratings reflect Aadharshila's modest scale of operations in
an intensely competitive industry. The ratings also factor in a
below-average financial risk profile, with a small networth and
low accretion to reserves. These weaknesses are partially offset
by the proprietor's extensive experience in the interior
decoration industry and established relationships with customers.
Outlook: Stable

CRISIL believes Aadharshila will continue to benefit over the
medium term from the experience of its promoters. The outlook may
be revised to 'Positive' in case of substantial cash accrual,
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if revenue or
profitability is low, or working capital management deteriorates,
weakening liquidity. The extent of capital withdrawals will
remain a key monitorable over the medium term.

Aadharshila, established in 1993, provides interior designing and
architectural solutions for hotels, commercial offices, and
residential apartments. It is based in New Delhi. Ms Sarina Aneja
is the proprietor.


AMRICON AGROVET: ICRA Suspends 'D' Rating on INR77.65cr LOC
-----------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR77.65
crore line of credit of Amricon Agrovet Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


ASHIKA COMMERCIAL: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ashika
Commercial Private Limited's (ACPL) Long-Term Issuer Rating of
'IND B-'.  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 ACPL.

ACPL's ratings are:

   -- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
      withdrawn
   -- INR150 million fund-based limits: 'IND B-'; Outlook Stable;
      rating withdrawn
   -- INR70 million non-fund-based limits: 'IND A4'; rating
      withdrawn
   -- INR88.5 million long-term loans: 'IND B-'; Outlook Stable;
      rating withdrawn


ATC FOODS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ATC Foods
Private Limited's (ATC) 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended ATC's ratings on June 13, 2016.

ATC's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR650 million fund-based limits: 'IND BB-(suspended)' and
      'IND A4+(suspended)'; ratings withdrawn


AYODHYA FLOUR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ayodhya Flour
Mills Private Limited's (AFMPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook was Stable.  The agency has also
withdrawn the Long-term 'IND BB-' rating with a Stable Outllok
and Short-term 'IND A4+' rating on the company's INR140 million
fund-based working capital limit.

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


BANSAL PATHWAYS: ICRA Suspends B+ Rating on INR208cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR208 crore
long term loans and non fund based facilities of Bansal Pathways
(Damoh-Katni) Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


BHATIA COAL: ICRA Suspends 'D' Rating on INR46cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR46.00
crore bank facilities of Bhatia Coal Washeries Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to continued non cooperation from the Company.

BCWL was initially incorporated as Bhatia Steel & Power (India)
Limited and didn't undertake any significant operations till
FY2010. Subsequently, as a part of the Bhatia Group's
restructuring plans, BSPL's name was changed to BCWL and it was
vested with coal washing business of erstwhile flagship company
of Bhatia Group i.e. Bhatia International Limited, which was
renamed Asian Natural Resources (India) Limited (ANRIL). The
effective date of transfer of washeries having aggregate coal
beneficiation capacity of 9.0 million MTPA was October 2009;
however, actual transfer happened in February 2011 after
appraisal and approval of bankers. During the interim period,
ANRIL undertook business on behalf of BCWL and transferred to it
profit of about INR20 crore earned from this business division
during the period October 2009 to February 2011.

Subsequent to aforementioned restructuring, BCWL has five coal
washeries having aggregate coal beneficiation capacity of 12.5
million MTPA. In FY2015, BCWL reported an Operating Income (OI)
of INR99.5 crore and Net Loss of INR16.2 crore against an OI of
INR129.3 crore and net loss of INR7.5 crore reported in FY2014.


BRAINER INFRA: ICRA Assigns B+ Rating to INR15cr Cash Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR15.00 crore cash credit facility of Brainer Infra LLP.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             15.00        [ICRA]B+/ assigned

The assigned rating takes into account the limited experience of
the promoters in the real-estate business, thus exposing the firm
to the risk of scheduled project execution within the budgeted
costs. Further, nominal amount of customer advances received (~2%
of total booked sales) till date increases the risk of cash flow
mismatches. There is also a significant exposure towards market
risk, with a substantial portion of the project yet to be
developed and sold. The rating also takes note of the
vulnerability of the real-estate sector to economic cycles.
Hence, the ability of the firm to sell the property profitably,
given the current subdued market condition and intense
competition from other players in the region, remains a concern.

The rating, however, favorably takes into account the low
regulatory risks as the necessary approvals and clearances
required for construction of project are already in place. ICRA
also considers the achievement of financial closure for the
project and the promoters' commitment towards the upcoming
project, demonstrated by significant capital infusion, thereby
mitigating funding risk to a large extent.

Brainer Infra LLP was established in January 2016 as a limited
liability partnership firm to develop a residential project under
the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first
phase of the project, BILLP is developing a Low Income Group
(LIG)-category residential complex comprising sixteen towers
divided into 320 flats spread over 2.60 acres of land with
saleable area of 2.32 lakh square feet (lsf).


CDP (INDIA): ICRA Suspends B+ Rating on INR15cr Cash Credit
-----------------------------------------------------------
ICRA has suspended the ratings of [ICRA]B+ and [ICRA]A4 assigned
to the INR23.90 crore bank limits of CDP (India) Private
Limited1. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund based
   Limit-Term Loan         1.87       [ICRA]B+ Suspended

   Long-term fund based
   Limit-Cash Credit      15.00       [ICRA]B+ Suspended

   Short-term non fund
   based limit-Bank
   Guarantee               5.00       [ICRA]A4 Suspended

   Short-term fund
   based limit-
   Buyer's Credit         15.00       [ICRA]A4 Suspended

   Unallocated Limit       2.03       [ICRA]B+ and/or [ICRA]A4
                                       Suspended

CDP (India) Private Limited was incorporated in the year 1999 and
is engaged in the trading of computer systems and accessories,
supply and installation of different hardware and software and
annual maintenance contract (AMC). The company has its registered
office in Mumbai and a warehouse cum quality check centre at
Vasai (Thane). It has a pan India presence in terms of support
infrastructure in more than 70 locations across India and has
branch offices in Ahmedabad, Bengaluru, Delhi and Lucknow.


CHHINA PAPER: CRISIL Assigns B+ Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Chhina Paper And Allied Industries
Private Limited.

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

The rating reflects the company's modest business risk profile
because of low revenue and profitability, and its below-average
financial risk profile driven by small networth and weak debt
protection metrics. These weaknesses are offset by its promoters'
extensive experience in the packaging industry and their funding
support in the form of unsecured loans.
Outlook: Stable

CRISIL believes Chhina will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
there is a substantial increase in revenue and profitability,
leading to high cash accrual. The outlook may be revised to
'Negative' if liquidity deteriorates due to larger-than-expected,
debt-funded capital expenditure, sizeable increase in working
capital requirement, or low cash accrual.

Chhina, set up in 2014, manufactures corrugated boxes, and has
capacity of 24,000 tonne per annum. Its manufacturing facility is
at Barnala in Punjab. Its day to day operations are managed by
its director Mr.  Vishal Narula.


DEEPAK COSMO: ICRA Suspends B/A4 Rating on INR29cr Bank Loan
------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B/ A4 assigned to the
INR29.00 crore bank facilities of Deepak Cosmo Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to client non co-operation.

Incorporated in 1990 as an investment company by Mr. Gian Chand
Garg, DCL is a Nalagarh-based closely-held spinning company
engaged in manufacturing of synthetic yarns. The company ventured
into the spinning business in 1995 with the acquisition of
Himachal Worsted Mills from the Government of Himachal Pradesh.
At present, DCL's product range in the manufacturing division
includes acrylic yarn, acrylic-blended yarn, polyester yarn,
polyester-blended yarn, viscose yarn, cotton yarn, metallic yarn,
fancy yarn and nylon yarn.


DEEPAK POLYESTER: CRISIL Reaffirms B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Deepak
Polyester Pvt Ltd (DPPL) continues to reflect DPPL's
susceptibility to volatility in polyester yarn prices, and
exposure to supplier concentration risk.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Term Loan              21.1      CRISIL B+/Stable (Reaffirmed)

The rating also factors in a weak financial risk profile, with a
small networth, high gearing, and modest debt protection metrics.
These weaknesses are partially offset by the extensive experience
of promoters in the textile industry and their funding support,
and efficient working capital management.

The rating was last downgraded to CRISIL B+/Stable from CRISIL
BB/Stable on December 27, 2016. The downgrade reflects
deterioration in DPPL's business and financial risk profiles on
account of decline in revenue and profitability. While revenue
declined 21% in fiscal 2016 to INR1.38 billion, operating margin
fell to 3.6% in fiscal 2016 from 5.1% in fiscal 2015. The
deterioration was because of intense competition and subdued
demand. As a result, DPPL reported loss of INR39.7 million in
fiscal 2016, leading to a decline in networth to INR22 million as
on March 31, 2016, from INR60 million a year ago. Consequently,
gearing also increased to 4.8 times from 1.8 times over this
period. Although margins are expected to gradually improve, it
will take time for it to recover the accumulated losses.
Outlook: Stable

CRISIL believes DPPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
significantly, leading to improved cash accrual, and hence,
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a decline in revenue or profitability,
or any large, debt-funded capital expenditure weakens the
financial risk profile.

DPPL was incorporated in 2012 to take over the business of
partnership firm Deepak Polyester, which was set up in 2002. DPPL
manufactures texturised and twisted polyester yarn and knitted
fabric. Its registered office is in Mumbai and manufacturing
facility is in Silvassa (Union Territory of Dadra & Nagar
Haveli). The company is owned and managed by Mr.  Bajranglal
Joshi and Mr. Sanjeev Kapoor.


DEWSOFT FABRICATION: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dewsoft
Fabrication Private Limited's (DFPL) 'IND B(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended DFPL's ratings on June 23, 2016.

DFPL's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR70 mil. term loan: 'IND B(suspended)'; rating withdrawn
   -- INR50 mil. fund based limits: 'IND B(suspended)/
       'IND A4(suspended)'; ratings withdrawn


DHRUV OIL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dhruv Oil &
Protein's (DOP) Long-Term Issuer Rating of 'IND B+'.  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 DOP.

DOP's ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR85 million fund-based working capital limit: 'IND B+';
      Outlook Stable; rating withdrawn
   -- INR38.5 million term loan: 'IND B+'; Outlook Stable; rating
      withdrawn


ESS KAY: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ess Kay
Fabrications' (EKF) Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

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

EKF's ratings:

   -- Long-Term Issuer ratings: 'IND BB'/Stable; rating withdrawn
   -- INR35 million fund-based working capital limits: Long-term
      'IND BB'/Stable and Short-term 'IND A4+'; ratings withdrawn
   -- INR50 million non-fund-based limits: Short-term 'IND A4+';
      rating withdrawn
   -- INR32.50 million term loan limits: Long-term
      'IND BB'/Stable'; rating withdrawn


FUTECH PROJECTS: CRISIL Cuts Rating on INR27.5MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Futech Projects India Private Limited (FPPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable' and reaffirmed its rating on
the company's short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Clean Bill Discounting    15       CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee           140       CRISIL A4 (Reaffirmed)

   Proposed Working          17.5     CRISIL B/Stable (Downgraded
   Capital Facility                   from 'CRISIL B+/Stable')

   Secured Overdraft         27.5     CRISIL B/Stable (Downgraded
   Facility                           from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that FPPL's liquidity will
remain weak over the medium term due to working capital intensive
operations as reflected by instances of overutilization in cash
credit limit. The working capital cycle continues to remain high
with gross current assets of more than 250 days. The financial
risk profile is also deteriorating marked by increase in gearing
to 1.29 times as on March 31, 2016 from 1.01 times as on March
31, 2015. CRISIL believes that the liquidity profile will
continue to remain stretched over the medium term.

The ratings reflect FPPL's modest scale of operations,
susceptibility to slowdown in capacity addition in its end-user
industry, and average financial risk profile marked by average
capital structure. These rating weaknesses are partially offset
by the extensive experience of FPPL's promoters in the erection-
procurement-commissioning (EPC) segment, and the company's
established relationships with clients.
Outlook: Stable

CRISIL believes that FPPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if FPPL scales up operations substantially,
leading to large cash accruals, while managing its working
capital efficiently, resulting in a better financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile,
particularly liquidity, deteriorates, most likely because of a
stretch in working capital cycle or large debt-funded capital
expenditure.

FPPL was incorporated in New Delhi in 1995 by Mr. Narshiman and
Mr. S Ahmed. The company undertakes EPC projects to set up fire
protection systems on a turnkey basis (from concept to
commissioning). It also undertakes piping and construction work
for fuel-oil storage systems.


GLOBAL MINERALS: ICRA Suspends B+ Rating on INR8.88cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ on INR8.88
crore bank lines of Global Minerals. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


GURUNANAK INDUSTRIES: Ind-Ra Withdraws 'B-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gurunanak
Industries' Long-Term Issuer Rating of 'IND B-'.  The Outlook was
Stable.  The agency has also withdrawn the Long-term 'IND B-'
rating with a Stable Outlook on the company's INR62.5 million
fund-based working capital 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.


HIRA AUTOMOBILES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hira Automobiles
Ltd's (HAL) Long-Term Issuer Rating at 'IND BB'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The affirmation reflects HAL's established market position as the
oldest authorized dealer of Maruti Suzuki India Limited (MSIL) in
Patiala and Muktsar district of Punjab.

The ratings also draw comfort from HAL's strong operating profile
with nine dealerships of MSIL - the largest OEM in the passenger
car market in India.  In FY16, the company reported revenues of
INR3,104 million down 4.1%yoy, on the back of the decline in car
sales volumes.  The sales volumes of new cars remained flat
(FY16:5627 cars, FY15:5628 cars), while sales of used cars
decreased to 869 (1339).  HAL derives around 86% of its revenues
from the sale of cars, while the sale of spares, accessories and
sale of services account for 7% each.

EBITDA margins improved to 2.5% in FY16 from 2.1% in FY15, on
account of lower discounts offered by the company on the sale of
cars.  However, despite the improvement EBITDA margins, remained
low, primarily on account of the competitive nature of the
dealership business.

The ratings, however, remain constrained by HAL's weak credit
profile with net financial leverage (net debt/operating EBITDA)
of 7.2x and gross interest coverage (operating EBITDA/gross
interest expense) of 1.4x in FY16.  As on March 31, 2016, total
debt was INR604 million (FY15: INR702 million), of which working
capital debt constituted 81.7% (84.7%), term loan 9.7% (10.8%)
and unsecured loans 8.6% (4.3%).

Further, the company has a moderate liquidity position, owing to
the working capital intensive nature of its operations.  The
average utilization of fund based limits was 92% for the period
of 12 months ending November 2016.

                       RATING SENSITIVITIES

Negative: Stressed liquidity profile or deterioration in the
credit metrics could result in a negative rating action.

Positive: An increase in revenue and operating profit, along with
improvement in the credit metrics will be positive for the
ratings.

                          COMPANY PROFILE

Incorporated in 1989, HAL started its operations as Maruti Suzuki
car dealership with one showroom and a workshop in Patiala.  The
company has dealerships at nine locations in Punjab - Patiala,
Muktsar, Rajpura, Nabha, Malout, Devigarh, Gidderbaha, Bhadson
and Samana.  Besides selling cars and related accessories, it
provides financing and insurance solutions for the same.  In
1HFY17, HAL reported revenue of INR1,365 million (1HFY16:
INR1,292 million) with EBITDA margin of 3.3% (3.2%) and net
profit to INR1.8 million (INR1.9 million).

HAL's ratings are:

   -- Long Term Issuer Rating: affirmed at 'IND BB'; Outlook
      Stable
   -- INR320 million (increased from INR250 million) fund-based
      working capital limits: affirmed at 'IND BB'/Stable and
      'IND A4+'


ISMA: Sugar Industry Seeks Debt Restructuring, Loans Extension
--------------------------------------------------------------
Press Trust of India reports that reeling under a huge debt
burden of INR50,000 crore, the sugar industry on Jan. 4 asked the
government to restructure debt and extend interest subvention on
soft loans for another three years.

A representation in this regard has been made to the PMO as well
as Finance Minister Arun Jaitley recently by both private and
cooperative sugar mills bodies -- Indian Sugar Mills Association
(ISMA) and National Federation of Cooperative Sugar Factories.

On Jan. 3, a delegation-led by NCP chief and former agriculture
minister Sharad Pawar met Jaitley and discussed the issue in
detail, the report says.

"In addition to the industry's requests for financial
restructuring and re-schedulement of repayment of loans, the
ethanol blending programme was also discussed. It was submitted
that ethanol prices should be restored at last year's level and
the benefit of excise duty waiver should be reconsidered and
passed on to ethanol manufacturers," ISMA said in a statement.

PTI relates that in a separate meeting with the Finance Minister,
ISMA President informed the government that the sugar industry is
"still not fully out of its problems".

According to the news agency, ISMA submitted that "the government
and RBI should slightly modify the threshold limit under the S4A
scheme of debt restructuring from INR500 crore to INR100 crore.

ISMA also requested for re-schedulement of repayment of loans
taken under the Scheme for Extending Financial Assistance to
Sugar Undertaking (SEFASU) and soft-loans, and extension of
interest subvention on soft loan for another three years, PTI
relays.

PTI notes that the sugar mills have borrowed INR10,000 crore
loans from banks under these two schemes to pay cane price to
growers.

With some positive steps taken by the government in last year,
ISMA said that sugar prices started improving from April 2016 and
allowed the industry to just about cover the cost of production.

"However, the extra borrowing in the last few years has seen the
debt burden jump by almost 4 times to around INR50,000 crore
currently," ISMA said.

PTI notes that despite improvement in sugar prices, it is still
not sufficient to enable the industry to service all its debt at
the same time. Also, cost of production of sugar this year is
higher by INR2 per kg when compared to last year. Moreover,
INR10,000 crore of loans taken to pay cane price of farmers under
two schemes are due from the current season, it noted.

ISMA said it expects sugar prices to be "stable" next year. There
would be adequate sugar to meet the domestic demand and there
would not be necessity to import, relays PTI.

The country's sugar production is expected to decline for the
second straight year to 22.5 million tonnes in 2016-17 season
(October-September) due to drought. So far, 6.6 million tonnes of
sugar has been manufactured, PTI discloses.


JMD OILS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn JMD Oils
Private Limited's (JMDO) 'IND B' Long-Term Issuer Rating.  The
Outlook was Negative.

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

JMDO's ratings:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Negative; rating
      withdrawn
   -- INR75 million term loan: 'IND B'; Outlook Negative; rating
      withdrawn
   -- INR2,800 million fund-based limits: 'IND B'; Outlook
      Stable; and 'IND A4'; ratings withdrawn
   -- INR5,190 million non-fund-based limits: 'IND B'; Outlook
      Negative and 'IND A4'; ratings withdrawn


KAMLESH METACAST: ICRA Reaffirms 'B' Rating on INR18.60cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B to the
INR18.60-crore bank facilities of Kamlesh Metacast Pvt Ltd.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Non-fund based limits     18.60      [ICRA]B; reaffirmed

ICRA's rating factors in KMPL's dependence on third parties for
performance, against which a sizeable guarantee has been
extended. In the absence of any revenue visibility in the medium
term, the company remains dependent on promoters for meeting its
funding requirements. The rating also factors in the limited
experience of the promoters in the mining sector. The rating,
however, favorably takes into account the fact that the promoters
have brought in their entire envisaged funds and the steady
execution of the company's project - 75% of the project cost was
incurred by March 31, 2016.

Going forward, the company's ability to complete the project
within the budgeted time and cost will be the key rating
sensitivity.

KMPL was founded in 2011 by Mr. Shyam Sundar Singhwi and Mr.
Nimesh Singhwi. In 2013, the entire stake was purchased by Mr.
Ananya Agarwal through his family holding company, M/s Naangi &
Sons India Pvt Ltd. The promoters have interests in the real
estate sector.

KMPL has a prospecting license, valid till December, 2017, to
explore an area of 1859 hectares in Sirohi, Rajasthan, for cement
grade limestone. In the event of suitable limestone reserves
being found, the company plans to set up a cement manufacturing
facility.


KOMMAN PEOPLES: CRISIL Suspends B+ Rating on INR77.8MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Komman Peoples Welfare Society (KPWS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               77.8      CRISIL B+/Stable

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

KPWS, set up in 2006 by Mr. Rajiv Chopra, is setting up a group
housing complex for its members at Sector 49 in Faridabad
(Haryana). KPWS has been set up as a not-for-profit society.


LACTON TILES: CRISIL Lowers Rating on INR60MM Term Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Lacton Tiles Private Limited (LTPL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable', while reaffirming the short-term facility at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         22.5       CRISIL A4 (Reaffirmed)

   Cash Credit            27.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term     15.0       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan              60.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects delay in stabilisation of operations,
affecting the business risk profile; turnover was INR69.3 in
fiscal 2016, against INR17 million in fiscal 2015. Intense
competition in the wall tiles segment and lack of a brand name
led to the low revenue, which is expected to remain modest due to
increasing competition. Operations are also highly working
capital intensive, with sizeable debtors and long outstanding
creditors. The financial risk profile remains below-average,
because of a low networth, and weak capital structure and debt
protection metrics.

The ratings continue to reflect large working capital
requirement, and susceptibility to intense competition and to
volatile in raw material prices. These rating weakness are
partially offset by the extensive experience of the promoters in
the ceramics business, and healthy relationship with suppliers.
Outlook: Stable

CRISIL believes LTPL will continue to benefit from the extensive
industry experience of its promoters and its established customer
relationship. The outlook may be revised to 'Positive' if
substantial and sustained increase in revenue and cash accrual
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if a decline in revenue/cash accrual, a stretched
working capital cycle, or any large, capital expenditure weakens
the financial risk profile, especially liquidity.

Incorporated in 2013, LTPL is promoted by Morbi, Gujarat-based
Mr. Devendra Bhojani, Mr. Bhavesh Bhimani, and Mr. Vallabhbhai
Fefar. The company manufactures digital wall tiles at its plant
in Morbi.


LAKECITY INFRASTRUCTURE: Ind-Ra Withdraws 'BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lakecity
Infrastructure Private Limited's (LIPL) Long-Term Issuer Rating
of 'IND BB-'.  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 LIPL.

LIPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR44 million fund-based limits: 'IND BB-'; Outlook Stable
      and 'IND A4+'; ratings withdrawn
   -- INR24.01 million term loans: 'IND BB-'; Outlook Stable;
      rating withdrawn
   -- Proposed INR32 million term loans: 'Provisional IND BB-';
      Outlook Stable; rating withdrawn


LIFE SHINE: CRISIL Suspends 'B' Rating on INR180MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Life
Shine Medical Services Private Limited (Life Shine).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               180       CRISIL B/Stable

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

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy. The company operates a 300-bed hospital -
Tulasi Hospitals - in Hyderabad (Telangana). The hospital
provides treatment in cardiovascular, ophthalmology, neurology,
paediatrics, and other segments.


LILLY FASHIONS: CRISIL Assigns B+ Rating to INR10MM Bill Disc.
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lilly Fashions Private Limited (LFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting            10.0       CRISIL B+/Stable
   Packing Credit in
   Foreign Currency       32.5       CRISIL A4

The ratings reflect the small scale of operations in the
intensely competitive readymade garment industry and working
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of the promoter
and the average financial risk profile.
Outlook: Stable

CRISIL expects LFPL to continue to benefit from the extensive
experience of its promoter, in the readymade garment industry.
The outlook may be revised to 'Positive' if an improvement in
scale of operations and profitability, or working capital
management, strengthens the financial risk profile. The outlook
may be revised to 'Negative' in case considerable decline in
profitability leads to weak accruals, or if a stretch in the
working capital cycle or a large, debt-funded capital
expenditure, weakens the financial risk profile.

LFPL, incorporated in 1986 by Mr. Subhash Handa, manufactures and
exports readymade garments for women. Operations of the Gurgaon-
based company are managed by Mr. Subhash, his wife, Ms Sudershan
Handa, and sons, Mr. Sandeep Handa and Mr. Sanjeev Handa.

LFPL reported an estimated net loss of INR1.8 million on net
sales of INR142.3 million for fiscal 2016, vis-a-vis INR16.5
million and INR201.4 million, respectively, for fiscal 2015.


LORVIN INDUSTRIES: ICRA Suspends 'D' Rating on INR49cr LT Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR49.00 crore long term bank facilities of Lorvin Industries
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


M. J. CHEMICALS: CRISIL Suspends 'B' Rating on INR9.2MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. J. Chemicals (MJC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Import Letter of
   Credit Limit           36.2       CRISIL A4
   Letter Of Guarantee    24.6       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      9.2       CRISIL B/Stable

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

MJC trades in various types of chemicals, solvents, and
intermediaries. The firm has a diverse product portfolio, of
which around 30 per cent is imported from countries such as
China, the USA, Europe, Russia, and South Korea; and the
remaining is procured domestically. MJC caters to industries such
as pharmaceuticals, petro-chemicals, lamination, textiles, and
leather.


M. K. HEEMGHAR: CRISIL Suspends B- Rating on INR55MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. K. Heemghar Private Limited (MKHPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.9       CRISIL A4

   Cash Credit             6.1       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     55.0       CRISIL B-/Stable

   Working Capital
   Term Loan              10.1       CRISIL B-/Stable

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

Incorporated in 2004, MKHPL provides cold storage services to
farmers and traders. Its cold storage facility is located in
Bankura (West Bengal). MKHPL is promoted by Mr. Sujay Kumar Khan,
Mr. Arghya Pratihar, Mr. Chittaranjan Kundu and Mr. Hari Sadhan
Nandi.


M. L. ENTERPRISES: CRISIL Suspends B+ Rating on INR45MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. L. Enterprises (MLE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           5        CRISIL A4

   Proposed Long Term
   Bank Loan Facility      45        CRISIL B+/Stable

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

Established in 2010 and based in Bengaluru, MLE trades in
readymade garments accessories. The firm is promoted by Mr. Lalit
Rupani.


MANGAL MURTI: CRISIL Suspends B+ Rating on INR67.8MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mangal Murti Fabrics Private Limited (MMFPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            20        CRISIL B+/Stable
   Term Loan              67.8      CRISIL B+/Stable

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

Incorporated in the year 2006, Mangal Murti Fabrics Private Ltd.
(MMFPL) carries embroidery work on job work basis. The Company is
promoted by Mr. Ramesh Agarwal and other family members and has
processing facility in Ahmedabad, Gujarat.


MEADOWZ MEDIA: CRISIL Suspends 'D' Rating on INR50MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Meadowz Media Brandcom Private Limited (MMBL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         22.5      CRISIL D
   Cash Credit            25        CRISIL D
   Term Loan              50        CRISIL D

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

MMBL, promoted by Mr. Bhavesh Bhinde, his mother, Mrs. Jayaben
Bhinde and his wife, Mrs. Jigna Bhinde, was incorporated in 2010-
11. It began operations in 2012-13. MMBL provides OOH advertising
solutions.


NAGARDAS KANJI: ICRA Suspends B/A4 Rating on INR15cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B/A4 rating assigned to the INR15.00
crore bank facilities of Nagardas Kanji Shah. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 1964, M/s Nagardas Kanji Shah (NKS) started
operations in scrap business and later moved to trading of pipes
and tubes. The firm imports pipes from China as per clients'
orders and acts as a commission agent. NKS currently deals in
Seamless Pipes, ERW Pipes and Stainless Steel Pipes. The firm has
a godown in Kalamboli, Navi Mumbai. NKS is stocking stockiest of
seamless pipes, hydraulic pipes, boiler tubes and ERW pipes for
leading steel pipe manufacturers in India. In terms of
contribution to sales, seamless pipes contribute to 80-90% of the
sales.


NAMAHA ESTATES: CRISIL Suspends 'B' Cash Credit, LT Loan Ratings
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Namaha
Estates (NE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      100       CRISIL B/Stable

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

NE was set up in 1999 by Dr. K L Narayana, Mr. P Prem Kumar and
Mr. T Suresh Babu. The firm is into residential real estate
development in Hyderabad, Telangana. It is currently undertaking
two residential development projects.


OM TRADING: ICRA Lowers Rating on INR4.95cr Long Term Loan to B-
----------------------------------------------------------------
ICRA has downgraded the long-term rating for the INR4.95 crore
fund-based bank facilities of Om Trading Company (OTC) to
[ICRA]B- from [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund-
   based limits            4.95       Downgraded to [ICRA]B-
                                      from [ICRA]B

The revision in the rating reflects the deterioration of OTC's
financial profile characterised by sharp decline in operating
income, stretched liquidity position due to slow realisation from
debtors and accumulation of inventory due to slow off-take.
Further, the significant withdrawal from the capital resulted in
high gearing levels of 12.02 times as on March 31, 2016 as
compared to 8.33 times as on March 31, 2016. The rating continues
to be constraint due to the small scale of operations in the
highly fragmented and competitive commodities trading business
and vulnerability of profitability to adverse movements in raw
material prices (mainly betel nut), which are subject to
seasonality and crop harvest.

The ratings, however, favorably take into account the extensive
experience of the group in commodities trading business and
established relationship with the suppliers.
Going forward, the firm's ability to efficiently manage its
working capital, restrict significant withdrawals impacting net-
worth and sourcing of betel nuts at favorable prices remain the
key sensitivities.

Om Trading Company was started in 2012 by the Nagpur based
Wadhwani group. The group is headed by Mr. Prakash Wadhwani who
handles the entire business operations along with marketing
functions of the group. His son, Mr. Chandraprakash Prakash
Wadhwani, handles the business of OTC. The firm is engaged in
trading of different commodities including betel nut, almond,
turmeric, white poppy seeds, chilli etc.

Recent Results
In FY2016, the firm reported a profit after tax (PAT) of INR0.37
crore on an operating income of INR23.28 crore. In FY2015, the
firm reported a PAT of INR0.37 crore on an operating income of
INR28.24 crore.


PAPER TRADERS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Paper Traders'
(PT) 'IND BB' Long-Term Issuer Rating.  The Outlook was Stable.
The agency has also withdrawn the 'IND BB' rating on PT's
INR150 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.


PEARL FURNITURE: CRISIL Ups Rating on INR38MM Cash Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pearl
Furniture Private Limited (PFPL) to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             38        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               25.3      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that PFPL's business
risk profile will improve with higher than expected increase in
scale of operations and operating profitability over the medium
term. PFPL's scale of operations improved from 67.4 million in
FY'15 to 191.1 million in FY'16 because of winning of few
government tenders. Moreover EBITDA Margins also increased due to
the same.

CRISIL believes that with improvement in margins and thus
accretion to reserves, PFPL's debt protection metrics and capital
structure will also improve over the medium term. The rating
upgrade also factors in CRISIL's belief that PFPL will maintain
healthy revenues in the business over the medium term.

The ratings reflect the benefits that PFPL derives from its
customer profile and the extensive industry experience of its
promoters. The rating strengths are, however, partially offset by
GPL's weak financial risk profile, marked by high gearing and
weak debt protection metrics, and its exposure to risks related
to intense competition in the industry and to volatility in raw
material prices.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
improving scale of operations. The outlook may be revised to
'Positive' if GPL registers higher-than-expected sales growth and
operating profitability, or if its capital structure improves
substantially backed by equity infusion or higher-than-expected
accretion to reserves. Conversely, the outlook may be revised to
'Negative' in case of a larger-than-expected increase in the
company's working capital requirements or if it undertakes any
higher-than-expected, debt-funded capital expenditure (capex),
thereby adversely impacting its gearing.

Incorporated in 2013, PFPL is promoted by the Rajkot (Gujarat)-
based Nandani family. The company manufactures all types of
furniture such as chairs and bedroom sets.

For 2015-16, PFPL reported a profit after tax of INR14.9 million
on net sales of INR191.1 million, as against net loss of INR5.1
million on net sales of INR67.4 million for 2014-15.


PEARL INTERNATIONAL: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pearl
International Tours and Travels Limited's (PITTL) Long-Term
Issuer Rating of 'IND BB'.  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 PITTL.

PITTL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR87 million fund/non-fund-based working capital limits:
      'IND BB'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- Proposed INR13 million fund/non-fund-based working capital
      limits: 'Provisional IND BB'; Outlook Stable and
      'Provisional IND A4+'; ratings withdrawn
   -- Proposed INR60 million non-fund-based working capital
      limits: 'Provisional IND A4+'; rating withdrawn


PRAGJYOTISH INFRASTRUCTURE: Ind-Ra Withdraws 'BB-' Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pragjyotish
Infrastructure Private Limited's Long-Term Issuer Rating of
'IND BB-'.  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:

   -- Long-Term Issuer Rating: 'IND BB-'/Stable; rating withdrawn
   -- INR90 million fund-based limits: 'IND BB-'/Stable; rating
      withdrawn
   -- INR100 million non-fund-based limits: 'IND A4+'; rating
      Withdrawn


PREMIUM EXPORTS: CRISIL Assigns B+ Rating to INR80MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Premium Exports (PE).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Working Capital Facility    80       CRISIL B+/Stable

The rating reflects the company's below average financial risk
profile marked by a small net worth, high total outside
liabilities to tangible net worth (TOL/TNW) ratio, moderate debt
protection metrics, and low profitability. The rating also
factors in PE's modest scale of operations and susceptibility to
volatility in commodity prices. These rating weaknesses are
partially offset by the benefits that PE derives from its
promoters' extensive experience in the agro commodity trading
industry and its established relationships with its customers and
suppliers.
Outlook: Stable

CRISIL believes that Premium Exports (PE) will benefit from the
extensive experience of its promoters in the food and agro
commodity trading business. The outlook may be revised to
'Positive' in case of more-than-expected increase in scale of
operation and profitability resulting in higher than expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of lower than expected profitability and cash
accruals or in the event of stress on liquidity due to larger
than expected working capital requirements or debt funded capital
expenditure.

Premium Exports (PE) is a Government Recognized Star Export House
dealing in the export of all kinds of Food and Agricultural
Commodities. The firm was established in the year 1988. It offers
a wide range of foods and commodities like Sugar, Rice, Wheat and
Allied Products, Oilseeds, Spices, Pulses, Cattle/ Bird Feeds,
Cotton, Frozen/ Fresh Foods and Ready to Eat Foods.


PRIYANKSHI FASHIONS: CRISIL Suspends 'B' Cash Credit Rating
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Priyankshi Fashions Private Limited (PFPL).

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

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

Incorporated in 2011, PFFL is promoted by Mr. Kishanbhai Khetan
and his wife, Ms. Ramta Khetan. The company trades in saris and
dress materials and carries out its operations in Surat
(Gujarat).


RAM AABHOSHAN: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ram Aabhoshan'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 Ram Aabhoshan.

The company's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR150 million fund-based working capital limits:
      'IND BB-'; Outlook Stable and 'IND A4+'; ratings withdrawn


RAM SAROOP: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ram Saroop
Deepak Kumar's 'IND BB-' Long-Term Issuer Rating.  The Outlook
was Stable.  The agency has also withdrawn the Long-term rating
of 'IND BB-' with a Stable Outlook and the Short-term rating of
'IND A4+' on the company's INR240 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.


RANJEET AUTOMOBILES: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ranjeet
Automobiles' (RA) Long-Term Issuer Rating of 'IND BB'.  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.

RA's ratings are:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable'; rating
      withdrawn
   -- INR172.6 million long-term loans: 'IND BB'; Outlook Stable;
      rating withdrawn
   -- INR300 million fund-based limits: 'IND BB'; Outlook Stable;
      rating withdrawn


RANSAN PACKAGING: CRISIL Assigns 'B' Rating to INR40MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Ransan Packaging Private Limited (RPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility         5        CRISIL B/Stable
   Long Term Loan          40        CRISIL B/Stable
   Cash Credit             25        CRISIL B/Stable
   Letter of Credit        30        CRISIL A4

The ratings reflect RPPL's nascent stage and modest scale of
operations in the intensely competitive packaging industry and
below-average financial risk profile marked by high gearing.
These rating weaknesses are partially offset by the extensive
industry experience of RPPL's promoters in the printing industry
and their established customer relationships.
Outlook: Stable

CRISIL believes that RPPL will benefit from the extensive
industry experience of the promoters. The outlook may be revised
to 'Positive' if the company's scale of operations improves
substantially, while maintaining its profitability, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if RDBB's liquidity further
weakens most likely because of lower-than-expected revenue and
profitability, or if the company undertakes further debt funded
capex, resulting in further weakening of financial profile.

Incorporated in 2013, Chennai-based Ransan Packaging Private
Limited (RPPL) is engaged in manufacturing and printing of mono-
cartons and corrugated boxed used in packaging industry. The
company has its facility in Chennai and its operations are
managed by the promoters, Mr. VA Prabhakaran and Mr. A
Srenivasan.


REALITY TEX: ICRA Suspends 'B' Rating on INR15cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the
INR15.00 bank facilities of Reality Tex Yarn India Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.

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


RIGHILL ELECTRICS: ICRA Reaffirms 'B' Rating on INR3.5cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short-
term rating of [ICRA]A4 on the INR8.00-crore bank facilities of
Righill Electrics Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based Limits-
   Long Term                3.50      [ICRA]B; reaffirmed

   Non-fund based
   Limits-Short Term        4.50      [ICRA]A4; reaffirmed

The ratings continue to derive comfort from the long track record
of the directors in the business of designing, manufacturing, and
servicing of oil field equipment and the healthy operating
profitability of the company. Over the years, the company has
been able to maintain established relations with its customers
which comprises several Public Sector Undertakings (PSUs) and
also customers in the Middle East.

The ratings are, however, constrained by REPL's small scale of
operations, high working capital intensity in operations and
competition from established players globally. The company's
revenue growth remains exposed to the investment cycle of the oil
exploration and production industry, which has been affected by
the depressed international crude oil prices in the recent past.
The company's revenues are significantly dependent on continuing
orders from oil exploration companies, and thus any substantial
delay in new order flows and slow tender activity may impact the
company's revenue and earnings growth going forward. However,
this risk is offset to a certain extent given that domestic oil
companies are likely to continue to increase exploration activity
to reduce dependence on imports. The ratings also take into
account the vulnerability of the company's operations to foreign
exchange fluctuations given the high share of the exports.

Going forward, REPL's ability to introduce new products along
with improvement in its orderbook position while maintaining
profitability and adequate liquidity will be the key rating
sensitivities.

Righill Electrics Private Limited was incorporated in 1993 as a
private limited company by Mr. Ashutosh Shukla and Mr. Vinod
Sapre. The company designs and manufactures control systems and
assemblies for various applications including oil field
equipment. It also manufactures parts and assemblies like
Electronic Control Modules, printed circuit boards (PCBs), plugs
and sockets connectors etc. It specialises in designing and
manufacturing of controls and electric parts for oil rigs. The
major revenue is derived from the sale of rig equipment, and thus
the revenues largely depend on the rigging activity and in turn
the crude oil prices. It also provides services pertaining to
repairs and maintenance and provides annual maintenance contracts
(AMC) for its customers. The company has an employee base of 50
engineers who provide on-site services to its customers. The
manufacturing facility of the company is located in Bhopal,
Madhya Pradesh.

Recent Results
REPL, reported an operating income of INR8.52 crore in FY2016 and
a net profit of INR0.04 crore, as against an operating income of
INR8.63 crore and a net profit of INR0.06 crore in FY2015.


RITESH TRADEFIN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ritesh Tradefin
Limited a (RTL) Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

The ratings reflect RTL's small scale of operations, moderate
credit profile and tight liquidity.  Revenue was INR642 million
in FY16 (FY15: INR651 million), EBITDA margins were 6.6% (6.5%),
gross interest coverage (EBITDA/interest) was 1.8x (1.8x) and net
leverage (net debt/EBITDA) was 4.3x (4.3x).  The company's
average use of the working capital facilities was 97.39% over the
12 months ended November 2016, with three instances of
overutilization during the period.

The ratings, however, are supported by the directors' more than a
decade-long experience in the sponge iron and structural steel
manufacturing.

                       RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with an
improvement in the overall credit metrics will be positive for
the ratings.

Negative: A decline in the profitability leading to deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

RTL was incorporated in January 1993 as a private limited company
by Mr. Shankar Lal Agarwal and Mr. Naresh Kumar Agarwal.  In
1999, the company started manufacturing of sponge iron (with an
initial installed capacity of 15,000MTPA) and was converted into
a public limited company.

RTL' ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR75 million fund-based limit (cash credit facilities):
      assigned 'IND BB'; Outlook Stable
   -- INR55 million fund-based-limit (ODBD facilities): assigned
      'IND A4+'
   -- INR1 million non-fund-based facilities: assigned 'IND A4+'


RK AGARWAL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R.K. Agarwal
Industries Limited's (RKAIL) 'IND B+' 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 RKAIL.

RKAIL ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR100 million fund-based working capital limits: 'IND B+';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- INR25 million proposed fund-based working capital limits:
      'Provisional IND B+'; Outlook Stable and 'Provisional IND
      A4'; ratings withdrawn


ROYAL AGROFOODS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Royal Agrofoods
Private Limited's Long-Term Issuer Rating of 'IND BB-'.  The
Outlook was Stable.  The agency has also withdrawn the Long-term
'IND BB-' rating with a Stable Outlook and the Short-term
'IND A4+' rating on the company's INR60 million fund-based bank
facilities.

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


ROYAL PLAZA: ICRA Suspends 'D' Rating on INR10cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR10.00 crore long term facilities of Royal Plaza Inn. The
suspension follows lack of co-operation from the company.


ROYAL SUITINGS: ICRA Suspends B+ Rating on INR8.90cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR8.90 crore
bank lines of Royal Suitings Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Royal Suitings Private Limited manufactures woven fabrics for
suitings and is managed by Mr. R.P. Jain and Mrs. Savita Jain,
who have more than two decades of experience in the textile
industry. The company has 40 looms installed at its weaving
facility in Bhilwara, Rajasthan, and has a production capacity of
about 30 lakh meters of fabric per annum. RSPL sells its products
under the brand name 'Osoline Sulz.


RR POLYNET: CRISIL Suspends B- Rating on INR54.8MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of RR
Polynet Private Limited (RRPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      54.8      CRISIL B-/Stable


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

Established in the year 2007 at Vapi, Gujarat, India, R.R.
Polynet Pvt Ltd is a manufacturer and supplier of a range of
Extruded Polynet, Woven Nets, Body Scrubbers and Agriculture
Shade Nets. The current capacity is around 100 tonnes per month
and the facility is located at Vapi, Gujarat.


S.S.S. FIBRE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S.S.S. Fibre
Limited's (SSSFL) Long-Term Issuer Rating of 'IND BB'.  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.

SSSFL's ratings:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR50 million fund-based limit: 'IND BB'; Outlook Stable;
      rating withdrawn
   -- INR10.6 million term loan: 'IND BB'; Outlook Stable; rating
      withdrawn
   -- INR11.5 million term loan: 'IND BB'; Outlook Stable; rating
      withdrawn


S&S GREEN: ICRA Suspends 'B' Rating on INR10cr LT Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR10.00 crore long term bank facilities of S&S Green
Projects Green Fields. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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


SAFARI INDUSTRIES: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Safari
Industries (India) Limited's (SIIL) 'IND BB+(suspended)' Long-
Term Issuer Rating.

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

Ind-Ra suspended SIIL's ratings on July 26, 2016.

SIIL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR164 million fund-based limits: Long-term
      'IND BB+(suspended)' and Short-term 'IND A4+(suspended)';
      ratings withdrawn
   -- INR200 million non-fund-based limits: Long-term
      'IND BB+(suspended)' and Short-term 'IND A4+(suspended)';
      ratings withdrawn


SAI TRIPURA: CRISIL Suspends 'B' Rating on INR100MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Sai Tripura Techno Projects Private Limited (STTPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      100       CRISIL B/Stable

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

Established as a partnership firm in 2008 as 'Sai Tripura
Projects' and later converted into a private limited company in
2011, STTPPL, majorly undertakes EPC projects in the Oil & Gas
sector.  It is also engaged in other civil & mechanical works
like laying of Raw Water Pipelines, construction of roads,
buildings and other civil and Mechanical works in the
construction industry.  It also provides services like ROU (Right
to use) & ROW (Right of way) for private players and government
agencies. Based in Kakinada (Andhra Pradesh), STTPPL is promoted
by its Mr. A.S.Ranganayakulu, Mrs. Satyakalavathi and Mr. K.
Solomonraju.


SHREE RADHA: ICRA Suspends B Rating on INR2.5cr Cash Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR2.50-crore cash-credit facility of Shree Radha Krishna
Vinimay Private Limited. ICRA has also suspended the short-term
rating of [ICRA]A4 assigned to the INR20-crore untied limit of
SRKVPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHREE SALASARHANUMANJI: Ind-Ra Withdraws 'B' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree
Salasarhanumanji Grains Private Limited's (SSGPL) 'IND B' 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 SSGPL.

SSGPL's ratings:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
      withdrawn
   -- INR97.5 million fund-based working capital limits: 'IND B';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- INR150 million term loan limits: 'IND B'; Outlook Stable;
      rating withdrawn


SHRI RAMRAJA: CRISIL Hikes Rating on INR155MM LT Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shri
Ramraja Sarkar Lok Kalyan Trust to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       45       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term      155       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan                50       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects timely meeting of term loan repayment
obligation owing to adequate liquidity driven by timely fee
collection.

The rating also factors in a weak financial risk profile and
exposure to regulatory risks and intense competition in the
education sector. These weaknesses are partially offset by
diversified course offerings and healthy demand prospects for the
education sector in India.
Outlook: Stable

CRISIL believes SRSLKT will continue to benefit over the medium
term from its established position in the educational sector. The
outlook may be revised to 'Positive' in case of significantly
higher-than-expected student intake leading to improved revenue
and margins, while the capital structure is maintained. The
outlook may be revised to 'Negative' in case of any large, debt-
funded capital expenditure or a significant decline in cash
accrual, resulting in deterioration in the financial risk
profile.

SRSLKT, incorporated in 2002, is managed by its chairperson Mr.
Ramesh Kumar Agrawal and two other trustees: Mr. Naresh Kumar
Agrawal and Mr. Deepak Kumar Agrawal. The society presently
operates 13 institutes offering engineering, management,
pharmacy, education, and basic graduation courses, and a K-12
school. All the institutes are situated in a single campus in
Datia, Madhya Pradesh.



SIMRAN FOOD: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Simran Food
Private Limited's 'IND BB' Long-Term Issuer Rating.  The Outlook
was Stable.  The agency has also withdrawn the Long-term rating
of 'IND BB' with a Stable Outlook and the Short-term rating of
'IND A4+' on the company's INR130 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.


SOUTHERN BATTERIES: ICRA Suspends 'D' Rating on INR26.15cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR26.15 crore term loan facilities of Southern Batteries
Private Limited. The suspension follows lack of co-operation from
the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              26.15        [ICRA]D Suspended

   Cash Credit             30.00        [ICRA]D Put on Notice of
                                         Withdrawal

   Non fund based limits   11.00        [ICRA]D Put on Notice of
                                         Withdrawal

ICRA has placed the [ICRA]D rating assigned to the INR30.0 crore
long term fund based limits and the INR11.0 crore short term non-
fund based facilities of the company on notice of withdrawal for
30 days at the request of the company. As per ICRA's policy, the
ratings will be withdrawn after 30 days from the date of this
withdrawal notice.


SRI RAMA: ICRA Suspends B LT Rating on INR7.96cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR7.96 crore fund based and
INR2.04 Crore unallocated limits of Sri Rama raw and boiled rice
mill. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI VIGNESHWARA: ICRA Suspends B+ Rating on INR8.5cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short
term rating of [ICRA]A4 to the INR8.50 bank facilities of Sri
Vigneshwara Wood Industries. The suspension follows ICRA's
inability to carry out a rating surveillance due to non
cooperation from the entity.


STARCHEM POLYTRADE: ICRA Suspends B+ Rating on INR23cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA] A4 ratings assigned to
the INR23.00 Crore bank facility of Starchem Polytrade Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SUPER HOBS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Super Hobs &
Broaches Private Limited's (SHBPL) 'IND B+' 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 SHBPL.

SHBPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR12 million fund-based working capital limits: 'IND B+';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- INR43 million term loan limits: 'IND B+'; Outlook Stable';
      rating withdrawn


SUPER LIFESTYLE: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Super Lifestyle
Diamonds Private Limited's 'IND D' Long-Term Issuer Rating.  The
agency has also withdrawn the 'IND D' Long-term rating on the
company's INR85 million fund-based working capital 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.


SWAMI PARMANAND: CRISIL Suspends B+ Rating on INR11MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swami Parmanand & Associates (SPA).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Cash Credit             11        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility      14        CRISIL A4
   Term Loan                5        CRISIL B+/Stable

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

SPA, a partnership firm established in 2002, is a handling agent
for RINL in Chandigarh. SPA also undertakes transportation
activities for other customers such as Steel Authority of India
(SAIL). The company is managed by Mr. Mukesh Kumar and Mrs. Mala
Chaudhary.


SYMBOSA GRANITO: CRISIL Suspends 'B' Rating on INR200MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Symbosa Granito Private Limited (SGPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4
   Cash Credit             80       CRISIL B/Stable
   Long Term Loan         200       CRISIL B/Stable

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

SGPL, established in Morbi in 2014, is promoted by Mr. Hardik
Patel, Mr. Dineshkumar Merja, Mr. Dinesh Kantilal Ghodasara and
Mr. Prashant Sitapara. The company is setting up a facility for
manufacturing ceramic vitrified tiles; it will commence
operations by the end of September 2015.


TEAM MEDIA: CRISIL Suspends 'B' Rating on INR75MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Team Media And Hospitality Private Limited (TMHPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Term Loan               75        CRISIL B/Stable

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

Incorporated in 2005, TMHPL has set up an offset newsprint
printing facility in Bhubaneshwar, which commenced commercial
operations in May 2015. The company is promoted by Mr. Satyapriya
Jayasingh and his sister Ms. Sailabala Dasbarma. It publishes its
own Odiya newspaper, Sarbasadharana.


TOMAR CONSTRUCTION: Ind-Ra Withdraws BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tomar
Construction Company's (TCC) '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.

TCC's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR30 million fund-based working capital limits: 'IND BB-';
      Outlook Stable and 'IND A4+'; ratings withdrawn
   -- INR180 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn
   -- INR60 million proposed term loan: 'Provisional IND BB-';
      Outlook Stable; rating withdrawn


TUFKO INTERNATIONAL: CRISIL Suspends B+ Rating on INR75MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Tufko
International (TI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable

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

TI was set up in 2008 as a partnership firm by Mr. K A Jose and
his family members. The firm manufactures and exports coir
products, mainly polyvinyl chloride-tufted mats, rubber-tufted
mats, and rubber-moulded mats. The firm's manufacturing unit is
in Kottayam (Kerala), and derives almost its entire revenue from
exports.


TUSHAR FABRICS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tushar Fabrics
Pvt Ltd's (TFPL) Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

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

TFPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR250 million fund-based working capital limits:
      'IND BB-'; Outlook Stable; rating withdrawn
   -- INR450 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


UNITY STONE: CRISIL Suspends B+ Rating on INR48.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Unity Stone Crushers Private Limited (USCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            48.5       CRISIL B+/Stable

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

Incorporated in 2009, USCPL is engaged in stone crushing
activities in Phulaiya, District Pilibhit (Uttar Pradesh). The
company has a total stone crushing capacity of 2000 tonnes per
day.


UTTORON ENGINEERING: ICRA Suspends B+ Rating on INR5.99cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.99 crore,
fund based bank facilities of Uttoron Engineering Private Limited
and [ICRA]A4 rating assigned to the INR8.00 crore non fund based
bank facilities of UEPL. ICRA has also suspended the [ICRA]B+/A4
ratings assigned to the INR1.00 crore untied limits of EJPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


VERSATILE WIRES: CRISIL Suspends B- Rating on INR48.9MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Versatile Wires Limited (VWL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         27.1       CRISIL A4
   Cash Credit            48.9       CRISIL B-/Stable
   Foreign Exchange
   Forward                 0.3       CRISIL A4
   Funded Interest
   Term Loan               5.6       CRISIL B-/Stable
   Letter of Credit       27.5       CRISIL A4

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

VWL was originally incorporated on November 9, 1993, as a private
limited company; it was reconstituted as a public limited Company
in 1995 and listed on the Calcutta Stock Exchange. VWL was
jointly promoted by Indian promoters Mr. Sriram Khemka and Mr.
Lokesh Khemka in technical assistance with ''Eldra Electrodraht
Erzeugung GmbH" of Austria, which has a stake of about 14 per
cent in the company.

VWL manufactures enamelled copper and aluminium winding wires and
processes bare copper wires of various measurements, as per the
client's requirements. The company's manufacturing facility is
located at Rasapunja, South 24 Parganas (West Bengal).


VIRTUAAL RETAIL: CRISIL Suspends 'D' Rating on INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Virtuaal Retail Private Limited (VRPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          16       CRISIL D
   Cash Credit            150       CRISIL D
   Proposed Cash
   Credit Limit            12       CRISIL D
   Term Loan               32       CRISIL D

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

Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to take
over the existing business of Virtuaal Jewels and Virtuaal
Apparels. Virtuaal Jewels operated retail showrooms of Tanishq
(jewellery), Titan (watches), and Titan Eye Plus, while Virtuaal
Apparels was a retailer of brands such as Reebok, Adidas, Puma,
Lee, Benetton, GAS, and Wrangler, and cellular phones from
Samsung.


VORA PACKAGING: CRISIL Assigns B+ Rating to INR107.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Vora Packaging Private Limited (VPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            92.5       CRISIL B+/Stable
   Term Loan             107.5       CRISIL B+/Stable

The rating reflects VPPL's modest scale of operations in a
competitive industry and its large working capital cycle. The
rating also factors in VPPL's exposure to risks related to timely
completion and stabilization of ongoing capital expenditure
plans. The above weaknesses are partially offset by the extensive
experience of its promoters in the packaging industry, their
funding support and VPPL's moderate debt protection metrics and
comfortable total outside liabilities/promoter funds. These
rating strengths are partially offset by its working capital
intensive operations.
Outlook: Stable

CRISIL believes, VPPL would continue to benefit from its
promoters extensive industry experience and their continued
funding support. The outlook may be revised to 'Positive' in case
of significant improvement in scale of operations while
sustaining healthy margins and improving working capital cycle.
The outlook may be revised to 'Negative' in case lower than
expected cash accruals most likely on account of delays in
completion of ongoing capex or on account of lower-than-expected
demand affecting the company's financial risk profile especially
its liquidity.

VPPL incorporated in 1999, is engaged in manufacture of expanded
polyethylene cap seals and aluminum foil induction heat seal
liners. The company has its manufacturing unit in MIDC Tarapur.
The day-to-day operations of the company are managed by its
promoter Mr. Pankaj Vora.


VSM ENTERPRISES: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn VSM Enterprises
Private Limited's (VSME) 'IND B+' 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.

VSME's ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR50 million fund-based working capital limits: 'IND B+';
      Outlook Stable and 'IND A4'; ratings withdrawn
   -- Proposed INR10 million fund-based working capital limits:
      'Provisional IND B+'; Outlook Stable and 'Provisional
      IND A4'; ratings withdrawn
   -- INR3 million non-fund-based working capital limits:
      'IND A4'; ratings withdrawn
   -- Proposed INR7 million non-fund-based working capital
      limits: 'Provisional IND A4'; rating withdrawn



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


TOSHIBA CORP: Chairman Says Banks Ready to Offer Conditional Aid
----------------------------------------------------------------
Reuters reports that Toshiba Corp chairman said its creditor
banks are ready to provide financial support to the Japanese
conglomerate, with conditions attached, following disclosures
that it faces a multi-billion dollar writedown of a US nuclear
business.

"At this moment, I have been told that (banks) will continue to
provide support," Shigenori Shiga told reporters on Jan. 5 on the
sidelines of an industry gathering.

Reuters relates that Mr. Shiga said banks' support would be
conditional upon Toshiba giving them "solid explanations" about
the potential writedown and how to improve its financial health.

According to the report, the company is seeking creditors'
support to weather yet another financial blow, even as it still
tries to recover from a US$1.3 billion accounting scandal in
2015.

Last week, it revealed it may have to book several billion
dollars in charges related to a US nuclear power plant
construction company acquisition, the report recalls.

Reuters add that Toshiba has said it would finalise the losses by
mid-February.

Toshiba chief executive Satoshi Tsunakawa visited banks,
including its main creditors Sumitomo Mitsui Financial Group Inc
(SMFG) and Mizuho Financial Group, last week, Reuters reports
citing sources with direct knowledge of the matter.

At the meetings, Toshiba's explanation did not go beyond what it
disclosed at the news conference, the sources said, Reuters
relays.

Reuters relates that Toshiba is expected to inform its main
creditors the finalised writedown figures by the end of this
month, said the sources, who were not authorised to discuss the
matter publicly.

Some bankers expressed frustration as Toshiba was supposed to
have gone through a complete checkup of its financial health
after the 2015 accounting scandal that tarnished its image,
Reuters says.

"Before we give them any financial help, it should come
completely clean and have no surprises anymore," Reuters quotes a
senior executive at one of the banking groups as saying.

                          About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.

The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications.  At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.



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


1MALAYSIA: Singapore Court Charges Fifth Person in Probe
--------------------------------------------------------
Anita Gabriel at The Business Times reports that Singapore
prosecutors slapped 16 charges on a 42-year-old former branch
manager of Swiss bank Falcon in relation to the massive probe
into the fund flows involving 1Malaysia Development Berhad
(1MDB).

Jens Sturzenegger, a Swiss national, who was arrested on Oct. 5
by the Commercial Affairs Department (CAD) with bail set at
SGD80,000, appeared in court clad in a white long-sleeve shirt at
the mention in the State Court on Jan. 5, BT relates.

At the request of Mr. Sturzenegger's lawyer Tan Hee Joek, the
accused is expected to plead guilty at a session fixed for
Jan. 11, according to the report.

BT notes that the latest charge would bring the tally up to five
so far, the number of individuals charged in Singapore in
relation to offences involving the high profile case of
Malaysia's state-backed 1MDB money flows.

According to the report, Falcon Bank became the second Swiss bank
-- the other was BSI Singapore -- whose licence to operate in
Singapore was withdrawn by the Monetary Authority of Singapore
(MAS) in October last year for serious failures in anti-money
laundering (AML) controls and improper conduct by senior
management at the head office in Switzerland as well as the
Singapore branch.

BT says Mr. Sturzenegger is alleged to have connived in Falcon
Bank's failure to flag suspicious transactions involving inflows
of US$1.265 billion into two accounts at the bank's Singapore
branch around March 2013.

He is also accused of failing to disclose suspicious transactions
to the authorities totalling some US$71 million of funds
transferred via several accounts at Falcon Bank which may
constitute criminal conduct, the report relates.

BT notes that six charges involved providing false information to
officers of MAS and the CAD on the beneficial owner of four bank
accounts maintained at Falcon Bank and the links between Low Taek
Jho and Eric Tan Kim Loong, intending thereby to cause the
officers to omit to probe the involvement of Mr. Low (better
known as Jho Low) in the accounts and Mr. Low's connections to
the accused.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


EASTERN RIZAL: PDIC to Continue Processing Creditors' Claims
------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that deposit insurance claims from depositors of the closed
Eastern Rizal (Jalajala) Rural Bank, Inc. who have not filed
their claims may be filed at the PDIC Public Assistance Center,
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City. Claims for deposit insurance may be filed
until Dec. 10, 2018. Claims may also be filed by mail.

When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit their
original evidence of deposit and present two (2) valid photo-
bearing IDs with signature of the depositor directly to PDIC.
Depositors may also file their claims through mail and enclose
their original evidence of deposit and photocopy of two (2) valid
photo-bearing IDs with signature together with a duly
accomplished Claim Form which can be downloaded from the PDIC
website, www.pdic.gov.ph. PDIC reminds depositors to deal only
with PDIC authorized officers.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans officer prior to the settlement of their deposit
insurance claim.

The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.

Eastern Rizal (Jalajala) Rural Bank, Inc. was ordered closed by
the Monetary Board through Resolution No. 2180.A dated December
8, 2016. It is a three-unit rural bank with Head Office located
on C. Villaran St., Jalajala, Rizal. Its two branches are located
in Cainta, Rizal and Marikina City.

For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).



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


HANJIN SHIPPING: Shares Surge on Report Sale to Close Next Week
---------------------------------------------------------------
Kyunghee Park at Bloomberg News reports that Hanjin Shipping Co.
shares surged by their daily limit of 30% in Seoul after a local
media report that the sale of the collapsed container mover's
U.S.-Asia assets to a unit of South Korea's SM Group is
approaching its completion.

The stock capped its biggest gain on record and closed at
KRW481 in Seoul after Edaily reported the asset sale may be
concluded as early as next week, citing an SM Group official,
Bloomberg's Jan. 4 report relays.

Representatives at the group didn't immediately answer phone
calls seeking comment, while a Hanjin spokesman declined to
comment, says Bloomberg.

Hanjin, once the world's seventh-biggest container-shipping
company, sought court receivership last year after creditors
ended all funding support and the government decided not to
intervene. Korea Line Corp., part of the SM Group, signed an
agreement in November to buy the assets for 37 billion won ($30.7
million).

About 2.64 million Hanjin Shipping shares changed hands at
2:02 p.m. on Jan. 4 at KRW431 apiece, compared with closing price
of KRW370 on Jan. 3, while another lot of 1.82 million shares
traded at 2:13 p.m. at KRW481 apiece, according to data compiled
by Bloomberg.

The Korea Exchange said the stock was placed on surveillance
after gaining about 45% in the past five days, Bloomberg says.

                      About Hanjin Shipping

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

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

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

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

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

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



=============
V I E T N A M
=============


BESRA GOLD: Suspends Operations in Vietnam Due to Lack of Fund
--------------------------------------------------------------
VietnamNet reports that Besra Gold Inc. has suspended operations
at the Phuoc Son gold mine in the central province of Quang Nam
because it had run out of money.

VietnamNet says the company had only resumed operation in August
after finding a bank that would guarantee the tax debts it owed
to authorities, which caused the Quang Nam Department of Planning
and Investment withdraw the business registration of Phuoc Son
Gold, Besra's Vietnamese subsidiary in charge of operating the
Phuoc Son gold mine, in July.

According to the report, Nguyen Manh Ha, chairman of the People's
Committee of Phuoc Son district of Quang Nam province said that
he had received the company's notice about suspension of
operation.

"The company is trying to find funds to restart operation again,
but it did not say when it would be able to do so," the report
quotes Nguyen as saying.

VietnamNet relates that Le Mai Khac Hung, deputy director of the
Quang Nam Department of Taxation, said that after resuming
operation in August, Phuoc Son Gold paid the tax according to its
commitment. Specifically, at the moment, the company had
submitted VND120 billion ($5.4 million), out of the VND334
billion ($14.9 million) in tax arrears and VND100 billion ($4.48
million) in late payment fines.

He said that if Phuoc Son Gold does not submit the rest, the
department will work with guarantor Viet A Bank, the report
relays.

In Vietnam, Besra operates the Phuoc Son and Bong Mieu gold
mines. The company stopped operation of the Bong Mieu mine in
July and never resumed it. It still owes the authorities over
VND100 billion ($4.5 million) in tax debts from the operation of
this mine.

Earlier, on November 18, the company announced on its website
that it had closed its long-anticipated CAD10million ($7.41
million) exit financing, thus satisfying the remaining condition
precedent to the Amended Proposal approved by creditors pursuant
to the Canadian Bankruptcy and Insolvency Act, the report
recalls. The company procured the proceeds after selling shares
to Pangaea Holdings Limited.

On the occasion, John Seton, Besra's Managing Director commented
that Besra would "re-focus [its] efforts on rebuilding
shareholder value, based on [its] world class Bau project in East
Malaysia." He did not mention a plan for the Vietnamese
operations, the report adds.

                          About Besra Gold

Besra -- http://www.besra.com-- is a diversified gold mining
company focused on the exploration, development and mining of
mineral properties in South East Asia.  The Company has three key
properties; the Bau Goldfield in East Malaysia and Bong Mieu and
Phuoc Son in Central Vietnam.  Besra expects to expand gold
capacity in Vietnam over the next two years and is projecting new
production capacity from the Bau gold project.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2015, Besra Gold Inc. disclosed that, after
consideration of all viable alternatives, its Board of Directors
has determined that it is in the best interests of Besra and its
stakeholders for Besra to commence restructuring proceedings
under the Canadian law equivalent of US Chapter 11.  This
restructuring process will allow Besra to deal decisively with
its cost and debt structure and to narrow its strategic focus in
an effective and timely manner.  The proceedings will also
facilitate a restructuring using a more straightforward process
that doesn't presently exist. Besra made this decision with the
unanimous approval of its Board of Directors after thorough
consultation with its advisors and extensive consideration of all
other alternatives.

Besra's liquidity position deteriorated as a result of various
factors, including, but not limited to, negative cash flow from
operations in Vietnam caused by typhoons and government
intervention, and a consequent inability to secure all required
capital until its unsecured loan-notes were restructured.



                             *********

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

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

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


                            *********


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

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

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

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

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



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