TCRAP_Public/150803.mbx         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

           Monday, August 3, 2015, Vol. 18, No. 151


                            Headlines


A U S T R A L I A

AUSTRALIAN BIGHT: Former CEO Charged Over False Statements
CUSTOM CIVIL: First Creditors' Meeting Slated For Aug. 10
EMECO HOLDINGS: Moody's Cuts Corporate Family Rating to Caa1
HUGOS LOUNGE: In Administration; Blames Lockout Laws
KEP MANAGEMENT: First Creditors' Meeting Set For August 7

KIMBERLEY DIAMONDS: Hires GPS in Bid to Regain Ellendale Mine
MANAGEMENT KINGS: First Creditors' Meeting Set For August 10
MIDLAND HWY: ASIC Seeks to Remove Hall Chadwick as Administrators
SSRG PTY: First Creditors' Meeting Set For August 7
* ASIC Suspends Richard Langley Stewart Hill as Auditor


C H I N A

CHINA AOYUAN: Domestic Bond Issuance No Impact on Moody's B2 CFR


H O N G  K O N G

NOBLE GROUP: Extends Worst Rout Since 1999 Amid SGX warning


I N D I A

BALAJI FABRICCS: CRISIL Assigns 'B' Rating to INR70MM Bank Loan
EAST INDIA: CRISIL Assigns B+ Rating to INR71.6MM Term Loan
ENTALLY ASTHA: Ind-Ra Assigns 'IND BB-' Rating to INR100M Loan
EPICENTER TECHNOLOGIES: ICRA Reaffirms B Rating on INR10cr Loan
FERIS SPINTEX: CRISIL Reaffirms B Rating on INR330MM LT Loan

GBA STEELS: CARE Revises Rating on INR9.16cr LT Loan to B+
JAI PAWANSUT: CRISIL Reaffirms B Rating on INR36.3MM Term Loan
JOSAN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Loan
JOSAN RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
JOTESRIRAM HIMGHAR: CRISIL Assigns 'B' Rating to INR59MM LT Loan

KAMALRAJ ESTATE: ICRA Assigns B+ Rating to INR13.25cr LT Loan
KAMESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR80MM Loan
KARAM MULTIPACK: CRISIL Ups Rating on INR80MM Cash Loan to 'B+'
KASIM COAL: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
KOLAR PAPER: ICRA Reaffirms 'D' Rating on INR74cr Loan

KRISHAN KUMAR: ICRA Assigns B+ Rating to INR20cr Cash Credit
MAA GAURI: ICRA Suspends B+/A4 Rating on INR13.50cr Loan
MADISON HOLDING: CRISIL Cuts Rating on INR140MM LT Loan to 'D'
PERI NITRATES: CARE Assigns 'D' Rating to INR16.13cr LT Loan
R.R. ORNAMENTS: CARE Assigns B+ Rating to INR6.34cr LT Loan

SARADA PROJECTS: CRISIL Ups Rating on INR150MM Loan to 'B'
SEPAL TILES: ICRA Ups Rating on INR7.05cr Term Loan to 'B-'
SHIV SHANKER: ICRA Upgrades Rating on INR25cr Cash Loan to BB-
SHIVDHAM FROZEN: CRISIL Assigns 'B' Rating to INR61MM Term Loan
SUPER GEO: CRISIL Assigns 'B' Rating to INR100MM Overdraft Loan


J A P A N

MT. GOX: Former Chief Karpeles Arrested in Tokyo
SUNTORY HOLDINGS: Moody's Assigns Ba2 Rating to Sub. Loans


N E W  Z E A L A N D

MILFORD ASSET: FMA Files Civil Suit Against Portfolio Manager


P H I L I P P I N E S

* PHILIPPINE: PDIC to Hold Sealed Bidding on August 4


S I N G A P O R E

IBC CAPITAL: S&P Revises Outlook to Negative & Affirms 'B+' CCR


                            - - - - -


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A U S T R A L I A
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AUSTRALIAN BIGHT: Former CEO Charged Over False Statements
----------------------------------------------------------
The Australian Securities and Investment Commission has brought
criminal charges against Andrew Ferguson, the former Chief
Executive Officer of abalone farmer, Australian Bight Abalone Ltd.

Mr Ferguson, of Hollywell in Queensland, faces a total of 17
charges related to providing false or misleading information to
the ABA Board of directors and to prospective investors.

Mr Ferguson was charged with nine counts of disseminating false or
misleading information to prospective investors, in grower
reports, product disclosure statements and a media release issued
by ABA during 2007 and 2008. It is alleged that these documents
contained false or misleading information about growth and
survival rates of the abalone and harvest prospects.

Mr Ferguson faces a further eight counts of providing false or
misleading information to the directors of ABA, in reports
submitted to the Board about operations at the ABA farm.

The matter was mentioned on July 31 in Adelaide Magistrates Court
and adjourned to Sept. 11, 2015 at 11:30 .am.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Australian Bight Abalone Ltd was Australia's largest off-shore
abalone farmer, raising about AUD44 million from 1400 investors
over four years.  ABA operated an abalone farm in off-shore cages
located near Elliston in South Australia between 2005 and 2009.
The company also operated managed investment schemes (MIS),
through which investors acquired interests in abalone grown at the
farm, entitling them to returns from the sale of harvested
abalone.

The initial MIS project was offered to wholesale investors only in
2005, but a MIS was offered to retail investors in each subsequent
year between 2006 and 2009.

Administrators (McGrath+Nicol) were appointed to ABA in July 2009
after the company had been able to undertake only a limited
harvest of the abalone stock. The Administrators reported that a
survey conducted of the abalone stock at the farm suggested
significantly higher mortality than had been expected.

Each charge in relation to disseminating false or misleading
information carries a maximum penalty of five years imprisonment
or a fine of AUD22,000, or both.

Each charge in relation to providing false or misleading
information to directors carries a maximum penalty of five years
imprisonment or a fine of AUD22,000, or both.


CUSTOM CIVIL: First Creditors' Meeting Slated For Aug. 10
---------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Custom Civil Pty Limited on
July 28, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Aug. 10, 2015, at 12:00 p.m.


EMECO HOLDINGS: Moody's Cuts Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investors Service has downgraded Emeco Holdings Limited's
(Emeco) Corporate Family Rating (CFR) to Caa1 from B3. At the same
time, Emeco Pty Limited's senior secured rating was downgraded to
Caa1 from B3. The outlook on all the ratings is negative.

RATINGS RATIONALE

"The rating downgrade reflects the continued significant weakness
in key commodity prices and our expectation that operating
conditions for mining services companies like Emeco will remain
weak through 2016. Mining companies will continue to focus on cost
saving programs and the deferral of non-essential capital
expenditure, increasing uncertainty around Emeco's ability to
improve earnings and to reduce debt", says Saranga Ranasinghe, a
Moody's Analyst.

Prices of coal, copper and oil, which are key products for Emeco,
are trading at very weak levels due to poor fundamentals.
Consequently, Moody's does not expect any material improvement in
the near term. Consequently, Moody's expects mining companies to
continue to exert price pressure on mining services companies.

Despite the increase in Emeco's utilization levels to 75% from
around 50% in June 2014, we expect its margins and earnings to
remain pressured in the next 12-18 months reflecting the
competitive environment and the pressure exerted by miners as they
try to reduce their own cost bases. As such, we do not expect
Emeco's higher utilization levels to generate sufficient
profitability for the company to improve its leverage to level
consistent with its previous B3 rating level.

"We expect Emeco's credit metrics to remain pressured over the
next 12-18 months, with a ratio of debt-to-EBITDA between 8x-9x",
adds Ranasinghe.

The negative outlook reflects these concerns and Moody's view that
there could be risk to the downside as a consequence of the
potential for contract deferrals and/or cancellations.

Emeco's rating acknowledges the firm's ability to reduce operating
costs and capital spending on its rental fleet during periods of
declining utilization, as well as the company's ability to dispose
of unutilized equipment to right-size its rental fleet and
supplement operating cash flow.

Moody's expects Emeco to maintain sufficient liquidity over the
next 12 months, supported by its cash balances, undrawn credit
facilities and reduced capital expenditure.

WHAT COULD CHANGE THE RATING

The rating could face further negative pressure if the challenging
market conditions deteriorate beyond our current expectations,
further hindering Emeco's revenue and earnings generation ability,
and leading to Debt/EBITDA ratio exceeding 15x on a consistent
basis. At the same time, the rating could also be downgraded
further if the liquidity buffer diminishes at a pace that is not
consistent with our expectations, hindering the company's ability
to cover debt service obligations.

The outlook could revert to stable if Emeco secures new contracts
and increases revenue and earnings, such that gross adjusted debt-
to-EBITDA remains comfortably below 6.5x on a consistent basis.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Emeco Holdings Limited (Emeco), established in 1972 and based in
Perth Australia, is a mining equipment rental company.


HUGOS LOUNGE: In Administration; Blames Lockout Laws
----------------------------------------------------
Eloise Keating at SmartCompany reports that Hugos Lounge & Hugos
Bar Pizza, a high-profile restaurant and bar located in Sydney's
Kings Cross, could close its doors this week, with the owner
revealing the city's lockout laws have taken a toll on the long-
standing business.

Hugos Lounge fell into voluntary administration on July 29,
becoming the latest Sydney business to fall victim to the
New South Wales government's tougher rules on venues in the
central business and entertainment districts, SmartCompany
relates.

Andrew Needham and Barry Taylor from HLB Mann Judd have been
appointed to manage the administration process, according to the
report.

SmartCompany relates that in an advertisement in Australian
Financial Review on July 31, Needham and Taylor called for urgent
expressions of interest in the 15-year-old business located at 33
Bayswater Road in Kings Cross, although owner Dave Evans told
Fairfax he expects Hugos will close early this week.

In the ad, the administrators said buyers are being sought for the
"award-winning" nightclub and pizza restaurant, SmartCompany says.
All assets of the business are on offer, as well as its licenses
and "loyal staff required to operate [the] venue", and the
freehold on the venue, the report relates.

There are a number of other venues in the Hugos Group, including a
restaurant in Manly, but those venues are not part of the
administration, according to SmartCompany.

In administration are Management Kings Cross, previously trading
as Hugos Management, and Properties Kings Cross, previously
trading as Hugos Properties, SmartCompany discloses.

According to SmartCompany, Mr. Evans, who is the brother of
celebrity chef Pete Evans, said revenue at the King Cross venues
had declined by 60% since 2012, when alcohol restrictions were
first put in place in the area.

He told Fairfax the business had cut its trading hours and been
forced to cut 100 jobs. The business currently employs 70 people
but Mr. Evans said they have been told they will likely lose their
jobs.

"We said it would destroy business, we said it would destroy
staff," Mr. Evans said in reference to the city's lockout laws and
the alcohol restrictions in Kings Cross, SmartCompany relays.


KEP MANAGEMENT: First Creditors' Meeting Set For August 7
---------------------------------------------------------
Bruno Secatore and Ozem Azzam Kassem Taylor of Cor Cordis were
appointed as administrators of KEP Management Services Pty
Limited, trading as Phillips Engineering, on July 28, 2015.

A first meeting of the creditors of the Companies will be held at
BGC Conference Centre, BGC Centre, 28 The Esplanade, in Perth, on
Aug. 7, 2015, at 11:00 a.m.


KIMBERLEY DIAMONDS: Hires GPS in Bid to Regain Ellendale Mine
-------------------------------------------------------------
The West Australian reports that Kimberley Diamonds has hired
investor relations major GPS to help it secure support for its
proposal to regain control of its failed Ellendale mine before
this week's creditors meeting.

According to the report, the appointment of GPS comes amid new
questions about KDL's disclosures to the Australian Securities
Exchange, after the company re-released its June quarter cash flow
statement when WestBusiness questioned the company over anomalies
in the report.

The West Australian relates that sources said GPS -- which has
also provided proxy services for S&P-ASX 200 companies such as BHP
Billiton, Rio Tinto and Macquarie Bank -- spent on
July 31 reaching out to employees and trade creditors owed
millions by Kimberley Diamond's collapsed Ellendale subsidiary.

The report says the pitch came after administrators Jirsch
Sutherland recommended creditors vote against Kimberley's proposed
deed of company arrangement.

The DOCA would see KDL put in AUD1.5 million in a year into a fund
to repay Ellendale's staff and trade creditors but receive
priority repayment of its claimed AUD1.8 million secured debt from
the sale of Ellendale's remaining diamonds, the West Australian
relates.

Under the agreements Ellendale's administrators would be
restricted in pursuing KDL and its directors over any claims
arising from preferential payments or insolvent trading, says the
West Australian.

According to the West Australian, KDL has also sought an agreement
Jirsch Sutherland will take no action over what the administrators
described as a "questionable" June agreement to secure AUD5
million in inter-company debt. It would also win the right to top
the best outside offer for Ellendale.

The report says KDL needs to win majority support of Ellendale's
creditors, both by value and numbers to have the DOCA approved.

It is understood the proxy solicitation campaign is focused on
Ellendale's employees -- owed about AUD6 million in wages and
entitlements -- to convince them they will get a better return by
returning control of Ellendale to the company that unceremoniously
sacked them on June 30, the report relates.

The West Australian notes that KDL was also forced to refile its
quarterly cash flow statements on July 31 after WestBusiness
questioned its failure to disclose a AUD3.7 million loan
questioned by Jirsch Sutherland.

On June 29 KDL exercised its security on the inter-company loan to
scoop up the AUD5.8 million proceeds of Ellendale's last diamond
auction, taking the money only a day before sacking its staff and
closing down the mine, the report adds.

Sule Arnautovic, Trajan John Kukulovski and Chris Williamson  of
Jirsch Sutherland were appointed as administrators of Kimberley
Diamond Company, a subsidiary that holds the Ellendale mining
licence on July 1.

Kimberley Diamonds Ltd (ASX:KDL) -- http://kdl.com.au/-- is an
Australia-based mining company. The Company operates mines in
Australia, Africa and Europe. The Company's assets include mines
and supply chain and exploration projects. Its mines and supply
chain consists of Lerala Diamond Mine in Botswana, which has five
diamondiferous kimberlite pipes totaling approximately six
hectares in size, together with a 230 tons per hour processing and
recovery facility; Ellendale Diamond Project in Australia, which
is a source of yellow diamonds; Smoke Creek Diamond Project in
Australia, which consists of approximately 22 prospecting licenses
and one mining lease application, and eDiamond International
Limited, which is an online trading platform for rough diamonds.
The Company's exploration projects consist of Lomero-Poyatos,
which is located in Spain; Tilwane Joint Venture, which is located
in Botswana; Calarie and Yeoval, which are located in Australia,
and Tenby and Commonwealth, which are located in Canada.


MANAGEMENT KINGS: First Creditors' Meeting Set For August 10
------------------------------------------------------------
Andrew Fletcher Needham and Barry Anthony Taylor of HLB Mann Judd
were appointed as administrators of Management Kings Cross Pty Ltd
and Properties Kings Cross Pty Ltd on July 29, 2015.

A first meeting of the creditors of the Companies will be held at
The Portside Centre, Level 5, 207 Kent Street, in Sydney, on
Aug. 10, 2015, at 11:00 a.m.


MIDLAND HWY: ASIC Seeks to Remove Hall Chadwick as Administrators
-----------------------------------------------------------------
Australian Securities and Investment Commission has commenced
proceedings in the Federal Court in Victoria against
David Anthony Ross, Richard Albarran and Midland HWY Pty Ltd.

Messrs Ross and Albarran, of Hall Chadwick Chartered Accountants,
are the current appointed administrators of Midland HWY. Their
appointment on July 14, 2015, is the subject of ASIC's proceeding
in which ASIC seeks their removal as administrators or to
invalidate the first meeting of its creditors held on July 14,
2015.

On July 2, 2015, Midland HWY appointed Messrs Nicholas John Martin
and Craig David Crosbie of PPB Advisory as joint and several
administrators. Prior to being placed into voluntary
administration on July 2, 2015, Midland HWY was the developer of a
land banking scheme known as, 'Hermitage Bendigo' (formerly,
'Acacia Banks'), located just outside of Bendigo, Victoria.

ASIC is concerned that the appointment of Messrs Ross and
Albarran, as replacement administrators to Midland HWY, occurred
in circumstances where many investors in Hermitage Bendigo, who
may also be creditors, were not given notice of the first meeting
of creditors.

The matter is set down for hearing today, Aug. 3, 2015, at 9:30
a.m.


SSRG PTY: First Creditors' Meeting Set For August 7
---------------------------------------------------
Peter Vince & Kylie Wright of Vince & Associates were appointed as
administrators of SSRG Pty Ltd on July 30, 2015.

A first meeting of the creditors of the Companies will be held at
51 Robinson Street, in Dandenong, Victoria, on Aug. 7, 2015, at
10:00 a.m.


* ASIC Suspends Richard Langley Stewart Hill as Auditor
-------------------------------------------------------
Australian Securities and Investment Commission has suspended the
registration of Sydney auditor Richard Langley Stewart Hill,
following a successful application to the disciplinary body, the
Companies Auditors and Liquidators Disciplinary Board (CALDB).

The suspension, which started on 24 July 2015 and is for 12
months, follows an ASIC investigation into Mr Hill's conduct.

ASIC Commissioner John Price said, 'ASIC will take action against
auditors who fail to comply with conditions attached to their
registration and whose conduct falls short of required
professional standards.'

The CALDB found Mr Hill, a director of Sydney-based DFK-Richard
Hill Pty Limited:

   * was not a fit and proper person to remain registered as
     an auditor;

   * failed to comply with conditions attached to his
     Registration; and

   * failed to correctly fill out his annual statement on
     three occasions.

ASIC's application to the CALDB followed an investigation that
found Mr Hill failed to complete professional development courses,
a condition attached to his registration. The CALDB found that
compliance with the conditions was still outstanding.

The CALDB also found that Mr Hill failed to exercise proper care
in completing his annual statements for three consecutive years.
In each statement, Mr Hill falsely and misleadingly stated that
his registration was not subject to conditions.

In addition to his suspension, Mr Hill has undertaken to:

   * complete professional development training in independence
     and ethics

   * submit for ASIC approval a detailed compliance plan to
     fulfil the educational requirements to continue as a member
     of Chartered Accountants Australia and New Zealand, complete
     and lodge his auditor's annual statements, and fulfil his of
     auditor rotation requirements, and

   * engage an ASIC approved consultant to provide training to
     staff of DFK-Richard Hill's staff and conduct reviews of
     Mr Hill's observance of the compliance plan.

Mr Hill applied to the Administrative Appeals Tribunal for review
of the CALDB decision. The AAT affirmed the Board's decision in
full.



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CHINA AOYUAN: Domestic Bond Issuance No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Aoyuan Property Group
Limited's domestic bond issuance is credit positive, but will not
immediately impact the company's B2 corporate family rating or B3
senior unsecured bond rating.

The ratings outlook remains stable.

On July 29, 2015, China Aoyuan announced that it would issue
RMB2.4 billion in domestic bonds with a term of 3 years and an
annual coupon rate of 5.8%.

"The issuance will improve the company's liquidity profile, extend
its debt maturity tenors, and lower its borrowing costs," says
Kaven Tsang, a Moody's Vice President and Senior Credit Officer.

China Aoyuan's liquidity position is adequate. Its cash on hand,
inclusive of restricted cash, of RMB5.9 billion at end-2014, and a
total of RMB4.6 billion proceeds from bond issuances since April
2015 (including this domestic bond) sufficiently cover its short-
term debt of RMB4.5 billion and unpaid land purchases of RMB2.3
billion.

Moody's also notes that China Aoyuan recorded an 18% year-over-
year increase in its contracted sales to RMB6.1 billion in 1H
2015, on track to achieve its target of RMB13 billion-RMB14
billion for the full year. These sales results also support its
liquidity.

Additionally, Moody's expects the majority of the proceeds from
the issuance will be used for refinancing.

Its lower funding cost -- compared with the company's average
effective interest rate of 10.2% in 2014 -- will mildly enhance
the company's interest coverage metrics.

Moody's expects adjusted EBIT/interest will be in the range of
2.0x-2.2x in the next 12-18 months. This level continues to
position the company's corporate family at its B2 rating level.

The adjusted EBIT/interest coverage (and revenue/debt ratios) are
calculated based on Moody's standard adjustments and the
definition stated in Moody's Homebuilding And Property Development
Industry, published in April 2015.

The interest coverage formula is modified for Chinese developers
to substitute "capitalized interest" in the numerator for
"interest charged to cost of goods sold" as the latter is not
separately disclosed in audited financial statements. Total debt
does not include adjustments for mortgage guarantees

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen. As of 31 December 2014, the company had 45 projects in seven
provinces, including Guangdong Province and Chongqing city, with a
total land bank of 12.31 million square meters of gross floor
area.



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H O N G  K O N G
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NOBLE GROUP: Extends Worst Rout Since 1999 Amid SGX warning
-----------------------------------------------------------
Bloomberg News reports that Noble Group Ltd plunged to extend its
biggest monthly drop in 16 years after the Singapore bourse issued
a warning on the company's shares amid a slump in commodity
prices.

According to the report, the trader sank 12% to 46 Singapore cents
in volume more than five times the three-month average as of 4:06
p.m. local time July 30, heading for its lowest close since
October 2008. Bloomberg relates that the shares are down 39% in
July, after falling every month since December, as a group calling
itself Iceberg Research published criticism of the firm's
accounting. Noble has rejected the criticism and hired
PricewaterhouseCoopers LLP last month to review its practices, the
report says.

A 12% drop on July 30 prompted the Singapore Stock Exchange to ask
if Noble knew of any reason for the move and warn investors to
exercise care when trading the shares, says Bloomberg. The bourse
said the stock has seen three instances of "unusual trading
activities" in the past six months, the report relays.

"Some people may be spooked by the 'Trade With Caution' notice,"
the report quotes Carey Wong, an analyst with Oversea-Chinese
Banking Corp, as saying. "There is also negative sentiment about
commodity stocks," he said.

A representative of Noble Group said the company couldn't comment.
The Bloomberg Commodity Index fell 10 per cent in July, the most
since September 2011, after sinking to a 13-year low.

According to Bloomberg, Noble has bought back its stock at least
11 times since last month and built up a 2.8% stake from zero. Two
weeks before reporting earnings, companies listed in Singapore
aren't allowed to repurchase their shares, according to Singapore
exchange rules. The company is due to report its quarterly results
on August 13, Bloomberg says.

"The share buybacks so far have been relatively limited so we
don't expect immediate impact on the company's liquidity or
financial leverage," Cindy Huang, an analyst with credit-rating
agency Standard & Poor's, said by e-mail.

Noble's stock declines do not in themselves impact the trading
company's credit position, Ms Huang, as cited by Bloomberg, said.

"The larger issue would be if confidence is affected or lenders'
sentiment is significantly affected," Bloomberg quotes Ms Huang as
saying.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2015, Bloomberg News said Noble Group Ltd. sued a
former Chinese iron ore customer of ten-years standing to stop any
attempts to shut a Singapore unit over an alleged debt of
$102,718.

Noble Resources International Pte has been granted an interim
injunction by the Singapore High Court preventing Rizhao Zhongrui
Native Produce Co. from winding-up proceedings, and is pursuing
separate claims against the firm, Noble said in a statement cited
by Bloomberg. A closed hearing was scheduled June 25.

Bloomberg added that the Singapore court case comes as Noble
fights on a wider front against criticisms of its accounting
practices. In Hong Kong, the trader is also suing a former
employee, whom it claims is behind the anonymous group Iceberg
Research, for spreading false information about the company,
Bloomberg said. Noble in an open letter to critics, which included
an ex-Morgan Stanley banker, defended its methods
and valuations, Bloomberg reported.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.



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BALAJI FABRICCS: CRISIL Assigns 'B' Rating to INR70MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Balaji Fabriccs (Balaji).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      70        CRISIL B/Stable

The ratings reflect Balaji's small scale of operations and
working-capital-intensive operations and customer and geographical
concentration in its revenue profile. These rating weaknesses are
mitigated by its partner's extensive experience in the textile
industry and moderate financial risk profile marked by healthy
gearing and moderate debt protection metrics albeit constrained by
a low net worth.
Outlook: Stable

CRISIL believes that Balaji will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive if the firm generates
substantial revenue and operating margin while it improves its
financial risk profile on a sustainable basis. Conversely, the
outlook may be revised to 'Negative' if Balaji's working capital
cycle lengthens significantly or if it faces significant decline
in the revenue or profitability margins, leading to deterioration
in financial risk profile.

Established as a partnership firm in 1995, by Mr. P Shanmugam,
Balaji manufactures and exports home textiles and is based in
Karur (Tamil Nadu).

On a provisional basis, Balaji reported profit after tax (PAT) of
INR0.8 million on operating income of INR48.6 million for 2014-15
(refers to financial year, April 1 to March 31) against PAT of
INR0.6 million on operating income of INR26.3 million for 2013-14.


EAST INDIA: CRISIL Assigns B+ Rating to INR71.6MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of East India Packaging Pvt Ltd (EIPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              71.6       CRISIL B+/Stable
   Cash Credit            37.8       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      0.6       CRISIL B+/Stable

The rating reflects the company's small scale of operations in a
fragmented industry and working-capital-intensive operations.
These rating weaknesses are partially offset by the promoters'
extensive industry experience and favourable industry prospects.

Outlook: Stable

CRISIL believes that EIPPL will continue to benefit from the
promoters' extensive industry experience and its established
clientele. The outlook may be revised to 'Positive' in case of an
increase in scale of operations and profitability, leading to
improvement in financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in liquidity because of large debt-funded
capital expenditure or working capital requirements, or low cash
accruals.

EIPPL was incorporated in 2010 by the Kolkata-based Jhawar family.
The company manufactures corrugated boxes which are used for
industrial packaging. The major clients of the company are Pepsico
India Pvt Ltd, Britannia Industries Ltd, and Ruchi Soya, etc. Its
manufacturing facility is located at Haldia (West Bengal). EIPPL's
daily operations are managed by its promoter director, Mr. Shashi
Kant Jhawar, and Mr. Suresh Kumar Jhawar.


ENTALLY ASTHA: Ind-Ra Assigns 'IND BB-' Rating to INR100M Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Entally Astha's
INR100 mil. term loans an 'IND BB-' rating with a Stable Outlook.

KEY RATING DRIVERS

The society's performance is constrained by its small scale of
operations (FY15 total income: INR24.71 mil.).  Its presence in
just two districts in West Bengal weakens the operational profile.
Currently, the society has no plan to expand into other states.

The society's net profit consistently increased to INR7.03 mil.
(net profit margin: 28.45%) in FY15 from INR1.70 mil. in FY12.
Considerable growth in loans and advances (CAGR FY12-FY15: 44.56%)
along with access to low-cost funds (quasi capital from promoter)
increased the net interest margin to 19.13% in FY15 from 13.04% in
FY13.  However, funding cost shall escalate as the society has
starting resorting to borrowing from banks, which might shrink the
profitability to a certain extent.

The society is adequately capitalised on the back of annual
capital infusions over FY12-FY15.  Equity to total assets and
loans stood at 65.41% and 85.57%, respectively, in FY15.
Available funds (cash and unrestricted investments) increased to
INR33.5 mil. in FY15 from INR0.14 mil. in FY12 due to a rise in
cash and bank balances along with a fixed deposit investment in
FY15.  This resulted in the current ratio (current assets/current
liabilities) improving to 18.19x in FY15 from 0.24x in FY12.

The society had no debt in its books till FY14.  However, it
availed an INR50m term loan in FY15.  Debt burden is moderate with
debt/current balance before interest and depreciation at 3.26x in
FY15.  Persistent support from the trustee in the form of capital
infusions has supported the debt service coverage ratio (FY15:
0.94x).  The ratio is projected to remain below 1x in the near to
medium term due to high debt service commitments in relation to
current balance before interest and depreciation.

The society plans to incur INR2.40 mil. capex during FY16-FY20,
which shall be funded through internal accruals.

RATING SENSITIVITIES

Positive: A positive rating action could result from an increase
in the size of operations and geographical diversification,
eventually bolstering the profitability and liquidity profile.

Negative: Any unexpected fall in loans and advances resulting in
deterioration in the profitability and liquidity ratios could
trigger a negative rating action.

PROFILE

Entally Astha, established in 2004-2005, was incorporated under
the Society Registration Act, 1961.  Its head office is located in
Kolkata.  Since April 2010, it has been engaged in micro finance
operations through self-help group model and various livelihood
programmes.

The society focuses on women empowerment as only women are
eligible for credit services.  It also imparts training on
capacity building and income generating activities along with
guidance on skill development and financial literacy.


EPICENTER TECHNOLOGIES: ICRA Reaffirms B Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR10.00 crore cash credit limit of Epicenter Technologies
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR4.25 crore short term non fund based
limits of ETPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             10.00      [ICRA]B reaffirmed
   Letter of Credit/
   Bank Guarantee           2.25      [ICRA]A4 reaffirmed

   Loan Equivalent Risk     2.00      [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of the ratings continues to factor in the
financial support enjoyed by ETPL from the promoter group, and its
recent diversification endeavours by entering into newer verticals
and expansion of clientele base which has resulted into turnaround
of operations in FY15. However, the ratings continue to remain
constrained by the adverse capital structure as indicated by
continued negative net worth of the company, relatively small
scale of operations, high geographical concentration of business,
dependence on a few clients for major share of revenues, and
competitive pressures from other organized as well as unorganized
players. The ratings are further constrained on account of the
company's exposure to risks of bad debts pertaining to long
overdue receivables from some of its clients, and risks arising
from forex exposure wherein significant receivables are
denominated in foreign currency.

Epicenter Technologies Private Limited (ETPL), set up in the year
2000, is a voice based BPO company providing collection services,
and query support and sales. The company operates out of a 750
seat facility at Bhayander, Thane and currently has an employee
base of ~1200. ETPL is a joint venture between Pune based Kalyani
Group, Mr. Kenneth Eldred (Chairman of Ariba Group, USA) and
Seignior Exports Private Limited.

Recent Results
For the financial year ended March 31, 2014, the company reported
an operating income of INR31.80 crore and net loss of INR3.38
crore as against an operating income of INR33.02 crore and net
loss of INR4.30 crore for the financial year 2012-13. Further, as
per provisional financials for FY 15, the company has reported an
operating income of INR41.52 crore and profit before tax of
INR0.04 crore.


FERIS SPINTEX: CRISIL Reaffirms B Rating on INR330MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Feris Spintex
Private Limited (FSPL) continue to reflect its below-average
capital structure in the initial stages of its operations. These
rating weaknesses are partially offset by the promoters' extensive
entrepreneurial experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)
   Cash Credit             70       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         330       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FSPL will benefit over the medium term from
the promoters' extensive entrepreneurial experience. The outlook
may be revised to 'Positive' if the company stabilises operations
at its proposed plant on time, and reports sizeable revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if FSPL's liquidity weakens on account of significant
delays in the commercialisation of its plant, substantially low
cash accruals during the initial phase of its operations, or
sizeable working capital requirements.

Update:
FSPL commenced commercial operations from February 2015 and for
two months of 2014-15 (refers to financial year, April 1 to
March 31) reported net sales of INR71.1 million. The company is
expected to report healthy growth in revenue over the medium term,
as operations begin to stabilise. The margin is expected to be
healthy at 17 to 18 per cent over the medium term led by
stabilisation of operations. The working capital requirements may
be moderate, with gross current assets of 90 to 100 days over the
medium term.

The gearing was high at 2.26 times as on March 31, 2015 on account
of debt-funded capital expenditure undertaken in 2014-15. The
gearing may moderate gradually, led by repayment of term loan, and
moderate accretions to reserve. The liquidity is supported by
sufficient cushion between cash accruals and term debt repayments
over the medium term.

FSPL reported a provisional loss after tax of INR22.9 million on
net sales of INR71 million for 2014-15.

Incorporated in 2013, FSPL is engaged in cotton spinning. The
company commenced commercial operations from January 2015 and has
a manufacturing capacity of 20,064 spindles. The company is
promoted by Mr. Nilesh Kumar Ghodsara and his family who have had
prior experience in various other entrepreneurial ventures.


GBA STEELS: CARE Revises Rating on INR9.16cr LT Loan to B+
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of GBA
Steels and Metals Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     9.16      CARE B+ Revised from
                                           CARE B

   Long/Short-term Bank          0.05      CARE B+/CARE A4
   Facilities                              Revised from
                                           CARE B/Reaffirmed

Rating Rationale

The revision in the long-term rating of GBA Steels and Metals
Private Limited (GBA) factors in the improvement in the overall
financial risk profile during FY15 (refers to the period April 1
to March 31) characterized by growth in total operating income
with improvement in profitability margin, capital structure and
coverage indicators.

The ratings however, continue to remain constrained by its short
track record of operations with limited experience of the
promoters, low profitability margins, leveraged capital structure
and weak coverage indicators. The ratings also factor in its
presence in a highly competitive and fragmented industry along
with cyclicality inherent to the steel industry. The ratings,
however, continue to take comfort from the moderate operating
cycle and liquidity position of the company.

Going forward, the ability of GBA to profitability scale up its
operations, improvement in capital structure and manage raw
material price volatility shall be the key rating sensitivities.

GBA Steels & Metals Private Limited (GBA) is a closely-held public
limited company incorporated in March 2010 by Mr Amit Agarwal, Mr
Praveen Agarwal and Mr Rajesh Agarwal. The commercial operations
started in November 2012. The company is engaged in manufacturing
of Mild Steel (MS) ingots which finds application in manufacturing
of TMT bars (Thermo mechanically treated bars), open die steel
forging, forged rings, forged rolls, etc. The company has its
manufacturing capacity located in Mathura, Uttar Pradesh with
installed capacity of 21,000 TPA (tonnes per annum) as on March
31, 2015. The main raw materials are sponge iron and mild steel
scrap, which are mainly procured from the domestic market. The
company sells its products directly to steel rolling millsmainly
located in western Uttar Pradesh.

For FY15, GBA achieved a total operating income (TOI) of INR63.48
crore with PBILDT and profit after tax (PAT) of INR3.26 crore and
INR0.79 crore, respectively, as against TOI of INR54.48 crore with
PBILDT and PAT of INR2.42 crore and INR0.25 crore, respectively,
in FY14.


JAI PAWANSUT: CRISIL Reaffirms B Rating on INR36.3MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jai Pawansut Polytex
Pvt Ltd (JPPPL) continue to reflect the company's below-average
financial risk profile, marked by a weak capital structure, and
its modest scale of operations. These rating weaknesses are
partially offset by the benefits that JPPPL derives from its
promoters' extensive experience in the textile industry through
group entities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.2        CRISIL A4 (Reaffirmed)
   Cash Credit           30.0        CRISIL B/Stable (Reaffirmed)
   Term Loan             36.3        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JPPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its scale of operations and
profitability, resulting in better cash accruals thereby
increasing net worth and significantly improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of pressure on JPPPL's liquidity because of low cash accruals
or large working capital requirements or any large debt-funded
capital expenditure.

JPPPL was set up in 2010 in Surat (Gujarat) by the Khanna family.
The company manufactures and trades in yarn, mainly bright
polyester yarn. Its manufacturing facility is located at Surat.


JOSAN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan
Industries (JI; part of the Josan group) continues to reflect the
Josan group's weak financial risk profile, marked by high gearing
and weak debt protection metrics, and its large working capital
requirements.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            110       CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing     25       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the susceptibility of the group's
operating margin to changes in regulations related to paddy and
rice prices. These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters and the
financial support it receives from them.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JI and Josan Rice Mills (JRM). This is
because the two firms, together referred to as the Josan group,
have common promoters and management, are in the same line of
business, and have considerable operational and financial linkages
with each other.
Outlook: Stable

CRISIL believes that the Josan group will continue to benefit over
the medium term from its promoters' extensive industry experience
and financial support. CRISIL, however, also believes that the
group's financial risk profile will remain weak over this period,
because of its weak capital structure and modest operating
profitability. The outlook may be revised to 'Positive' if the
Josan group's financial risk profile improves, most likely driven
by a better operating margin or substantial infusion of equity by
its promoters. Conversely, the outlook may be revised to
'Negative' if the group's working capital requirements increase
substantially, or if its profitability is low, leading to further
weakening of its financial risk profile.

The Josan group is promoted by the Josan family of Jalalabad
(Punjab). The group processes rice and deals in basmati varieties
such as 1121. In the non-basmati segment, it processes the PR 11
variety.

JRM, established in 1988, has its milling facility in Jalalabad
with an installed capacity of 4 tonnes per hour (tph). JRM's
operations are managed by Mr. Hukam Chand and his nephew Mr.
Jashan Preet Josan.

JI was established in 1995. The firm's facility, also based in
Jalalabad, has an installed milling capacity of 3 tph. JI's
operations are managed by three brothers of Mr. Hukam Chand: Mr.
Harbhagwan Josan, Mr. Raj Kumar Josan, and Mr. Surinder Kumar
Josan.


JOSAN RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan Rice
Mills (JRM; part of the Josan group) continues to reflect the
Josan group's weak financial risk profile, marked by high gearing
and weak debt protection metrics, and its large working capital
requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing     20       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the susceptibility of the group's
operating margin to changes in regulations related to paddy and
rice prices. These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters and the
financial support it receives from them.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JRM and Josan Industries (JI). This is
because the two firms, together referred to as the Josan group,
have common promoters and management, are in the same line of
business, and have considerable operational and financial linkages
with each other.
Outlook: Stable

CRISIL believes that the Josan group will continue to benefit over
the medium term from its promoters' extensive industry experience
and financial support. CRISIL, however, also believes that the
group's financial risk profile will remain weak over this period,
because of its weak capital structure and modest operating
profitability. The outlook may be revised to 'Positive' if the
Josan group's financial risk profile improves, most likely driven
by a better operating margin or substantial infusion of equity by
its promoters. Conversely, the outlook may be revised to
'Negative' if the group's working capital requirements increase
substantially, or if its profitability is low, leading to further
weakening of its financial risk profile.

The Josan group is promoted by the Josan family of Jalalabad
(Punjab). The group processes rice and deals in basmati varieties
such as 1121. In the non-basmati segment, it processes the PR 11
variety.

JRM, established in 1988, has its milling facility in Jalalabad
with an installed capacity of 4 tonnes per hour (tph). JRM's
operations are managed by Mr. Hukam Chand and his nephew Mr.
Jashan Preet Josan.

JI was established in 1995. The firm's facility, also based in
Jalalabad, has an installed milling capacity of 3 tph. JI's
operations are managed by three brothers of Mr. Hukam Chand: Mr.
Harbhagwan Josan, Mr. Raj Kumar Josan, and Mr. Surinder Kumar
Josan.


JOTESRIRAM HIMGHAR: CRISIL Assigns 'B' Rating to INR59MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jotesriram Himghar Pvt Ltd (JHPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Working Capital Loan      5.5      CRISIL B/Stable
   Long Term Loan           59        CRISIL B/Stable
   Bank Guarantee            1.3      CRISIL A4
   Cash Credit              34        CRISIL B/Stable

The ratings reflect JHPL's weak financial risk profile marked by
small net worth and high gearing, and its susceptibility to
regulatory changes and to intense competition in the West Bengal
cold storage industry. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.
Outlook: Stable

CRISIL believes that JHPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of an increase in
JHPL's cash accruals or infusion of capital by its promoters,
leading to an improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' in case of pressure on JHPL's liquidity on account
of delays in repayments by farmers, considerably low cash
accruals, or significant debt-funded capital expenditure.

JHPL, incorporated in 2013, provides cold storage services to
potato famers and traders. The company also undertakes
opportunistic trading in potatoes. Its day-to-day operations are
looked after by its promoter-director, Mr. Basudeb De.


KAMALRAJ ESTATE: ICRA Assigns B+ Rating to INR13.25cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR13.25
crore term loan facility of Kamalraj Estate.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term, fund based
   Limits- Term Loan         13.25        [ICRA]B+ Assigned

The assigned rating takes into consideration experience of the
promoters in real estate development in Pune and good brand
recognition of the group in the mid-income housing category. ICRA
also draws comfort from attractive location of the project due to
favorable demand-supply equation of the area which will be
beneficial for future sales. The rating is however constrained by
execution risks associated with a typical real estate project. The
funding structure considers more than 90% of the project cost to
be funded by customer advances and debt together with pre-launch
phase of the project with nil sales bookings currently. Also, the
project is susceptible to cyclicality inherent in real estate
industry. The Phase-II of the project awaits environmental
clearance, however, some comfort can be drawn from timely
execution of Phase-I and its healthy occupancy levels which is
expected to cushion sale of Phase II. Going forward, KE's ability
to maintain stated sales levels with high collection efficiency
and completing the project in timely manner will remain key rating
sensitivity factors.

Kamalraj Estate is a partnership firm established in 2004 is
promoted by Mr. Mohan Thorat and Mr. kamlesh Gandhi. The firm is
engaged in real estate developments in Pune mainly targeting
middle-class native population.


KAMESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kameshwar
Industries (KI) continues to reflect KI's modest financial risk
profile marked by a small net worth and moderate gearing, its
modest scale of operations in the intensely competitive cotton
ginning industry, and vulnerability to changes in government
policies.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B/Stable (Reaffirmed)
   Term Loan               20        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience the firm's promoters, and the advantages it
derives from its proximity to the cotton-growing belt in Gujarat.

Update
KI reported sales of INR400.0 million for 2014-15 (refers to
financial year, April 1 to March 31), on a provisional basis,
against sales of INR163.2 million in 2013-14. The firm's operating
margin remained at around 3 per cent for 2014-15.

The firm's gearing was at around 2.67 times as on March 31, 2015
driven by increase in dependence on bank limits; its net worth was
low at around INR28.5 million as on that date. The debt protection
matrices remain weak with interest coverage ratio of 1.5 times and
net cash accruals to total debt ratio of around 0.05 times for
2014-15.
Outlook: Stable

CRISIL believes that KI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves significant   cash accruals,
or if its capital structure improves driven by capital infusion.
Conversely, the outlook may be revised to 'Negative' if KI's
financial risk profile deteriorates, most likely because of
increased working capital borrowings or large debt-funded capital
expenditure, or if its operations decline, impacted by any change
in government policies.

Established in 2013, KI is a partnership firm promoted by seven
partners. Its day-to-day operations are managed by Mr.
Parshottambhai Shantilal Patel, who has about 10 years of
experience in the cotton ginning industry. The firm has set up the
project to carry out cotton ginning and pressing; it also sells
cotton seeds.


KARAM MULTIPACK: CRISIL Ups Rating on INR80MM Cash Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Karam Multipack Pvt Ltd (KMPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Proposed Long Term      27.7      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               10.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the financial risk
profile of the company, including its liquidity. Gearing of the
company declined to an estimated 1.96 times as on March 31, 2015,
from 2.83 times as on March 31, 2014, on the back of steady
accretion to reserves and reduction in total debt. CRISIL expects
the company to largely sustain its financial risk profile over the
near term on the back of steady accretion to reserves and no major
debt-funded capital expenditure (capex) plans. The liquidity
profile of the company also improved in 2014-15 (refers to
financial year, April 1 to March 31), marked by a decline in gross
current assets from 84 days as on March 31, 2014, to 67 days as on
March 31, 2015, on the back of decline in inventory and receivable
days. The working capital limits of the company were utilized at
an average of 97 per cent over the 12 months through March 2015.
CRISIL expects the company to post cash accruals of INR13.3
million in 2015-16 against no repayment obligations.

The rating, however, continues to reflect KMPL's modest scale of
operations in the intensely competitive textiles industry and its
below-average financial risk profile, marked by small net worth
and high gearing. The company, however, benefits from the
extensive experience of its promoters in the packaging industry.
Outlook: Stable

CRISIL believes that KMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
substantial growth in its revenue and profitability, accompanied
by efficient working capital management, resulting in considerably
high net cash accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
KMPL's financial risk profile, including its liquidity,
deteriorates on the back of lower cash accruals or stretch in its
working capital cycle or any debt-funded capex.
KMPL was set up by members of the Kagathra family in 2006. The
company manufactures non-woven fabrics, which are used in
manufacturing a variety of packaging and textile products. The
company is based out of Veraval (Rajkot), Gujarat.

The company reported a PAT of INR5.1 million on net sales of
INR522.8 million in 2013-14; it reported a PAT of INR4.6 million
on net sales of INR458.1 million in 2012-13. The company has
provisionally reported revenue of INR555.1 million in 2014-15.


KASIM COAL: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
------------------------------------------------------------CRISIL
has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank
facilities of Kasim Coal and Logistics Pvt Ltd (KCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Letter of Credit        50        CRISIL A4

The ratings reflect KCL's modest scale of operations in the
intensely competitive coal trading industry, and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the coal trading industry.
Outlook: Stable

CRISIL believes that KCL will continue to benefit over the medium
term from its promoters' long-standing presence in the coal
trading industry. The outlook may be revised to 'Positive' if the
company's scale of operations and operating profitability improve,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KCL's
financial risk profile deteriorates due to a stretch in its
working capital requirements or lower-than-expected profitability
margins, leading to lower accruals.

Incorporated in 2007, KCL trades in non-coking coal. The company's
day-to-day operations are managed by Mr. Syed Abuthahir and Mr.
Sikkanthar Ali.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, KCL reported a net profit of INR0.04 million on
sales of INR169.31 million; it reported a loss of INR14.44 million
on sales of INR98.40 million for 2013-14.


KOLAR PAPER: ICRA Reaffirms 'D' Rating on INR74cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
INR74.00 crore fund based facility and INR0.50 crore non fund
based facilities of Kolar Paper Mills Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit        74.00       [ICRA]D; Reaffirmed
   Non Fund Based Limit     0.50       [ICRA]D; Reaffirmed

The reaffirmation of the rating takes into account the continuing
delay in servicing of debt obligation by the company on account of
delay in commencement of the project which started commercial
operation from December 2014 as against earlier estimation of
February 2014 due to change in location of the unit and increase
in the total installed capacity. Also, the capacity utilization
post commencement remained lower than estimation due to lower
demand. The ratings also factor in KPML's presence in highly
fragmented kraft paper industry characterized by presence of
number of players with lack of product diversification and
vulnerability of the company's profitability to raw material
(waste paper) price fluctuations. However, the rating favourably
factors in the long track record of the group in the kraft paper
business and healthy demand indicators from the end users mainly
packaging industry.

The ability of the company to ensure timely payment of debt
obligation would remain the key rating sensitivity going forward.

Incorporated in January 2010, Kolar Paper Mills Limited is engaged
in the manufacturing of kraft paper which is widely used in
packaging industry, especially for making corrugated boxes. The
installed capacity of the plant is 105000 MTPA and is located in
Chittoor district of Andhra Pradesh. The total cost of the project
was INR93.66 crore, funded through term loan of INR60 crore and
the remaining through promoter's contribution in the form of
equity share capital. The unit became operational in December
2014.


KRISHAN KUMAR: ICRA Assigns B+ Rating to INR20cr Cash Credit
------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR20 crore long
term fund based facilities of Krishan Kumar & Company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             20.00        [ICRA]B+; assigned

ICRA's rating takes into account the highly competitive and low
value additive nature of the rice milling
industry, which coupled with the firm's limited pricing power and
moderate scale of operations, has resulted in relatively weak
profitability indicators. The firm's high working capital
intensity, with NWC/OI of 45%, for 2014-15, has necessitated
reliance on bank borrowings. This has translated into a weak
financial profile as characterized by a leveraged capital
structure and weak debt coverage indicators. ICRA also factors in
the vulnerability of the firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. However,
the rating positively factors in the extensive experience of the
partners having more than three decades of experience in the rice
processing and trading industry. The rating also takes into
account the proximity of the mill to a major rice growing area
which results in easy availability of paddy and also the stable
demand outlook for rice given that India is a major consumer and
exporter of rice.

Going forward the ability of the firm to increase its size and
scale, while improving its margins, optimally managing its working
capital cycle and maintaining a prudent capital structure will
constitute the key rating sensitivities.

Established in January 1994, with Mr. Krishan Kumar Miglani as the
proprietor, the firm was earlier operating as a commission agent
for rice in Delhi, Haryana, Punjab and UP. In March 2014 the firm
forayed into milling, processing and trading of basmati rice. The
firm gets the rice milled and processed on jobwork basis at a
plant owned by Laxmi Greens. The plant is located at Kaithal
(Haryana) and has a milling capacity of 0. 2 lakh Tonnes per
annum. The firm procures paddy from local mandis located in Delhi,
Uttar Pradesh, Rajasthan and Madhya Pradesh and supplies the same
to Laxmi Greens for milling and processing. The rice is sold to
wholesalers and retailers from the firm's shops located in Delhi
and Kaithal under the brand names 'LRM Gold', 'LRM Trust' and 'LRM
Pride'.

Recent Results
As per provisional financials for 2014-15 (the first full year of
operations), the company reported profit before tax of INR0.36
crore on an operating income of INR59.57 crore.


MAA GAURI: ICRA Suspends B+/A4 Rating on INR13.50cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR13.50 crore fund based and non fund based limits of Maa Gauri
Timbers Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


MADISON HOLDING: CRISIL Cuts Rating on INR140MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Madison Holding (MD) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          140       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by MD in
servicing its debt. The delays have been caused by the firm's weak
liquidity driven by limited project bookings and low customer
advances.

MD is also exposed to project implementation risk, accentuated by
high demand and funding risks, and is vulnerable to cyclicality
inherent in the Indian real estate industry. However, MD benefits
from its promoters' extensive experience in the real estate
industry.

MD is a 50:50 joint venture between Ethix Realtors Pvt Ltd and
members of the Jain family. The firm launched a project in April
2013 and is likely to complete it in December 2015 at a total cost
of INR390 million.


PERI NITRATES: CARE Assigns 'D' Rating to INR16.13cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Peri
Nitrates Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.13      CARE D Assigned
   Short term Bank Facilities     0.25      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Peri Nitrates
Private Limited (PNPL) factors in the stressed liquidity profile
and the continuous and ongoing delays in debt servicing.

Peri Nitrates Private Limited (PNPL) is a Pune based company,
established in 1997. The company is promoted by Mr. T V S
Sharma, Mr. T.S Rao and Mr. L.B. Katkar holding 45%, 45% and 10%
share respectively.

PNPL is engaged in the business of manufacturing industrial
chemicals primarily explosive intermediaries. PNPL has two
divisions' viz chemical manufacturing division and mining &
projects division. The chemical division is engaged in the
manufacture of ammonium nitrate (AN) and guanidine nitrate (GN),
while the mining & projects division undertakes mining related
services like drilling, blasting, mucking and transportation at
various NHAI project and other infrastructure project locations.

The company has an annual installed capacity of 30,000 Metric
Tonne Per Annum (MTPA) for AN and 12,000 MTPA for GN. The company
caters to the needs of the explosives, open cast mining,
infrastructure, cement, pharmaceutical, fertilizers, iron ore and
coal, construction, space and defence applications and automobile
industry.

In FY15 (Prov), PNPL earned PAT of INR0.93 crore on a total
operating income of INR44.00 against net loss of INR0.24 crore
on a total operating income of INR41.44 crore in FY14(A).


R.R. ORNAMENTS: CARE Assigns B+ Rating to INR6.34cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of R.R. Ornaments Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     6.34      CARE B+ Assigned
   Short-term Bank Facilities    0.15      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of R.R. Ornament
Private Limited (RROPL) are primarily constrained on account
of its modest scale of operations in the highly competitive and
fragmented Gems & Jewellery (G&J) industry, weak financial risk
profile marked by thin profitability, leveraged capital structure
and working capital intensive nature of operations and
susceptibility of profitability to volatile prices of gold, silver
and gem stones.

The ratings, however, favourably take into account the experienced
promoters, its wide range of product offerings and continuous
infusion of share capital by the promoters.

The ability of the company to increase its scale of operations and
improvement in the scale of operations and profitability coupled
with better management of working capital would be the key rating
sensitivities.

Bhilwara-based (Rajasthan) RROPL was incorporated in the year 2009
by Mr Vikas Samdani, Mr Ankit Samdani and other family members.
RROPL is engaged in the business of manufacturing and wholesale of
gold, silver, diamond and precious stones studded jewellery. The
company is also engaged in the retailing of jewellery through its
single showroom located in Bhilwara. The company offers wide range
of products that include rings, earrings, pendants, necklaces,
bracelets, bangles, colour stones and medallions. RROPL
manufactures its own designs in 18, 20, 22 carat gold based on
demand of the customers in the brand name RR.

During FY15 (Provisional; refers to the period April 1 to
March 31), RROPL reported a total operating income of INR24.20
crore (FY14: INR19.33 crore) with a PAT of INR0.06 crore (FY14:
INR0.05 crore).


SARADA PROJECTS: CRISIL Ups Rating on INR150MM Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sarada Projects Limited (SPL) to 'CRISIL B/Stable' from 'CRISIL
C'. The rating on the company's short term facility has been
reaffirmed at 'CRISIL A4'.

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

   Cash Credit            10        CRISIL B/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Long Term    150        CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

The rating upgrade reflects the timely servicing of debt by SPL
over the last five months ended June 2015. The upgrade also
factors in CRISIL's belief that the company will continue to
service its debt in a timely manner over the medium term with its
cash accruals expected to be sufficient to meet its debt repayment
obligations.

The ratings reflect SPL's modest scale of operations, its large
working capital requirements, high degree of geographic and
customer concentration in its order book, and its exposure to
intense competition in the construction industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the construction industry.
Outlook: Stable

CRISIL believes that SPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial and sustained increase in its scale of operations,
while maintaining its profitability margins, or there is a
sustained improvement in its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the company's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

SPL was set up as a partnership concern in 1991 by Mr. Boppana
Ramesh Kumar and his family members; the company was reconstituted
as a public limited company in 1996. The company executes civil
construction projects for government departments. It is based in
Hyderabad (Telangana).


SEPAL TILES: ICRA Ups Rating on INR7.05cr Term Loan to 'B-'
-----------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B- from [ICRA]D
for the INR3.00 crore cash credit facility and INR7.05 crore term
loan facility of Sepal Tiles Private Limited. ICRA has also
upgraded the short term rating to [ICRA]A4 from [ICRA]D for
INR1.00 crore bank guarantee facility of STPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        Upgraded to [ICRA]B-
                                       from [ICRA]D

   Term Loans              7.05        Upgraded to [ICRA]B-
                                       from [ICRA]D

   Bank Guarantee          1.00        Upgraded to [ICRA]A4
                                       from [ICRA]D

The ratings upgrade primarily factors in the regularization in
servicing of term loans by Sepal Tiles Private Limited (STPL) in
the last six months. The ratings also, continue to consider the
long experience of the key promoters in the ceramic industry;
operational support from group companies in similar line of
business and the favourable location of company's plant resulting
in easy access to raw material sources.

The ratings however, continue to be constrained by STPL's small
scale of operations with tight liquidity emanating from stretched
receivables which in turn has led to extended payables translating
into high TOL/TNW of 3.87 times as on March 31, 2015. The ratings
also factor in the working capital intensive nature of operations
attributable to high debtors and inventory holding. The ratings
also take into consideration the susceptibility of operations to
the intense competition with the presence of large established
organized tile manufacturers and unorganized players. ICRA also
takes note of the dependence of operations and cash flows on the
performance of the real estate industry which is the main
consuming sector for the company's products.

Sepal Tiles Private Limited (STPL) was incorporated in the year
2011 and is owned and managed by Mr. Lalit Patel, along with other
family members and relatives. The manufacturing facility of the
company is located at Morbi in Gujarat with an installed capacity
to manufacture 37,125 MTPA of floor tiles. STPL had commenced its
commercial production in August, 2012 and is currently engaged in
manufacturing multiple sizes of floor tiles.

Recent Results
During FY15, the company reported an operating income of INR20.34
crore and profit after tax (PAT) of INR0.72 crore.


SHIV SHANKER: ICRA Upgrades Rating on INR25cr Cash Loan to BB-
--------------------------------------------------------------
ICRA has upgraded its long-term rating on the INR32.5 crore fund
based bank facilities of Shiv Shanker Rice Mills to [ICRA]BB- from
[ICRA]B+. The outlook on the rating is 'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          25.00      [ICRA]BB- (Stable); Upgraded
                                   from [ICRA]B+

   Term Loan             7.50      [ICRA]BB- (Stable); Upgraded
                                   from [ICRA]B+

The rating upgrade is driven by the firm's addition of a new
milling plant which has led to a significant improvement in
production capacity and has translated into a robust year-on-year
growth in operating income in FY15, driven by a significant
increase in volumes, which has also been aided by improved
realizations. The rating also factors in the long experience of
the promoters in the rice industry, proximity of the mill to major
rice growing areas which results in easy availability of paddy and
stable demand outlook for rice. However, the rating also takes
into account the high intensity of competition in the industry
which has resulted in low profitability and stretched coverage
indicators. The rating further considers the working capital
intensive nature of the rice milling business arising out of the
need to maintain substantial inventories, in line with the
industry trends. The rating is further constrained by the fact
that the firm's working capital requirements have been funded
mainly through bank borrowings, leading to a highly leveraged
capital structure. ICRA also takes note of the partnership
constitution of the firm, which exposes it to risks of
dissolution, capital withdrawal etc.

Going forward, the ability of the firm to scale up its operations
while maintaining adequate profitability and a prudent capital
structure will be the key rating sensitivities.

Incorporated in 1983, SSRM is a partnership firm engaged in
milling and processing of basmati rice. The firm's plant located
in Kaithal (Haryana) has a milling capacity of 12 metric tonnes
per hour. The firm exports its rice, mainly to Saudi Arabia.

Recent Results
The firm reported a net profit of INR0.85 crore on an operating
income of INR158.10 crore in FY15 as against a net profit of
INR0.16 crore on an operating income of INR5.36 crore in the
previous year.


SHIVDHAM FROZEN: CRISIL Assigns 'B' Rating to INR61MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shivdham Frozen Foods Private Limited (SFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               61        CRISIL B/Stable

The rating reflects SFPL's working capital intensity and small
scale of operations with an average financial risk profile. These
rating weaknesses are mitigated by the promoters' experience in
the individual quick freezing (IQF) industry and their financial
support along with the eligibility for government subsidy.
Outlook: Stable

CRISIL believes that SFPL will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' in case of substantial improvement in
SFFPL's scale of operations and maintenance of profitability,
leading to healthy cash accruals, or improvement in its capital
structure due to capital infusion by promoters resulting in
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of decline in profitability,
resulting in low accruals, or stretched working capital cycle, or
large debt-funded capital expenditure leading to pressure on
liquidity.

SFPL was incorporated in May 2013 by Mr. Ashok Kumar Agarwal and
his business associate Mr. Arvind Kumar Agarwal. SFFPL began its
operations in April 2014. The company executes IQF process and
also sells packaged peas, cauliflower, and other vegetables. The
company's plant is in Rudrapur (Uttarakhand). The operations are
managed by Mr. Ashok Agarwal, Mr. Arvind Agarwal, Mr. Abhinav
Bansal and Mr. Rajender Agarwal.

SFPL, on a provisional basis, reported a net profit of INR4.1
million on net sales of INR52.5 million for 2014-15 (refers to
financial year, April 1 to March 31).


SUPER GEO: CRISIL Assigns 'B' Rating to INR100MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
proposed bank facilities of Super Geo Drillers (J.V) (SGD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          280       CRISIL A4
   Overdraft Facility      100       CRISIL B/Stable

The ratings reflect SGD's susceptibility to implementation and
funding risks related to its overseas project. These rating
weaknesses are partially offset by SGD's healthy order book,
reflecting near-term revenue visibility, and extensive experience
of partners in the civil construction industry.
Outlook: Stable

CRISIL believes that SGD will maintain its credit risk profile on
the back of its healthy order book and its partners' extensive
industry experience. The outlook may be revised to 'Positive' if
SGD completes its project without time or cost overruns, thus
strengthening its cash flow. Conversely, the outlook may be
revised to 'Negative' if SGD's cash accruals suffer owing to time
or cost overruns in its project.

SGD was setup in 2014 as a partnership firm by the Ambala
(Haryana)-based Singh family. It has received a contract from the
government of Niger for installation of tube wells and hand pumps
in the country.



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


MT. GOX: Former Chief Karpeles Arrested in Tokyo
------------------------------------------------
Chisaki Watanabe and Grace Huang at Bloomberg News report that
Mark Karpeles, former chief executive officer of the bankrupt
Mt. Gox Co. Ltd, was arrested on August 1 for allegedly falsifying
account data.

Mr. Karpeles, 30, accessed a Bitcoin trading system on a U.S.
server in February 2013 to record transfers totaling $1 million to
an account he owned, although the amount may not have been
actually transferred, according to a statement read by a police
official August 1, Bloomberg relays.

Bitcoin exchange MtGox Co., Ltd., filed a petition under
Chapter 15 of the U.S. Bankruptcy Code on March 9, 2014, days
after the company sought bankruptcy protection in Japan.  The
bankruptcy in Japan came after the bitcoin exchange lost 850,000
bitcoins valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


SUNTORY HOLDINGS: Moody's Assigns Ba2 Rating to Sub. Loans
----------------------------------------------------------
Moody's Japan K.K. has assigned a Ba2 rating to JPY50 billion
(floating rate JPY42.5 billion, fixed rate JPY7.5 billion) and
USD420 million in subordinated loans of Suntory Holdings Limited
(Suntory Holdings, Baa2, stable).

The rating outlook is stable.

RATINGS RATIONALE

The Ba2 rating of the subordinated loans, which is three notches
below Suntory Holdings' Baa2 long-term issuer rating, primarily
references Suntory Holdings' credit profile and the terms and
deeply subordinated nature of the loans.

The loans have been placed in Moody's Basket D with 75% equity
credit.

Key terms of the loans include: 1) a maturity of 60 years, 2)
mandatory and strong triggers for coupon suspension, 3) non-
cumulative interest for mandatory triggers, 4) cumulative interest
for optional triggers, 5) a 100-basis-point step-up in interest in
10 years, and 6) ranking at par with preferred shares at the time
of bankruptcy.

Moody's expects the proceeds from the issuance will be used to
partially refinance the debt used for the acquisition of Beam Inc.
(now Beam Suntory Inc., Baa2 stable), which was completed on 1 May
2014.

While the proposed hybrid loans positively affect Suntory
Holdings' credit metrics, it does not change current Baa2 long-
term credit ratings considering its relatively small impact to
adjusted debt leverage and other credit metrics.

Suntory Holdings' Baa2 long-term issuer rating reflects its very
high financial leverage following the Beam acquisition. Moody's
expects that the company's low margins will gradually improve,
although it will take time for Suntory Holding's margins to reach
those of its globally rated peers. The rating also incorporates
Suntory Holdings' solid position in the domestic alcoholic
beverages market, its ownership of a growing non-alcohol business,
its stable operating cash flow, diversified product portfolio, and
established brand equity.

The rating of Suntory Holdings' includes an uplift of two notches
based on the Japan support system. Our corporate ratings in Japan
account for the country's unusual system of support for large and
important organizations.

The stable outlook incorporates Moody's expectation that Beam will
not incur any incremental debt and will pay off its current debt
as it matures. Additionally, the outlook does not incorporate
additional large debt-funded acquisitions or a material increase
in shareholder returns.

The principal methodology used in these ratings was Global
Alcoholic Beverage Industry (Japanese) published in November 2013.
Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.

Suntory Holdings Limited, headquartered in Osaka, is a holding
company that owns one of the leading producers of alcoholic and
non-alcoholic beverages in Japan. Consolidated revenues for the 12
months to 31 December, 2014 were JPY2.5 trillion (USD 19.8
billion).



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


MILFORD ASSET: FMA Files Civil Suit Against Portfolio Manager
-------------------------------------------------------------
The Financial Markets Authority (FMA) has issued civil proceedings
in the High Court seeking pecuniary penalties against Mark
Warminger for trading carried out while employed by Milford Asset
Management Limited. The trading occurred between December 2013 and
August 2014.

Following a thorough investigation, the FMA has reached the view
that trading undertaken by Mr Warminger amounted to market
manipulation in breach of s11B of the Securities Markets Act.

The FMA alleges the trading falls into the following categories:

   * placing small trades directly on market in one direction,
     followed by large off-market trades in the opposite
     direction;

   * trading that manipulates the closing price; and

   * trading conducted in order to set the price, rather than for
     a genuine commercial purpose.

The FMA alleges that the trading had, or was likely to have had,
the effect of causing the creation of a false or misleading
appearance relating to the extent of active trading in the
relevant securities or the supply of, demand for, price for
trading in, or value of those securities.

The FMA's director of enforcement and investigations, Belinda
Moffat said, "the issues raised in this case are of significant
importance to New Zealand's secondary markets and the FMA's focus
on ensuring that our markets are seen as fair and transparent
places to do business. We are committed to raising confidence in
financial markets and where we see conduct of concern we will take
appropriate action."

As this matter is currently before the court, the FMA is not able
to comment further on the details of these proceedings.

The FMA's investigation commenced after a referral from NZX in
August 2014.

Milford Asset Management Limited is a New Zealand-based investment
manager. It primarily provides its services to individuals, family
trusts, charities, and institutions. It manages client specific
portfolios and mutual funds for its clients. The firm invests in
the public equity, fixed income, and real estate markets across
Australia and Asia.



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


* PHILIPPINE: PDIC to Hold Sealed Bidding on August 4
-----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), through its
Real & Other Properties Acquired (ROPA) Disposal Committee, is set
to sell on an "as-is, where-is" basis various assets of closed
banks by way of sealed bidding on August 4, 2015 from
9:00 A.M. to 2:00 P.M. at the 9th Floor PDIC Training Room, SSS
Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City.
Sealed bids will be accepted from direct buyers only and will be
opened at 2:00 P.M.

To be auctioned are 76 real properties located in Baguio City,
Bulacan, Cavite, Nueva Ecija, Rizal and Metro Manila.

Bidders are advised to bring proper identification (ID) with photo
and to register at least one hour earlier than the 2:00 P.M.
deadline for submission of bids. Bid documents such as Bid Forms,
Conditions of Bid, and standard format of the Special Power of
Attorney and Secretary's Certificate may be downloaded free of
charge from the PDIC website, www.pdic.gov.ph.

Prospective buyers are also advised to physically inspect the
properties they are interested in, examine and verify the titles
and other documents, and determine any unpaid taxes, fees and/or
expenses before submitting their bids.

Each bid should be accompanied by a bond/deposit equivalent to at
least 10% of the submitted bid, in the form of cash or Manager's
or Cashier's Check, or a combination thereof, and issued by a
universal or reputable commercial bank payable to PDIC. The
winning bidder should pay the balance of the bid price no later
than August 13, 2015. Award for winning bids will be automatically
cancelled if checks are not cleared.

PDIC, as liquidator of closed banks, regularly conducts biddings
and auctions to expeditiously dispose of non-financial assets of
closed banks. Proceeds from sale are used to settle claims of
uninsured depositors and creditors.



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


IBC CAPITAL: S&P Revises Outlook to Negative & Affirms 'B+' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on IBC Capital Ltd. to negative from stable.  At the same
time, S&P affirmed its 'B+' long-term corporate credit rating on
the company.  In line with the outlook revision, S&P lowered its
ASEAN regional scale rating on the company to 'axBB-' from 'axBB'.

S&P also affirmed its 'B+' long-term issue rating on IBC Capital's
first-lien term loan, with a recovery rating of '3H', and S&P's
'B-' long-term issue rating on its second-lien term loan, with a
recovery rating of '6'.  IBC Capital is a holding company
incorporated in Cayman Islands.

"The outlook revision reflects our view that IBC Capital's ability
to reduce its leverage through cash flow generation could remain
weak over the next 12 months," said Standard & Poor's credit
analyst Katsuyuki Nakai.  The company's financial performance has
been weak in the fiscal year ended June 30, 2015, because of lower
demand, higher logistics and handling costs, and the loss of
customers.  S&P estimates IBC Capital's debt-to-EBITDA ratio was
more than 7.0x in fiscal 2015, compared with S&P's expectation of
about 6.0x.

Business conditions for IBC Capital will remain tough in the
coming 12 months, given S&P's expectation of stagnant demand in
the rubber transport business and increasing competition.  In
addition, S&P anticipates that the company's logistics and
handling costs will remain high because of the customer losses and
rapid expansion of container operating area.  These factors could
defer IBC Capital's financial recovery even though management has
intensified efforts to improve operating efficiency.

The outlook revision also reflects S&P's view that the financial
policy of Kohlberg Kravis Roberts (KKR), a financial sponsor that
owns IBC Capital, could be more aggressive following this year's
issuance of payment-in-kind (PIK) notes maturing 2023.  KKR issued
PIK notes--fully subscribed by one of its limited partners--
against its shares in IBC Capital. The interest, which is high,
may be paid in cash at KKR's discretion.  The issuance signals
KKR's aggressive financial policy.  The servicing of such debt
could weigh on IBC Capital, should KKR opt for cash interest
payments.

"The affirmed rating on IBC Capital reflects the company's high
leverage and ownership by a financial sponsor," said Mr. Nakai.
"IBC Capital's limited scale, single-product concentration, and
heavy exposure to the cyclical tire market also constrain the
rating.  The company's robust market position and strong
profitability temper these weaknesses."

S&P could downgrade IBC Capital if its debt-to-EBITDA ratio
remains above 6.0x by the end of fiscal 2016.  In addition, S&P
could lower the rating if it believes the company's deleveraging
prospects are not consistent with S&P's expectations for the
ratings, which include the debt-to-EBITDA ratio improving toward
5.0x by the end of fiscal 2017.  S&P could also downgrade IBC
Capital if its EBIT margin declines to less than 35% without any
sign of improvement, such that S&P revises the business risk
profile to "weak" from "fair."  The margin could decline if the
company's trip volume declines sharply or it loses another major
customer.

S&P could revise the outlook to stable if it sees credible
prospects for IBC Capital's debt-to-EBITDA ratio to recover to
close to 5.0x as of June 30, 2017.  This requires steady top line
growth of about 10% and swift margin improvement at IBC Capital,
and KKR's commitment to reduce leverage.



                             *********

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 2015.  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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